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issMlB 






for CONSTRUCTION 


No. 27,460 


Monday January 16 1978 ** is P 


* -M\ 


p 


COLD HEADING 


STAINLESS UPSETTING 

KIVETON PARK STEEL & WiREWORKS LTD. 
KIVETON PARK Nr. SHEFFIELD 

»hoor.- WKMJf'OT 770257 


CONTINENTAL SELLING PJUCS: AUSTRIA Sdb Ul 1ELGIU M Fr.25: DENMARK Kr.l.Sz FRANCE Fr 3.0; GERMANY DM2.0; ITALY L.500; NETHERLANDS Fl.l.Oj NORWAY Kr4.5; PORTUGAL. Etc. 20: SPAIN Ptai.tti SWEDEN Kr.345i 



EKERAL 


£ast 

Berlin 

>ars 


BUSINESS 

Price 

control 


Middle East peace steeI and 
talks tomorrow SmTt to 


Optimism at 
Treasury 


sifter weplrpnil ericic 10 % limit over p<iy rises 

lUXCl. Vf VvKt/IlU K*M. iMj by peter RtDMli) economics correspondent 


By Christian Tyler, Labour Editor 


attack# 


BY ROGER MATTHEWS : JERUSALEM, JAN. 15 


HIRHLY - PATH while - collar LATEST SECRET infla-trion 

HIGHLY PAID white collar e6tjD , atty . ^ are more 

workers m two important public optimistic u, 1B !ast autumn 


hPt™ fe St ^ of ™ e S“£ e ™ Jerusalem ^ ’STSfXTfiES^ 

• PRICE COMMISSION has used Between the Foreign Ministers of Israel, Egypt and the U.S. was averted are preparing an attack on what round. But the expected increase 
KSTSl Ste t<Mia ? after a we€k_eild of recrimination and sharp disagreement over the they consider the dangerous jj*u 

withdra^ ^TmodS price agenda. r.gidity of Government incomes or 


st Germany yesterday barred V**”"** or modi^g- price agenda. ' ***** ° £ Government incomes — ^ ^average earnings or 

■ head of the West German ac ^? n ^ Dg 'Hie formal opening of the joint row over the agenda deepened principles that the Egyptians y ' , between 12 and 14 per cent, is 

German Oppenheim, Conservative spokes- political committee . will be on after a flurry of exchanges and the U.S. feel is imperative if . Determined to redress the fall n ow estimated in the year to 

ristian Democratic opposi- man on prices. She described the Tuesday, 24 hours later than pre- between Egypt and IsracL He other parties to the conflict are “ ^eir earnings relative to j u ] y . This compares with an 

n psrty from entering East commission as a Mafia with Star viously fixed. is expected to arrive here to be drawn into the negotiations, manual workers over the last two earlier projection of an increase 

rite. Herr Helmut Kohl was Chamber powers. The Egyptian negotiating team, to-mnrrow. Second, “ the nature of peace," years, management unions in both 0 f between M and 16 per ceiit. 

id up for an hour by frontier She said compames-were being led by Mr. Mohammed Ibrahim The decision by Mr. Vance by which Israel wants to ensure industries are now pressing for Less than a fifth of all workers 

aids at the FriedrichstnESse forced to pot up with; the dis- Kamel, the Foreign Minister was criticised by Israeli officials that certain decisions are taken, substantial pay increases above have settled In the current 

tion entry point. - . niption of having inexperienced arrived in Jerusalem tonight who suspected that the U.S. was such as open borders, that they the 10 percent limit. round, and the main test will 


tion entry point. - . ruption of having “inexperienced arrived in Jerusalem tonignt who suspected that the U.S. was suen 43 °P cn borders, that they “e iu perorau umn. round. and the mam test win 

, k w and meddlesome investigators" af ter hours of doubt whether trying to exert pressure on them beh'cvt will help ensure that any Their claims are to be pressed come in ihe next few weeks. So 

ie tma Dy an isastGenpan going through their books. In President Sadat's anger at Israeli to bow to Egyptian demands, peace agreement is solidly based, aii the harder because manual it is likely that Mr. Denis 
icer that ins entry was SO me cases, the cominisaloii was attitudes would impel him to After a three-hour Cabinet ^ had been intended to dis- workers are now able to conclude Healey, the Chancellor, wirll want 
’destrame at the present tome, asking what be Interpreted cancel their departure from session to-day Mr. Begin an- cuss, the agenda Tor the political productivity deals on top of 10 to see rather more evidence of 
' 38 sinister questions on company ,F°* . . .. nounced that an agenda had been committee during its first meet- per cent rises. pay deals, as well as other 

Pf 4vateI y when be is affair • Mr. Kamel warned on his accepted for the political com- <n g, hut c,ear, J' Mr. Sadat was economic developments, before 

West Rerun. _ . " „ arrival that negotiations were at m jttee and that it was assumed n ° T satisfied, and Mr. Vance was making his main Budgel 

Soon condemned the ban and ml ¥J*L art! “ crucial crossroads. "There can jj W0 uld be agreeable to E«ypL unwilling to be a party to Lengthy S6p3X2ltC decisions. 

tract ed Herr Guemer Gaus. “*“«*. wa * ** no P eace ^ * e continued fi e„ da iff™ »h, , Procedural haggling that might f ** ■ . , „ Consequently, opinion in the 

permanent representative in ' DCCupatl0n d£ he said. . ^used thermit LrillS? forfie him t0 stay lDn 8er in In the BnUsh Stc«l Corpora- appears to be 

st Berlin, to; take up the case £" c ® .J* “* ed Mr. Sadat had said in an inter- p^Uems^raa that relating thl Jerusalem tha « he intended. non, leaders of the 1-500- strengthening In favour of a 

v -b the East German Foreign on or investment cuL Page 5 vjew pnblishBd iQ m Egyptian S b member Steel Industry Manage- Budget Da> . ^ter rather than 

'•M: ministry. 0 SURVEY commistDbed by magazine yesterday that he had it is understood that the E>^vn ClOSCr men J S/k?? before Easter. The most likely 

*e • CoMume^^^^Ciation “ absolutely no hope " of an early ti^s in^edh that mttePhe" V IU3CI week-end to press not .only for a dates, depending on the length 

Iterant curbs showed that most people- inter- agreement on peace principles SSSurod * in *^1? its a^ecS" a ^ sharpness of Mr. Sadat's a e «n?»!ft7diSSSrt?als^ award. f ° f ^ E ParI 1 1 f m t ntai ^ 

1 1 grant euros viewed felt the GtmrmSnt was with Israel. “Mr. Begin- [ Israel’s fonnS* that ^ would ensure that att ** 00 Mr - Be » in iD tbe past a S * Para differentials award. recess, are Apnl 4 or 11, though 

* nservative leaders are to con- not. coping well with the. prob- Pnme Minister] gave me u, e question of Palestinian self hours is sure to have its effect Mr. Robert Muir, the associa- no decision has yet been taken, 
er . proposals for enforcing lems of food prices and electri- nothing. It was I who gave him determination was central to the w'^ 1 * talks - tion ’ s Bo neral secretary, said 

re strict curbs on immigra- city prices. Page 23 - v everything. I gave him security argument ^ a reference to his visit to overall, SIMA would need 1.0 WPF 



Mr. Healey: wait and *ce 


Apart from the small number 


»n. Page 5 

pring poll denial Distillers may 

aspects of a General Election fo r»p npW . . 

cnH.no lisu hsan Hiic. ltlLv Uv TV 


and legitimacy, .and got nothing n oa i n v, ac „.i D ^ Jerusalem Mr. Sadat said yester- between 42 and 47 per cent to 

in ■return." d JSLlSBi «"£L SflrS 1 4^ “My initiative is not like restore its members' position. 


Lower 


financing and not add to unit 
labour costs, though they will 


the spring have been dds- 
ssed by the Prime Minister, 
ck Page 


EEC threat 


in return. ihl urlrf oTTi. day: «y initiative is not like restore its members position, t/ Qr e«»nt trend* continue L “ «*** 

^ SS»J5SKi3f ^ ^ a i^8h It did not expect that ^nS^mSXSSS l** ^ ° f averaae 

pressure offering instead a form self- Jegm blew up during his youth, aii at once. substantial income tax cuts in "he “‘overall earnin"s rise 

rule. This would be acceptable H uk Ca ? n i?i« 1 ? Iow . . U P initiatives “There has been an unaccept- the budget of £2bn. or more, aD n a rentlv rcflecLs an estimate 
Mr. Cyrus Vance, the U.S. to Mr. Sadat but only as an 0^^ f 0 r hundr^f S able erosioxi of differentLals C0 5J? en JJ ated at tbe . lower e " d / that about a fifth of the deals 

Secretary of State, who is to interim step. t sSnr KS/n^[^ nffi^u^hp. between us and foremen. There The Government is engaged in COntain some productivity ele- 

participate in the committee, In turn this is closely related EsyP 030 °®° alSl be- must be some on-account pay- the rather delicate operation of ment and 3 l ^ d 

postponed his departure for to the other two agenda items. , Continued on Bach Page ment to adjust that." he said, simultaneously trying to pre- tvveen 5 t0 10 per cenL tQ 


BY ROY HODSOK AND PHILIP RAWSTORNE 


. serve the 10 per cent, limit for 4U 10 

^ ia ?? d present and future wage nego- b0 c lJdy ‘ 

to the TUC, has already, like the tiations, while conceding that an This points to quite a small 
TUC-affi listed manual unions, re- overall earnings outcome of addition to national earnings, 
jected the corporation’s 6 per slightly more than this figure though there is also likely to be 
cent offer. should not be seen as a disaster, a boost from drift as workers 

In electricity supply. Mr. John The recent . rise in sterling move between employers or are 

Lyons, general secretary of the means that even if earnings do promoted. 

Electrical Power Engineers increase by about 12 to 14 per There are also some changes 

Association. quoted similar 5S n J:„ ™ ^72!,u°SSL t? 1,1 workiQ S hours and fringe 

figures and warned that unless 1 --month rate of retail price in- benefits. 

the Government was prepared to J^on ^ 

clas1 '" ^ H^yVpriv,,, ,I B » has Established 

would be unavoidable. . apparently ton that the Phase 

0 1 Three pay policy will have been The main reason why the 

Ncnemes worth having if it produces pay overall increase in earnings is 

rises nearer to 10 than 15 per likely to be above 10 per cent. 


•DISTILLERS* system; of "using Jerusalem last night when the Firk, the broad declaration of .Hard bargaining Page 19 SIMA which is not affiliated serve t he ? e J cent ‘ llra,t for home pay. 

rear! ey’s break - exclusive national distributors to — — = — -T 6 & fi L"i S5!; 1 present and future wage nego- “ . y . 

. .. ... . . .... market Johnnie Walker Red ... - . has already, like the t]atlonSf while conceding that an This points to quite a small 

glands cncket captain Mike Tiimr^p Haig Whisky m -m •' TUC-affi bated manual unions, re- ove rail earnings outcome of addition to national earnings, 

»arley broke lus left ftre-ann yj the continental EEC conhtries ^ 1 jected the corporations b per slightly more than this figure though there is also likely to be 

a one-day match in KarachL c0u ^*he threatened, if it goes I Q l 4 1 QfQHflC I 11*711 cent offer. should not be seen as a disaster, a boost from drift as workers 

[r kShl Rmrwf MlS^L^S 5 ahead with its dedsion : to halt kJlX V^llHi ijlUllUlJ IU 111 In electricity supply. Mr. John The recent, rise in sterling move between employers or are 

sales of^ These brands IbUmUJC. Lyons, general secretary of the means that even if earnings do promoted. 

fn U ^a/.h!no e This is the view of lawyqrs in m Electrical Power Engineers iu^ease by about 12 to 14 per There are also some changes 

tk e EEC Commission, wtrieto has £ -a Association, quoted similar cent in the current round, the n, working hours and fringe 

joir England to-day. Page 8 steady warned Distillers %it its 111 figures and warned that unless J,t° lonth n ^* e ° f ™f ai1 £ n £ benefits. 

response to the recent'^fjlrder 111" llll»lH^/%/ 1 Hff 7 the Government was prepared to « atl °° S 0 ^}* 111 six ?«* le 

ixon returns c '° bV ' &<•»«•» h»- --Established 

:pinte n t Bicblri; M BY RQY HOOSOS AKD PHILIP RAWSTORNI . would be unavoldabte. mpBWlll, bJJB that the ' Flu* "** aIMK * UCU 

urned to -Washington-^tbe' of the EEC's rules o£ oompfrtv ■ • n 1 Three pay policy will have been The main reason why the 

•t time he has been in the tion Back Page ■ r ■ SIR CHARLES VELLfERS, chair- studying forecasts that the the nationalised steel industry. 0C1I6IBGS worth having if it produces pay overall increase in earnings is 

tal since he resigned over the - • tpau of the British Steel Cor- corporation might make a record The Government is trying to rises nearer to 10 than 15 per likely to be above 10 per cent, 

fergate affair— to - attend a • EEC COMMISSION is likely peration. said last night that he annual loss of £350m. in the put together a strategy to -rescue Referring to the recent cent. *. is that this figure is becoming 

.norial service- for Senator to Offer Britain an improved wfll not resign in the row over current year has rekindled the British Steel that will te unofficial power station black- The Chancellor has publicly establishes as ihe going rate for 

jert Humphrey Obituary fisheries quota at. talks resuming British Steel’s finances, which row between the Commons all- acceptable to the corporation outs he said tbe Government talked about tbe policy holding basic wage rises. These would 

, e 2 ’ in Brussels to-day. Back Page laei^ year were worsening at a party Select Committee on management and the unions. It should consider as real the threat very well on the whole,” with have had to be between 5 or 

• ' - far faster rate than he acknow- Nationalised Industries and the will inevitably involve closing of a strike by manual unions, only two large private-sector 6 pet cen L to meet the overall 

• FRENCH industrialists, Incluit ledged in public or before a Government. old steelworks and, reducing Minprs nav mav h . , p __ settlements above 10 per cent earnings target. 

J lei* bombs ing the heads of power engineer- Commons Select Committee. The committee- meets to- capital investment to-, stem 'he STu F Mini al F °rd and Vauxball. Figures published by the CBI 

, ■ ■ . . _ • ing, nuclear contracting, chemical photographs of internal fore- morrow. Its chairman, Mr. corporation's losses— now run- JJSSSp InmhJtMtv Ti ie present state of guarded last week indicate that S6 per 

known a Wackers -buried two and oti groups, will accompany C astm| documents prepared by Russell Kerr, Labour 54P for ning at £10m. a week and expee- ^1,3 official optimism follows the end cent, of 2.6m. workers settling 

stotbsmto one of Barcelona a m. Raymond Barre. tbe Pnme GrltisbV Steel top management Feltfaam. some of the members, ted to top £500m. in this financial „ nMiPte P 8 cas to miners 0 f tbe firempjfB strike, and under Phase Three had accepted 
gest dance -haHs. One person Minister." on- his" trip to China i a& t yekr have been circulated and the Opposition, are all year. - puureis. several powerful groups, such as deals at or below 10 per cent, 

d and two are missing. this week. Page 3 anonymously to newspapers in- anxious that the committee Sir Charles is meeting Mr. w- slst ^? ce x, 10 - 6 , s 9* ieraes the power workers, have still to The Department of Employ- 

eluding flhe Financial Times. An should press the Government for Varley later - this week. The wtinn the National Union of settle. ... ment figures at present cover 

uqIta Irille IQ T /tulnn/l accompariying note in hand- more information in the tight future of the corporation and the Min leworkers appears to have vir- The latest pay projection is only the first three months of 

ucifit; LivYUnU 1 li cit written capitals asks “ Confusion of the oew knowledge about “leak" of the losses forecast tuaiiy collapsed according to the not a forecast in the conven- the policy up to the end of 

irteen people died, in land- * • or concealment?" British Steel's deteriorating will be discusted. National Coal Board. The result tional sense, but rather a tenta- October, with the November 

Ids after an earthquake in frV frt 51 VPTt" • British Steel agrees the docu- financial situation last year. Members of the select com- a ballot in the big Yorkshire tive estimate based on the ex- index due out on Wednesday. 

i a n. *■* J xi.Td.1. - jjientg are genuine copies of a T^e committee is expected to mittee are anxious to know why due to be declared to-day perience since last summer and and point to an annual rate of 

. » ' hole prepared for the corpora- ask again for full disclosure of no details of previous eontin- will show a two-to-one vote in reflecting considerable uncer- increase since July of 11 j per 

_ OUT IT) mnS tion's July 2& 1977 Board meet- a11 correspondence between Mr. gency plannidg were given to favour of bonus payments. tainty. cent. 

K round-up .. . J ing by Mr Bob Scholey, chief Eric Varley. the Industry Secre- them during toeir hearing of * - 


d and two are missing. 


this week. ‘Page 3 


(Off 1 


■■akn Irillc T Axrlnvw) mon accompa dying note in hand- more information in the tight funi re of the corporation and the 

wins »■» LAiyiaUU UlOll written capitals asks “ Confusion of the new knowledge about ’'leak’’ of the losses forecast 

irteen people died in land- * ' • or concealment?" British Steel’s deteriorating will be discusted. 

Ids after an earthquake in h*V tfl 51 VpH" British Steel agrees the docu- financial situation last year. Members of the select com- 

ian. are genuine copies of a The committee is expected to mittee are anxious to know why 

' * . » . .hole prepared for the corpora- ask again for full disclosure of no details of previous eontin- 

• cut in IODS tion's July 2S-, 1977 Board meet- alJ correspondence between Mr. gency plannidg were given to 

K round-up... “ J. . . . ^ jing by Mr Bob Scholey. chief Eric Varley. the Industry Secre- them during teeir hearing of j 

-re Fnrnnpanc than ever are • ZETLAND shop stewards to- executive and deputy chairman, tary, and British Steel during evidence from British Steel and 

-miS ^ i?ke holkLw te d0 y ^ urge Mr< 1 to he warned the Board to the crisis months of the deepen- Department of Industry wit- 

ThiJ vtXr TtomV Edwardes, the chairman, to adopt expect a " serious worsening " mg world steel slump last year, -nesses, 

xqa tn 1$ year, 1 nomas _uook, an aggreg^ive poliey of expanding j n the annual operating plan Mr. Kerr said last night he One reason being put forward 
/ei agents, sam. rage a car ^ an alternative to deficit from £350m. tD £466m. was " very disturbed " by the why Mr. Varley, as the sponsor- 

0 should be ready to use plans to cutout 10,000 jobs this in a public statement on the disclosures. “Where there is ing minister for steel, and Sir 

lear weapons at a much year. Page 5. New Volkswagen, corporation's finances on July an area of uncertainty like this Charles, did not publicly state 

tier stage in a European war, model for UJC, Page 23. Car. 19, 1977 Sir Charles said he and it is possible that key facts, the forecast losses for British 

Julian Critchley. Tory UP sales fall in South Africa, Page ? foresaw 1977-78 losses amounting ^re being withheld from the com- Steei. is that neither man be- 

Aldershot, said in . a Bow ^ to . something between £150m. mittee appointed by Parliament lieyed the fo . r ^t s - ™y were 

«up oaner. • POSTAL WORKERS would-be ^ £250^ to establish the facts, then the being advised that an upturn m 

1 * . mmi mi _* mm m — r- - - -*-* a'L. tlia jtAnl YVOiIitia nvnlfl Annlri ka 


Mop a week-long international in Parliament next month. Hie situation in the light of what upon Mr. Varley to give MPs corporation, as presented to, the 

fcflf festival due to be held in Bill would remove doubts about ha calls “the dire warnings" be the papers has now been signed July -Board meeting, contained 

*ijji summer. “ These people are whether ■ postmen could legally gave Iasi year. by nearly 90 MPs ati the w ar ning signs of a 

' adjusted," he said. take such action. Page 5 , : “I am angry rather than dis- Mr. Michael Foot, Leader of deepening trade, slump. 

onrinc phiirinin's tnn<rifc costs . ■„ » mayed that the situation should the House, * last week cold- A ^ uf £71 m. oyer estimates 

• AUSTRALIA will make • a . tev e ton so misunderstood," he shouldered the committee’s for 1977-78 was likely to be 

Public bond issue of about ^ - _ recommendations - when it incurred because steel was 

Yen 50bn. (about £108m.) on tile .. Th e Department of Industry reported on its inquiry Into the becoming harder to sell and 

train Tokyo capital maricet next month, shown the annual operating British Steel Corporation— that prices were falling. A provision 
jam Illingworth, of buemeia, as ^3^ 0 f ^ foreign borrowing pi^ forecast of a £350nx. loss, the correspondence sbould be °f an additional loss of £25m. 

. u programme in support of the The. disclosure that both British produced. He insisted that the t0 cover a further decline in 

ler authorities and angling Australian dollar. Page 2 "Steel and the department were. Government must first reply to sales was jnciuded. 

" is are spending hundreds of ■■ _ by .April last year (tbe date ■ of the many criticisms made by the Afliionai comment and 

usands of pounds to prevent • SUN LIFE Assurance com- ^ opera ti ng plan) privately .committee on the handling of Men and Matters, Page 10 

.-eben scooping up huge pany of Canada -is delaying a 

entities of salmon and deciBion on plans to move its • 

r’,,«ss 4s plans for £200m. synthetic 

. ..l Office’s TIM time service institutions will put up at least .. . 

consulted more than S85m. £2.5Sm. for variable-rate prefer- -- -> . -■ -■ -u ■ 

London „ rubber plant abandoned ■ ■ 

ting two Youths who stabbed Burgess, the Agricultural ‘ * 

tealh a 20-yeaivold man in. a ment maker and distributer. 

kham pub. PageM - ■ -»Y KEY1N DONE, CHEMICALS CORRESPONDENT 


Plans for £200m. synthetic 
rubber plant abandoned 



Ol I 


■ u 

HYSTSR 

n ■ 


BY KEY1N DONE, CHEMICALS CORRESPONDENT 


CONTENTS OF TODAY’S ISSUE 


j ctmas news - 

nld trade news 

me newsr-seneral ... 
— labour ... 

rcbnieal page 

pkruwement page 


^ hk BUILDING a £200m.-£25Cftn. syn- made available at a sufficiently system, plans for which are 

TZ tfaette rubber plant one of tbe low P rice - feeing examined by the Depart- 

"ODAY’S ISSUE , most ambitious schemes ever The main Problem isthatthe .ment of^ergy. 

UUAT O issue. a- f the Govern - Pnce of butene in ■Je V.K The UiL imports only about 

Arts page * E? tediSrtel s&atesv dependaon S”UV tf ?! lId fetch H.000 tonnes of polyisoprene a 

Leader page ^ ^t s mdusti-lal steategy. exported to the U.S. Goyeniiiient year, but supporters of the 

U.K. companies 20".. *BP**t* to have- foundered be- policy insists that all North Sea scheme would aim a t replacing 

Internationa] companies 21 v cause of problems over feedstock feedstocks should be sold at the a ■ substantial part of the West 

VmIiahma ■ .23-7' ivJaa. ....ITnkUl^n urnrlrf r»rii*fl ruennaon n •* 



K & Nj 
I 




Foreign Exchanges I— 
Hitting Notebook ....... 


world price. 


FEATURES 


The week In the courts: 
. Tbe McKinnon affair . 


Jj prices and availability’. world pnce. European natural rubber market 

•* • - The project arose from work *. 1 • with polyispprene. Demand for 

- by the synthetic rubber sector ButflBfi pnC6 natural rubber approached lm. 

working pa and centred on ^ report m mat for the “ : B5tera Europe !ast 

. -a year of polyisoprene rubber. ^inn , sought self-sufficiency m rubber 




*,4 «nin g of tbe Tokyo : The; week te the courts: ' Sf bSf S 

■ - “^PT-SDltTBY , S “ *»e *1 

, .*•! Mh i - " Corporate W.ce L9%S5S9 .«»« « «S 


Choose Quality. Choose Hysffer. 


talks 

liBUnCaH 


‘'•Hmcala 22 Man airt MMUn J® *MHUALST«Tep. 

9 PnrUmwa* Dlarr ... 2> . idgwr mdnnrta - 

iin« Hates ...... i Sluw InfonMtfon ... 26-27 MY- tart \ 

naufeUMVOimy » Sp»* •• • , ' *"*- “‘l.S! 

raw* Tenders *6 T*-d«r^ M _ Pliwecr Bloc. CW 

tabUMitticidila * Unlr^Bi* “ -g JUTEWM STATEJ 

i SSrtriS."*-:::: . ” 

S B«MXca<HMFKaba /a «a0Bf*ECpl! 

-* -, C. FBaarter.Ma_.ca 


iftatuwntCcdda 
S|*r» 


property - « The plant was to have been TJS'tad been held betw^n 5? a ?SS2? re v- W 1100 y QU choosB a Hyster lift truck, you choose a' truck 

' ' PTBUkraY ' ‘ hutSe 0 ?^ 6 ° f SM toe Goverumem departments fiends te lu! v^l^tonnS'a backed ^V ,8, '* b,eaftBr ““ l «*» v ' , ce through conveniently locaied 
Corporate fina nce Polyiimprene rubber can act concerned and potential feed- year of capacity installed by BarlowCare centres. That's because Barlow Handling has the 

ff iSSM ff M Twelve . months ago Inter- 

s 8£us- usji s & %“ * Sui 


M . Pioneer Bloc. CM- 

* . WTER1M STATE MS 
31 - ffqpgffwa T. »«l T. 
21 . Chris. Moron Grouo 

21 MWOTCTUS 

. ■ ,-e. Faaartar onO . c “- 


& ting natural rubber imports and P nce *»* s™ a l0nne * ^ a four-year £i5nL deal with the , „ 7" 171 . TT u 1- " -T- ' 

- - maling industrial use of the it uneconomic.” USSR to import polyisoprene, knowlfid 9 0 ofmatenals handling needs within his market. Flexible 

abundant "natural liquid gas it adds: “A revival of interest after ? test marketing exereise. financial arrangements, custom-tailored maintenance contracts and 


For latest .Shore Index. 'phane 01^245 S02fi 


a (feedstock -from the North Sea. in tbe plant would depend on a Much of research work for a variety of training programmes are available to suit vouroartieular 

a sis- sn ss^sjs^Tfl- &K£t’zss? s. 

flvorlting ; party, which is not to availability of butane would also Donald Beimett; is also chairman service, gives you handling efficiency you can rejy on. 
be" pubiishad, the prbjew is not depend on the' construction of a of the synthetic rubber working For a profitable difference to yoi/r handling.operation, choose 

^.viable ; because ^ butane, cannot be North Sea gas-gathering pipeline party, the trucks backed by expert after-sales sarvice. Choose Hyster 


Manufactured <n Britain by Hyster. 
Sold and serviced in Britain by: 


BARLOVV 


Barlow Handling Limited 

Head o*n« :. Airfield Estate. 

Maidenhead. Tel LiitfewiokGi«en2l5i 
Caledonian Division . Wardpatl. South. 
Cumbernauld Tel - Cumbernauld 25061 * 
tnlielandby: ' 1 

^*A.H MasBerLld. Tel: Dublin 364511 
TP Bellas*. 61 71 26. Cork 2062S 


tf 






Financial Times Monday January i$ iSW 



for industry 

in Western Australia. 
Natural gas is the key. 


Australia’s largest ever 
rt resource development 
project is entering its final 
planning stages -the 
$3,000 million North West 
.Shelf gas fields. 

Huge as it is, the natural 
gas project is only one of 
several projects that will 
take place during the 
1980*8. A further $7,000 
million will be invested in 
-iron ore, alumina, nickel, 
uranium, coal, mineral 
sands, solar salt— and oil. 


NEW PLANT, 

EQUIPMENT AND SERVICES 
FOR DEVELOPMENT 

• Much of the plant equipment and, 
services will have to be imported from 
recognised and proven overseas suppliers. 

• Some of the plant equipment and 
services are not currently available in 
Western Australia but could be. 

• Some-of the plant equipment and 
services are available in Western Australia 
and could be expanded with input from 
experienced overseas technology, and 
capital 




WESTERN AUSTRALIA 
WELCOMES 

INDUSTRIAL ENTERPRISE 

The Western Australian State 
Government offers you a climate of . 
encouragement and assistance. The 
Government’ s policy is to stimulate joint 
ventures and licensing agreements for 
local industry with companies from 
overseas. 

If you wish to participate in the 
development of Western Australia’s 
resources your point of contact in 
Australia is The Co-Ordinator, The 
Department of Industrial Development,. 
32 St George’s Terrace, Perth 6000.. 



overseas 
Christmas mail 

Owing to sea and air transport problems, 

Christmas mail to and from several countries was 
delayed. In particular a two-month dock strike at 
American East coast ports which started on 1 
October 1977 has delayed the despatch of all pre- 
Christmas surface mail from the USA to Britain. 
Christmas cards, letters, calendars and parcels as 
well as business mail were affected. 

Letters and parcels posted in the USA in 
October and November 197 7 are now being 
received in Britain. Every effort is being made to 
deliver this mail as quickly as possible hut, with 
such a huge backlog, it could be some time before 
all deliveries are completed 

The Post Office regrets the disappointment to 
so many families causal by the delay to their 
Christmas cards, letters and parcels and the 
inconvenience caused by the late delivery of 
business mail, due to circumstances entirely outside 
Post Office control 



OVERSEAS NEWS 


Sun Life defers decision 


on moving 


BY ROBERT GIBBENS 


MONTREAL, Jan. 15. 


A 

to make i 
yen bond 


BY KENNETH RANDALL ' 
CANBERRA, Jan. & 


UTALK TO THE MAN WHO 
KNOWS WHATS HAPPENING 

The Co-ordinator of Development, 

Mr. E.R. Gorham, will be in the UK and 
Europe as part of a seven man mission, 
led by the Hon. Andrew Mensaros, 
Minister for Industrial Development, 
Mines, Fuel and Energy. 

Mr. Gotham will be available tor personal 
appointments in London between 
Monday 13 February and Friday 17 
February. For an appointment contact the 
Agent General for western Australia, 115 
Strand, London WC2R OAJ, England. 
Telephone 01-2402881. Telex25595. 


THE SUN LIFE Assurance Com- Ena] decision by management on This means, said Sun 

puny of Canada has delayed its the actual move could take up could not get sufficient angles ICCllp 
decision to move its headquarters to -.two years, and could be based phone specialists and managers Ikjjjllv ■ 
from Montreal to Toronto. This on conditions in Quebec, at to maintain the headquarters 

was made clear in a statement the time. ■ operation in Montreal efficiently. KENNETH RANDALL " 

by President Thomas Galt and Meanwhile, there would be no Mr. Campbell and Mr. Galt had 

Chairman Aiastair Campbell, major move of personnel from two meetings with Prime Minis- CANBERRA, Jan. & 

following a special board meet- Montreal. - ter Pierre Trudeau and Finance ^gTRALlA is to make a pub; 

ing yesterday. The Sun Life, with $C5bn. Minister Jean Chretien last wees bond igg^ 0 f about Yens* 

The directors had met for five assets and worldwide insurance —the last on Thursday evening. ( a bom on the ToR 

hours to reconsider a decision to force of SC31.7bn. at the end Following this, Mr. Chretien market nest month 

made eight days earlier to move of 1976. including SC22bn. in said they had agreed to can part of its continuing SALTOft 
the headquarters. The statement Canada, has nearly 2,000 head another Board meeting on Satur- ,019m.) foreign borrowt) 
indicated the Board would go office personnel in Montreal. . day to reconsider the previous programme in support of q 

ahead with the January 27 policy- It bad said eight days ago that decision to move. Australian dollar, 

holder’s meeting in Toronto, but most of these would be moved The federal government naa The Treasurer. Mr. Jol 
the resolution to approve the to Toronto over a period of years, earlier made it clear it felt the Howard, announced ycstertfi 
move of headquarters to Toronto cited as grounds for the move Sun Life's projected move would that the Government had filed 
would not be placed before the the restrictiveness of Quebec’s have a snowball effect on other registration statement for tj 
meeting. new- French language charter .companies with headquarters In i SSUC with the Japanese. Finis 

Another policyholders 1 meet- which prevents Canadians trims* Montreal, and would play into Ministry. The final amount., 

ing is planned in about three f erring to Quebec from other the bands of the separatist Parti ^e issue will be determuu 

months, with new proxies, the provinces from having the right Quebecofs government, making c \ Qser to the event, but H 

statement said, at which the to publicly-financed education the fight for Canadian unity Howard said it was not expect* 

resolution would be pat. The for their children in the province, more difficult. to exceed YBObn. 

— ; — — — The Nomura Securities On 

pany will be managing mute 

Harmsworth bid for Trib fails 

Australia placed Us name .1 
the queue of potential. ' ya 

BY JOHN WYLES NEW YORK, Jan. 15. borrowers last September wW 

- the defensive borrowing pr 


resolution would be put. The for their children in the province, more difficult. 

Harmsworth bid for Trib fails 


BY JOHN WYLES 


NEW YORK, Jan. 15. 


ASSOCIATED Newspapers' bid Associated's demands on editorial which appeared for the first time Fbtui 

for -a controlling stake in the control. * tot Monday. T.vnrh 

Trib. New York's new morning He confirmed .fut during nep- Mr. Saffir vrn at Cpaini ito stress ^ • Howard reaffirmed i 



Confirming that negotiations and that the newspaper's pro- well of dollar bills," and for this 
are at an end for the time being, prietors were interested in reason bad bad discussions with ._ pi™, narhenl* 

Mr. Leonard Saffir, the Trib’s entertaining new investment be- Associated and "others who had £r “L, . t u P release a 

publisher and editor-in-chief, cause “it would enable ns to made approaches-* KSStS official figures staowtt 

said to-day that “Associated’s do certain things we are not Mr. Harmsworth is believed to JlSrnSv ?»| SoSTS 

price was OK but what they doing now, such as expanding have left New York on Saturday of 

wanted for it was out of line." to another city and spending and there is no Indication here ,2 ihr** month?.? 

He added: “I have a great “ore on advertising and promo- as to whether Associated has “3J T h J seoSibeT DUtflm 

respect for David English but tion." totally abandoned its interest in nf ‘Ljg m which prom pted th 

this newspaper was not started Mr. Saffir, along with other The Trib. One possibility, of n^mimen t oT P the forete 

to give him a job in this shareholders whose identities course, is thatifthe newspaper 

country." remain undisclosed, has spent fails to maintain its objective of "is on a oar wit 

This reference to the possible approaching S4m launching The a 250.000 daily sale and to build fl® ~ v i c two wttfS 

Involvement of Mr. English— Trib. His negotiations with Mr. up its advertising, its owners 22* 17 e ^ 

the editor of Associated’s Daily Harmsworth have aroused con- may take a different view of any 107ft . 

Mail— in the Trib is the only siderable speculation about the takeover bid in a mouth or two's are plain 

cine Mr. Saffir will give as to financial condition of The Trib. time. Government officials are clans 


Rift in F rench Muzorewa attacks Owen 

‘Maioritv’ BY TONY **awkins SALISBURY. Jan. is. 

BISHOP Abei Muzorewa. leader blade Rhodesians of their inatien- 
nAncnlirlatnrt of the United African National able right to determine their own 

LUlijUlillaltU . Council, this Weekend scathingly destiny. 

attacked Dr. David Owen, the The Bishop said it was impor- 
By David Curry British Foreign Secretary, for tant to retain whites in Rhodesia 

_ _ IC f “meddling" in the current Rho- because of their importance to 

fAKia, ran. is. desian internal settlement talks the economy. Other African 
AS LEADERS of the “Majority" here, and in doing so highlighted states, he said— in a dear refer- 
parties supporting the French the growing ' gap between .ence to Zambia — had to beg for 


ing privately that there are sign 
of the capital Row tumta; 
around in January, but tfc 
Opposition has seized on tb 
latest figures to claim that tb 
business community has lost al 
confidence in the Government! 


BY TONY HAWKINS SALISBURY. Jan. 15. S3B~iT T^the Gorer, 

BISHOP Abei Muzorewa. leader black Rhodesians of their inalien- handling 0! the economy 

of the United . African National able right to determine their own 

Council. this Weekend scathingly destiny. 

attacked Dr. David Owen, the The Bishop said it was impor- PomknrHonc 
British Foreign Secretary, for tant to retain whites In Rhodesia V^4lllUUUl<lli3 
14 meddling " in the current Rho- because of their importance to . , . 

desian internal settlement talks the economy. Other African DECK III 

border war 


parties supporting the French the growing gap between ence to Zambia— had to beg for 1 ^ 

coalition Government prepare domestic and external nationalist “ bread and salt" as a coose- DOFflcF TT <41 

to meet President Gscard opinion '• quence of their “ wild economic 

d'Estaing tomorrow, the The Bishop said- he “ deplored policies." By Richard Nations -A 

.smaller: parties have made It- with- contempt^.. Dr. .Owen’s' The Bishop's statement has naisrrwmc T-«„ 

dear that .they will not Aan-j. -efforts-’ to -rtvSv^the “ cold and bfee^-VCI coined by white political ‘ BANUh-utv, Jan. 10^ 

don their plan for Joint candi-’ dead" Aa^Pb- American settle- ipaderS hbre despite his warning FIGHTING IN the month-ok 
dates, challenging thr Gauliists. ment proposals in what he said that- progress in the internal Gambodia-Vietnam border 

In three-quarters of French was an effort to outflank the $ottlement talks had been “ far renewed over the week-end witi 


The Republicans— the Presl- JorneSc naiSL 1111 ^ tended l “* a number of sharp— if Isokrteft* 

HptjfV num party iKp (Vn. Q0IQ6SOC Q&tXOQ&IESt pflflifiS. tGQd6d tO 6Qlb31T3S8 BfltdlD dlld SeLbSLCkft ** 

™1\STS™£j Mti- - He described Dr. Owen's ; activi- place Britain Hn the position of 

eSjnSJTSS £b- ties ***1 pup S“V wl % lhe ^ the SSk arefa^K^ipof proriS- 

Shed a 1 «f 3B Iota! pose " of improving his chances Patriotic Front. lead by Mr. 

candidates for the Btoxh “ Jhe coming British general Joshua Nkomo and Mr. Robert “f 1 * arenas COnttlcL J 
SEES* Mugabe. \ ^ Inidligeaee .reports appear 


election. 


Xnielligeoce reports appear tt 


are IRepubil cans, a quarter officials also see the They follow statements tot [??**** that^ter mHial defeat^ 

Centrists, andsome 50 of those British Foreign (Mice as deter- week both by Lord Carver. £l^5 m ^5. £ ® rcea bave jegroup*. * 


about 120 seats. 

They said 'the decision of the 
other parties to condnde their 
own -private pact was an anti- 


so f ar named Radicals to undermine the internal Britain's Resident Commissioned Vietnamese lines am 

‘ ♦ settlement talks. designate for Rhodesia, and a launched counter-attacks froo 

Last week the Gauliists tore The Bishop criticised certain Foreign Office spokesman, warn- ** rear - Vietnamese troops hav. 

up the separate election pact frontline leaders— presumably ing that any agreement that did been ordered to take louyj 

SL . 111056 of Zambia and Mozambique not encompass the Patriotic rutatiatory measures, accordini 

publicans and tiie Lenmsts to — and the British government Front would be unacceptable 10 field radio monitoring reports 
candidates in f or seeking to deprive the 6.7m. internationally. Meanwhile the official Viet 

aooui um seats. * — — — namese newsagency over ini 

They said ‘&e decision of the fYii • •' • . week-end released a detailed: US 

other parties to conclude their |l 1*1110111$! flPQPP /U)|| °( Khmer border intrusion] 

own- private part was an anti- AJUIlvpift 1 UvuLC Lull between January 4 and Januari 

Gaullist front. They also noted Tj-nw, „ 1L In the most serious of these 
that the Radicals, who had last night rejected On Saturday the Somali the agency claimed, two regi 

refused completely to join the President Carter’s appeal for embassy in London called on ments of Khmer troop# 

earlier pact, proclaiming that peace talks to end the bitter African countries to mediate and penetrated four kilometres intc 

they wanted an end to the dispute with Somalia over the sa . I( * j 1 .** * .ready to hold talks An Giang provinces in Vietnam's , 

“ Ganllist-orgaiused state," had 0gadeD region and demanded WI . lh t t Mekong Delta area. . 

made 00 promise to abide by th . T. . urithriraw „ In yesterday’s statement, the Analysts here read these. . 

the general rule to consolidate . 1 rorces wunaraw Ethiopian ' Foreign Ministry reports as further indication thai ' I 

behind one candidate at the immediately. accused the. Somalis of “ wanton Khmer forces are actively hariws- 

second round of voting. In a toughly worded statement, and unprovoked aggression." It ing Vietnamese troops along, the 

In retaliation the Gauliists the Foreign Ministry also warned said the U.S. Administration had border, and have not been as 

to-night announced an initial that Ethiopian-American rela- encouraged them and thereby thoroughly crushed by Vietnam^ 

list of 10 candidates for seats tions might suffer. “ If the U.S. shared responsibility. eight division invasion force, a* 

which t i y»«ter the previous Government continues its policy Reuter had been thought, 

agreement would have been of interference and support for UPI reports from Tehran: Saudi However, diplomats here also 
left to a Republican or Cen- the Somali aggressors, such an Foreign - Minister Prince Saud feel the reports could signal 

trists. In particular they are irresponsible act will inevitably al Faisal on Sunday warned Hanoi’s intention to extend iu 

opposing the Republican chair- force Ethiopia to reconsider tbe Ethiopia that Saudi Arabia would military campaign in Cambodia 
man BL Jean-Plerre Solsson framework of her relationship certainly help defend Somalia after a quiet week consolidating 

and three non-Gaullist Govern- with the American Government,” “ if its borders were violated by its forward line west of tha 

ment Ministers. it said. foreign powers." Mekong. 

Obituary: HUBERT HUMPHREY 

The spirit of a simpler age : 


BY JUREK MARTIN IN WASHINGTON 


HUBERT HORATIO Humphrey 
must have bad one consolation 
during tbe-test months of his life 
as he battled vainly with the In- 
roads of cancer. This was that 
much more than any contempor- 
ary in a long political life, much 
more certainly than his two prin- 
cipal nemeses. Lyndon Johnson 
and Richard Nixon, he had gen- 
uinely and unreservedly won the 
affection of the American people. 

In the end this reflected a per- 
sonalty that was able to trans- 
cend policies and politicians. 
For while Hubert Humphrey may 
not have been always a wise man, 
be was without question good 
and decent, motivated by honour- 
able intentions and real com- 
passion, personally above re- 
proach and cot given to displays 
of rancour. These are qualities 
that have seemed more prized 
than ever to a country which, 
over the last decade has come 
to look on its leaders with a jus- 
tifiably cynical eye and which 
perceived in Senator Humphrey 
the nobler spirit of a less com- 
plex age. The extraordinary pub- 
lic acclaim that marked the 
months before his death on Fri- 
day night at the age of- 86 was 
both unprecedented and heart- 
felt 

The groat unresolved question, 
however, must remain whether 
the former Vice President and 
long time Senator from 


Minnesota would have made a 
good Chief Executive. Few men 
have ever wanted tbe Presidency 
so much and few have ever run 
for it so often — seven times, in 
all, from a fir* “ favourite son ” 
candidacy back in 1952 to a 
fleeting last abortive “draft" 
movement in 1976. 

li the question bad been posed 
before he became Vice President 
in 1965, there would be fewer 
doubters than to-day. Tbe pre- 
Vietnam Humphrey was an 
articulate and extremely effective 
champion of the under-privileged. 
Growing up in tbe Depression, 
a small town c*en»et who 
became at the end of the war a 
crusading young mayor of 
Minneapolis, in die Senate he 
was appreciably ahead of his 
time, the architect of much 
valuable social legislation. 


Silenced 


But Vietnam and Lyndon 
Johnson together undermined 
public credibility in Mr. 
Humphrey's judgment An early 
opponent of the. escalation of 
American involvement in 
Vietnam, be- was ruthlessly 
silenced by President Johnson 
and then' crudely turned, un- 
complaining, Into the Adminis- 
tration’s leading cheerleader for 
the war effort. His considerable 


liberal constituency, which could 
still have put him in ;he White 
House, .wondered how a man in 
whom so much confidence was 
placed could be so easily used 
and abused, and never again 
re-formed behind him. 

None the less, in 1968, simply 
by dint of his matchless energy 
and - enthusiasm, Hubert 
Humphrey nearly pulled off 
what would have been one of 
the most remarkable come-from- 
bebind victories in Presidential 
political history. The com- 
promise choice of an im- 
poverished, bitterly divided 
party, whose bright star, Robert 
Kennedy, bad been extinguished 
by a bullet and whose liberal 
wing had taken off on an anti- 
war pilgrimage behind another 
Minnesotan, Engene McCarthy, 
and up against a coldly profes- 
sional, amply funded Republican 
organisation under Richard 
Nixon, the' "happy warrior" 
nearly pulled it off. Hig stump 
oratory, garrulous, all promising 
yet ultimately humane, had 
never been put to finer use. 

The later bids for national 
office were less glorious. In 1972, 
he led a last ditch establishment 
attempt to deny the nomination 
to an old friend and protege, 
George McGovern. It was not an 
honourable performance and nor 
was that m 1976 when he 
wavered this way and that over 


entering the race or brokering 
the convention as a means of 
stopping Jimmy. Carter. 

There was a still more bitter 
pill to follow at the end of 1976. 
when his Senate Democratic 
colleagues . preferred Robert ' 
Byrd, a man whose record paled 
into insignificance in compari- 
son. as their majority leader. 
Politics, it must have seemed 
then, was an unkind business, 
made only less cruel when the 
Senate voted to create a special 
post for Mr. Humphrey. 

Legacy 

In the very end. after 
memorial ceremonies in Wash' 
inglon to-day fit for the Presi- 
dency he never attained, tb® 
enduring legacy of . Hubert 
Humphrey seems clearer;„It **v; 
one of hope, zest ^ for ' 
gennine belief in- the inherent^ 
goodness of mankind. He'sOrelYjW 
would have appreciated the fartVi 
that the crowds which filed past ^ 
his casket, as It lay .under the 
dome of the .Capitol, represented 
a iC Ue cross-section ®f America - 
—■Blacks, old and young, working t * 
people and the high and might? ' 
“-all of whom, in some way, had 
been touched by a very 'remark* 
able public servant - •- ^ 

Fimwui Dm, oofalMhed d»Ov 

■«Kl bolisirt. U.S wWerlnOon CW-j 0 
»» rrcUhU UM.fKi tair~ bu!B .B*e «•*©■ 

Secoiia elan MMage p^d M Ncir VML ■-T 1 


! c 






> Financial : Time& Monday .January 1ft 1978 


WORLD TRADE NEWS 



to go with 
visit 


AT. DAVID CURRY 


PARIS, Jan. 15. 


!0 HE HEADS of some of France's megawatts (for which U.S. clear- France has asserted the ii»de- 
'V lost important power engineer- anee will be necessary, since the pendence of her nuclear export- 
ig, nuclear contracting, technology was developed by ing policy. Referring to the 
icmical and oil groups will Westinghouse); while Alsthom is sale of a research reactor to 
■i .-company M. Raymond Barre, interested in supplying 1 a 800 Iraq, about which the U.S. has 
ie . Prime Minister, on his megawatt . coal-fired power confirm** its misgivings, the 

tuna trip, which starts . on station. French Foreign Office has 

hursday. Teehnip is talking -about pro- declared: u We have no intention 

They include the chairmen of riding spares _ for chemical of consulting anyone on the 
. le non-nuclear power engineer- "plants, while SpeJehim Is also dis- principle and specifications of 
. ig group, Alsthom-Atlantique; 

. le energy specialist consultancy. 


echnip: the chemical and petro- 
lemieal process plant con- 
, mctor, Speichim; the Rhone- 
oulenc chemicals group; the 
uclear . contractor. Creusot- 
oire; - and Elf-Aqultaine oil 
.roup, which- recently won the 
-respecting franchise , to seek oil 
- ff Vfetnam. . ■ - ; - 

'• Other members of the dele- 
'ation include senior Industry 
finistry officials covering, in 
articular, - the energy and 
.slour television 'fields. 

Within 


Chinese Vice-Premier Teng 
Hsiao-Ring is to • visit Burma, 
and Nepal, an official Chinese 
spokesman has confirmed. It is 
believed he will do so around 
the end of January.- This trip 
will be Us first abroad since 
he visited a United Nations 
special - session in - New York 
and then Paris in -April, 1974, 
Reuter reports from Peking. 


our export of rruelear material.' 

However, the statement noted 
that the safeguards agreed with 
Iraq were in full conformity 
with the principles enunciated 
by the nuclear exporters' club 
in the London agreement. This 
reflects France's insistence that 
she will impose unilateral con- 
ditions on -her nuclear sales 
which will be as severe as those 
set by other nuclear exporters 
multUaterally. 

* 

China is to speed up its har- 


cussing the supply of spares for 

the past few. months, a petro-chemiral complex it has bo ™ construction programme 

-*mor military and civil engineered. The main.- Interest thil vest m mert the meds of 

•' hmese missions have visited of Hettrtey is in a FrsSOOm- eon- ec 0n omj£ * devdoomenT ^and 

tance, and it is thought that tract for two plastic plants. f„5m tradf 1h? New Ch£a 

■le signing of at least a nucleus In addition, plans are likely 

: f a substantial contract has to be made for a machine tool S v 8 CNCNA) reported 

eeo reserved for M. Barre’s seminar to take place in the , Jm .. 

isit. The composition of the spring. ■ . It said : 19 new deep-water 

. .ccompanying industrialism, re- The Chinese are thought to be herihs for vessels over 10,000 
ects Chinese preferences. interested in certain sectors not gone into use along 

Alsthom and Creusot-Lolre are represented on the mission, in- China coast in 1977. Em- 
- egotiating to supply a PWR eluding transport material and P hasis had been placed on lm- 


- uclear reactor of about 250 possibly aerospace- equipment. 


$200m, Saudi hotels deal 


proving the three major sea 
ports of Shanghai, Tientsin .and 
Canton, -on large deep-water 
berths and on . mechanised and 
automated loading and. unload- 
ing procedures. 


Australia 
increases 
some duties 


By Kenneth Randall 

CANBERRA, Jan. 15. 

AUSTRALIA is imposing higher 
import duties on . travel goods 
and fork lift trucks following an 
inquiry into claims that rising 
imports were disrupting local 
production. Imports of travel 
goods in 1976-77 were valued at 
more than SAIfim. and fork lift 
truck imports were at about the 
same level. 

The present 34 per cent, duty 
on most types of luggage will 
be raised to 55 per cent, except 
for imports from New Zealand 
and Papua New Guinea, which 
will continue to be duty free, 
and from developing countries, 
which will maintain their 
present margins of preference. 

The higher rates will apply for 
IS months in line with a recom- 
mendation by the government's 
Temporary Assistance Authority 
(TAA) that a smaller, restruc- 
tured local industry could 
emerge within that time, given 
greater . interim protection. 

In the case of fork-lift trucks, 
the higher protection for local 
producers is intended to main- 
tain their market share pending 
more detailed study of their 
long-term prospects. It, too. 
will apply for 18 months. 

The assistance will take the 
form of a specific duty of SA2.500 
per vehicle tor work trucks with 
lifting capacity of more than 
1.500 kg but less than 4.000 kg. 
Present rates are either 30 per 
cent, or SA800 in most cases. 


Commission payments threaten 
Westinghouse Philippines order 


BY JOHN WYLES 

WESTINGHOUSE ELECTRIC'S 
Sl.Ibn. contract to build a 
nuclear power plant in the 
Philippines may be in jeopardy 
because of payments the com- 
pany allegedly made to a close 
friend and relation by marriage 
to the President, Ferdinand 
Marcos. 

The New York Times reports 
this morning that President 
Marcos has announced that he is 

considering cancelling the 
American corporation's contract 
because of commission paid to 
Mr. Henninio T. Disini, who is 
married to a cousin of the 

President's wife, lmelda. 

Westinghouse has reportedly 
acknowledged making the pay- 
ments. “for assistance in obtain- 


ing the contract and for imple- 
mentation services." The New 
York Times quotes banking 
sources who variously estimate 
Mr. Disini’s fee at Sam. or $35ra. 

According to the newspaper 
story, the Presidential committee, 
which was to make a decision on 
the contract in 1974, was leaning 
towards a General Electric pro- 
posal for building two 800 mega- 
watt reactors for a total of 
S700m. However, says the New 
York Times, the decision weot 
in favour of Westinghouse, wbicb 
priced the two reactors at S1.2bn. 
in March, 1975, and then later in 
the year changed the project’s 
cost to* Sl.Ibn. for just one 
reactor. 

Mr. Disini allegedly acquired 


NEW YORK. Jan, 15. 

Asia Industries, the Westing- 
house distributorship in the 
Philippines— June, 1974, and was 
also the owner of a small in- 
surance company which wrote 
the $86Sm. polity on the nuclear 
plant, the largest ever written in 
the Philippines. 

Although construction work on 
the reactor has been under way 
since 1976 the New York Tiroes 
quotes President Marcos in its 
story written from Manila saying 
that if lawyers conclude that 
Westinghouse has committed an 
illegal act, then the possibility 
of making a payment for work 
completed, and tben cancelling 
the contract and giving it to 
another company would be con- 
sidered. 


Slump in S. African car sales 


BY BERNARD SIMON 

MOTOR CAR sales in South 
Africa last year were at their 
lowest level since 1968, and com- 
mercial vehicle sales tbe lowest 
since 1969. 

According to the National 
Association of Automobile Manu- 
facturers (NAAMSA), 168,764 
passenger cars were sold during 
1977. almost 10 per cent, below 
the 1976 figure of 185,132 units. 
Truck sales totalled 90,032 units, 
compared with 115,116 in 1976. 
It is estimated that tbe South 
African motor industry lost 
R45m.-50m. during 1977. 


Thanks partly to {be introduc- 
tion of a popular new Cortina 
model. Ford was tbe most suc- 
cessful of the country's 13 major 
motor manufacturers, capturing 
about one-fiftb of the passenger 
car market 

Other leading car makers were 
Datsun, Toyota, Volkswagen and 
Sigma (whose Mazdas accounted 
for 14 per cent, of total sales in 
December 1977. compared with 
less than 8 per cent in January). 

Toyota (with sales of 18,943 
units) was the leading comraer- 


JOHANNESBURG, Jan. 15. 

dal vehicle manufacturer, fol- 
lowed closely by Datsun. 

Mr. Noel Phillips, the presi- 
dent of NAAMSA, said yester- 
day that be expects a small 
increase in sales this year as a 
result of an improvement in 

general economic conditions and 
the introduction of several new 
models. Most observers predict 
that 175 to 180,000 cars will be 
sold in ZB78. However, Mr. Chris 
Griffiths, the chairman of Sigma 
Motor Corporation, said: “ We do 
not foresee any growth in the 
light commercial field." 


U.S. Soviet 
trade study 

WASHINGTON. Jan. 15. 
THE INTERNATIONAL Trade 
Commission (ITCj said it will 
investigate U.S. trade with the 
Soviet Union, AP-DJ reports. 

The fact-finding inquiry will 
examine past trends, recent 
developments and future pros- 
pects for U.S. exports to the 
Russians. 

The 1TC said it decided to 
undertake Uhe inquiry’ in the 
light of recent data indicating 
that the growth of U.S. exports 
to the Soviet Union " has begun 

to level off," following a period 
of relatively rapid expansion. It 
also appears, the ITC said, that 
the U.S. “favourable balance of 
trade " with the SavieL Union has 
begun to slip. 

Among other things, ITC said 
it w-ill consider various U.S. res- 
trictions on trade and credit, the 
impact of Soviet slate planning 
on Russian trade patterns, and 
Russian agricultural develop- 
ments, including Soviet grain 
imports. 

• Labour MP Mr. Gwilyn 
Roberts is to ask British Trade 
Secretary Mr. Edmund Dell in the 
Commons this week what plans 
he has for amending un 
“embargo )Kt" of goods and 
technical services which British 
exporters are not allowed to 
supply to Warsaw Pact countries. 
Mr. Roberts claims that 
exporters are being “stifled" by 
the list which he describes as 
"an absurd survival from the 
cold war." The list, he said, 
includes items in the electronics 
fields as well as tin cans and 
hundreds of other items. 


*. i. 




• . TJRNSR INTERNATIONAL La- 
.ustries, a subsidiary of Turner 
'■ Construction, has been awarded 
■ contract for construction nf 
hree de luxe Hilton hotels and 
eluted convention and resort 
utilities in Saudi Arabia. The 
otal value of the contract is in 
‘■stress of $200m. AP-DJ reports, 
rom New York. . 

The overall project-, will be 
* instructed in three phases 
,’ilh the first pbase commencing 
□ January 1978 and completion 
1 iE all three phases expected by 
jecember 1980. . Owner of the 
totcl is the Real Estate De- 
elopmetrt Company— Redco— of 
Ilya dli with. Hilton International 
■ s operator. . 

ft Bi water Shelia bear Group has 
ieen awarded three water treat- 

nent and snpply contracts by the 

4igerian Ministry of Defence in 
j* ^agos for the army baxyacks at 

r i. 




f-i'’i!{feukuba. J° s > Takum in Gongola 
itate and Mqkurdi in Benue 
[> » J ^itate worth a total of f3R9m- 
ferhe Biwater Treatment Division 
i as also received a similar con- 
tract direct from a Nigerian con- 
*- xactor for the Auchi army camp 
. vater supply valued, at £1.68m % - 
.ft Creusot-Loire Enterprises bad 
ieen awarded- i' Contract by 
Jnicafe, an ivory Coast coffee 
jroducer, to set up five turn-key 
Plants for shelling coffee beans 


which will have a total handling 
capacity of 100,000 tons a year 
and are expected to .be completed 
by the end of this feu: 

• Life Flour ,MllisJ of Nigeria 
have " placed a further contract 
with' Henry Simon, a Simon 
Engineering company, for a new 
flour mill in Sapele which will 
have a capacity of 240 tonnes 
of wheat per 24 ■hours.'' 

• GEC Marine and Industrial 
Gears has secured anprder for i 
the supply of eight twin-input 
single-output, ■ main ■ propulsion 
gearboxes for installation in the 
four twin-screw support -vessels 
placed at Yarrow Shipbuilders by 
the- Imperial -IranianvNavy. 

• Nippon Eleetric Jhas been 
awarded a contract valued At the 
-equivalent of &5.6m. b£ the Greek 

state-owned telecommunications 
company to supply '.*a- ' 2,000- 
chaimel international 'telephone 
exchange which .YuR te’ 1 in -opera- 
tion by May 1979. ' ,.'■' / 

• Newman Electric.' Motors 

reports new stock .orders from 
Saudi Arabia and totalling 
more than. £227,000. . . 

• Czechoslovakia has si sped an 
agreement to give BiEma a i 
|140m.' loan to buy CxecJ^h^k 
machinery and equipment^for the ! 
manufacture of tractor partstj 
tyres and diesel pumps, - • 


OTHER OVERSEAS NEWS 


Cyprus leaders meet 


The leaders of tbe two divided 
immunities of Cyprus, long re- 
garded- as implacable : political 
jimmies, met for the first time 
yesterday at a luncheon given by 
UN Secretary-General Kurt Wald- 
icim. Reuter reports from 
Nicosia. President Spyros 
Kyprlanou, leader of -the Greek- 
Cypriot majority on tbe island. . 

and Turkish-Cypriot leader Rauf £ia names adVISCrS 
Den kt ash met at the headquarters 
af the UN peace-keeping force at 
Nicosia airport 


International - Air Transport 
Association (LATA), to which the. 
87 airlines belong, said they had 
failed to reach any basis for agree- 
ment on a common fare structure 
between tbe Ufi. and Europe. The 
delegates decided to recess their 
talks until a date not yet decided, [ 
the spokesman said. 


o 


oQ 




Jamaica devalues 
dollar by 10% 

Tbe Jamaican dollar has been 
devalued by 10 per cent, because 
of the country's failure to meet 
the conditions of ah agreement 
negotiated last year . with- the 
• International Monetary Fund, 
Canute James' writes from 
. Kingston. Under the agreement, 
Jamaica was eligible to borrow 
S74m. in . several tranches over 
a two-year period The first draw- 
ing of . S22m. . was. made . oh 
October 10. but the second, 
scheduled for December 15, was 
.not made because the 'island 
■ could not achieve the require- 
ments of the domestic asset tests.. 

Mediterranean 
clean-up talks fail 

Seventeen countries, f tiled at the 
week-end to agree on action to 
halt the mass flow of untreated 
sewage and industrial waste into 
the Mediterranean. Reuter re- 
ports from Monte Carlo * that 
officials said; two major issues 
’ were behind ' the conference’s 
failure. One was the high cost 
of cleaning up the thousands of 
factories and sewage plants which 
foul the sea. This was- estimated 
to be $5bn^ over * 10 to 20-yeax . 
period. The other. , was the fear 
of developing countries In the 
southern Mediterranean that they 
were being forced to accept 
■ restrictions.- which .could delay . 
. their economic development. 

Airlines disagree 

A meeting of tbe world’s major 
transatlantic airlines, trying to 
agree on common low-cost fores, 
broke up on Saturday without 
agreement, writes Reuter . from 
Geneva. A spokesman for the 


Pakistan's military ruler. General 
Mohammad Zia ul-Haq, has 
formed .a 16-member council of 
advisers to function as his cabinet 
to assist in the' administration of 
the country, reports UPI from 
Rawalpindi. All advisers— 11 
civilians and five from the military 
—have the rank of federal 
ministers. 

Portuguese deadline 

Portuguese “President Eanes has 
given caretaker Prime Minister 
Soares until Wednesday to obtain 
a political pact enabling him to 
form a government, writes Dianna 
Smith from Lisbon. Having re- 
covered from the severe attack of 
flu which kept him bedridden 
last week and delayed political 
negotiations, Sr. Soares must now 
make a final attempt to woo the 
powerful Communists back to the 
bargaining table, since President 
Eanes appears adamant that a new 
government must have the 
binadest parliamentary consensus 
possible so as to avoid political 
polarization. . V 

Indonesia graft 

Indonesia's anti-corruption .squads 
apprehended about 1,400 people 
during -the last three months' of 
1977. in a campaign against graft 
and bribery , in Government - and 
administration, the: Government 
said. Reuter reports -that Admini- 
strative Reform Minister Johannes 
Suicar Jin announced the figures 
after recent criticism of ; the 
.Government by students and. sec- 
tions of the Moslem community 
who. said the campaign was 
petering out without touching 
important figures. '_■; 

Peru austerity moves 

-Peruvian Economy and Finance 
Minister Aldbiades Saenz Bajv 
sallo has announced a fresh 
package . of. tough austerity 
measures aimed .at cutting the 
country's balance * of . payment 
deficit and at reducing the. rata 
of inflation, writes Reuter from 
Lima. 


World Economic Indicators 


RETAIL PRICE INDICES 
. Dee. 77 ' Nov. 77 . Oet.777 


W. Germany 142.7 142J 142.1 

Holland. 18SJ IBM 185.0 

-124.7 124.1 -1223 

Nov. 77 Oet;77 Sept- 77 
187.4" 18A5 185J- 

18*9 . -1883. -T86J 
- 185.4 18A5 .1833 

Sept. *77 AugT77 Jofy-77 

Belgium .' ' JMJO* 123JB 1223* 


Raty 

U.K. 

France 

Ufi. 


Dec 76 

138J> 

J753 

- ms 

Nov. 74 

MILS 
J712 ' 
T713; 
SePfTi 
41A44 


% change 
over 
earlier 
+ IA ' 
.+ 5.4 
*+143 

‘-MW. 

. + *-1 ■: . 
+ 6.9 . 


Indeac " 
base* * 
year .. 
1970=100] 
1969=100: 
1976=^100 

1974=100: 

1970=100 

1967=100 






NEW YORK 


LONDON 



■zm. ^ ;■; 



MIAMI 

Heathrow nonstop to Miami in DC10 super- 
comfort The fare’s the same, so why go the long 
way round? Take the sunshine route: National’s 
shortcut direct to Miami. 

. Welly wide-cabin DClOsto give you more 
comfdrt, more leg room. We serve a choice of menu 
and French wines. 



Our service, as our businessmen passengers will 
tell you, is the way they want it Speedy, streamlined 
ground handling, fast and efficient in flight With 
a personal sunny touch that's all our own. 

National has a 95% on-time record across the 
Atlantic to Miami-the perfect place to make a short 
stopover and take the sun-drenched cure for jetlag. 



•***«;*: A ,:*;: m 
••• • • v 

Our shining service stays with you. too, when 
you fly onwards to Houston, New Orleans and other 
major cities in the South and Southwest. We don't 
switch you to another airline or terminal. 

And from Miami we have excellent connections 
to the Caribbean and Central and South America. 

We never forget that the only flight that matters 
js the one you're on. It’s why three out of four of our 
passengers have flown with us befora 


SAN FRANCISCO 


TUL5*0 O w - MPHlS 

V \ 0 ATLANTA 

ORu'VnS \ \ ! ®J*Ch50NViLLE 
v ■ 1 ! i 


LONDON, 


LOS ANGELES fft 

DALLAS O-.T, 

MOUSIOMli 


■. I 


ijj&z 

MODE lONig l i - = 

MEWCOCiTrO-*' 

\ ‘^CARiSSEAN 


centralamwic* 

PAHAM* Q' 


y 


SOUTH AMERICA 


The Southern Gateway to the USA 



+ 4J •• 197S=tto 


Contacts 


z nf or National Airline^ 81 Piccadi^ London W1V 9HF (01-629 8272) National Airlines Inc. is incorporated in the Mate jrf Florida, U.S. A. 






Financial Times Mon^iy January l& ltrS 


HMTH) BY ARTHUR BENNETT AND TED SCW3ETERS 



• SHIPPING 


Europe’s largest aerogenerator Ice-breaking 

BIGGEST power generating 1 ‘TT^’ *•" *’ <lt 111211 * 

windmill in Europe, a unit . - J . ^ 

built by private enterprise at . ‘ M ‘ rnAAnc 

AMhAvnitftk VAetreKieA te 


0 PROCESSING 0 

BIGGEST power generating 1 •r'T'~ * " rr~ - — * 

HwMirTkTTrkd$ nAnr^Ai* • windmill in Europe, a 30kW.. unit J. 

unproved powder .-'•••• . v &?& • • J $ 

OrlliAriAn feeding power to the local . .. 4T , 

yHIIl HVJllil section of the national grid. 

u Designed away from the more \ / 

DEVELOPED by Yorkshire lug, the high temperature fanciful concepts of North , ■ ^ . / 

Switchgear and Engineering greases sealed into the ball races American aerogenerators with — w&am 

Company for Aerostyle on a of the wheels and the. accumula* troposftem (eggwhisk) ' / . ” ~ mSm \ 

xmtltigun automatic electrostatic tion of lubricants applied auto- blades which are hard and expen* _ . ' , 'gSHHI \ 

pOwder plant installed in Leeds matically can introduce electri- s,v ® to ma *®' winamui is in- \ 

W Aerostyle, the Positive Earth cal resistivity. tended to demonstrate that .,-'••••>. • 

system is claimed to overcome Positive Earth ensures that power can be generated in this • -• *■/ : K ... 

possible loss of earth continuity good electrical contact is main- V!?? « comparable to « '•* •• 

through the conveyor used to tained between the work piece diesel-electric sets, that is in the •• ..■*'»••• JgaB '» 

take components through a jigs and a “true" earth and has region of installation costs of < * 

powder coating plant been shown to provide enhanced s0 S e . * VL' : : “ BfflB y 

In an electrostatic finishing electrostatic attraction of the Yet nothuig been sacrificed 
pfant, it is vital to ensure that charged powder particles to the m the design that might have _ * 

electrical resistances are mini- workpieces suspended on the reduced the strength of toe x - ✓ . . . 

raised to prevent the reduction jigs and thus maintain an earth equipment. The three blades, <»>].-• • • • 

of the earth continuity between continuity independent of the which sweep a diameter of 17 «. *, ‘ 

the articles being coated and the conveyor chain. metres,- are linked by struts • '■/£ . •' .. T ?rg>iigifcu 

natural earth of the conveyor This improvement in electro- which reduced bending stresses h j ' :rj “ i 
steelwork. static technique is incorporated considerably both longitudinally 

Although the structural steel as standard on Aerostyle electro- j D “e plane of the_ blades, 
and track sections of motorised static products. Extreme simplicity is also whose idea this simple robust of aerogenerators could become 


Ice layers in a broad path behind; 
the:' hovercraft. .It can thus 
“dear” 18 square Jdlometnis of I 
ice-bound waters In. up to two - 
hours, a task that would take a 
whole day for a conventional 
breaker, but demands a mere 
fraction of the fuel that other- 
wise would have been consume* 
The unit used was * Bell 
Voyageur 100. Though Britain 



Norwest 
Hoist _ 
total capability R 

01-235 9951 


1 Wise would nave oeen ounumM. 

CflAAfiC '• The unit used was * Bell 

OpvV<UiJ Voyageur 100, though Britain 

CANADA'S shipping authorities, *5 

have successfully mvestisated “? *““« r "l 

and applied low-speed (5 knots! g ^ clearly Is a market _ iMCTmiMEliTS "■ 

ss sar s=«sskks 

as^uev 4?ars Vsbws Detects gas 

learn i It to break under its own "J pen ra “™ m T applies to. th, ° 

* 8 North Russian coasts and rivers |jQ«|(VAfQ 

Almost by chance they have though conditions there may UoXl&vl 3 

also found that if a hovercraft is often be too severe- ■ ' 

run across an icefield at a high Canada’s National Council I? HYDROGEN SULPHIDE Is. j 
speed— say 20 to 30 knots-r-the Involved in the work described dangerous gas encountered in i 
thrust on the surface of the - ice above. , . number of industrie*. It Can bt 

sets up a steep bow wave which More from Science Dimension, detected by smell (rotten eggaf 

has the effect of shattering the CNRC, Ottawa K1A OR6. Canada. al i eag t one part per nmHon 

(0.0001 per cent) but this U 
not a satisfactory method at 
when the concentration reachei 

A MATCDIAI c 100 ppm the sens* of of smell 

G iWAItKIfAU® becomes insenslrtvo in three tt 

Phnsnhdtes finld Todete«the_gasatifcsIowert 


MATERIALS 


and track sections of motorised static products. Extreme simplicity is also whose idea this simple robust of aerogenerators could become D|i AC vill O fflC rfaal lo minnics. 

monorail conveying systems Aerostyle. Sunbeam Road, achieved by using hydraulic design on^naUy was, and who a precious adjunct to the power ^nQSIindlltJiS LUlU SlCvl To d f te ? SiSiSEH!- 

usually provide adequate earth- London NW10 6JT. 01-965 3464. drive to eliminate complex and had most of the windmill’s com- grid, allowing the supply In- r concentrations. General Monitor* 

■ expensive shafts and gearing. ponents made by the local black- dustry to save large amounts of „ , ihm has introduced a mnglj, «««« 

The air turbine runs at a con- smith, claims that It would be a fuel. TWO NEW anc phosphate volume concentration^ ana the continuous sensor. This his \ 

TTifrll nnrihr nra^-ap unifr stant wind speed/tip speed ratio simple matter to. scale up the More on the design of the ex- powders have P .‘ n j rad u Qtherby immersion ato per cent. linear sca ied meter calibrated Id 

mgn DUniV Wilier lllll IS and is WT y Q®*® 1 ‘ n operation, design to significant power out- isting unit and the planning of * he divmon of Duck- by volume PP" 1 ’ and *® available ia rang** 

1- r M11 V TT ** ^ It is of fixed pitch construction put the larger system from Sir hams “L In they can principally Tor _Pj>ospbating cold ^ ^ aod Q-iOO ppm. fh, 

FULLY automatic, a multi- High purity water produced and is strong enough to be stop- For a fourfold Increase in Henry Lawson-Tancred Sons and urtth th? iifS of unit incIudes hl ® h * nd Jov viwial 

stream demineralisation plant is hy the treatment process has a pad when wind conditions de- windmill size to a blade swept Co^ Aid borough Manor. Borough- jj® hnf2l^««- or ^Saline alann status indicators and rday 

being ^Uedfor the new conductivity of under one mand without need to feather, diameter of some 68 metres, out- bridge. N. Yorks, W05 SEP. 090 SnS? dS contacts for remote alarm. 

Wnutr raicromho and an oxygen content The power output mentioned put would go up to a respectable 12 2716. reqmred for . ^ . SSSin.?^ L T Jael P It operates on a change of 

Aydiff, Co. Durham, polyvinyl »hovp is in wind sneeds nf gs t smw at wind snaods nf ti phating. . . greasing can be useo. « 


AmliCT T\.. .1. ■■ ■ T IUII.TUU1UU 4UU Oil UAJJtClI CUUICU1 *“« r— — |(Ul miuiu 6V -r L “ ■* (BopBLto-it — AI1U. 

Ayeiiff, Co. Durham, polyvinyl lesg lban one ppni> operating above is in wind speeds of 6.5 ifiMW at wind speeds of 11 

^oride JMn^actunng unit of continuously at 29 cubic metres metres /second and it is generated metres/second. It is on the draw- . ___ 

British Industrial Plastics, mem- ^ our . at 440V, three phase, 50 cycles ing board and with luck could 9 N ORTH SEA OIL 

ber of the Turner Newall Group, xbe units are supplied erected in phase with the local U kV be operational by 1980. a -w » 

The order was received by to speed installation and are two- grid system. It would produce grid power A hfilOVAC 

Advanced Water Services from bed plants consisting of cation Apart from this type of design, as cheaply as conventional IamI mU3JL V vo 

tbe main contractor on the pvc and anion exchange columns in the builders would eventually be sources and would be no more v 

project, Crawford and Russell series. prepared to set up windmills of unsightly than the towers of the llflflpf* TVOfAl* 

International, who specified the Further information on the the same .dimensions, but pro- UJL supergrid. UllllVl Tv 


phating. 1 greasing can be usen. « operates ou ■ 

Price is stated to be compar- Coating weights up to five electncal resistance when 
able with the hot solution, but grammes/square metre are exposed to the gas, ana It 

there is no fuel cost for heating deposited. , unaffected by other gasea, 

water. More from tbe maker at Details from General Monitors l 

One of the versions is applied Riisham Road. Egham, Surrey u.K.. Oxford Street* Manchester* 
by spray at 2 per cent.- by (Egham 5456). M1'5AU (061-228 3182). • 


• COMPUTERS 


ties followed by vacuum deaera- Wycombe, Bucks. Penn (049 481) heating systems, which woujd be latter solving most of the prob- Pfl*®®***- 8 me .^ 10 ^ 


„ uu iemv Biggest NGR machine . m caoies 

feed which varies in voltage and channelling the power generated 1 J a ‘ er i 1° 

frequency with wind speeds. Out- to areas where windmills can- J°H sb vrn h» r*u>a**d two of its ton- "’A new familv of low-coat con- ALMOST ANY fault on any type 

puts of 70 to 80 kW at wind speed not be set up. either because of Srocmres^ “j hrin? 0 ?^?^ of^theSine com outer systems tlie versational computers, mainly <rf cable can be located and idaiK 

America and Japan, and ^ ^ d ^ etTes/sceoad would be SSS^Hd SSta ^ fifte? critical welSfofiSpection^ Criterion vJu Si V-S5W, for Waller organisations with S? c e B d d '*** 

versa. p ? de n fl „™ t a *®*- depths— so Far— down u> 200 fL most powerful machines yet in- little or no background ra elec- du 5 T e J? b> .“JJSKit contmiiwi 

A number of different types Sir Henj T Lawson-Tancred. Applied in this way, batteries inspection of highly-stressed troduced by the company, which tronic data processing, has also V 51 ®* t ® ; „ f „ i 
of standard converters have been- - node areas is vital if fatigue announced tbeir development in been released by NCR. T* 


Finds faults 
in cables 


SERVICES 


C .OnVPITR versa. T Z’T SET* , " w ’ depths— so far— down to 200 fL most powerful machines yet in- tittle or no background ra elec- *v 

VxVJJ v Cl IS A number of different types Sir Heni Y Lawson-Tancred. Applied in this way, batteries inspection of highly-stressed troduced by the company, which tronic data processing, has also ..Vf 1 ®® H 

V %T l! Mn of standard converters have been- - node areas is vital if fatigue announced tbeir development in been released by NCR. ?*£**“* T« 

1 V lllie developed over the years but ^ MACHINE TOOLS t ailure « are t0 be avoided - ^ raiddle of 1977 - Th® a " d *e 1-8X60 “gj accuracy itte? thiS 

M. v luiv DrCE. is the first to use digital • MAUIHNfc I UULh Further developments continue units Dr0vtde . systems have COBOL orientation ? ve ™ 1 a ^ U ”f y „M e setting ’ 

standards Working to safe rules ~ 

THE FIRST DICE (digital .t.nd- J™-- Picture ta- „ B N0T alway5 6 praetital t0 t0 contact with sew blades TTie lb 2“,l«™ X? SS JSS??! "u te n"," “Lms « full upward contpatiMUty ^th “from 

m; 1 owned t sgE. ,£g> »j s'Wi? ftss^s gstf^jftssss sxrx ** down ,o the sew? ssss.- 4 . UB,e - % WArS s„« s crs lons - usin * tra 

specifically for use in the non- years bv sutHmntracting Safeguarding of Machinery— to regulations applicable to metal This new tool will areatlv V-8590 has about twice the J“S 2? < ? n ,^ e rux L on Weighing 9 kgs., including 

£8J*5 . fi ®J d - ba f »g* time on the only oS unif if the Intire work area of cprtain cutting machine tools: is jpeS up toe SposSre of weld not™ of toe V«70 foraerS J - ® 200 “ d « , B “ 11 battery, the portible unit ran 

Marconi to Audio the U.K. that owned by ITN and machinery and some tyocs of primarily Intended for use in areas tobright metal finish and toe largest computer^ in toe 8000 ar ®ff .f-S+OO systems without the be operated from the mains or: 

“™l e e 0- „ made by the IBA machine tools. The industrial connection with ferrous and non- is a jj^mfiefot Sep to\^rd s to- Srier^e vS [s“bout^ne ne ^ d f °L ConverS1D ^^ t a rechargeable nickel-cadmium: 

DWE. for which Marconi Com- it Intends to offer a service safety committee of the Machine ferrous -workpieces, although the creased safety under toe toagta third more uowerful than the Requiring no air^nditioning battery. It is stated to be suit-' 
mum cation Systems has the whereby standards conversion Tool Trades Association nas pre- code has applications to other conditions experienced in the V-R5TO pa or special treatment, toe 1-8130 able for any dielectric, and. 

world-wide manufacturing and will be within reach of every pared a code of practice for materials. North Sea. - ' _ and 1-8150 can be installed in any applications include low and high'- 

marketing rights, was designed video user, and will become part safeguarding sawing and cutting. The publication contains * The module has a pneumatic- , Proposes to introduce a normal office environment, and voltage power cables, overhead, 
by engineers of the U.K. Inde- of normal production budgeting, off machines, which is to be the information concerning design, ally-operated section which con- friinn operators can actually teach lines, pilot cables, telephone 

pendent Broadcasting Authority, thus enabling users to have a set first of a series of codes devoted construction and the apptical ion trols the feed of abrasive par- y* 8 ® 0 ? *5. J™ Tbe , Y-SwO themselves how to use the pairs, coaxial cables, screened - 

Technically advanced, in its of masters in each television to specific safety aspects. of safeguards. It is intended to tides to the divers* gun, and a models be large-scale multi- equipment cables and underfloor heating 

basic fonn it will convert 625- standard for world wide distri- This MTTA work results from assist all those connected with separate section for bulk stor- Processors and will be NCR s Special features Include: ledger cables. 

line PAL and SECAM colour button of their products. extensive research into available and responsible for safety, from age. The arrangement ensures ftr5t venture into toe very large printing capability, protection The maker, part of toe Balfour 

”j£?l s,on P lct u re s to the 525-line Audio and Video, 48 Charlotte statistics together with an senior management down to Use that continuous feed is main- sterns fie m- . against power failure; and aBeattyGroupofBICC.isatDel*-;. 

r^^^ n o < ^ , i sed fHS?i’««J 40I,d0:a ’ W1P examination of the nature and machine operator. tained during replenishment of More from toe company on 01- larger character, easy-to-read mare Road, Cheshuot Herts^ - 

Canada. Central and South 01-530 7161. cause of accidents attributable MTTA on 01-402 6674. the hoppers. 723 707*1. visual display. EN89TG (Waltham Cross 29011). ;i- 


failures are to be avoided, the raiddle of 1977. The I-S130 and the 1-8X60 accuracy“ better^than 

P«*we » h.ve COBOL "ri-nyUon f*"' ra Ttof\.n«.Ktll»y 

SLtS demhsand SSmShmS * ro wth path for users of NCR degnt .-of inter Fault dlstances are shown In . 

feen >„Ued for. !S ui ?5'KL P ™?SJ 0W .J; *5! dSTteClk^cUo" ThS "Iff** .?» * tTUSS 


digital timing technique, the 


the raiddle of 1977. 


locator is claimed to have an 


Canada. 


CONTRACTS AND TENDERS 


VALESUL ALUMINIO S A. 

BRAZIL 

INVITATION TO PARTICIPATE IN INTERNATIONAL 
PREQUALIFICATION TO TENDER FOR NEW 
PRIMARY ALUMINUM SMELTER TO BE CONSTRUCTED 
IN RIO DE JANEIRO, BRAZIL 


1. VALESUL ALUMINIO S A. 
(VALESUL) will build an aluminum 
smelting plant of 86.000 MTPY 
capacity in an industrial area of 
the Santa Cruz borough in the city 
of Rio de Janeiro. This plant will 
operate using prebaked anode 
pots at approximately 1 55.000 
amperes, using Reynolds 
technology. 

Completion of the project is 
scheduled for July 1 980. 

2. VALESUL has applied for loans 
from commercial banks and from 
the International Bank for 
Reconstruction and Development 
(IBRD) towards the cost of supply 
of equipment materials and 
services. VALESUL intends that 
the proceeds of these loans will 
be applied to payments under 
the contracts for which this notice 
is issued. If the IBRD loan is 
granted, payment by IBRD will be 
made only at the request of 
VALESUL in accordance with the 
terms and conditions of the loan 
agreement Purchases covered 
by this loan would be limited to 
prequalified suppliers who are 
nationals of member countries of 
the IBRD and Switzerland. 

3. Replies of suppliers interested in 
receiving enquiries for any of the 
categories of items listed below.', 
should be received by VALESUL 
no later than February 15. 197S. 
These responses, in English or 
Portuguese, should contain the 
following information: 

a) Categories of items for which 
suppliers are interested to 
quote. 

b) Anticipated delivery times for 
equipment and materials, and 
schedules to furnish technical 
data and certified drawings 
after receipt Of orders. This 
information should include 
process and equipment 
performance details and 
warranties, technical 
catalogues and supporting 
information, including 
experience with comparable 
suppliers. 


c) List of customers with whom 
similar equipment is in service, 
including actual operating 
performance statistics, with 
plant name and location for 
inspection purposes. 

d) Availability of after sales 
services and spares in Brazil. 

e) List of items usually 
subcontracted, including the 
names of their suppliers. 

f) Latest annual and financial 
reports. 

g) Description, capacity and 
range of manufacturing 
facilities, including number of 
workers, present production 
and degree of capacity 
utilization. All replies should be 
addressed to: VALESUL 
Project- c/o Companhia 
INtERNACIONALde 
Engenharia. attention 

W LADY SLAW STOLNICKL 
RUA MELVIN JONES. 35 
24.° ANDAR - ZC-OO. 
CEP-20.000. RIO DE JANEIRO. 
BRAZIL 

4. VALESUL reserves the right to 
, verify all statements and to 

inspect suppliers' facilities To 
confirm capability to perform the 
work, and reserves the right to 
reject any prospective 
manufacturer without assigning 
any reasons therefore. 

5. Prequalification, of suppliers will 
be based primanly on past 
successful experience in 
supplying equipment for which 
prequaliffcation is requested. 
This evaluation will also take into 
account technical suitability, 
delivery performance, after sales 
service facilities, and financial 
stability. 

6. List of supplies: 

the following list indicates the 
general categories of items that 
would be required for the 
- VALESUL project: 

6.1 Compressors: 

- Total capacity TO.CJOO CFM: 

6-2 Cast House: 

m Electric homogenizing furnace 
aria transfer car* 


• 14" billet saw, 

• 24" slab saw. 

• Dross cooling system including 
dust collection system. 

• Mobile charging equipment 

■ Chlorine and nitrogen system. 

• 20 kg ingot inline casting 
machine with stacker, 

• Direct chill casters, 

• Degassing filter; 

6 3 Green mill and cathode paste: 

• Turnkey package for a plant of- 
18 MT/hour capacity. 

6.4 Carbon baking furnace 
(62.000 MTPY): 

• Equipment and instrumentation, 

• Refractories and insulating 
materials. 

• Anode conveying equipment 
and baking furnace cranes: - 

6.5 Anode rodding; 

• Induction furnaces (3MT), 

• Overhead power and free 
conveyor, 

• Specialized anode cleaning. 

• Stripping and conditioning 
equipment 

• Roller conveyor and weighing 
station: 

6.6 Dock unloading (300 to 
600 MTPH): 

• Alumina pneumatic unloader 
and alumina conveying system; 

6-7 Rectifiers and 138 kV 
swixhyard: 

• Package for 1000 volts 

DC/1 75 kA capacity recuformer 
and switchyard equipment 

6.8 Potroom dry scrubbing 
feme system: 

• Conveying equipment and bag 
house package: 

6.9 Potroom: 

. Pot control panels. 

• Aluminum busbar, 

• Cathode flexibles, 

• Aluminum welding wire, 

• Carbon lining materials. 

• Jacking system. 

. Aluminum fume hoods, 

• Steel. yokes. 

• Aluminum stem assemblies. 

• Diagonal aluminum saw and 
anode changing machine; 

6.10 Potroom process control: 

• Process control equipment 

• Multiplexes and cables. 


STATE OF ISRAEL 

MINISTRY OF LABOUR & SOCIAL AFFAIRS 
INDUSTRIAL DEVELOPMENT PROJECT-' 
VOCATIONAL/TECHNICAL TRAINING 
JERUSALEM, P.O.B. 915 

INTERNATIONAL COMPETITIVE BIDDING FOR 

EQUIPMENT 

Tbe Government of Israel — Ministry of Labouuv-plans to improve and expand Ita 
system of Vocational/Technical training Institutions and for this purpose has received 
a loan from tbe International Bank for Reconstruction and Development (IBRD). 
The Directorate of the Project announces toe publication of the public international 
tender No 12.02.T tor toe supply of equipment in toe technical/ vocational branch of 
Automotive Trades. 

Manufacturers and/or suppliers of all member countries of IBRD, and of Switzerland, 
are eligible to lake part in the bidding and are invited to participate. 

Tender documents may be obtained from toe Directorate of toe Project at tbe above 
noted address, against a payment by bank order or cheque tor the sum of thirty (30) 
US Dollars, made out to toe Ministry of Labour, Israel. Such payment will cover 
this tender and all future tenders published within toe framework of this project. 
Tender documents will be forwarded by registered air-mail to the applicant com- 
plying with paragraph 4 above. The completed proposal, despatched to the Directorate 
in the speciaJ envelope provided, and in strict accordance with toe general instruc- 
tions to bidders (which will be forwarded to the applicant simultaneously with the 
tender documents) should reach the Directorate not later, than 1200 hrs. on 31 March 
1978. Proposals arriving later than the time limit fixed will not be considered and 
will be returned unopened to the bidder. 

The Directorate reserves the right to accept any proposal for any individual item 
or items or ail the items listed, to increase or decrease toe quantities to be purchased 
and to reject any or all of toe bids received. ! 

NISSAN LIMOK 
Project Director 


YEMEN ARAB REPUBLIC 

Yemen General Electricity Corporation 

HODEIDAH POWER STATION 

It is the intention of Yemen General Electricity 
Corporation to call for tenders for the new Central 
Steam Power Station for the Yemen Arab Republic 
to be sited near to Hodeidah. 

Tenders will be Invited for the complete power 
station to be constructed on a turnkey supervised 
contract basis. Firms are invited to register by 
15th February. 197S. their intention to apply for 
the documents which will be available by the end 
of March. 1978. 

Only firms with adequate experience who have 
Tesistered their interest may obtain the documents 
which will be obtainable from the Offices of the 
Consulting Engineers to the Yemen General 
Electricity Corporation, Messrs. Kennedy & 
Donkin. Premier House, Woking, Surrey, United 
Kingdom. 

A non-returnable fee of YR 4,100 or £500 will .be 
charged for each set of documents issued. 

The Power Station will consist of three 20 MW 
steam turbine generators and oil-fired boilers 
together with all associated works including an oil 
supply terminal, administrative offices and staff 
housing. 

Tbe Project will be financed by loans from the 
Saudi Fund for Development and The Arab Fund . 
for Economic and Social Development. 

Firms wishing to register should apply in writing 
to. the Yemen General Electricity Corporation with 
a copy of their letter to the Engineer, Messrs. 
Kennedy & Donkin. 


CONTRACTS 
AND TENDERS 
ALSO APPEAR 
TODAY ON 
PAGE 6 


WOK October 1 978. 

Front* l republic or mncemm 
NATIONAL ELECTRIC ROWER 
"AUTHORITY 
PREQUALIFICATION OF 
TENDERERS FOR 
CONTRACT NO. E5»W» 

• j^gCT gjCAt . — MECHANICAL— 

ACR HITRCTUR AL COMPLETION 
FOR 

SHIRORO HYDROELECTRIC PROJECT 
NICER STATE. NIGERIA 
Tb* Sbirora Hvorovlactnc rcNct will 
consist of a eoncrtt*-faced rocMIl dam 
with a height ot 1 15 motraa tram tha ' 
nrntr bed and a craat length ot 700 
- metre* including spill war- on above- 
B round indoor- type Dowortuniao at tha 
dam sin. with ■ generating cnact'v ot 
BOO. MW conUatmg ot lour unit*: an 
administration and control building: 
and a lwttuivard with 930 KV and 
133 fcV sections. 

The Shlroro Hrdroetectrtc traiect la 
located To Niger Stale, N ifle-la, - 

approximate?* go km. aowb-waat of 
tM a tv of Kadvna. It la iRaaMd at 
ShJrora Goroe on the Kaduna River . 
near ita confluenco with *i«o Dump 
River. 

. The National Electric Power Aetiontv 
iNEPA). plans to invlta tendon from 
orcouallAed tenderers m jgiv ot 1B7» 
tar construction ot the eleenteal- 
mechanical . architectural ' omotetlen 
work, to receive the tend era in 
Qctotwr at 1878. and award ■ contratr 
In February ol 1B7B. 

Works unoer this, contract wii isimc 
conjoint! on o< tha electrical, nech-nirat 
ana architectural Natures ot the pre- 
lect presently under initial phase ron- 
strut non bv others. InclualnO ius* illa- 
tion ol NEP 4- furnished equipment and 
materials and furnishing all malar ais 
ana eeaionteni not tomisnea under 
■ previous contracts - 

Contracts under construction or 
already, awarded include the I allow, 
tan Initial construction at the power, 
plane dam and control atrucitwcs 
including the embedded pcrrtfen ol 
orping. electrical conduit ane. ■ 
oraunoino systems. 

Furmsnina ana Installing turbines, 
oenerators. generator main Kars, 
oower transformers. fee* non, 

. vanes, ana hvdrauiic galas wm 
hoists. 

.FurnMunp lor installation ov ten- 
derer the control and relay ooaror 
switchgear and motor control 
centres and switchyard muloment 
and steel. 

The tenoerer or nil adulates noon 
whom .oreqaantcation Is to oe based 
■hall have bad. either singularly or 
In combi Ration, snocihc jiectricai ana 
mechanical construction experience an 
major hydroelectric projects. oo*f» ia 
the country ot his home olhee mu in 
other countries, eng shad a so have 
had construction experience on 5SO kV 
or higher railage switchyards in ilti 
countries. 

In oraer -n oreonallly as an Kir or. 
•We lenoerer. Interest** .onwac k* 
mmi complete ana submit proovaH*- 

cetio ntor wia. Raouirod pnNMima-' 

Hon forms may be bIMim irom: 

Chaa. T. Mam International, 'or. 
Southeast Tower 
Prudential Center 

Boston. Massachusetts. u.SA. 

Attendant Mr N. 9 . rrUna 
Project Manager 

55?-, J* E 1 * 1 " International. Tne. 

Lagos. N Inina 
Attention' Mr. E. Rlitgig 
Project Coordinator 
2™. “P» “ f the letter ot wrooest tor 
orrauallftcatjon documents imp be 

M#Hf 805 

Director., two mean wo Protect 
„ oepartmeat 

National Elecrrtc Power Authority 
24-25 Mvma 
f.M ■. 12030 
Lagoa. Nigeria 

The lorms must be compl e ted ana 
returnee to the addresses indicated m 
!** preauailheatrpn documents not 
later than April, is. 1R7B. 

eocresoatieeiK* shtn 
subject contract name and 

nuiTTDflr 


RADIO COMMUNICATION 

(UHFSYSTEM) 

Tenders closing at 2 pm on Wodnasdgy ig April 197 ft are 
Invited forth* desIgiL merurfoeTura, supply, dell very. Installation, 
testing, commissioning gnd maintenance of a UHF radio - 
.communication system for lha Public Transport Commission's 
Sydney Metropolitan area bus fleet in accordance with KMClfl- - .- 
cetlon No. 439 . 

Further enquiries end copies of die Specification ( Br rc« Aim. 
59 . 00 ) are". obtainable itom die. General Manager, Signals and 
Communications Branch, Room 804 , Transport House 11.31 •" 

AAM 702 ?**' SVdn ° V ' N<W S0Uth W,| * s - Australia '(Telex 

Tenders are to bo lodged in the Tender Box, Room .505 
Transport House, 11-31 Yo"rir Street. Sydney, 2000 New South ‘ - 
Wales; Australis or If posted, must bear an Air Mall post m*rk . 
clearly Indicating that ttiey -were posted prior to the stipulated 
time end date o# elosing. * ■ 

PUBLIC TRANSPORT COMMISSION 
l OF NEW SOUTH WALES. AUSTRALIA j 


... 







financial Times Monday^ January 16 - 1978 


HOME NEWS 


LABOUR NEWS 





ices body ‘Star 

amber’ says MP 


GOODMAN, 


“‘UlLBih. 


t 1 IE Price Commission was- 
V ( |C inded as a “Mafia with Star 
Li 5amber powers." by Mrs. Sally' 
^penlpeim, the - Conservative 
Mjtf. jkesman. In her most detailed 
■NV. ( \ ack since- the Commission was 
up In August, she. said that 
' ls was “loaded with Left-wing 
- j’Wsts’ 1 and had established 
. oost a reign of tenor in in- 
• 1 stry, with -all the characteris- . 
of an East European police 
“te. 

.. the Commission’s tactics had 
... ‘in “highly questionable " and 
Am three reports,' published 
t week, represented a futile 
i t»f taxpayers’ money, 
drs. Oppenheim, speaking at 
Gloucester constituency, said 
.'-.it the Commission had .more 
confirmed the worst fears 
' the Conservative Party when 
“:} legislation was going through 
■ ; . rliament It was now widely 
: ' sdised throughout British in- 
r-rtry that these powers posed 
'■ Serious threat 
‘ .The Commission's actions were 
, hificantiy distorting the rate 
'-...'price increases. This was not 


the same as a genuine reduction 
in the rate of inflation. 

Some companies had been 
“bullied and coerced” into 
withdrawing or modifying price 
increases, while others had been 
too scared even to notify 
increases and had .been pre- 
pared to sustain -considerable 
losses. 

At the very least, ah investi- 
gation and a price freeze could 
cause a great deal of "trouble 
and cost, time -and money. At 
worst; it ' could bring companies 
to the verge of bankruptcy. 

Companies were being forced 
to tolerate the disruption of 
having “inexperienced and 

meddlesome investigators' ram- 
paging through their books and 
requesting . information . com- 
panies should not be asked to 
give." -. 

In some cases the Commission 
was asking what could be Inters 
preted as sinister questions on 
the internal working and 

relationships within companies. 

In toese circumstances,’ it was 
no ~ wonder ccaapanaeS "were 


Hfidsfaito boycott assembly 

in cables BY RAY HERMAN, SCOTTISH CORRESPONDENT 

> , :0TT1SH LIBERALS, "who gave officers of the Scottish . Liberal 

/- -.erwhelmi ng backing at the Party will urge. that, the votes 
•ek-end to Mr. David- Steel’s from' Glasgow he put:-into the 
V hi to continue the pact with pot: -if voting is very dose, they 
e - Government, have decided might, then tip the ; balance. 

<t to attend the Blackpool Mr. Cyril Smith, SIP for Roch- 
-.••teembly on Saturday, when the dale, who wag to have attended, 
-ting could be much closer. backed out when he was told that 

The Liberal leader was on the l* would be allowed to speak 
“• at Form at the Scottish con- for only five minutes. 

Tj*nce In Glasgow to ' see an .. “® oent a message - asserting 
' : Iti-pact motion defeated by an t* 31 party was ^beong pro- 
-■ f majority. A resolution leaving BressJvely weakened ..by toe 
—to tbe parliamentary party to arrangement end 

" ride when the arrangement a0 £\. _ , 

nuld end was passed by an even Reeves,. WM8h. corres- 

raer margin. pondent writes: WelshLiberals, 

KJl. While this reflects their 
’termination to assert their 

• -itonomy. it also involves an parManwatory party.^Tte^ meet- 

• ement of tactics. . 

Scottish votes would have m “*■ £%}* 

■ --en swamped anyway by the , “*• 

• ' iglish party which Is ten ^ 

neis larger, whereas the GIa»- believed the pact should be 
vote has given Mr. Steel maintained untfl the untLnf toe 
• advantage. Indeed, there are pasrhaanentary session in- July, 
me Indications that the deci- Mr. IhnJiyai Hooro. leader of 
• • -on to hold a separate Scottish Weta h Libe ral Partwand 

nference a week early was MP for Montgomery, is known to 

~“signed for just that.' ' -be leSs 'entonsfestdc abourebn- 

- I f next week-end' results in tinuing- *he pact He f mwM 

narrow defeat for Mr. Steel, evidently like ft ended by ApriL 


terrified to invoke the wrath of 
toe Price Commission Mafia 
with their powers. . 

No one could fail to welcome 
lower prices, but given Ae pre- 
sent levels of profitability, there 
could only be a short-term dis- 
tortion of the true level of 
prices. 

Eventually, as toe “economic 
realities" over-rode fears about 
the Price Commission, price 
Increases would art her have to 
be passed on or investment cut 

In toe .second half of ibis year, 
there would be a burst of delayed 
price increases, Mrs. Oppenheim 
predicted. 

Britain needed a “more 
searching and active competi- 
tion policy but not “the kind 
of roeddlesom and minatory ” 
intervention that bas charac- 
terised the new Price Cotnmisdon 
so far. 

There was a real danger that 
what the Commission was doing 
in the name of competition might 
bring tbe - whole concept of 
tougher competition policy into 
disrepute. 


Plaid plans 
amendment 
to Welsh 
rule Bill 

Bjr Robin Reeves 

PLAID CYMRU, the Welsh 
nationalist party, will press for 
the option of full self- 
government for Wales to be 
included in the proposed 
devolution referendum on a 
Welsh assembly. 

Plaid’s national council 
agreed unanimously at a meet- 
ing in Aberystwyth at toe 
week-end that the party’s 
three' MPs should table an 
amendment to the Welsh 
Devolution Bill, adding a 
second question to the pro- 
posed referendum ballot paper 
giving voters the option of 
voting for or against full self- 
government. 

As it stands, the BUI pro- 
vides for one question only: 
Do you want the provisions of 
the Wales Act, 1077, to be 
put into effect? The chances 
of the Government agreeing 
to the second .question most 
be considered virtually nlL 


Tories to study 
new curbs 
on unmigration 


Leyland shop stewards 
to urge rise in output 


BY PHtUP RAWSTORNE 

CONSERVATIVE leaders will 
consider new proposals for 
enforcing a stricter curb on 
immigration. 

Detailed policy plans are being 
prepared by Mr. Keith Speed, 
Junior Home Affairs spokesman, 
and 1 are expected to be put 
before the Shadow Cabinet by 
Eart'-r. 

News of tbe moves yesterday 
provoked immediate attacks 
from immigrant leaders, who 
said the Tories were “ elee- 
tionering." 

The new proposals, which 
might be opposed by some senior 
Tories, are likely to centre on 
further safeguards against the 
entry of Asian holders of UJv. 
passports from East Africa and 
restrictions on dependent rela- 
tives allowed into Britain. 

Conservatives are committed 
to the present arrangements of 
a 5.000 a year quota for tbe esti- 
mated 30,000 U.K. passport 
holders. 

Mr. Speed said yesterday that 
if the estimate of the total 
eligible were to prove wildly 


wrong, toe Intake would have to 
be substantially reduced. Con- 
trols on the number of depend- 
ents and fiancees of immigrant 
workers might be tightened. 

The ' immigration figures In 
1976 showed more than 60,000 

More Home News, 

Page 23 

had entered the country — nearly 
10,000 more than in 1975. 

“ We just - simply cannot go 
on like this.” Conservative; 
pledges to work towards an end 
to immigration could not he ful- 
filled overnight but would have: 
to be carried out over several 
years. 

“But the number coming in 
is making the job of race rela- 
tions' that much more difficult’’! 

A Commons Select Committee! 
was due to report soon on race! 
relations and its conclusions 
were likely to force all parties, 
to clarify their policies. 


BY OUR INDUSTRIAL STAFF 

SHOP STEWARDS to-day will 
urge Mr, Michael Edwardes. toe 
British Leyland chairman, to 
adopt an aggressive policy of ex- 
panding car sales as an alterna- 
tive to the planned 10,000 cut in 
jobs this year. 

Union leaden will argue that 
the company's output forecast for 
this year, amounting to only 
835,000 vehicles and a UJv. mar- 
ket share averaging 27 per cent 
is far too pessimistic. 

They believe that instead of 
trimming production the com- 
pany should raise it to lm. units 
a year. To achieve this they 
are throwing their weight be- 
hind a campaign .to reduce 
strikes and increase productivity. 

Mass meetings of stewards will 
be held throughout the group in 
the next two years to seek sup- 
port for this strategy. 

This argument is not likely to 
carry much weight with the Ley- 
land management 

Dealers have reported that 
they might be able to achieve 33 


per cent of the UJL market by 
the end of toe year. But Leyland 
itself thinks that an average of 
27 per cent, is a much more 
realistic target It believes that 
even to achieve this it will hove 
to maintain a vigorous market- 
ing campaign. 

Several new product launches, 
such as the range of “ O ” series 
engines for toe Princess and 
Marina ranges and a diesel for 
the Princess as well, are planned 
this year to help the sales drive. 
Leyland will make special efforts 
to raise fleet purchases of the 
Marina. 

Even with these efforts, how- 
ever. the company believes it will 
not be able to recover all of Its 
lost ground, and is preparing the 
ground for reductions. Its pre- 
dictions for the Cars Group, even 
on its present manning levels of 
130,000. indicate that strikes in 
the company and among compon- 
ent suppliers will cost about 
300.000 vehicles and reduce out- 
put to forecast levels. 


If productivity Is to be raised, 
therefore, there must be redund- 
ancies. This Is the point which 
Mr. Edwardes will stress to the 
union leaders to-day, and to the 
Prune Minister when he .meets! 
him on Wednesday. 

Leyland accepts that it needs 
strong political backing if it is to 
push through its plans. 

The relationship Mr. Edwardes' 
is able to establish to-day in his 
first meeting with sbopfloor 
leaders will be crucial to the 
co-operation he can expect in 
implementing long-term plans 
for restructuring the Cars 
Group. 

Before his discussions with 
the Cars Connci] at Leyiand’s 
London headquarters Mr. 
Edwardes will outline his plans 
to the full-time national officers 
of all the unions in the Cars 
Group. He is expected to stress, 
that any redundancies will be- 
sought on a voluntary basis, and 
through natural wastage. 


Bill would permit strike 
action by post workers 


Normal fire protection Shipbuilding 

unlikely for some time managers 


BY JOHN LLOYD, INDUSTRIAL STAFF 


Inadequate 


A BILL to permit industrial 
action by postal workers, pre- 
viously dropped from the Gov- 
ernment’s programme because off 
Liberal opposition, will be intro- 
duced in Parliament next month 
as a Private Member's Bill. 

It seems likely to get Govern- 
ment support and may also win 
the backing of the Liberals. 

1 It -is being carefully tailored 
to allow action to be taken only 
in the pursuit of strictly indus- 
trial claims such as wages and 
conditions. 

The measure was promised in 
the Queen's Speech last Novem- 
■ ber. But .the Liberal Party Indi- 
cated that they could not sup- 
port legislation which allowed 
postal workers to take industrial 
action in pursuit of broadly 
political alms. 

That would include delaying 
mall or telephone calls to and 
from South Africa, and the type 
of “sympathetic'’ action during 
the picketing of the Grunwick 
film laboratory. 

The Post Office Workers (In- 
dustrial Action) Bill is being 


introduced by Mr. Norman 
Buchan, MP. - 

Mr. Norman Stagg, deputy 
general secretary of toe Union of 
Post-Office Workers, said: “It 
will bring us into line with the 
workers in toe electricity, gas 
and water industries." 

- The Liberal Party said that It 
objected to it on tbe grounds 
that it gave postal workers- the 
right to disrupt mail or telephone 
calls for political reasons. If 
that threat were removed, the 
party would look again at the 
Bill. 

Flights resume 
at Liverpool 

British Airways flights In and 
out- of Liverpool— suspended by 
the firemen's strike since 
November — will be back to 
normal from 9 a.m. to-morrow. 

Services from Liverpool 
operate daily to and from 
London. Belfast, Dublin and the 
Isle’ of Man. 


BY OUR LABOUR EDITOR 

FIRE PROTECTION may remain 
below normal in many parts oF 
the country in spite of tbe fire- 
men’s return to work to-day after 
a nine-week national strike. 

Resentment of fire officers and 
of ordinary firemen who refused 
to join the official strike might 
cause manning problems. Mr. 
Dick Foggie, assistant general 
secretary of the Fire Brigades 
Union, said last night. “The 
potential for friction is frighten- 
ing” 

The - traditional comradeship 
and morale of the service have 
been seriously strained by toe 
strike, according to national and 
local officials, of the union. 

In some stations firemen have 
decided to “send to Coventry” 
their non-striking colleagues, or 
to refuse to meet them socially 
again. This is causing . local 
authorities to work nui new man- 
ning arrangements. In others, the 
union is asked to ext*] tbe 
“blacklegs.” but these disciplin- 
ary procedures will take weeks 
to. process. 

At Bolton, Lancs., firemen are 
to impose a work-to-rule from 
to-day. answering emergency 
calls only, in protest at their 
officers’ refusal to join the strike. 

Lincolnshire firemen have 
agreed with the comity council 


to make no discrimination 
against strikebreakers. In return 
the council has promised not to 
“ victimise ” the strikers. In 
Manchester 1.S00 firemen have 
been offered interest-free ad- 
vances on their pay of up to 
£200 each to help to tide them 
over. 

While the uncertainty about 
cover remains the Green God- 
desses manned by Servicemen 
will continue to stand by. 

Service delays 
for London AA 
members likely 

By Our Labour Staff 
THE Automobile Association has 
warned its members that delays 
in services could result From a 
decision yesterday by 200 
London staff belonging to tbe 
Association of Scientific and 
Managerial Staffs to “work to 
contract n in support of national 
negotiating rights: 

Union leaders said toe action, 
which also represents a protest 
over a recently negotiated 10 
per cent pay settlement, might 
soon spread to other parts of toe 
country. 


threaten ban 

MANAGERS in toe shipbuilding 
industry, angry that their union 
has not been recognised by 
British Shipbuilders, have threat- 
ened to start an overtime ban 
from February 1 which would 
involve about 1.600 members of 
the Shipbuilding and Allied In- 
dustries Management Associa- 
tion. 

The move was announced by 
their national council in London 
at the week-end in a statement 
which added that the ban would 
be called off if recognition was 
conceded before then. 

The statement said British 
Shipbuilders bad agreed that 
they intended to recognise 
SAIMA in July last year, but as 
yet had not done so. 

Tbe national council decision 
was an expression of the “ deep . 
resentment felt by members of 
tbe unreasonable delays In 
acknowledging their right to be 
represented by a union of their . 
own free choice.” 

SAIMA. formed in 1975. claims 
to represent 70 per cent, of 
managers in British Shipbuilders 
and is already recognised by 
many companies in the industry. 
It has recently joined tbe 
Engineers' and Managers' Asso- 
ciation, a TUC-affiliated union. 


s. . .•»».: I w 




about lager sales 

BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


HEWERS are too optimistic 
,- iout -the share of- the beer 
;; Market which might be taken by 
ger. according to Mr. Cohn 
; ; .itchell. of stockbrokers Buck- 
aster and Moore. 

■ Ironically, Mr. WitcheU’s eom- 
- ent coincides with an announce- 
; 'em from Courage, the Imperial 

-oup subsidiary, that its new 
. ger brand, ■ Hof me ister, has 
en successfully test-marketed 
id is to be brewed in Britain 
r wide distribution. 

Mr. Mitchell rays that the 
ewers in general expect lager 
.-les to reach more than 30 per 
nt.-of the total beer market by 
. 80. 35 per eenL by 1985" and 
■ssibly more than 50 per cent 
■ 1990. 

'Since 1971, the compound 
1 muai rate of growth in lager 
les has been about 18 per cent. 

‘ id, assuming the total growth 
’ beer consumption is about 2} 
:r cent a year up to 19S0, 
tore growth will have to be 
, »out 10 per cent, a year for 
' ger to achieve a 30 per cent 

■ arket share. 

. “ The industry expects some 


slowing down in growth, but I 
feel it will be a little more than 
this,” says Mr. MitchelL 
He suggests lager growth wfll 
be affected by both a slowing 
down in the increase in the: 
number of young drinkers who 
have boosted lager sales and by 
the - “availability factor.” 
Draught lager dispensers ’are' 
L now in nearly every U.K. public 
.house so future growth will be 
dependent on raising lager sales 
per outlet—" a task I feel will 
not be as easy as increasing the 
availability of the product itself ■” 
says Mr. Mitchell. 

' An indication of the faith toe 
brewers have- in lager is given 
by Courage; ' The company 
already sells six lagers — three 
draught types from the Harp 
Lager consortium— Harp, Harp 
Special 1 and Kronenbourg — and 
three bottled . varieties— -Harp's 
Satzenbrau, Henninger Diat Pile 
and Henninger Pilsner. 

Hof me ister. which in price and 
strength competes dirertly with 
Harp .draught lager, will go on 
sale lit- more than 2,000 outlets 
from April 1 and be brewed at 
John Smith’s Tadcaster brewery. 


I,' In practical ierriST however, 
'-the national council’s approach 
fttekes H even less likely that 
Plaid Cymru will participate 
m any pro-devolution inter- 
party umbrella campaign for a 
Welsh assembly during the ap- 
proach to the proposed refer- 
endum. 

BA sticking to Its “separa- 
tist "IgHiis the party has chosen 
to distance itself from the 
•Government's proposals for 
Wales, rprhich are felt by many 
of the party’s rank-and-file to 
be inadequate. 

Dr. Eorfyl ap Gwilym, the 
party's chairman, said after 
tbe meeting that the Govexn- 
- menfs proposals for an execu- 
tive assembly “ simply do not 
. go far enough towards meet- 
ing the party’s policy for full 
i . self-government.” 

Stockbroking 
trial starts 

The trial of six defendants 
involved in a City stockbroking 
case will start before Judge 
Neil McKinnon at the Old Bailey 
today. 

.. They have been accused of 
conspiring to defraud clients of 
Chapman and Rowe, the stock- 
brgkiag firm, which was ham- 
mered with a substantial 
deficiency in 1974. 

The case is expected to last 
several weeks. 

The defendants are five 
partners and the managing clerk 
of the firm. They were sent for 
trial from Guildhall Court nearly 
12 months ago. 


Industrial aid for inner cities 


•' BY DAYH> CHURCHILL 

■ RTORITIE5 for £150m. Govern- 
ed aid to the inner cities over 
le next 1 three years will- be 
. orked out. by the summer and 
'ill concentrate on iiew Indus- 
. ial development, Mr. Peter 
lore. Environment Secretary, 
Ud last oigbL 

. The aid is part of the Goveni- 
icDt’s urban -renewal pro* 
ramme announced last xdonth. 

covers new Investment In 
Iverpool, Manchester. Birming- 
ham and Loudon. The Loudon 
Aeas of Lambeth and dockland 
ill -receive £20m. a year under 



the programme, while the other 
cities will receive £10m. a - year, 
extra from next year until 1982.- 
Mr. Shore, speaking on a' Lon- 
don Weekend television pro- 
gramme. said that the three-year 
programme would be worked out 
over the' next few months after 
discussions 'between the leal 
authorities concerned and tbe 

Government - 

“ I very-much hope that a ■suo* 
stantial part of expenditure win- 
be ieteted to industry, in par- 
ticular the provision of factories 
and ttae amprovement of ser- 
vices." 


He' believed tt vital for local 
authorities to play a more promi- 
nent -role in helping industry, 
especially in toner cities. 1 “I 
want local authorities to have 
more' powers so that they can 
help to solve some of the prob- 
teiqs that small businessmen 
have.” 

'. These powers included such 
measures as the speeding up of 
grant and planning applications. 
- Local, authorities should “de- 
velop a kind of industrial agency 
so that they can make the kind 
of contacts with industry to help 
deal with their problems.” 


Living up to its reputation. 


-m • ^ 

■ . • ’ (K" ■ 

^ U.K. accused over Ulster link 

, BY OUR BELFAST CORRESPONDCNT 


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bank which has been building its repu- 
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Discuss your financial plans with us 
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Toronto Dominion. Financial partner 
with corporations, governments and 
banks. 


.HR..': ENOCH POWELL, Ulster 
... Joidnist ‘MP for South Down. 
. / iccused . the Government ...of 
'•eerily trying to break the jink 
Jetwec • Northern Ireland and 
3rǤ Britain. 

Nor thorn Ireland- Office a wifts 
.Mliflcal- head had an apparent, 
inbuQt conviction that Ulster was 
‘ Britain V last colonial possession 
to Gie disposed of, Mr. Powell 
said^t ihe week-end in County 
Dov ®*~. : V ' ; . 


The Government was fielib- - The allegation was made by 
crately trying to. goad the Ulster the Ulster Special Constabulary 
people Into accepting, out -of. Association, a loyalist body, 
sheer frustration and impatience, mainly composed of former 
•a -“fancy constitution-** members of the disbanded 

Tbe minority would be in such. Ulster Special Constabulary, 
a contrived position of power, m it. said that the Irish Govern- 
such.a set-up as to loosen and meat bad helped, to arrange 
eventually, sever the links ..be* -talks between the Proves -and 
tween '.Ulster and Britain- ' - Government officials, to discuss 
Meanwhile, -the. . Northern . an ultimatnm which demanded, 
Ireland- Office denied an sulfr- among . other; things, a British 
gation” that. Its senior officials* military withdrawal, and absorb- 
ing ;4iad talks ;with toe Pro- tog .Ulster into a Federal Irish 
visional: IRA. .. * : ■••• «tote by 1990. 



Toronto Dominion bank 


where people make the. difference 


VUbrld-wvideasMtsexceedCANSiS-biHion.HBadoffice-Toronto-DominionCenire.Toronfo Canada. 
Regional Offica-Europe.MiddleEasiand Africa: St Helen's. 1 Undershaft, London EC3ASHU. Telephone 01 -28 3- 0011 


Franfcfcit . 
NewYork 
San Francisco 


Houston 


mntmmmAisFFitis 

Singapore Bangkok Mexico City 

Hong Kong Taipei Panama 

Jakarta Tokyo Sao Paulo 


Beirut 
Abu Dbalu 


Teheran 






mw- 




£13m. worth for 
Taylor Woodrow 

THE Mechanical, Electrical and appointed as the. mechanical and 


Jobs worth 
£2|m. for 
Henry Boot 


Good start to year at £16m. 


contact S a? 5 DEREK Crouch Construction ex- This will be the final part of 

pects to start soon on contracts the development on an existing 
“ d totalling over £16m. site on the M5 motorway, whlS 

panaijg iscnioes- Imims tha hiaaop Inhc »«» will hrinp Thn total {nvMtmral 


of industry 

CRENDON 

precast concrete 
structures 


Hminnn L M _ ^ J 1 *im U»WluiSS oi UMimiuu “J W .bAgiM. 

SoJwSS JSL.ff£ n ® w ®. f. ^ Newcastle upon Tyne (Him.), station was opened before Easter 
“?£“* K*** ^ aU0I !£ two of Anderson High of last year. 

2SJ engmeerirtg school at Lerwick in the Shet- Co stain’s contract includes a 
works related to the elecUlfi«ia- jjijjig (gjjm.). 'a health centre single storey catering building 


CRfcN^ON CONORS' r-CO IT- 
' Thon-r- Ril.. Lent? C-t-ridon.' 
Ayk'St-ry, Sucki hP13 98? 

■ Tel: tom 'Crenaor. 203431 


ihe Mechanical, Electrical and appointed as the mechanical and w • . tlon of two winders at Ollerton 7™? rtfet hb#* ’ whiSfwUl heof 

Process Division of Taylor electrical installation contractor CONTRACTS worth more than Colliery. Sth^St 1 Sum S£i 

Woodrow Construction, and its ? ^ Sen “ e Cement Company, g*m. have be«a awarded to Included in the two-year ^000) ^ SSg 

associated company In Nigeria, JSLjJ 1 Benue^tetl "SSh! 1 T Bo °? Co ° s ^ C ^ on ' . contract are major extensions to However, the biggest project Work has begun and Is due 
Taymech Nigeria, have beSveen S? a k ?; wnXfsim ’ Nlgena * Nearly £JttL £>“ ls f0 * ? e winder houses and power wi!I be a £9.9m. contract for the for completion in April ArchU 

them been awarded contact Tt v *? i. k ^ construction of 7S i flats at house, including foundations and firat phase of a district hospital tecta are Howard Lobb. Rat- 

vaiued at about ^ rSm Taylor Woodrow has also been Whittington Court, -Cemetery other works. - at Barrow-in-Furness. The c lift. Leather and Partners. 

1 . appointed to design, procure and Road, Dronfield near Sheffield, A further £320,000 is for the hospital will be built on a slop- 

with design and equipment supervise the. erection of the for the North Cheshire Housing construction of a coil winding jng site and the main H-shape 

SI D «E B r , ri? n ? echa ° ical “jL elecbical ser- Association. Work on the 80-week shop, offices and associated block will be three storeys at its m y 

by the UJL company, Taymech vices for a textile mill, ordered contract has begun. works at the Birmingham eastern end and five storeys at I W/l QWQl*fI6 

Nigeria will Install automatic by the Cornfte Departmental de At Walton Summit, near -factory of Dowding and Mills the western end. Work is due A Yv U u TT ui Ud 

tanker loading facilities on the Obras Publicas in Santa Cruz, Preston, Henry Boot has begun (Midlands). to start to Februarv and the 389- . -mm- 

new ou-loadlng jetty at ORnka, Bolivia. Cost of tins is £l.5m. work on the construction of 12 Other jobs include a contact bed hospital is expected to be Td"h fl/ioOFC 

near Port Har court, Nigeria, Back in the UK., the Ford nursery factories in three blacks for the conversion of banking -in use in 1982. . t>vr JLtAC(&Ia»J 

commissioned by the Nigerian Motor Company has appointed for the Central Lancashire premises in Saint Vincent Street, 'rwn . 

Petroleum Refining Company, the company- under a £120,000 Development Corporation. The Glasgow, for Barclays Inter- am 

Value of this is £2.6m. contact to provide consult- £600,000 contact marks a further national and five t^storey TT^..* _ !„ bl 

Taymech Nigena, continuing ancy services in connection with stage in the development of the shops for Commercial Union AJ OlJSlIil? Ill t* 3*1 onnw Dewlnn. 

its involvement in the develop- the installation of machine tools Corporation’s Walton Summit Properties (U.K.) at Pinstone v ******** 1X1 * "* *“? r J? _!££ J n { Jf -"fTSiSt 

ment of cement manufacturing at Its new plant at Bridgend, Industrial Estate. Street, Sheffield. Jl SSL? Tf'TRSLiS 


Barrow-in-Furness. The cliff. Leather and Partners. 


Hawes for Richmond District 
Council as part of a- £122,000 
contract . . ... 

Quinroy Midlands is to build 
25 houses For the South Bedford- 
shire District Council for 
£305^500, modernise 39 houses at 

Ibstock for the North-West I 

Leicestershire District Council 

at a cost of £184,000, carry out . A i. hfimA : 

fire prevention work for Leicester IlUIIIv 

City Council and improve 21 . . - 

houses at Dacorum oa behalf of J Q 

the local council for £134,500. 3.0. U. aOACJdlU 


Properties (U.K.) at Pinstone 
Street. Sheffield. 


The contact is valued at over 


Housing in 

south-east 

London 


installations in Nigeria, has been South Wales. soura-easi 

£2m. to John Laing t-, * n. b ^ « «. London 

© . IH aCllltV Ot • 23®- ^3^ dinars (about WORK is expected to stai 

‘A NEW department store in Laing has also won a £370,000 w* SUS80m.) and In an area of wards the end of January 

Stockport ls to be fitted out by contract to build a second phase * ? bout S 0 ' 00 ? metres calls £L8m. housing project foi 

John T.ainp under a £1 9m °f 18 advance factory units in vBpr||P||lA |f| for a complex designed in eight London Borough of Lewish; 

John ^aing under a ii.Sm. ^ blocks at Stacey BusheSF 111 clusters of buildings. The latter It is understood that 

contract north Milton Keynes. Tw -> • will include a central administa- dwellings and nine shops 

The Debenhams Group, has The units (for the Develop- KAHO’hQ71 tion block, lecture theatres, planned and all are to be 

acquired a recently completed ment Corporation) will be single* Art'll fcllal. Ail cafeteria and restaurant, library in Kirtley- Road, SE26. Tbe 

90,000 square feet development storey and have a total area of , _ . , squash court and an animal is expected to take 80 weel 

in the centre at Touchstone about 31,100 square feet, with a TURKISH Cypriot company centre. 

Corner and Laiug’s contract clear span. Outside there will be Muduroglu of Nicosia. Cyprus, in The Faculty has been designed 

involves the complete fitting out an access road, car parking, WItb Tr®, General to cater for about 1,000 students |\/| 

of the existing shell. landscaping and drainage. Work Balding Company of Benghazi, and Ls expected to be completed XYAvrlAll vT it-Y 

Architects for the project are has started and completion is ~bya. is to build a Familty of in just_ over 24 years. Consultant 9 v 


TWO contracts together valued' 
at over £450.000 have been won 
by Mears Construction. 

The first is for Orange Develop- 
ments of Harrogate Tor a deve- 
lopment at Hevwood * Town 
Centre, Lancs, Valued at £315,000, 
the work involves construction of 
a supermarket, shops and office 
accommodation which is- 
scheduled for completion in 40 


23m. Libyan dinars (about WORK is expected to start to- S 

SUS80m.) and In an area of wards the end of January on a Architects are Wm Gower and 
about 80,000 square metres calls flBm. housing project for the ParSersfLeed? and 'the consult 
for a complex designed in eight London Borough of Lewisham. ^ engineers are McIntyre and 
clusters of buildings. The latter It is understood that 163 partners Wakefield 
will include a central administa- dwellings and nine shops are The second contract worth 
tlon block, lecture theatres, planned and all are to be built £137000 is for Lubrizol and 
cafeteria and restaurant, library in Kirtley Road, SE26. Tbe work covers phase two of an energy 
squash court and an animal is expected to take 80 weeks. reeoverv olant in Bromboroueh. 


Ketiey Goold and Clark. 


due by next July. 


Medicine in Benghazi for the for this project is OTH Inter- 


Unlversity of Gariunis. 


national of Paris. 


Road award in Kent 


services 

area 


recovery plant in Brombo rough. 

Houses and 
flats 


Roofing jobs 
for Laing 

JOHN LAING Construction has 
been warded two re-roofing 
contracts worth £375,000 by the 
London Borough of Southwark. 

The contracts call for the 
design and construction of tiled 
pitched roofs with improved 
drainage and investigation of 
existing roof structures. In- 
volved are 67 dwellings in 27 
blocks in Croxted Road and 
three blocks on the Manor 
Estate. Camilla Road. 

Work is to start soon and the 
contracts are due for completion' 
tty October and July respec- 
tively. 

Aids the 


buyer 


CONSTRUCTION of the northern level footbridge, and a pedestrian Aj 
link of the Dartford town centre subway. The River Darent will JL Cl A j 
distributor road is to be under- be diverted for about 150 metres wirvirnirm 
taken by Scott Hale (Contractors) in concrete lined channels. ,Tzr r™ 


— — QrfkO QUINROY has won a £796,000 

MX contract to erect 63 houses at 

, r% ' j • 1 j m COSTAIN Construction has been Denholme for the City of Brad- 

pedestnan H PITV iPOTYllllSl I PYTP11C1 0X1 awarded an £800,000 contract by ford Corporation. The company 
'arent will A- A j LV>A AAAAAAuA W^VAC'AA^AvFAA Granada Motorway Services for Is also to modernise 21 flats at 

Portl!rad inf ° r “ d m,Krete capping Seam V™*«J2L ^ « SteffleM f°r iHe City qpjyjUw 

awarded will retain the frill u, a ii Exeter, Devon. £90,000 and construct 12 flats at 


IN BRIEF 


under a &£. from Kent Advanre wor* an%xten- STowlemi^r^oo SSSS 2S wa “ * ’ 

County Council. * sion to the Dartford telephone ^5 be anchored using be rods 

About I km. of single carriage- exchange and the Installation of * or “ extension to the Wey- and waling, 

way, including a service road and street lighting and road signs are p 1011 ^ ferry terminaL The work The reclaimed- land behind the 

bus lanes is required. Also Included in the contract. Work is scheduled for completion zn pile wall will be filled in and — - ■« 

included is a river bridge, high ls to start on January 23. * r PJ3[; . „ , surfaced. This will provide addi- 

The contract calls for the con- tionai. parking space and ■ >■ ddIPI? 

struction of a sheet steel pile improved access to the existing IN tSKIELr 

-m n, 1 retaining wall out Into the sea ro-ro ferry terminal which was . " 

C #TTICG 311(1 iSCffOrV work * using L^ 611 P Ues - A »■ constructed by Mowlem in 1973. ■ — — — - 

% Yonngman System Building Edinburgh, will visit The Insti- 

HwRGREAVES Construction and For Alnwick District Council Tl ~1 i. 1 __ _ _ „ _ „ i ^ J has received four orders total- tution of Civil Engineers at 

Pxint (Northern) has gained a 2,400 square metres car park K I B Mfl AcilOcI 3OO01JT^(l I iQ S over £165,000. Three of Westminster, London, on June 1 

three contacts worth £|m. for ^ accesa roa d to the back of them, placed by Amey Roadstone as part of the 150th anniversary 

work in the North-East. /wnmprriai nrpmiwe in th « wi«h THE Department of Transport is expected to start soon and will Construction, Gullick Dobson, celebrations of the granting of 

Largest is for the construction ^ , T? has accepted the £158,430 tender take about six months to com- and Sea Land Pipe Lines Fabri- the Royal Charter to the Instl- 

of a two-storey office block with ®* ireec constructeo. At Lehane Mackenzip and Shand plete. cation Engineers, are for offices tution. 

a floor area of 1.100 square Team Valley Trading Estate, fc , While work is in progress at Abingdon, Wigan and Lowes- 

metres, as well as alterations to Gateshead, a 138 square metres tor j^ C0ns yu CD0n worKS °° “ e traffic will be diverted from the toft respectively. The other, Q During 1977, Sambron of High 

an existing factory and external factory extension is being con- southbound carriageway of the southbound to the northbound from Grampian Regional Coun- Wycombe, Bucks, broke all pre- 

works, for Tallent Engineering structed to provide a paper reel A1 trunk road between Catterick carriageway, where, two-way cil. Is for a school at Aberdeen, -vious sales and profit records. 

Company of Aycliffe Industrial unloading bay for the Stationery south roundabout and Low Street traffic working will be in opera- _ _ , . , . Sales of the company’s specialist 

Estate. Office. junction North Yorkshire. Work tion. ■•92HSS? has received handling equipment for builders 

a £160,000 order to supply tunnel ^ farmers reached £6m^ an 
linings for the Hong Kong Mass increase of over 41 per cent 

- ' Transit Railway. The order was 

placed by Keir International, a o Under a £191,000 contract 
member of the French Kier ppA Finnegan is to repair fire 


9 Yonngman System Building Edinburgh, will visit The Insti- 
ll as received four orders total- tution of Civil Engineers at 
ling over £165,000. Three oF Westminster, London, on June 1 
them, placed by Amey Roadstone as part of the 150th anniversary 


CHEMICAL Building Products 
has set up a factoring service 
for- building materials of all 
categories. It offers major inter- 
national contractors operating 
overseas an economical and 
efficient method of buying goods 
and materials to British Standard 
Specifications. 

The service enables buyers, 
particularly those wbo are not 
familiar with BSS norms (for 
instance German or Korean con- 
tractors working on Middle East 
contacts under British consult- 
ing engineers) to avoid having to 
spend a lot of time looking for 
possible suppliers. It also re- 
duces tbe number of suppliers 
they have to deal with. 

Chemical Building Products, 
Cleveland Road, Heme! Hemp- 
stead, Herts HP2 7DL. 0442 210L 


HOWFIELD Engineering is 
undertaking the installation of 
the mechanical engineering ser- 
vices associated with the re 
furbishing of a sports stadium in 
Isa Town, Bahrain. . . 

The work valued at £210,000, 
involves the. design, installation 
and commissioning of the 
refrigeration, air conditioning 
and ventilating and domestic 
water services within the 
stadium, and is being carried out 
in conjunction with Christy 
Electrical Contractors for com- 
pletion early this year. • ^ - 

Among other contract* 
awarded for work In the UK. is 
one involving the installation- of 
mechanical and electncai *er- 
vices, together valued at £160,000 
at the Black Lion Sports Centre, 
Gillingham, designed by the 
Architects Department of Gilling- 
ham Borough Council. G. H. 
Buckle & Partners arc the con- 
suiting engineers and the main 
contractor is R- Corben-.dc Sou 
(Maidstone). . 

Jewellery 
store for 
Liverpool 

DEMOLITION HAS commenced 
of the H. Samuel jewellery retail 
store at the junction of Church 
Street and Tarieton Street, Liver- 
pool. It is to be replaced with 
a three-storey building with a 
total floor area of 947 square 
metres. 

Described as an example of a 
new concept of jewellery stare 
being developed by H. Samuel, 
the work is being undertaken 
by Lesser Construction under a 
£4m. contact. Shopfitting is by 
Pyramid Design, of Brentford, 
and the work is to be completed, 
by November. 


Group, on behalf of tbe Gammon ‘damage at th^G&vcsfead Single- 
Kier LiUey Joint venture in well County Ternary (Junior 
Hong Kong. and Infant). School at Gravesend, 

• The Queen and the Duke of Kent for Kent. County Council, 



I Permanent system buildings 


1 flfCliNll#l%iii buildings that work 

: SouthoniSolM □ Export MkSand/Nonhorn Sales HImAmm 

■’ Toh Sdencty 1027741 55331 Tel: BrawnMs 105433] TH: BHcricay (027MJ S7BI6 


EGYPTIAN GENERAL PETROLEUM CORPORATION (EGPC) 


AND 


SS(M) LIMITED 


have Pleasure in Announcing 


NON-EXCLUSIVE SEISMIC DATA for sale 


Offshore ARAB REPUBLIC OF EGYPT in Open Blocks. 1, 2, 3 and 4 
bounded by the co-ordinates as fbllows:- 


A 32° 24' N B. 32° 24" N C. 31° 36' N D. 31° 36' N 
32° Iff E 32° 34' E 32? 54' E 32° Iff E 


Programme: 3000 kilometres. To be acquired Summer, 1978. (Regional interpretation 

will be available). 


Area: 


Terms: 


Initial Group Member; 3000 kilometres at U.S.S66 per kilometre 
(Closing date 28th February, 1978) 

Later Sales: 1000 - 1999 kilometres at U.S.880 per kilometre 
2000 - 3000 kilometres at U.S.870 per kilometre 


Enquiries should be directed to 


Seismograph Service (England) Limited, 
Hoiwood, 

Westerham Road, 

Keston, 

Kent, BR2 6HD. 


SS(M) Limited, 
P.O. Box 1590, 
Tulsa !, 

Oklahoma 74102. 
U.S.A 


Seismograph Service Limited. 
P.O. Box 47, 

Bab-El-Khalk, 

Cairo, 

Arab Republic of Egypt. 


E.G.P.C. 

Nasr City, 

Cairo, 

Arab Republic of Egypt 


GOVERNMENT OF MAURITIUS 

Ministry of Agriculture and Natural Resources 
and the Environment 

Bulk Sugar Terminal 
—Port Louis 
ROAD WEIGHBRIDGES 

CONTRACT NO. I ! 

Teadari doling at 1.30 P.m. on Wedn«d*y. IS* March. -197B,-_ are. Invited 
far die following world for tin Bulk Sugar Terminal it Port Louis, Mauritius, 
in Kcorduiu with the Specification tM General Condition! of Contract for 
Contnct No. U. 

The Contract Is for the supply, manufacture, installation, testing and .com- 
missioning of four (4) rout weighbridges complete with readout and printing 
facilities. 

The Tender Board does not bind' Itself to accept the lowest or any tender end 
will not assign iny reason for the rejection of a tender. 

Drawings, Specification end General Conditions of Contract may ba examined 
at the offices of the Consulting Engineers. Macdonald Wagner ft Priddle Pcy. 
Ltd., tt Port Lank, Mauritius, and at North Sydney. N.5.W., Australia, and 
also at the Mauritius High Commission, 32/33. 'Etoutoa Place, London. S.W.7. 
England, and the Mauritius Embassy, 68 Boulevard de Courcellet, 75017. 
Paris. France. 

Sets of Drawings, Specification and General Conditions of Contract for com- 
panies registered In Mauritius may be obtained from Macdonald Wagner & 
Priddle Pcy. Ltd.. Rogers Automotive Building, Cnr. Edith Cavell and Mere 
Barr behmy Sires a. Pore Loan, and for companies registered In iff other 


SUDAN RAILWAYS — STORES DEPARTMENT . 

Contract No. 5076t Supply of 460,000 (Four Hundred Eighty Thousand) 
Hardwood Sleepers. Contract No. 5077: Supply of 1 .875 (One Thousand 


countries, they may be obalned only from Macdonald Wagner * Priddle Pty. 
Ltd., 100 Miller Street, North Sydney, N.S.W. 2060, Australia. Telex No. 
20636. The non-refundable charge for each set of documents obalned in 
Mauritius is 360 Mauritius Rupees and 50 Australian Dollars In Australia. 
Envelopes endorsed “Tender for Contract No. II. Road Weighbridges. Bulk 
5ugar Term! ml — Port Louii” and conoining a Tender accompanied by a Tender 
deposit are to be addressed to the Chairman. Tender Board, Ministry of 
Finance. Port Louis, Mauritius, and lodged in the Tender Box, at the Chief 
Cashier': Office. Accountant General's Division, Treasury Bui'ding. Cbaossae. 
Port Louis, Mauritius, or posted from overseas to reach the Chairman. Tender 
Board, Ministry of Finance, Port Louis. Mauritius, on or before the closing 
tine and dace. 

Ministry of Agriculture and 
Natural Resources and the Environment. 


DEMOCRATIC AND POPULAR 
REPUBLIC OF ALGERIA 

MINISTRY OF INDUSTRY & ENERGY 
ENTREPRISE NATIONALE “SONATRACIT 


■SnNATFV'CH MARKETING DIVISION 

DOMESTIC MARKET DEPARTMENT 

International Invitation to Tender No. 4/77 

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

A barrelling unit for ammonia with a capacity of 4,000 
tons/year In Arze-w - , 

* 2,000 tons/year in bottles 

* 2,000 tons/year in tank-wagons ' 

Interested companies should apply to: ' 

SONATRACH, Division Commercialisation, . 

Direction du Marche Intfirieur, DILL 
(Base Alcip), . 

Route des Dunes, 

CHERAGA (Algiers) Algeria 

Telex: 52.808 DZ — 52.892 DZ — 52.983 DZ 

to obtain the tender documents, against a payment of Dinars 
'200, as from the publication of the present announcement 
Tenders, together with the relevant usual references, 
should be sent in double sealed envelopes by registered mall 
to SONATRACH, address above, the inside envelope clearly 
addressed as follows: 

“A ne pas ouvrlr - souxnisslon A.0J.. 4/77” by March 1, 
1678 at the latest 

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


Eight Hundratf Swancy Flva) m.ton of. Crcoson. Contract No. 5078: Supply 
of (a) 100,000 (Ona hundred Thousand) But Plates 75 Ibf.; (b) 1,900, UlhJ 
(One Million Nlq« Hundred Thousand) Straw Spikes 
NOTICE 

I. Controller of Stores. Sudan Railways, Atfear* invites lenders for supply 
ot 460,000 (Four hundred eighty thousand), hardwood sJeepers. 1675 

(One thousand eight hundred seventy five) H.-Ton of Creosote and fa) 
00,000 (One hundred thousand) base plates 75 Lbs. (b) 1,900,000 
(One million- nine hundred thousand) screw ipiku. 

2. Tenderers sboald quote for each tender separately and each offer should 
be put m a sep*-aw enveloue. 

3. Details, specification and drawing can be obalned from the Office of 
Controller of Scores P.O. Box 65 Atbara or from the Office of Stores 
Representative at Khartoum Tel. 74793 on submitting a "written app'ica- 
dan hearing "50m/ms. lamp duty and payment of L5.1.0QDm/mi. for 
each copy or details and specification for Contract No. 5076. -LS. 1 .000m /mi. 


LS. 5.000m /ms. for each set of details, spjecrficadon and drawings for 
Contract No. 5078. 

4. Tbe dosing dace .fixed for acceptance of undent In this office ire as 
Follows: — . 

Contnct No. 5076 Monday 27th February 1976 at 12.00 hoars noon. 

Contract No. 5077 Tuesday 28 th February 1978 at 12.00 tours noon. 

Cpntnct No. 5078 Monday 27th February 1978 at 12.00 hours noon. 

. OFFICE OF CONTROLLER OF STORES. 

Documents anti Specification* Ore also told at 5.G.P.A. 

3-5 Cleveland Row. St. |ine*'i. London cwiA 1DD. 

Rate: LSI.OO0m/ms = £1.$O. 


ANNOUNCEMENT OF 
THE EXPANSION OF 
THE INTEGRATED 
STEEL PLANT AT 
EREGII, TURKEY 

Announcement la hereby made of the 
besdnninff of an expansion of the 
integrated steel plant of Eregll Pcxnlr 
ve Oilk Fabrlkalarl TJLS. at Eregll. 
Turkey, aimed at Increasing Its llgulde 
steel capacity to approximately 2 
mil lion metric tons by 1980. 

The expans i on project to be bought 
under interna tionai competitive bid- 
ding pr oc edures. An application has 
been submitted to the World Bank 
for a major portion of the foreign 
exchange requirements of the prefect. 
Discussions with the Bank are In 
advanced stage. 

The brlndpal faculties to be so pur- 
chased and Installed are the following: 

1- Raw Material iron and cog] 
handling improvement . 

L B.O.P. Scrap Preparation 

3. one 6M.OOB m.L per rear con- 
turnons slab casting machine with 
all auxiliary faculties. 

4. Computerized water cooling of 
Rot SUHt 

9. Third Downcoller ror Rot Strip 

Mm . 

9. One Hot roiled shearing line 

7 . No. 2 Temper UUi modifications 

8. Electric power dlsuftntloo 
faculties 

9. Maintenance shop facilities 

16. One turbo blower for Mast furnace 
tl. One hot blast stove for the exist- 
ing No. 2 blast furnace 

12, ETO cranes up to 75 m.t. capacity 

13. Pollution control facilities (Treat- 
ment of toko Plant effluent! and 
a bag house filter ror sintering 
plant. 

Invitations fn bid on the facilities 
listed above wfll be furnished only to 
those firms who have been previously 
Qualified for the specific items to be 
purchased.' Therefore, firms wishing 
io bo sa Qualified should communicate 
in writing. In die English language, 
with; 

EREGLl DEMTR w CEUK 
' FABRIKAfiAKI 
TJLS. 

2 Kademe Trvsut Gene! Mndur 
Yaxdimrilisi 

KSZ EREGU— TURKEY 

Such communication must be received 
at the above addrpn no later than 
January 90.- tug: Information as to 
the requiranunia far preouallfication 
of bidders win bo forwarded to thou 
responding to this advertisement. - 


SARAWAK ELECTRICITY 
SUPPLY CORPORATION 
SUNGEI BIAWAK 
POWER STATION . 

Workshops and 
Laboratory Equipment 

CONTRACT 3157/10 

Tenders are shortly lo be Invited for 
■he supply and Installation at site 
of a copimvb»nslve selection of work- 
stops, laboratory and training equip- 
ment including the following:— 
Main Workshop 
Machine Tools:— 

One lathe, awing over bed 500 mm. 
distance between centres nt least 
I5M mm: second wthc swing over 
bed 300 nun, distance between 
centres ion mm. botb complete 
with usual attachments and asaarted 
totUna tools: enu. high speed shaper 
with 680 mm table, one universal 
miller 900 x 300 mm tabic, one 
pillar drill, capacity S mm-3J mm. 
one radial drill capacity up to 
® ow radios 1200 mm. one beach 
“rill- 2 pillar Rrtndera and one 
machine hacksaw; blacksmith's 
equipment: ms and electric welding 
sets: workbenches and band too Is. 
Trainee Workshop 

Similar but smaller equipment to 
that of the main workshop. 

Lector* Room 
Visual reaching aids. 

Laboratory 

Fuel and lubricating ofl analysis 
Muipmt-nt plus standard laboratory 
cqmoxneDU 

Pool In lecthM SenrMnq Workshop 
complete fuel Injection servicing 
equipment io coror medium and 
Wed diesel engines. One 
WWrnor test machine and one rotor 
baundog machine. 

Otter Workshop! 

Edujpmciit for mechanical and 
electrical Instrument workshops and 
an electrical workshop. 

Tender documents may be obtained 
after January IKS rram:— 

Sarawak Electricity Supply 
Corporation. 

P.O. Box 149, 

. K u c hi n g. Sarawak. Malaysia, 
arm: 

Prow?. Car-dew & Rider, 

Easton Bouse, 

Pnwton Road, 

Brighton. Sussex, bni sap, England. 

f or a wt or ibroc copies 
^ OK documents will bo £30 or 

^ contract which must 
rover the complete work desceitod 

la the specification arc to bit sub- 
“rto *!JS* In duplicate 

?LI ,W , *5“*®, afififvsa by li o'clock 

SSeifiS!^ Umc M *•«*» U> be 

Th®. dwe of opening of tho ‘tenders 
b . y lho Corporaium 
without any obligation on lu pan to 
give any reason for such postpone- . 
ment, dpi m sues rase -will advise 
tenderers of new arrangements. 
Tenders must ba submitted in 
arrardanw with ttir* rpouhrement a of 
*>e •'•an ncveloptneni Bank.. 






Fmaarial Tunes Monday JanuaTy -16 1978 


EDITED BY CHRISTOPHER LORENZ - . 


'iaul Sieghart discusses the concept of corporate 
;iai; responsibility and suggests how companies 
it tackle the: ethical problems which face them 


Questions of business morality 


4i 


C catastrophes Jlke 
^Vvfan, thalfdojnidc and Flfx- 
roiigfc. are mercifully ' rare, 
{Ih. E every so. often, something 
Mllhiiar is bound to happen, 
en the modern scale and com- 
. -xity of our manufacturing 
Ip trading operations. Sop- 
. >e, next time, the company 
icemed is quite innocent of 
• 7 legal “fault,’* te fully 

• ured, and has-' substantia] 
‘ uid resources. What would 

spen if .lt made an immediate 
lOUDcement on the following 
•es? 

■ * We are apalled that such a 
lisaster should have 
•lappened. We extend our 
' deepest sympathies to the 
rictims end their relatives. 
We have.. set up -an enquiry 
*. :o estafofiBh exactly how. it 
. ante about We feel - ' confident 
-.diet it will show that we are 

• lot in any way: to blame. If 
■-'hat proves, to be so, then we' 

- shall not be under a legal 
_ : jWigBtlon to compensate the 

'victims. But we have made 
. »ood profits in the last few 
/pears, and we recognise oar 
morel obligation to help 
at hers, especially where they 
would not have suffered this 
disaster if we had notbeen 
^ t Hrl»nducting our business, 
‘ Vl 'however earefuHy ahd ; res- 
Pfl P° nsiW y- We 316 therefore 
' v l Of taking inunediafe steps to 
1 organise a relief fond for-the 
sufferers from this' tragedy, 
(jit will be open to public sub-, 
seription. and we should Hke 
' ' to start it off with £X million 
. .of ou>r own. We have power - 
-..under company law to con- 

• tribute to charity, but as this 
. is our shareholders' money 

.they should have the oppor- 
tunity to take this decision 
for themselves. We are there-. 

- fore convening ah Extra- 
ordinary General Meeting for 

. this purpose, and hope to 


crpoc! 


send our notices next, week." 

The effect might well be 
remarkable. Not only .could the 
company avoid protracted and 
expensive litigation / (assuming 
it was in the dear), but it 
might find itself with a number 
of unexpected bonuses. .For a 
start, it would get -free and 
favourable publicity on a scale 
that no money could buy, 
cynical though that may sound. 
It might find future .'discretion- 
ary licences a great deal easier 
to obtain than if it "had stood 
on its legal rights.. The chances 
are that the next few years 
-.would see a sharp increase in 
the. demand for its products. Its 
employees would feel 'proud to 
be working for a company which 
had done such a charitable and 
compassionate act And it would 
be surprising if at least some 
of . Its shareholders did not feel 
the same pride.' ' ' 1 ' 

More dramatic 

Such' situations- provide the 
more dramatic examples of 
what is nowadays called “the 
Social Responsibility _ of the 
Corporation." No doubt there 
may .still be some businessmen 
who will say that thieir job is 
to ran their businesses as effi- 
ciently as they can, and that 
vague - concepts like" .“social 
responsibility are for politi- 
cians and philosophers, 1 not for 
people who do a haid day’s 
; work creating wealth.- They are 
likely to add that when Parlia- 
ment makes a law. to: restrict 
their . activities they/' will of 
course obey it, but until then 
they are entitled to assume that 
wha€ is good for- business is 
also good for the country. 

But there are fewer and 
fewer businessmen . to-day who 
hold these views. The great 
majority, and especially those 
in charge of our largest com- 


panies, take the 'social responsi- 
bility of Lheir corporations very 
seriously indeed. 

But just what is “ social 
responsibility?” Is it no more 
than another fashionable slogan 
like “ management by objec- 
tives ? " Or is there a body of 
knowledge about it which can 
be put to practical use in the 
corporate context? 

Responsibility is a word that 
comes from the field of morality 
or “ethics.” .These are .not 
sciences in the sense that you 
can get answers to moral prob- 
lems by running experiments in 
a laboratory. But that does not 
mean that they cannot be 
studied at all: there are plenty 
of people in .our universities 
who spend their lives investigat- 
ing and writing .about ethics. 
The trouble. -is that very few 
businessmen have ever had the 
time to study abstract, subjects 
while very few academics have 
any experience of running a 
business. And yet one can 
hardly give useful - advice about 
how to decide moral problems in 
business, without a pretty sound 
understanding of, what moral 
problems are and how busi- 
nesses are run. \ 

When people first think of 
moral problems, they tend to 
think of the “black-and-white " 
variety . .which . we. can all 
recognise without knowing much 
about the higher reaches of 
ethical theory.. If your' chief 
scientist, Just before the planned 
launch of . your new product, 
brightly tells you that he thinks 
there may be just the tiniest 
risk that it could produce 
cancer, you have no choice but 
to postpone the launch— what- 
ever the cost — until he has 
finished his laboratory runs, 
even if the risk is- thought to lie 
below whatever thresholds the 
law lays down. Whether you 
regard it as wrong, or simply as 
unprofitable, you cannot afford 


to damage or kill your 
customers. 

Unfortunately, most ethical 
problems are not as simple as 
that. Serious ones only arise 
when there is a conflict between, 
two or more moral principles. 
Should one go on creating 
wealth and providing employ-' 
m&ot for blacks in South 
Africa, when most of the rest- 
of the world, including one’s 
own Government, condemns 
the policies of the regime 
there? Should one help to pre- 
serve law and order in foreign 
streets by developing new 
’‘harmless" hardware, and sell- 
ing it to police forces- in 
totalitarian states! How 
should one trade In a country 
where one's competitors 
habitually bribe the local 
officials? 

Problems of that kind are 
often thought to be insolnbie. 
And yet if they - are studied 
expertly and thoroughly, they 
can quite frequently be resolved 
—or perhaps circumnavigated, 
by changing some factor 
within one’s own control. But 
that is. never simple, and in- 
volves a combination of several 
professional techniques plus 
practical experience. Where is 
that to be found? 

The final responsibility for 
taking ethical decisions must 
of course always lie with the 
Board of Directors, at all 
events - when the issue is 
important enough. But there 
is a good deal of preparatory 
work to be done before the 
Board meets, just as civil ser- 
vants need to do a lot of home- 
work before their ministers 
can make up their minds on 
live political issues. Where- 
abouts, within the corporate 
structure, should that prepara- 
tory work be done, and who 
will be best qualified to do .it? 

Much will depend on the size 
of the company and its style, of 



fxifnjaoouDURU^RWJ^ 


■ Add** • P-oshionX^: lhe 


jgsr? 




- lit--;.. 


v\ 


Jhenewi 


Business 

Books 


Dictionary of Business and 
Economics, by Christine Amm er 
and Dean & Ammer. Collier 
Macmillan -Price: $19.95. An 
easy-to-use volume of defini- 
tions, examples, and background 
material for all the terms 
needed in business and 
economics. 

Cutting Energy Costs, . by 
Richard DIck-Larkham. Gower 
Press, Westmead, Farnborough. 
Hampshire. Price: £10. -A 
practical guide to energy saving 
in industry. 

Common Sense Industrial 
Relations, by Dennis D. Hunt 
David and Charles, Brunei 
House, Newton Abbot, Devon. 
Price: £4.95. Down-to-earth 

help and guidance on how to 
overcome difficult and appar- 
ently insoluble problems* iu in- 
dustrial relations is the aim of 
this book. 

The Businessman's Guide to 
Speech-making and to the Laws 
and Conduct of Meetings, by 
Ewan Mitchell. Business Books. 
Price: £8.50. In this second 
edition the first half of the book 
details the basic principles that 
go towards making a speech a 
success and the second half 
deals with the laws and conduct 
of meetings. 

Management for Growth, by 
Richard Normann. John Wiley 
and Sons. Price: £9.50. An 
examination of the nature of 
effectiveness both in the ex- 
change process and the growth 
process of .business organisa- 
tions. 


management. In the multi- 
nationals, and especially those 
operating in particularly sensi- 
tive. areas, there is already a 
trend towards developing a staff 
function whose main concern is 
the social responsibility of that 
particular corporation — e v e n 
though it is more likely to be 
called something like the “ De- 
partment of Externa] Affairs," 
and even though both the 
operating divisions and the 
public relations consultants tend 
to view it with some suspicion. 

In - smaller companies, the 
chief executive may be fortu- 
nate in having a colleague, a 
personal assistant, or a wife 
with a Socratic turn of mind, 
with whom he can talk through 
the moral problems which crop 
up on his desk. That can some- 
times be a good informal way 
of "taking soundings and advice.' 
But in larger companies, where 
the chairman will seldom have 
time to do all this on his own, 
there will have to he something 
more formally structured: 
someone to whom the task of 
preparing the Board for im- 
portant moral decisions can be 
delegated with clear terms of 
reference, and whose position 
within the management eche- 
lons Is secure enough to enable 
him. to obtain all the relevant 
information, to form his ' own 
view, and to advocate it without 
fear of personal consequences. 


Nor is his task a purely 
defensive one, to be switched 
in only when the company 
comes under attack: there are 
many positive and creative 
thiDgs which a company can 
contribute to the community to 
which it belongs — provided 
someone initiates them, and 
works them up properly before 
they are put into effect. 

What then are the necessary 
qualifications of such a person? 
Clearly, he must know about the 
company, its processes and pro- 
ducts, and its commercial" poli- 
cies. He must have a good deal 
'of practical experience of how 
businesses are run, and what 
are the commercial constraints 
on those who ran them. He will 
need a general working know- 
ledge of the law, though not in 
the same detail as the company's 
own lawyers. Expertise in his 
company’s technology can help, 
but if it is too detailed it may 
produce too great a concentra- 
tion on the trees, and so obscure 
the wood. He must know the 
“moral environment” in which 
the company functions, that is 
to say by what standards the 
rest of the ^community judges 
it, and the products or services 
which it supplies. He must have 
strong links- with that com- 
munity so that he knows what 
needs his company can fill. And. 
be must have rather more than 


a passing acquaintance with 
ethical theory, so that he can 
use the techniques needed to 
analyse the complex scale and 
structure of a moral problem, 
to ask the right questions, and 
to find a creative and practical 
solution. On top of that he must 
have experience in making prac- 
tical judgments so that he will 
keep his feet on the ground. 

People like that are hard to 
find — and harder still to fit in 
to a decision-making structure. 
And that is the factor which is 
probably the most critical of all. 

To be of any real use to his 
company, the individual to 
whom this function is assigned 
needs to be able to “ distance " 
himself from the corporation to 
as extent which very few 
career managers can afford to 
do. Much of the most useful 
advice he can give may well be 
uncomfortable and disturbing to 
others. Sometimes it will create 
acute persona] tensions within 
the company. 


Tall order 


It can therefore be given with 
the necessary degree of detach- 
ment. only by someone who can 
afford to be independent, in the 
sense that he will not be 
influenced by the effort which 
his advice might have on his 
future career or livelihood. If 
this task is assigned to a full- 
time corporation man, he must 
therefore be given uninhibited 
access to the tup, a roving brief 
across all departments, and a 
virtually cast-iron guarantee 
that he will never risk his job, 
however unpopular his recom- 
mendations may be. 

That is a very tall order. 
Perhaps it explains why the 
non-executive director is 
coming back into fashion. He 
provides another solution to 
the problem, for he can often 
help the working directors to 
a clearer view .of the ethics of 
a policy decision — precisely 

because he is immune to inter- 
nal pressures, has no depart- 
mental responsibilities, and can 
therefore take a dispassionate 
view, as well as having more 
of a feel for what the outside 
world thinks. And, if he is 
any good, be will make sure 


that he gets access to all the 
information he needs. 

That solution works well in 
a number of companies. The 
only other alternative Is to have 
recourse to -outside consultants.*. 
A consultant’s independence is - 
guaranteed, since his success . 
depends in the long run only 
on his professional competence,' 
and not on telling his clients 
what they would like to hear. 
Besides, his function is com- 
plete when he has given his. 
advice, and no friction is en- 
gendered if the client chooses- 
to Ignore it ; 

It is perhaps a pointer to the 
future, therefore, that in the 
U.S. a separate profession of 
“social responsibility con- 
sultants” is beginning to 
develop. Sucfi firms are still 
rare in this country, but as they 
develop, they arc beginning to 
build up a respectable body of 
professional skill, expenenca- 
and expertise. With the in- 
creasing and responsible interest 
shown by more and more com- 
panies in social affairs it is 
quite on the cards that their 
use will eventually become 
almost as much of a common- 
place as the employment of 
lawyers and auditors. 

Different solutions are 
therefore available for different 
managements. But whatever 
solutions are adopted, a wider 
and more professional involve- 
ment in social responsibility 
must be to the ultimate advan- 
tage of the business community 
in general. Such a trend can- 
only help it to conduct its 
affairs in a fashion more 
acceptable to the rest of society, 
and to resist the increasing 
spate of attacks made upon it 
by those whose real concern is - 
to destroy the system of free- 
dom and competition upon 
which it rests. 

And — though perhaps one 
should only mention it in a 
whisper — it might even increase 
the amount of good that is 
done in the business world. 

Pool Sic-qhart, senior partner of 
the Sieghart, Foster and Har- 
greaves consultancy, is a lead-' 
ing human rights lawyer and 
international consultant. He 
helped draft lhe 1975 White 
Paper on Computers and Pri- 
vacy. 


TMs advtrUumcnt appears as m matter of record only 



BALLAST NEDAM GROEP N.V. 


In connection with th* { 
Domestic Accommodation Project 
• Kinriom flf SamH Arabia 



Saudi Kyafc 1,675,000,000 

Mtmaged aid provided by 

AMSTERDAM-ROTIERB N.V* 

ALGEMET® CDIBANKKA. 

BANK OFAMERICANX & £LA* 

Maatschkppij N.V* „ 

- ' Agent Sank • • 

Anwterdam-Kntferdam BapkNY, 



Forsmarks Kraftgrupp Aktiebolag 


Stockholm 


DM 100,000,000 
5%% Bonds due 1990 

guaranteed by the^ 

Kingdom of Sweden 


WESTDEITTSCHE LANDESBANK 
GIROZENTRALE 

SKANDINAV1SKA ENSKILDA BAN KEN 


PKBANKEN 


SVENSKA HANDELSBANKEN 


COMMERZBANK 
' Aktiengesel tec haft 

CREDIT SUISSE WHITE WELD 
Limited 

ALGEMENE BANK NEDERLAND N.V 

A -E. AMES & CO. 

Limited 

AMSTERDAM -ROTTERDAM BANK N V. 

ARNHOLD ANO S. BLEICHROEDER, INC. 

ASIAC - ASIAN INTERNATIONAL 
ACCEPTANCES & CAPITAL Limiled 

BACHE HALSEY STUART SHIELDS 
Incorporated " 

BANC A COMMERCIALS ITAUANA 
BANCA DEL GOTTARDO 
BANCA NAZI ON ALE DEL LAVORO 
BAN COD I ROMA 

BANCO URQUIJO H1SPANO AMERICANO 
Limited 

BANK OF AMERICA INTERNATIONAL 
Limited 

BANK JUUUS BAER INTERNATIONAL - 
Limited 

BANK FOR GEME1NWIRTSCHAFT 
Aktiengesebsctiatt 

BANK GLTTZWU.LER, KURZ, BUNGENER 
(Overseas) Limited 
BANK MEES& HOPE NV 
BANOUE'BRUXELLES LAMBERTS A 
BANQUE FRANCA1SE DU COMMERCE EXTERIEUR 

BANQUE SENERALE DU LUXEMBOURG 
SociAl eAnonyme , 

BANQUE DE L'INDOCHINE ET DE SUEZ 

BANQUE INTERNATIONALE A LUXEMBOURG S A. 

BANQUE NATIONALS DE PARIS 

BANQUE DE NEUFUZE. 5CHLUMBERGER. MALLET 

BANQUE NORDEUROPE S.A 

BANQUE DE PARIS ET DES PAYS BAS 

BANQUE POPULA1RE SUISSE S A LUXEMBOUBG . 

BANQUE ROTHSCHILD 

BANQUE DE CUNION EUROPEENNE 

BANQUE WORMS 

BAYOUSCHE HYPOTHEKEN-UND 
WECH5 EL-BANK 

BAYERlSCHE LANDESBANK GIROZENTRALE 
BAYER] SC HE VEREJNSBANK 
■JOH. BERENBERG, G05SLER & CO. 

BERGEN BANK 

BERLINER BANK 
AMiengesaiiachaft 
BERLINER HANDELS- 
UND FRANKFURTER BANK 

BLYTH EASTMAN DILLON & CO. 

International Limited . 

CAiSSE DES DEPOTS ET CONSIGNATIONS 

CHASE MANH ATTAN 
Limited... 

C^RISTiANU bank og.kreditkasse 

CmCQRP INTERNATIONAL GROUP 
CRHXTANSTAU-B ANKVERS N 
CREOrr COMMERCIAL DE FRANCE 


DEUTSCHE BANK 
Aktiengesel Isch aft 

KREDIETBANK SJL LUXEMBOURGEOISE 


DRESDNER BANK 
Aktiengesel Isch aft 

S.G. WARBURG & CO. LTD. 


CREDIT INDUSTRIELET COMMERCIAL .. 
CREDIT LYONNAIS 
CREDITO ITALIAN O 
D AIWA EUROPE N.V. 

RICHARD DAUS & CO. 

Bankiers 

DELBROCK & CO. 

DEN DANSKE BANK 
at 1871 AMIaselskab 

DEN NORSKE CREDITBANK 

DEUTSCHE GIROZENTRALE 

- DEUTSCHE KOMMUNALBANK - 
DEUTSCH-SKANDINAVISCHE BANK 
DG BANK 

DEUTSCHE GENOSSENSCHAFTSBANK 
DILLON. READ OVERSEAS CORPORATION 

DREXEL BURNHAM LAMBERT 
Incorporated 

EFF ECTEN BAN K-WARBUR G 
AktiengeseNschall 

EUROMOBTUARE S p.A. 

COMPAGNIA EUROPEA INTERMOBIUAR5 

EUROPEAN BANKING COMPANY 
Limited 

FIRST BOSTON (EUROPE) 

Limiled 

GIROZENTRALE UND BANK ' ' 

DER OSTERREICH15CMEN SPARKASSEN 
Aktiengesel Ischaft 

GOTABANKEN 

GOLDMAN SACHS INTERNATIONAL CORP, 

GROUPEMENT DES BANQUIERS 
PRJVES GENEVQ1S 
HAMBROS BANK 
Limited 

HAMBURGISCHE LANDESBANK 

- GIROZENTRALE - 

HESSISCHE LANDESBANK 

- GIROZENTRALE - 

. HILL SAMUEL & CO. 

Limited 

E. F. HUTTON & CO. N.V 

INDUSTRIEBANK VON JAPAN (DEUTSCHLAND) 
Akliengeseflseftaft 

KANSALLiS-OSAKE-PANKKI 

KIDDER. PEABODY INTERNATIONAL 
Limned 

KJ0BENHAVNS HANDELS BANK 

KLEiNWORT, BENSON 
Limited 

KREDIETBANK N.V. 

KUHN LOEB LEHMAN BROTHERS 
INTERNATIONAL 

LANDESBANK RHEIN LAN D-PFALZ 

- GIROZENTRALE - 

LAZARD BROTHERS & CO. 

Limited 

LAZARD FRERES ET CIE 

LLOYDS BANK INTERNATIONAL 
Limited 


MANUFACTURERS HANOVER 
Limned 

McLEOD. YOUNG. WEIR 
International Limited 
MERCK. FJNCK& CO. 

MERRILL LYNCH INTERNATIONAL & CO. 

B METZLER SEEL. SOHN 2. CO. 

MORGAN GRENFELL & CO. 

Limited 

MORGAN STANLEY INTERNATIONAL 
Limiled 

THE NIKKO SECURITIES CO. (EUROPE) UD* 
NOMURA EUROPE N.V. 

NORDDEUTSCHE LANDESBANK 
GIROZENTRALE 
NORDF1NANZ-BANK ZURICH 
NORDIC BANK 
Limited 

OSTEHREICHISCHE LANDERBANK 

Aktiengesellschalt 

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P-OMBARD 


‘Hr WEEK IN THE COURTS 


t ■: 


to ala 


Judges live in a world 


' ■Fbiandaf 'fimes ; Monday ‘ ^anuafjf B6f^78 fflP* 'i ll i 


• •' v . -■*:£ 


BY JUSTINIAN 


RUGBY UNION 

BY PETER ROBBINS 


to thc lioe W some dej^Mi 
tackling from th® Crtfl^.b* 
row of Charles and 
brothers. Gareth Ed ward*/ * 
brought off one majnaipt, 
tackle on Lewis and the fdtjwfr 
notably Wallace. Robinson * 


pu sneiKn oi tneir own I SOME 16,000 packed into Ponty- — racMing* ftom 

I -4': ■ w ‘ ^p^ffh^^S- RUGBY UNION 

jBYiSAMUEL BR1TTAN • . ' * ' ■ ' . BY JUSTINIAN againg BY PETER ROBBINS off. OM A 

gT-. ••:'••••-. ■ end of a fascinating match -that. DT rK tackloon Lewis and the foryrtr 

*# r 1 THE LORD CHANCELLOR was Read trial. He talks too much going over to a wholly career Cardiff finally won 16— ll. They _ notably Wallace. Robinson a 

S5EAS SHEIKH YAMANI, price of oil would move far less acting in accord with the best and without stopping to think judiciary, we could conveniently scored four tries— all by 1 Gerald ’^1.. wing to finish off. There is c m jy, never shirked thaVn 

u It i* nDt often that I write to jerkily .tf it were. fixed, in terms constitutional tradition in taking what he has to say, (It was inject some of the Continental D3vl ®”° two tries and a; nQ greater sight in rugby than —mg task. 

% sheikh, still less to a sheikh of a basket of currencies, as was no drastic action against Judge Francis Bacon who said that an system into our method of Penalty- . '■ - Gerald Davis in full flight Davies scored bis. fourth J 

&ho is alsf the Gil roJisre? of 0PEC Practice’, earlier in the McKinnon, QC, for the inept and “ over-talkative judge is like an appointments. . -There^ was something to plepe ^ minutes l0 play and 'the- stroke of lull-flow, fa 

3h, e country which effectively 1970 s - If the Intention Is. to keep injudicious handling of the trial ill-tuned cymbal"). The most startling character- everyone—good forward play n recor y and Cobner appar- ® glaring break by Daql* 

Sontrols the international oil 13,6 P rice of 011 stable in terms of Mr. Kingsley Read on a charge Many a judge might think as istiejs of the English judiciary are 115 ba “ .5 lay *. entlv everywhere Fontypool bat* Gregory achieved .Pontyppo 

•TJrice So I ought to make the of currencies in general, but the of inciting persons to racial Judge McKinnon spoke, but he the investment of power we the same sides. Cardiff, av 5Jy a t Cardiff. The ^ore but it was a 

mbst of the °opportunSy Ke My **»« is made .periodically in hatred. would have the good sense to reside In judges and their innate fSSJEJI^LjSL KSSSStSSr' T u£LTm% problem was that as their mag- academic, 

message to you is however tenas ot tbe doUar * then non- But was he right to resist aU refrain from expressing it in the conservatism. It is idle for poll- Sflcent forwards won the hah, B . . hat undid Pbk 

325? Do not justthrratra to • ^°R* r importers will face a the blandishments of Labour courtroom, The covert nature’ tieians of a radical bent (not ga ^ ro e ° fi f m 0 / i their half-bacta lost', thexr UUimate^wh«jMl« Po^ 

switch the oil mice from a sagging price of oil followed by politicians who protested outrage of that kind of behaviour is to be by any means restricted to Pir ?? , e ame_ a . fierce- opening accuracy. The ball was P°®j. K-itu,^vJr 

- dollar basis to a fixed basket of sudden upward jerks. If it is (perhaps a little more vigorously feared more than the garrulous- Labour politicians) to wail at 3353011 Pontypool, Cardiff^ t . g ved quickly enough and hacks 3 ° d tb ? ir » a> ^h a ^ 
currendS But oSSe So ahead fixed in terms of a currency than was warranted) at the ness of the McKinnoti on tbe the dedans of the courts. regrouping, with a purpI C Ti a t^ O0 ^ m0 ^ ea d 9 ^ ul / mX compare ability to fili teetle* vaep 
SEE sTas soon ^afooSibS It basket, then there will be no impliedly offensive references to Bench. ■ A Labour Lord Chancellor mf J w * y t £ r0u | h ^thJ?of Daniels and Murphy, left In the "g* JLA 

wUl be better for P the world change at all for importers the immigrant population? Judge McKinnon's second fault should set about quite deliber- ££? toally Pontypool s att<>ut . watitios on the left had a superb J >a o ck ; in ]~ y _ 

economy the oil producers and whose currencies remain- stable. .The answer is that Lord common enough— is that ate i y to introduce a strong ?i d JS 7*f tory whicl1 - was «olden chance but was too slow; coach. h as^ donea, wmarkaf 

even eventually the U.S. Itself. U-S- importers, if the dollar Elwyn-Jones. was right to do he can lay no claim to being a radical element and put on the S? 411 ? some e * <jeUent : Ebner, Faulkner, Gregory, and Job to weld together .sort 


■£ a I H no a\a gradual doilar rise instead of a the mildest of rebukes to the of a leading barrister that he was wUh^modern "society ami have r In Hi e first P h3se Po °typool's 

E&*I^ES±£&£i series.ofrteps._If. for judge (the .M OwnIM a bad -lawyer,, to which ft; SBi 'EEJFS l Etftl 


depreciates, 


s *■* - ramcai element auu put on me i^ooner, rauuvuci, , ^ n .,i. 

face a nothing more than administer good lawyer. (It was once said Bench men who are in touch rFSh' n,,, 1- unnHaar were aU held up close mighty pa«- 

ead of a the mildest of rebukes to the of a leading barrister that he was uHih ai wt h^» _ In ™® flrst pnase rontypools.. 


r.2” E , Ta ^- e int0 a f^? unt the oil price had been fixed in acceptance of Judge McKinnon’s riposte of a colleague was that 

t rtS 1 t AniiS? P iS Spec* 31 I>rawb*g Rights, the expressed wish not to be involved “he was no lawyer at all "1. 

-dollar price would have risen by in similar cases in the future can A comparison between the 
■: S tf *>.A 5 P er cent * 0Ter ^ P 3 ® 1 year ’ interpreted as the most that Impeccable directions to the jury 

with much leas need for an would have happened had the given by Judge Lawson QC in 
flSlS WS SffiSS agonifflng re apprai«L judge net ttta» fl. initiate). Mr. Read-., «rUe, Mad, (when 


S? after nek and thrmaula. ‘iS 
ordmary citizen demands of the ^Hy this was a faultless 

Iaw * forward performance. In which 

• 9 Faulkner. Windsor and Price 

T3 sxfiroTYianf were the strong base. 

Clllvlll firworr the flank 


Golden Welsh encore 


;,'Jhe same. The principle can be 
^illustrated by looking at tbe 

J sterling price. Let us assume .x uoouiio me complacent auuuue mat an :ZLZT'zr air rr - .socuuiy remote in its precepts Ki: n d «de in the ooenin? nhase .Bennett, who lanaea two pe«ai- wu«inis yj - . -7 ~ 

;;.that sterling remains unchanged is well with' our system of ap- and application. Much of that is worked cleveriyufthhU ties to bring back memories of a mages. ^ u, f 

.against a weighted average of it is normal for a devaluing pointing judges and with the way ^ hS left 10 do ^ nnwillingness of ( 3 rey, w^ kicklng^ "golden era of six or seven 1 years’ showed flair dp 'Y r ^Thi Sl. f h I f ' 

.currencies, but rises by 5 per country to have to pay more for in which legitimate complaints ■ St a -the ^g * 1 profession (and sequen- tStiSiy was accurate* s£vx>, *S*> and achieve their biggest even 

‘ Cent, against the dollar. Then the its imports by almost tbe full about the ‘behaviour of judges in a confused^ state- of nund.^ tially, the judges) to accommo- was that of Hawkins, and with *wre of the season. of attack, both passing, ar 


HAPPY DAYS back to Old given more chance to nm jhi 

Gregory th? flank provided Deer Park when London Wgft ^Th^^cks^ wfe^wl! sem& l 
instructive dash: hut every- heat Bath by _a stunning «!<■ A Inn T^vurtn iWni 


Pressures 


It is normal for a devaluing! pointing judges and with the way A b< ™ 

am knwa Sm I I »■ uitifrtU lorn fi wi o to /tnmnlsinfe 3DQ DOW a 


/currencies, but rises by 5 per country to have to pay more for I in which 


ra OI S*x Dl. jcai a ouwn^u _ ., r' 

achieve their biggest even humour varying the mothr 
the season. of attack, both passing, ar 


V price of oil is Increased by 5 per axe perfectly entitied to argue Talks too much by means of an adequate proce- redress the "balance o 
’■’eenL, then there is no Increase that their present policy is justi- dure. The process of selection jqcfges. the driftwot 

:;in the sterling price of oil. which fied in terms of output and Judicial independence and of judges should be based on the order of the 

-is consistent with overall stab l- employment, even at the cost of integrity are rightly prized in our individual's professional stand- desperately needs to fa 
irlity. The Americans pay more, some depreciation and inflation, society. And public confidence ing, his reputation for complete ^ and pensioned' off 


Pontypool’s 




.-te The Americans pay more. Si taKSoi society.' STpBbl conadence log. his repnfaUon iorTompIeta SESSin ^-S-Wf-SS direct attacker he cam he, 

but that is because the dollar has But they cannot expect— because in that Independence and. integ- probity and his competence. _ vii . . , . e . . mnitfr’W eantain tonehed - the almost exactLv mirrored the first But the centres were 
-Been devalued. they no longer have the power rity must not be shaken by offi- P The .selection ot judges in ■*£**&&&* jSSTriSS^^^ft jbS the ball . rarely rcadhia 


To price in terms of a basket of — to get a devaluation on cut rate dal yielding to political over- England, made exclusively from 
"-currencies is much less produc- terms. Pricing-in dollars merely reaction to a single aberration, among the elite of legal practi- 
ce ve of friction than a diplomatic flisgwres this fact of life. however grave. Judge McKinnon’s tioers, ensures that the first two 

‘insistence on the Americans So far I have refrained from 8 *®® was not an expression of attributes are present before 
!. .defending the dollar. The swap reminding you how much the oil deep-seated prejudice bubbling appointment. But too often in- 
agreements, which your, country cartel (of which you are the 0Ter in the instant case. To those competence manifests Itself only 
. is said to have encouraged, can- effective manager although you who know Judge McKinnon be. is when .the incumbent is securely 


captain and fg 
did not have-i 


The gulf between the three- tbe mauls saw Welsh- come away 


"'lasts,' friction,~crises and endless still be true even. If the U-K he marches in step with a large than any other. retirement is deployed too little' *£££ tiiTcertiiison the ^lay^fromcentre. tbe wings were 

emergency meetings — as anyone comes In on the act Political majority of his fellow judges. Any system that draws Its No group, of persons perform- . •• 

who had to write on world mone- pressures from your neighbours -it would be a mistake on the i°dges from those who have ing a public service possesses 

13 fV affairs In the late 1960s and may prevent you from slashing other han d, to conclude that the s? 6 " 1 much tte greater portion more power and immunity from Tf * > 

early 1970s will remember so the price of oil in money terms. ie a oasslonate uoholder of their working lives, practising disaplinary action than our I . 1 O I iBflllBl ..R fr*JTIi 

well. But you might just be able to of free speech If he is he has ^ l3W 15 -P rone t0 producing judges. There is a need to bring JLiA v 1#WJ. A. V/AJ.mv 

, ., get away with allowing world 8 jj 0WI1 himself to be' extra- “uafits- The qualities of judge- the judges off their public pedes- - 

: W PCTTI ntumQ inflation to reduce the real price ftrriina Hiv mIpcHvb. ship are quite different from tal and subject them to some at aftrr twteth iranmlnlmu.Hia- ... • 

. x&voiiivuvuj of oil over a i period of years. A Two years ago he sal for 51 those of an advocate. Some make least of the realities of modern mlssal f rom the FA Cup fast ' — — “ 

Worst of all, it encourages c ®“*’ days trying the case of 14 ^ tradition with transparent society. week, and several substandard ' CnprCD - : 

-countries to impose trade and yECD area would halve the real pacific w ho were charged with eas ®- others never cease to be 15 there any reason why the. performances, in the League .. WvvtK 
^.payments restrictions in an effort pr J£?. 0 f c 0 !: attempting to incite British Partisan, and, however ■sound Parliamentary Commissioner for which have rsuggested they .will BY TREVOR. BAILEY ’ * 

-.to preserve the exchange rate J s 3 y®^_d e UMte b^an- ^opg t0 disaffection, by distri- their judgments, conduct their Administration should not re- not retain .tjiefr title,. Liverpool - 

structure. This means that ex- “J ™ ♦!r„ y S butiog leaflets cailiDg on soldiers rases as if they were gladiators cefre and investigate the com- beat West . Bromwich Albion ... - ' ' 

.change rate stability, instead of *? p j not to serve in Northern Ireland, m the forensic arena. Such d is- plaints of the public against 1—0 at. the . Hawthorns with _ . ^ ... 


Liverpool regain efficiency 


STUART 


ciiuiuajr. *■ 

ALEXANDER. 


after the interval, which deserve) 

Kef for thnn ft riifl.il Inwpfl -c»nal ' 




V. Worst of all, it encourages 


SOCCER 


BY TREVOR. BAILEY 


better than a disallowed goal. ' 
They mount their attacks wit* 
considerable imagination, -bt 
their defence -was often, iL 
trouble. The coloured speafheal 
of Cunningham and Regs 


.change rate stability, instead of J® JJ 3 *" on * op ,° not to serve in Northern Ireland. in the forensic arena. Such dis- plaints of the public against 1—0 at. the - Hawthorns with . k.w promised rather more than 

being a means to aid the free JJfmJ 11 Jua « e McKinnon displayed no plays are not good for the appear- judges? an efficient display, especially achieved. Both have eonsfderab; 

flow of goods and capital. °^ 1Is Sj L sytapathy with' their claim that aura 31 justice. Judge McKinnon’s remarks in the. first half. However jo Liverpool, who inch ftc lead skI1!> but surprisinglyjitt 

.becomes an obstacle to IL This °P®ra°°u ““ lo ® 01 ‘ 3 PSt ®ut ^ law was a i nvas ion Thought should be given in about immigrants could have a draw would have been, a through Johnson after the impression and Regis -w; 


Lsuch a bad idea. 
v . From the point of view of both 


xrtl producers and importers* the 


Yours sincerely, 

SAMUEL BRITTAN. 



speech (The Jury rejected the spotting judicial talent early in with cool detachment by . an taicing contest. ■ ' shot from Kennedy, lhe striker, Albion's belligerent leA-wfngt 

judge's overt efforts to produce the individual lawyer’s profes- Ombudsman rather than under The ■ Merseyside" . machine scurrying hither and thither, Johnston, their three halves, an 

a conviction). sional life, subjecting him to the political beat of the moment employed' a progressive 4^2 appears to nave rediscovered line two full-backs who caused mo: 

Judge McKinnon suffers from training (why have we no train- As a start, the Ombudsman’s formation, with Dalglish and fynn d-zest oF his nest days trouble to (he opposing defence 

two, not uncommon, judicial ing college for judges?) and jurisdiction could be limited to Johnson up ^ont-r This lively duo tBkW Cg* . . Judging by this performance 

attributes, both of which he starting him, on the lowest rungs judges below the High .Court were invariably.- supported.- -by Atkmison, Albion are an attractive. Clod 

manifested in his handling of the of the judicial ladder. . Without Bench. *’• *' members of the midfield quartet .^^did^/or^ CMihrtdge^Uiilted middle-0 f-the-table ietf 

and.sgiBetiues tlie Karguard as • e ° have developed ail excel 

well, whenever they, swarmed for- i^ves tnem WeliThJcea to gain tional understanding, f hjive 

ward on the^attack.- - ^promotion to the Second. Divi- suspicion they may be playiri 

3 weB^rgamsed side, who, more than toss up and lead tlv 



t Indicates programme in 
black and white. 


&50 Ask the Family. Northern Ireland— 3.53-3.55 p.m. reads a . poem about . htv HTV ' CeB »a* mott in midfield, with Callaghan 

7.15 Blake’s Seven. Northern Ireland News. 5.55-6.20 Christianity. 1 5J»S 00 the ri Sbt flank, and a most 

8.10 Panorama: Can One Man Scene Around Six. UJ5 News and All IBA" Regions as London uMn y mod. uo-mb Yr withvis impressive Kennedy on, the left. 
Make A Difference?-Presi- Weather for Northern Ireland. except at the following times:— htv womu htv General semce Considering it was his first 

s ycal , ^ ANGUA S™ 1 SSf B “*- appMTauce tor the elub Soueess 

q(H) N eW r (Norwich); Look North us p.ot. Anglia New. zbq Hw—gg. ' fitted in smoothly and revealed 

(Leeds. Manchester, Newcastle); usjan^io. up Anile, .sjs hidvariw SCOTTISH man, • deft touches without 


Northern Ireland — 3.53-3.55 p.m. 
Northern Ireland News. 5A5-6J0 


BBC 1 


9.38 am. For Schools, Colleges. 
10.45 You and Me. 112S For 


hrnu«h nlavpd aionesidp McDer- Tu "x*- , ax 'r* more than toss up and lead tlv" ' 

mott’ih mSSMlai $ 0B & L ot af . l .5 eir showed out on to: tho field-a rant' 
onVe right ^ spuit “ *, fine these days. ; ' i ’• 2 - ’’ vj 


Glamorgan. 3J3 Regional News All Regions as BBC 1 except at 


„ A11UUA Tj n ~ ITIJ, gc Wort MIHUW IW UIC tlUU OUUnB&a MMM Ifl, T ■ M I » 

9 00 News . (Norwich); Look North us s* Angus News. hmmmRk cr-n-nverr fitted in smoothly and revealed " 

fj; RoUinj s'iamu* (Leeds, Manchester, Newcastle); 2-5 TaacUrra. mb Amfe sjs tinirerrtr SCOTTISH manv • deft touches without 

&hools, Col 1 e 9 ef. i2.45 pm News. 9,25 ^ lias quite justifying, the fortSSa ENGLAND cricket captain 

1.00 Pebble Mtil. 1.4a Bod. 2.01 10^5 To-night. SrwCtTWhf “cdowt 12J5 a-m. Rcflectton. expended on him. But this could Mike Breariey had his left 

o? r PreiS 5 ’ frbm Se port l5 Tl?S S 11 - 3S Weather/Regional News. ' Southwest (Plymouth)’ ATV ’ JnU e Bafra^ s^umwSw weU come later,, when he has forearm broken in a one-day 

of Praise fro_rn_Port .Talbot, ^ Reelon5 as B BC 1 pxreot at ' (P,yn,oam; - iuo pJn . Geow munJiu« iv: un « ortmed-k. become acclimatised to the mah* against a Sind XI here 


Breariey breaks an arm ; " 

KABACHI, Jan. 15. ^ 

S5iS-JtS iSTSS 


acclimatised 


Tor' England (except London). 3A5 the following times: — 

Play School (as BBC 2 11.00 a.m.). Wales — 1.45-2.00 p.m. pui Pala. 

4^0 Barbapapa. 4J5 Jackanory. 5-55-6.20 Wales To-day. 6J0-7.I5 
4.40 Hunter's Gold. 5.05 John Heddiw. 11.35 News and Weather 
Craven’s Newsround. 5JL0 Blue for Wales: 

Peter. Scotland — 1 0.00-1 0.20 ajn. For 

.. 5.40 News. Schools (Around Scotland). 5A5- 

5J>5 Nationwide (London and 020 p-m. Reporting Scotland. KL55 
South-East only). 11.30 Public Account 11^0 News 

• 620 Nationwide. and Weather for Scotland. 


BBC 2 


the match against a Sind XI here 


ustSta i^.u 5 Uw£SSS 9 *: »S | atinosphere and his coUeagues, ■ t*4ay, wid ^wlll fly home 


F.T. CROSSWORD PUZZLE No. 3,568 



11.00 lbl Play ScbooL 

3.00 p-m. Wordpower. 

3fi0 Children Growing Up. 

4.00 The Object of the Exercise. 

7.00- News on 2 Headlines with 

sub-titles. 

7J0 Newsday! V ° iceS ' **r^°g __ b^Tailtot' Hughes, who moved to left-back.’ 

. tI. .i , _ . . Todrt. 5a5 Gutuck War. M0 Lookansund 11J6 Southern Wewa Exn-a. n ifl BID 

®-t0 International Cabaret. Monday. U5 UtdTeralur Challenge.' 1SJB Brand. 

9.00 Americans. pllra: "The Horsemen.” starrhia Omar — ' -» 

W0 Marie Curie, part L ,12J8 *- m * TYNE TEES nni l -I 

10- 45 Just a Nimmo. Border Neiw ^rrmary. SJS a-m. The Cool Word followed by /l fill I 

11- 15 Late News on 2. CHANNEL North East News Headttnes. 12JS *un. n J 

11J85 TflfrJournal- ui p.m. Channel Luncfi-lme Newi mod ^ A . b ?^ • 

U4S0 Closedom,: David HarMi.im “ ^ 0 “"S ul ^s n?tSt SWEDEN’S 21-yeaitola Irani, 

Art k y Eliza ' Unlveraicr Challenge. (.89 Channel News. U prodigy Bjorn Borg and tiie 

beth Bishop. tu carto^ttae.^ io j. o-au^i wte Northern Mo^ueacg. u super-consistent American Chris-- 

I DNTION Uate Night Movie: A Ballet Is Wsitfcui. Movie: ” Satan’s School for Gtrls.** 1U0 Evert head the lists In my fank- 


Mimaera. run [Tie cio. lias aunu and is entirely match-fit 
right and centre. XU0 Bless This Honse. TJj* Batlteft Grand Mastara Darts The tall young centl 

P ‘ ’ Hansen, caught the eye f 

- SOUTHERN than Souness. He had 

„ .. „ ^ liJO P.m. Farm Progress. ua standing match fn the 1 


tomorrow. Yorkshire’s Geoff 


The tall young centre back, Boycott takes over the cap- 
Hansen, caught the eye for more taincy, and will lead England 


than Souness. He had an out- in the third and final Test 


QriDnCD MV/ UAI AL.111 l uumuw* AA« uou ail uur 1A- cue *«»* ** aval 

_ B S! .r5*\ „ “J® p-m. Pam Progoeas. ua standing match fn the heart of against Pakistan, which starts 

K £ , 0 ‘ss” in ! h s po f- ?. cre ^ 

Monday Matinee: ’’ tatemrpted Jouroey.” Bovs." starring Barbara Bain. MS .Mr. ^OO formerly occupied by three^TeSt Series In New 


Zealand. 


his stumps to a ball rronr 11, 
medium-fast bowler Sikandar 
Bakht that reared sharply and 
hit him about six Inches above - 
the wrist. 

The ball was one of several 
that lifted awkwardly off a bare 
pilch at the Karachi Gy mkhan a 
Clnb. . .« 

Reuter • • - 


Borg and Evert ranked No. 1 


LONDON 


Late Night Movie: 


1Z25 ajo. Channel Cezette foIUnrtd hr 

940 BJn. Schools Programmes. Bew ’ aBd vreaUier ,D French. 

1440 Noddy. 12.10 pja. Stepping GRAMPIAN 


EpUogtia. 

ULSTER 


ings for 1977. 

Despite Virginia Wade’s mag- 


TENNIS 

BY JOHN BARRETT 


tile Clay Court championships 1 
Indianapolis and the U.S. Pcc- 
in Boston. ., 

Miss Evert was again In a clqs 
of her own. • She won’ ten 'to . 
her 13 tournaments, was 1 --. 


xTTT™ T Si«J E V^~5 p: P i 1T ak .. UJ0 1 °?? or Le*pre. i jd Lnncb. nificeot success at Wimbledon, event of the past season. More fiMRst in another, and a semi 

Spli^FT j£i USo hIi?? BeS -n^ ^ woulddispntethe riaixns of serious la terms of assessment S™4? ft. the other two. Miy 


140 About Britain 2JH) After HeailUne!L +2 - 25 Monda y Mating : tfi uiitor News Headlines, sjs univeraiu Evert, who last year lost wag ihe decision to piay all - Wade’s Wimbledon win and ba '. 
Noon. +245 Monday Matinee- - challenge, tux uisier TeieviMmr News, only four times. Masters singles matches, includ- reaching the quarter-finals . a 

44 The Hour Of 13,” starring Peter sos university C2uUejwe. t.oo Grampian nuo two at 10J8. uSe’iuonday Mdv£: T *J e top ing the semi-finals and final, over * n of her 15 tOUHU . . 

Law ford. Dawn Agdams and Todav. uo Heto: us The secuic uaaigan’s Rabbi, followed br Bedtime, mens list depends upon the three -sets instead of the tradl- men * s made her second plao 

Derek Bond. 340 Couples. 440 WPCTWlRn Interpreuticm of evidence, that tional five. ■ secure. 

Clapperboard. 445 The Flockton pST^NewmS; 3Sn«a3 um gS if t0 say .toe least, confusing. Connors's win over Borg there Billi<sJean King’s late-seasqt 

Flyer. 5.15 Paulines People. oaim Bloom. uao mdoor' Leaaoe. i^wesrwd^Mre B 0 , 1 ® w ° n , a sec p n ^. Wimbledon must therefore be set against tbe run. of three tournament, win 

f"® _ GRANAm ias Tbe Monday Matinee: title, and lost only eigbt matches loss in. the Wimbledon final and aQ d her victory aver Miss Wadi. 

640 Thames at 6. „ up Dodo. S Too W w^d^ ln of rt tte 18 tonraa - another loss last January in the j» the Wightman Cup match.li . ’ 

645 Ootiortiinitv Knnrkci 1235 MoodaT **atinee: ■■ Emily. Emay." s port* Do*, mas westward iSe‘ News. meQts he entered - final of the Pepsi Cola Grand San Francisco that put her aheaf ’ 

?5o rft™^i^ctr-«» CKSI WS Uolwifg “5. C !J2? Hflnmtoa tv. njo Late Guillermo Vilas, the left- Slam. Otherwise the U.S. No. 1 of Betty Stove (Holland). tij« , 

8.00 Miss Jones and Son. Reports Politics, ujo *M ystery*Movie: starrins Rory’caaoua. ii2s ajaTVSb banded Argentinian, won the had another consistent year, with Wimbledon finalist and a. send 

JL30 Personal Report. , Colombo. For uie. French and U^». Opens, and 16 eight tournament wins from 19. finalist at Forest Hills. SoK. 

9.00 HazelL . . HTV YnHK’^FITOF titles in the 32 tournaments he Brian Gottfried was another Barker (GB) promised 

10-00 News. 3L20 Report west Heaoitaes. «s i2jo bSi« i» entered. This was a triumph of whoso: consistency was amazing. 33 ^y ^ the year, but faded 


ACROSS DOIVN (Sj sm 

t Sympathetic expression of 1 Restrain Danish leader a ee *jd. a* 

- how costly I am (4, 2) member depressed (4. 4) 

.4 Explain carefully period 2 Part of world appearing to zw'rad jeiSS* 


9.00 HazelL . . HTV YnRK’^FITOF titles m the 3Z tournaments be Janan upetmea was another- oarser promised mutt 

■ 10.00 News. xjs PJB. Report w«t Headline. >JH zzjB pjn, jui'About B^iea. ua «fifored. This was a triumph of Whoso: consistency was amazing. 33 “Y to the year, but faded wflf 

10 JO The Big Film: *' An Affair Report Wales Headlines, zoo House- calendar News, tus Monday Film fitness and concentration, that He was a -winner of five Grand two tournament victories 

To Remember,” starring ww. ^ “^ fi^ -' Sanr'a inrii Ryne. xas was impressive In its consistency. Prix titles and lost: in the final from her 12 appearances. 

gw Grrat ran D*borai “ iK^wSS "•ST'b.X £fc™S5S? ■SJl’S'SifSSgat ™ m-aniKin g run aft, r-vt &■****. ■ - 

»*»« rr I ,, pl tm: - Swear Smell of Success," itarrin* edltiona). ioja Sportsman of tbe Year. Wimbledon that gave him 85 The victory of Vitas Gerulaitis . *• ““Jj *» Vila*: 3, Connors; 

13^5 IJL Close: Karin Fernaid Hun Laacaatbr and Tony Curtis. ms Adams o i Eagle Lake. wins from 88 matehes before he - (U.S.) -in lart month’s Australian 3» .Gottfried; 5, Gcntiaitis; % 

— ! lost to Borg (for the third time' Open, added to his Italian, sue- *■ 

d a nrn t oat m u* c-mw UM ; „ . . fluring the season) last week’s cess in-May,, gave him preference 10, Dtbbs ' 

RADIO 1 247m <»»- Cardiff Midday Prom part I news (VHFt Regional news. 6.00 News, rnlnatp Masters in New Ynrlr ova* Hifl compatriot Dick 1Nnslas€ - 

SttiUoboiilc braad cast SIM tn Sum. 1Z« Cardiff Midday Wkai Hot Jeeves. MQ News. 7JB uo J.';f t ® flTasre . rs ,. ln , ,,,5. compamot. uicu M OCX- WOMEN: 

Hn u AjflSStQ z a< ?S Noel _ P*rt. a fSi. _m How*, re p.«- The Ankers. TJfl From Our Own Vilas argued that the Blasters, ton. 1_ Evert: 2 Wade a KInr , 

Ednwnds. aao Simon Bun. ISi pjS I"® with its new January date should Manuel Orantes, following an 4. Stove- s ' ' 


spent abroad (5, 3) 

10 Kind of business run by post- 
master (4, 5) 

H Tear-jerker in the kitchen (5) 

12 Roundhead will suit me (4) 

13 Plane table attendant (3, 7) 


like one article by youth | fociadJng s.m 


(4 5j .wtflern Rad: 

3 Low sound over pole at ^ 2^“ 

spaceman’s rendezvous (4) vkp R _. f __ 


Nonbern Radio Orcfiesira (loins Kama 5 * COTds ( . S L Bandstand 13). WS Book at Bedtime. XL15 Tbo PlaaDdal 
7> T0 W iSrn fw 1Z&UJS ^2b homeward Bound 'Si. kx News. UO World Tonight. UJO Today in Parlia- 
AS p S - OJB. Homeward Bound tcoitilmiedi. U0 ufe- menu UJO News. 

— - linos: Rome and Family. 7 JO Chicago . - _ _ _ „ 

VHF Radios 1 and 2: U0 un. With Symphony Orchestra (S). gjg Kurt OTHF. oatv) ajm.-lZOO 


5 Average church newsman J Radio 2 . Including 1J3 P.m. Good Listen- Weill concert, pan 1 (Si, " 3 j $5 interval i ®' 3ja pjn - 


For Schools (VHF only) 1JB sjm.-lZOO 


finds dry (7) 


15 Don't lose them all while 6 A greasy pole will hurry [ Kan, ° *■ 


“ 1 « d 1ZB9 ’ 12ja «■ ^ sort xjx BBC Radio London 


engaging (7) 


16 Exquisite metal may be 7 Stony-hearted girl (5) 


_• reformed in 24 hours (6) 

IS Destroyed right of middle- 
man (6). 

21 Salesman (51) takes accoun- 
tant copy (7) 


With Radio 2. Lisa! piano redtal fSi. iojs A Piece 

D A nin n i^Odm onri VHP ° , ’ lhe ' World Discovered, U^B Kaln- 206m and 9L9 VHF A LITTLE more light Seems 

KADIO 2 ifWUm ana VHF sous end me Rise of European Malic (Si- ABO un, as Radio 2. W0 Ruah Boor. cert ain to be shed on the-Dailv 

MO a-m. News Sammary. UJ2 1L25 l News. UJMU5 And ToMsUfs MO Weekly Eebo. MB London Live. SJ“® SJ J JL .“.{Jrii 


Big Ben highly promising 


8 Shinto might become fashion- Eflrl r s^ow, indad- Schaben song. 

:uT; e T »05 0-13 Panse for mmatai. 7S2 Terra n * n.A / 


206 Sbowease. in Some Rm mo Express Triumph Hurdle picture 
Loot stop, Limen. 7Jo in Town, zjo to-day. for Wolverhampton's 


RACING 


-wT 7«^ 105 813 paose for Thought. 7j2 Terra d * mn 4 5t °P. Listen. 7 jd in Town, ajo to-cay, tor woivernampton s 

aoie (Di , Woean fSi Including 8 Si Rartn* Bnlletin KALI1U *4 BreatUironsh. HUB Late Klriu London, i Stnurhririce four-vear-old HurrtlP 

9 Notice substitute for counsels and S.«3 Pause for ThoushL UJZ Jimmy 434m. 285m. anifVHF As Radio X A VV 

oninion (6) Yoon* isi. izis pj«l waggoners* Want. <«-•«— - • - . « _ ■ I has attracted a smart field which 

“H‘ u,uu : ... . . . 1? V1 Pain Vnrnv-r nnan Hmiu /«. i>. 


BY DOMINIC WIGAN 


opinion (6). „ 12J5 J’- , V WaR8I>Mr3 ', Wanc - Wwllum Wave only T JITIfion RrAfllimctin® 

«« (A o A\ 12JD Pete Murrays Open House fSi In- U$ lw. News, Mf Farnunv Week. ■LiUuaOll DrOauCasmij, 

^ ^ (4,_ 2, *) eluding L44 Sports Desk. Z3B David SJS Up to the Hour. M2 (VHT^Ieslrual 261m and 9 


lacasbing Includes recent winners in 

26lm and 97.3 VHF Persian Crown,. Freight For- that both, his .handler and 


Chepstow, where it is a Race ' 
goers' Club concession day pro: ; ■ ; 
gramme, I expect Hunter’s Joj ' '■> , 
getting the better, of Golden’ 
Spua: In -the ’.'opener. Division:!..’ 
of the Rabbit Novice Hurdle. •: ■ 


that are complacent (4) to comedian (S) Be*.— tjb bbc Kortwm - r 5£ wl^iTsBC JO’diScSL iwAnerBwita^ 

27 Scene of action found in 20 Recite quickly when part of „ HLfm. sun endirist. Meuo a^a. Nigbuiae. 

square naturally (5) film is cancelled (4 3) Scjcki ($». sjx Humphrey Lyttelton 9.451 . jm.m News. mjT wnSSS Canitni Radio ■ 

28 Confess to being both un- -21 income Tar return (6) B«t. ot isi. uja oaliy sem«. mss Harem siora. 1 ' aai ?_. 


Although Fred Rlmmeli’s sur- n3S shown- nunseif to oe.a wen- 
prise runner, Connaught Ranger. nbovF^gverege performer, 
seems certain to eo tD nost a _ Whatever ^their fate with Big 


' fashionable and uO-tO-date 22 Bad writing in beeinnine of «-ss sporo Desk, uue ¥«■« c« to -b« oln News, tius More to u swu . i«Biano»a.5vtir uicKinson-iraineu Dig Den to “rrr yiv.'. 'ZZTl.- 

j 3 up tu-uaic aa cau b i 111 uegmujus u jojan*. 1030 star, Sound. HJE Brian Deep. MUD AtioouKemonri. 12J» News. L00 «jn. Graluni Deflc 1 * Breakfast prove tOC SOOd for him . ^'P S3uIil fr0na GlSburn pay. off 

(3,- 4, 2) sympnony wiuj slow move- wie ne ui* snow, use- izm tun. Y«a art Yodra. jzra Top oftbe shw fs>. w» Michael Asuei fs>. XZM Hrove 100 s ■ 1 iar ’ with a victory through that pro- 

29 Left country with a very noisy ment to) lias bjb. News. Form. SliH Weather, programme news Mike Allan with Cash on Delivery (Si. This former inmate Of Francois eresslve seven-vear-old An"e! 

» SSSaS bv' sensiEve prasra M SSSuffft.^S?Sfl ? RADl ° 3 4 «" S '“»* V " JS « 2S£ %LSS*£T, SffuSS. SJS Boutin’, m us «rtou," S SS" 

30 Overture by sensitive person ceorg ia is xne very ena ia?^ aj». ureauter. too News, us La woman's Hoar r: from 2 .«) tacirtiw tjo Adrian Lavet open Une ts». 9 j» stable has yet --to -.win under for a- -hat-, trick,- goes- for- the 

(6) 2® Experience not recorded (4) ovsnure rsv uo News, ans Monting uooji News. elm uhmj wiihMotiwr. Jonathan Kings Your Mot nw wouldn't National Hunt rules, but bas run second division of the Motineux 

The solution of lust Satu rfsj's prize puzsto will b, published SSSS^cS ?S& 'ig.’Vzu’^E USSS^ STSTJS’ S & dT^JSTtJA • ««« “,of Wgbli VtoSstoE SSwftSS? *•.**??* 

with names of winners next Saturday. . m* Aixmc’ mumc (sj. xus sou Hedtai Se ren d ipit y, jsjs weau»r. BrjawaM sum fhgbi csj. races. It Is mteresting to note At to-day’s other meeting. 


194m and 95.8 VHF: 


seems certain to go to. post a D wn jr*t*%F Li 

warm order, -I expect the Tony ® en . .^ e Dickenson father-and- 

Dickinson-trained Big Ben to tea ™ ojighl to make their 


J^TuTm^JmSl'uS smi 5^" STAS uo ^ ontaT to* toakfii provetoo goodforhimT. Wp south from Gisbun. pay. off 

sympnony wire slow move- ustuiFw whitie uie smw. use- izm tun. You art Yodra. iza top of the show fsi. mo Michael Aspei (S>. xus y 100 s ■ r - ■ ■ • . With a victory through that pro- 


WOLVERHAMPTON 

1.15— Cabar Feidh 

1.45— Angel Clare 
2-15— Master Melody - 
'2.45— Big Ben** - 

3.15 — Galloway Edition 
.3-45— Slap Happy 


CHEPSTOW.- 3.~s ’ •=:■ • 

L30— Hamer’s Joy*** 

2.00— Gathering Storm* • 

2J30— Flagstaff 

3JI0-— Hepollno * - - - : ^ V’^ 1 •’ 

3.38— Vulabaloo “ SSJ’-, ' 1 - - , 

A00-— Echo -Summit ~ r--.-- •„ 




i, 




9 


tt 


fen 


n 


1 


by ELIZABETH FORBES 


, 16. 197S 

'0|W«rehoiise : Purcell Room 

u The Bundle Hommage a Poulenc 

There 1 b a snbtitlfr' to Edward . Both styles, when combined 

Bond's new play, "The New with the extreme simplification ctttadctu .CADBTIQ 

Narrow. Road to .the Deep of event that characterises the by II .L, J. Z* A o fc I Jri r U K Dili) 

NortlC but It throws no more first act, play tbeir part In mak- ■ • m 

light on the inner meaning of ing this act almost completely The iwmage paid to Francis remarkable, young roan. His gently mocked. Stephen Varcoe 
that gnostic phrase than' did -the hon-dramatic in spite of director Pottlenc by the Sangmakers’ profound artistic humility, made characterised the eccentrics of 
■ old narrow road. There is- the Howard Davies’s eSective use of Almanac at the Purcell Room op dear In moving spoken tributes Corner amusingly in 

same first scene, adapted, the sparse yet cogent -scenes where Saturday night was a worthy tn- boUl l0 PouIen £ a nd to Bernac, " ?- vde *** found a nice 

. suthorsays, from Matsuo Bashed Chris Dyer's decor pf rough sticks 5 ute t0 composer of many is Tempered by a streak of that ® f ,ro ° y “ d sentiment 

Records of a Weather-Exposed rising from the ■ bare floor melodies. whether exquisite, arrogance essential to success for B ° s «“ionde.’’ Paul Eluard 
Sfcetetw*^ Basho (“I am, as you evokes movingly- 'the marshy nostalgic, satirical or 3n ^ performing arts. was another poet frequently set 

tnow. the great 17fb -century waters where the ferryman nlies riotously bawdy. Together with . . . . by Poulenc, and In “Homme au 

Japanese poet’*) finds a baby left his trade in a flat boat Graham Johnson, pianist and de- 18-part senes devoted to Sounre tendre " Jennifer Smith 

. m a river bank and declines to Drama, melodrama even vlser of ^ and J otfa v er P™ - JZSlSlh Jw-i/Krtfi iiS P° lnted J£ e emo UonaI contrast 
sick it up. In Mark One the comes after the interval, when grammes presented by the melodwa ^ which for the last three between the two lovers. Another 
Aild grew into a kind of priestly Wang involves adootive Almanac, four singers took part: months -has been ouch a Pjeasur- i 0 ve poem by Eluard, “Nous 

ass h r yfe h%£ ssta^-sk ss % 

• The grimmer outlook pro- teSteT d B h ^ ately prevented by illness from with the poems and their -mjss Lott was awarded two 

_ , “ jusuce. . . creators as well as the settings, * 





'luces a g rimm er nlav Wans J Hut nnTMrtimitioc . assisting at the recital: Pierre creators as well as the settings, other succulent plums, the 

he epon^Sw 4 ? bmidle” & few Bernac . 5 the veteran singer In Satodays reeital-and in the gorgeously tuneful “Chemins de 

Adopted by a good ferryman, but diS^cters thS to whose collaboration with Poulenc parent BBC senes— Guillaume ramour • from Anouilh's play 

rith years of discrS he is SS Lrorted m th 2 dnrm S la^-.two decades of who Leoeadm originally written for 

f^VS^FjTtS’S £&** !££*£&& ” " S=S 8 S?- £ ££*.2 ™SS 

SMS-f ’ M vem^lT. hc“fim uT'poS' 
e25 , !L32G???a£ ? 7JS' elephant, gene’s musical, illu- the Seiue^ was delicately „su»g ance of Paul P vXTs 


Jonathan Summers and Carol Neblett 


rz&r r 


Leonard Burt 


Covent Garden 


oaring roe last two uecaaes ur niwiiiuauc wr* uk muci wnu i&ycama, original !y written for _ . ^ ^ 

the composer’s' life was so overshadowed lie rest. La Yvonne Prio temps, and “Hier." X .£^_ __ _ — 1 1 _ J -1 

immensely fmitfuL ■ Grenouillere." the evocation of a p0 em by Marie' Laurencin set I Q Tfl 110111 I 1 3 flftl W ft ST 

Bernac was to. have recited past glory when painters and by Poulenc in his roost elegant k vCt lCllivXLlUCl vlvl T V VJL 

L'Hisfofre de Bflbor le petit favoured this island in V einl In the first UJt. porform- 

efepJwjBt, Poulenc's musical illu- the Seine, was delicately png ance of Paul Valdry's V/f A V T HDPP P T 

strations to Jean de BrunbofTs by Jennifer Smith, while Mont- “CoJloque," the only song for uyMAALUrrCKI 

much-loved children’s story, a parnasse, a self-portrait of the two voices composed bv Poulenc. „ _ „ ... , . , _ ... 

work that originated -in an young Apollinaire, inspired a Richard Jackson was ‘partnered For th® Puccini revival on all, an improbable but not an cholj figure was apt to loom 

Improvised entertainment for vivid performance from Felicity by:Felicity LotL while all four Friday, the first since the stag- impossible character. With her even from the sidelines, 

one of the composer's young Lott. cineers tnnfc nart <„ rulinn naw iact .Inna, ihn nrn. fresh-air athleticism — when the Ln /auctulla del West is dis- 


ng of “ 0, se sapeste” tinguished from Puccini’s other 
as fleetly as it was mature operas by its large male 


iger, and soon becomes their offstage events., Some- wounded — If 
ader. Tiger, entertainingly people are said to have. “ blood tllZaDem Mall 
. .ayed by Paul Moriarty, speaks down to ‘ their mKferelothes,'’ 

*1 the simplified English of suggesting that they bleed in- -J . 

■ araan of the Apes. We have wards. We end with: Basho. now \p n' 

. 1 at come down only in the social blind, still seeking 'the; narrow LJvXl 

“tale but the intellectual scale road to the. deep ;.North. whet- 


Schuetz 


by RONALD CRICHTON 


h i n 


tl CSC 


ws&sm aa*» ^ ; sr:s-s Swsaa? ss-s* 

fiJSaf; s= sS-SfjTS SsS’isSISSS avs '5*“ SswStffSE SSK-ifS 

■nd to the people: - - an - 1 inw>mnletelv- r ^nested P 13 ^ the piano part with suit- and also the sardonic “Avant le Smith’s superior Grasshopper Zu bm Mehta was once again m ^ 

; After 53s line years, Wang Sfluence from Fanatiien? The able P 311 ®**® virtuosity. Cinema " in which the preten- and' melancholy Carp shone tike the pit and at his most gaJvamc. J? n S- m?3marS u ?^ J5fonJ ha 7^i 

■ ^ c™"S 5? m ^ ***«. 30. is s .ions of provincial professors are tin, gems. ^ It was a smashing perfonnance. NebL^^nde^od “at^l Sft'Mllh “e 

. 7 a vainglorious ' thief named to . L is reduced : to some To ■encounter in the opera house way wUb thp ^ imprints her Covent Garden cast is so admir- 

iger, and soon becomes their offstage events., Some -wounded tf^Il something so fresh and crisp lo special warmth on the whole able. One wants to mention 

ader. Tig®f.,_ enterta inin gly people are Mid to .have blood tllZaDeXIl Mall _ condition is a rare treat indeed performance. each quickly sketched portrayal, 

> 3 <ai,iw 7 i^t^sssx <ssszs£?%n%ssi 

oGnuetZ by RONALD CRICHTON a H 0 d we,r c ^S 

1 ^'left e M Ro * er Nonington’s develop- or by so perfectly finding the over-confident solo wot* in two p^Mmlt^oM^f^lhe Sort rtme*” criUcfsm. “iSe’taroS o^Tin^f^John Mmoc 
- r Bond^ writafiV S sSainst ment 11140 311 E 00 ^ musical equivalent of a spoken pieces from the Kleine Ceisttiche detailed, discriminating and romantic sound was somewhat the throal-c.ntchinc. emotional 

• hii* 0 are^nST?d^’the ^ oral "niivbf^'tS * dead *on - S voS “eductor of opera has not sentence that one is convinced konzerten {'concertos for one enthusiastic productions the at odds with a large and shamb- quality Paul Crook brought to 

• 'Srnrn?* annexea to tne pro- raoTyrog. tne ueaa . y ur devotion to the 17th he has resorted to some kind of or two voices and some instru- Royal Opera has given us in ling appearance — considering the Harry s solo entry m the Old 

ramme. . . DacH - .’A.?'. ’ 7' 1 Century master Heinrich Schxxetz. tone-painting. In these skills ments”) sound pallid by com- recent years, in which every singer’s own naturally prepos- Dog Tray " ensemble of the first 

At Saturday night's concert' he Schuetz is the peer of Monte- parison — the subjects. David’s part tells down to the smallest, sessing form and features, could act. Under Mehta's energetic 
appeared once again at* the verdi and, ■ in onr music, of lament for Absolom and some and in which musical and drama- the designer not have contrived but also acutely perceptive 
head of the Schuetz Choir of Byrd or Purcell. passionate lines from the Song of ttc values are treated as co- for his Dick Johnson something direction, with male chorus and 

London ln a programme combin- The Schuetz Choir is a small Solomon, were sadly inappro- essential, not as sparring just a little more, dashing? We orchestra on peak form, the 

ing five assorted motets with a body of 12 professional soloists, priate for such treatment. partners. The price to be paid shall have to wait for Silvano choral friezes of first and last 

complete performance of the heard to better advantage on this The Musical Exequies were f° r Ften Adam’s opulent and Carroli's lago later this season acts are heard ps examples of 
Musikalisohe Exeqwten. The occasion as a whole than in part commissioned for the funeral of Picturesque sets is still two to discover whether the Italian the opera's genuinely broadened 
choice reflected both^ Scbuetz’s The six-part unaccompanied Connt Heinrich Reuss but in part lon ® intervals, though now baritone is also a singer of range, as proof of its acrueve- 
coramand and fusion of Italian motet “Das 1st je gewisslich a t least completed in advance reduced a little In length. But refinement and subtle nuance tn ment of that something more 
and German styles and his genius wahr” and “Herr, wenn ich nur and ' apparentlv “frequently tbi® proves bothersome only In match the knife-edged force and than just another “Bohciue^ 
for word setting, whether in dicb habe" from the Exequieu played "to the Count during his the last act. with its water wheel declamatory punch he so easily Butterfly 4 Co. for which 
Latin or German, whether by were given with a rhythmic lifetime — a luxurious way of * ct4ill E a ^ShUy heavy, un poetic unleashes as Ranee. That Mr. Puccim confessed himself to be 
repeating words for emphasis, vitality and verbal pungency coming to terms with one’s own ® xch ange for the original red- Carroli is an actor of no little searching. Not a great opera, 
by use of. expressive dissonants, that made the decorous and not end. The final section is a WOod forest clearing — as the authority was demonstrated in perhaps. Performed like this, a 

“nunc dimittis" with inter- ha PP? eodi°S Is likely to seem the way his large, black, melan- wonderful opera, certainly. 

• oolated of consolation unbelievable what- 

Riverside Studios 'siing by distant voices and tu- ‘ I '—.1 1. 4 . 4- n I V m ,nrr LfnCi/'iOnC '75 



instruments. In the Elizabeth aedantic. 

The Cherry Orchard, 

. .... . •if e ? 01 , 5 11 ?® of . a P 63 * very fine soprano to a command 

The . main auditorimn of the and takes charge when he has of role already appreciated 


sistence on visual realism strikes 


The handsome Carol Neblett, 


The Younj 


Tribute to Young Musicians 78 

U1UU The Greater London Arts 

A/InrfTVQ \70 Association has selected the 

XVXUogXclVC musicians to be included in its 

Young Musicians 78 scheme. The 
Musicians’ Sym- musicians will be appearing in 


new Riverside Studios in Ham- anything 
mersmith is unlike auy other though h 


theatre, though In general plan and power, can only command T^Lndnn Rarnm.p ? Mly ' Neme i ts 3*™ wlt0 a P^o nuance ot ner successful scheme which 


broad single tier of seats bolding There 
abont 400 leads down to a stage ances 1 


nts - , , Players provided four noble S (to wk Dwaciiwly u Tfc T c \ 

ere are pleasant perform- ^ckbuls and two cornetts the 33tiSble if " lK mSTiel Johns ’ Smith Square on Satur- ised b y the 

d3d^ ftdl?d day, January 28. sponsored by 1 


Association and 
London Weekend 


fat mA tion problems. The organ, ceUo Se end ^toe t firsTacf she was The programme also includes Television. This year over 120 

A waU ? hlliP n Lo ?L ^ ,?‘S atI - e m& bass contmno were also into her s^ide^ittig those Nlelsen ? s 5tii Symphony and professional musicians, resident 

A ana upstage oy & uat wall Gaev David Piiph ak Fjiihnrinv in .„=*v _ . . r. .“X n-A I in rra-itor T^nrtnn and under 26 


A »nd nnetaop hv a flat wait ana oass coimnuo were aiso into her stride tutting those JMieisen s out aympnony ■ auu “ j 

paroueted to*the J same desim S* 0 ** Dav J d a f^P i ^ lQdov ^ furnished with a chitarrone, fearfully vertiginous Bs 8 «nd Cs Rakhmaninov’s 3rd Piano Con ■ in Greater London and under 26 
?53e is no accommodatiS^tii lns sf l ueak y boots - The dramatic handsome but only intermittently with ease and brilliance, and onto. The soloist is David years of age (28 for singers), 

STSints 0 °r baS^ a ?nd n“ ^th” S S,SE£ digging deep into what Rafter Green. were auditioned for the scheme, 

provision for flying scenery. The 4 -* 3 ha - n L c«.nerv hut a row ... «, , nn 

^ acoustics 318 of seven chJi along the wall ENTERTAINMENT ^ WUMbSr V1S; 


David years of age (28 for singers), 
were auditioned for the scheme. 


provision for flying scenery. The EJ * To no scenes but Trow 

nMMcuiate. - - though an enjoyable dance 

cmf Sri? 11 ^ passes over the stage to begin it 

“vf- C “b Eleanor Bron as Charlotta. 


01-388 1 194. 
I. Cvss. 7 JO. 


GUIDE 


58201 w«sjgrf&ir 

"• a chorus line ' . Harln Granyfnfe-Barter. Toinor. 7JO by J. a. Prtotley 


Mike Gwilym, Margaret Aihcroft, Bob Peck and Judith Harte 

()!C»i ^iircell Room 

Clarinet and piano 


Wr.im rnZuFl^^Z di SS2S* S maE draTto do 3S 

SZJy&l courtvoo to bo « OPERA '& BAliH 

fe°«d whSrth? e »uffi«” «*frMood. y q COU5t Ti^i 52S "' 

Drans. aaa. wnue roe audience Q , t ^ d utu , th English national opera 

makes its laggardly way through ua !^ ai , ® ® na 010 teei Tomor. * f3.. 73o RAMmo; w«d. & 

t t,o\ J emotions inadequately stated. Si* - 7 a*° on**!* m the uneerworio; 

roe\ somewhat cramped i« 7 0 . p,rfir „ Thor. 730 . iml pwl otStnaMs From 

^“iu a gg" 

stow, when M 'ssE.as’S;.,. Si. sir^fi 

lights* pn down tfaev turn Ksncvskayft s farewell to the royal opera* 

cSialV to tiTtesk oT ta5S S! b 2“ e 35 U 

a tabled some chairs and an in- Y® r ® ge l lt the ^SrSatET 

laid wqpden bookcase to the an ^ ^ she had been, she would ™nrh 7 - 00 . Bavkdme. a Mona, i n 
centre of the stage. have done & Aan follows KSo'SS^' J!: 


-VOTEP BEST MUSICAL OF 1976.” 
DUCHESS. 836 8243. Mon. to Thur. 
EISA 8 - 00 . Frl.. SM. 6.15 and 9.00. 
OH! CALCUTTA! 

“ The Nudity la- Stunning. - * D Tclegragh. 
*th SENSATIONAL TEAR 


Credit Ards 01-240 5256. PUKE OF YORK'S. CC. 01-836 5122. 


Mon.-Sat 6U0. Mats. Wed- 3.00 and 
& SaL 5-00. 

fin a SIAN PHILLIPS- 

PAUL DANEMAN 

iafenry SPINE CHILLER 

Tickets from £1.80-53410 
‘ - Instant Credit Card Reservation. 

T 066. Dinner and Top- price Seat £7.30. 
69034 ELLE at LUL CC 01-437 261 

__ Walker's Court. Brewer Street. W-1. 

5°Ji Twice Nightly 8.15 and 10.15. 

p Die PAUL RAYMOND presents 

PENETRATION 

An erotic adventure in French porno- 


lira WonBh aid Um SttfS. 1 

LYTTELTON iprosccnlojn stagel! TonJ. STRAND. 01-836 2660. Evenings 8 . 00 . 
a Tomer. 7 AS THE LADY FROM Mat. Thar*. 3410. Saturdavj 5 JO A 8-30 
MAXIM'S by Feydeau trans W John NO SEX PLEASE — 

Mortimer. Tumor. 10.30 a.m. *2 p.m. were BRITISH 

Sir Gawalo and the Green Knight. THE WORLD'S GREATEST 

COTTESLDE Umall auditorium) . Tonw. LAUGHTER MAKER 

\ Wed. 8 HALF-LIFE hv Julian Mitchell. 

Tumor. ‘L aty N ight 10^0 _ p.m. The 5T MARTIN'S. CC. 836 1443. Ergs. 8 . 00 . 
Grauche Letters (all teats 50 p lasts 50 Mat. Tue*. 2AS. Saturdays 5 and 8 . 

mins). ^ ... . AGATHA CHRISTIE'5 

Many occdlent cheap scats all 3 theatres the MOUSETRAP 

928 WORLD S LONGEST-EVER RUN 

2033. Credit card bfcgs. 928 30SZ. 2 fiUi YEAR 


OLD VIC. 928 7616. 

PROSPECT AT THE OLD VIC 
Spring season Jan. 16-March 25. In ran. 
HAMLET 
ALL FOR LOVE 
SAINT JOAN _ 


like 


This is'aJl the scenery there is, “ er wire an equauy empiy 

Ihe last concert on Friday of showed splendid command of yet withip five minutes, . as fJJJSiii 
. j park Lane Group's excellent colour and line — stylish, agile bunyasha i and Lopakhin sit only of idle 

nual series of Young Artists performances both, shaped with waiting, at 2 o’clock in the morn- mSf 

’ i 20th-century malic was enviable breath^ontroU sus- Ing, for Kanevskaya and her ^ = fj®.. hlmaelf more 
ired by two exceptionally pro- tained with flue conviction. I party to come in. we know that 5UU - _ . vrtiiMr- 

sing young performers, .* suspect that this is a young It w all we need. «*. «. iuunl> 

rinettist and a pianist, both musician whom, with luck, we Firs leads them in, an octo- - 
rn in 1050. shall cbme to know rather well, genarian Jeeves to whom .Geol-ge pil-l-il Uall 

a hilip Edwards- studied the The piajiist, Peter Lawson, Howe gives a look of Clemen- tlK»Uetn nail 
rinet with Alan Hacker, before also offered two first (London) ceau in the statue in the Champs • J 1 

inching on a freelance career, performances — of Robert Sher- Elysees. Then those immortal KT’^TUlf^l 

began the evening' with Peter law, Johnson's third sonata, non seqwturs begin, with Judy 1A1VI1UV1 

v, swell Davies’s Hyirmo$, ct}m- winch made much use. of pl«<*- I ^^l!?f lievskaya * t . t S? f ®™ s * Behind Alfred Brendei'a in- 
\llsed for - Alan Haiiker and ine -and finger-damping tech- disdainfully uncomprehending .2 *°? n “ vT ?® 18 ™ 

. t viphen f Austin in 1967, deUver- idfueskiside the piano, bat; wift- of anything but her own pleasure, l?^i£5C2 l T».! f ftrS 


re NETRATl ON Toniflhl HAMLET 7JD 

: adventure in French porno- SundJV Y z Y G Y 7 so 

Good-looking men and women Sunday jw rock concert SYZYGY. ,.30. 

*^‘g»„ 1 * n l t Sl IORS v ( 2! PALACE. _ 01-437 6834. 

Su MOA-Thur. 8.00. Frl., Sat. 6.00 & 8-40. 

nd smoke In the auditorium. JESUS CHRIST SUPERSTAR 


BOY ' A ^_^TTy A lHALL. 928 3191. 
LONDON FESTIVAL 41,1 FT 
THE NUTCRACKER 

.-Jj**?.-™-* .Leety fjotmaon 

Tonight 7J0 T trabun^Sart. Last perfs. 

SADLER - S_ WILLS THMTRE, Rosebery 

a. T r r : w 22 

Patience. 

THEATRES 


— — FORTUNE. B36 2238. Evgs. 8 . Thor. 3. 

0 3191. SaL 5.0 and 8.0. 

LET . Muriel Pavlow aa MISS MARPLE In 

AGATHA CHRISTIE'S 

WO _ MURDER AT THE VICARAGE 

g perts. Third Great Year. 

Rosebery GARRICK THEATRE. 01-838 4601. 

Feb. 18. Evs. 8 . 0 . Wed. Mat 3.0. Sat. 5.15 6 6.30 
! JILL MARTIN. JULIA SUTTON 

30. Mat DAVID FIRTH and ROBIN RAY 
red. The In the 

’ll., SaL “ BRILLIANT MUSICAL 

ENTERTAINMENT." People. 

. SIDE BY SIDE BY SONDHEIM 

•■GO TWICE." Morlev. Punch. 

“GO THREE TIMES." S. Barnes. NYT. 


PHOENIX. 01-836 8611. Dinah Shertda 

Evg». 8.0. Mat. wed. 3-0. SaL pens. Eleanor Summer 

_ 4.30 and 8 . 00 . A MURDER I 

KEITH PENELOPE THE NEW ESI 

M1CHELL KEITH by AGATH 

NIGEL STOCK " re-enter Agatha 

JUNE JAGO ROY DO TRICE dU"n>t hit ... Agi 

In the Chichester Festival Theatre’s "JO the West End v 
production ol °* h»r hendi^i |v 

THE APPLE CART my series. Fella 

.by Bernard Shaw 

■■ Outstanding revival ol buoyant Shaw," VICTORIA PALACE. 

Dally Telco rann. Evgs. 7.30. Mats. 

Directed by PATRICK GARLAND “SS? 

LAST 2 WEEKS S2SK.' ,“2!f 


TALK OF THE TOWN. CC. 734 5051. 

8.15. Dining. Dancing. 9.30 Super Revue. 
RAZZLE DAZZLE 
and at 11 p.m. 
BUDDY GRECO 

THEATRE UPSTAIRS. 730 ,2354. 

From Wed. at 7. Sots. 730 
Crucible Theatre. Shettield. in 
SAYS I. SAYS HE 
by Ron Hutchinson. 

VAUDEVILLE. 836 9988. Evgs. at S. 
Mats. Tues. 2.4S. Sat*. 5 and 8 . 


Dinah Sheridan. Dulde Grav. 
Eleaner Summorheld- James Grom 
A MURDER 15 ANNOUNCED 


THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
■■ re-enter Agatha ** 1 U| another umo- 

« I limit hit . . . Agatha Christie is sUlk- 
ng the West End rot again wltn another 
ol her fiendishly Ingenious murder 
my scries." Fella Barker. Ey. News. 


I A ^lt P, ?-,I H ^ TR E- CC. 01-836 7611. GLOBE.-CC. 01-437 1592. Evenings B. 1 S. 
tvas- 73^ Mat^ TJurs. 3.0. Sets. 4.0 1 Sat*. 6.0 and 8.40, Mat. Wed. 3.0. 


J r^ 3 c 4??i N r 5 / ^ r hllGHT* OUT ... 

CAPTIVATING TUNES 
AND RACY COMEDY. -- S. People 

musical 

S L EV FB S ^T ‘?ENE HAS 
jcTAur Dally Express. 


AMANDA BARRIE. JOHN QUENTIN 
In The SECOND YEAR Ol 
DONKEY'S YEARS 
by MICHAEL FRAYN 
THE BEST COMEDY OF THE YEAR. 
Last 5 Weeks. Ends Feb. 18. 


PHOENIX. 01-836 8611. 

Opening March 1 
FRANK FINLAY In 
' nw ...is ,ta Brfcusse Musical 
KINGS AND CLOWNS 
Red. Price Prey, from Feb- 16. 

PICCADILLY. 437 4606. Credit card Dkg. 
836 3962. <Ex. Sat.) Mon. to Frl. 8.00. 
SM. .30 3.0D 

. ROYAL SHAKESPEARE COMPANY In 
RAUCOUSLY FUNNY 
18th-century comedy 
WILD OAT5 


VICTORIA PALACE. 01-834 1317. 

Evgs. 7.30. Mata. Wed. and Sat. 2.30. 
BASIL BRUSH'S NEW REVUE 
BOOM I BOOM l BERT WEE DON 
BOBBY CRUSH AND STAR CO. 

" A true family show.” D. Tel. 

Last 2 weeks. 

WAREHOUSE. Downer Theatre. 836 6 60S 
Royal Shakes oeare Company. Ton't. 8.00 

Barrie Kcefteis frozen assets. 

Splendidly Imanmcd comic scene*," 
Times. All seats £1.30. Adv. bkgs. 
Alnwvch. 

WEMBLEY EMPIRE POOL Until Feb. 25. 
LAVISH ICE PANTOMIME^ 
HUMPTY DUMPTY 


ective P ' £re°Sb5 EmVta of ^STmSSh of eSStiom carS At times one has suspected him 

«ir. Edwards also gave us. the. keyboard patterns and sonorities, 


MIRACULC^^sfo\L[ S Fhi. Times. 

... OLIVER! 


rr sk SjSr-.'ISS® 

ely and neatly made more talent, in tjo "Mjg “ “ShSSd^ ta concerts he Is givtog in the "oy-l Company m SZZnJTl 

l B i S,n , 8 i^ ha ? S ^H a A P wro Va S of dLctoKS and worse of the wrrwt Mainly ^Sors M#t +U 

ihnical study for students of good to bear au of MessiaepB ™ *5rrff ' * whft Schubert series) the clarity of Miiianuy executed.- « 

mmim ^ 


HAYMARXET. 01-930 9832. 

Evgs. 7.45. Wed. 2-30. Sat. 4 JO C 8.1 S. 
CLAIRE DANIEL 

BLOOM MASSEY . 

MICHAEL ALDRIDGE hi 
ROSNERSHOLM 

DIRECTED BY CLIFFORD WILLIAMS 
"A MURDER PLAY MORE EXCITING 
THAN ANY BY AGATHA CHRISTIE.” 
J. Baxter. O. Telegraph. 

LAST WEEK. Must end Sat. 
HAYMARKET. _ _ 01-930 9032. 


ROYAL SHAKESPEARE COMPANY In 
-TonKint. Tonwr. 730 
- THE COMEDY OF ERRORS 
"HIIVIOWE and brilliantly executed. - * 
ruSSSr « u WMlh! Jonaon’a THE 
ALC»a«mv rWed. m & e, TTiuts. 1 
Brecht'S Tltt DAYS OF THE COMMUNE 

uni'ica 5 ^. _ R 5 C * ,w> ** THE WARE- 
HOU5B WJ and at Piccadilly 

a"d Savoy Theatres. 


Previews Jan, 24 (Charltvi and J4n. ZS. 
In Opens Jan. 26 7.00. Subs. evgs. s.OO. 
Mat. Wed. 2.30. SaL 5.0 and 8.1 E. 


SiiS , oa« ,ncov Sh«w spark liny spectacle." O. Tel. 

Wild Oat* Se^K„SiE S ,an. 28. Peter K°S: HllBSfc 

PRIVAns *. Ce T“ lY QLL PrtE^excew Sit J * 5. 

privates ON PARADE perfs. from at doors. Enaulrles 902 1 234. Spacious 
F «. 2 . car part, 

FJUNCE OP -WALES. CC. 01-930 8681. WINDMILL THEATRE. CC ur cu, 

-SS kW 8 - 45 - 

paul R -F°Jf ■ 

RICHARD BECKINSALE THE EROTIC EXPERIENCE OP THE 

■ mu. llw . MODERN ERA 

' mScal.** sup. pJ&ss wsa.'Jtxs 

INST ®K^& p, ga’ E o , ?.9 c 3S E o D B6. CARD 


INGRID BERGMAN 
WENDY HILLER 

DEREK DORK FRANCES 

GODFREY MARE CUKA 


N ^A^c^F^, E £ ,, “c^ 4 ta S K D ApdiroromL 

BOOKIN G S ON 01-930 0846. WYNDHAM’S. 836 3028. Credit card 

CRIEEN’S THEATRE, 01-734 1166. SSSi" 0 ^ S5? 

Evgs. 8.0. Sat S.D, a JO. Mat Wed. 34). . T ’ ,ur »- B ‘_ J CIl ^ "5* S .1 5 a nd 8. Jo. 


FINANCIALITMES 

BRACKEN HOUSE, 10. CANNON 1 STRKET._ U)Nt>ON .EC«P 4BT 
Telex: EdttoijdSKsS/Zi 883897 Advextisements: 885033 Telegrams: Friiantimo. London PS4 
.■■*.• Telephone: 01-248 


deadly seriousness which his ■ Bt r=.^ tF ^ ov 

music contains. I had never f^aj^Mats. tiw. sI'smL’s 71 ’ 
thought to hear all four Op. 90 M " 

Impromptus .so brooding, so full ^ NLft*L^tw(iY™ aiR 

of tension as Brendei made them “ Pe^oct. adib or e. News. 

sound: the first which iu other ^tt^Thar^^oo s^v n „ Ev ?5; 2-2°- 
hands can be rambling, was uni- *' oohato smden is’ superb!” n5vI 


“WATERS. OF THE MOON 
by N. c. Hunter 
NOW BOOKING 


Evgs. a.O.Mats Tuea. 3. Sets. 5. 

„ c«?™AN MCKENNA 

,n MEMOIR 

- • 2 th ““U - WCGY 

PcrtjCt. Aaoia ol triumph.” E. News. 


01-836 1171. “P ■W* STV 3- - c ? - 01-930 6606. 


For Share Index and Business News Summary muraaon, 
Liverpool and Hanchester. Teh SM M08. 

INTERNATIONAL ANP BRITISH OFFICES 


Evgs. B OO. wed. and Sat. 3i>a and 8.00. 
_ GLYNIS JOHNS 
LEE MONTAGUE. HELEN LINDSAY 
in TERENCE RATTIGAN’S 

CAUSE CELEB RE 

“ RATTIGAN REVEALS HIS MASTERY.” 
5-T- A powerful drama.” £.N. "GLYNIS 
JOHNS plays brHManay.” D.T. 

HER MAJESTY'S. CC. 01-930 GS06. 
Opening March 26 
BRUCE FORSYTH 

in Lethe Brtcusse A Anthony NewleVl 
TRAVELLING MUSIC SHOW 

Previews from Mirth ib. 

KING'S ROAD THEATRE. 3S2 7488. 


ALEC GtilNNESS In 
THE OLD COUNTRY 
A New flay by ALAN BENNETT 
Dlreoedbv. CLIFFORD WILLIAMS. 
BEST PLAY OF THE YEAR 
Play* and Players London critics sward. 

One of the meet notable theatrical 
»*«nt» In urn, country tor a gaud many 
years.” B. Levin. Sunday Times. 


■nur*. o. rn. a«d SaL S. 1 S and 8 .SQ. 

"ENORMOUSLY RICH 
* VERY FUNNY " LrenhiB News, 

Mary O'Malley's smash-hit comedy 
„ _ , ONCE A CATHOLIC 

Surefire comedy on i« and reunion,” 
Daily Telegraph. 

“ MAKES YOU SHAKE WITH 
LAUGHTER." Gdn. 


RAYMOND MVUE 8 AR. CC- 01-734 1593. V ?2?t? S ^'‘iMWIUABCS 3 * 

At 7 p-m.. 9 jaioj. 11 g-m. (Open Suns.) ’ bfing earn^^ CT w 

S»AUL RAYunun ntiNta EARNEST. 


EDITORIAL OFFICES 

Birmin gham : George Bouse, George Road. 

Telex 338650 Tel: 03M54 09*3 • 

Bonn: prewhans 11A04 BenssaUee 8-10 
Telex 8859642 Teh 210039 - 
Brussels: 39 Rue D»»Jt . 

Telex 23283 Tel: 512*0037 • . 

Cairo: P.O. Box 2040. 

Teh 988510 ' ' 

Dublin: 8 FltzwUUaut Square. 

Tele* 5414 Teh 78532 1 - , ; 

Edinburgh: 37 George Stieet 
Telex 72484 Tel: 031-225 4129 
FrankfL-t: 1m Sadisoda^r 13. 

Tele* 416263 Teh 555730 ^ - 
Johannesburg: P-O. 

Telex M257 Tel: «WS« 

Madrid: Kspmndceda 32, Madrid TL 
Teh 441 6772 

ADVERTISEMENT OFFICES . 


Manchester; Queens Hone, Queen Street 
Telex 666818 Teh 061-834 9381 
New York: 75 Rockefeller Plaxa. N.Y. 10019. 

Telex 66390 Teh (212) 541 463S 
Earls: 36 Rue du Sentitx. 75002. 

Teles 220044 Tel. 23*5743. 

Rome: Via della Mercede 55. 

Telex 61032 Teh 678 3314 
Stockholm: t ! 0 Svenska DagUadet Raalambo- 
vagen 7. Telex ITSOZ Teh 50 60 88 
Tehran: P-O- Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo- 8 th Floor* Nihon Kerori Shhnbun 
Building. 1>*5 OtemaefO. Quyoda-ku. 

Telex J *27104 Tel: 241 2920 
Washington: Second floor. 1325 E. Street 
N.W„ Washtegtoir D-C 20004 
Telex 440225 Teh .(203) 347 8676 


DIRTY LINEN KJNCT5 ROAD THEATRE* 352 7480. Thff tlllf R dlrtV. CJip Doaote arc nfCC . . . iiflct i Aaw% \ 

H,lar S22utnJ I S ^£. ,L 'L SontWv TTirm. cufi 9,30, Yoo will have a ooo? t»me. NY DW. Now* ■■ — — 

^25 B SL t ® Thursday BJO. " Tatcntel erotldsn ~ Daily TH. Student cam DEN « »■ 


fh*J»V5ucKn1oo wassw? 

sentimental, was utterly plain. ° N ° w - ‘'tt.SfiJS.VSSS' TUvAT*'' snw'S^fefS W 5 ch,«« 

tbe serenity just hinted at, never ** "^toM^sroppARo^s Z 3L Preview from M»ra> ib. and vawations 

comfortably in repose. Even the wurr linen thea™e. sm 7<bb. ti» tun b hwyTu^ are nice... 

nmpppirw of the fourth Im- '^'L SuntWv 7lmet. Ju?S:. 9J0 - Yod will h«v« a ,oood time. NY Dlv. Nows 

arpeggios Ol uie iuiuui uu Monuy to Thursday B.30. J™ 11 ROCKY horror show “ Talented erotbdsm ” Dally TH. Student 

DromPtU were restless, driven Friday «d S aturday at 7J00 and 9.15. wow IN ns Stti rocking YEAR 5taitd-by Ticket* available after 7 JO p.m, 

onwards by yearning. ^75*^v5Si rln s * "«*■ 01-437 G 239 or L ? Nno t , ^ A ^?"i5t ^ t* 7 ' rsr3 - 

To regard 7 this cold approach c 0 o^^ 29 Ji M ^SS 8Sifc*«g premiere SP 5t564 * 

to Schubert as evidence of- ®- D0 - ^ %,5} S L « W0 ,rt ws - sally 11 aniTho5i« 

Brendel's detachment is, I am spectacular a ,™ -^ T ^^ Y T y, AL ^ T J?*f PreMntwi^ ■t*7 tr p.m^ S su£ rt £wL 

sure, wholly mistaken. Even "hai^'XnS^ 814 * 1 — — \ ==nzr 

when the musical materia] at his 

disuosai is less concentrated, as “ flvk ■ v..v— .. — . — • 5. a bjb. 


PAUL RAYMONO PTOMBtS 

THE FESTIVAL OF - — _ 

EROTICA 

Fa'jY AIR CONDITIONED. ...YW m»v riMCMAC 

drink and Dnoiy m the auditorium. LIHLMAa 

REGENT. CC 01-637 9862-3. ABC 1*2, Shaftewury Av*. 836 886 T. 
M.. T.. W.. ana F. 8.00 TMfL and Sep. Perts. ALL SEAT5 BKBLE. 

Sat. J8.15 and IL4S. _ is THE GAUNTLET 1 X 1 . wk. and Snnj 
SEXUAL PERVERSITY IN CHICAGO Z.OO. 5.00. 8.00. 

AND DUCK VARIATIONS 2: THE LAST REMAKE OF 8 EAU GESTE 

„ by !>■*><) Manet iA). Wk. ana Sunj 2.00. 5.20. B JO. 


Friday and S aturday at 7jbo and 9.15. NOW IN ITS 5tn ROCKING YE AR Stand-by Tick* 
ASTORIA, c>) vl nj x K± p |537 ™ or L ? ND<W PALLADIUM. CC *87 7373. 

? , ^ 3 r«5ISl or ot *734 4291. NeanS J Na. 2.45. ROUNDHOUSE. 

I u r5n T ® t tS hi, P Court Road. Mort.-Thurt- LIMITED TO FE» 25 ONLY. BRITII 

B.00. FN. «d 5 .L m 6O0 .Pd 8.45. SA^'JX. 5?* 

THE STAGE SPECTACULAR a . M ANTHONY VALENTINE d lWY. 23 J 

Ti6kH._5iJ0^aj0. luamc^dK cart um 

Ro Eat ill our lnlly-n»w<< RMUunM HANS ANDERSEN _j e= 


tJd’E? CAMDEN PLAZA. Oh. Camden Town 
Sbnd-by Ticket* amiable after 7JO p.m. Tnbe _ 4gs 2443. Tavianls’ padre 


PADRONE (X). Grand Prize Cannes '77. 
” 4th MONTH.'* 4.05, 6^5, 8.50, 


Schubert as evidence of- 8 00 - f 1 *- ^ eoo and bus. 
ndel's detachment is, I am pit stage spectacular 
^ wholly mistaken. Even 


tOUNDHPUSE. - 267 Z564. " «ti MONTH. 4.05, 6^5. 5.50. 

_ BRITISH PREMIERE OF 

victor Hugo's ULS BURGRAVES , CLASSIC 1, 2. 5. 4. Oktord Street .Oop. 
Pweented hv.Le -Theatre das Ooartlera Tottenham Court Rd. Tube). 636 0310. 


23 Jan. at 7 p.m.. subs. m. 
until 28 Jan. at 8 . 


disposal is less concentrated, as 

in the evening’s two lffl5 «• 

Sonatas. Brendei is profoundly • 

involved— but he never allows % e“£JS 

that involvement to disturb the vcrvc sun. th. 

quite chitting balance which he ■■ stawanV oveaiw. - * Times, 

strikes . between Schubert’s - mb«"K w In 
moods. ^Hinting at insecurity in ^ 

the military rumblings of the A ffam ” 


i ..w,!— __ “T * 5 7 LONDON PALLADIUM. CC. nl~437 7373 

^w^tK^, UnB .. f ?Slt 3[tam,,lrw OPENING MAY 25 

"WI tnu m s>Jn q.' ■ Obww. FOR A SUMMER SEASON 


THE TWO RONNIES 
BOOK NOW! Theatre and Asents. 


World Premiere of 
LAUGHTER I 
^ or Potor Barnes. 

See also Tlwitra Upstairs. 


— hbto ROYALTY. CC 01-405 8004 

LYRIC THEATRE. 01-437 3688. Evjl SO. Monday-TIurfdav Evenings 8.00. Friday 


1: 5INBAD AND THE EYE OF THE 
TIGER (UK Progs. 1 . 10 . 3.30. 5-SO. 8 . 10 . 
Late show 11 p.m. Aria Guthrie. Jim 
HeiiarlH WOODSTOCK OO. 

2 : HIDING PLACE iA|. Sep. Peris. 2.00. 

5.00. 8.00. Late show 11 mi. Elris 
Presley FLAMING STAR (A). 

3: EAST OF ELEPHANT ROCK lAAL 
Press. 1-55. 4.10. 6.25. 8 AD. 10.55. 

4: WIZARDS IAj. Progs. 1 . 0 , 3.0. 5.0, 

7.0. 9-0. Lale show every night 11 p.m. 


Mats. Thurs. 3.0. Sets. 5.0 and BJD. &30 and 8 A 5 . Saturoay 3.00 and 8,00. CURZON. Curran Street. W.l. 499 3737. 


JOAN PLOWRIGHT 
COLIN BLAKELY 
and Patricia Haves In 
FILUMENA 

dt Eduardo de FIHodo 
Directed bv FRANCO ZEFFIRELLI 
-TOTAL TRIUMPH.” Ev. Newa. “AN 


. ■ . ■ V ^L - . _ PARDON MON AFFAIRE fXl. CEnglistl 

BuraUNG BROWN SUGAR sub-titles.) "A bubbling French' lex lark 

_ . ri J977 that Is a lev Irom start to flnbti 

Tel, tkps. accented. Major credit ords- Dally Mirror. The French have a word 
AVOY. CC. 01-838 BBSS. Evenings 8.0. »«r ft . . Lapghter"-— Dally Mall. Progs. 


SAVOY. CC. 01-836 8888 . Eveolon 8.0. 
Mats. Thurs. 3.00. Sat. 5 .00 8.30. 


at 2.0_(ngt Sun.). A05. 6.15 and 8.30- 


Blrmlngham: Geo 
TClex 338650 Tel: 


t House.. George Boad. 
1-454 6922 


Manchester: Queens House. Queen- Street 
Telex MWn Teu 961-834 9381 . ' 

, “ ,u ' 

SUBSCRIPTIONS ‘ - 

Copiei obtainable from newsagents *n4 worMiride or on reguhr subscription 

from Subscription Department Elnaacfa) Times. London. 


minor Sonata’s first movement- cawm/oc! ssog. moo. to eVent’ to t ?reasu h rI' -E o. mT-may S?m F 4hire ^5S^o?Hf, R L? i l ATRB ' < ?5 0 

hardly daring to breathe the joy TnBr ' 8 ' ofl - .^Tc^Jfei Mi 8J0 ,T F 1 L L ye!^ L- - y K 8 il HUN0SEt ’ «oy ™: g% K s h cosmns“& ffflC ‘ s d S; 

of Ihe Trio ; gwkw artly poandina - -. ..m ' «. . . SSSSSi ^ feVfI CT ; IL u L ..‘¥! A,L * llLE 


ofthe-hl^owkwordlri^oaoB - mayfaTS: 
the cross rhythms of the D major its orSes o tJ ^Too. ow 

Sonata's slow movement; treating D, " ncr MKI *«H>rtcg m C7.7S me- • ! 

ihe final Rondo with deadpan |.o. 

seriousness (in spite of all ^SSS ?L5 n < t war “ " outragei 
Schumann's advice to the con* hywell bsmnctt 1 i« ' sinw^GRAvs n 

trary)— in all these momente m ex maid 

Brendei was wholly it) command. last wbbk. mS <w5 tEj £vb davy 

His playing was direct in com- cwiTtm oifc cc, ■ • • oj-sno 321 s. i» 

muiti cation and revelatory to ***■ ^ i ^iI'“hil'lip's t,HW1 ' 1 D0 - ■■ a d« 

Content. “ tmp ,e s a »» . , . a WIMP ." Son. Tima. in rf 

NICHOLAS KENYON *• hilariously fwnyI” n. ot world. SU “ oVw 


UR. _ CC. 629 3036. 

Open* Tim. Fob. 7-17 0 . 

. GORDON CHAfER in 
THE ELOCUTION or 
BENJAMIN FRANKLIN 
by St*ua J. Soear, 


" OntrageoiHly funny 


ol in a cloud ol lay from beginning so . . . ■ — ■ _ . .. 

cnu.” S, Times. RSC also ar Aldwych Onff w - _^ ?, oa r *- , <8^0 6111,) 

and WccuWiv Tbeatres CrcdM card the DEEP tti. Sg. p™«- ««v day. 
bookings accented. Lasr a Weeks. Season seats may «* Mokod. Doors ooan « 
ends Feb. 11. 120 , 4,30. 7,45 . 


mowing.” Variety- 
Previews from Feb. l 


Profoundly shaFTESBURY rHEATRE. 01-838 6596-7 8 P WW L M «lM_e <723 201112.1 


MERMAID. 248 7658. Rest. 248 2835. 
Era- 8 . 00 . Mats Mon Wed Fr. A Sat 5.00 
DAVY JONES. MICKY DOLENZ 
in HARRY NILSSON’S 
THE POINT 

"A dram delightful soogs which linger 
in the memory." □. Express. 

suit tickets £1.25. £3-50- Combined 

Dinner- Theatre HUM £3-93. 


Ere. 8-00. Mat. Thurs. 2.30. Sat. 5.00 T ^ 0 5 s .i AA, ■ S * B - Bra **- WtoL 

and 8.00 2 ..ro. SJO, BJO. 

PRINCE CHARLES. Leic So. 437 8 T 8 lt 

A New iem,cgSui? N llcK musical 

- Many . M^^,”!^Ung. News * Wts^kb^r & 

*■ Bouncing vigour/ - Evening Standard SCTNK 1. Leic- So. (Wjrdour Si.). 439 
■■Spectacular Presentation. Staar 4470. A BRIDGE TOO FAR <A1. ProC 


Spectacular PiwntatlaA Staar 
Onr. add Too Prke-Seat W.75 
Instant Credit -Card Reservations 


I?; 5 *,-. ‘ill 0, 7-M- Ute S* 10 "* M. and 




so 


Financial Times Monday January’ 16 1976 


FINANCIALTIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Telegram*: Fl it n i Hinn . London PS4. Tries: 886341/2, 883887 
— Telephones 01-248 8606 -- • 

Monday. January 16 1978 

A trade war 



a new 


BY REGINALD DALE 


averted 


l HE most ambitions round to create a new up-to-date 
of international trade framework for world trade that 
- negotiations since World will last through - the next 
War Q should, with luck, within decade and into the 1990s. 
the next few days reach what There may never a gain he such 

THE DANGER of on outright queues of the ***** ™ 

(rode yrar between Japan and measures taken both by the U.S. „„ .. «... its 

1960s. 


iraue war oei w een uapan ana an ^ tteworid seem an odd choice of than its predecessor, 

the U.S. appears, for the tune a“ d toe < h __ heen phrase given that the talks were Kennedy Round of the . 

being at least, to have been ^ ^ jj®. formally opened at a meeting in which concentrated on tariffs 

averted. Last week in Tokyo cartelised, ^ may prove dtifr _ „ 

over four veart aeo. and anti-dumnln? mpanirps. 


measures. 
Round is again 


avenea umweem. m rosyo Japan well over four years ago. and anti-dumping 

Mr. Robert Strauss, the U.S. cult to xt ^ p ^“^ort-texm ln September, 1973. earning the The current Roun 
special trade representative, toa ■ . _ - . . title of the “Tokyo Round.” meant to lead to a major tariff 

^ aCh a e i a £ ee T n J.°“ 8 S aCka ^f to Trade experts call them the cut, but it also tak^m a vast 

of measures which mark a sig- rplattons. the reference MTN (multilateral trade list of non- tariff barriers, down 

J a Pa ^i12 urice svstem may be the lesser negotiations). But there still to such items as consular fees in 
SZSfTTw hv m? eriL •" those who think that an Latin America, which in many 

by Mr cl earl v the Japanese must original suggestion to dub them cases are far more disruptive 

So ufiKSth » J3SSJX SSritSS director- £& tariffs t0 lnternational 

go^ar^ e P no C 5h e to d ^ t £?J SpjSteb Sip^ o^tanu- General of GATT, might have In addition, it is hoped to 
dem«.ds. parties? SSured products. It is now been more appropriate. rach affl^ment on a number 

on imports of agricultural pro- widely appreciated by Japan’s The slow pace so far of the of new, codes of conduct in 
duce The modest nature of the leading exporters that the con- negotiations, described as areas such as Government 
concessions came as a consider- tinued acceptance of their pro- “trench warfare" by GATT procurement, technical stand- 
able disappointment: it had ducts in European and Amen- officials, has been largely die- ards, customs valuation and 
been widely supposed that can markets depends in pan on tated by events in Washington, import licensing procedures, 
the drastic Cabinet reshuffle their willingness to import more It took the U.S. until January, Further major aims are to up- 
heralded a more determined components and other materials 1975, to acquire a negotiating date international safeguards 
effort by Mr. Taken Fukuda. the from those markets; a start has mandate, with the passage of mechanisms and rules covering 
Prime Minister, to get to grips been made in vehicle com- the Trade Act. More time subadies and countervailing 
with the political problems ponents but a great more could elapsed while the American duties, and to devise new ways 
posed by liberalisation. The and should be done. team was assembled in Geneva, of liberalising trade in agricul- 

unfavourable reaction in Wash- The biggest uncertainty the site of the day-to-day nego- tural goods, 
ington and elsewhere evidently remains the future of the nations. Not long after came Inevitably, the 97-nation talks 
persuaded Mr. Fukuda to offer Japanese economy. The growth the start of the Presidential are dominated by the U.S., the 
more, despite increasingly rate in the present fiscal year, election campaign, the change of EEC and Japan, which together 
threatening noises from his own ending in March, is now esti- Administration, and further account for 50 per cent of 

mated at just over 5 per cent delays while President Carter world trade. But Canada and 
compared to the earlier target looked for a new Special Trade Australia have major interests 
of 6.7 per cent The Govern- Representative' before picking at stake as raw materials ex- 
ment has committed itself to a Mr. Robert Strauss last March, porters, and the developing 
7 per cent growth target in the Mr. Strauss’s arrival on the countries are pressing hard to 


domestic farm lobby. 

Import quotas 

The most important feature 
of last week’s agreement was 
the 

l^f^oran^es^and 'cUnm" fruit whet h er this target is feasible; [place, the new U.S. Administra- special needs are. taken into 
juice no t “to the full extent many ®c° nomis ts believe that I tion sees the Tokyo Round as a account Among the industria- 



Mr. Olivier Long, Swiss Director-General of the GATT (Ieft)- and Mr. Robert Strauss, 
President Carter’s Special Trade Representative. 


ing out Ideally, action should 
only be taken with the consent 
of the country it affects. 

U safeguards'**-*) one key to 
the success of talks, agriculture 
is very definitely another. The 
U.S. has repeatedly stated that 
it is not seeking to undermine 
the foundations of the Com- 
munity’s Common Agricultural 
Policy in Geneva, but it insists 
that ways be found of Improv- 
ing its access to both European 
and third country markets. The 
EEC has responded with pro- 
posals for new international 
agreements on dairy product! 
(with the backing of New Zea-. 
land) and meat (with the back- 
ing of Australia). - Negotiations 
for a new wheat agreement have, 
so far largely bypassed Geneva, 
and it is doubtful ■ how much . 
will emerge an cereals from the 
Tokyo Round. . “ ' 

The U.S. is showing less- 
hostility than in the past to the 
concept of international agreed 
meats for agricultural products, 
but it will want more than the* 
Community is offering if it is to 
satisfy Congress. Influential 
Congressmen have made it dear- 
th at they will only agree to 
ratify the final package if it pro- 
vides a substantial boost to US. 
farm exports. 

A settling of the differences 
between the UR. , and the Com- 
munity is, of course, essential 
if the Round is to succeed. But 
the talks could also run Into, 
political difficulties if in-. 

paid to 


commitment by Japan to ® s “' J*"; ^ “ e " “ **“ w “ £* .I®*? to J. * “* ““ I ^“ ° £ will be leading tbe American rand, the Socialist leader, who GATT members). The O.S. 5*2*5, rfJStontai 

**e the import quotas for S? ?L ??!“* 523 *L?” “SL “if team. w« scathing about tteTofrp however wiH not agree to this *VuS2d 

Onc ol the trickiest issues to *>uud in his 1974 Premdeay ugws the EEC ®ves it saris- h ™ 

but *»» * "* more I «■*. ««— * m the battle U»d countries. It is a «» SSW whSE 5n?£t accept "“STLaSTSlK «£ 

far enough to cause some thaD 4 per cenL (against protectionism. In the J^Jmental _, t0 _ reas ^ ,r ! between wLhtoetnn the thing be caUed off. If he were unless the Europeans make ™ P »S « 

awkward political repercussions cv/m*,,/,,* 
inside Japan. These increased ^ umutus 

quotas will not, in themselves. The appreciation of the yen iieresi in roe taixs succeeding v**™* n uDerai, u nor ta ^ Ss r "partwianti Position or me nuo. u umess rue u.o. nuuro cun- . .. „ n( 

make any dramatic difference has created serious problems in | He strongly rejects .sngges- entirely free trade, as a i^jKJJ&STuS Britain is hardly more en-cesaions on procedures for cus- 'LSuM-t 

worried that progress on tariffs thusiastic than France about toms valuation, to which the developing countries, 

has been allowed to run ahead the proposed tariff cuts, and EEC attaches the highest fcn-. ^ addition however the 
of most other items on the has said it will only consider portance. developing countries are asking 

table. They fear that industry, the 40 per cent figure on two Britain wants it to be possible that the principle of “special 
and trade unions may react conditions: that tbe safeguard. in future to apply safeguard a nd differential treatment" for 
sharply against what looks like issue is satisfactorily resolved; measures selectively against one the poorer nations should be 
such a major breach in protec- aod that there Is some provi- or more countries, an Idea that written into the GATT rules 



. _ sugges- entirely free trade, as a . . . . M .. . 

to the U.S.-Japan~trade balance] parts of Japanese industry; the tions that trade liberalisation stimulus to investment and 111 .^ 0 _ U0ns ^ a . u ~. e 

but, taken together with other number of bankruptcies has cannot move ahead while the economic growth. 

Japanese moves to encourage been rising sharply. The world economy is beset by in- 
imports. they should have a increase in exports is certain to flation and unemployment Tbe 
useful psychological impact on slow down considerably in the U.S. Congress, be pointed 
public opinion in the U.S. next fiscal year ! the main im- out in a recent speech, accepted 

In the meantime one of the petus to economic growth will President Roosevelt's proposals 
other sources of conflict — steel have to come from domestic for the first reciprocal trade 


EEC missed 
the deadline 


lished its plans for a system public works expenditure, many lisbed, 
of reference prices to keep out observers doubt whether the round 


r A*r*r ” * v ———»—* — **• m 6 tut «**““« r v ments DrotecuOn. So far the 

“S .GATI' agreed on a tigit new tune- that will be included in the final to arrange that a farther post; restrictions. Bonn has how industrialised countries have 

§f=£=I”i SSSs-S SSS-SSsS rSsrrSss SSsrSH SSSSSSi mS? 

Ti iHxSf IL Jaoanesp nXti^ ^ be ^bi ^ ^ ^ items by November L and the* years. A tariff reduction from, agree to one that would never seiective actlpHor fear that it wWnT hone 

STSSSm Which h£re fETTSZ f tL WO i d ,S? e main oumnes of ^ e coAe of sa ^ 10 t0 6 per over the b® completed. wouh, usually, be at the receiv- ^IgfSSJ oneratiTn t£uld 

prices to meet the new levels just been reached with the US SlpmpS th» mulfrfibre conduct negotiations were laid best part of a decade is hardly Washington would like • to mg end; on the other hand, it W0U nd up in the first half of 
prices to meet uie new levels just oeen reacnea agreement at the end of the on the table before Christmas, dramatic. leave the schedule for the tariff seej the attraction of being able S5. ^ P £ ^gSded al 


set by the Administration, can be regarded as palliatives, viar^d b?^ JaraVs'lncrMsi^ ^ leave ^e schedidefcr the tariff ^ the a^t^on of bang abie this year is M 

which work out at roughly 6 but Mr. Fukuda's handling of willingness to acknowledge the Fnr 1116 Frencb Government, cote till later, while more work itoelf to take selective action unrealistic in Geneva. There are 

per cent, below the comparable the Japanese economy over the deadbne for the tabling of offers which faces crucial elections in is done on the other elements of against its increasingly danger- even doubts whether the talks 

U.S. domestic prices. There is next y?ar will help to determine fj? ^ ^o months’ time, is among the wgotiations-all linked to wenwttton m South Korea, ^ be included in ^ wurse 

still, of course, a big question- whether a return to free trade S? ?***' thos ? most abopt each other by a_ implicated Taiwan, and other low-cost Far of 197a Some GATT officials 


mark over the long-term conse- can be achieved. 

Supporting the 
committee 


Tokyo Round remains balanced line has .now slipped by a possible political impact if the chain of differing individual in- East mauufecturng countries, WO rried that almost as soon 

a toifeedge and could yet few days. The Community^ 40 per cent figure Is trumpeted terests. The Europeans, for in- The view of the GATT secre- as the French elections are 

iSSiS sir dterof unJ " Fore jSn Ministers will not be abroad too loudly. For this rea- stance, will not accept new tariat is that if Governments are over, the onset of the mid-term 

lateral protectionist measures, meeting m Brussels until to- son, GATT officials do not ex- rules to control state subsidies going to take action against election campaign in the U.S. 

?f^rL.5TfL eP ; ***** ®°^ ow to approve the Commis- pect much further progress on to export industries unless the other countries’ imports, it is will cause further delays. If 

with the U.S. Trade Act due to sion s negotiating mandate. But tariffs until after the French Americans agree to introduce better that they should do so that threat fails to materialise. 

toe first few days of the hope remains that the. elec tions— assuming, that is, the countervailing duties in future within the framework of agreed the hope is that the whole 
1980, the conung year will make decisive stage of the negotia- present -coalition is returned to only if it can be proved that rules. If selective action is wearisome process can be 

or break the talks. tions can be launched at a high- power. Their real fear is that U.S. industry is suffering from taken, it should only be after wrapped up in just under 12 

_. A gr “ t , at ^e. level meeting in Geneva next the poll will lead to a Govern- cheap imports (a provision that consultation, with provisions for months’ time in a grand pre- 

The Tokyo Round is intended Monday, at which Mr. Strauss meat under M. Francois Mitter- already applies' to all other supervision and ultimate phas- Christmas parcel. 


NO COMPANY chairman likes 
to give detailed forecasts of 
prospective profits or losses, 
especially when only three or 
four months of the financial 
year in question have elapsed. 
Sir Charles Villiers, chairman 
of the British Steel Corporation, 
has stated that the projection 
of a £466xn. loss for the year 
ending March 1978, which was 
contained in a report to the 
Board in July 1977, was crude 
and unreliable, it would have 
been quite wrong, in his view, 
to have given this figure to 
the Select Committee which was 
then investigating the industry. 
He says he left the committee 
in no doubt that the BSC's 
financial prospects were 
deteriorating, but it was not 
until much later in the year, 
after the world steel recession 
had worsened unexpectedly, that 
he became convinced that the 
loss might be as high as £500m. 

More immediate 

Yet the £466m. projection 
was passed on to the Department 
of Industry in July. Members 
uf the Select Committee argue 
that they too should have been 
t. Id of the figure and that, if 
they had, they would have called 
for more immediate action to 
tackle the crisis in British Steel. 
The committee is urging the 
House of Commons to order the 
Government to make available 
all the papers relating to future 
prospects submitted by the BSC 
to the Department of Industry 
from the beginning of 1976. 

It is always a matter of judge- 
ment for the chairman of a 
nationalised industry as to how 
much information he should pro- 
vide to the Select Committee, 
even on a confidential basis. Yet 
the committee has a record of 
showing responsibility in these 
matters; >t does not indulge in 
unnecessary fishing expeditions. 
Moreover, when a corporation 
has had such a consistently bad 
performance as the BSC, and its 
financial state is so serious, the 
committee's questions are 
bound to be more detailed and 
more embarrassing to the man- 
agement" than they would be in 


MEN AND MAHERS 


a normal situation. In these 
circumstances, the management 
of the corporation would be well 
advised to take the committee 

fully into its confidence. water to an artistic and intellec- 

Over the past decade, succes- Crashing SUCC6SS tual paradise. - 
sive managements and succes- _ . . .... 

sive Governments have between GOWMinuCr To judge by some of his New 

them failed to achieve the Zealand critics this looks like 

D . . aa uphill task. One of the main 

non — 10 modernise me m- r i S ^ er who^eft 1 !^^^^^ for c ^ i ^T acter ® toe book is the 
dustry. The House of Commons jj ew Zealand three veers ago Pitot who Is discovered 

can hardly he parted to wait duT ^“t^nd'K ^ ea h ”St t bl “ 
passively while the manage- Britain was becoming " Euro s / ew ^ ae f s r< gm-mena_ rne 
meat and the Department of communist,” arrives back in Auckland Star cntic commented 
Industry decide how to deal Britain to-day to promote what 

with the present crisis, which looks like the bieeest. best- cr f 1 dime except that we are 
is far worse than any of the se iiing thriller yet come out jS* 0 S 

preceding ones. The House, 0 f the anttoades The book. member of a group 

through the Select Committee, called 44 AirscreamT has already that Ne w Zealanders palce just 
has a right to be Informed made over $500,000 in advance ^ 

about the options whtch « rights from down-under and noveSt 


T&ASVXZ 

PEPT OF 
UNDER 

SPENDING 


chaps — too much imagination... 


being considered and to form America and is about to 
its own conclusions about what launched over here. 

should be done. Bruce wrote the original 

Modernisation 250,000-word version of his 

The committee’s demands for hi _ Making Steel 

information might seem at first “* ° J 

sight to be inconsistent with the 'nS^g ^i ^r^e QUt Of fudge 

SaTheneoa^eSoi lniSSJ hougW^bS sellinT^e” Last week’s spectacle of .. 

„n It. rea <i tiw™ through in quick Parliamentary select committee 


be 



The three experts were Tony 


It was when they asked for a 
check as to whether the BSC 
figures were accurate, or had 
been subsequently updated 
that the committee felt they 
were' getting "fudged 
answers from BSC. 

Having proved what a deter- 
mined and well-briefed select 
committee can achieve when it 
sets its mind to it the next step 
is to try to obtain for com 
mittees the same sort of muscle 
to enforce subpoena ' as is 
enjoyed under certain circum- 
stances by the House of Com- 
mons as a whole. 

In this the committee mem- 
ber j are being opposed most 
vociferously by Michael _ Foot 
who, having made his reputa 
tion as the firebrand orator of 
tbe Left, has developed over the 
yeans into one of the. most con- 
servative interpreters of parlia 
mentaiy rules and procedure. 


SMW'JSiSSSS ssr^it B aSd , ss«s !3S s its “ ,o 

^ S2£!„ JSS have^proved 

Simplified. If that the Govern- puhUsher> This took maddening to Sir oS SPecU1,S 


specialises in making inter- 
ment should decide what it FaV^n^pr^h^' ™k air - unan “ national steel industry com- 

what is left re^G^^ek^rrb^%^l^ is ^ D “ m *« l ***** 

aft « a 8x113151118 .“*■ of a mid-air considerable enrou^gemeS to * Ibe 

we^infnted oJ? last week.^the comsion between an airliner those back benchers eager to steel company and 

we pointed out last weu, ine if*»hf ninno **** “ * a-— ciwnputer specudist James 


Fair game 



wants. In them? it is committed u , 1 . P™* 

to tha stratecv I political chicanery and 


manager and Rhmock is MP for 


to the modernisation strategy ana Two factors appear to have the 

sfiA* «s sassar a = t--g« s e shsss 

cnnsigtont nnemot to implement Althong^Bmce “ tially St ““*“**« 


consistent attempt to implement 
it Moreover, as the 
says in its report, the core 


their ' investigations. This 


strategy— the expansion of five ^ OQ ■ own „ “onnyj ne Labour moderate Michael J in 

main steel-making centres to an 15 ^ outspoken about what he Thomas and the rest of thclS-JS, 

Internationally competitive scale *s the mediocrity of New man committee into such' - a ■' JJ® h tb 

of production— assumes a level Zealanders as the decay of united band of warriors. -The ^ ^ s “ mers ’ but 

of home and export demud first is their weU-pnblicised 

which now looks highly ques- All is not lost, however. Bruce anger at being denied the sort : rec ®J v ®» 

tionable. suggests that New Zealand of information they demanded, in digesting the BSC s own data. 

In these conditions, the should follow the Irish example even on a private, informal Armed with all this the com- 
role of the Select Committee and make the country a tax basis, and secondly their success mittee got excited and increas- 
on Nationalised Industries as haven for writers and artists, in obtaining the services of inffly perplexed when they fed 
guardian of the public interest wants the banks to fund a first- three expert advisers compared the BSC’s data through their 
acquires a special importance, rate national ballet group and to the solitary expert budgeted own computer and it unfailingly 
It deserves the support of the generally hopes to turn New for- in most select committee differed enormously from cor- 
full House of Commons. Zealand from a Pacific back- investigations. poration estimates and forecasts. 


Given the still highly charged 
atmosphere . in the Basque 
country, * -where- • extremist 
Basque nationalists are con- 
tinuing their campaign of 

violence in spite of the new 
regime’s general commitment to 
greater regional devolution, it 
is perhaps not surprising that 
the Government looked askance 
at the request of a group of 
Basque hunters. They applied 
to call their association “the 
democratic partridge.” Tbe 
Government refused to register 
them on the grounds that this 
meant politicising a venerable 
old pastime. 

‘ After thinking about this Eor 
a few days they have now come 
back to the Government for 
permission to call themselves 
“ the free woodcock." This joke 
could go on for ever. 


Observer 


FIGHT BACK 
AGAINST CANCER 

It is good to remember that most people live 
thejr Jives untouched by any form of cancer. 

But as all too many are aware, cancer is 
somettiing that casts its shadow far beyond 
those it directly affects. That is why so many 
people think it rightto help the urgent work of the 
.Imperial Cancer Research Fund. 



7he main taboratortes ai Lincoln's Inn Fields 

IMPERIAL 
CANCER RESEARCH 
FUND 

One of the ways you can help us NOW 

1 ^ ^ asa^ donation to the scientific 

work of the Imperial Cancer Research Fund. . 

I do/donot require a receipt (please delete appropriately). 

•As you are sure to know, a donation made by means of a 
Covenant allows us to reclaim tax paid, thus Increasing our ' 
resources at no additional cost to the donor. We have up-to-<tate 
detafl&of how to make-a Covenant arrangement -i! you would like 
them sent, please put a tick In thisbox. 1 — , 

Mr/MistMksi 


Address. 


■ The Appeals Secretary, Room 177/12 
: imperial Cancer Research Fund. RO. Box 123, 
I Unccdn’s Inn Fields, London. WC2A3PX1 



K 










11 


1 






Financial Times Monday January 16 1978 


SURVEY 


Monday January 16, 1978 



Although the company sector moved into surplus in the second half last year, the overall 
improvement failed to meet many expectations— a trend which may continue this year even 
if borrowing increases to meet growing demands for new capital investment 


‘ ST YEAR was one of dis- 
xanted hopes for - Industry 
I this year looks like being 
' ;y slightly better' in spite of 
- expected recovery in domes- 
demand. The rate of growth 
profits — parti ralarly the over- 
s components— -has slowed 
L fra significantly, and the long- 

• Waited movement by the. com- 
ity sector into sustained 

ancial surplus has not 
. 'mired 

The check to. earlier hopes 
;■ i reflected a combination of 
L : slowdown in the growth of 
rid economies generally, the 
e in sterling, and. the disloca- 
. n caused by an excessive-level 
'.' stocks in the first half of the 

,r 

The contrast can be seen, by 
"^paring the forecast from, 
ckbrokers Phillips and Drew 
■ . t spring that U.K trading. 
. Dfits would rise by 20 per 
.. at in 1977 to nearly £15bn. 
llh their latest estimate of an 
"" tcome for the year of £13.3bn., 
■Jse of a tenth. This excludes 
i estimated - contribution 

* >m North Sea activities where 
ofits are rising more or less 
- expected, to a probable total 

” nearly £3bn. in 1977, com- 
red with £4D0m. in the pre- 
ens year. 

The downgrading of profit 
-pectations reflects a marked 
■wdown in the rate of growth 
ring the course of last year, 

| has already been shown by 
j results of some major cran- 
nies. Total trading profits of 
-iustrial and commercial cran- 
nies actually declined on a 
asonally adjusted basis after 
e first quarter of 1977. 


.This gives a subtly mis- 
leading impression since a large 
part of the profits at :tbe.eud 
of 1976 and early 1977 merely 
reflected the high rate' of price 
inflation at the time . and 
included money needed to 
finance the increase in value of 
stocks. Thus gross - - trading 
profits (ner of .stock ^apprecia- 
tion) arising in toe: IjJK. 1 went 
up by 27.8 per cent- between 
the first and third quarters of 
last year. . • 

But North Sea. oil, and gas 
operations accounted .for a 
quarter of the U8 per Cent rise 
in industrial and comm.ercial 
profits in the sir ‘months: to Sep- 
tember compared with the pre- 
vious half-year. "Without, these 
operations, profits .Would have 
increased by some 20 . per cent 
on the same six-month com- 
parison. 


profitability as measured net of 
stock appreciation; where there 
was probably a slowdown during 
the fourth quarter. 

During the first half of last 
year, when there was only a 
relatively small rise in profits 
net of stock appreciation, the 
financial position of. the . com- 


that the company sector moved 
into a surplus of £377m., almost 
for the first time since 1972-73. 
The surplus may turn out to be 
slightly smaller in the fourth 
quarter, and it looks likely that 
for 1977 as a whole there will 
be a deficit of a few hundred 
million pounds. 


The Department of Industry's 
survey of company liquidity has 
shown that the liquidity of large 
companies improved last year. 
This may partly reflect inflows 
from abroad, especially from 
foreign parent companies to 
their U.K. subsidiaries, as a re- 
sult. of the turnround in 


Demand likely to grow 


by Peter Riddell, Economics Correspondent 


World 


Hie main slowdown, or even 
decline, in published, profits has 
occurred for international com- 
panies involved, with. Jpirpdncts 
or commodities traded, through- 
out the world. Examples are 
GKN and ICI and this ‘group 
of companies has been affected 
by the slow rate of growth of 
world trade, by overcapacity 
and stock problems ;in .certain 
markets and by the : impact of 
the rise in sterling both on the 
translation of overseas profits 
into sterling and oh " export 
profitability. 

These problems are' likely to 
have been reflected toot only 
in the published figures for 
profits but also in underlying 


pany sector was unfavourably 
affected - by _ the large and 
unexpected rise in the level -of 
physical stocks of goods. Tltis 
seems to have been partly in- 
voluntary since demand was 
more sluggish than had been 
expected. The result, was that 
industrial and commercial com- 
panies had a financial deficit 
of £1.35bn. in the first half of 
the year, compared with £972m. 
in 1976. This shows the amount 
they had to raise externally 
after paying taxes and divi- 
dends and financing capital in- 
vestment and stocks. 

However, ; thls trend was 
reversed in the third quarter 
when the physical level of 
stocks was reduced. The amount 
required for stock appreciation 
also fell sharply with the result 


This contrasts with pro- 
jections of Last spring by Phillips 
and Drew of a surplus of 
£l.2bn. and by Wood Macken- 
zie of " a surplus of £ 1 . 8 bn. 
This is an extremely diffi- 
cult figure to project and 
the past results are often sub- 
ject to major revision- — not 
only of size but even sometimes 
of direction. 

This deficit has not caused 
any financial problems for the 
company sector. Thus although 
bank borrowing by industrial 
and commercial companies rose 
further during the year -it was 
not much more than was necesr 
sary to match inflation. There 
was also a continuing contribu- 
tion from rights issues . of 
equity totalling about £800m. as 
in the previous year. 


attitudes to sterling in foreign 
exchange markets. . 

The prospects for this year 
are still uncertain. The recent 
Bank of England Quarterly 
Bulletin suggested that company 
profits should continue to re- 
cover until at least the early 
part of 1978. with industrial 
costs rising relatively slowly 
and demand reviving. But the 
company sector is likely to re- 
main in financial deficit, des- 
pite- relatively subdued growth 
in capital spending. 

Profits from U.K. activities 
(about 50 per cent, of the 
total) should certainly improve 
in! view of the expected upturn 
in industrial output and de- 
mand. A slight check could be 
provided by the growing num- 
ber of Price Commission in- 


vestigations. In addition, there of total profits to roughly 11 
is expected to be a further per cent, compared with 19i«, 
sharp growth in profits from there should be a further im- 
North Sea operations up from provement in the quality as a 
£2bn. in 1977 to around £3.5bn. result of the slowdown in the 
this year. rate of price inflation. Both 

It is much less easy to project brokers estimate a fall in stock 

the rate of growth of profits appreciation from around 

from exporting (about 15 per £4J5bn. last year to between 

£3 bn. and £3.5bn. in 1978. 
— — ^ mmam — 'Nevertheless the rate of growth 

of total profits net of stock 
appreciation is, according to 
Phillips and Drew, likely to 
-w-vr- y slow from over 40 per cent, last 

||1 \ A f year- to 25 per cent in 1978. and 

CL 1 \ l _ l J y Y vcry much less if North Sea 

J activities are excluded. 

There is still a long way to 
go to raise the level of profit- 
ability to anywhere near the 
figures of the early 1970s. The 
share of net profits in net dom- 

estic income in the first half of 

1977 was little more than half 
cent of the total) or from of what it was five or six years 
overseas operations (around a ago. 

third). This will depend both The increase in North Sea 
on the rate of growth of the production is likely to result in 
main industrial economies — a sharp rise in profits due 
— probably higher in the first abroad — from around £I.5bn. to 
than the second half of the year £2ibn. — while the improvement 
— and on the performance of to profits and lower stock relief 
sterling. wil1 Push U P tax payments. The 

_ oS _ h „ bnM , f/\rar»actc P 088 *^ end of dividend control 
The mam brokers forecasts may also increase divideQd 

do not vary significantly. Wood payment more rapidly than in 
Mackenzie, for example, has ^ e recent pasL 
projected a rise in the pre-tax Bu , ^ main on cash 

profits of industrial and rom, flow are likely to come from an 
mercial companies from Jli-Sbn. end to tte ph y Sical des tocking 
last year to £20fibn. with North of the second half of 1977 and 
Sea oil accounting for more some stockholding— possibly of 
than half the rise. Phillips and between £800m. and £lbn. — as 
Drew has forecast an increase the level of economic activity 
from £18.2bn. to £20.3bn. on the rises. There will be a large 
same basis increase in the amount of fin- 

Althougb this implies a ance needed for capital invest- 
halving in the rate of growth ment. Although spending in the 


North Sea is likely to fall, a 
rise in manufacturing invest- 
ment of a tenth in real terms, 
and rather more in current 
prices, is expected. 

But there arc differing views 
about tbe size of the rise. Wood 
Mackenzie has projected an 
increase in capital spending 
from £9.5bn. to fll.2bn. a while 
Phillips and Drew has forecast 
an increase from £9bn. to' 
£10bn. These differences largely 
explain the broker's contrasting 
estimates of the overall financial - 
position in 197S — a deficit of 
£1.5bn. and a surplus of £300m. 
respectively. But there is 
general agreement that North" 
Sea activities, which have been 
in substantial deficit during the - 
period of heavy investment, 
should now be in balance or 
small surplus. 


Attitudes 


The implications for the total 
amount of finance required 
externally depends in part on 
how companies alter their 
pattern of payments to reflect 
changing attitudes towards 
sterling. Last year, this 
probably left sterling bank 
deposits higher and bank 
borrowing lower than otherwise 
would have been the case. 

The outlook for 1978 is ' 
impossible to predict but it, 
looks likely that even if rights 
issues remain at a fairly high 
level — of between £500m. and 
£lbn. — total bank borrowings 
will rise more sharply than in 
1977. At the same time the 
build-up in cash bank deposits 
may be smaller than in the past 
few years. 


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IS 


Financial Times Monday Januajy. 16 W& 


CORPORATE FINANCE H 


Gorermnent is the really big spender when it conies 
to financial support for industry, with an extremely wide 
range of grants, concessions and incentives. COLIN J.ONES here 
discusses the various kinds of aid. available, and the 
extent to which business has come to rely on it 


Government aid 


XT WOULD have been difficult 
to credit a few years ago that 
the present Government would 
become the biggest provider of 
cheap money that industry has 
probably ever known. It would 
have been only a little less sur- 
prising to have been told that 
one of the main vehicles 
through which this is being 
done would be the Industry Act 
which the Heath Government 
passed in 1972. 

Yet, according to the figures 
set out in ■ last week’s public 
expenditure White Paper the 
Government is proposing to 
ppend rather more than fljbn. 
in the coming financial year in 
the pursuit of its regional deve- 
lopment industrial strategy and 
employment creation or preser- 
vation policies. This is on top of 
the further £lbn-plus that it 
proposes to devote to industrial 
innovation, exporting, the labour 
market and various other indus- 
trial support services. These 
figures also exclude the fiscal 
cost ol the special tax relief Mr. 
Denis Healey decided to pro- 
vide for stock replacement costs 
within a year or so of assuming 
the Chancellorship. 

The increase in the total cost 
of aids to industry which the 
overall figure of £2.9bn. repre- 
sents does not fully emerge 
from 1 the tables set out in last 
week’s White Paper. Indeed, 
the document indicates that just 
about the same overall amount 
in real terms was being spent 
in 1972-73 on support for trade, 
industry, and employment. 

But the straightforward com- 
parison is misleading. The 
earlier figures included the 
Large sums that were still being 
paid out in investment- grants 
whtdi had been replaced by 
investment tax allowances. They 
included the further substantial 
sums which were being paid to 
the nationalised industries as 
compensation for price re- 
straint They included the cost 
of supporting the aerospace and 
shipbuilding industries which, 
now that they have been taken 


over by the State, come under 
a different beading. And they 
included the very substantial 

sums which the refinancing of 
fixed rate export credits had 
been costing the Government 
and which are now being car- 
ried more and more by the 
banks. 

But if one makes allowances 
for all these changes, then one 
finds that the total amount- the 
Government spends on regional 
development, employment pre- 
servation, and on selective 
assis tanc e to industry has 
.increased in real terms by 
between four and five times in 
the past five years. A total of 
more than £l*bn. may seem 
relatively small beer when set 
against industry's overall annual 
capital requirements, especially 
at a time when money can 
hardly be said to be difficult to 
get But it is still a very con- 
siderable sum especially When 
one considers that much of it is 
provided either in the form of 
grants or on concessionary 
terms. 

Indeed, the number and 
variety of aid, grant, and sub- 
sidy schemes which are now 
available to industry has been 
proliferating with almost be- 
wildering confusion. One recent 
count came up with a total of no 
less than 87. This is not the 
place to set them all out in 
detail. Indeed, one should per- 
haps note that there is no single 
point in the whole Government 
machine where one can find out 
about all the schemes by which 
businessmen can obtain state 
finance — which in itself is per- 
haps a commentary on their 
profusion. 

But if one is considering a 
project in one of the assisted 
areas — which basically cover 
the whole of Scotland, Wales, 
Northern Ireland, and those 
parts of England lying north of a 
line between the Wash and the 
Mersey or west of Exmoor and 
Dartmoor (in • other words, 
rather more than 40 per cent 
of the UJt population aind 60 


per cent of the land area)— 
then one can obtain a flat-rate 
tax-free regional , development 
grant for most kinds of invest' 
ment in manufacturing projects, 
plus a range of loans, interest 
relief grants, office and factory 
removal grants, key worker re- 
location assistance, training 
grants, low-cost factories, and 
yet further help from the Scot- 
tish or Welsh. Development 
Agencies. 


A business located any- 
where in the U.K. may be able 
to obtain financial assistance in 
the form of loans, grants, or 
bank guarantees under -the 
various sectorial aid schemes 
now being operated, the selec- 
tive investment scheme, the 
Science and Technology Act, 
1965, or from the National 
Enterprise Board. 


List 


In addition, there are loans 
or grants available from the 
institutions of the European 
Community, grants from the 
U.K Government for keeping on 
workers who might otherwise 
become redundant, grants for 
taking teenagers off the unem- 
ployment register, grants for 
installing private rail sidings, 
and so on. Indeed, the list of 
schemes seems likely to go on 
increasing for another £24m. is 
provided in the latest public 
expenditure White Paper for 
the coming financial year and 
£55m. in 1979-80 (both figures 
are at 1977 survey prices) for ex- 
penditure on further and as yet 
unannounced financial support 
to industry. As the White Paper 
explains, die “ aggregate of firm 
expenditure commitments in 
Department of Industry pro- 
grammes does not reflect the 
full measure of the Govern- 
ment’s Intentions under ;udus- 
trial strategy.” 


remarked, it Is not as if indus- 
trial firms generally are- hard 
up for cash. The selective 
investment scheme is supposed 
to be limited to projects which 
by reason of their timing, scale, 
or nature would not have been 
undertaken .in the absence of 
government assistance. But it is 
not very hard for industrialist, 
if. offered the opportunity of 
xbeap money -with no strings, to 
find ways of using it which 
meet government offiicals’ satis- 
faction. 

A large part of the £600m. 
or more which ' has now been 
committed to selective financial 
assistance schemes under sec- 
tion 8 of the Industry- Act 1972 
has been put into rescue opera- 
tions for individual companies. 
Many, of these have failed 
because of weak management or 
a lack of adequate financial or 
marketing appraisals, while 
others have simply, had the 
effect of postponing the., inevit- 
able rationalisation and so pro- 
longed -the instability of the 
market 


All this munificence is no 
doubt being provided with the 
best of intentions. But one Is 
bound to ask what precisely it is 
achieving. As has already been 


The temporary employment 
subsidy, upon wtoach well over 
£200m. has been spent in the 
current financial year, is said to 
be a cheap way of preserving 
jobs if one allows for the offset 
in reduced unemployment and 
social security benefits.- But 
there is evidence that jobs have 
been saved in subsidised con- 
cerns at the expense of sales by. 
and - jobs in, iron-subsidised 
concerns. 

Regional policy is said to com- 
mand primacy but the prolifera- 
tion of generalised aid schemes 
throughout the country has re- 
duced the discrimination in 
favour of the assisted areas and 
thereby helped to diminish the 
effectiveness of regional policy. 
The regional employment 
premium has been abolished in 
order to accommodate a shift to- 
wards more selective forms of 
assistance! But the biggest 
current outlay — more than 
£400m. a year — is on the tinsd.ee- 


.tive regional development grant; 
and both these grants and the 
selective regional aids provided 
under section 7 of the 1972 Act 
are much more costly — in same 
cases grotesquely so — in terms 
of cost per job than the system 
of industrial development 
certificates. 

It is true that many other 
governments have also been in- 
creasing their expenditures on 
aids to industry in response to 
the pressures generated by the 
world trade recession. But 
Britain has been one of the 
biggest spenders, and, besides 
doubting the efficacy of. in- 
dustrial subsidies, one cannot 
also ignore their impact on in- 
ternational trade. 

For the use of subsidies has 
been one of the facets of the 
trend towards protectionism 
which we have seen creeping in 
during' the last few years. The 
European Commission in 
Brussels, has been trying, not 
very successfully, to limit the 
harm that aids to industry can 
do to intra-Community trade. 
But it is particularly concerned 
about - the use of operating sufc 
s idies, such as the temporary 
employment subsidy, extrava- 
gant aid schemes like the re- 
gional development grant and 
those which seem to have little 
real justification such as some of 
the sectoral aid schemes. 

Pressure could also come 
from another external source. In 
a year’s time the U.S. Trade Act 
1974, will oblige the U.S. , 
authorities to impose mandatory 
countervailing duties on all 
U.S. imports receiving a pro- 
duction or export subsidy in the 
country of origin. One should 
never forget that this country’s 
exporters would have a lot to 
lose if the present system of 
trade liberalisation were to be 
seriously undermined by a lapse 
into protectionism. 


ThQ small business has suddenly been 
rediscovered as one of the main reservoirs 
of entrepraieorial skill and initiative. JOHN ELLIOTT* 
Industrial Editor, looks at what is being done 
' to foster talents in this area. 


Small companies 


DURING THE past six months 
the plight of smell companies 
has become one . of. the mai n 
political, topics for the Govern- 
ment, for other political parties, 
and for the considerable num- 
ber of organisations and pres- 
sure groups which speak for the 
small businessman. The Prime 
Minister has appointed' Mr. 
Harold Lever, Chancellor of the 
Duchy of Lancaster, to co- 
ordinate Government work in 
this area and the' first fruits of 
his activities emerged in the 
October economic package. . 

The Conservative Party has 
launched its own policy 
pamphlet on the' subject and 
built up the activities of its 
Small Business Bureau, while 
among a plethora of representa- 
tive organisations the CBI has 
tried to dilute its “big busi- 
ness” image by creating a new 
small companies directorate 
within its organisation- Finally, 
the Wilson Committee on 
finance for industry devoted 
much of its interim report, in 
December, to the subject. - 
There are various reasons for 
this surge of interest in a sec- 
tor of the economy that has’ 
made little political capital in 
the past They include a general 
swing of public opinion against 
the inefficiencies of impersonal 
large corporations, and a feel- 
ing that it is in small organisa- 
tions that the entrepreneur and 
innovator can thrive. At the 
same time there is a growing 
fear among Ministers that the 
public sector and the big 
private sector corporations will 
be more concerned in the next 
few years with shedding labour 
than with expanding their 
work forces. , 

As Mr. Lever has pointed 
out, this leaves the country’s 
million sntati businesses, which 
already employ a quarter of the 
national workforce, as the main 
area for creating jobs and so 
cutting the number of people 


u nemplo yed. There is also a 
growing awareness .that' the 
decline of small companies, 
both In manufacturing and 
recalling businesses, has 
accelerated the blight of inner 
city areas. 

On top of these and other 
practical considerations, there 
is -the political mileage to be 
made for a Labour Govern- 
ment. in the run-up period to 
the. general election. It can 
Use., little and gain a lot by 
embarking oh innovations 
which, have little to do with 
-trade unions and Social ’st 
theory and a lot to do with eas- 
ing personal taxation and en- 
couraging the down-trodden 
'^little- man” in a mixed 
economy. 

If at the same time the 
Government appears to be re- 
opening loopholes for tax- 
dodgers and encouraging em- 
ployers who have little time for 
trade unions or for progressive 
employment policies, then it can 
easily correct the balance in a 
year or. so if it should win the 
nest election. And in any case, 
Mr. Lever has foreseen this 
pitfall by making it clear that 
he does not want to make small 
businesses an area of second- 
class employment by allowing 
them exemption from employ- 
ment legislation. 


Sceptical 


But despite all this political 
goodwill, most small business- 
men are fairly sceptical about 
what Is happening and the CBI 
has repeatedly made the point 
recently that there may well be 
tittle' point in any of Mr. Lever’s 
activities if what he gives is to 
be taken away by some form of 
.wealth' tax. 

This goes to the heart of the 
problems of small businesses 
because it is the tax system 
which has created most of their 


problems by removing the In- 
centive either to start up new 
businesses or to expand them, 
and also by whittling away the 
personal wealth of families 
which might be provided to help 
a business start tip. As one 
activist in this area puts it, 
u The Aunt Agathas who would 
help a favourite nephew to b^urt 
up in business no longer hive 
the cash to do so, and the small 
business has therefore lost a 
primary source of . venture 
capital." 

This means that the problems 
of financing small - companies 
can be tackled in due of two 
primary ways. Either one can 
adopt a fundamentalist approach 
and reform the tax system, 
against the trends of recent 
years, so that the entrepreneur 
can flourish and personal wealth 
be accumulated. Or one can 
merely tinker with -the tax 
system in special areas such as 
capital transfer and capital 
gains tax. while trying at the 
same time to create alternative 
sources of primary finance 
through city institutions and 
State agencies. 

It is at this point that the 
difference between the main 
political parties in their 
approach to the problem be- 
comes apparent. The Conser- 
vatives broadly favour a more 
fundamentalist approach which 
would also include special 
regimes being created on 
employment legislation and 
such matters, with small com- 
panies being given a special 
designation as “ proprietary 
companies " in law. A Labour 
Government is more likely to. 
take the institutional and state 
aid approach. So while both 
political parties may be jumping 
on the same bandwagon, their 
favoured solutions are Ideolo- 
gically different 

Equally, however, both 


CONTINUED ON PAGE IV 


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The Wilson Committee enquiry has not come up 
with any revolutionary ideas abont the function arid 
contribution of City institutions to iqdustry’s financial 
needs. But, as NICHOLAS COLCHESTER indicates below, 
it has provided some stimulus to thinking . . 


The City’s contribution 


Only two years ago the relation- 
ship between the City and 
British industry was a topic for 
emotional and often ill-informed 
discussion. To-day, the fire has 
gone out of it ' Britain has 
experienced a startling financial 
recovery. The ruling Labour 
Party's leadership has grown 
more “capitalistic" in its think- 
ing. Any flickers-of passion that 
might have remained have been 
buried under the mountain of 
information and opinion 
assembled by Sir , Harold 
Wilson’s “Committee to review 
the functioning of the financial 
institutions.” 

This committee observed in 
its own summary: “The main 
themes of the evidence are 
these. Few in industry or the 
institutions believe that the way 
the financial institutions operate 
has deprived firms of funds they 
should have had, or has con- 
strained investment. Low pro- 
ductivity, low profitability, low 
demand and problems caused 
by Government policies are re- 
garded as far more important 
factors behind our industrial 
performance. 

The Wilson enquiry grew out 
of an ideological attack on the 
City, and the City and industry 
closed ranks in the face of it. 
Their evidence was pitched to 
drive these main themes home. 
It did not devote much time to 
discussing the arguments and 
sources of dissatisfaction that 
certainly exist within the City — 
the competition for funds 
between the hanks and building 
societies for instance. In retro- 
spect the participants could 
have been freer in their 
exchange of views. For there 
was a singular lack of evidence 
couched in critical terms. Only 
the Trades Union Congress and 
the National Executive Commit- 
tee of the Labour Party pro* 
duced substantial attacks on the 
status quo. 

But -although the summary of 
the evidence revealed no fire-, 
works or surprising panaceas 
for British industry’s was 

certainly a good deal more than 
a white-washing job. It drevr 
attention to a problem — the un- 
inviting atmosphere for the 
small company in Britain — 
which is fully dealt with else- 
where in this survey. It drew 
attention to a potent force for 
the future—'the ' rise In institu- 


tional control of the deployment 
of savings. -And it contained a 
great number of . suggestions 
from both industry and the City 
of small changes and innova- 
tions that could „ improve 
Britain’s financial system. 

In its broadest terms the. pic- 
ture painted in the Wilson Com- 
mittee’s report is of reticent and 
risk-averse British industrial 
borrowers, of a conservative 
banking system that is, however, 
changing its ways quite quickly, 
and- of investing institutions 
whose increasing power is 
under fire from all sides and 
which is -'viewed as. a threat to 
the proper functioning o£ the 
stock market 


Stopper 


The industrial borrowers are 
steadily i making less profit in 
terms of return on capital em- 
ployed. and remain very wary of 
high gearing ratios. Inflation is 
shown in the evidence to be an 
investment stopper. First, it in- 
creases the cost of holding 
stocks end thus reduces the cash 
available to companies for fixed 
investment Second, high and 
fluctuating rates of inflation have 
increased .the uncertainty of 
business forecasts and have 
even encouraged some com- 
panies to discard discounted 
cash flow analysis. Third, man- 
agements are unwilling -to bor- 
row long when interest rates 
are high, even if the- real in- 
terest rate is negative. 

The committee mentions two 
possible- correctives- here: * If 
notes that long-term loan stocks 
issued by companies are at a. 
disadvantage. relative to Govern- 
ment - gilt-edged securities 
because, unlike gilts, their 
-holders are not exempt from 
capital gains tax. They thus re- 
quire a higher yield to be 
attractive. The committee also 
records- that tax rules on. 
-franked and unfranked income 
make it difficult for unit and 
investment trusts to invest in 
industry via loan stocks. In 
other countries corporate bond 
ifimds.ilourish: 

Turning to the British banks 
the evidence notes that they are 
prepared to lend to industry 
much more than industry will 
currently accept, and that since 
1971 their readiness to lend 
medium-term money has. in- 


creased importantly. One sug- 
gestion that is aired bere-^-for 
more active times when loan 
demand is higher— is a refinanc- 
ing facility at the Bank of 
England to help banks square 
medium-term lending with their 
aversion^ borrowing short and 
lending * long. ■ The London 
clearers have suggested such^a 
backstop, but the Government' 
remains waxy of it 

The testimony from the 
American and Japanese banks 
points oiit-hdw a high standard 
of corporate information can 
change tie basis of bank lend- 
ing from a “ liquidation 
approach ” to a “ going concern 
approach ” The U.S. banks ex- 
plain that the stringent informa- 
tion requirements of the Securi- 
ties and Exchange Commission 
in the UB. enable the American 
banks to lend more boldly to 
industry.^ . They suggest that 
British industry would be easier 
to lend to if it revealed more 
about itself and registered its 
loan covenants. The Japanese 
banks concur. 

The rise of the investing 
institutions shows itself most 
clearly in She growing propor- 
tion of British industry which 
the institutions own. Between 
1963 and 1975 the proportion 
of U.K shares held by them 
grew from SO. per cent to 48 per 
cent The committee refers to 
this as a major structural change 
in the channelling of savings: 
for an increasing proportion of 
saving is being managed by 
institutions whose primary -res- 
ponsibility must be to savers 
rather than to borrowers. 

Both the City’s brokers and 
the National Executive Commit- 
tee of the Labour Party agree 
that this rise of - the contracture! 
savings institutions at the ex- 
pense of personal savings -is 
having an adverse effect on the 
stock market. The institutions 

display a “herd instinct” and 
there are fewer and fewer Indi- 
vidual investors to “buck the 
trend.” the NEC claims. 

At the same time the commit- 
tee records much discussion of 
the so-called proprietorial gap” 
— that is the way in which the 
proprietorial functions that used 
to be discharged by entre- 
preneurs and individual share- 
holders have not been fully 
taken over by to-day’s share- 
holding institutions. 




, -J 


*. -. - 


j . t-r 


* -5 

i 


'V S - --. - 
^ V V 


The institutions carefully ex- 
plained the difficulties they have 
in getting involved in manage- 
ment"— their lack of staff, their 
problems of inside information. 
But the Treasury suggests that 
British institutions remain more 
aloof from industry than their . 
counterparts in other countries. 
The .Bank of England says it is 
in favour of greater contact. 
The Confederation of British 
Industry is currently studying 
the whole relationship between 
company and shareholder. 

It seems possible that it is 
this discussion of the power and 
responsibilities of the pension, 
insurance and investment funds 
that the Wilson Committee’s 
inquiry will have its most far- 
reaching effect when the com- 
mittee draws its final con- 
clusions from what it has learnt 

Small companies have so far 
emerged as .the business and 
financial sector most directly 
affected by the Wilson Commit- 
tee’s activities. This is because, 
in the words of the report, “ If 
there ..are problems in the 
supply of finance to - industry, 
this is where they are likely to- . 
be found.” - The .decline in ? 
individual wealth which bas.-j 
accompanied .'the rise- ia'i 
influence of the Investing 
institutions shows itself moati* 
dearly in the lack' of smdU^J 
business sponsors and ehtrei 1 
preneurs. 

The committee’s focus on, . 
small firms has tied in with, 


• ; 


O ■ 




" -V.* ■ f • 


WiCi' \ 


given impetus to, this Go van*- 2 

■HAf 


ment’s discovery, of ' the s»*U.-"| 
business as a deserving, employ/ ! 
ment-begetting,' - ideologically'. * 
unexceptionable cause. Thte ' i 
focite has provided a topical : 
raison d’etre for the committee ’ 
-given that it did not come up 
with more sensational agd^'j 
original discoveries— to tiderft- !? 
over until it comes up with&j,-' 
final condusions on the City's * 1 ! 
financing of industry. 

The committee is to devo^v 
further attention to the Goveste*" rf 
menf s ■ ” Industrial strategy ,* 'to . 
methods of bank lending, to the 
scope for reviving long-term 
loans, to the benefits of North 
Sea oil money, and to the prob- 
lems of small companies. But 
for the City the most important 
thing to watch will be the 
committee’s further inquiry into 
the role of the investing institu- 
tions. 



-li.-Sst TNi- 



J 










Fiimdai-Tte Janiiary 16 : 1978 


When a businqssnpan wants to use a banks 
money he starts wlm-a-proposition in mind: an 
export order to firianck a new production line 
to equip, a fleet of trucks to make delivery 
swifter and safer \ 

It takes your management team to put that 
proposition together - \ 

t takes our management team to answer it 
Put your proposition to your local Midland 
Bank manager He and his team will help you 
fi nd the right answers-even if they're not the 
ones you were originally thinking of. 


Export credit finance backed by E.C.G.D. 
‘•may be available at finer rates. Leasing may 
have considerable advantages over outright 
purchase. Or perhaps instalment finance could 
best solve your problem. 

Your local Midland manager can help you 
answer all these business questions, and more. 
He gains additional, strength from Midland Bank 
Group, a powerful team of companies special- 
ising in businesslike solutions for industry 

And they’re all as accessible to your business 
team as a call to your local Midland Bank. 










ii* . : 



















it &••• .V. 


Midland Bank 


Midbud Bank Limited- 








14 


CORPORATE FINANCE IV 


Financial Times Monday January 16 V37Z 



Ever since the war attempts have been made 
to fill known gaps in sources of industrial finance 
by the setting up of special institutions with the backing 
of the Bank of England and other bodies. Here MARGARET 
REED sums up the present situation. 


Special institutions 


In a good year for Britain’s exports 
as a whole, corresponding advances have been 
made in export financing. LORNE BARLING reviews the 
successful switch into foreign currency 
and other landmarks of 1977. 


Export credit 


c 


JUST HOW uncertain, and in- Capital, which made two other ional Enterprise Board has had term loans to borrowers which executive. jTHE GENERALLY successful both to provide finance and ® with 

deed hazardous, the business of investments — of £3m. in the a prominent role here, while are viable and creditworthy, but Equity Capital's evidence to ; transition from sterling: to lead lending syndicates. 5 

attempting to fill gaps in the motor trading concern Renwick certain pension funds and raer- which either cannot or do not Wilson is one of the most read- 1 foreign currency financing of • Although this appears to ^ 


Less success has' been 


attempting to fill gaps in the motor trading concern Renwick certain pension funds and raer- which either cannot or do not wuson is one 01 tne most reaa- wit h the cost escaln- 

supply oF funds for industrial Group and £2.65 hl in UBM, the chant banks have mobilised wish at the moment to raise it able documents submitted to .Sir | an increasing [proportion of UK generally agreeable to jne h a icQ introduced, in 

investment can be is illustrated builders’ merchants, shortly resources for the purpose. Mora- through other routes. Harold’s commirtee, and it will | exports has been the most im- clearing banks. th ? a ^ ep H°* * , ,07* A _ t i me 0 r hieh in- 

by the recent experience of afterwards — has preserved a crest Investments, formed by FCI has shown considerable be interesting to sec how far- portant cha^e m a year which bouses haw vmped somc 


Equity Capital for Industry, the low profile and is giving plenti- Prudential Assurance 
City's equity bank, and the bank- f U i consideration to its future land Bank and the British 
backed Finance for Industry. policies before making any central pension funds, 


Equity Capital, which was set more moves. This is not “to say. mainly private companies. is t0 industry for 10-20 years— a Capital's role is seen as being] Although the foreign cur- above a certain threshold. 

' ‘ - example of a new priv- period which was sometimes In relation to companies with rencv scheme was introduced have the edge aDoye a ctnaiu. umnonm. 

k, nn« . . .* _ . „ -nmr ttipm fhrmien their ability initial 


up, after much controversy, by however, that a useful role for just one example or a new pnv- penoa wmcn was sometimes ^ 1 ««««.. «.u "““irency scneme was mtroaucea I™--** Initial response was that the' 

a wide group of financial insti- it may not develop as time goes ate sector investing agency in singled out in the past as one a worth of £^-£20m (of which j by lhe Export Credits Guarantee scheme was too complex, and 

tutions in mid-1976 to supply on. the field. where providers of funds were here are about 1.000 ) and as Department (ECGD) at a time g f lead ^Xn lO poUcies have so fax 

the supposed shortage In thJ Finance for Industry, which D - , ■ tq lend, evolving ttatjkmf of to when the won* downward pre* Ien ^ syndicates. 

availability of capital from the is own ed by the Bank of IvlVdlS There are aIso cholce s to the stakes of between £im, and sures on sterling were over and ©■ . mo j, oe hnH 

market has, some 18 months England and* the bi* banks . * " Interest rates terms, with an £2“- ' . I drew a fair amount of criticism BUrdCIl . The schi em ® ^ J| ad e J ,y ' 

later, invested only £5ra. of the whose Industrial and °Commer 111 short - the supply of invest- option available between fixed The thinking is that holdings | £r ain both buyers and exporters, _ . , K b constraints such as the 

£40m. with which it was estab- S? Finance Corw rattan am raent funds *“* tended over ^ and flexible would be taken f0r per L ods ° f I it has proved workable and been However, the cleanng banks ability to coyer onjyxerua 

lished. This alone is eloquent b acks Ser San es £5 past years " t0 excced 1136 Demand hex been limited, three-to-fivt* -years with the ■ accept P d remarkably quickly. ^11 hopeful* be -able to offset costs incurred in the i U K . Items 
commentary on the clamour in ? lV Irt P suitable outlets and there has with inanv companies havin° re- understanding that, in return; . - Qf to some extent the greater SUL . h aS foreign costs and non- 

some Quarters hvo or three ^ ch , has a 10 often been competition iu parti- emirs® first toTir banks- for a flow of information to I ** E f GD f 01 ? 1 * burden on medium and long- u.K. subcontracts are ineligible. 

tl™ Equity Capital) established a ° llar th « %*»r. assist manitorina of the invest- i to look back at. the term busine ss by that part of - * 


its investments have been held 


severe. However, to date, three 


Acna 


down by an over-cautious yVars' laler^only L ranra C £27Qm Dunford and Elliott; peither, in tU.K.), the British subsidiary Precedent 
approach is effectively knocked has been committed for lending the event - dld s0 ’ S1 ™ e D J| n ‘ of the Italian chemical group 


on the 
very 
the Bond 
group 

Five months after the cash 
put in, in March last year 


today. At that time there nuance, which accounts for rale reduction from the LiJC cle- 
was concern about the Public around 80 per cent, of total ment of the basic contract price 
[Sector Borrowing Require- .ECGD business. The rale of i j n order to determine the 
A recent development in! m ® nt f p . SBR J u burden_of^sjerliag per cent- above base rate ^ has amoun t upon which cost cscala- 

based. 


surprise, mai uik wnoie iion. uui nimdie «« uwu sum uuai fima ii. r eomnanies mi-ht be suh- uunng a pen ou or nign sivning exoorters 

ish was would be needed within two companies and enterprises have demand generg^, however, the fo/nt a Price more interest rates, and balance of j n the field of short-term na 

nsrnu years - f , be * n &perating in a buyer ’ S - rdv^tag^L to theTomZv ^tflows linked to a exiSrt busmess (goods sold on ° f 

mstitu- Reasons for the slow oraaress nr hnrrnwer’s — market, while month. In cturent economic . _ , , rtonreniarino nmind. rrr:n re 


expenditure cou- 
increasing inter- 
national criticism and scrutiny 
such schemes are strong 


" Reasons Tor the daw progress nr'bo™werT-marketVwbil e month: -In current economic «««" «hy ,t cannot be m. 

tion^.Tid.thc National Weal- ot bnth Equity c , pll „., sllpi>liCTS * funds h»«c been condmens l arger Sr^ar. sho,;- „ h .™. was H,arclora dc STnow coveSnu^ U™ Export, at tended in i nun tor “f 


rate of £12bn. a year, com- suggested by indusliy. However. 

— the scheme will be under review. 


minster Bank Bond Worth « rVSn * ■ °* fu ™ s T * telnShFmS issues to shareholders- The scheme was therefore de- is n 

collapsed wi?h a deficient of T"* Z 6he L at f 0S ' SS and te i?te of r^nt senerally are made. There was! signed to relieve the pressure the 

more than £20m. * nd Jh2 f Tf phere ? 8 seIlers market on fall ': n interest rates FCI' do not Mme Precedent for this in the on PSBR by not offering a re- pared with less than £10bn. in . 

This experience has under ! n , ^ sluggish trendof their side. ^ V Sr rSursence C investment in UBM at a [financing facility but a conti n- 1976 and is about double «he th t ® ear,y 

lined* .he diffienlty. pointed to ‘iew up some™? pe™ 0^? Vad The WUson Ct> ™ ittee V in i,s demand for their lSIns until “*»““ ■« 6 f r «”-■ I seot takeout to protect the value of short-term business £ iu possiblc wltb . 

from the outset by opponents of alter ”o™ rtumHon-and I! 0 *?" ™ p ™ rates have stabilised at lower U* pnee. Investotents I lenders against the risks in- insured by ELOD two years ago. 

the equity bank concept, of i n the ranid 0 eaSns of the ^ hDano,ng of indu stry and j eve | s and private sector invest- tbls 100(1 be highly | hqrent in going to the inter- ECGD said- that credit limit 

identifying companies which monetary climate stace 1974, trade ' . recofi ! 1)sed P<>^ 0Q - ment increases.” beneficial to recipient com- .bank Eurodollar market for. applications have been flowing CphpttlP 

have a real need for new share when both these uroiects were ** Pew m industry or tifae insti- R U t a sign of the revival of panies— -but it remains to be | their funds. This removed the in at the rate of more than 1,000 OLlIClUC 

capital but which, while they conceived to relieve a then ex- tlltioos believe that the way the activity already noticeable seen how far such arrange- 1 interest subsidy by relaUng a but e xp ress ed some dis- A long-suggested scheme to . 

cannot raise the cash through ceptionally ti»ht cash position flnanciaJ institutions operate among smaller concerns has ments generally could be ham-jmterest make-up to the low satisfaction that many exporters British exporters in bid- 

normal channels, still offer the i ^industry Moreover there has bas deprived firms of funds they been the marked quickening in n ! e . red ° ut vvi . th adequate pro-, Eurodollar interest rates then are f aiI j n » t0 maice use of the dia „ /or -jumbo'' contracts of 

prospect of long-term viability also bee? a proliferation of shouId have had - ar has con ‘ applications for share and loan ' P T aJ 'l n %i? n ^n r»f diScretionar y limits thp y are £50m. or more was also 

and prosperity. other institutions seeking to strained investment” said Sir capital received by ICFC, which with an appro-, irUlow to the capital .account of able t0 lake on new export annnill 

After its traumatic debut give direct backing to industrial Harold and his colleagues. “Low specialises in nurturing growing P nale balance of justice for the balance of pajments. business, thus 

with Bond Worth, Equity ventures. The State-owned Nat- productivity, low profitability, companies, sometimes for ulti- D0 ^ n s,oea - it m . v __ 

low demand and problems mate launch on the stock t0e “® ment , 11 m . ay seem, 

at first sight, surprising that 


INDEPENDENT 

FACTORS 


LIMITED 


STIMULATE 

PROFITABLE 

EXPANSION 


The Flexible Approach 
to Factoring 


Why not write or call : 

BRIAN HARRIS 

at 

Rothschild Houpe 
Whitgift Centre 
Croydon CR9 3RE 

Tc! : 01-681 0741 



A Member of the Lloyds and 
Scottish Group 


announced at the end of last 

More recently and in lioe with j^ s 

These wider discretionary tlie commercial insurance mar- 


the same Government policy of 
savings on PSBR, new arrange- 


caused by Government policies market. ".■."A.'jr.l i Until, were introduced last year ket. After a study carried 

are regarded as far more impor- In the nine months to Decern- soine 01 £,quirj ’ Lap,raI s i meols have been concludea v.. P! _ » — .. n 

tant factors behind our poor in- ber, 1977, ICFC invested £33m., . . . rpepra-e awa itine 

dustriad performance:” against £27* m. in the whole nf 


funds out of. the £40m. capital iwith the clearing banks on for the express ■ purpose of out . by Sir Henry Bcnsoa 


th*. vpsr 197 R. 77 - At Marrh investment However, undoub- 
The fact that Jihe supply of a J FC T..’ Jl : tedly Equity Capital's slow start 

investment funds is at present io^j’ in qbares an J loans. - -■« P"^ doe to the present.vqry 

particularly strong in relation s - * •“ - *■ easy money climate; it is known 

to demand for them does not The ^ ri * rou P has recos- that some initial applications for 
mean that the position could not nised industry's requirements funds were withdrawn when the 
change with the economic by Providing money through companies concerned found that 
revival expected in Britain in equipment leasing arrangements it was, after all, possible for 
1978 and the years ahead. Such and by s 4 pplyin * veoture capitaJ them to tap the stock market for 
a development could well bring for certain jiew— and not always rights issues. 

the facilities of hoth FFI and 3 “ d S™ ont , “ wh ' th « 

Equity Capital more fuUy into a re !? r . 01 ' for a ^ 

pj^y is a much newer enterprise with like Equity Capital — a subject 


a less completely defined role on which some institutions had 
FFI, created by * merger in and has had a trouble-vexed strong enough doubts for them 
1973 between ICFC and the FCI start with the Bond Worth to abstain from backing the 
lending institution — which. had affairs venture — will probably be 

both been in operation since But a great deal of careful eje- suspended for a considerable 
just after the war — has now ploration into its appropriate time. It is likely to be two 
been in operation long enough role is being conducted by its years at least before the share- 
for its role to have emerged Board of eminent City men and holding institutions reappraise 
pretty clearly. In essence, the industrialists under Lord whether there is scope and a 
FCI arm of the group special- Plowdeo, the chairman, and by long-term future for their new 
ises in - channelling medium- Mr. Alan Barrett, the chid offspring. 


Small companies 


CONTINUED FROM PAGE R 


Grindlay Brandts Limited 


parties will do something for to'S per cent to lnterest~rate$. Enterprise Board, which occa-! 
small businesses and one pos- There is also a special problem sionally invests in small and 
sible direction for action when a new business wants to medium-sized companies, report 
emerged in the interim report expand quickly. a flood of queries from small 

from the Wilson Committee. Criticism of the banks' un- businessmen who have found 
This described small businesses helpfulness towards such prob- their local bank manager less 
as being important to the lems among small companies has than well informed and who are 
economy “as a source of enter- been growing in recent months, not aware of aiternative sources 
prise and innovation: as the but the Wilson Commirtee of finance. 

seed-bed for the large com- nevertheless concluded: “We The clearing banks told the 
panies of the future; as pro- must record, that the over- Wilson Committee that they 
viders, often flexibly and whelming impression given by were trying to improve their 
efficiently, of a wide range of the evidence is that the over- information and the Govern- 
goods and services; and as ex- draft is a relatively cheap and ment and others are also trying 
tensive employers of labour.” convenient form of finance for to plug the gap. There have 
Turning to finance, the report the smail business, and that also been suggestions that a 
aired disagreements in the sound and profitable companies special organisation should be 
evidence it had received about seldom have difficulty in getling set up, maybe along the lines nf 
how difficult it is for small the facilities they need.” the Small Business Administra- 

companies, which, can often Smair companies often prefer 11011 ^ the UlS ‘ 
appear to be riskier enterprises overdrafts to a formal term In lts conclusions the Wilson 
than larger concerns, to per- Ioan v hich may be more expen- Committee recommended four 
suade clearing banks to agree sive and contain more onerous main areas for further study: 
overdrafts without adding up repayment conditions. The the “wilabiiitV of venture capi- 

main source, .of longer term' lal * or new Projects, of loan 
loans is the Industrial and Com- of equity finance, and 

mercial Finance Corporation (a of information about financial 
subsidiary of Finance for Indus- facilities. One aspect of the 
try), which loans sums as small loai ! «nance idea has been under 
as £5,000 with repayments from.! ^. M .the Department of, 
seven to 20 years. 


I sterling financing “under which streaml‘ ni °e procedures lu help oi the Bank of England, it was 
thev T will take a substantially **** policyholder to seek, win decided that the risks were too 
higher proportion oT Sport and coodude export conlr ? eta great for the commercial mar- . 

financing nn -their own books with .a.jmnmium amount or fuss ket and ECGD stepped, or was 

the insurance point of perhaps pushed, .mo the breach. 

the sterling buyer credit busi- f 1 ^- , .. .. .. „ The arrangement, to be run 

ness to British registered T he oe ^ \ llnuts on an experimental basis for : 

foreign banks. Sterling interest 10 ! on . up to *50,000 three years, will provide “joint* • 

rates have also dropped, thus worth of new business for each and-several" insurance cover for . 
reducing public expenditure on b . l ‘ y ®T • - e consortia or lead. companies and 

the fixed interest rate subsidy. * s ®? p ® contractors, against the possible . 1 . 

t» limits vren above lhat failure of one or inoreTt the ; 

Narrowing f 51 !! 6 ° n * tb ,1 baMS of . saUs ' participants. The scheme is an 

nammuig facte^ trading «perioin - ^tension * of the insolvency 

All in all. it has been a good E j.*.. a .“ urd cover already in operation. V 

year for the Government in this credit limit applications received q vera ii new cover i* . : 

rpqoecL but the narrowlna of 3X6 within discretionary limits. overall, me new cover is - 

SJ2S rate differential be- Another move by ECGD made aioied « avoiding the situation , 
meen stcrting and Eurodoilars. late last year was the reduction ? hero «»*»». have been 
t-ci 1 1 p i n n nnhiif of the minimum limit for export f orc ed to offer bids which have 


while reducins the oublic 01 ine nnnimum limit tor export . . „ , . 

expenditure advantage P . of contracts qualifying for the '5®?™ . mflat . ed by *** r l eed T ° 

foreisn currency over sterling bond support scheme from £lm. build ln safety margrns. Appli- 
to reign currency over sterling. tu *. h^s, cations for rover will be. con- 


must be seen against the back- t0 £500.000, The lower limit is cations for cover will be con 
“round of the very lon« periods airned at enabling ECGD to give sidered individually and on 
orer "which ECG^ iscommVtted ^Ip for a wider- range of their merits, allowing ECGD 
to interest make-up on m- contracts -.entered into by J™ u eh: the newty re-orgaxused 
dividual cases and the fact that Porters of'capital goods whose Overseas Projecta Board to get 
historically Eurodollar rates overseas buyers insist on the a clear view of the implications, 
have run below sterling rates. Provisions of bonds as a con- It remains to be seen, how r 
However, it is also very rele- dition of contract. . ever, whether industry will 

vant that the current increases Since the introduction of the make extensive use of this 
in the British reserves position bond scheme in early 1975 facility. .There are' relatively 
are to a considerable extent (covering performance, tender, few cases where the scheme is 
“ hot " money whereas the effect advance payment and progress applicable and the larger con- 
of the currency scheme Is to paymeot h° ods > more than SO tractors may prefer to rely on 
show an early addition to the 8“®™*®®^ ^have been issued in their own resources as in the 

capital account side. J*2I past ■ ra ? or than su ^ it t0 the 

worth £lJ2bn. The demand for required scrutiny. The insolv- 
Since the brat foreign cur- this form of cover has grown ency cover, introduced more 
rency contract went through in considerably in recent months, than two years ago, has not been 
April last year, ECGD has now Cases under consideration in- used so far, but It ig clear that 
guaranteed Ioan agreements volve UJL export contracts the new scheme could offer 
bringing the total dollar finance valued at more than £3bn. Some great benefits, 
provided by the end of last year 










CORPORATE FINANCE 
ADVICE 


The merchant hank of the Grindlays BankGraup 


23 Fenchunzh Street, 
London HC3P3ED 
Telephone: 01-626 0545 
Telex; 8889S1 &SS6552 


to more than 5500m. Further 
loans approaching 54bn. and 
DM109m. are In active negotia- 
tion, of which about 10 per 
cent, are likely lo cuine to 
fruition. 

On the question of hxed rate 
sterling finance, the previous 
arrangement whereby finance 
has been provided by clearing 
bank& and the Government has 
made up the difference between 
the fixed rate of interest and 
the market rate (with further 
Government financing of net 
lending iu excess of a certain 
percentage of banks' current 
account balances) has now been 
replaced. 

Under the new scneme the 
banks will provide all the 


Loth 


* i ndustiy f ?5 s 0 ® 1 ® and is necessary financing for export 
being considered by Mr. Lever. credita up t0 and including five 
This is pronsion by the Govern- yeaES This means ^at they 
ment of a State-backed gua ran- j wi ji b e refinanced for amounts 
, tee scheme which would encour-^ rill a r nr r „n fl vment mnrp than 

The more serious problem is age banks to take a less cautious! years rfter the wmnence" 
thought to be the “equity gap” approach to lending to small 1 fiVe yea ” ^ the conunence * 
which has grown because, businessmen. - The Government 
devoid of the “ Aunt Agatha " however is concerned that it 
source of funds, the small busi* might consequently 


ness man is loth to surrender saddled with 'the worst non- 
equity in his enterprise for fear viable risks, 
of reducing his personal control ^ a several ideas 

?helpffl na there beifl * ““Idered to help the 

^ ar l-f « umbe r. small businessman find the cash 
W?- wluc S he wants and there are also to 
be 01,8 Q S« in capital transfer 
finus and pension funds ar® and other taxes proposed by Mr. 
taking an^ncreasmg interest in Lever. The small businesinan 
the subject may' therefore find his lot a 

But possibly more Important little easier as a result of the 
than the lack of finance a seri*- current political activity, even if 
ous lack of knowledge and broader political and social 
information .about where small trends mean . that the “ Aunt 
firms can find money* Grganlsa- Agathas " who funded him in 
tions such as the National the past are gone for ever. 


mem of the credit 
As a result, virtually all 
, supplier credits, which are only 
become, rarely arranged for periods of 


more than five years, will be 
financed by the banks. In the 
case of buyer credits, where 
the term of the loan usually 
exceeds five years, the -banks 
will also carry the first five 
years' financing on their books. 

Only that amount which 
matures after five years will be 
refinanced and it is estimated 
that the new arrangements will 
reduce the burden on public 
expenditure by same £2Q0m. tn 
£300m. in 1978-79. But the 
agreement also allows aD 
authorised banks in the UJv. 



Standard Chartered 
Merchant Bank Limited 


Domestic and Internationa! 
Corporate Finance Services 

. -Take-overs, Mergers andlssues. - 
Corporate Planning and Advice 


Leasing • Project Finance. 
Syndications • Loans 


Associated Merchant Bands' 
in Far East, Middle East 
and Africa 


33-36 Gracechurch Street, London EC3V0AX 
Telephone: 01-638 4070 


A member of Standard Chartered Bank Group 


. -a 


V 


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15 






Finance- Times Monday Jacaajy' 16^.1978 


CORPORATE FINANCE V 




■ r, v 


!•*’- 


Vlii'l 


Growing, confidence in the economy business away from its com-' rower in providing guaranteed 

'• • - : . J petilors. Rates came back into funds as well as for the banks 

•; Andmuchlower levels of interest are likely, ££ 

: writes MICHAEL BLANDEN, to lead to a significant growth ' ' ‘ £2L2? J7 rS 17 £ 2K 

''••• • - uiiii ii-j* • : ' j banking figures for mid- Ii the banks included the 

Ul OmIK lending to industry? December did show that Mid- special export finance schemes, 

\ ' ' land had achieved a subslaa- the proportion on medium term 

tiaily larger relative increase in was increased to over 47 per 
_ . its lending during the period. cent. And in the past year the 

. I • ’ -f The other major development banks have continued to develop 

■ I 4T\ -Mj.-f 4^ I -r /-\ has been the continuation of the th ^ £o ^ ns . of l6 “ din S* 

I I r“" l T1 IT |j || banks 1 activities in providing T* 3 ® banks however. 

’ y I V I T-vT- 1 I T/Hf I I IV .^V medium-tera faculties for their ^ rteir ewdenw toe qiies- 

t/VilXlVU industral customers,' associated Uon of bow much further they 

. in most cases with building up wouW be a . ble t0 eo before they 

■ " . * . a growing array of advisory u ? a S«J n ?t Problems in re a- 

services to support these tlo , n the * ow “ prud ^ la J 
rpn.p ■ nnrt „„ o . rules of banking. The point had 

CE iiATEST figures published would have been paying are illustrated by. the latest result of this, there has been a " h . aspect 0 f ifndinp was not yet been cached. h ut it 

the London clearing banks between 15 and 17 per cent, for breakdown of lending by the noticeable trend for a greater nn derlined in thp pvidenci* could ** ftireseen lb 3 * a limit 

. /e the first indication in overdrafts. During the past banking sector published by the part of lending by the clearing hi b . th e T- n j Hpai-im? would be reached to the amount 

rent months that there might year, base rates have -been as Bank of England, for the three- banks to the big. customers, H <mhminpri tn th» wiienn ir,ed ium-term lending which 

• some increase in the demand low as 6 per cent and-even now, month period to mid-November, those « a position to switch r^^H-reA nn ih sn.nli coald #ens| My be done on the 

• loans from msmofacturing. after an increase during Decern- Over this period/total sterling their borrowing to take advant- basis of essenUally short-term 

•lustry. Overall, th& figures- ber, have come back again to advances to the UJK. private age ol rate differences ’to be at .. . . deposit funds. The banks sug- 

;■ :)wed that the underlying rise 6i per cent. ‘So far, .however, sector rose by £395m. Allowing rates r ©iated -to the current i - vVT 1116 Da « P ° mted Seated two ways out of this 

the banks’ sterling lending to' there has been little indication for normal seasonal influences, money market rates rather than fiut, S over , 1? per ce " t problem; they would themselves 

■ s U.K. private sector, after -that movements in interest this would indicate an under- base ra te ‘ °* r dl J ect landing to in- examine ways of raising longer 

owing for seasonal and other rates have had any .marked lying increase of about £750nL, dustxy and trade was on term funds, including pauicu-’ 

*<■ ‘dal influences, :waa probably impact un the overall ^demand compared with a flbn. rise in Another aspect of competition medium-term facilities com- larly the idea of issuing floating 

the order of £200m. in the for finance, although at/various the previous three months. was see0 ‘ Sn December, when pared with less than 27 per rate notes; and they revived the 

- iking month - to mid- times differentials in rates have Within thP unadiusted total bi ® banks settled on cent, in 1973. These loans, suggestion that some form of 

cember. affected the distribution of how™ manufacture indu£ dlfferent base rates and Midland normally for periods of up to official refinancing arrangement 

* This was much in line with lending among the banks. tW V ,,/’ Bank took an aggressive stance, seven .years but recenrly in- could be made to enable them 

level? retried to b? iolding «• »** rate below creuingly extended for longer, to Incre.ee their medium term 

: JrZioTZ *,^ ?„?. Attractive : S^XSJSi-" VoSSt "* in “ ,ttempt *° h>v ' adv “ ,> ® e5 101 ’ he bm - 

- ned that the general level of . . or Iff per cent., in the previous 

. nand for finance has J-b® , on1 / recent month in Uine mont hs: the Bank sug- 

: named, relatively sluggish, which'-' lending showed a really gested that a ’large part of the • . 1 

. t within the total, the banks sharp increase was Jn. the tumround was. probably ex- 
torted that demand had been PC" 01 ! to mid-October, when pj a j nec ^ b y seasonal influences. 

' ^ change in 

-n numJacSriog MuJlS buiktag sjaem M . whole had p p “^ViS“ the country’s; economic fortunes MAR Y 

CAMPBELL discusses the transformation this has brought 

rs? Seeded"e n ^.o IO k W ee. «ee 5S in the U.K.’s oosition in the Euromarkets. 


banks 


tra - _„^|ncr hnrmwiriP oi oiivv, acrui y i ictcuuj ur luuiu uc uiauc ciwuic unui 

c CUt «!■ i >»r holding Its base rate below the creasingly extended for longer, to increase their medium term 

oy some «sum., or i per cen ., resi in ^ attempt to attrael h ave advantages for the bor- lending further. 


after increasing it by £G60ra.. 
or 1 Of per cent., in the previous 


:r, me Clearing names said u needed even to keen race with 

.*■ bee P some in^oo Wltun S? SSI rist 

rease in manufacturing at ’ _ ra “^ moreover, a substanUal propor- 

lustry, and .particularly in tion — £239m. — was accounted 

Idneenng. .. at “ ore for bv ^ food ; drink 

:t is too early to be at -all tobacco sector. A more substan- 

ifldent that industry is at last „ ^ rise was 86611 111 lending in 
Tinning to take up increased HJJ?” f/iS hS foreign currencies. Foreign cur- 
■dit lines in order to support rency advanC6 s 10 manufactut^ 

tewed expansion during the J a J SjS* in ^ industry increased by 

nine year. But a number of the heavy inflows of funds f42ftn., or 26 p'er cent, over the 


With the change in 1 
the country’s; economic iortunes MARY 
CAMPBELL discusses the transformation this has brought 
in the U.K.’s position in the Euromarkets. 


iwed eepmsion during Uie of ^pHh^Bv^in^w^of Snds industry increased by " 
ning year. But a number of f429 ™-- or 26 p'er cent, over the 

ikers have started to detect . ■ ■ ? - s ' 12-month period, with the THE IMPROVED international Britain's balance of payments for borrowing companies to 

nn bf - land pointed out in- its. Decern- rhpmiralc and atlipd industries -—a ripfirit. started a nrncrammf* nf iccno onuit-v-linkorf' cMuiritinc 


imh u»vc auui.ru iu UBieCL i__ j j rt ’n- iti Ooiwm r— — — „u. «v . .u.v.ubuvuw — -- *»■ ‘“s — i 

ne signs of rather greater w l chemicals and allied industries standing and financial condition deficit started a programme of issue equity-linked' securities. 

husiasm among thnr Indus- ^ ^ ^ ° £ ^ - Britain during 1977 led tn a ■g.-g-g; , ' Issues by U.K. eompsnies on' 

kl customers. There are grow- effect of improving the -liqaidity tH _ . , . complete transformation of its , jt ■ h ? . • the Eurobond market started iii 

'. b °Pf s ^at after a long of manufacturing Sdustiy + Wlnl 6 th 6 fneral -picture has J jon in ^ Euromarket5 the changed _dtaf - ^ first - ^ ^d continued 

nod of more or less stagnant whi ^ for ^ timfbetaTwouM there ?J e , " b !? n “ ne ” , ? a *' and of the use BriUsh borrower ^sformaoop of ^ year . In 


r “ V4C W1 l “ a 0 ‘»«nant which for fa time being'would and of the use BriUsh borrowers _™ ““ throughout the year. In con- 

;ding, the economic recovery bave therefore had less "need nevertba ^ ess * there , have been made D f Euromarket finance, th® - balance of payments trast to the position in the three 

s year and the expected to rall on bank facil ifl«. N ow s ™ e ^Bresting^ developments 0n fa one hand British Mm . from. structural deficit to struc- previous years fa vast bulk of 


Uoh were the transformation of 


throughout the year. In con- 


rhe prospects, of increased assert itself.' times felt from the aggressive were even able to raise sterling- mone y capital account) and porations issuing Eurobonds 

mand could .also be ’helped The general picture portrayed activities of the U.S. banks in denominated funds on the Euro- the rise in the value of sterling, last year were associated with 

the much iower levels of by the. banks, however,' Is' .that London, taking advantage of bond market On the other, For those companies which the programme for replacing 

erest rates now ruling. At the" demand ha’s remained differences between bank base public sector corporations, issued convertible debentures some of the large volume of 

! beginning of last year; with depressed with industry making rates and money market rates whose foreign currency borrow- abroad, the rise in London Stock public sector debt which 

a ring bank base rates at 14 relatively low use of ifs^ego- to attract business from big cor- ing In 1972-76 had originally Exchange prices was also cru- matures in .the 1980-2 years by 

r cent., corporate customers tiated lending limits. The trends porate customers. Partly as a been made in order to finance rial since it made it worthwhile debt of longer maturity.) 


All in* all, British borrowers The Eurosterling venture was 
raised nearly $2bn, in the form by no means an unqualified 
of international bond issues in success — partially because too 
1977. according to Morgan many issues were arranged far 
Guaranty figures. too fast as British corporate 

This was almost half the treasurers sought to take 
total amount raised on the advantage of the market in case 
Euromarkets, a development it proved to be no more than a 
which is all the more remark- one-month wonder. This meant 
able since the $ 2 bn. which that more paper was issued 
British borrowers raised in the faster than investment demand 
form of medium-term Euro mar- could cope with it. 
feet bank loans in 1977 was al- in addition, with hindsight, 
most entirely accounted for by issue managers in this sector 
tne 51.5bn. loan raised, by the ar gu e tlkat although Euro- 
Goveroment id January, before sterling borrowers would not 
the extent of the balance of pay* ba ve to offer nearly as much as 
ments turn-round had become would be necessary for a 
evident domestic bond issue, the rales 

Among the first issues made should have been pitched a hit 
market *[“ Inc ? 1 ' higher relative to comparable 
Jff® ? con J ertlble _ in high coupon gilt-edged 

SSSl^J ! ^ Ch J^!i the s S ene f S r securities than was the case for 
furtiier convertibles to be made fa first batch of i6sues . 

in association with permission 

to raise dividends on the under- T) „ 

lying .stock by more than the JvCCOVCrV 

dividend restraint rules would m. „ 

otherwise have allowed. burst , of ? urost ®5J 

" n S bond issues also happened 

issues by BriVih comp™?,, f.“1 “ “™ i ? e ,. with > »»«“ 

year were British Shipbuilders' ^ eri . ,n ff fe JJ against other cui^ 
$65 m. placement — the- proceeds renc,e ^ a®d when UJL short- 
were to finance the part of the lenn interest rates rose. There 
Polish shipping contract which has been a substantial recovery 
could not be covered by subsi- sinpe although most of them are 
dised credit — a S120m. floating quoted subsUntially below 
( rate note for International the prices at which they were - 
Westminster Bank which was offered initially, 
doubled i in size from a sche- The sector is expected to 
duled $75m. because of the reo .pen any time, and the cur- 
fnlfySSK,"; levels of ou.sundm g bond, 

^ suggest that any aew issue. 

OH0 of the lRTRCSt con- chmilH hn rvrinnfl f- ■ |j‘ 

SlrS rSPra0,,th - eE " r,> - ■>“— •» £ -t 

h SWSAS 

important development of all and tiie matunt y of *he bonds, 
last year for the British cor- Prospects for raising funds in 
pnrate treasurer. This was the other currencies are currently 
re-opening of the sterling sec- determined more by general 
tor of the Eurobond market condition of individual sectors 
The surge in foreign demand of the market than by any ques- 
for gilt-edged securities earlier tion-mark over the perception of • 
in the year, had provoked Euro- British credit among intema- 
bond issue managers into trying tional investors, 
to get the Bank of England’s ... , 

permission to use' sterling for ®“ ause of the .. 

Eurobond issues. This pmnis- of / ^ -2™^* the , d ° Ua 5 
sion was given early in sect ° r of . international bond 

November and the spectacular market is ,^^ rren , t i y m . ^-riT 61 ^ 
rush of companies to raise funds condition though ICI is 
in the new market showed up l n t ? e P™?®* of raising 20-year 
the potential demand for long- fund s. on the New York bond 
term fixed rate money for mar ^®l at a yield which is ex- 

British companies,- if only the P ecled t0 be weU below 9 P 61 . 

rates they had to pay were low cent - 

enough. Conversely, in the Swiss 

In the Eurobond market, franc market the shortage is 
British corporate treasurers of borrowers rather than in* 
were able' to raise.sterling funds vestors, and Swiss franc 15- 
at rates roughly comparable to year funds can currently be 
yields on gilt-edged. The four raised for 4} per cent, by prime 
issues made in November for borrowers. The D-mark sector - 
British companies were for be- is also a target for currency 

tween £10m. and £25m., for speculation and rates there 

maturities of between seven and range between 4f and 7 per 
twelve years and were priced to cent, depending on the quality 
yield between 9J and 10J per of the borrower and the 
cent . maturity of the bond. 



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Central Office; Frankfurt (MainJ/Dllsseidarf 

London Branch. P. O. Box 441, 10, Moorgale, 
London EC2P 2AT,TeL (01) 6054422 










16 


Financial Times Monday January 1& -1S78 


CORPORATE FINANCE VI 




£ 


If bank borrowing increases as expected this 
year, the interest rate movements of recent weeks can 
only be a good omen for industry suggests MICHAEL BLANDEN, since they have apparently reached 

a plateau at levels lower than for more than a year. 


Interest rates 


As masters of corporate financial strategy, 
the merchant banks — with a good year behind them 
ought to be able to look forward to the rest of 1978 as a 
period of improving business prospects, 
writes NICHOLAS LESLIE. 


Merchant 



, with in competing for business, and | T ° HAZARD a guess at a^JKecTlil^e again* by xS°St^ 

it and 71 per cent at Barclays and «H occupy the ! attnbtt ntb» l ^ taking a Me ***** « mhabllltv I 


HOW FAR industry's decisions example, of bank overdraft fad- nearly 17 per cent. -The story move in short-term rates, 

to invest in new equipment are lities; while at the long end, of 1977, however, has been one MLR dropping to 7 per cent 

affected by the cost of money although rates have not come of a steady and at times rapid base rates to 8 per cent The National Westminster. 

is a subject of considerable un- down so rapidly, there has been decline. In the early part of final stage of the decline came W ith the New Year the I !? ercI \ ant banl{s . th,s ^ ezr ^ a ^ feirVhat mer- "caDitSl'uri'rowe 

certainty, but there can be little a significant decline. Industry the year, rates came down in September and October. 0 ppoSi«i£ arose in more stable! SSt binkj are unlikely to bo S done by corporal; ' 


of the corporate finance arms 6f at the outset. Overall, the probability j 

merchant banks this year Is a Even among domestic take* that there will be a reason^ 


doubt that the sharp drop in has 'welcomed this movement, sharply, with the Bank of when the inflows into the ILK. ^ndiuons" to allow ihe "I wri 1 S.,"? railed on to handle many deals men at the merebafi 


the level of interest rates over and is hoping that the new level England stepping in on several built up to an exceptionally of rates l0 ease down S h g htly ! 


easily be confounded. 


thelcss. there is good reason to of great size and one reason banks, but that tiu-y w«U a1« 
think that takeovers will - fea-~ Cited for this is that manage- be pretty busy Riving advice ii . 
ture fairlv strongly even if the ments are becoming much more a variety of situations. _ v[r 
pattern is for relatively small circumspect *bout the possible caplWtl.- lff 

deals. intension oE i ibi : Office -of j^nona. anrketi*;. 

Companies have been showing si ^J te f^riy^o^they feel tliey director or the National .Rs\ . 
increasing signs of wanting to wil j id t i,e problems of a search Development Corpow 
break back into a growth phase ££ S^SSS^iSL tto*tap^g " 

through acquisition, or to use , . of demand, ue acKnnwicnge, , 

such a means to diversify. A -Mr- Michael Richardson, head that the spate 0 f publicity tha 
factor encouraging them to do «£ Finance for Industry s mei> has been generated about hi: 
so has been the substantial fall chant banking division, sees area of business and about smg 
over the past year in the cost merger broking as one of companies as a result of ® 

, — , — . ..« -. v of money. But elsewhere in mer- ™° re likely trends this F*”; Lever committee and the Wil 

between the second and third reached in late 1976, when as to hold the value of the pound f ° rc ? d , J 0 abandon the polio* t0 for a share 0 f a, e . chant banking corporate finance be feels, win proDaoiy son i 0qu iry have generate* 

quarters of 1977, to £455m. (at part of the various measures more or less steady in terms oF ° £ holding sterling down; in market it is hard to see anything ■ tak ®. 11,6 fo ™ c .? I ? p ? ni ^ increased knowledge amtm| 

1970 prices and seasonally taken to restore confidence at both the dollar— at around S 1.72 late November growing expects- , . bevond a mixed bag of capital seeking merchant bank help in bank managers and accountant! 

adjusted). Over the first nine a time when the pound was — a^d of the trade-weighted tJOns of an u P ward adjustment For industry, however, the. f mainly through a con-®^ 118 attractive partners for d the who are impartial 

r .._j„ ... o I. Tt ... . V 6 . _ in interest rates um fulfilled movement can onlv be reearded raisl “S * mawu> _ lu . 51 ctraioht pvnansinn in their exist- ! nnrerili* 


the past year has been one of can be sustained to permit sen- occasions to slow down the high level and forced rales MLR failin'* to 64 

the factors contributing to an sible forward planning of in- decline. By mid-May, MLR had down again. MLR finally dropped per on firsl Friday of 
improvement in confidence. This vestment. dropped to 8 per cent, with bank to a tow point of 5 per cenL ^ year! banks look the oppor- 

has begun to be reflected in Movements in short-term in- base rates down to 8} per cent, while base rates went down to ^nity to come back into line 

the figures of capital spending, terest rates have been dramatic The decline was largely based 6 P®* - . cei Jf- . with base rates at 64 per cent, 

which have shown a marked over the past two years, with on the., renewed demand for however, reflected an The general view seemed to be 

recovery since the spring, of last the sharp fluctuations them- sterling! itself the result of the unstable situation, with the tbat th e rate competition of the 

year — with the prospect of the selves presenting a problem changed outlook after the con- efforts of the UJv. authorities prev i 0 U 5 month had not pro- 

further improvement during for industry. The changes have elusion oE the International tn prevent the pound from rising duced any significant gain of 

the current year. been closely associated with the Monetary Fund loan and the bringing very large increases business for the cheaper banks. 

The latest statistics published turn-round in overseas confi- central hankers' safety net for official reserves and a prospect of a 

by the Department of Industry dence in the U.K. and the re- the sterling balances early in threatening the control of the more buoyant demand for credit 
showed that manufacturing newed strength of the pound, the year, During the first half su PP 7’-_ At the end of duT ma the current year there 

investment rose by 5 per cent. The peak level of rales wad 0 f the year, the Bank was able October the Government was was less incentive in any case 


lending b^ket *or 20 other aurencies It was gen era Uy recognised that as helpful, confirming the new| i^^raSng inE busimas or to help them ^ n ^e°^\Ul^XoTa^. b! 

arply to currencies. ^ Iqw reached , Jn toe lower leve i of. rates after 8 tal reorganisations ^ move into new areas of activity. Sf S S avs that even wit* 

previous month could not be period of some uncertainty. He also expects some divestment p knowledge there .would 

sustained, and the Bank allowed From the peak levels of 1976, 1 1° this latter ^P he re.}here are b y big companies of subsidiaries p ^jj be limited demand becauji 

' f ‘ ideas fail dowi ■ 


months of the year together, the under heavy pressure the Bank index of its value against a 
level of investment was nearly of England's minimum 
6 per cent, higher than in the rate was pushed up sharply 
corresponding period of 1976. 15 per cent, while base rates at O r , acc . 11 «i 0 

Moreover, given the sharp drop the big banks went to a peak of ritSSUrC - - — — «- — - — *7' 7 1 of a nick un in ■* w *" •— 

in investment soendina bv 14 per cent. This implied that T T , . sharp jump in MLR to 7 per the cost of long-term money had expectations ot a ^ pick up m whlch thcy fee i n0 longer form 

investment spending ny per cum p .i In j u , y> however, the dollar cenL a j so dropped by the end of last demand a little later in the year rational part of the rest 0 f 

but It still seems inevitable that-*^ opera „ on5 . lhis is a view lhT0U 

the merchant banks will, as last elsewhere in merchant NRDC. iliough. is perhaps > 

year, be competing hard for a bankiog circles, 
limited amount of business. 


British Steel Corporation, which even the top-quality corporate . " ' ■ „ 

distorted the overall trend customers of the banks would **“ ^ Was folI ^' ed by an . un ‘ W to under 12 per cent There 

downwards, the volume of be paying 13 per cent for over- f“^ ro ^ h, ft c r h . J 0 ’ 2 9 „k usu *l expenence in banking seems a reasonable prospect 

investment by private man ufac- drafts, while others could be ^ n r ffl5 1 Wpptv when the b,s f ? ur banks took ?at, while rates will be adjusted 

turing industry ! had risen about charged around 17 per cent abandoned the policy of keep- different views m an uncertain from tune to time, there should 

twice as rapiSy as the total At the same time the cost of | n « ^ P°“ nd « tea dy m relation money market *of the appro- not be in the coming year the 

Forecasts for this year varv long-term money, as measured tb ? dol i a r. concentrating priate IeveI of rates> rates k ind of abrupt movements 
markedly, and the Department's for example by the redemption mstead 00 index. varied between 0* per cent, at experienced in the recent past 

recent survev of intentions yield on 20-year company deben- This was followed during the Midland Bank, which took which have been one factor dis- 

again indicated that plans had ture and loan stocky ’reached August by another downward a particularly aggressive stance couraging investment decisions. 


many 
ih lack of quality. 


been revised downwards since 
the last time that manufac- 
turers were asked about their 
expected levels of spending. 

Nevertheless, the results poin- 
ted to a rise of between 10 and 
13 per cent in capita] spending 
in real terms during this year 
compared with last year, fall- 
ing between the 8 per cent, 
projected by the National Insti- 
tute of Economic and Social 
Research and the 15 per cent 
or so expected by the Confedera- 
tion of British Industry and the 
London Business School. 

The level of interest rates is 
by no means the only factor 
influencing the attitude of com- 
panies to new investment pro- 
jects; for example, where the 
essential replacement or expan- 
sion of an operation is involved NINETEEN SEVENTY SEVEN and industry. After many 
the cost of money may become was the year when the great months of deliberations this 
almost irrelevant. Moreover, the push towards a complete steering group produced the 
actual effect of high interest changeover to the inflation exposure draft ED 18 and 
rates will depend in part on the accounting system known as announced that it was on course 
current and expected level of current cost accounting (CCA) to meet the Sandilands tune- 
inflation. Even when bank was severely- checked, if not table for implementing CCA in 
lending rates were at high brought to a standstill. Instead the accounts of larger corn- 
levels, the real cost of money of the proposals contained in panies by 1978. 
may have been negative, while ED IS becoming an accounting But the six months of 
with the fall in the inflation standard, they have been quietly exposure allowed for the ED 18 
rate in the past year and the forgotten. In their place we proposals was hardly half-way 


Now that the aurent cost accounting debate 
has more or less been resolved in favour of Mr. William Hyde’s 
guidelines, the procedure for inflation adjustment ought, MICHAEL LAFFERTY 
points ont, to be more easy to deal with from now on. 

Inflation accounting 


venture capitalists 
2 , on the whole, is £ldUUIlU 


special situation in that its briel 
is essentially to back projects 
rallicr than companies. In this 
role it provides what few others 
da — real risk money. U will 


PUBLISHED CCA PROFITS ADJUSTED BY 
THE HYDE GUIDELINES 

Company 

Akroyd and 
S mi tiiers 

Pre-tax 

profit 

15.5 

Cost of 

Min* Extra De- Gearing 
Adjustment predation Adjustment 

— -0.2 -2.3 

CCA 

profit 

13.0 

%Qunse 

-16 

Associated 




N 



Engineering 

32.5 

-11.8 

-5.3 

+ 6j 

21.7 

-33 

Brooke Bond 







Liebig 

49.8 

— 4LS 

-7.3. 

+9.8 

10-5 

.; -79 

Serck 

9.3 

lua. 

n.a. 

n.a. 

5/6 

-40 

Smiths 







Industries 

20.5 

—8,5 

-2.6 

+3.3 

12.7 

-38 


early part of 1978 lower interest less controversial Hyde guide- that the document was too 
rates may represent a signifi- lines. ambitious. By attempting to 

cant real burden. It has been an extraordinary cover every aspect of account- 

Nevertheloss, high nominal affair. The Inflation Accounting ing, and by seeking to do it all 

interest rates, whatever the Steering Group, chaired by Mr. in line with the highly 

level of price inflation, da im- Douglas Morpeth, had been ambitious Sandilands schedule 

pose a real strain on company established in late 1975 to it fell between almost every 

finances by eating into their implement CCA as the main possible stool. ..lust about every 

cash flaw, an important factor accenting system in the U.K. interested organisation found in the country-voted against Engineering, Smith Brothers 

in making investment decisions, following the Government's something to object to in ED 18. making any system of CCA com- and Serck have published 

At least at the short end of the acceptance of the report of Sir The final nail in the exposure puLsory by a margin of 15.500 figures showing what their CCA 
market, the cost of money has Francis Sandilands' committee draft's coffin came on July 6, to 13.201). The vote represented profits would be after correct- 

becn cut by more than enough of inquiry. It was financed by 19//. when members of the -nearly half the Institute's ing historic profits for the three 

to offset the reduced inflation funds from the accountancy English Institute of Chartered membership and was a record Hyde adjustments, 

prospects, thus potentially cn- bodies, the Government and Accountants — the largest and for any ballot of members. It 

couraging a greater use. for donations from the profession most influential accounting body was all the more exceptional 

the 


National and 

Commercial Development 
Capital Limited 

Is it lack of capital rather than 
lack of potential that’s 
delaying your expansion plans? 


NCDC was set up to provide a source of longer- 
term capital for private and public companies wanting 
to expand If you can show that, with NCDC funds 
working for you, your company could earn pre-tax, 
profits of atleast £100,000, investment finance may be 
c made available. ■ 

The capital provided may be used to purchase 
fixed assets, as working capital to support expanding 
turnover, as cash to acquire another business or to 
finance a merger. It can be made available in addition 
to existing bank loans or overdraft facilities which are 
already fully utilised 

For furth er information write to Richard B attersby, 
National and Commercial Development Capital Ltd, 
34 Nicholas Lane, Lo ndo n EC4 P 4HXorTeh01-623 2632. 


National and Commercial 
Development Capital Ltd 7l<^ 


since the anti-CCA resolution 
had been initiated by two small 
practitioners from Burgess Hill 
— Mr. David Keymer and Mr. 
Martin Ha'slem — who had 

pressed ahead against the 
express wishes of the Institute's 
president and the -personal pleas 
of such older statesmen of the 
profession as Sir Ronald Leach. 


These three adjustments are; 

• Extra depreciation based on 
the estimated current value 
of plant and machinery. 

• A cost of sales adjustment. 

• A gearing adjustment. 

The guidelines deal only with 

the profit and loss account CCA 
data are not requested for the 
balance sheet although certain 
balance' sheet adjustments will 
. . be necessary for calculating the 

with the inflation accounting ab0 ve three adjustments. The 
issue thrown wide open on?* guidelines are extremely simple 
again, the Accounting Standards a n<j general, so that companies 
Committee — the professional are encouraged to experiment 
body with overall responsibility a nd develop their own systems 
for 'rule-making in the private for matching, current costs and 
accounting area — was left to revenues. As a result indices 
pick up the. pieces. This it did are likely to be widely used.. for 
with commendable speed by making the cost of sales and 
setting up a group headed by depreciation adjustments. 

to work out rntenm guidelines far ^ most controversial tf 
for adoption by large companies the calculations. The 

in their next published accounts, guidelines cover two different 

situations: 

If the total liabilities of the 
business A including prefer- 
ence share capital] exceed 
its total monetary assets, so 
that part of its operating 
capabUity is effectively 
financed by the net monetary 
liabilities, an adjustment 
should be made to reflect the 
extent to which the extra 
depreciation and cost of .sales 
adjustments do not need to 
he provided in full from, the 
current revenues of the busi- 
ness in showing the profit 
attributable to the share- 
holders. 


For the 
the picture, 

not particularly encouraging. Another trend he expects is in -- - • withmii anv 

Thu iis primarily because there hel plng institutions find good *»«<*■ 

is by most accounts still ^ investment opportunities in pn- security and will seek Us return 
dea'rth of good projects. De- ™ te CDinDan ies The relative in- purely by taking a percentage 
spite ail the discussion that has act t jviLv J? slock market and «» sales of the predu« it backs, 
taken place over the past year with jus , a han dful of com- Thus, if the product failsNRDG 
or so about the problems that pan j es having gone public over g ets nothing back. Most other 

individuals and small com- tbe past five years or so, means venture capitalists will want 

panies face in getting the type that institutions are casting some, security, either by a 
of seed capital they feel they tiieir nets into the private com- charge on assets nr by taking 
need to get a business properly pany to find a good home for an equity stake. Theirs is 
off the ground, most venture their funds. It also seems likely essentially development rather 
capitalists say that the quality that such private company in- than risk capital, all hough 
of ideas submitted to them is vestments will be nurtured to- Technical Development Capital, 
still poor and that the fault is wards a public quotation firstly a subsidiary* of the Industrial 
not theirs that the number of by dealings in their shares * and Commercial Finance 
new venture capital invest- under Rule 163 (2) of the Stock Corporation (itself an arm of 
ments remains low. .Exchange and then to a full list- Finance for Industry), does. 

Part of the difficulty when by way of an introduction, back romc start-up situations as ; 
talking about venture capital But ^ere is a fairly wide divi- indeed does- ICFC itself on,, 
is so often one of definition; sion °[ opinion .as to how many occasion. , 

For the most part venture capi- ° ew listings will be achieved. Generally, though ICFC. along 1 
talists admit to nor .being over- simply-bwause many believe wirtl others like Charterhouse 
keen on backing speculative there, is s^ili widespread., scepti- Group, Gresham Trust and the 
start-up situations, but' instead «ism among managements of the Small Business Capital Fund are 
are seeking to put money into benefits of a public quotation, more interested in a situation 
projects or companies which Mr. Richardson, in common which already has something of 
already have some sort of track with other merchant bankers, a track record and is now look- 
record and are now in need of, also expects more rights issues, ing for between £50,000 and 
say, between £50,000 and particular among medium-sized £100,000 to take it through fts- 
£190,000 for their next phase of companies, to be made this next stage of development. And 

development year, certainly at a higher rate while Mr. Doliond may be find- 

Most merchant banks have than bas been the 01186 ln iDg suitable investments this 

entered 1978 with a good year past *** nKint b s or so. And a latter category have been far 

of profits behind them. Much of Prediction by another merchant more active over the past year 
this . improvement has resulted banker is that if interest rates or so than in the stagnant years 
from activities outside the to ease there may well of 1974-76. ' 

strictly corporate financial 
sphere, but- the broad range of 
corporate facilities have played 
their part. The greater buoy- 
ancy has developed at a time 
when competition has been on 
the' increase not only as a result 
of the clearing banks further 
expanding their merchant bank 
ing subsidiaries, but also be- 
cause overseas banks, and parti- 
cularly the American ones, are 
becoming increasingly active 
in this area — even if they do 
tend to concentrate on the 
Euromarket sectors. 


Specialist 


Striking 

The Hyde guidelines, as they 
have come to be known, had 
really been prepared even 
before the decisive vole had 
gone against ED 18. They bore 
a striking resemblance to the 
alternative CCA exposure draft 
produced by th? London branch 
of ‘the Institute of Chartered- 
Accountants during the ED IS 
debate. 

Although they have nothing 
like the status of accounting 
standards, the guidelines have 


got off to a good start ..A 
majority uf the companies in If the total monetary assets of 


the FT 30-share index, for 
example, indicated that they 
would give the requested infor- 
mation in their 1977 accounts 
when the guidelines were re- 
leased in late November 1677. 
Already a number of companies 
including Akrnyd and Smithers. 


the business exceed its total 
liabilities, an extra adjust- 
ment should be made to 
reflect the Increase in the net 
monetary assets needed to 
maintain its scale of opera- 
tion. 

The first situation covers the 


Brooke Bond Liebig. Associated typical company, whereas the 

CONTINUED ON NEXT PAGE 


Specialisation has persisted. 
This is a natural consequence, 
it is felt in some quarters, of 
the independents having had to 
share the market -with an in- 
creasing number of competitors. 
Hambros.' for example, is 
known among other things for 
its major business in accep- 
tance credits. Even the clear- 
ing bank subsidiaries have 
taken the specialist path. Bar- 
clays Merchant — while obvi- 
ously using its financial muscle 
to expand its medium-term 
lending — featured strongly in 
takeover activity. . This was al- 
most entirely due no doubt to 
the reputation of Mr. Charles 
Ball, its former chairman who 
left towards the end of 1977 
having not seen eye to eye with 
the parent bank on medium 
term lending and other points. 
Whether it will follow a similar 
pattern this year if the expec- 
ted increase in takeover activity 
materialises remains to be seen. 

There is some expectation in 
merchant banking circles that 
corporate finance departments 
will be taken up increasingly 
with advising in takeovers by 
American companies of British 
concerns and, conversely, of 
American companies by British 
groups. It is felt that there has 
been a significant change of 
view in the UE. of prospects, 
for British industry. Instead of 
being extremely cautious, as 
they were two years ago when 
the British economy was in dire 
straits, with interest rates run- 
ning high and the pound falling 
in value, there is mow a grow- 
ing feeling among American 
companies that Britain can offer 
good investment opportunities. 
It seems probable, though, that 
purchases will be fairly modest, 
with U.S. companies preferring 
to develop from small, -though 


Published by the Financial Times Ltd. 



Report 


New standards, new practices, new controversies . .. . 
changes and the pressures for a new approach are 
developing everywhere, all the time. Never before 
has the accountant and financial executive faced a 
future . so fuli. of new rules to be absorbed, new 
procedures to be mastered — and new opportunities. 

Each month. World Accounting Report, published by 
the Financial Times Ltd., examines developments 
round the world and analyses their significance. 

For" example, the following items appeared in the 
January issue: 

U.S. — Commission on Auditors* responsibilities - 
— final report; 

Japan-Best and woret mid-term reportfrin 1977* 
France-More power and status needed 
accountants. 


by 


■Hie future wil] besiege you with auestions:- World 
Accounting Report will arm you with the answers 


K Please send me a free sample copy of 
JV^orld-Accounting Report. 


jNarrie 

•Position. 

! Organisation. 
[Address 





FTteffi 


block capitals please J 


irr i 


B Return to: Subscriptions Dept (WARl, 
• Financial Times" Ltd.^Brackeh House, 
10 Cannon Street, London, EC4P 4BY. 


S 


1 


k)[ 






j 


tl 




-j 



Ftencial Ifcnes Monday January 16 1978 



UK 


NTINUEO FROM PREVIOUS ?AG£ 


‘i‘U K 


S! 


u 


b; 


oad deals with businesses ing systems has been slowed 
h as banks. Where there is down, or possibly interrupted 
excess of monetary liabilities for some tome. In .the U.S. the 
following steps should be Securities - Exchange . Coxonvis- 
owed after calculating, the slop's requirement for neplace- 
ra depreciation and cost 'of meat cost disclosures received 
a adjustments:— considerable resistance in its 

. Revalue fixed assets and,, if- first year (1977).- Further 
1 I :erial, stocks to current costs, action may be deferred until the 
I I I jilting the surplus to reserves. Financial Accounting Standard® 
* 1 I K L Calculate, the gearing pro- Board completes its project on 
**\tion. This is the proportion the conceptual framework of 
ch net monetary liabilities financial accounts^? and 
rs to shareholders’ funds reporting. 

5 net monetary liabilities. Australia, once the pace-setter 
• gearing proportion is the in this field, has also delayed 
rage of the opening, and its original schedule for manda- 
ting percentages . of poo- toiy CCA until July 1> 1979 and 
.letaiy items financed by even this looks, ambitious with 
letary items. further opposition growing from 

. • C alculate the gearing the" business community. Other 
ustmeot by applying the countries which have yet to 
ring proportion to the extra, issue rules (although some pro- 
■ recla tion and cost of sales po sails ha been issued) in this 
ustments, urea are Canada, New '-Zealand. 

i .» -Japan (consolidated accounts 

6dUCtIOH are required there for the first 

• . . time this year), and South 

-^wording to Phillips and Africa. •• 

' w figures the gearing adjust- 


• it adds back some 20-25 per 


The French securities com- 


% of the other adjustments, “Sf* 0 * the GOB. has decided 
Slicing an overall reduction. a ^ er DOt 10 
pre-tax profits of about 32 com 5 >a:naes to “ake CPF <ns- 
. cent As far as individual closures > wtole its Goveramem 
is tries are concerned the inwodneed rules _f Or the 
action in after-tax profits revaluation of assets. The 

■ cr writing back deferred Germans remain implacably 

■ i ranges from 70 per cent, opposed to any system ol.jtnfla- 
he case of general engineer- tion accounting, and as. far as is 

- to only 15 per cent in the known not one large- German 
of breweries. Food mapu- canapany has complied with the 
uring and newspapers and 7 CCA recommendation issued by 
lishing are other sectors the German accountancy pro- 
wing reductions of 55 per Session back m 1975. . It looks 
Leach. as if HCA will take n little 

he UJC. has not been the longer to dislodge i&in_ may 
r country where progress have been imagined a few years 
ards current value account- ago. 


CORPORAT E FINANCE VII 

The stock market still shows little sign of regaining 
its traditional role as one of the main sources of company 
finance. In part this reflects the continued low level of demand, 
bat the dominant factor, as BARRY RILEY points oat, is the 
growing weight of the institutional investor. . 


The stock market 


IN THE three years to last troversial circumstances during for. public companies. market is not necessary:-. Many of shareholders wall become 

March- the number of British the past year. At the same time larger pro- other countries have achieved sufficiently large to justify a 

companies listed on the London For all their "obvious differ- fessionally managed companies quite satisfactory economic full listing. An interesting 
Stock Exchange fell by 500 to ences, these “privatised” con- are tauning to the stock market growth without one. But the success story in this respect 
just under 5,600,. a drop of cents (which also Include on an impressive scale for new Stock Exchange itself naturally reached its climax late last year 
□early a sixth. The. number of Williams Hudson and British money, mainly in the form of has no option but to seek to when Henry Sykes, a raednum- 
q notations Is constantly being Electronic Controls) have one rights issues. From a remark- rebuild its role. To continue to sized pump manufacturer, was 
reduced by [takeovers -.and thing in common— they are able peak of some £l.2bn. in rely on institutional investors introduced following a period of 
mergers, even though these have strongly entrepreneurial opera- 1975 the total has eased only a for a greater and greater share a few months in winch Rule 163 
slowed down somewhat in re- tlons, of the kind which used little.- and was still well over of business would threaten to (2) bargains were being 
cent years. And at the same to keep the City's issuing houses £70tym last year. bring about an ever increasing regularly marked, 

time the flow of new company busy on flotation work. These trends in company volatility and market ineffiei- This new listing was 

listings, which atone time could a clear message has gone out issues dearly reflect the chang- ency, while in due course the especially satisf van K to Sie Stock 
be relied upon to keep up the to work to the Stock Exchange ing patterns of share ownership, institutions are likely to insist Exchange as it was the firet 
volume of share quotations, has —it is no longer" an attractive The small private investor is upon negotiated commissions example of a “ capture " of a 
slackened to a trickle. arena for the entrepreneur, rapidly disappearing from the which could put enormous pres- cHeuxot the NichtScale private 

The most dramatic evidence Small highly personal com- country’s share registers, and sure on the profitability of Stock over-the-counter market. But 
of the declining appeal of stock panies now get a low rating in official statistics show that -the Exchange firms (as they are Svkes was not a tmical small 
market listing has been pro- the market, and the potential personal sector has been- regu- already doing on Wall Street). entreDreneurial company lor it 
vided by . the companies- rewards for successful owners larly disposing of company * n a i. og L u,,j - Is 

(admittedly few- in number) of small or medium-sized busi- securities at the rate of around T ^* re , a E? several strands to already had a number of lar„e 

are no big family sbarehqldings. 

range in size and character from currency no longer provide 
a relatively small* virtually one- sufficient compensation for the Infill ppflVP 
man business like Graff Dia- disadvantages. These include \>uuci.u»c 


17 


monds to Cavenham, a very the requirement to fit in with 
large international food group, ever more demanding listin 


But collective 


tion. First, it will of course '• To help promote the Rule 163 
make every effort to maintain (2j facility the Stock Exchange 
its role in the large company has arranged for the Financial 
sector where the rights issue Times to publish the week’s bar- 
investment mechanism has become increas- gains marked under this rule in 


Instalment CTgffit of various kinds is an 
established element in the nation’s borrowing 
machinery. Given the curbs on the consumer, as JEFFREY 
BROWN explain it is no surprise to find that 
industry Is increasingly the main customer. 

Finance houses 


jox£C iu iriiMUUUiU juvu kiuuu. muic ucuidiiuuiK uauu„ i : . . - , — — — — _ 

Both these companies have rules; and the need to submit to 5 L ngly T l h i The ? f lso f* ch Saturda y’ s issue- This can 

bought out their minority public auditing standards which tend fJ, ra tH, n ie« hac mpanwhiu* hp*»n ^ 0pes L*? 81 ^ c “ r r em ^ ecl ‘ ne be seen as the Slock Exchange s 

shareholders h. somewhat con- to be more rigorously applied Se“aSons ^“Tdrtent^d Tan "" 

probably raking in something stock issues, which have been w • 
over £6bn. in 1977, which serves virtually absent since 1972. L/ISilHS 
to make them the dominating Jadging by what has been going ® 

investors in the stock market.. on in sterling Eurobonds, com- The Stock Exchange Council 

And managers of big lunds p^gg w m become keen is not willing to start relaxing 

with a great deal of new money borrowers again when the avail- its listing requirements in order 

to ipvest cannot afford to waste* ab j e i 0Dg „term rate falls to with- to lure private companies. To 
their tune with small com- the 10 .j 0 j per cent . range, do so would be to run the risk 
panies, ■ ■ . of the establishment of a 

Certain efforts are now being Secondly, the Stock Exchange Government securities agency, 
made to channel funds from the is actively encouraging privare M already in ^ 

- big- institutions towards small companies to have then shares us in tte shape Qf the 5^^. 
companies through specialised dealt in trough the stock ties and Commission, 

intermediates such as unit market without the necessity which would supersede the 
trusts.- This cannot, however, for a full listing. To achieve this Citv ._ D referred self-re eu- 

affect the underlying trend to the Stock Exchange Council has lat ^ me chanisnLBut at least 
any great extent, and although been giving new emphasis to the ^ Exchange is unlikely 
the situation has been improved facility under Rule 163 (2) for t0 add to its difficulties by 
slightly by the recent general matching bargains in unlisted further tightening to any signi- 
improvement in share prices the securities. Beaut degree the listing require- 

firture role of the stock market The hope is that through such ments which are already 
remains a subject for debate. . dealings a company's shares will onerous for many smaller 
It can. of course, be argued become more dispersed, and that quoted companies. 

It has made one small con- 





DERLYING business activity survey suggests that more than Finance of this nature varies industry— -to contractors who 
>ng the finance houses 60 per cent of all finance .house from bouse to house and in know in advance that they- will 

wed little Teal improvement lending now goes to industry. certain instances can be a not be able to operate certain _ - . . - 

. year, but the dramatic . Moreover, the FHA makes.no specialist, almost bespoke, elements of plant in the winter t hat ^a- large and active stock m the course of-tnne the number 

line in interest rates— bones about the growth atithis arrangement Basic credit months, 

limum Lending Rate halved end of the business— atf the 'finance, however, breaks down jji re purchase and ieas- 

7 per cent over the span o£- direct - 'expense of eoris&fier mto four simple forms — hire 'ing contracts offer tHe borrower 
7— more than made amends credit; Its figures for the third purchase, leasing, contract hire ( 0r lessee) tax advantages. The 
continued sluggish . capital quarter of 1977 show- an arid rental and direct loans. The two types of contract have quite 
nding by industry. At the increase of 10 percent in lend- greater part of finance house different tax treatments. By and 
ie time lending to- the ing to industry compared to lending to industry concerns i arge however the choice 
sorate sector has continued growth of just 7i per cent for hire Purchase and leasing. Both before the customer boils 
•row as a proportion of the finance bouse lending overall. are forms of instalment credit dow£l to whether or not he can 
lit industry's total business^ . In general, finance bouse and ufcider both the borrower ^ke Immediate advantage of- the 
" Handing. facilities do not compete with gets t^e assurance of finance capital allowances available on 

iven the curbs (now four those of. the clearing banks for ant agreed period (one new investment or whether, 
rs’ old) on consumer credit, which, -especially through the generally, covering the working b^g temporarily short of tax- 
is perhaps nb surprise to use of overdrafts, tend -to life' of the assets to ' be pur- able profits, he is not obviously 
n that the finance houses underpin the day-to-day needs chased) at a cost known at the anxious to. avoid the stern hand 
lending an increasing pro- of the corporate sector, notably beginning of the transaction. 0 f the Inland Revenue, 
ion of funds to industiy. working • capital. Nor are j n cases (tbe ngct > t pro- 
realities of the situation finance house funds likely to yj des ^ ign^ (the finance Pin rvm 

confused by the lack of find ^ their way into capital house) with* its security, and 

...--jrincing official 'statistics on requirements demanding long- ppjy jn exceptional circum- 

"" subjecu but a recent survey term or permanent finance. In stances will the finance house H fuN tax allowances can be 
. .ertaken by the Finance the main they function as a require additional security such used a borrower will almost 
T:^Ci k *ses Association takes a provider to industry of medium- ^ a charge over other forms of invariably plump for a hire 

:iderable step towards clari- term money for investment in asset purchase contract Otherwise 

g the picture. The FHA plant machinery and vehicles. ■ .. . leasing becomes the generally 

ch0 «° route — provi- 

of rental are for the ™ost part ded . company is in 

variations of leasing. This is a a pusjtiou t 0 claim, capital 

allowances and is also prepared 
thfl n, wlllch to pass on to the customer ati 

T1 , ^ ys °- n , y 6 P. re- or part of the consequent profit 

SffSgJ hSC B 2S, d °51 g benefit The caveat is important 
the fixed hiring penod. Fre- No one Q{ rules ^ ^ 

r “ amten - applied to every situation. In 
5KJK2S “-J* 1 !® 11 ? " e the final analysis only the bor- 


eession to encoarage new list- - 
ings. The former rule which 
insisted upon a minimum 35 - 
per cent “outside” sharehold- 
ing has been amended; now 
only 25 per cent need be sold. ] 
thus helping to meet criticism 
that the former requirement - 
led to too many shares being 
sold on the cheap. 

The third line of attack has. 
become increasingly evident in ■ 
recent Stock Exchange pro- 
nouncements — it is starting a 
campaign to restore the role of 
the small investor in the equity 
market. If a new generation of 
private investors could be 
encouraged, it would be in a 
position to buy the shares 
which an earlier generation 
(largely because of old age) is . 
at present unloading at unduly • 
depressed prices. 

The present tax system 
encourages people to save 
collectively. Pension schemes “ 
confer major tax advantages, 
for instance, and income tax 
reliefs are offered on life assur- ■ 
ance. In contrast purchases of 
shares by individuals have to 
be paid for out of taxed income, 
any realised profits are liable to 
capital gains tax without (at 
present) any offset for inflation, 
and dealing in shares incurs 
stamp duty and VAT on com- 
missions. 

Changes in the tax structure 
in these areas could encourage 
investors to take a much more 
individual line. But there are 
other problems. Private com- 
panies are being offered the 
possibility of lower disclosure 
standards, and high personal tax 
rates encourage private entre- ' 
preneurs to take their re- ; 
numeration in ways that public . 
company auditors might frown ' 
on. It could be quite a while 
before the stock market again - 
becomes an attractive financing - 
medium for smaller companies. 



ms®' 


{included in the contract In the 




HODGE SERVICES 

’ frpm 

OVER TIM) OFFICES IN THE U.K- 

HIRE PURCHASE— Fixed Rate, Plan 

naxHHiity of deooiits as well n rapa y want period* ol op to tl*a years allows for 
• • '* iccuraie buds*, schedules to be catercflfor wrtfi conWer'C*. Terms 

r - not aHaefBO by varying cosKot monay. 

HIRE PURCHASE — Variable Rate Plan 

InbnvH rates aro diradJy related to Ihe FinarrcO Bas* Bai# OA *,m*n!h by 

monui bans. Instalments peyable-tn errears aunontWy or quarwriy inrorvals. 

ASSET PURCHASE PLAN 

;« 1 0 Mtlsl daoaslt. nmtals payaMe to atfyanc* *»Wi a adechon 01 variable maymMit 

■ pngruames to mwtin*viif«il budgetary reqi«wems.Thea«»w is ypurs. 

— DEFERRH) CHARGES PLAN 

f Cash flow pr»W*masro «« 0 <J by OororriTig part oltJwennrgw for payment 

j** A omts. Itw-Plu also oKenhexiUlby of ran. repajcrpenl period and fraqusney 
— " Qtpeynwnt 

r^e****" * - : 

BASE RATE COMPENSATION PLAN 

'Wperiocllul i«ntata«reeqiHd*dlBttwCanWBl Base Raw •t-OavOft*’' oIHib 
' purchase Agnwmont AnnmM baiaoclnB paymeno or retains are mado to 
> con^MMbitDraDeittattigFHBRcboiMveoML 

Jh . LEASING. . 

r* I^jstnflOmtad has* portfolio rt Imfustiial Isasftig Plans 

e tolBdaleactwfcaofliowCarlAastaafaciimos; . . 


HODGE FINANCE LIMITED 
HODGELEASING LIMITED 

Amenriiertf Standard Chartered Bank Group. 
ttffiUSTTUALRNANCE DIVISION 
Head OffireiTeiephone 0222 42S77. 

Ju 9 «n 5 . Hwfse Bal h ROfl, Newp ort Hoed, Cardffl. CF! ISO 



rowing company aided by its 


tease Of heavy commercial 'can' decide. 

vehicle contract hire, provisions 
for drivers and fuel can also be As for tbe.lender, the list of 
part of the package deal names is long — Bowmaker, For- 

As an alternative to hire put. '^ a ^'! s f nd ■ Sl ■'" tU . s^, ,• 
chase some companies settle for Mstventile Credit to name but 

direct loans with the security in » “ 5 "S",” nIJS 

lisrr^sss 

Stdfic^ipoTe- 5SJ We f mtas h ,er) - h ^ 

Dominions S quotes some °, f plr ,' ! ” Ua “ has ob ™ 11 - 

tss.^ssrJs ITS p— Se« •%£ T1 

rag of anti-fire sprinklers. tbat ^ clearias bank Unks ^ 

only pm of the key to its 
OlIBllar rapid expansion In receqi 

years. 

As- for terms of credit Determined self-promotion is 
finance, the sort of down- the propelling force that the 
payments demanded by hire company points to when describ- 
purchase and leasing contracts jng its success. It has an exten- 
are broadly similar in cost Hire- s iva field force— over 600- 
purchase down payments consti- -working from 109 branches. And 
tute a deposit while for leasing the company's overtures to the 
contracts this amounts to the company sector have lifted 
nmnber of rentaJs in advance; ^ ratio of industrial lend- 
both types of transaction are ing to around 75 per cent 
quick and inexpensive to of outstanding balances, a level 
arrange. In both cases a high significantly above the average 
degree of flexibility of terms for the finance houses. Against 
can be agreed— the detailed total" assets of just under 
terms, of a repayment can be -£i.2bn., the company's ou island- 
adjusted to match each jng balances at the end ot JSeff- 
eustomer’s anticipated cash flow, t ember were £9 85m. of which 
helping, to make -the "discharge just over a fifth was represen- 
of his liability " as painless as ted by lending overseas. Of the 
possible. . balance, leasing accounted lor 

There are a number of varia- almost a quarter, 
tions on the normal pa’ttexn of Of the bigger groups indepen- 
repayroents associated with hire- dent of banking ownership, the 
purchase, or leasing contracts, leader is probably United 
Some have curious names like Dominions Trust whose -princi- 
balloon or skip, payments. The. pal shareholders . are the 
former ..are mostly used in con- Prudential and Eagle’ Star. UDT 
tracts where goods have a high reckons that its industrial lend- 
residual value, while skip pay- ing accounts for slightly less 
merits are tailored to suit than half of outstanding 

customers in .the construction balances. 





Merchant Bankers 


Corporate financial advice 

Mergers and takeovers 

London and European listings 

Medium term international currency 
and sterling finance 

Sterling and currency deposits 

- Acceptance Credits 

Investment management 
of institutional funds 



.11 Old Broad Street London EC2N1BB. 
Telephone: 01 “638 6000 


<& National VVdstrninster Bank Group 


-- - 




CORPORATE FINANCE VIH 


Financial Times Monday January ' 16 197§ 


Among the growing number of ferancial semces 
available to industry, factoring is well established ; 
as an aid to cash flow, particularly since the big banks have 
made their presence felt ANTHONY THORNCROFT examines the 
basic advantages and the methods of operation. 


per cent of turnover a year to big operators will enter this I private luncheon arranged by ter) into tat*?®** rates, t 
meet any bad debts they have field so the future looks like the ELA in September; “It had leasing conversion tables wly 
to bear. one «f consolidation. The exist- never been intended that. tW& problem.- One advantage 

-*■? a, po**. y*™* 1BS facers wUI «p.nd by fV'ISSfS 

s£3£ 2 h “ ms? zzjsrrz s. ss '^nzszs ir r * 

Credit F aetonng, ^bich is res- concentration in textiles, jengin- ^ _ ir ^ business." ■ months in view of devdopmei 
ponable for around £240m. of e ering and manufacturing W1 “ “ L. iL ™ a nidi of in the money market." - 
turnover and has stepped up its generally but now service com- . has been a rwfcnf ® ™ 

investment into France, while panies can find a factor^-and &rterest . ,n t J* e .. a f major cn cam was ih 

the Midland works through by developing exports. The Wn P «^ct^ ^ H 

Griffin and Barclays has its factors tend to have overseas Md 816 f f ar “ that . * business fluctuated with tl 

own operation. There were associates, if they are not part to the'KSSSf foin^faxiriti* JH? 1 ' 

other significant factors but of an international group, and detfidos Jj*®", 

they have either been bought by using the knowledge of their JJ*** * jjjjj K * v have t0 Kp ? nd °f r , ^ . yei 
by the banks or ceased foreign connections they can vet J* ^J2 

zrsm*? ~ JssJSf Srp«f e .f .« i, 


, p\- ■ *■ the mam attraction leasing ih the cop- year-end. This meins that tl 

ventiozud sense. Sir William ^uipment mot 'He deliver, 


!?25 ^"THTSiSf «n Pto ised. 


no later than the .year end, « 


FACTORING is now a firmly per cent of the turnover £697,500; and has just taken a start ft reduces the cost to _ . ° n wl ) at * does best-pro. — .. leasing all documentation must ) 

established and successful ser- handled, depending upon the over the Bank of America the client, and then there is a Dislike taction and marketing— withouti *■ ^Hent and completed. Napier pleaded ft 

vice to British industry and yet problems they have in collect- factoring operation. Lloyds sees constant conmlaiiit aeainst fac- having to worry about gathering JL™ has ab i e ra0 re flexibility on this polo 

sdU only a minority of busi- log the debts. Many factors find International as its main factor. f^tet^hS^Sv ^er tie E and E reckons it tains ? the debts -. B * taM®* kaiyy momk JK h^ bee" n »P« “« ^ "g 

EnUnuS SrSffirs SsrSH-S SSgffiSs rS-M =S«SS|aS sral 

especially now that the four again some, like Alex Lawrie Lawne handles almost 300 t ° mer 11 *”? x ® fuse to provide because many cwnpam^ disbke gain discounts, and also have oveix gpaadlng scale. It . has industry. - 

clearing banks dominate the 2d Arbuthnot, tend to «Sly smSSr firas 0ttly 2 a certain ** ° f h f? k * T ^ «sh to take advantage of been able to do this with a - 

industry through their sub- specialise in helping small 90 m- rninSl^not oS In prance perhaps a quarter of opiating as their factor and any g00 d buying opportunity, approach to business. JVlatnX 

sidiaries. but only slowly. panies. Basically factors assess vidin^ credit «>ve r ¥ a ®“ e,rt - s accounts will not be if this happens the banks often although, while the basic factor- : One prominent lessor gives . _ . .. 

Basically .most factors offer every prospective client indi- ^ * covered by its factor, which pass on inquiries to H and H jpg charge is quite reasonable, the example of a ten-year lease A * .“T 

three services. They all under- vidually and quote according to Not offering insurance against rather reduces the effectiveness rather than to a competitive the extra cost of getting early provided on a complicated and wapwr recvi^u hoi 

take the debt collection for the difficulty of the undertaking had debts is not such a dis- of this service. Even so factors banking factor. payment can make this an costly chemical plant develop- Kes J 10 a , n xcviJ 


ca of erase 


their clients, sending out the — and they still tend to turn advantage to Alex Lawrie. For rarefy leave aside more than 0.1 It is unlikely that any more expensive benefit 
invoices to customers and mak- down most applicants, in 
ing sure that bills are paid. In particular companies in a bad 
effect a company using a factor way who see factors as the 
can dispense with its own financial solution to their prob- * WA ,. JL . 

accounts department Secondly, lems. AUOlUCr increasingly pOpUlET JUCHIIS OI 

most factors (Alex Lawrie is At the moment the factors ... _ r a . , . 

the m a in exception), offer their have had a prosperous year and IldplUg tilC company CaSD HOW IS leasing. - ■ • 

clients a guarantee against bad are optimistic about the future. „ . .. . - _ . I -w - 4 ^ 

debts, although there are excep- over fSOOm. of turnover is now ROBERT HAWKINS, Editor of Leasing Digest, reviews I- Vi t | M CT. 

Hons here, which are best factored in the UJL with more ; . 1 v L/tlA 1 I 1 W EL. 

COVered later. than tool) rnmflAniM nsin? a tl»o tnnin linrtc An nrhiAh this narffAnJoF flnmi ■ 


ISSl ml payments were 

« two years of operations. "^ts^atdw^aS 


when financial returns on pro- 


Inflow 


than 1.000 companies using a the main lines on which this particular form 

factor. They tend to be below ' 

oft«i ^ ^eloping. 


Finally, in addition to these pany will employ a factor, per- 
obvious services, factors provide baps only on its export business. 


duct output were low. small sliPP?geso AjAftMoJ 
rentals were charged oh the be directly rdated to the cri 
lease. Thereafter, when the factor. 
industrial facility began to make spired, are bcginnin 0 Id do thi 
good profits, the rentals, were Problems would be create 
stepped up to levels profitable for leasing companies if .tb 
for the leasing company. Chancellor changed the basis c. 

Lessors in the market place taxation during the course 1 . 
have found that lease-education lease variation tfiauai 
among industrialists has im- are often a feature of leased 
proved markedly in the last year ' what the debate ® 


fS "SS f adviS V, m PENCILLEIWN figures for the year, albeit hesitantly, and that oped, and in some cases lessors line depreciation rules. ' The or hvo but there is still mudi “ “ “ 

their clients Jp’to SO^^Ient aursL a small and eioondlng of new equipment bought demand for leasing facilities or dealers have been relying on inference from the leasing to! be done m thb are^ The p ^ 

of the value of the debts they company through its first five last year by . members of the will grow with it the second-hand price . of industry s point of view is. that “ ide _ outlook for ^ 

are collecting. This means that years or so and then the client Equipment Leasing Association The biggest growth sector will vehicles coming off lease to give some companies which specu- n»iove the Wtaqw- teasln„ - ?] 1 ® TfllLdnn S^invariaW 

companies have a fixed and will want to build up its own (ELA) indicate a record £550m. be motor leasing, thanks to the them extra profits on their lated on large residual values and allow potential lessees to ™tu« of l^y B urmaM 

certain inflow of cash and can accounts department and handle spent on capital equipment, easing of the Control of Hiring transactions. The large, solid after two-to-three-year leases as smip^a medium-term ronsidered to be good, bo* ft 

make this money work for its own affairs. - compared to £421m. in 1976. Order last year. Ten-month companies in the car leasing expired may face problems .£” f zOTSSL J 

them. Factors charge an addi- Factoring now looks much which was itself a record year, front-end rental deposits on business, and many smaller later this year or next tain adv^ft^ ^^vnnt- luge. At fte ' ““u* 1 

tional fee, usually around 2-3 more stable because the four Lease finance is clearly account- company vehicles are no longer ones, have taken care to develop The second problem' has ages, of which tas : considerations of European leasing associatira 

per cent above the general major banks ere expanding ing for a greater percentage of required from the users, or their business on sound lines wider implications for the leas- ®ay or may not form .a part (Leaseurope) in uslp toward 

lending rate, for this facility, their factoring operations by en- the capital equipment finance lessees. Moreover, the Inland —hut some elements may find ing. industry. Lessors, like At a recent conference. Robert the epfl of last year, it wj- 

but there is no pressure on couraging their local 'branch market each year, and the chair- Revenue permits bona fide les- themselves facing problems. industrialists, are entitled to Napier, Fison’s Group Trea- estimated that leased equipmen 

clients to take the service. It managers to point out . the man of the Equipment Leasing sors to take first year allow- Mr. M. W. Lacey, director of tax deferrals on new equipment surer, had the following to say purehases in the U.& hetwee 

is generally most widely used advantages of the service to Association, Stuart Errington, ances on business vehicles, and the second-hand car dealers' purchases. The Inland Revenue when the group first took a 1972-< 6 amounted to 960.4 bn., ii 

during times of scarce and likely customer In particular feels that the trend will con- a large part of the benefit of “ Bible,” Glass’s Guide, has in- has been getting restless about look at leasing: “ From the out- the UJK. to $2.5bn. and in tb 

expensive money. Lloyds (and Scottish) controls tinue during 1978. deferred taxation can be passed dicated in speeches and articles the appearance of companies: set we regarded it as a method whole of Europe to abnn 

In the past year the factors International Factors, which all Senior executives of the on for the benefit of lessees. . in recent months that car prices in the role of lessors doing one- or source of financing no dif- SISbn. Since Europe show 

maintain that a majority of told handled turnover of £157 hl largest leasing companies (in There has been something of will rise more slowly this year, off leasing deals, when they are ferent from the overdraft or every sign of following the U.S. 1 
clients are using their adminis- in 1976-77 (and made a profit effect subsidiaries of the clear- a rush into the vehicle leasing and that consequently the not normally in the business of medium-term loans.” There was and has a population one-and-a 

trative rather than their finan- of over £700,000); Alex Lawrie, ing banks) appear to be hopeful market (and indeed into leas- second-hand prices of cars will tearing. Sir William Pile, the an elementary difficulty in trans- half times that of the U.S., than'! 

rial services. For this they which handled debts valued that investment in capital equip- in g in general), with many also fall off, and indeed return chairman of the Board of the .fating lease quotes (usually in is clearly considerable scope fo; 

usually charge between 1 and 2 at £98.4m. and made a profit of ment will begin to pick up this specialist schemes being devel- to more conventional straight- Inland Revenue, said at a pounds per thousand per guar- future growth. 


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F inanci al ‘Hines' Monday January 1'6 1978 


19 


A new phase opens to-morrow in the E gyptian-lsraelS talks 






By ROGER MATTHEWS Cairo Correspondent 


U 


Ulri\ 




» t* » ‘ 


WlU'-'Z 


SiDENT ANWAR SADAT’S 
epeated assertion that the 
lie East problem was 70 per 
... psychological and only 30 
cent substantive faces a 
i searching examination 

• i to-morrow. Since Novem- 

• 19, when the President’s air- 

touched’ down., at Ben 
■ pn Airport, one difficult 
of the 30-year conflict has 
. . substantially resolved: It 
. proved remarkably easy for 
V .to talk to Arab, for Israelis 
Egyptians to be feted is 
other’s capital cities, and 
■ .. bope to replace a bitter 
•lessnesa 

it is accepted that' in mbst 
dcs there is an inherent 
re to live in peace, then 
t Mr.' Sadat did is simple, 
•' i if it required enormous 
deal and personal courage. 

. itably, and by, design, the 
•’ tioaai aspects of the events 
he past two months have 
.» those on which all atten- 
' was concentrated, in the 
. ; that once the barriers of 
icion were lowered the 
banics of peace would 
ime relatively str&ight- 
mrd. 

ut of course it takes more 
i a few weeks to put aside 
. which took several decades 
. mild. The partial lowering 
- . he barriers is only of limited 
i in decidiog what price tag 
’ iid be put on an offer of 
ze. To that there has to be 
ed the presence of a dead- 
admitted but undefined. 
Sadat is a man in a hurry 
i, while still richly, endowed 
i the legendary patience of 
Egyptians, must’ begin to 
w results before toe - long, 
.ruse of domestic political 
siderations, and also because 
he effect his actions are hav- 
- on the rest of the Arab 


world. Therefore when his 

negotiating team, led by the 
newly-appointed Foreign Minis- 
ter, Mr. Mohammed Ibrahim, 
sit down to-morrow in the 
Hilton Hotel In Jerusalem 
opposite their Israeli counter- 
parts Tor the first session, of the 
recently created political com- 
mittee, they will be under firm 
instructions to harry along the 
negotiations. 

Breakdown risks 

■Whether the Egyptian desire 
for a sustained momentum Is 
compatible .with- Israel's more 
cautious and certainly- less 
overtly generous approach is 
likely to become known fairly 
quickly. The possibility of 
breakdown, raised by President 
Sadat in- an interview in the 
weekly “ October ” magazine 
yesterday, is almost certain to 
be' raised several times before 
there is real evidence that either 
side feels it has exhausted the 
possibilities for progress. Fol- 
lowing on from Mr. Sadat’s Jeru- 
salem visit, the adjourned Cairo 
Conference, the talks oij Christ- 
mas Day between the Egyptian 
President and Mr. Menachem 
Begin, the Israeli Premier, and 
the sessions of the parallel mili- 
tary committee in Egypt, there is 
an intention on both, sides that 
the political committee should 
provide the vehicle for substan- 
tive negotiations that, will open 
the way to a comprehensive 
Middle East peace agreement At 
the very least the committee will 
have to define closely the main 
areas of disagreement which, in 
the last analysis, will probably 
require another meeting be- 
tween President Sadat and Mr. 
Begin To resolve. 

The momentary crisis atmos- 
phere at the week-end centred 
on disagreements about the 


agenda, with the Egyptians (to 
an extent supported by the 
Americans who will" be repre- 
sented initially by Mr. Cyrus 
Vance, the Secretary of State) 
anxious to achieve a broad 
declaration of principle that 
can be waved in the face of 
Arab doubters. They will be 
pressing for a formula of w./rds 
that offers a solution to the 
two principal demands-— Israeli 
withdrawal from all Arab terri 
tory that was occupied during 
the 1967 war, and self-deter- 
mination for the Palestinians. 
In both cases the time-scale will 
be crucial to any compromise. 
The U.S., Israel. Egypt and 
Jordan are basically in agree- 
ment that a new,- independent 

and therefore probably radical 
Palestinian state on the West 
Bank of the river Jordan should 
not be created* Although Presi- 
dent Sadat initially insisted on 
the right of the Palestinians to 
their own state when he 
addressed the Knesset in Jeru- 
salem. be now looks' ready to go 
along with an interim arrange- 
ment that would offer eventual 
self-determination. 

As the Israelis are utterly 
opposed to a Palestinian state, 
and since Mr. Begin is already 
under attack for proposing a 
limited degree of civilian self- 
rule for the West Bank and 
Gaza Strip, the shift by Presi- 
dent Sadat is important, the 
more so because he now seems 
in tune with U.S. thinking on 
the subject If, as - Mr. Sadat 
claims, he is npw in complete 
agreement with President 
Carter, their common proposal 
would be for joint Israeli, 
Jordanian. Egyptian, and Pales- 
tinian administration of the 
West Bank and the Gaza Strip 
for several years, after which 
the inhabitants would be 
offered the chance to determine 
their own future. Whether Mr. 


Sadat will agree to the even- 
tual ** either-or " choice the 
Americans seem to be suggest- 
ing— ^that is federation with 
Jordan or with "Israel — is highly 
debatable, unless he can suc- 
ceed in his efforts to promote 
a credible yet moderate Pales- 
tinian leadership. 

There is no indication yet that 
the Israelis can envisage a West 
Bank without their own military 
presence, or for that matter that 
they are willing to countenance 
the removal of the Jewish 
settlements from occupied 
Egyptian territory in Sinai, The 
latest outburst against the 
extension of these settlements 
and Mr. Begin’s angry retort 
that he would withdraw his 
peace proposals, which had 
already been rejected by Egypt, 
unless Mr. Sadat modified his 
stance, may be in part an 
attempt to shift the spotlight 
off the West Bank. But it is 
also, an example of the gut 
reaction of the Israeli leader to 
this issue. Mr. Sadat is no less 
insistent that no Israeli, civil 
or military, has any right to 
live on Egyptian soil, and is 
utterly convinced of the reason- 
ableness of his demand that all 
of Sinai should be returned. 
But ha would also accept a 
declaration of - principle, a 
phased withdrawal, proposals 
for de-militarisation and what- 
ever international guarantees 
that Israel may want and can 
secure. 

Without such agreed 

“principles” Mr. Sadat is going 
to find It very hard to convince 
those of the Arabs who are 
sitting on the fence that his 
initial decision to visit 
Jerusalem was anything but a 
unilateral act of despair that 
further undermined Arab unity 
while strengthening the 
traditional enemy. King 


Hussein of Jordan is anxious to 
participate in the peace process 
and has been seeking support 
for Mr. Sadat in Saudi Arabia 
and' the Gulf States, but can- 
not take a decision until he can 
show. the Syrians a good cause 
for so doing. People who have 
talked recently to President 
Hafer al- Assad of Syria say that 
despite his presence in the anti- 
Sadat^ camp he is disappointed 
rather than bitter about the 
Egyptian leader, mainly 
because be is convinced that 
Arab rights will not be won in 
this manner. Whereas others 
may be merely sceptical 
whether the Israelis are willing 
to concede a just peace in the 
present circumstances, Mr. 
Assad is utterly convinced that 

they are not. 

The PLO split 

From the high nomt of Mr. 
Yasser Arafat’s address to the 
UN in 1974 the Palestine 
Liberation Organisation now 
finds itself effectively barred 
from the current negotiations, 
at least under its present leader- 
ship which in turn shows signs 
of - being pulled in opposing 
directions. Violence within the 
movement that seemed an in- 
evitable consequence of Mr. 
Sadat’s trip to Israel bas already 
occulted with the deaths of 
three West Bank Arabs and of 
Ur. Said Hamm ami, the PLO 
representative in London. Few 
people doubt that there is 
worse- to follow. What finally 
emerges will again be almost 
certainly influenced by Israeli 
attitudes in the next two 
months. 

Mr.' Sadat can certainly wait 
two months for wbat he hopes 
will be the twin effects of Israeli 
public opinion and concerted 
international pressure to make 


their mark. He appears to be 
unchallenged at home, and the 
chronic problems of the 
economy are such that six 
months are unlikely to make 
much difference so long as the 
state-subsidised ’ food shops 
remain well stocked. The 
Americans can look to that. 

There are suggestions that 
some elements of the army are 
doubtful about what Mr. Sadat 
is doing, but no officer is going 
to admit to anything but fii!! 
support for the President at the 
moment As long as the presi- 
dent continues to link his peace 
initiative with hopes of future 
prosperity he is likely to carry 
the bulk of the population with 
him, though simultaneously he 
will be sowing the seeds of 
subsequent dissent 

Whatever of President Sadat’s 
optimism remains rests finally 
on three main planks. The 
desire of the present Israeli 
Government to reach a genuine 
peace: the effect of Israeli 
public opinion on the cabinet; 
and the pressure that the U.S. 
is willing and capable of 
exerting on Israel. Among 
senior Egyptian officials it is 
easy to find serious doubts 
expressed on all three points 
and hints can be heard that 
President Sadat is already 
mentally preparing for the 
dramatic televised appeal to 
world opinion that will send a 
shudder down everyone's spine 
as be talks even more 
emphatically of impending 
failure. - 

"President Sadat is far too 
politically aware and cunning 
ever to enter a room without 
knowing where the exit is,” one 
of his admirers in Cairo says. 
“ If the Israelis believe they can 
stall the negotiations for so long 
that be will eventually be forced 
into signing a bilateral deal, 


JORDAN 



they are totally mistaken. Yes. 
he will sign with Israel, but 
only in the context of the prin- 
ciples that will also cover the 
Palestinians, Jordan and Syria.” 
After the excitement and 
eupboria of Sadat in Jerusalem 
and Begin in Ismailia — both 
occasions when hope gave way 
to disappointment — the first 


session ol the political com- 
mittee should at least be held 
in an atmosphere of sober under- 
standing that the really hard 
bargaining has begun. It will 
be set against the need for 
speed and the sure knowledge 
that failure, as Mr. Sadat has 
said, “is too dreadful to con- 
template.” 


Letters to the Editor 


call for 
l binge 

m the Chief Economic 
-riser. Confederation of 
fish Industry. 

ir, — I was very disappointed 
see how Mr. Anthony Harris, 
his “Lombard” column on 
m ary 12, has misunderstood 
1 misrepresented the CBI 
Tition on taxation, public 
■nding, and the use of the 
i£rnment’s revenues from 
•rth Sea Oil. 

t is true that the CBr calls on 
rernment to hold its total 
nding broadly constant in real 
ms at the 1976-77 level 
ough to 1981-82 so that as the 
nomy grows public spending 
. be reduced from 44 per cent. 
GDP back to 38 per cent 
sre it was at the start of the 
ade. It is also true that we 
urging the Government to 
e advantage of its North Sea 
enues and the positive effects 
economic growth on its 
enue from all taxes to reduce 
U tax by 5 per cent, of GDP 
r the five years to 1981-82, 
inly by cutting the amount 
en in income lax by 30 per 
t. 

: is not true, however, that we 
h to sec North Sea oil used 
.finance any consumption 
ge, or to consume the nation's 
ital. Our tax proposals would 
*e the growth of private con- 
ler spending by about 11 per 
L. a year In real terms, and to 
arge extent reflect a switch 
n public to private consnmp- 
l- 

he CBI believes that it is 
ipetitive market forces which 
■r the hest assurance that we 
l all be able in future to get 
goods and services which we 
it produced by the most 
dent means and, therefore, at 
-lowest prices In the long run. 

believe, as Mr. Harris 
nowledges. that we should 
k to market forces to indicate 
sit' investment is needed, and 
Mirage the investment 'growth 
the private sector which 
mrnment and both sides of 
ustry wish to see- That goal 
1-not be achieved so long as 
are burdened with such a 
itively heavy weight of taxa- 
i, 

lie logical outcome of Mr. 
iris's argument would seem to 
that we should channel North 
i revenue into selective invest- 
tit in industry through the 
te. But I can hardly believe 
t he would trust politicians 
i .civil servants to invest it 
sibly and profitably, 
t is not merely a question of 
iwing more disposable income 
be spent in the market place 
obtain the necessary pointers 
new investment. Reduced 
her rates of income tax will 
jw the thousands of owners of 
all businesses to plough more 
ney back into their firms, 
wer income lax at all levels 
I encourage management and 
! factory floor to make more 
dent use of our capital, so 
it we can compete more 
ectively at home and abroad, 
r industry and commerce will - 
•n be more profitable and 
tter able to finance the invest- 
needed to respond to higher 
mahd which wjJJ follow in- 
sased competitiveness. 
Meanwhile we are not opposed 
public spending per se. In 
Hing for a . freeze . on total 
-nding we are not calling for 
freeze on every programme at 
1976-77 or present leveL More 
cuffing will be justified on 
uc . programmes, mainly on 
treatment In the infrastructure 
wntiaT 'for ' an expanding 
lust rial economy. We need to 
ivelop alternative sources of 
°rgy. This can be done without 
daring standards of. .public 
rvjoes by. a sustained effort )to 
urinate waste, inefficiency -and; 


bureaucracy. Indeed, there is 
dear’ scope for raising the 
standards of public services while 
spending less in real, terms. 

(Sir) Donald MacDougalL .. 

21, Tothill Street, S.WJ: 

Give them 
the money 

From Lord Killeam. -• - ^ 
Sir,— The CBI is right - and 
Lombard wrong. The analogy 
drawn by Anthony -Harris 
(January 12) Is ill-founded; he 
confuses the nation, the operators 
(British or other) and the State. 

The immediate effect of the 
North Sea oil bonanza is on the 
. balance of payments. The oil is 
sterling oil (whoever - the 
operator) and territorially 
British. What the size of this 
benefit may be in 1978, 1980 or 
1985 is open to discussion; but 
it is not the figures we are talk- 
ing about 

The operators ( including 
British National Oil Corporation) 
may or may not after the 
swingeing Government take, 
make a profit- If there is an 
overall profit across the entire 
field, after due allowance for 
exploitation and depreciation (of 
both plant and reserves) this is 
foe “tranche” to which Lom- 
bard's arguments apply. ■ . 

The Government take, through 
ordinary and special taxes and 
from the profit on its share of 
oil sales, is the benefit to the 
revenue which MPs and others 
are so busy apportioning in 
advance to various more or less 
deserving objectives — for 
example alleviation of general 
tax levels or the direct or indirect 
support of increased industrial 
investment 

Taking the figure most com- 
ity bandied about — presum- 
ably for 1980— of £3.5bn-. the 
first point is that this sum has. 
already been mortgaged as extra 
investment in the Government’s 
dramatically increased borrow- 
ing and deficit financing In recent 
years (even taking account of 
the enforced IMF ruo-down of 
such spendthrift borrowing/ 
spending to a point of balance). 
And even if one accepts this 
point of high finance, the Govern- 
ment is not (and should not be) 
in any position to invest in the 
oil or any other industry by loan 
or participation, except such 
monoliths as BNOC or NEB 
which are clearly wealth-destruc- 
tive and not wealth-creative. 

Therefore (a) there is no free 
revenue surplus to be allocated 
to any form of free-spending Mid 
(h) if, because of the improved 
balance of payments situation,, 
the whole national economy be- 
comes more relaxed and/or 
expansive, the only way this can 
be put into increased industrial 
investment is by encouraging 
confidence and by putting the 
extra funds into the hands of 
the actual spenders, whether con- 
simers or investors. . 

Lightening the current crush- 
ing load of taxation (regardless 
of the figures) must certainly be 
the principal method of achieving 
this, - 

Kill earn. 

6, Trevor Street, S.W.7. 

Living with a 
strong pound 

From the General Secretary, 
Association of Professional. 
Executive, Clerical and 
Computer Staff 
S/r^— The public.debale on the 
exchange rate softer* from,.* 
failure to examine all the factors 
involved. . 

The. excessive fall in the 
value of sterling in 1976 led to 
a drop in' living standards, to 
a Situation where goods aimed 


McClory’s 

correcting 


letter 

some 


at the depressed home market cent, in any year. It is excessive 
were built at a standard which and unpredictable changes In 
diu not allow them to compete values that are the most counter- 
abroad, and . to a consequential productive. Our new stability 
growth in unemployment should be used to avoid them. 

The deliberate policy of the Roy Grantham. 

Treasury in not allowing the 22. Worple Road, S.W.I9. 

pound to rise to a more natural — ; 

level early in 1977 was based od - i 

its addiction to the. belief that Jy|£‘|Q YeaHY 
exports compete on price alone * J 

and that the impact on domestic •_ J 
costs of devaluation could be WlDu S066Q 

ignored. This cost the nation * 

dear ‘ The Government’s pro- From Mr M.tfona. 
posais for Phase Three were Sir,— Mr P. 

torpedoed. This contributed in (January 12) . . 

a large measure to the increase facts relating to an American 

ar.r.SpuWco’S? “ 

“ SSt - * 

JS* ii ba hv a mn^ D tban n qn°TSr He refers 10 the machine as a 

125 MW wind generator, yet 

m e ?iv.i«2 d ie SliJSgSSg this fiewe is virtually meaning- 
maintained is quite unrealistic, knowing the wind 

*** * or - wa ? e speed required to drive the 

costs- The effect r1 ?* Li° machine to produce that amount 
sterling pn igncvdtarein terms f electricity and how often that 
of reduced import costs, lower ^ ind spee d was reached at the 
monetary compensatory amounts site Further to achieve a 
for our European competitors mean ingful assessment one 
and the effect. of _ the proposed wou j d jifce to know just bow 
change in calculating the Euro- much electricity the Central Ver- 
pean unit of account, are all n, 011t Public Service Company 
vital factors. received over a period of say 

The- analysis of the nse in Qne year and the present day 
sterling has been treated as if it cost of building a similar 
had been uniform m terms or m ac bine. bearing in mind the 
al! foreign currencies.' In fact lan ^ required to accommodate 
three • major components are ^ g 7 foot armSt the cost of 
involved: the fall in the dollar maintenance and depreciation of 
which has a beneficial effect on ^ e environment, 
many of our raw material im- The average amount of energy 
ports in addition to its impact 7e quired for each person in 
on our U.S. imports and exports Britain to-day is 6 kW per hour, 
of manufactured goods, the ^ i wou td be surprised if that 
natural recovery of sterling m ^nd machine was able to pro- 
terms of. many currencies from vide mor than seven Britons 
the unrealistic 1976 levels, and vrith their daily energy require- 
the greater .appreciation of the xnents. 

yen. mark and other hard j have based my calculations 
currencies which helps our com- 0 n some figures quoted In Profes- 
petftive position. Overall a sor sir Fred Hoyle's booklet, 
development that results in “Energy or Extinction.” and on 
lowering raw material costs the assumption of a mean yearly 
while our principal competitors wind speed of 12 miles per hour, 
have currencies that appreciate known to mariners as Force 3 
faster than our own can hardly on the Beaufort scale, 
be a disaster. . .. M. G. B. Bond. 

We should recognise that tee 744 Chelsea Cloisters, S.WJ. 

current depressed level of the 

dollar is only temporary. This 
means that it is likely to recover 
in the next year, as sterling did 
last year. 

The key question Is not Bow 
do we reduce the exchange rate 
to make Industry more competi- From Mr. MP. Simpson. 
tive?” but rather, “How do sir, — The word “research 7 is 

we make industry mo-re effective debased by its use in tbe titles 
at tiie higher exchange rate that of groups like the Labour Re- 
we shall enjoy for the next seach Department whose report 
decade ? " This clearly involves on Greater London Council's sale 
a major debate as bow best to of houses you quoted in your 
use the new economic stability issue of January 10. 
that tile ending of our overseas When a company has loss-- 
deficlt ensures. making subsidiaries it sells them 

Because the large fall in the jf jj can, at a commensurate dis- 
dollar is"' temporary we should count: this is liability-stripping, 
play our part in helping to The Labour Research Depart- 
avoid such a destabilising factor. m*nt however describes the 
Our reserves and anticipated CLC's equivalent action in sell- 
1978 balance of payments sur- fog council houses as “short 
phis are such that we should -righted asset-stripping" which 
now embark on a Drogramme of seems to me to be a deliberately 
repaying up to £3bn. in dollar misleading use of what has be- 
loans. An announcement of come a negative catch-phrase, in 
such a policy would further an entirely different context, 
help the restoration of confi- The suggestion in the same 
deuce in the dollar. paragraph that if council tenants 

In the Budget, steps should are given the right to buy their 
be taken to reduce taxation that homes tenants of private land- 
falls on our manufacturers bat lords should have this right also, 
not on imported goods. The shows a marked lack of thought, 
levy on National Insurance con- Both classes have always had 
tributions Is one such tax.- this right but the condition pre- 
Tbere are other steps that the cedent to its exercise has always 
Butvet should take with tbe aim been the landlord’s willingness 
of stimulating new investment, to sell, and that condition has 
Now that raw material prices until now been lacking so. far as 
are falling, stock relief should GLC tenants are concerned, 
be cut to assist those companies Are the Labour Research 
engaged in new investment pro- people perhaps trying to say that 
grammes. A policy of raising if the GLC sells housos at a dis- 
living standards progressively count every private landlord 
while reducing tee cost of long- should be forced to do the same, 
term borrowing will be a major whether or not .legislation Js at 
factor: in reducing unit costa present. forcing him to subsidise 
and securing new investment, the tenant and whatever his 
Above all we need a policy teat long-term view of the profit* 
avoids unpredictable changes, in ability or otherwise of bis 
which factors such as movement property may be ? 

In the exchanee rate are moder- W. J. Simpson. 

ated so . as not to exceed 5 per IS, WaUgrase Pood. S.W.5. - 


general 

Balance of payments figures for 
December. 

EEC Fisheries Ministers begin 
three-day meeting, Brussels. 

New session of European Parlia- 
ment opens, Luxembourg (until 
January 20). 

Yorkshire and Scottish areas of 
National Union of Mineworkera 
meet in Barnsley and Edinburgh 
on local productivity schemes. 

Hr. Michael Edwardes, British 
Leyiand chairman, meets national 
union officials and senior shop 
stewards and is expected to give 
them Further details of proposed 
long-term rundown of its labour 
force and future shape of car 
operations. 

First meeting of new Inter- 
national Sugar Council. 


To-day’s Events 


British Steel Corporation 
accused of contravening Health 
and -Safety at Work Act, Lincoln 
Crown Court 

First meeting of London 
Chamber of Commerce Small 
Firms’ Group, on tax problems, 
69, Cannon Street, E.C.4. 10.30 a.m. 

Exhibition of mini- and micro- 
computers opens at U.S. Trade 
Center. 4, Langham Place. W.l 
fundi January 20). 

Sir Peter Vanneck, Lord Mayor 
of London, attends Gardeners’ 
Company dinner. Mansion House, 
E C.4. 

parliamentary business 

..House of .Commons:*. Civil 


Aviation Bill, and Shipbuilding 
(Redundancy Payments) Bill, 
second readings. 

OFFICIAL STATISTICS 
Cyclical indicators for U.K. 
economy (December). Retail sales 
(December, provisional). 
COMPANY RESULTS 
Allied Colloids (half-year). J. B. 
Eastwood (interim figures only). 
COMPANY MEETINGS 
See Week's Financial Diary on 
page 23. 

OPERA 

Royal Opera production of La 
fanciulla del West, Covent Garden, 
W.C2. 7.S0 p-m. 


D'Oyly Carte Company in The 
Pirates of Penzance, Sadler's 
Wells Theatre. E.C.L 7.30 pm. 
MUSIC 

Paul Berkowftz gives piano 
recital of works by Mozart, Bart ok, 
and Brahms, St Lawrence Jewry 
next Guildhall, E.C2, 1 p.m. 

Organ recital by Richard 
Popplewell. St. Michael. Corn hill, 
E.Q3, 1 p-m. 

Ulrich Thieme (recorder) and 
Hans M. Koch (renaissance lute 
and guitar) In programme includ- 
ing works by Telemann. Handel, 
Caldara. Dowland, Frescobaldi, 
and Leo Brouwer. Wigmore Hall, 
W.l. 7.30 p-m. 

Alfred Brendel (piano) in 
Mainly Schubert series. Queen 
Elizabeth Hall, SE.l. 7.45 p.m. 


GLC sale of 
houses 


’■ ■ . v \ <■ ?"■ 



Fewer seats and more 
room than any other 
DOIO. And there’s 
always someone there 
when you need her. 



A.. '*.• 




• • . V. 

.. • .■+ ■ . -p-j 


V 







Because the MAS DC-1 0-30 
has only 252 seats (against the 
average 270) you’ll find there’s 
more room. And we have more 
cabin crew than many of the 
others. So there’s always some- 
one to give you prompt attention 
and care. 

Other beautiful features, 
uniquely MAS, include the three 
exclusive ’executive suites’. 

Each has two rows of seats 
which face each other across 
an elegant table, forming a venue 
for business, or even a family 
lounge. In economy class there’s 
overhead lockers for the centre 
seats — something you don’t 
find on all DC-1 Os. 

Add to all this— MAS Golden 
Service. It’s a special kind of 
.warmth, a graciousness that's 
part of Malaysian hospitality. 

It's superb food and a wide 
selection of drinks. And it's a 
MAS exclusive. 


Rv until Albudicf Gold 

mas 

maiaysran airline system 


25-27. SL George SL, 
Hanover So.uare, 
London Wt'. 

Tel: 01*629-5891/4. 





r 



TFfnanpjfli Times Jfp January. 


Frederick Burgess 
to stay private 


BY KEITH LEWIS 


A consortium of four financial f 0 r Charterhouse Development 

nisbtutkiiis is to put up at least pfiAPD MrmMrC ' a°d 81 per cent for EDITH. 
£2L58m. of a £3m. fund-ralsmg OUMIW Ifltt I INb9 Ordinary shareholders will have 
operation for Frederick H. The foBowing companies hive notified the opportunity to subscribe for 
Burgess, the public but unquoted gates of Board meetings to the Stodt £420,000 of the new stock on the 
agricultural equipment distribu- basis of two-for-ffve Ordinary 

tors and manufactorera. The dends. Official lnfficadanTare mk 8 avS shares held, though the tnstim- 
four, headed oy Cnarternouse able whether dividends concerned are tions have said that they are Pre- 
Development Corporation and in- interims .or tak ia< the subdivisions pared to take up any- outstanding 
eluding Industrial and Commercial .£■*■ bMed “ laB stceK. r K 

Finance Corporation (ICFC). ’ The rate of interest paid on the 

Estates Duties Investment Trust T° ~ P _ AY Preference shares will vary 

(EDITH) and Railway Pensions s ff"^lSSj£ l p Sm B k£m& accenting to a complex formula 
Investments. wiU subscribe for liman EfiXecriS linked to the profitability of the 

variable rate Preference stock. Finals:— BraJd Group. creu Northern group over 1977 and 1978. Pre- 

which guarantees holders a net investment Trust. Mcsmn ■ Holdings, tax profits of £L2m. were achieved 
return of at least 9j per cent per Spwjoir aarfc MctaI “Co*rt*s- ln 187fl and the Board is forecast- 

annum. future dates ing a figure of £2.7ra. for the enr- 

The scheme is especially unusual JSZSZm D«iUed Pnaeos Jan rent year. A “standard profit" 
m that it is a method of raising c3ictt£ is fiRure of between J3m. and £35m. 

new capital which preserves the HaiiMe HoKUnss - jan.m will be used for determining dfvi- 

voting power of existing holders — Stoddard Feb. a deads which will rise, after Jan tr- 
ibe company is 80 per cent, family SMtland ary 1979. by 2i points over 9J. per 

controlled— and whichavoids any BSSS-f Brake and" Sl^ki ll «nL for every flm. in excess of 
valuation being placed on the the standard profit figure, bo, 

equity of the company for tax on the basts of an actual profit of 

purposes. — £5m. against a standard profit of 

Any scheme that placed a according to financial advisers say, £3m., the interest rate would 
market value on the Ordinary Charterhouse Japhet, was a possi- rise from 91 per cent, to 141 per 
shares could be used by the biiity 5-10 years aago. Mr. Anthony cent. 

Inland Revenue for Capital Trans- Burgess, a director, told a Press Burgess is traditionally a dis- 
fer Tax and Capital Gains Tax conference yesterday that the tributor of farm machinery, but 
assessments against the family, members of the Board saw no moved Into the area of manufac- 
As things stand, holders are able advantage in “going public,” ture when it acquired voting 
to negotiate share valuations although there is the possibility control (57.8 per cent) of Bam- 
which may be lower than strict that a quotation will be sought for Fords last year. The new cash is 
market value. the new Preference shares. to be used in reducing bank 

The scheme is further seen as The holdings are to be split as borrowings and also ln expanding 
an alternative to a public flota- to 331 per cent apiece for ICFC the group’s national spread in 

tion of the company which, and Railway Pensions, 25 per cent distributorships. 



AFPOINTMCNTS 


Executive changes m 
at Allied Irish Banks 


i * 


Mr. NlaH Crowley, who became INVESTMENTS, the investment Trust h a subsidiary of MStf 
chairman of ALLIED IRISH management subsidiary of the Bank. 

BANKS in October, has been Clive Discount Group. • — ... ■ . 

appointed chairman of the sub- + auw ww® r> ™. *5 ® 

sidiaries. Allied Irish Finance- ^ ^ 

Company and Allied Irish Invest* . Mr- D- E* C touftto t AND BYSTANDER. • 


flliU CMCICU A* ipu mmrn — — - ^ ^ 

ment Bank, in succession to Dr. Gray and Dr. P- ortwright nave 


U1UUL UOilAf UA DUVbUOlUlU Uf Wit UlOJ OMU f ’ « _ 

E. M. R. O’Driscoll, who remains a been appointed members .or sir. Arthur Bhrtwutle has b 


director. Mr. Joseph MeGlhm, WILLIAMS DE BROS mu. appointed. “ JUJPWKS: 
group managing director, has CHAPLIN AND CO., stockbrokers, director of SIU CQNB FABRt 
become deputy-chairman of the. . * TIONS. Mr, Birtwistle ^is. 

subsidiary Boards. Mr. Michael J. _ _ . .. . former director of Lankro Cht 

Murphy, managing director of _ Mr. W. funeral o Ss. 

Allied Irish Investment Bank, has. manager and actuary o r th e * • 

been co-opted to the Board of Scottish Amicable Life Assurance CANADA LIPS ASSURAb 
Allied Irish Banks, and Mr. James -Society, has been ejected ch^J- COMPANY. Mr. F. L. Strer 
Golden, investment manager - of man of the /nssucuhw has been appointed d ip 

Allied Trtsh Investment Bank, has SCOTTISH LIFE OFFICES. He general manager for the UX * 
been co-opted to the Board of that succeeds Mr. R. E- MacdoiwW, Ireland. Ho was prettier 
bank. who has completed. the usual two- assistant ««*»! • . mau 

* year term in the chair. Mr. J. M- administration. : Kfr.R-S. Jw* 


Dome it Ar»TrTTTTTTBAT Hachare. general manager- and becomes agency/ vjc**residf 

■SFBSliSgVirWJt 9 ^« * S&- 


^■SrSf JSi TESLA ,"”"5 ?J tepnW ^r,. 1 oS ons «r ni v P fw ii*2 

under its revised constitution. Mr. chairman of the .Association. S!£ ra ££l!f' ifJ? 1 ! 


W. Johnstone (chairman, Meat and 
Livestock Commission, and former 


has been made -.secretary, i 
Mr. D. A. Loner becomes actni 
both for the UK. and Ireland. 


V nr Mr. Philip Robinson has joined both for the U-K- and Irela 

Jw* . 

president. National Farmers’ * 

Union); Mr- J- E. Oilman (chair- Mr. L S. Wallace has been , tf * T p«Tnw YihNOnm i 
man and joint managing director, appointed a director of HART^. SteamJ 

Colman and Co. (Agricultural)); LKY COOPER UNDERWRITING 
Mr. L. J. C. Evans (director. AGENCY. 

Mr Leotuird * Boylc . a ^ 

^ JNVECTHEOT s^ 0 hJLm*. to « ! J 

Taylor Woodrow International). . tiig as a director and secret*- , { ? j i* 

Mr. J. Thorneloe is the CoiindFs „ _ . of NIARCHOS (LONDON) . . 

chief executive. Mr. Philip G. Holt, previously January 3L ’ 

• * . Southern Area manager, has been -k . . 

Mr. John a Gabony, .dlr«tor dtoc- Mr. A. J. Ml h*- b. ’ 




• Lrimuxt Burl 

Mr. David Gestetner. joint chairman of Gestetner. Full year 
results are due to be announced to-morrow. 


Euroferries £20m. scheme 


Citibank sells Singapore 
stake to Midland Bank 


of man^mrrwiUretire fromthe ter of FORWARD TRUSTS South appointed managing dircetor 
PORT OF LONDON AUTHORITY East ® rn Regon. He wifi be based MAR5DEN Poltowtag | 


runt w uwniAin nuiwtux \ _ _ ... ra^ntiol l.-j rMna in " -m « 

Midland Bank is to take over provisional valuation placed on at the end of June after 42 years' L n wf LndW* retirement of Mr. R. fi, Pcarmnf 

the 40 per cent, stake in First each company." service. From February L Mr. T - ^ m W .7, . T who wiB continue as a Consul 


the 4U per cent. Stane in riisi eacn company. sciicc. ciuui rcinuatj >u. 10 ni „ . ..j.. ■>» vuhouui » w.wm 

BY JOHN BRENNAN. PROPERTY CORRESPONDENT S^hOU^-menf S cJSSS JS &. *S JSZ tpSr wTb^Sfi^t A^S^SS^SS^St " ^ n ' ’ 

JSMOtiS^ h S?ui FlrSt S^clo^ly^ m W Mr. gabony gSgJ^ h M fie Jl m 0 KS2 ? SdsS!t Indal^t; 


thecross-Chamnel ferries group, sh ^holders that ivT ^d.cipitel i on ilts to^d^l decide d to Se’oSretiSS bT^brearo. Onre S re&mont Mr 332% tr^er has. been made a^tetent ^SZ^jSSASSTS} 

ia a most improbable property division would_ not in the future ship building programme of -50m. - __ th _ fnr riri. comoleted. acmrdin? to Lord Black, now director of Tilbury. at jnunmtTM RXTRUDERS’ ASS 


Is a most improbable property division would "nor m the future ship buuamg programme or iaom.- ” 7CZ. pomnfprpd tn T«rd Black, now director of Tllburv rEgionuj ux A T yTMiwnTW mniIOERS 1 

ssarajs sums s»r jsp“ — ta iis£'SX£**3!& ss s»3 B£Se = iiX re s?k^ r,,ders « 

will be considering Euroferries’ Later that year Mr. Keith Wick- sidlary’s develop-for-sale policy. Sr Rs^ke'^ m ^ be formulated afffwhich neeo- * Peter ^ S ^i^ are ’ ^f. ne ft Mter ’ JJf K R R Ravment has i 

Sfflre ^vdOpmeS^^'litS^s wJt" ’ thaTthe 6I S^erJ h diS!S hi 1976 the move towards com- The fact that Midland Bank is nations can Preceed " So far no Mr. J. R. L. Cnningham has been Y^hire. Nonh co^' a director JfT L. STURT Tl 

omce aeveiopment on a i.names wrote uiai tne aivision mRrri - a ] property enabled Mr. providing the new general man- discussion has taken place 


Peter's Square, Manchester, his 
responsibilities will cover the 


office deveio oment on a Thames 1 wrote that the mwertv^ dhtato 1x1 * , me m ° ve tow ™ c ®“‘ The .fact that Midland Bank is nations can proceed^ So far no Mr . j.r.^ Cuninghsm has been North West, Yorkshire. North come a director of A. L. STURr c f . r , 


e i P ^r^ propw^ “ h hasbMome dear Leuis. ^^s^me change in rom^ies involved over compen- 

Ln I r,^ tL d u S kwmhi y mmp I? that that thereare considerable oppor- the consortium’s management sat! on terms. 

likely to M,t il5m to P lX. ,'i,d &!« "iSese we ou, ?o ,Rl. ; Ciaba nl. bM p.^rla u,^ pro- 

involve Euroferries in complex reactivate the division." provided ttat extreme caution is ridetUts top management A name -p r - 

funding arrangements with an In the post-crash years the ? e lS?w io-n n IvOUCl 

mctitiitinnsi InvpjstAr w rouo has concciitraTfid its nrn- taken advantage of our strong rOCL was set up in 19/0 as a 

Until the property' crash devel- perty interests in a 75 per cent JJgjM P°^ tion 1 o ? 1 Kin l SfillS ^ 

opment-for-sale projects provided subsidiary, the balance is con- division to make a worthwhfie ^ *“ 


Robert Jenkins 
sells subsidiary 


Business loans limit up 


BY MICHAEL BLANDEN 


a lucrative method of e^ploittog Med bV of consulting contribution to group profits in g^lopment bjn^ Apart from f p ?ftn non 

the group’s heavy cash flow, architects. The subsidiary has 1977. r ” IOT XZ'UU.UIJU 

Before 1973. when the property limited its developments to The 2.6 acre site was bought 


NATIONAL WESTMINSTER machinery and plant and farmihad advantages for borrows 
Bank is raising the upper limit Improvements, cost 6} per cent. 1 including borrowing at a fix* 
for its special business develop- flat (12.3 per cent true over five and reasonable rate of intern 


bubble finally burst. Euroferries commercial property. Loans made for around £400,000 from Land % *** /T !PIS. Board of Robert Jenkins ment loans and farm develop- years) secured and 7i per cent at a time when companies retfta 

derived as much as 10 per cent of by the parent company to the Securities Investment Trust, Assurance. 10 (Holdings) announces the sale of ment loans to help small busi- flat (14.1 per cent, true) un- conscious of the sharp fluoto 

its pre-tax profits from property subsidiary provide commercial which had offered it to the highest a «T ve I5!! as J “ u J2L nce ‘“-rr.'i;. u “dmg Products, nesses. secured. All 


its pre-tax profits from property subsidiary provide commercial 


per cent arrange- tions which have taken place 


Prpjj M.Y. DART 

WKl M m LIMITED 

Sporting goods, packaging, pyrotechnics 

The A.G.M. was held on 29th December, 1977. 

• Extracts from the 1976/77 Report and Accounts and 
Statements of the Chairman Mr. Sidney Marks, OBE:- 

^ Group sales: 34 % up at £12,632,000. 

>fc Pre-tax profit: 45 %up at £1,706,000. 

?(c Gross divi den ds per share: 

Increased from 2.3123XP to 3 * 30 p» 

Earnings per share, fully dilated; 

.Increased from Ojp to xx.z8p. 

The current year has begun well and if suitable oppor- 
tunities occur further businesses will be acquired. 

At the A.G.M. the Chairman said that the Group’s 
100% subsidiary in the U.S.A. has leased premises in 
New England to undertake the warehousing, packing 
and some local manufacture of Group products. 


V% I Liu II IMU UUCICU U. IV Uiv UlgllUl TV*-* funvnnr ^L_ “ ' OCLU1CU. A A pci ICUL ailAUKC UUIID HU1UI UAVU 

bid over £1 after seventeen years mm3 J A 0 ■ GPG ® oJdm S^ The limit on business develop- ment fee is normally payable at interest rates over the past yet 

of frustrated planning , wrangles. of . L ‘Group. of ment loans is raised from the outset ‘ and the ability to budget for 


Where Lord Samuel's Land ?° BC compai7ies * {0T £200<00 °- £50,000 to £100,000, and from 

Securities failed Mr. Wickenden’s Man DaSiPre i^ f 1x1 additix)n - GPG wiU take over £30,000 to £50,000 for farm 

team and their unnamed institu- I SSS! “ all indebtedness of the company. devSoDment 

KoSooS'S g-tem of comm^eijj acSS The loans provide a sonroe of 

2Sr. 30 !52L« This is the second withdrawal substantially me dium-term fixed rate credit 

niannine nffilvc Citibank in recent months from dlfferen . t bu^BMs from the other with agreed repayment sche- 

S^SSled off*a S5p Jomt banking ventures to S” ^ 1 ? D anJ ^d lD t>2 ,e «i? , 1? S*? dules f ° r 1116 buK and pro- 

nave puuea on a coup. region. Last month.it announced “ d ^ “*», & P«t of ftssional sertors. 

Although building costs would Its intention of disposing of its a pohey of concentiation on activl- ^ loan ^ interest are re- 

range up to 30m. the eventual 45 per cent stake-in Rakyat First , ^ ore f®! ated t0 the engineer- paya bie in equal monthly instal- 


The bank said that the schemes settled repayment programme 


capital value ^ pf *uch a scheme Merchant" “ Bankers “to^"‘loiaU ln ^ ase . " Lmente^ov^Se "o"^ years^ 

could top £40m. Even though LumDur. a Joint o Deration .with cash received and the r 1 1 4^i >n« nit AAollw fhrto vn On 1 


could top_ £40m. Even though Lumpur, a joint operation with . The . cash receive! and the aifljouJJ exMptionally they may 
European Femes might have only Bank Kerjasama Rakyat (Malay- borrowing released will be ^ ra ™^ d ““P u ° Q “*JJ uiey m . y 

a small sfice of the equity to the sia). - redeployed to the Group's exist- y ^ elooment 

final project the fact that the In October last year, another ™S business. “if 1 2®“. 

company would be able to pass leading U^. bank. Bank of vSr ^uivalent 

its share of the profit through its America, announced the res true- P e T c® nt - a year, ^ eq uivaira t 


its share of the profit through its America, announced the restruc- 
capitaj gains tax loop hole would hiring of its consortium banking 
make this a pleasant bonus for venture In Singapore and in 


shareholders. 


SD1CO MONEY PXNDS 
' (Saturn Investment 
Management Co. Ltd.) 


- Hongkong. Asian - and Euro- 
—. American Merchant Bank, involV- 
-||tog the departure .of four Enro- 
ll pean banks from the venture. 


STRATHERN CW. 
ACQUISmONS 


Strathern Investments 


The business development 
loans cost a flat interest rate Of 
6i per cent a year, equivalent 
to a- true rate of 12.3 per cent 
over five years, if the loan is 
secured, and 8 per cent flat (15 
per cent true) unsecured. 

They are designed to provide 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000-£25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 20.1.78. 

Terms (years) 3 4 5 0 7 8 9 10., 

Interest % . ..9 . .94 10 • 10* lfl| 10* - 11 11*’ 

Rates for larger amounts on request Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited- 91 Waterloo Road, London SE1 8XP (01-028 7822, 
Ext- 177). Cheques payable to ** Bank of England, a/c FPL" 
TFT Is the holding company for ICFC and Fd. 


Copies of the 1976/77 report and accounts and the special 
repost for employees arc available from The Secretary, 
M,Y. Dart Limited, Maxon Street, Barnet, Hcrts^ EN5 5TR. 


Rates of deposits 

of £1,000 

and upwards for w/e 15.1.78. I 

7-day Fund 

% P-a. 

Mon. 

6.494 

Tueti. 

6.464 

Wed. 

6.427 

Thur. 

6.426 

Frl./Sun. 

6.393 

3-Month Fund 

i 

Wed. 

5.125 


Nationalisation 
accountants 
on schedule 


acquired a 75 per cent stake to. finance for a variety of purposes. 
Nutscene, a garden twine and such as buying or extending 
horticultural products company business premises, buying a busi- 
based to Scotland. ness or professional practice, 

Mr. Bruce S. Kyle, chairman buying plant or machinery and 
of Strathern, says the investment providing working capital, 
is a first step to the company's The term of the loan is 
planned entry into garden care worked out in relation to an 
and other do-it-yourself markets, appraisal of the profit flow and 
The company has also recently the expected life of assets 


Kelsey Industries Ltd. 


acquired over 90 per cent, of the purchased with the funds. 


Accountants Whtoney Murray, equity in Robertson Ireland and K Farm development loans, avail- 
wbo are acting as the Govern- Company, the jute merchanttog ab i e for buying stock, fertiliser, 
ments accountant adviser, say and furnishing fabrics concern. ^ “ 

that they are “on schedule” for 
completing assessments and valua- _____ 


r ( 

k : 


SBORN 


tions of the unquoted shipbuilding 
and aircraft interests nationalised 
by the Government. These', will 
form the basis for the calculation 
of a payment on account to be 
made early next month to com- 


FT share 


service 

The following securities have 


Ship need 


Statistics from the Report of the Chairman, Mr. J. G. 
Moss, and the accounts for the 12 months to 30 
September 1977: 

1976/77 1975/76 

f £ 

Turnover 16562,452 12,150,591 



Record Sales 
andProfitS 


panies such as Swan Hunter and been added to the Share Informa- 

Vickers - tion Service appearing in the rtd-nd-i/i 

Lord Winter-bottom said to the Financial Times:— VI HV SlilllC 

House of Lords last November Dana Corporation (seection: - v 

that the rize of the payment on Americans). Holden (A) (sec- WORLD demand for ships is 
account will be related to the ion: Industrials). likoiv to remain static until at 


Direct 7 Exports ...... 

Profit before tax ... 

Profit, after tax 

Ordinary Dividends 


SALIENT FIGURES 


1977 

£*000 


1976 

£’000 


Safes 

Profitbefore Taxation 


37,971 

3,400 


33,946 

2,345 


Earnings per share 

Ordinary dividends 
per share 


13.9p 


9.6p 


3.574p 


3.200p 


© UK contribution to trading profit up-from 16% to 48?o 
© Dividend raised to maximum allowed by Treasury 


''With the upheavals of the reorganisation during the last 
few years successfully behind us, your company has" 
proved its ability this year to weather a severe recession 
profitably with the hope of much greater prosperity as an 
independent group, in the years ahead." 

6.E. Cotton. Chairman. 


Unaudited Results 
for six months to 
30th September 1977 






6 months to 

Year to 



30th September 

3 1st March 



1977 

1976 

1977 



FOOOs 

£’000s 

TOOOs 

Turnover 


38,201 

15,952 

35.242 

Profit before taxation 

t 

3,747 

2,748 

■ 5,317 

Profit after taxation 


966 

lp80 

3,091 


1 likely to remain static until at 
least 1985. This forecast is given 
in Dry Cargo Ship Demand to 
1985, published to-day by Mari- 
time Transport Research. 

Also forecast are "a massive" 
dry cargo ship surplus continuing 
well into the 1980s, and a world 
seaborne trade below expecta- 
tions next nyear. 

Long-term growth rates in sea 
trade to 1985 are estimated at 
3 per cent per annum, half that 
recorded during the late 1960s. 
This sluggish rate, is likely to be 
compounded by an imminent 
short-term depression pushing 


Earnings per share 

Retimed trading profits 

Depredation 

Net assets 


6,150.196 
.1.989,587 
960,356 
124,214 
(12.939%) 
2l.0p 
812.758 
215,266 
. 5,242,671 


1975/76 

£ 

12,150,591 

3,991,894 

1,653,957 

775,883 

111,216 

(11.585%) 

16.2p 

664,667 

228,608 

4.413,070 


com 0fi* n c* with the requfrtmems at the 
Coma/ of The Stock Exchange. It does not consrhuto an invitation 
to any person to subscribe for or purchase any Preference Shares. 


Earnings per share 
Dividend per share 


25.5p 

5.052p 


cent, forecast. 

Changes to the mixture and 
form of dry cargo arising from 
growing port costs are likely to 
stimulate further the effective 
dry cargo surplus. 

This is likely to have a major 
effect on demand for certain 
types of ships. There may be 
almost no . demand for bulk 
carriers of the popular ** work 
horse - size in the 1980s. But 
demand for large “ Pan a max ’ 


E. FOGARTY & COMPANY, 
LIMITED 

(Incorporated in England under the Companies Acts,.1 908*1 91 7) 

Capitalisation Issue 
of 772,267 1 0% per cent. 
Cumulative Preference Shares of £1 each 


type ships is likely to increase 
and this type could carry 25 per 


Tho 9^™^' ofTVl ® Stock Exchange has admitted the above- 
tnimtioned Preference Shares to the Official List Particulars of the 
nghts attaching to them are available in the Extol Statistical 
Service and copies of the statistical card may be obtained during 

srriX'c wMl “‘ a/ (sa,u ' days ““’“i *- 


Esperanza Trade and Transport 
Limited 


Copies of Interim Stoiement may be obtained front: 
The Secretary;. 

* 3 8, Rood Lane, London EC3M SAP. 




Copies of fhe Annual Report available from 
The Secretary. 

Samuel Osborn & Co. Ltd, 

P.O. Box'!. 

Sheffield S303TR. 


% 


•V - ■■ ' X ■<* 


LOCAL AUTHORITY BOND TABLE 


Authority 

(telephone number in 
parentheses) 


Annual - 

cross Interest Minimum Life of 


Poole (02013 5 LSI) 


Thurrock (0375 5122) 

Thurrock (0373 5122) 


Interest 

payable 

sum 

bond 

% 


£ 

Year 

9i 

i -year 

500 

4 

10 

[■year 

500 

5-7 

10 

i-year 

200 

5-7 

95 

4year 

.100 

4 

to 

4-year 

300 

5-7 



cent of all deep sea trade by 

ia?5. 

Overall, tbe demand for hulk 
carriers will be “ painfully 
small.” the report says. 

Delivery of bulk carriers 
between 1978 and 19S5 will have 
to drop by a maximum average 
of 3m. deadweight tonnes per 
annum if supply and demand is 
to be balanced by 1985. 

The figures isnore the impact 
of reduced demand for oil 
tankers nn the use of combined 
dry cargo-oil ships. No more 
bulk carrier orders would be 
needed if most of the “ Combos ” 
ships are used for dry cargo up 
to 1985. 

Against this Is the prospect of 
healthy demand for other types 
of dry cargo carriers- Demand 
for containerships and roll on- 
roii off carriers could be H higher 
than it has ever been." Multi- 
purpose cargo liners are- likely 
to be still in demand the report 
concludes. 


1 $th Jammy, 1978 


S. G. Warburg & Co. Ltd„ 
30, Gresham Street, 
London, EC2P 2EB 

or from 

Keith, Baylay, Rogers St Co„ 
12/14. Lacking-ton Street, 
London, EC2M 2SY. 


HAMBRO INCOME FUND- 
SCHEME OF AMALGAMATION 


Allied Investors Trusts -Limited and Hanrtros Unit 
Trust Managers Limited announce that the number 
of units of Allied Hambro Equity Income Trust, to be 
issued to former Hambro Income Fund hoiders^fe 
1.4194 Allied Hambro Equity Income Trust for 
each Hambro Income Fund unit previously- held. 










23- 


M 




^BancSal :T&nes Monday Jahiswy 16 ; 1978 

.'ending dividends 


fNTE RNATIONAL GOMPAxN Y \ EWS 


MINING NOTEBOOK 


jr iha convenience readers the dates when sonic -.of the 
•mportaat company. dividend- statements may oe 'expected in 
ext few wepks are given in the following table. The' dales 
. E-atc these ,ot last gear’s announcements except where- the 
■’ ( wihing Board meetings (.indicated thus*) have been officially 
. ..shed. It should be emphasised, that ; the-' dividends, to be 


Ciba-Geigy in 
U.S. take-over 


FTC complaint Why the junior explorer 

against Ford i v v • 

should survive 


•ed will, not necessarily be at the amounts or rates per cent. 
* UP th° c-jlumn headed "Announoemeint last year.” Preliminary 
' - figures usually accompany- Anal dividend announcements. 


Annoance- 

* • - Dale meat last 

. . * rear 

Msmi - 

. Wilson.. .FA. is 'Final ZJ89-- 

dpre 

, • Discount.. Jan. 23 Kliwtf 8-329 

Jan. B Final 7 row* 

>. American • 

■: 8WS....FA B Sec. in*. l.M 

. Ms. ...... . Feb. V Final 4.725 

Jan. 13 InL 1JH 


- mleasi Feb. -1ft Final S.7B3 

" ERka]on...Feb. 2T Final nh . 

. §.' Stmr ...Jan. 39 Final 4.MSt 
rjohni ..Jan. 27 Ini. 2.6 - 
.- Ban 

- vlyrfla...Feb. 18- Final 1.3475 
.Bank . 

'• ' Trf Ausl.. Feb. 23 Tut. S <vnu 

• t ..... Jan. t7 teu 1.1375 

r' Feb. I0 : Inr. 5.2393 

InlernttiL.. Jan. 24- Ini. 2.1 
uire 

. * Corpn..„Feb. ir Final U. •.. 

JA 8 I«. 3 

t Photo. .. Jan. 19 Ini. 0F25 
-■ Croup ....Feb. 7 IoL 138 :. 
a Prop. 

• - Inr... -Feb. 23 Tot, 15 

• Larell ..... JatL 36 - InL H44 
n and 

v onlnl Tst-J’Bh. ir Final JJH 

- '-:ner Jan. 17 F&uU 1.7864 

'.'Vne. 

-DiBCtmnL-.Ftto.l3 Final 8.125 


. - . Amtounce- 

Date men! liK 
' ' soar:. 

Hambrfr Tran ' ..Jan. 2ft lot HJ 

•ICI .... : Jeb.23 See. UB. 6.7HB5 

Imperial Croup.. .Feb. 7 Final 3318 

ipcbcape. Jan. 27* mL.-fl.fflS - 

Land and 

House PrCP-.-DeC-' 21 Final £W 
* Lloyds Bank „._Frt. 17 ' Pinal 4.422 
Tawrbft ..: Jan. It) Final XJB155 

■Mamet and ' 

s«tUwrai.^Jan. 18 im. 3 
Marcbwiri Ftaaixas 

■MIM Holdings ..Jin. 24 Ini. J cents 
■MatWen Bank „ Ftft>. 38 Ftoal 5. 6628 
Nona. Mis. -Feb- Iff FidBl'2J73Z 

- Fla va ■ Jan. 27 Sec. lot. 2L2 

Prerose „.... Jfeb. l Ffiul SJS 

•Frwi. See. ' • 

£n*. Tst- Jan. 17 inr. D.436 

PKwMetn . _ • 

Financial.. Fell. 21 Sec. 1st. 4.4233 

•Rank Onto. Jan. 23 Final 49S83 

River and Merc. 

■ * - • ” Trast-uFeb. 17 Final 45 • • 
Scflt tlM: lav. -Feb. S Ftnal U -" ' 
•Brock ■ 

.. Conversion . Jan. is_ ipt. MU5 
■Snnicy tB.i •- 

- IUV.TW....FWJ. 17 Im. W5S75 
Tate and Lyle „ Jan. 25 Final 3.71 . 
Triftem TV 17 Final 1.613. 

Ties Bouse . 

Forte. -Feb. 9 Final SJ • 
•Unten. Discount- Jan- 25 Final llSTft 
. Wacon Finance. Jan. 28 Final. S.7S 


BY JOHN WICKS 

THE SWISS CHEMICAL concern 
Ciba-Geigy' AC, of Basle, has 
announced' the take-over of 
American Spe Corporation, of 
Florence,' Kentucky, by its U S. 
subsidiary Ciba-Geigy Corpora- 
tion. American Spe is engaged 
jin the distribution and applies*, 
tiou of "aerolite” foam urea 
formaldehyde resin for cavity- 
wall insulation, and operates 
through a nationwide network of 
distributors and service centres. 

Ciba-Geigy. is already in' the 
same business and has for some 
years past been selling such 
insulation material through its 
plastics and additives division on 
the U:K. and certain Continental 
markets. It sees tbe outstanding 
insulating properties of urea 


ZURICH, Jan. 15. 


formaldehyde as rapidly winning 
it a leading place among insula- 
tion materials. - 
At the same time, the acquisi- 
tion is yet another step in Ciba- 
Geigy's ambitious programme to 
strengthen its ' presence in the 
U.S. Recently, -Ciba-Geigy Cor- 
poration has announced the take- 
over of control, of the Palo alto, 
California, pharmaceuticals com- 
pany, ALza Corporation, and the 
structural adhesives and pre- 
pregs producer, Reliable Manu- 
facturing Company, of. Fountain 
Valley, also in California. - while 
Airwick Industries Inc., the con- 
sumer products subsidiary of 
Ciba-Geigy in the U.5., has 
acquired -Glamdrene Products 
Corporation, a producer of home 
cleaning specialities. - 


THE Federal Trade Commission 
has ■accused Ford Motor of In- 
stalling Faulty engines In some 
of its cars and of then failing to 
inform customers of their right 
to have the engines repaired at 


BY LODESTAR 


the company's expense. 

Tbe. FTC complaint is the 


agency's first major exercise in 
the area of automobile consumer 
protection. It . estimates that 
about. 55.000 of 2.7m. engines 
may be. faulty. Although it has 
not announced a repair policy 
or notified the owners of the 
suspect vehicles, Ford claims that 
it has 1 notified dealers of .its 
readiness to meet the costs of 
repair which might run to $10zn. 
for aQ the vehicles concerned. 


BradmiU advises on 
bid from Alameda 


' JUDOUun.. Jan. 20 Final 2X027 

Ir. rOwxn ; . _ 

•Inr.Tst... Jan.16 Filial 2J7 
“ s» Peat _ Jan: W Ini. 3J • 


• Board meetings intimated. tlUsM 
Issut since mads, t Tax free. ! Scrip 
Issue sines- mate from reserves: v- 


. ibUc Works Loan Board rates 


Qvota loans repaid 


by ERt 1 maturity 


Mon-quota loan A” rapald 

. . ...... -at 

by El rf brtXt ; raawrtty 


t-s 

• ' 81--: 

81 


101 

101 . 


%5, up to 10 

' 01 

M ' 

10i ‘ 

101 


>11 

iOi tip to IS 

101 

. 

10* • 

101 

■ m - 

iii 

15, up to 25 

m : 

m 

u 

11* 

11*- 

11* 

‘18 

ii 

nt 

111 

11* 

in 

: ill 


- .Non-quota loans B are 2 per cent, higher in each case than non- 
: •'j-'foans A. t EqUaE instalments of pcindpaL; $ Equal repayments. 
:* 'w. 1 - - •• Effective fnun January 7 ■ '• 


!ECENT ISSUES 


BRAD MILL INDUSTRIES said 
that it strongly advises share- 
holders to disregard a proposed 
takeover offer from Alameda 
Investments Property Limited, . 
since it has received legal advice 
that Alameda's notice of intent 
to make the offer does Jiot com- 
ply 'with the requirements of the 
Companies Act and is deficient 
in certain fundamental respects, 
Reuter reports from Sydney. 

Bradmill has informed Ala- 
meda accordingly, it said in a 
notice to shareholders, a copy of 
which was made available by the 
Sydney Stock Exchange. 

BradmiU said that the Supreme 
Court of Victoria has made 
orders restraining Alameda from 
proceeding with' its proposed 
partial offer pending full con- 
sideration of the matter by the 
Court 

The proceedings, in which 
BradmiU was not involved, were 


adjourned until January 26, it 
added. 

Alameda, which represents the 
interests of Paul Fayman, 
Solomon Lew and Cleckheaton, 
bolds around £4 per cent of 
Bradmill's 42.15m. 50 cent share 
issued capital, with just over 
10m. shares. 

It is bidding 82c a share for 30 
per cent, of all other sbarehold-! 
ings in BradmiU and is inviting! 
shareholders to offer the balance j 
of their holdings, .with the offer! 
being conditional on Alameda 
achieving a total of 51' per cent . 
of Bradmill’s issued capital. 
fBradmiU shares dosed at 71 on 
Friday). 

The Court Injunction on 
Alameda followed an application 
from La Mode Management Pty. 
Ltd., which holds around 5.16m. 
BradmiU shares, as well as about 
20 per cent, of Cleckbeatou. Both 
Bradmili and Cleckheaton are 
textile firms. 


COLT INDUSTRIES 

F*nrtb quarter 5 S 

1977 1978 

Revenue 404:5m. 330.6m. 

Net Profits ... 21.8m. 16.2m. 

I Net Per Share 2.57 1.90 

Year 

Revenue 1,525.5m. 1,345.7m. 

Net Profits ... 69.5m. 66 Sm 

Net Per Share . 8.10 7.S7 

Net Share dil 7.30- 7.07 

HARRIS BANKCORP 

Year S S 

1977 19» 

Net Profits ... 29.4m. 31.8m. 

Net Per Share 4.49 5.08 

WALT DISNEY PRODUCTIONS 

First wortcr S S 

1977 MW 

Revenue - 137.1m. 1195m. 

Net Profits ... 13 -3m. 11.8m. 

Net Per Share 41 cents 37 cents! 

memorex corporation 


Fourth quarter 


Revenue 

124m. 

100.1m. 

Net Profits ... 

9.5m. 

75m. 

Year 



Revenue 

450.1m. 

344 8m. 

Net Profits ... 

34m. 

24.8m. 

Net Per Share 

5.28 

4.35 


PHILADELPHIA NATIONAL 
CORPORATION 


Fanrtbffreiter 

s 

' S •' 


1777 

177* 

Net Profits ... 

4.28m. 

7.94m. 

Net Per Share 72 cents 

L43 

Year 



Net ftnfits ... 

24.1m. 

28m. 

Net Per Share 

4.15 

' 4.82 



EQUITIES 


Money and Exchanges 


IV.jiSii' larr/af ■-'-! - m > •' 

: 1 Stock 


| High I Low 


. | Ir+jw 


a . - . . rv 1 


F.F. — ‘ <562 HUGO (SOH)L» 

P.P, flOfl 123 J 10© Fanner ((i.W.)_A: 
F.P. S7il .681* 63 ML I .'. 


„„4B6 —15 F»c — S.7 - 
..... 123 +1 titja ajs OJ -7.0 
391* 4 m aiMSUT a.^ - 6.4 


FIXED INTEREST STOCKS 


Bank of England Mini mam to give a signal on interest rates. 

Lending Rate. 6J Per cent. The- Bank of England lent a 

' (since January 6, 1978) moderate . amount to the market 
Conditions were fairly, calm in -for seven days to indicate that It 
tbe London money market last wished to see no fall in MLR on 
week, although day-to-day money the following day; 
remained scarce and the author!- Although the signal appeared 
ties gave some sizeable help to unnecessary, the authorities may 
the market -Discount houses, had have been looking to a wider 
difficulty in finding overnight audience than the discount 
funds as much below Bank of houses, as on another occasion 
England Minimum Lending Rate quite recently. At the same time 
of 6J per cent; and the interbank there was probably no intention 
overnight rate jumped to around to penalize the market, since the 


? S’ u l) 
gj-sgg - 1877/8 

la 3j= HiahlEow 


20 per cent on Monday afternoon. Bank of England had been willing 
and to 15 per cent on Thursday, to buy bills earlier in the day to 
When Mi nimum Lending Rate relieve part of the day's shortage, 
was cut by i per cent on January and day-to-day credit had been 
6 there was speculation that a very expensive anyway 
further fall may have ocmirred With a general settling down of 
last Friday. This Was before U.S; conditions, for the time being at 
hanks, moved to raise their prime least, the. houses appeared more 
fending rates to* 8' per pent, and willing sellers of their paper, 
also before ■ the U.S. Federal Another fall in MLR m the near 
Reserve lifted its discount rate future is by no means ruled out 
from 6. per cent to 61 per cent however, unless there is a 
Bigger U.S. interest rates had dramatic turn of events in this 
an obvious influence on sentiment country or on the other side of 


- fl. ^ r 


M- 


FJ. 25/1 
T.P. 87 1\ 
£6J ■ .3/5 
P.F. - 
P.P. - 
F.P. - 
CIO 84/3 


j r. p. - 

leio 3/3 

p.p. - 

£60 3/8 


F_P. — 
F.P. 87/1 


1001* | 100i*Agric Vori. Variable 1983 

««« HailrJilt IBtftu*. m — - 

HE . 073, 1*9 

M : -»1 peninl'A UbfcerwceA US6 ffn*. Leu 1061 

B! - b7i 2 fGnunpi«i Kc E .10« 1935_ L 

88 ’ (Ml* HdojmIow Vutebie in ns 

8S*i| 307 »« loco SIX Note* I9b4™_- 

S9 J !< ftSHq Dcl 0* Deb. 1092 : 

153* 111* Kensfnjjion 4 Cbettwi Uf^ te-37 

100i? 687* - Do. Do. Vfjtehla 

100 081* Lecd* Yutebie Ihk?- 

100 . 1031* LbU«m«i 

12ip 111, UM Kent Water .7% 1882 

3933, 887 Morale Hydro 7j4 Note* 1982 . — 

64 (91* 9L Helena lliflton. 1966. 

8971* 80S . Shell IntL Fin. H/V. in% Oner. Notea 1990 


1100 i*U..... 
•aas* t^;.. 
10X — I- 

-61 L... 


L2® 1 * — 

.{1971* 

JOT 71* 

143* -l* 

! 10038 


101 ( 99/. -tour Foniftura- 10% Cum. Pro! — 

00 A. IOOjV r&meetdo Variable 1983 

105* 101*] Do 10S«Z Ued "84-6 


107p| UlaijYork Tnuier i<% Pret„_ 


lou — - 
100 

| isi* 

.3971* 

531* . — 

W83* ...... 

lOlp 

llOO^ . — 
I 101* 

[106 +1* 


[in London, and there was never the Atlantic. The longer term 
any reaj pressure for another cut' prospects remain very much in 
in MLR, Jast week, .with three- doubt, but probably point towards 
month Treasury bills trading well a gradual increase in rates at 
above this trigger point of 5} p«f some time this year, 
cent throughout The uncertainty on interest 

The authorities must have had rates is heavily influenced by the 
; some doubts however, possibly confusion in the foreign exchange 
! increased by a sharp rise in sterl- market Currencies have fluctu- 
!lhg against the dollar on Tburs- ated through a very wide range 
day morning. They therefore took against the dollar, and deal in g 
the final opportunity on that day spreads have 1 sometimes been 


“RIGHTS" OFFERS 


unusually wide. Sterling, which 
is normally quoted for reporting 
purposes on a 10 point spread, 
was quoted with a full l cent 
spread on Thursday afternoon, 
and closed on a 50 point spread 
of 3LB2U0-1 .0250. In the morning 
the pound had been as high as 
$1.9665-1.9675, following ' doubts 
about U.S. determination to 
defend the dollar, and fears that 
Saudi Arabia may refuse dollars 
in payment for oiL Intervention 
by European central banks, and 
the U.S. Federal Reserve, helped 
to push the dollar to higher levels, 
with most currencies fluctuating 
just as sharply as the pound. 

Hopes of a significant reduction 
in U.fC; inflation this year helped 
sterling, but most changes during 
the week were essentially dollar 
movements, reflecting continued 
market pressure conflicting with 
central bank support for the U.S. 
currency. * Dealing spreads 
remained very wide on Friday, 
reflecting the frustrated condi- 
tions in the market. The pound 
rose 25 points on balance over the 
week, to flriish i»t $1.9300-1.9350. 
Its trade-weighted index rose to 
65.8 from 85.3. The dollar’s depre- 
dation narrowed slightly to 4.77 
per cent, from 4,82 per cent 

Gold touched S172J-173J on 
Tuesday and Thursday, the 
highest closing level since May 
22, 1975. It finished at $1724-173, 
a rise of $2} on the week.' 


JUDGING FROM readers’ letters 
this column's coverage of the 
smaller exploration companies 
arouses considerable interest Re- 
quests for more are always com- 
ing in. This Is a healthy sign at 
a time when the world mining* 
scene is becoming more and more 
dominated by the multi-national 
heavy brigade. 

So much so that the junior fry 
find it increasingly difficult to 
get in on the act In fact, it is 
often questioned whether they 

still have, any significant part to 
play in finding the fresh sources 
of minerals which will be needed 

fn the decades ahead as those at 
present being worked become ex- 
hausted. Especially as tbe search 
for commercially . exploitable 
deposits grows ever more costly 
and the chances of success 
necessarily become slimmer. 

Fortunately, in countries such 
as- Canada and Australia chances' 
are still rated highly enough by 
: cote up rising prospectors for 

'junior exploration concerns to 
survive even if only a few of 
them thrive. The case for their 
existence has been weU put,, any- 
way in tbe down-under context, by 
the -head of one of them, Kir.' H. 
David Kennedy, who is chairmen 
of Western Australia's Sparges 
Exploration, a well-known sur- 
vivor from the great nickel 
boom days. 

He says that It has been 
documented in Canada and is 
readily evident - throughout tbe 
world that the genuine junior 
exploration companies “enjoy a 
much higher discovery rate, per 
unit of expenditure Than do tbe 
major mining companies." He 
cites as evidence of this -the find- 
ing of ML Keith, Windarra, Green- 
vale, Hail Creek and the Jatflluka 
uranium deposit, “one of the 
greatest mineral discoveries of all 

time ." 

Mr. Kennedy thus reckons that 
the moat cost effective way of 
ensuring a high degree of 
Australian equity in the country's 
resource deveipoment is not to 
attempt to '' buy back the farm," 
which is prohibitively expensive, 1, 
and certainly ‘not to establish 
Government exploration organlsa-. 
toons but “ rather to encourage 
Australians to invest in efficient 
junior exploration companies 
which explore at the grass roots 
stages and in turn are advantaged 


by high leverage In their farm- 
out relationships." 

He Is quite frank about the 
farm-out technique. ' Funds for 
exploration and development are 
in critically short supply In 
Australia. Such funds can only 
ultimately come from outside the 
country or from the Australian 

J iopulace. He reckons that a 
arm-in company, one which 
comes in as a joint venturer to 
probe likely prospects, effectively 
pays a very high premium for its 
Interest in a successful project. 
In fact, it is not unusual for such 
a concern to be “required to ex- 
pend more than $500 for each 
.dollar previously expended by the 
farm-out party." 

Thus Spargos itself, which 
already has Getty Oil as a partner 
in testing its Teutonic Bore base- 
metal claims, modestly hopes that 
some $4 will be expended by 

others for every SI of shareholder 
funds spent on its prospects. Mr. 
Kennedy admits that exploration 
will always remain an extremely 
high-risk business. He also admits 
that there were abuses during the 
boom period of the Australian 
Government policy at that time of 
allowing tax credits against ex- 
ploration investment 
But it did result in an un- 
precedented level of prospecting 
and development So he makes a 
plea for some measure of fiscal 
incentive to be restored. .Surely, 
he says, *' there is someone in 
Canberra capable of devising a 
system which provides share- 
holders with incentives for high- 
risk investment in all types of 
exploration but which prevents 
the abuses permitted by the 
earlier legislation.” After all, it 
is pointed out, the Government 
has already announced investment 
incentives for offshore oil and 
natural gas exploration. 

But even without such a spur 
to its endeavours the chairman is 
hopeful about Spargos* prospects 
“with exciting base-metal hopes 
backed by Getty Oil, an initial 
step Into Australia's important 
energy sector and our firm belief 
that gold's renaissance has 
arrived. 1 believe that Spargos 
can hope for a positive cash flow 
within . the next few years.” 

The company claims to be the 
second largest holder of gold 
leases in Western Australia and 
hopes that gold will be the “ bed- 
rock earnings base” from which 


-longer-term developments can be 
nourished. The shares are natur- 
ally only for speculative funds as 
are those of all junior exploration 
hopefuls but, along with Magnet 
Metals, Spargos at around 6p in 
London are probably os good a' 
gamble as any in this field. 

Anyone who is interested in' 
particular in the feverish Austrp-' 
lian north-west shelf oil and gas 

search should beg, borrow or steal 
the latest 37-page emanation on. 
this subject from brokers Lain# 
and Cruickshank. It is an in-; 
depth study of this still exciting 
situation and includes both 
Spargos and Magnet in its " high 
risk-reward " package of shares to 
give a participation therein. 

* * * 

Last week when discussing life 
estimates for the South African 
gold producers the verdict on the 
Union Corporation group's Leslie 
Mine was that it could close this- 
year unless last-minute Govern- 
ment aid was forthcoming. Wpil,- 
it has been. Tbe company has 
been classified as a state-«ssistcd- 
□nine as from October 1 last. So 
it has obtained a new. if still 
precarious, lease of life. The 
initial financial effects may be 
revealed In Thursday’s December 
quarter report. The shares at 42p 
have now acquired a little extra, 
gloss a-s a gold price speculation. ' 
★ ★ * 

Stale bulls of BH South, the 
shares of which are now Lingering 
around a low of 72p, may be 
encouraged -to know that its 
stater company in the Collins 
House group North Broken Hill 
continues to add jo its stake 

therein. Ti has now acquired a 
further 352.815 shares to bring its 
total hoLding to 8.9ra. or 16 per 
erret. of the BHS equity. 

★ * ★ 

Platinum shares remain 
sluggish despite the better pros- 
pects for the metal already noted 
here. The latest convert to the 
bullishness for this sector of 
mining markets is brokers ■ 
Laurence Prust who have devoted 
most of their latest weekly 
circular to this subject under the 
heading “ the neglected metal ” 
with the conclusion that “ the 

better outlook for the industry 
makes a purchase of R us ten burg 
at current prices arractive.” On 
Friday they were 71p. 


INSURANCE 


When layman’s language 
counts in judges’ eyes 


BY OUR INSURANCE CORRESPONDENT 



, 

Clouinfi 

-Stock 


Pries- 

p: 


I6j12 27-1 
.. . 6/1 10/3 
S3/1 87/8 
24/ S 10/3 
' 13,1 10/8 
24/1 6/2 

. Wi, nil 
6/1 10/2 


86/1 D/5 

■17/8 3.4 

83/181 18/1 


15/1S: k7,1 
18/11 16/2 


12/lz IB/1 1 
4-1 1 U7'l 


86pm 88pm 
• : ui* 

73 . 

19pm ' 6pm 
&£!*. 36pm 
34pm -iu|>m 
lstaa i*pm 
fli • M 
79. 71 
iSSjpm 26pm 
JOjan 30pm 
HXjoti 43pm 
431* 34 
-6pm 6>*pm 
Uo : oi 
" 1pm 

_*& 38 


.Yrlitagtan Motor. 

urtipwt Quo. try ...... 



Ubrfotj- 

(Jam m. 'Bank of AntUmJIs. 

D.ter Indimlrtai .' 

JidinmoA ikuwa 

ilohniOn Finh Unnnj.---— - 

Kemrine Motor. 

L-K.C. 1 p terns tiooat 

Uuirttwt..^ 

.taUunai Bk.'ol Aontralaaln— 
ttuMin W. h. 

He-onl HMgifiy. 

junta (Geo.) 

Uui. Scientific—. — . 

Wlllluv (J. Oanllff) — - 


.. 26pm .... 
.. 36 ....„ 

.. 68 +21* 
_ 15pm — 1 
42pm +9 

. 18pm 

~ k/pra ...... 

61 —1 

78 

. 25 In pm — 1 
23pm —1 
48pm +1 

. 6pm 

- 86 
- lt*P«n 
889 — « 
48 +1 


Overnight — ._ 

2dayan<Atce— 
7 day* or 
7 days notice... 
One month..... 

Twomonfhi— 
Three month*. 
Six months- — 
Nine laoaili.... 

One year 

Two year* 


Sterling 
Certiflrote 
of depoeiU 

Interbank 

local 

Amhortty 

deposits 

Local Auth 
negot table 
bonds 

_ 

4-66* 




— 

— 

638 51* 

— 


64-6S* 

588-61* 

— 

eis-ea* 

638-61* 

63e-61* 

71.-658 

63*451* 

6i«-6ft 

— 

6i*-6 

61* -6 

8Ib-6 rk 

6ia-6* 

63.-61* 

6«a-6A 

63g -61* 

61.-638 

63. 57* 

669-61* 

638-67* 

— 

7-6** 

63.-65* 

67 8 -7 

65.-7 

7-8 ** 


— 

77*-a 

— 


Finance 

Honaa 

Deposits 


Company 

Deposits 


market Treasury IBank (Fine Trade 
deposit Bills ft Bills ft Bills ft 


— 6U-6B8 — — 

63* 6Ig-6i* 53t-6fi 6fe 

61* 6Ta-5 


'• i/ ffa i authorities and finance houses seven days*, notice, others seven dare* toed. ‘Lomiewenn local amhorny mortgage 
rates nominally three years H-9 per cent: four years M-lfl per cent.: five yean 1M-1M per cent VBank -hill rales in 
table are buying rates for prime paper. Baring rate for four- month bank bills B per cent.; four -month trade bills 

61 AKJrarimate selling rate for one- month Treasury bills 51-52JJ2 per cent.; two- month SUjfi-51 per cent.; and three-month 
a per cait. Approximate selling rate for one-month bank bins Bi per cent.; tyro-month Bits per cent.: and three-momh 51- 

529 j 2 per cent. One-month trade blfi 61 per cent.; two-month 61 per cent.; and also three-m onth H par cetrt. 

•• Finance Htmse Base Rata < published by the Finance Boases Association 1 6i per cent- front January 1, 1978. Ctaarlng 
Rank Dawsft Rates (for small sums at seven days’ notice) 3 per cent Cleailng Bank Rats* for lending 8* _ per cent. 
Treasury BlUst 'Average tender rates of discount 62188 per cent 


GOLD MARKET 


urabdadon date tnmaUy lut day for dealing free of stamp dntr. b neons 
on prospectus esttamo. a Assumed dh rMan d and yield, u Forecast dividend: 
based on previous year's earnings, r Dividend and yield based on prospectus, 
ter Official estimates for 1979. q Gross. T Figures assume d . 1 Cover allows 
.inversion of shares not now ranking for dividend or ranking only for resmetea 
--"•Bda. S Placing price to public, p t Pence unless otherwise Indicated. I booed 
wilder. || Offered to holders of Ordinary shares as a " rights ." ** Rum» 
u of capitalisation, tt Minimum tender price. It Reintroduced. N issued 
tnectlon with reorganisation merger or take-over: M Introduction, ^□issoeo 
mer Preference holders. . ■ Allotment letters (pr rafly-paldj. • Provuuonat 
nly-paid attotmehr lenara." wWIth warrants. 


FOREIGN EXCHANGES 


Jan. 12 | Jan. 12 


Market Ratei 


OTHER MARKETS 


late* Day's 
* Spread 


BASE LENDING RATES 

k.B.N. Bank 64% ■ Hill Samuel 5 7 % 

Jlied Irish Banks Ltd. §4% . C. Hoare & Co. .... — t 


Smi-Ymk,,. 

UojUXBSi .... 

Ainstercbup 
Broueto^.. 
'Oopenhagen 
iPraakfort— 
Uabon ... 

Madrid 

Milan — 

Oslo.: 

Paris — — 
Stockholm.. 


Lrnerican Express Ilk. ■ 84% 
tmro Bank 64% 


.A P Bank Ltd. 7 % 

; lenry Ansbacher 64% 


lenry Ansbacher 64% 

ianco -de- Bilbao ...... 61% 

tank of Credit & Cmce.il 64% 

Sank <rf Cypntt 84% 

tank of TS.S.W 64% 

Janque Beige Ltd..;*...-- 64% 
ianque du Rhone T % 


Barclays Bank 64% j 

Sarnett Christie Ltir'.L. -84% ■ 
ireraar Holdings Ltd. -74% 
5rit Bank of Mid. East 64%- 

irown Shipley 64% 

’anada Permanent AF1 64% 
Capitol C & C Fiu. Ltd* 9 % 

iayzer Ltd. i. 7 % ; 

^edar Holdings - 8 % 

Hianerhouse' Japhet... 64% 

3. -Coates '7*%“ 

3onaitidated Credits ... 74%, 
JiHiperatho Bank ... 64% 
;.Jorinthian Securities.... 64% 

Credit Lyonnais -64% 

rhe Cyprus Popular Bk.- . 64% 
Duncan Lawrie 64% 


C- Hoare & Co. .........t 64% 

Julian. S. Hodge . 74% 

Hongkong. <fe Sban^iai 64 % 
Industrial Bk. of Scot 7 % 
Keyser Ullmann ...... 64% 

Rnowaley & Co. Ltd.... B % 

Lloyds' Hank 64% 

London & European ... 84% 
London Mercantile ... 64% 
Midland Bank " — ...... 64% 

I Samuel : Montagu ...... 64% 

i Morgan Grenfell 64% 

National Westminster 64% 
NorWich General Trust 64% 
P. S. Refson & Co. — 61% 
Rossminster. Accepfcs 64% 
Royal Bk Cinada Trust 64% 
Schlestnger Limited n , 7 % 1 

K S. Schwab 84% 

Security Trust Co. Ltd. 74% 
Shenley Trust 91% 
Standard- Chartmed ... 64% 

Trade -Dev. Bank 64%' 

Trustee Savings Bank 64% 
Twentieth Century Bk. 74% 
United Rank of Kuwait 64% 
Whifeaway Laidlaw 7 % 
Williams & Glyn’s ' 64% 
'Yorkshire Bank 6§% 


Vlennn- 

Zurich-—- 


Bi*1.81Oft-l.t41l0! 
70* Z-097B-9.1Z7Bi 
41* 4.U4.40 
81* 9Z.9ft-Bi.B0 
9 11.08-11.19 

2 4JI6-4.il 

II 77JW-78.63 | 
8 lB4.7ft-T6B.00i 

ID* 1,IB0-1,79B 
B 8J4-10JM 
SI* 8J14-3.1E 
8 8.87-0.08 ' 

4i* *58-476 

.61* S9.16.-29 .46 
11* L7S-5.8B ! 


I. SSDO-l.bBBO 
2.1199-2.1240 

4.664-4.584 

63JO-8ZJO 

II. 14-11.19 
4.08-4.11 
77-90-78-50 

1 36 AO- 166.79 
1 .7 15-1. 723 
B. 974-9-884 
9^74-8-094 
■ MU-9.064 
*8ft-*70 
isjB^s.n 
5.BM.B2 


Airgeatfea. 

A TT flHil/. _ _ 

FlDiAOd._ 

Greece , 

Hmg BTng 
lout 

Kmralt 

Lnxmnb'g 
Mal»yid& .. 
M.Zeatendi 

fbimtl tnih 

StannoisJ 


1187.2648 
1.EBB0- 1.7081 
50.71-S0.9I 
7.71-7.7* 
B0J53-7OJM 

a-BBBJI 

130-136 
(U31-BJ41 
B5.2ftfl5.BS 
4 J 64-* .5 84 
14882- 1.2D41 
b.6S-Q.B3 
4.4S4J1 
1.092- 1.6781 


krg«tlwqi160-iail 

Korirti S9-SB4 

Bafgloto 621-844 

PeSu 62-86 

2.11-2.18 
lDenni*xk 1 JJ6-1LB2 
trence__B.9ft8.1i 
Gorm«ny.. * JS-4.16 
(Greece^. _ 79-81 

'duly 1760-1860 

jj«prm 488-460 

L'sBtherl'ml 430-446 
Konray-. 920-10.10 
PortugnJ 65-93 

IdpeinTZZ 160-166 

BwlUT*xwl 278-365 

(OjS LS2-1-954 

lYuvodsvta Z73-893 


Gold Bnllion 


A LEGAL decision of interest to 
all employers, whether insuring 
their staff generally, or only their 
key employee's, agai ost accidental 
disablement, iff .Marcel Beller 
Ltd. versus Hayden. 

The judgment is now briefly 
noted in December's Current 
Law, but was reported at some 
length in The Times on Decem- 
ber 29. though because of its 
date of reporting, I expect it 
escaped the notice of most poten- 
tially interested parties. 

The plaintiff’ company had in- 
sured, at Lloyd's, the life of its 
project director, John McCreedte, 
under a personal accident policy 
for £15.000. On the evening of 
Christmas Eve 1975 Mr. Mc- 
Creedie had been killed when he 
lost control of the car he was 
driving. 

The post-mortem examination 
had established that after an 
evening's drinking, bis blood 
alcohol content' was 261 milli- 
grams per 100 miliilitrcs-^the 
equivalent of 17 tots of spirits 
for a man of his weight. 

Underwriters refused to pay 
for his death and eventually the 
disnute came before Judge Fay. 
Q.C., sitting as a High Court 
Judge in the Queen's Bench Divi- 
sion. 

In his reserved judgment. 
Judge Fay referred to the patho- 
logist's evidence, that a driver 
with over 150 milligrams of 
alcohol was almost certainly in- 
capable of dealing with an 
emergency and a driver with over 
200 milligrams would be unlikely 
to be able to propel a car with 
any certainty. 

On this evidence, the Judge 


had no doubt that Mr. Me- 
Creedie's consumption of alcohol 
was a cause of his .death. . 

This being so, he had to con- 
sider the Defendant Under- 
writers' contentions. The policy 
was a personal accident policy 
and underwriters argued, first, 
that because the death was a 
natural and foreseeable result of 
the deceased's course of conduct 
during the evening, the death 
bad not that fortuitous element 
which entitled it to be called an 
accident. 

The Judge rejected this con- 
tention, not so much on tech- 
nical argument but by adopting 
the layman's approach. 

An insurance policy, he said, 
ought not to depart where pos- 
sible, from the ordinary meaning 
of English words: he was con- 
vinced that the man in the street 
would say that Mr. McCreedie 
had died in an accident 

Tbe next line of defence rested 
on an express exclusion of the 
policy— that Mr. McCreedie's 

death was due to “ deliberate 
exposure to. exceptional danger.” 

Referring to . a number of 
Canadian law cases, the judge 
decided that there was a .clear 
distinction between the delibe- 
rate taking of an appreciated 
risk and the taking of a risk 
which was neither deliberately 
run nor actually appreciated. 

He found that there was no 
evidence that Mr. McCreedie bad 
thought about his condition or 
the risk he was taking — rather 
was bis driving in bis alcoholic 
condition careless and negligent, 
but not deliberately so. There- 
fore, the exclusion did not avail 


insurers. 

A second exclusion on which 
Insurers relied was that of death 
caused by the insured person's 
own criminal act. 

Insurers argued that Mr. Mb- 
Creedie had committed five 
criminal offences while driving 
his car, principally those of driv- 
ing while unfit through drink, 
and driving at a speed or in a 
manner dangerous to the public. 

Here tbe judge thought in- 
surers were on firmer ground. 
On the evidence, he was satisfied 
that Mr. McCreedie had com- 
mitted these two motoring 
offences and that there was a 
causal connection between tbe 
offences and the accident 

In his view, these -offences 
were offences of moral culpa- 
bility, serious offences which 
must be counted as criminal acts 
within the wording of the policy. 
So on this third ground alone, 
the judge ruled in favour of 
underwriters and said they would 
not have to pay. 

The interesting aspect of the 
decision, in my view, lies not so 
much in the various points that 
the judge discussed, but on a 
matter on which the report is. 
silent — in the application of the. 
words “ criminal act ” to acts 
which were never the subject of 
prosecution or conviction, acts ■ 
which in layman's language were 
undoubtedly criminal, but which 
in lawyer’s terminology must be 
counted only allegedly or poten- 
tially criminal. 

But. perhaps, as the judge said 
in respect of the word “ acci- 
dent," it is layman’s language 
that must count. 


UK>ae..~— .~ 

Opening 

Morntngto'g 


Aftern'nto’i 


Gold Coin™, 
dnmnt trolly 


-HswSov.gniJ 
OU SprirgM 


8172X4-178 i 

8172V1731* 

S 172.40 

(£89.575) 

8172.45 

(£89-288) 


ftl726*-173X* 

5 174 V 175 x 8 

8174.20 

[£89.663) 

8175.56 

(£89.436) 


CHRISTOPHER MORAN GROUP LIMITED 


8178-180 
(£92 >*-9314) 
8521* -541* 
(£2714.28X4) 
151-53 . 
(£26-27) 


8178-180 

(£92 5*. 935*) 

S5214-54S4 

(£271*-28Xfl) 

531-53 

(£26X*-271*) 


UNAUDITED INTERIM RESULTS FOR 
6 MONTHS ENDED 31st JULY, 1977 

6 Months Ended 


31st July 


8 Kite* green. are J« oMwertIWe franc,. 
■Finance franc 63.3863J5. 


Sale given for Argentina ta a free rata. 


Gold Coin ■_ 

(Internal' lly> 
Krugerrand.. 


ITvS/wr 1 * 


Old Son's 


1178-180 8178-180 

. 

(£*5.27) (£3612-971*1 

8254 ij -33712 8254te-257i* 


Turnover 

Insurance Division 
Industrial Division 


[EXCHANGE CROSS-RATES 


880 Haglee -|82B 4i*-8 57l*j8M4»a-257i 3 
FORWARD RATES 


Profit Before Taxation 
Insurance Division 
Industrial Division 


- ' Jul. 13 

Frenkfnrc.. 


Row York 
£.121636 

ffev.yorfc ' 


— 

Parish...... 

22L25-.76 

ft.7D95.721f 


IW4-60 

*L87-9E 

r^mrlM .. 

4-00-11 

L930-B36 

AiMr.[Hnm,. 

Zurich— 

106.91-96 

teawjM 

2J77T-2806 

L978-B81 


I Three month 


Taxation 


- I 9.079496 207 .OW 


— 60.80-90 


65 -25-46 IMS-52 16.66-64 


KUO# -- 4J64-384 I 5-8W2 


6-8105-55 j 4JE35-85 j U4J2-87 


Canadian 8 In Nero Yreks 913)6-99 ceota. U.S. 5 tfl M-da n B77-W80.0. 
* starling In lUhn 104.0-1SB&0. 


Raw YarkjO.TB-DJES c. 41* itJ.85-0.45 &dii 
iloatrt«'..jU-Bft0.l6 e. die 0,86-0.36®. d« 
AmitMam 7* cjm-ig c. 31* 8-1 c. pm 
Brussel* .J 10-20 <■, du 30-40 v. di* 

Cop'ntwn. ore d it 333-30) are db 

Frankfurt l**“* pf. pm 43-81 ur pm 
LMxm J-S-105 c. dla 3utM50C-c- dU 

Madrid .... 90-160U tils 420420 c. tfla 
Milan -m. 16-22 lire dla 45-52 lire dla 
Oslo... — Wfl-IK* are dla 801*-32i oredb 
Faria » V3** c. dfas 13-14 o. dla 
atodrb'lm 5-7 ore dll 15i-20£ credit 
Vienna— . 7-17 er» dii 24-44 gro dla 
Zurich 28 b* 189 0. pm pS*-4t* c.pm 

Six-month forward dollar BJMJOc , 
B-monih LB5-L18c dls. 


S.T8-B SB c. dlt 
uJftO.U 0,dis 

i ore dir 




EURO-CURRENCY INTEREST RATES 


Profit After Taxation 
Minority Interests 


30-155 e. dla 
BO-iGOi-.dla 
16-22 lire dla 
HP*-12is m dla 
2^4-3840, 4b 
5-7 ore di* 

7-17. email' 
238-11* 0 . pm 


Reserves at 31st January 1977 


Extraordinary Items 


Reserves at 31st July 1977. 


CURRENCY RATES 


. £agQ Trust 6i% ■ uenvn of tin Acceprlng H oases 

;■ English .Trajiscoat 8.% comoiiue& ' 

First' London Secs. .« G1S6‘ * T4« dmoi w, awwans, 

SPS.-.M’ 

totohy Gibbs • 64 %- ud am as.oBB <*%. . 

uppde* Du rrant Trust... . .Yj% '* Can dctiodtB over a.eeo 4%. 

G.reyhoimd Guaranty... . 64%. » DeB1 “. llew! “ ***• 

. Grftmlays Bank 6}% t ** swrUM ***- 

Giflftnj&S'Mahon rg-7^ deptaUs' 31%1 Uairo Venn 

Hambros Bank &$% - Bwadte cwr -a.0on BMoaaMa. 


Bteritog 


DJ.DoIlu 

GhjfldtB" 

bun 

mark 

eu-es* 

6*1-63* 
61* -Br*. 

Sit* 

7A-7A- 

6-7. 

6ae-73e 

648-7. 

618-75* 

im 

6Ts-71g 

7-71* 

73.-8 

7l*-73. 

738-77* 

7T B -8Ib 

81.-318 
51* -57* 
54*^3* 
839-3*4 
558-53* 
57b6 

4-1*. 

i*-U 

69-4 

7*-l 

l»e-14 

■24-27B 

23**27* 

Z3..27* 

2S*-27 B 

23.-27* 

3l*-34 


Drawbur 

j.aSrter 


Unfl of 
Aeeotmt 
January 13 1 


-. Enro-Fr«dj deposit rates: two-day 8J-Si per cent; *cvcn-«UF 94-81 per cant, 
one-montij UHU per noL; three-montii jo-Ul Per cent.; rix-nanrCb 14-14 per 
earn.; one Year 3 Si- 134 pw cent. 

- Long-term sjurodonaj; detxisits: two- years »a per cent-; mrm Tears SMI per 
cent.; Jour yearxM-34 per cent.: Are tuts 8W* per cent. . 

. The foUowing nominal ram. were auotrt for Lo n don dollar certiflcam of depostc 
onftmentb TJS-TJS wr cent.; thrce^moKb tjs-tjS per cent.: xts-monffi 7.63-7.13 
POf , oentfi one- your 7 JS-7.95 per cent. 

- - ^ Rates -are rates. . ■ - 

mamt-renn rate* ue call, for ss-trUm;' (ij, dnllara and Canadian dollane two 

dtri*:notica ior ffttOden and -Swlaa taun. 


Sterling — 

D.S. dollar — 

Canadian— 

A-oatria- «ch™ 
Haupao rnne. 
Danish Krone- 

UeotHcboniark 
Dutch golkitr 
French trane.. 
Italian lira-™ 
Japanowyod- 
iforwny km"* 


Swediab krone- i 
Swiss franc--.) 


0.630234 

L21068 

U3017.. 

18JS355 

59.8556 ' 

7JXH84 

2JS809S 

2.75914 

5.70896 

1U9.95 

291.653 

6-27132 

.97,7825 

8.66417 

2-40804 


0.633674 
1.22033 
' JUS 5572 
19.6506 . 
-40.1733 
7.06851 - 
2.59794 
2.78029 
5.76788 
107OJ36 
295.384 

0-32402 

98.5607 

5.70887 

2.42123 


The Insurance Division has performed very well in the half year with profits before tax 43.4% 
in excess of those for the corresponding period of the previous year. 1 am pleased to report that 
satisfactory progress continues which is particularly pleasing bearing in mind the adverse effects of 
the fall in interest rates and the strengthening of sterling against the dollar. 

Since 31st January last, three of the five trading companies comprising the Industrial Division' 
have been sold. Negotiations are continuing for the disposal of the remaining two industrial 
companies to enable the Group’s business to become purely insurance broking and related activities; 
The extraordinary Items, which consist largely of the write-off of goodwill arising at the time of 
acquisition, result solely from the sale of the three industrial companies. 


The Directors have declared an Interim dividend for the year ending 31st January 1978 of lp 
per-share, payable on 20th March, 1978, to Shareholders on the register on 17th February, 1978, 
which will absorb £172,57L 


Moran House 
88 Golden Lane 
London EC1Y OUB 
13th Jan^imy, 1978 


J. Redgrove 
Cha imimt 


*. Cbtnpflgrtxtwe flirures not oooitabte for Industrial Division 




TO* DAY 

_ COMPANY MEETINGS— 

DvWller. Winchester Hems. LC. 11. 
Osborn (Samuel 1. Sheffield, 12.30. 


BOARD MEETINGS— . 
finals: 

Braid 

Great Northern litv. trust 
Mcgglu Hoidmos 
Spencer a*rk Metal Inds. 

Interlmv 
Allied CoUoidl 
Best and Mar 
Cray Electronic* 

Eastwood U.B.J 
Howard 5h uttering 
Wellman Engineering 


WEEK'S FINANCIAL DIARY 


Btanlogluwi Mint 1 Jh» 

B”R? JJJ2S R *< L 26/7,7* So* 


Bremer Trust (LSp ^ " * 

Buck mgtiaai mire lOne BdsV Red. 267,7* 


The following is a record of the principal business and financial 
engagements during the week. The Board meetings are mainly 
for the purpose of considering dividends and official indications 
are not always available whether dividends concerned are interims 
or finals. The sub-divisions shown below are baaed, mainly on last 
year's timetable. 


assra-isss s&iffi™ 


Otalin 0.64 92 p • - 

Chwterfteld 10« Ms. Reg. 261776 Sac 
©wage *»e. Un. V* SUpc 

Q jrtlo rd IBpc Bds. Red.- 2677* Sac - 
DOW 13>«0C US. R«dri4l7fja 6^pe 
Dubilier 0.5040 • 

OiuBev loot Ms, Red, 26717 * Sac 
td mo 12MK 

f «Oi>c_ BM. Red. 26-778 tx 


AFINANCIALTIMES 

SURVEY 


DIVIDEND A INTEREST PAYMENTS— 
Aberdeen Trust Db. Ildx 
Anglo Amorican Sets. Carpa. qi-pcPf. 
1.57SPC 

Brwcuofw lowest. Tst. BocPt. TJSoc. 
5 : :pcPf. 1.92 5 DC 
Brownlee D.52357P 


Carr (John) (Doncaster) U3p 
Cosalt Loop Spc 

Edinburgh and Dundee In*. SpcPt. 1 ,750c 
Fair dale Textiles OrtL and A 0 Jo 
General Funds Invest. Trust 5 pc PI. 1,75 k. 

Dbs- 2JU and 3pc 
Hume Holdings fipcPr. Z.lpc 
industrial and General Tst. Db. IVk 
iCouv.i 

Law Land SocPf. 1.75 k 
L ees Uohn J.» O.SSp 
L eigh interests T.3p 
LCnnoM OA226 d , 

London and St. Lawrence In*. Db ;i. K 
M and G Second Dual Trust Incam* ahs. 
2.75P 

Moorgate Inv. 1,50 

Morgan (J. P.) Comm. SScts. Do. IDRs 
to Bearer S5cts- 

Natlonai and Commercial Bnkg. 1,2829 b 

Peters Stares 0.7p 

Redland 2.094p 

Selection Trust SB 

Thcovllle 1.1237SD 


Scottish American Jnv, 

United States and General Trust 
Inhrbn.- 
Allied Retailers 
Associated Tooling Indv 
Crouch 

Group Investors 

Heron Motor 

Magnet and Southerns 

Marston Thompson and Evorshed 

Stock Cor version 


Suffolk iVtocffd*. Red. 1$T.'7« £7.0365 
Sutton l3<tncEds- Red. 16 117B £7-0365 
Talbex 0.27469a 

Tendrlng 13%pcBdi, Red. Ift-IFTB £7.0365 
Treasury 9Upc JSS3 £7.70 
Tunbridge wells ilkwcBds. Red. im.Tfi 
£7.0365 

Weddingtdn (J.) So ■ 

wansbeck -iS-TuxBds. Red. ibji.78 


Ely* rwimbtedeov Db. «■— Ln. 4'ape 
Firestone Tire Robber arS-T* 

Fledgeling Imr. Db..3)« 

Fjolkes ( 5 ) HMo Ord. tlv. Ord. 0.4o 
Grand Central law. 

Hart I Ok feds. Red. 2EU77* spc 
Haven™ JOoe Sds. ReST 2t7/T8 Soc 


THE 


<• 


DIVIDEND ft INTEREST PAYMENTS— 
Aberdeen iMuKBds. Red. 191-/7B £7.0369 
British Steam Specialities 1.5 b 
B ramsgrove 13)jpcBds. Red. 1fln;7a 
£7,0365 

Cam Milling lads. 1.7 So ■ 

Chester 1 SHpcflds. Red. 16 1/78 £7.0365 
Chichester 13 >rx Bds. Red- 18/1:76 
£7.0365 

Coimers Invests Ip _ 

Coventry 1 3SpcBdt- Rtd. 10/1.78 £7.0365 
Crawl fy 13*ioc8dS> fled. IB 1,78 £7.0365 
Derwetrtside 13»«PCMS. Red. 1511 78 
£7.0365 . _ ■ 

Dunfermline IShmcBds. Red. 1 0/1 -’7 a 
£7.0365 

Fenner (J. K.t 3.95p 
Fuiora 1 .OSp 


WelOngborough 13*11)00*. Red. 18'1.78 
£7.0365 

Wigtown 13>iipc«<ft. Red. IBM 78 £7 0365 
Wolverhampton T3J*pe8d*. Red. tSfl 73 
£7.0365 

W vc ha von 13 >mKB< 1*. Red. 18.TI78 

• £710365 


High Peak IMocfids. Red. 1 A 1/78 
£7.0365 

Harsham 1 avocBds. Red. 1S T 78 £7.0369 
Hove 13BPCBUS. Red. 1ft-l<7B £7.0365 
K rllinghall Tin 75 p 
L eeds and District Dyers 2.025D 
Maldon 13J»pcBds. Red. 16/1(78 £7.0365 
£7.0365 

Metropolitan Police UPepcBds. Red. 

181/78 £7.0365 

Mllron Kernes IShuwBcte. Red. 18|i 78 
Newport 1 3*»oeBds- Red. 181.78 £7.0365 
North Norfolk iSktpcBds. Red. 18/1 76 
£7.0365 

North Wiltshire IMbcBOs. Red. 1811-78 
£7 0365 

North wolds ISNosSds. Red. 18 1/*' 

£7.0355 

Norwich 13’nDcR - * "-i. IB 1176 £7.0365 
NntHnahim 13AscBds. Red. 

£7.0365 

Ogwr 1 3*ipc8ds. Red. 1S11B £7.0385 
Oxford 1 S**crBds. Red. IB 1178 £7.0385 
Rexmare 1 .25p 

Rhvmnev Valiev laVpcBds. Red. 18/1-78 
£7.0365 

scarberoogh UHpcBds. Red. IBM. 78 

£7.0365 

Sefton 1 iWBdf Rea: 16’178 £7.0365 
Soaomans 1.5a 

South Staffordshire 13%ic8ds. Red. 181178 
£7.0365 

SPothend.on.5ea 1 S-'vDcBds. Red. 1B17B 
£7.0365 

Stroud 13SpcBds. RCA 181(78 £7.0363 


TO-MORROW 
COMPANY MEETINGS — 

Bass Charrtngtofi. Grosvenor House w.. 


BridDCTt Guidry. Brlchport. Dorset. 1 t.ss. 
Leeds and District Dyers. Leeds. 12 
BOARD MEETINGS— 

Finals: 

Bank Lcuml fUJC.I 
Cowle iT.l 
Gestetner 

Trldenl TV 
incerims-- 
Amber Day 
Courts (Furnishers) 

Property Security Inv. Trust 


DIVIDEND 8 INTEREST PAYMENTS — 
Bndeort-Giindrv 0.6123c 
Hinton I Ames > 1.46p fine. supp. dlatbn. 

of 0 0197a ola vr. ended- 5/31771 
Osborn ISamuon 2.574p 


WEDNESDAY. JANUARY 18 
COMPANY MEETINGS — 

Hinson Trust. Great Eastern Hdtd. E.c_ 
T 1 -30. 

BOARD MEETINGS — 

Finals: 

A matll 

Countryside Properties 

Henlvs 

Lookers 


THURSDAY. JANUARY II 
COMPANY MEETINGS — 

United Wire. Edjnburati. 12. 
-BOARD MEETINGS— 

FlME&l 

Abbey Panels • 

Fi ui drive Engineering 

Greenlrair Inv. 

Lmcrott. Kllgonr 
Mackinnon of Scotland 
Warner Estate 

Wes^nghouse Brake and Signal 


London Midland Indus* • *_ 

Manganese Bronx* mum* 

Mertlw T»«l 11 %k Bos. Red. 187.79 

5 n JiPC 

Mulrhead 3.003p 

Tvn* 10 k Bds. Red 

10 7160 DPC 

Norton (W. E.) D.3426T« 

Parkland Textile Ord. and A Ord 
1,361250. Ord, and A Ord 0.025 b 
P auls Whites 1 .537 flue, jbbb. J it. Bl 
0.037c o/ayr. ended 31 'BIT, 

Jlymoolh 1 0ne Bds. Rm. 267,78 Sue 
Quaker Oats 2 Sets 





•IT 




Bur Boulton 

Continuous Stationery - 

Divans. Photographic 

Gsirer (A. and J.i 

London and Montrose Inv. Trust 

New Central WKwatenrang Areas 

Newmark iLoolst 

Not ton 

Peterborough Motors 

Provincial Cities Trust 
Western Board Mills 


Sheffield 1 Ok Bds. Red. 2617/78 Soc 
600 firouo,, Um M 1,8845c (Inc. SUM 
DM. Of 0.0345P Ola yr. ended 31-377) 
South Shropshire 10 k Bdt. Red. 26 7.78 

5 PC 

SKlTftwme .lOK Bdi. Red. 26,7.70 Stx 

TII ?*-K^!fS IK “, °- 447,B <>«• suoD. disi 

gl O.0171o o*a yr. ended 3in/77i 
Vale Rovat liswc S5Z RK.1B779 
S<I|(K 

Wakefield 10K Bds. Red. 267,78 Spc 


Wheelers Restaurants 1.63o 

Whltbrnd In*. 1 A775p cine. sons. diK. 

Of 0 -M 5 1 0 Ml yr, ended 31 3'7T) 
Winchester 10 k Bds. Rad. 16 i 7-'80 See 
Wirrai nkusc Bds. Red. ia^7g s 1 '** 
Wnlverhamoton IOpc Bds. Rad. 267/7E 
5 k 


DIVIDEND & INTEREST PAYMENTS — 
Brady (pda- Ord. and A Ord. 1.7Sp 
Castings 0.42p 
Fine Art □■‘vrlooments OJP 
United Wire 2.8BP 
Waco Group 9.7o 


SATURDAY JANUARY 21 
DIVIDEND* INTEREST PAYMENTS— 
Dewtuirst Dent: La 3<ik 


FRIDAY. JANUARY 26 
BOARD MEETINGS — 

Finals: 

Associated Sprayers 
Grand k Metrocol, tan 
Lonrfio 

Raeburn Inv. Trust 
Interlmi 
Hal life 

DIVIDEND * INTEREST PAYMENTS — 
AGB Research l.ln 

A shit eld IZNpc Bds. Red. 167,80 Owe 
Berkshire HHoc Bds- Red. TK770 5 u rape 


SUNDAY JANUARY 22 
DIVIDEND * INTEREST PAYMENTS— 

^£7JB47 a ,W 15 ^ M * r R * d- A 1,76 
Bradford 13 Lk Bfls. Red. 4(1 77B £7.3647 
Burnley 13>«K Bds. Red. 4)1 (7 a £7.3647 
Burr 13irpc BdS. Red. 4178 £7.3647 
Cantwck^Chaje Ukpe Bds. Red. « 1 78 

CastSe^tHg hland 13 Vue Bds. Red. 47 7E 

Chester 13tmc Bds. Red. 4F1F78 £7.3647 
Ch orler 13'aK Bds. Red. 4(178 £7.3647 
Corby 13bK Bds. Red 4<1.7S £7.3647 



The Financial Times plans to publish a major 
survey on the Computer Industry scheduled for 
publication on the 21st February, 1978. 


Eastleigh 13‘apC Bds. R*d. 411/70 £7.3647 
T 1997 r |»»SDC 12,W1C 1992 


Editorial comment will cover 


77iis achwfisonwrt appssrs as a maltef o! nacord only 


•towrary 16, 197V 


REPUBLIC OF FINLAND 



DM 150,000,000 
5%% Bearer Bonds of 1978/1986 


- Stock Index No. 461710- 


Offering price: 100% 


DRESDNER BANK 

AD19KKEEUSOMFT 


COMMERZBANK 

AKnfNuLSEUSOIAn 


DEUTSCHE BANK 

AQLE«ZMUSMAH 


WESTDEUTSCHE LANDES BANK 
GmOZENTRALE 


BANQUE BRUXELLES LAMBERT SJL 


KANSALLIS-OSAKE-PANKM 


POSTJPANKKJ 


UNION BANK OP FINLAND LIU. 


UNION BANK OF SWITZERLAND (SECURIT/ES) 

UNHID 


ABD SECURITIES CORPORATION 
ALAHU BANK OF KUWAIT pCSXJ 


ABU DHABI INVESTMENT COMPANY 
ALGEMENE BANK NEDERLAND NY. 


AFINSjUL 
A-'E. AMES & CO. 

LIMIT tO 


AMEX BANK 

UNtreo 


AMSTERDAM-ROTTERDAM BANK N.V. 


AL SAUDI BANQUE 


ARAB FINANCE CORPORATION SAL. 


BANK JUUUS BAER INTERNATIONAL 

LIMITED 


ARAB FINANCIAL CONSULTANTS COMPANY 
BANCA COMMERC1ALE ITAUANA 


BACHE HALSEY STUART SHIELDS 

UKOfKHATEO 

BANCA NAZIONALE DEL LAVORO 


BANCO Dt ROMA 


BANK FOR GEMEMWTRTSCHAFT 

A*1»MGM*USCH»M 


BANK OF AMERICA INTERNATIONAL 

UUITTO 


BANK OF HELSINKI 

UUitiD 


BANK LEU INTERNATIONAL LTD. 


BANK MEES & HOPE NV 


THE BANK OF TOKYO (HOLLAND] N.V. . 


BANKERS TRUST INTERNATIONAL 

UMfTU> 


BANKHAUS GEBRODER BETH MANN 


BANKHAUS HERMANN LAMPE 

■CUMUMDiTCCHisolorr 


BANQUE FRANpAISE DE DEPOTS ET DETTTRES 
BANQUE INTERNATIONALE 
A LUXEMBOURG S A. 

BANQUE DE PARIS ET DES PAYS-HAS 


BANQUE ARABE ET INTERNATIONALE 
DTNVESnSSEMENT (BJLIJ.) 
BANQUE GENERALE DU LUXEMBOURG SJL 
BANQUE NATIONALE DE PARIS 


BANQUE FRANpAlSE 
DU COMMERCE EXTERIEUR 


BANQUE, DE LTNDOCHINE ET DE SUEZ 
BANQUE DE NEUFUZE, SCHLUMBERGEH, MALLET 


BANQUE PO PULA IRE SUISSE SA. 
LUXEMBOURG 


BANQUE DE LTJNION EUROPEENNE 


BARCLAYS BANK MTERNATIONAL 

Inoieo 


BARING BROTHERS A CO n 

lUIiHO 


BAYERISCHE HYPOTHEKEN- UND WECHSEL-BANK 


BAYERISCHE LANDESBANK 
GIROZENTRALE 
BERGEN BANK 


BAYERISCHE VEREINSBANK 


JOH. HER EN BERG, GOSSLER & CO. 


BERLINER BANK 

■ CT,EN^->sili»Crwn 


BERLINER HANDELS- UND FRANKFURTER BANK 


CA1SSE DES DEPOTS ET CONSIGNATIONS 


CAZENOVE A CO. 


CHASE MANHATTAN 

Liuirai 


CHRISTIANIA BANK OG KREDITKASSE 


COMPAGNIE LUXEMBOURGEOISE 
DE LA DRESDNER BANK 
- DRESDNER BANK INTERNATIONAL . 
CREDIT COMMERCIAL DE FRANCE 


CENTRALE RABOBANK 
(COOPERATIVE CENTRALE RAIFFEISEN 
80ERENLEENBANK GJL) 
COMPAGNIE MONEGASQUE DE BANQUE 


CmCORP INTERNATIONAL GROUP 


CREDITANSTALT-BANKVEREIN 


CREDIT LYONNAIS 


CREDIT SUISSE WHITE WELD 

UMITHI 


CREDITO ITAUANO MILANO 


DAIWA EUROPE N.V. 


DEN DANSKE BANK 

w in «iieaisk« 


DEN DANSKE PROVINSBANK A/S 
DEN NORSKE C REDITHANK 


RICHARD DAUS & CO. BANKJERS 


DEUTSCH-SKANDINAVISCHE BANK 

«m[^autscH*a 


□ELBROCK a CO. 

DG BANK 

DEUTSCHE GENOSSENSCHAFTSBANK 


DEUTSCHE GIROZENTRALE 
- DEUTSCHE KOMMUNALBANK - 


DEUTSCHE LAND ER BANK 

AltllCNdLi: ll SCHATt 


DREXEL BURNHAM LAMBERT 

(NCOWMAruj 


EFFECTEN BANK -WARBURG 

*kr,(r,«aLi»oi*rr 


FIRST BOSTON (EUHOPE) 

UNITED 


ROBERT FLEMING & CO. 

UMirtn 


GIROZENTRALE UNO BANK 
DER OSTEHREiCHlSCHEN SPARKASSEN 

mmCNQis L-J-0I4FI 


GOLDMAN SACHS INTERNATIONAL CORP. 


GROUPEMENT DES BANOUIERS PRIVfiS 
GENEVOIS 

HARDY-SLOMAN BANK GMBH 


HAMBROS BANK 

liMirta 


HAMBURGISCHE LANDESBANK 
- GIROZENTRALE - 


GEORG HAUCX ft SOHN 


HESStSCHE LANDESBANK 
- GIROZENTRALE - 


HILL SAMUEL ft CO. 

uvirnj 


E. F, HUTTON ft CO. NY. 


1NDUSTRIEBANK VON JAPAN (DEUTSCHLAND) 

^rriMiPtCTLVOUti . ' 


KIDDER. PEABODY INTERNATIONAL 

• u« r t0 


KJOBENHAVNS HANDELSBANK 


KLE INWORT. BENSON 

I'MItlD 


KHEDIETBANK N.V. 


KREDIETBANK SA. LUXEMBOURGEOISE 


KUWAIT FINANCIAL CENTRE 
14C. 


KUWAIT FOREIGN TRADING CONTRACTING 
ft INVESTMENT CO. (SJLK.) 
LANDESBANK RHEINLANO-PFALZ 
- GIROZENTRALE - 


KUWAIT INTERNATIONAL INVESTMENT CO. 
SJLK. 


KUWAIT INVESTMENT COMPANY (SJLK.) 


LAZARD BROTHERS ft CO. 

UVItlD 


' LAZARD FRERES ft CO. 


KUHN LOEB LEHMAN BROTHERS 
INTERNATIONAL 

MERRILL LYNCH INTERNATIONAL ft CO. 


MANUFACTURERS HANOVER 

I'VIUO 


MERCK, FINCK ft CO. 


B. METZLER SEEL. SOHN ft CO. 


MORGAN GRENFELL ft CO. 

: iiu/ich 


NESBITT. THOMSON 

Liuiltb 


THE NIKKO SECURITIES CO, (EUROPE) LTD. 


NOMURA EUROPE NY. 


NORDDEUTSCHE HYPOTHEKEN- UND 
WECHSEL-BANK 

OSTERRElCHtSCHE LXNDERBANK 
A/1IINC£MlLKWUr 

PIERSON, HELDRING ft PIERSON NY. 


NORDDEUTSCHE LANDESBANK 
GIROZENTRALE 
SAL. OPPENHEIU JR. ft CIE. 


NORDIC BANK 
tiMino 


ORION BANK 

IIMIIFD 


PKBANKEN 


PRIVATBANKEN 

NcriBmxAi 


REUSCHEL&CO. 


N. H. ROTHSCHILD ft SONS 
luuno 


SALOMON BROTHERS INTERNATIONAL 
. Liungi 


J. HENRY SCHRODER WAGG ft CO. 

UMflED 


SCHRODER, MONCHMEYER, HENQ3T ft CO. 


8IMONBANK 

miiengcslisouct 


SKANDINAY1SKA ENSWLDA BAN KEN 


SMITH BARNEY, HARRIS UPHAM ft CO. 

WKWCfoTn 


SOClETE GENERALE 


sociere gsneraledebanouesa. 


SUN HUNG KAI INTERNATIONAL 
uwno 


socfcre sequanaise de banque 

SUNDSV ALLS BARKEN 


SUMITOMO FINANCE !N“ER NATIONAL 
SVENS KA HANDELSBANKEN 


SWISS BANK CORPORATION (OVERSEAS) 


TRtNKAUS ft BUR KHAR DT 


VEREDNS- UND WESTBANK 

4KT1DWE3IU3CHW1 


<L VONTOBEL ft CO. 


UNION DE BAND' “iS ARABES 
ET FRANCAISES • U^JLF. 

M. M. WAR3U.TG - BRINCKMANN, 
WIRTZ ft CO. 


& a WARBURG ft CO. LTD. 


WE^TFALENSANK 

-,g» r 


WOOD 1UNDY 

LMiHO 


Y. MAICI ' (NATIONAL (EUROPE) 

UMITHI 


Introduction and predictions 
Politics and production 
Markets now and in 1988 
The Japanese Enigma 
Running hard to fall behind 
Tiny machines with a' hefty punch 
Fringe benefits from peripherals 
Memory moves ahead 
The changing face of banking 
When the printers have to stop 
Services now a major industry 
Government hand on software 
Security and privacy 
Support for the designer 
Robots on the march 
How the schools are coping 


Please contact Robert Murrell- or Sally Evans 
on extensions 246 and 240 respectively, for farther 
details of editorial synopsis and advertising rates. 


FINANCIALTIMES 


EUROPE’S BUSINESS NEWSPAPER 


Bracken House, 10 Cannon St., London EC4P 4BY 
Telephone: 01 248 8000 


The content and publication dates of Suryeys in the 
Financial Times are subject to change at the discretion 
of the Editor. 


LEGAL NOTICES 


N« 86*188 « ian ■ 

In the HIGH COURT OF JUSTICE 
Chanrerr Divlsioo Companies Coart. In 
(he Mailer of SIMON CLARKE PRODUC- 
TIONS LIMITED and in lb* Milter of 
Tile Companies Act, 1948. 

NOTICE IS HEREBY GIVEN, that a 
Petition Tor fhe Winding op of (be above- 
named Company br the High Conn of 
Justice was on the S9fh day of December 
1977, presented to the said Coart by 
v i CTO RAMA LIMITED whose reslwerea 
office Is situate at 52, Jermyn Sire* l . 
London, S.W.L and that the said Petition 
is directed lo be beard before ibe Conn 
•drrlnc at lire Royal Conns of Justice. 
Strand, London WC2A ILL. on the 
30tb day of January 1978. aiid any 
creditor or coaDlbbrnry of the said 
Company desirous to support or oppose 
the making of an Order on the said 
Petition may appear at the tune of 
hearing, in person or by his counsel, 
for ihai purpose: and a copy of the 
Petition will be furnished by the under- 
signed to any creditor or contributory 
of the said Company fiuuinnE such copy 
in payment of the regulated charge lor 
the same. 

AMERY PARKES ft CO., 

Imperial House. 

15 IB. Klngswny. 

London Wrt»R SHU. 

Solicitors for ihe Petitioner. 
NOTE.— Any person who intends to 
appear on the heartn* of the said Petition 
must servo on. or send by post to. the 
above-named iuuIiv in wnnng of his 
intention so to do. The notice must slate 
ihe name and address ol lire person, nr. 
if a firm the name and address or the 
firm and must be sumud br die Person 
or Ann. or his or ibelr solicitor r if anyi 
and must he served, or. if posted, mnsr 
be sent by post In sufficient time to 
reach tbv above-nanred not later lhan 
four o'clock in the afternoon of the 
■“'» day of January 1978. 


No. 003979 of 1977 
In the HIGH -COURT OF JUSTICE 
f Chancery Division i Companies Court. In 
Ihe Matter of PORTLAW CONTRAC TORS 
LIMITED and in the Manor of THE 
COMPANIES ACT. 1948. 

NOTICE IS HEREBY GIVEN that a 
Pei i lion for the Windlng-Un of the above- 
named Company by ihe High Conn of 
Justice was. on the 381b day of Novem- 
ber 1977. preset] led to the said Court by 
the Commissioner* of Customs and 
Excise or King's Beam Douse. 39-11, Mark 
Lane. London. EC3R THE. and that the 
said Pei lOon is directed 10 be beard 
before' the Conn sirring at the Royal 
Conns of Justice. Strand. London. WCIt 
2LL, on ihe I6fb day of January 1973, 
and any creditor or contributory or the 
said Company desirous to support or 
oppose the making of so Order on ihe 
said PeiHlon may appear at the tune 
of bearing In person or by h* Counsel 
for .that purpose; nnd a copv of the 
Petition will be furnished by the under- 
signed to any creditor or i-ontrlbutorv of 
ihe laid Company requtnns such cony on 
pnrnrenr of Ihe regulatud charge for 
the same. 

r, KRIRTiRIAN. 

Kina'* Beam Howe. 

39-41. Mark Lane. 

fjmrton. EC5R THE. 

Solid tor to the Petitioners. 
NOTE —Any person who Intends to- 
appoar un the he art to nf ihe said Pelhlon ' 
most sen* on or send by pn*1 to. Ihe i 
almve-namrd notice in nriilng of his 
intanlion su lo do. The ihHicv must 
alaiL- ihe name and address of ihe per- 


In the HIGH COURT OF JUSTICE 
■Chancery DlvtsJom Companies Court- Jn 
the Mailers of No. 86U or 1WS ALCANNA 
(HAULAGE) LIMITED NO. OlfiO Of 1»W 
A KMT IK DE INTERNATIONAL LIMITED 
and In the Maxtor of THE COMPANIES 
ACT. 1948. 

NOTICE IS HEREBY GIVEN that 
Petitions for the Winding-Up of the above- 
named Corap antes by the High Coon of 
Justice were, on the. tth day of January, 
lira, presented to the said Court by Ihe 
Commissioners nf Customs and Excise of 
King's Beam Hou se. 39-41 Mark Lane, 
London EC3R 7HB. 

And that the said Petitions are directed 
to be heart before the Coon sitting at tire 
Royal Courts of Justice. Strand, London. 
WC2A 2LL. on the 6th day ol February. 
1978. and any creditor or contributory ot 
any ot the said Companies desirous to 
support or oppose the making of an Order 
on any of the said Petitions may appear 
al the tune of the hearing In person or 
by his Counsel 'for that purpose: and a 
copy or the Petition will be tarnished bv 
ihe undersigned to any creditor or con- 
tributory of any of the said fnmpanl-* 
requiring snch copy on payment of the 
regulated charge tar the same. 

C. KRIKORIAN. 

King’s Beam House. 

39-41. Mark Lane. 

London, ECJR THE. 

Solicitor tar the Petitioners. 

NOTE— Any person who intends to 
appear on.- lie bearing or any of the said 
Petitions must serve on. or send by post 
to the above-named, notice in writing ol 
bis Intention so to do. The notice mum 
state the name and address of the person, 
or. If a firm, the name and address ol 
tin.- firm, and must be signed by the 
person or firm, or his or their Solicitor <11 
any), and must be served or. If posted, 
must be sent by post In sufficient time 
to reach the above-named not later than 
4 o'clock in the. afternoon of the art day 
of February. 1978. 


COMPANY 

NOTICES 


son or. if a firm the Uamr and address 
•if the firm and mni! be sinned by ihe j 
person or firm, or his or Ihelr Solirdor 
‘if anyi. and must br served or, if posted, 
must hr sent by peed m siifHci-nl lime 
10 reach til-.- above-named not later than 
4 o'clock in the afternoon of Ibc IHIh 
day of January 1973. 


BANQUE FRANCAISE DU 
COMMERCE EXTERIEUR 
Public Company with a capital 
of FI-40 000 000 

Registered Office: 21. boulevard 
Haujjmajin-PARIS (9eme). 
Trade Register: 

PARIS B 552 067 936 
81% BONDS 1976 DUE 1983 
. OF SI 000 

Numerical Iht ef the seriei including 
3.000 bonds drawn by lot at (he 
iKond drawing, on January 4, 1078. 
making up the entire 53,000.000 
nominal amount to lM redeemed on 
February 15. (976: 

4B.815 W 51.814 

Each of these bonds u repayable at 
51.000, at the office of the Banque 
Francaise du Commerce Exicriour ind 
at thu offices of the following banks: 
Banque Nationale de Paris. . Paris— 
Banque Commerciale S.A.. Luxembourg 
—Banque de Paris *c d« Pays-Bai, 
Farit — Commerzbank Aktiengcull- 
xluh, Frankfurt-am-Main — C-edit 
Lyonnais. Paris— Credit Juine, Zurich 
— -Sociere de Banque Suisse. Basle— 
Sociere General*. Paris — Scdctc 
Generate do Banque S.A., B-tHtels— 
Union de Banquet Suireev, Zurich. 

*11 the bonds redeemed previously by 
drawing are roimberred. 


CLUBS 



MARU1 CO_ LTD. 

(KABUSHIKI KAISMA MAR till 
Holders of the G’i per cent- Convertible 
Bonds 1991 ol the above Company are 
hereby notified In acraroance with the 
Trust Deed dated 27th Mav. 1976. con- 
stituting the Bonds that (he conversion 
orice will be adjusted from Yen 942.70 
to Yen 897 80 -oar share erf Yen SO with 
effect from 1st February. 1978. as a 
result o* tlfe iree share distribution to 
the holders of record as of 31st 'anoarv. 
1978 at the rate ol 0.05 now share lor 
one share betn. 

MARUI CO.. LTD. 

By: Citibank N A.. 

Paying and ConrerWon Agent. 
16th January. 1976- 


ART GALLERIES 


PERSONAL 


COhNAGHI'S. 14. 0(0 Bond St. W 1 499 


74 .P 8 ' VIENNA SECESSION Jugend- 
Mlll. Prints ana Drawings 1897-1917 


Mill. Prints ana Drawings 1897-1917 
rMaJorltv £4Q.£40D) and CHRISTMAS 
EXHIBITION Ot English WateretHours 
Until 20 Jan- Mon.-Frl. 9.30-6.00. Sat. 
10 - 1 . 


is YOUR HOUSE TOO LARGE? Tow 1 Muse 
can M beautifully used ll rou gitt It 


to the National Charity (Help the Aged] 
One portion will be moaernisoa Iree 



"®( cast to you iiwnlfv sell-can talnedi 
lor your own or voor surviving spouse's 
use far life — free of rant, rates, external 
reoairs. Other portions converted -for 


rroairs. other portions converted -for 
retired, ocopln. Please write mthoui 
obiiuatlon to: Tne Secretary. Help (be 
Aged Housing Appeal. Room PT1C. 26. 
Dover Street, London, W.l. 


Financial Times Monday January 16 


PLANT & MACHINERY: 


' Dwcri ptfoo - ' . 

1 8 BLOCK (400 mm) W UNE. NONSLIP 

WIRE DRAWING MACHINE in . 
excellent condition. 0/2Q00fl/B»ta 
variable speed 10 bp per block (J£t) 
24- DIAMETER HORIZONTAL BULL 
BLOCK by Farmer Norton { 1972). 
ROTARY !. WAGGING MACHINE 
by Farmer Norton ( 1972), 

SLITTING LINE 500 nun x 3 mm 
* 3 ton capacity. 

TWO VARIABLE SPEED POUR HIGH 
ROLLING MILLS huSSOT wide razor 
- - - Hade scrip production, 

MODERN USED ROLLING MILLS, wire 
rod and cube diawtrg plant-— roll 
forming machines— dieting— Ba ttenin g 
and cuMO*length lines 'CoW aawt ■ 

i^SaISSSSa™ cold saw 

by Noble ft Land with batch control. 
1970 CUT-TO-UENGTH LINE max. 
capacity 1000 mm 2 mm * 7 tonne 
coil fully overhauled and In 
' excellent condition. 

1965 TREBLE DkAFT GRAVITY WIRE 
DRAWING machine by Farmer Norton 
27" — 29" — 31* diameter drawblocks 
STRIP FLATTEN AND CUT-TO-UENGTH 
LINE by AA.M. Max. capadcy 750 mm 

' 19?0 3 TWO STAND WIRE. FLATTENING 
AND STRIP ROLLING LINE, S'* x 7" 
rolls x 60 bp per roll nand, variable 
line speed 0/750ft/min. 

2 15 DIE MS4 WIRE DRAWING 
MACHINES 5.000FWMin. with 
spooler^ by Marshall Richards.* 

50 H.P. VERTICAL WIREDRAWING. 

. -BLOCK x 650 mm dia. 

9 ROIL FLATTENING MACHINE 
1,700 mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD-CRANE 
6-ton capacity lattice Jib. 

16 MM TO 28 MM ROD STRAIGHTEN 
and cut to length line with Eying shear 
.. and capstan for handling 2 tore steel coil. 
RWF TWO STAND WIRE FLATTENING 
AND STRIP ROILING LINE,. 10” x B" 
rolls x 75 HP per roll stand. Comp/ete- 
with edging rolls, turfcs head, flaking 
and fixed recoiler, air gauging, etc. 
Variable line speed 0/750fcJmin. and 
0/1 500ft. /rain. 

NARROW STRIP STRAIGHTENING 
AND CUT-TO-LENGTH MACHINE 
( 1973) by Thompson and Munroe. 

ACME GRID LEY (BSA) 6 SPINDLE 
AUTOMATIC I" also 2j~ rebuilt and 
not used. . 

WICKMAN 3} SINGLE SPINDLE 
AUTOMATIC. Extensive equipment. 
Excellent condition. 

VICKERS 200 TON POWER PRESS. 

Bed 40" x 36". Stroke 8". Almost new 
condition. 

SCHULER 200 TON HIGH SPEED 
BLANKING PROS. Bed 48" x 40' 200 
spn. Double roll feed stroke 35 mm 
excellent condition. 

TAYLOR & CHALLEN No. 6 DOUBLE 
ACTION DEEP DRAWING PRESS. 
Condition as new. 

PRESS BRAKE 8' x *" by Sedgewick. Air 
brake, air clutch. light gauge. Capacity 
200 tons. Excellent condition. 

4,000 TON HYDRAULIC PRESS. 

Upstroke Between columns 92" x 52" 
daylight 51", stroke 30". 

ANKERWERK 400 TON IN|ECTION 
MOULDER. Reconditioned. 

MACHINE CENTRE. Capacity 5ft x 
4ft. x 3ft. 5 Axies. continuous path. 

51 automatic tool changes. 5 tons main 
table load. Main motor 27 hp. Had 
less than one year's use and in almost 
-new condition. For sale at one.third 
of new price. 

1IG BORER. ( Lindner) Table 43" x 23". 

0-2000 rpm. 24" rotary table. Excellent. 
HORIZONTAL BORER 80 mm PEGARD. 
Table 49" x 33". 24" diafacing head, 
quartering table 31" x 3!", Optics. 
Excellent. 

CINCINNATI HOR. MILL 315. Table 
OT x 15". 16-1600 rpm. Rebuilt:. ' 

HME 70 TONS PRESS DCP3. Bed 
36" x 34". stroke 6". excellent. 

HERBERT 9B-30 COMB. TURRET 
LATHE. Capacity 30" dia. x 59". 

300-1500 rpm. 4" hollow spindle. 

Rebuilt. 

JIG GRINDER (Hauser) 3SM. Table 
21." x 12" max. dia. ground 9", 
well equipped. Excellent. 

CENTRELESS GRINDER (Scrivener 2G). 
Capacity 5" dia., form grinding . 
attachment, automatic cycle. Rebuilt. 
CINCINNATI CYLINDRICAL GRINDER. 
Model NDO. 14" dia. x 51". 

automatic truing. FxreHent. 

DEMOOR HEAVY DUTY LATHE. 

38" dia. x 20^. 4" hollow spindle, 

1 07 IQ. rpm. 27 HP, Excellent. 
WICKMAN 21" 6 SP. AUTOMATIC 1963. 

Excellent condition. 

WICKMAN 2J". 5 SP. AUTOMATIC. 

Equipped. Rebuilt. 

COLD HEADERS BY NATIONAL 
J" and i" D5SD. Excellent; 

POLLARD MULTI SPINDLE DRILL 
Model 20 MX. 10 Spindles, 

New condition. 


WQB 425fJ7»! 

P.0 A. 

0902 42541/2/3 
P.OJL Telex 336414 ; 

0902 4*541/2/* 
P.OJL Telex 336414 


P,OJL] ' 

j 0902 47541/2/3 
P.OJL I Telex 336414 


0902 42541/2/3 
P.OJL Telex 336414 
0902 42541/2/3 
P.OJL Telex 336414 


0902 42541/2/3 
P.OJL Telex 336414 


0902 42541/2/3 
P.OJL Telex 3364(4 


0902 42541/2/3 
P.OJL Telex 336414 


0902 4254 1/2/3 
P.OJL Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3- 
Telex 336414- 
0902 42541/2/3 
Telex 3364M . ii . 
0902 4> 541/2/3 J : !' ;5 ‘ 
- Telex 336414.' 

0902 42541/2/3 >! v 


Telex' 336414 v l 


0902 42541/2/3 Mi l; 
P.OJLI Telex 336414V 1 


0902 ('.541/1/3- 
P.OJL Telex 336414. 


0902 42541/2/3/ 
P.OJL Telex 336414 i 


01-928 3131- 
P.OJL Telex 261771 i 


01-928 5131 - 
P.OJL Telex 261771 , 


01-928 3131 . 
P.OJL Telex 261771 . 


G 1-928 3131--" 
Telex 261771* , 

01-928 3131-5 
Telex 26I77li’ V 


01-928 3131 


P.O^. Telex 261771 ^ 


01-928 3131 

P.OJL Telex 261771 • 
01-928 3131 : 
P.OJL Telex 261771 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


01-928 3131 ! 
Telex 261771 [ 


WANTED 


MODERN USED ROLLING MILLS, wire 
rod and tube drawing plant-Woll 
forming machines — slitting — flattening 
and. cut-to-length lines — cold saws-— 
presses— guillotines, etc. 


0902 42541/2/1 
Telex 3364M 


Perard who? We sell 


~1 

and olive oil. People who recruit 
people , insulate houses , build 
body armour, open foreign banks 


. in the City, advertise the fact 
tryough us. They seem to thrive 
oh it. Perhaps we can help you, too ? 


pjp 


Perard Fox'& Partners Ltd . 

5 Hillgate Street, London WS 7SP. Teleplwne: 01-72731^. 


, ADVTXnSINCAXDUAtKSrCvC 












ri a n cial Times. Monday January 16 1978 


23 


HOME NEWS 


A V 

“4 


jbvernmenf slammed 
n consumer survey 


^ 4 iUNOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


M 

C'4 

‘4 

Q* 

~4 

04 

C-4 

S* 

0t 
0 4 

A . 

ct 


GOVERNMENT is given a 
•l the face by consumers 
irvey published yesterday, 
irvcy shows that the two 
which consumers regard 
\.)st important— food ■ and 
^ity prices — are also those 
v they feel the Government 
riling least well 
r d with a list of 15 con- 
issues, 81 per cent of the 
ople questioned said that 
‘.-rices were a problem for 
'and 71 per cent cited 
>.city prices. 

same people were asked to 
'to Government’s perform- 
>. n tackling the problems. 
. Dvernment came out worst 
■ ces with 70 per cent of 
eople interviewed saying 
he Government was . not 
■; well with either food 
vor electricity prices. A 
y- lower proportion (63 
; '.nt> criticised the Govem- 
\. record on. prices in 

\ survey was commissioned 
Consumers' Association 


and carried out by the British 
Market Research Bureau. It 
Showed a surprisingly high 
degree of discontent about 
advertising, just less than a 
third of the sample said that 
misleading advertising was a 
problem for them, though this 
was offset by the 46 per cent 
who said, advertising presented 
no problem at all. 

More pdedictably, the survey 
disclosed a high level of concern 
about the quality of shoes, and 
the cost o£ gas and children's 
clothes. The standard of the 
Health .Service was . cited: -as a 
problem by almost a third of the 
people interviewed. “Product 
safety was mentioned by 23 per 
cent. ' 

The Government’s performance 
was rated best on food hygiene 
and product safety, both issues 
which featured in the bottom 
half of the problem league.. 

Only a quarter of the sample 
thought the Government' was 
doing weU in the field of food 


prices and only 17 per cent 
praised the Government's hand- 
ling of electricity prices. 

Just less than a third said 
they thought the Government 
was doing well in the field of 
prices in general. A frac- 
tionally higher proportion said 
they thought the Government 
was coping well with . the 
problem of misleading advertis- 
ing. 

The publication of the survey 
comes when the Government is 
considering action on the ques- 
tion of the “green pound.” 

Mr. Peter Goldman, the Con- 
sumers* Association’s director, 
stressed the political relevance 
of the findings by pointing out 
that it might be an election 
year. 

MPs would do well to remem- 
ber that food prices were still 
the shoppers’ biggest problem 
when they considered whether 
to accept the Minister of Agri- 
culture's proposals for a devalua- 
tion of the “green pound.” 


iral Board 
-, 1, Wales lets 
factories 

tofain Reeves, 

Development Board. .Rural 
has let more than half the 
•\tes available when It 
'•3 nine months ago, Mr. 

< Roberts, the Board’s 
•laan said. . 

Board has let 18 factories 
enau Ffestiniog. Welshpool 
Newtown, out of 35, Mrj 
•,ts said at the North Wales 
fair. 

Roberts said that, the 
"t for gifts and souvenirs 
ties was worth £7m. a year, 
lany of the gifts on sale 
-1 real interest because they 
not made by craftsmen. 


Move to cut council 
mortgage rates 


THE GOVERNMENT is to be 
pressed to introduce early legis- 
lation enabling local authorities 
to charge the same Interest rate 
for mortgages an the building 
societies. 

There has been growing 
criticism that many home-buyers 
with legal authority .mortgages 
have to pay considerably' more 
for their loans than if they had 
borrowed ' from .a building 
society. Some Council mortgage 
interest rates are more than 
three per cent higher than the 
societies’ rate. 

Mr. Richard Mitchell. Labsur 
MP for Southampton Itchen, la 


tabling a Commons motion. At 
present local authorities are not 
permitted to incur losses in the 
mortgage finance field, and must 
charge appropriately. 

Mr. Mitchell said: “It is only 
common sense that those local 
authorities who want to charge 
the rate recommended by the 
Building Societies Association 
should be able to do. so. How- 
ever, 1 have been told that legis- 
lation is required to do this if 
a loss is thereby incurred.” 

Last year’s housing policy 
review underlined the Govern- 
ment’s belief that the situation 
should be changed. 





U K. TRADE FAIRS AND EXHIBITIONS 

1 Title - Venue 

y Computers & Peripheral Equip. Ex. (eL.JaiL' 20) U.S. Trade Center, W.I 

4 18—19 Contract Flooring Exhibition • Bloomsbury Centre Hti, W.C.1 

25— Feb. 1... International Hotel and Catering Exhibition , Olympia 

29— Feb. 2... Brightshow 78 \ f Olympia 

30— Feb. 2... Photography at Work Exhibition " Harrogate 

5— 9 International Spring Fair : NaL Exbn. Centre, B’ham. 

14 — 16 National Office Reprographic Exbn. ’ Wembley Conf. Centre 

•14—16 Licensed Hotel Catering Exbn. ' ' 5; ' -.Mefropol* Centre, Brighton 

: 15^—16 EIA Engineering Exhibition '. . i -Portsmouth 

19— 23 International Knitwear Fair ■ - ; ' ' ; Earl’s Court 

: 19—23 Int. Men’s & Boys' Wear Exbn. , Earl's Court 

20— 23 Spring Floorcoverings Exhibition Metropole Centre, Brighton 

20—24 Furniture Production Exhibition Nat Exbn. Centre, B’ham. 

1 1VERSEAS TRADE FAIRS AND EXHIBITIONS 

t 

20— 26 Int. Record & Music Publishing Market . Cannes 

f, 20—29 International Boat Show .Malmo. 

21— 29 International Commercial Motor Show - Geneva 

27— Feb. 5... International Green Week Berlin 

25— Mar. -6... British Technology Exhibition , Jeddah • 

. ■ 4—7 Knitting Industries Exhibition Paris 

4 — 7 European Men’s Wear Show -..Paris 

B— 10 British Trade Fair - • Abidjan 

. 7—11 Engineering & Industrial Equipment Exbn. Dublin' 

11—15 Int. Confectionery. Chocolate, Biscuit Exbn. . Paris 

13 — 17 Israel Fashion Mfce* Tel Aviv 

13 — 18 Int Machine Tool & Foundry Exbn. Johannesburg 

19—21 International Hardware Fair " Cologne 

* USINESS AND MANAGEMENT CONFERENCES 

17 Durham University 'Business School: Improving • 

Management Communication with the 
Expectations Approach ... Durham 

18 Henley Centre for Forecasting: Forecasts for . - . . 

Corporate Plans to I9S3 . Carlton Tower Hotel, S.W.1 

IS London Chamber of Commerce & Industry: 

Understanding Foreign Exchange ■ B4 Lombard Street, E.C.3 

19 European Study Conferences: Dealing with the 

Price Commission ' 1 Churchill Hotel, W.I 

19 Keith Shipton Developments:. Profit' from Health - 

and Safety Manchester 

19 London .Chamber of Commerce & Industry: The - ' 

‘ Anatomy of Product Liability Insurance 54, Lombard Street, E.C.3 

- 23—27 Brunei University: Production Management and 

Human Behaviour Uxbridge 

26— 27 ...... AMR International: Creative Problem Solving Churchill Hotel, W.I 

30 — Feb. 3... P-E Consulting Group: Production Management Egham, Surrey . 

31 British Council of Productivity Associations: . 

Unfair Dismissal ' " Metropole Hotel, W.2 - 

1 Department of Industry: Bulk Materials Handling;.- Runcorn, Cheshire 

2 Berndtson Int./ORC (U.K.): Management— Pay— .. 

Productivity ; Cavendish Centre, W.I 

2 Chart Analysis: Investing in Commodities - lot: Press Centre, E.C.4 

6 Business Perspectives: China and Britain — The' 

Prospect for Trade Royal Lancaster Hotel, W.2 

6 — 10 Urwick: Management in Research fit Development ' Slough 

7— 9 Executant: Producer Risk Appraisal - Russell Hotel, W.C.1 

8— 10 London Chamber of Commerce and Industry: 

.Social Service and Infrastructural Develop- 
ments in Oil Rich States ' -Farnham Castle 

13—17 . ....... Abraxas: Synectics— Innovative Skills . . 68, Churchway, -N.W.1 

14 Society for Long Range Planning: Self-Denial 

, ’ .. To-day - for Prosperity To-morrow — Crisis of . . . 

Choice ... 15, Belgrave Sq- S.W.l 

15— 18 Oyer IBC: International Tendering - InterContinental Hotel, W.I 

• 16 ....Building Materials Export Group: Expanding 

V Export Markets for the U.K. Construction 

*• Industry * ..Cavendish Centre, W.I 


This week in Parliament 


TO-DAY 

MONS — Civil Aviation Bill 
»d reading). Shipbuilding 
. lundnncy Payments) Bill 
ind -reading). 

ECT COMMITTEE— Expendi- 
1. Education, Arts and Home 
e sub-committee. Subject: 
linist ration of the Prison 
dee. Witnesses: Conference 
hief Probation Officers. (Room 
LS0 pjn.) 

TO-MORROW 

IttONS— Scotland Bill,. Com- 
te Stage. 

IDS— Refuse (disposal) - Bill 
»nd Reading). Local Govern-' 
It (Scotland) Bill (Third 
ding). Theft Bill (Second, 
ding). . State Immunity Bill, 
xmd Reading). 

FCT COMMITTEE — Expendi- 
s, Defence and External Affair s 
■committee. Subject: ‘CPRS 
Ink Tank). Review of over- 
t representation^ Witness: Sir 


Kenneth Berrill, CPRS. (Room 18, 
3.30 pun.). 

WEDNESDAY 

COMMONS— Scotland Bill (com- 
mittee stage). Motion on EEC 
documents on jurisdiction and 
judgments convention. 

LORDS— Debate on the Wolfenden 
report on the future of voluntary 
organisations. 

SELECT COMMITTEES— Sciences 
and Technology. General Purposes 
sub-committee. Subject: Efficiency 
an<T durability of -filament and 
discharge lamps. Witnesses: 
British Standards Institute and 

Department of Energy- l Room 

15, IOlSO am.) Expenditure, 
Defence and External Affairs, sub- 
committee. Subject: CPRS (Think 
Tank). , Review 0 £ Overseas 
Representation. .Witnesses: Lora 
Horne of the Hirsel; Lord George- 
Brown; Mr.. Douglas Hurd, MP. 
'(Room 16, 1020 am.) Nationalised 
Industries, sub-committee C. Su> 
jeefc Bank, of England report and 


accounts. Witnesses: Bank of 
England. (Room 8, 4 pm.) 
Expenditure, Social Services and 
Employment sub-committee. Sub- 
ject: Employment and Training. 
Witnesses: The Treasury; Man- 
Power ' Service* Commission; 
;D?Partnient of the Environment 
. (Room 15, 450 pm.) 

THURSDAY . 

COMMONS — Transport Bill 
' (Second Reading). Participation 
Agreements Bill, remaining stages. 
LORDS..— Judicature (Northern 
Ireland) Bill (Second Reading). 
Education (Northern Ireland) Bill, 
committee stage. 

SELECT COMMITTEE — Defence 
and External Affairs sub-com- 
mittee. . Subject CPRS (Think 
Tank) Review of Overseas Repre- 
sentation. Witness: Sir Kenneth 
BerriU, CPRS. (Room 16, 3 pm.) 
'•'I FRIDAY. 

COMMONS'— -Private Members* 

Bill*. 


More aid 
urged 
for single 
homeless 

By Our Building Correspondent 

THE Government’s housing 
policy was not taking account of 
the fact that by 1986, a quarter 
of all households In England and 
Wales will consist of just one 
person, CHAR, the Campaign 'for 
single homeless people, claimed 
to-day. 

In a report to the Department 
of the Environment on- last year's 
housing policy review, the 
organisation says - Government 
plans “fall far short of guarantee- 
ing decent homes for a growing 
section of the nation’s popula- 
tion." 

Government figures showed 
that one-person households 
Increased by 86'per cent, between 
1971 and 1976, while the rate of 
increase for all households was 
only 19 per cent By 1986, 5m. 
people would need self-contained 
housing on their own. 

“We face a massive increase in 
the number of households want- 
ing to live on their own. There 
are two main causes — an escala- 
tion in the number of single 
pensioners and divorcees and the 
growing demand of young people 
to live away from their families,” 
CHAR said. 

There should be a change in 
local council and bousing asso- 
ciation allocation policies to 
give single people a better 
chance of finding accommoda- 
tion and urgent action to help 
single people who were already 
homeless. 

“Ordinary housing should be 
supplied for the majority of 
single homeless people. Those 
who need support and care 
should be offered a place in 
sheltered housing, while a small 
pool of hostel beds should be 
maintained for those who 
genuinely need temporary 
accommodation.” 


VW Derby 
goes back 
to tradition 

By Our Motoring Correspondent 

THE VOLKSWAGEN Derby, the 
small saloon car based on the 
Polo hatchback, is to go on sale 
in Britain this month at £2,850. 

The Derby, launched in 
Germany _ almost a - year ago, 
illustrates the shift of thinking 
among European car-designers 
about merits of the conventional 
'‘three-box" vehicle. 

Volkswagen’s recovery after 
the decline of the Beetle model 
has been based on hatchback 
five-door principles of design 
popularised by Renault But 
with the Derby, which adds a 
boot and 14 inches to the hatch- 
back Polo model, it recognises 
the strong demand for the 
traditional design. 

General Motors has acted 
similarly with its Kadett- 
Chevette range, also obtainable 
in both forms. 

VW claims to have shown in 
market research that 40 per cent 
of motorists in West Germany 
prefer a conventionally-shaped 
vehicle. 

In Britain VW will sell only 
one version of the Derby, the 
Derby LS. It will have the 1J. 
litre overhead camshaft engine 
and similar trim and equipment 
to the top-of-the-range Polo LS. 

The boot is relatively large. 
182 cubic ft The model Is 
12ft Sin. long. 


Airlines oppose 
moving base 
from Heathrow 

Financial Timas Reporter 

THREE airlines, Iberia, TAP 
(Portuguese Airlines) and Air 
Canada have rejected requests 
to move their London operations 
from Heathrow to Gatwick. 

Heathrow’s monthly newspaper 
Skyport reports that the airlines 
were all asked to make the move 
in anticipation of massive over- 
crowding at Heathrow. Their 
rejection of the proposal could 
lead to intervention by the Civil 
Aviation Authority and discus- 
sions with the governments 
involved. 

Air Canada is reported as 
saying that it would lose busi- 
ness to competitors if it moved. 
The same reason was given by 
the other airlines. - 


Norfolk Broads 
national park 
scheme backed 

By Anthony Moreton 

RELUCTANT SUPPORT for the 
establishment of a- national park 
to cover the Norfolk Broads was 
given by the Nature Conservancy 
Council. 

It has told the Countryside 
Commission, which advises the 
Government on national parks, 
that a national park for the 
Broads, although not ideal, would 
in certain circumstances help to 
alleviate some of the ecological 
and administrative difficulties 
now being faced by the area. 

The Nature. . Conservancy 
believes that there are a number 
of drawbacks in the present 
s y stem of running the Broads and 
that the best solution would be 
for a special authority to be 
established. 


Georgia’s open spaces are filled 
with stable opportunities. 



In a world crowded with con- 
gestion and economic uncertainty, 
Georgia U. S. A. is fertile and se- 
cure ground for joint ventures, 
licensing agreements, sales and 
distribution. In metropolitan areas 
like Atlanta, or in rural settings 
like Plains, the home of our 
39th President 

Our government is fiscally re- 
sponsible.-We’ve raised corporate 
income taxes only once — a total of 
1%— in the last 32 years. Our work 
force is eager and able, and by la w 
can decide whether or not to join a 
labor union. Our capital city is the 
transportation and distribution cen- 
ter of the Southeast, and our port 
city of Savannah operates one of 
the largest container cranes along 
the eastern United States. 

just as important, Georgia is 
an international financial center. 
Since enactment of an internation- 
al banking law last year, six foreign 
banks maintain offices here: The 
Bank Of Nova Scotia, The Bank of 


Tokyo, Credit Suisse. Barclays 
Bank, Algemene Bank Nederland 
and Swiss Bank Corporation. 

Governor George Busbee and 
Georgia lawmakers encourage in- 
ternational business in other areas 
as well. They recently established 
a custom-free Foreign Trade Zone 
which permits duty exemptions on 
materials and manufactured prod- 
ucts. And Gov. Busbee 
will give your 
inquiries his 
persona] attention 
and confidentiality. 

Join the more than 188 inter- 
national companies which maintain 
facilities here. We have office space 
and buildings available for immedi- 
ate sale or lease, and office space 
available for reasonable prices. 
Plus miles and miles of untouched 
nature in which to live and play. 

For more information, contact 
the Georgia Department of Indus- 
try and Trade; Mr. John Turbiville, 
Square de Meeus, 20; 1040 Brus- ' 
sels, Belgium; Telephone: 512- 
82-93; Telex: 23083INSE BV. Or 
Mn MDt Folds, Commissioner; , 


P. O. Box 1776; Atlanta, Georgia 
30301; U. S. A. , Telephone: 
404-656-3556; Telex: 54-2586, 
Cable: GAINTLATL 



KSLA. 


A sound story 

fbryou. 

1 

The 1977 Pioneer Annual Report. 

It tells you about a small loudspeaker company 
that went on to become a consumer-related 
electronics products maker and one of the 
largest manufacturers of .audio products in Japan. 

It tells you about product research and innovation, 
marketing flair and imagination. 

. The kind that made fiscal 1977 net sales of 
$843,335,000 and net income of $60,641,000 possible. 

You can read all this and more by filling out 
and mailing us the coupon below. 


(The U.S. dollar amounts r e pr es e n t translation of Japanese yea 
Sac coavenleoce only at the stne of ¥245=? L00.) 


CiQ PIONEER* 

Pioneer Electronic Corporation 

4-1. Meguro 1-chome, Meguro-ku, Tokyo 153, Japan 


Pioneer Electronic Corporation 
General Administration Section 
4-1, Meguro 1-chome, Meguro-ku, Tokyo 153, Japan 


>§ 


Gentlemen: . 

X would like to have a copy of the 1977 Pioneer Annual Report. 
Name: 


Address 


(PLEASE PRINT) 





EUROBONDS 


BY MARY CAMPBELL 


Eurofima pricing ignores the investor 


THE PRICES of Eurodollar 
bonds -were slashed heavily last 
week In active trading con- 
ditions. Although dealers re- 
ported some nosing around the 
market by investors, few 
enquiries resulted in purchases. 
Most of the dealing was between 
professionals but even after falls 
of at least a point, and con- 
siderably more in some cases, 
there was -no sign of buying 
interest developing. 

On Friday, despite the large 
increase in U.S. money supply 
reported over Thursday night, 
prices recovered slightly. Dealers 
attributed this to short cover- 
ing. however, rather than any 
fundamental firming tendancy. 

The basis for last week's falls 
in bond prices was laid the pre- 
vious week. The fact that the 
dollar’s recovery against the D- 
mark and Swiss franc following 
the Fed’s announcement of swap 
agreements was only momentary 
was one factor: the dollar sfid 
from a best level of Sw.FJrs.2.06 
and DAL2.1560 on January 5, the 
day after the swap agreement 
was announced, to lows of 
SwJFcs.1.92 and DM-2.0S last 
Thmsday. It has recovered 
•Sightly since ritaen with the help 
of Central Bank interventio n and 
ended the week at SwJPrs.1. 97374 
and DM.2 .1215. 

Afoot of the talk in the London 
meifeet on Thursday and Friday 
focused on the primary market 
This arose from the pricing of 


the Eurofima- issue — unchanged 
from the indications made when 
the Issue was launched before 
the New Year. 

Even the managers admitted 
that the Issue' had been mis- 
priced: the justification given 
for the pricing' was the peculiar 
circumstances of t{ie borrower, 
which meant that the issue either 
had to be withdrawn or issued on 
the indicated terms, combined 
with the argument that the 
market knew -that the terms were 

-fixed from the start -and under- 
writers -should have turned down 
their underwriting if they 'bad 

.not wanted to be landed with the 
bonds. 

That the pricing was com- 
pletely wrong was borne out by 
secondary market quotations on 
Friday which ranged as low as 
96 bid. 

If Eurofima had been priced 
in isolation then it might have 
created no more than a momen- . 
tary blaze of fury in the market. 
However, due for pricing the 
day after Eurofima was the 
European Investment Bank's 
two-tranche $200m. issue, of 
which one tranche was indicating 
Identical terms to the Eurofima 
issue. The pricing of the Euro- 
flma offering set a standard for 
the European Investment Bank 
and, although the E1B issues 
were in fact priced more 
generously than the Eurofima 
offering, they were not priced 


to yield as much as secondary 
market quotations foe compar- 
able bonds suggest that they 
should have been.. 

A further development on Fri- 
day night Is likely to concentrate 
even more attention on the impli- 
cations of the Eurofima and EIB 
mispricings: this was the launch- 
ing of an issue for the European 
Coal and Steel Community 
( ECSC) on terms which look per- 
fectly fair when compared with 
the terms at which the Eurofima 
and EIB were priced, but which 
are again totally out of line with 
the yields on comparable bonds 
as quoted in the secondary 
market. 

Although the managers’ say 
that they have flexibility in. the 
pricing of the ECSC issue, there 
is at this stage no indication of a 
discount If it were to be priced 
at par it would yield 84 to in- 
vestors who paid the full price 
and 8.62 to selling group mem- 
bers. If it were to be priced at 
98. it would yield 8.77 on the 
issue price and 9.02 to selling 
group members. 

By comparison with these 
prices investors could on Friday 
have bought the ECSC 94 per 
cent issue of 1986 in sue, 
dealers said, at 1014 to yield 8.93 
per cent They could have got a 
lower price on smaller purchases. 

The events of the past week 
are ^probably one of the most 
blatant examples of the extent to 


which Issue managers feel they 
can ignore the investor in the 
history of this market Condi- 
tions such as the present, when 
investors -are . not keen to take 
on any dollar paper at all and 
when they do not sen paper they 
already hold should mean that 
the yields on primary market 
offerings are .higher than those 
obtainable In the' secondary 
market 

However, the Investor is in 
general too far from the secon- 
dary market to be aware of how 
much he is losing and too care- 
less of the finer yield differentials 
fo notice the extent to which he 
could get better yields by buying 
in the after-market. In the EIB 
issues at least he will almost 
certainly be able to buy in size 
in the after-market when trading 
opens to-day. J Dealers said on 
Friday that they would have no 
trouble putting together Sim. at 
974 which suggests that many 
would be eager to get out at a 
considerably larger scale at 98. 
the limit of the selling group 
discount. 

The trouble Is that the whole 
emphasis of the Eurobond 
market is on currying favour 
with borrowers. Whether indi- 
vidually true or false, the kind 
of stories which did the rounds 
on Thursday end Friday about 
the pricing decis ions on Euro- 
fina and the EIB illustrate this. 
Thus, according to -one source 


there were among the managers 
of the E IB i ssue banks which 
told the EIB that the correct 
price for its issues was par (the 
managers, concerned apparently 
were among those with smaller 
commitments). 

Again, it seems that Eurofina 
offered to withdraw its Issue 
altogether in the light of the 
difficult marker conditions and 
also suggested that those mana- 
gers who did not like it should 
leave the group: the offer to 
withdraw the issue was turned 
down despite the fact that some 
managers thought it should have 
been taken up but no managers 
withdrew. 

Because of overriding need for 
lead managers to maintain their 
reputation with borrowers for 
getting issues through and the 
overriding need for underwriters 
to maintain their reputation with 
lead managers, it seems unlikely 
that the huffing and puffing and 
brouhaha last week will lead to 
any improvement in the market's 
treatment of investors. One 
dealer stated firmly on Friday 
that he was "absolutely dis- 
gusted'* by the Eurofina Issue: 
“Fm not going to trade it and 
rm not trading any other Smith 
Barney issues either," he said. 
He would not have said the same 
for one of the top lead managers. 

As a major lead manager said 
on Friday: borrowers' attitude 
is "who cares about the after- 
market" - 


Borrower* 

U.S. DOLLARS 
iEuroflnm 
2 EIB 
2HB 

Occidental 

**Dafidri.Chuo (g'toed 
Sumitomo Bank) 
tfNorway 
' ttia 
ffEuratom 
' ECSC 

D-MARKS 

{Norway - 
JBFCE 
Brazil 
t*«ESCOM 

Denmark 
Denmark 
World Bank 

YEN 

- Denmark 
Manitoba 

KUWAITI DINARS 


CURRENT INTERNATIONAL BOND BSUB . . 

Amount m 

■ mi Av. life Coupon Lead manager 

Maturity y*w» % Pric# 

4 Q 1M8 gj 100 Smith Barney, CSWW 

TOO 1988 UBS (Securities) 

7993 OM 84 *91 UBS (SetaiMw) 

* Dean Witter R«7- lutt. 


1983 Bullet 84 


• -4 . 1 t 
«'■ > ■ 


• Sumitomo Fin. tatL 

99J Salomon 

• Smith Barney 

• First Boston Corp. 

• KIC, Hil| Samuel 


.100 . -.. Deutsche 

994 Draubwr 

* Deutsche 

994 n* 

99 WcstLB 

* WcstLB 

99 Deutsche 


Mbn. 1990 
15bn. , 1990 


9.9 A7 99.70 Nikko 

9.9 6J 99.90 Nikko 


- •*'" i» 

s. 




■ • -1 it m 

••• -.-i s ~ 

M .% 

- 


1983/8 — 


UNITS OF ACCOUNT 
Kommunlaneinstitutet 12 


kftck, 


Kmdcdnk Lax. 
SKJErok. 


ftt prfasrf. t Nod tnk *• HKiwwt ff R*fkt*fod'wtt UA S«<wW«e ■»* 
5 Mm' taC MMm TO* are akataM an AMD baab. 





775.78 771.18 775. 


TnuuporW 208.17:207. 
0 tuition™.,. 10fi.BC UHL 



SE. 1 B 0 27,89a! 88,1 


1 Basis of index < from August 14. 


IzsL dir. yield % 


Ju. G | Dec. 90 




Lad. dir. yield % 


Ind. P/B Berio 


Oort. Dead yield 


— 

228.5- +1.0 
135.4+0.0 
132.l! +0.4 
288«:j+7 
318 [+4 
140 Ub 
222.91 + 5 M 
74.3 +0.7 
320.lt— 1.6 
369 1+1 
161 +1 
307 .+8 
246.2 + IA 
154J5j— OJI 
208 | i 

115.0 

236.5 + 1.B 
124.1-0.4 

44.0 

127 I— 0-3 
154.0+1.8 
331 —2 
210 -2 
89 -0.8 
171 +0.5 

100 J 

236.0- 

1^40= 

112^+1.0 
204 I+1.B 

163.6 1 

240.6 + 2.0 

480 

121.0 

119 |+OJi 
208 j+1.3 
265.6+1.6 

294.6 +2 A 
250 +6 
119 +1.8 

176 

117 +1.2 
296 +2 
218.8 +15 


ua 1.9 
20 4.4 
1 17 6.3 
i 16 6.1 

20 3.4 
1 20 3.1 


19 3.0 
18 3.3 
14 4.5 

20 3.2 
20 4.0 

4 L3 
12 { 2.9 
12 6.3 

a 35 

16 6.5 

4 4b 
10 45 
9 2-9 
20 3.0 
20 45 


16 35 
20 15 

7 3.1 
12 2.9 
14 — 
10 2.1 
18 15 

~7 (LB 
16 35, 
20 3.7 i 

16 2.7 1 

17 3.4 

11 4.6, 
14 4.0 i 

12 65j 
20 3.4t 
10 251 


JOHANNESBURG 

MIMBS 

Janaary U Band 

Anglo American Const. a* 

Charter ocmsnMatnd 3JM 

East Driefoocain 22.15 

Elstrars , 1 — 253 

Harmony - — - AM 

Kinross — ■— (.11 

KlOOf — 9.05 

Rustenbmg platinum a »— 19 


AUSTRALIA 


St. Helena 15.00 

Soutbvul — ........ 920 

Gold Fields SA tSLOO 

Onhm Corporation — ■ 435 

Do Beers Deferred 5.72 

BbrvoorutcddK — 555 

East Rand PtT- 655 

Free Sute Gednld 2550 

President Brand 1 13.78 

President Stem 1250 

StBfonteln AM 

WeUcom . 455 

West Drletonwln *94.00 

Western Deep U58 

INDUSTRIALS . 

AECI — 255 

Anglo- Amer. ta dua tri al . 855 

Barlow Rand — 353 

Currie Finance - - ten 

De Beers Industrial 8.40 

EverHeady SA 1.73 

Fedenfe'VoBrdMdegBings . L55 

Guardian Assurance CSAJ 1.77 

LTA - ■ 1.73 

NedBank 258 

Premier Miffing 7550 

Pretoria Cement 355 

Protea Holdings' LOS 

Rand Mines Properties _ 2.40 

Retco 0.40 

Sage HohOngs ~ — L45 

Scree » 1555 

SA Breweries L14 

Tiger Oats and NHL Ml*. 9.40 
Ontaec 1.13 

Securities Rand Discount 


AMSTERDAM 



66 if 
165* 

38 1| 

34 7 B 
38 lg 
294 
59 14 

369s 
224 

507, 

23*4 
33*4 
59 1« 

37ia 

14*e 
48 
471, 

41*4 
291, 

25S, 

419» 

31*4 
191, 

51, 

47 14 
37 

361, , 

65 
35 
231, 

30*b t 24l« 
1114 
32U 
30 1 2 
32<g 
23*4 
19*4 
235, 

371, 

61*4 
301, 

121 , 

177, 

51*4 
397, 

297,' 

4114 

38*fl 
40 14 
£81, 

34*» 

267 b 
47 
5 1 : 

391, 

20 U 
29*8 
3314 

361, 

33is 
1118 

14 U 
35B B 
16*4 
357, 

17l« 

27 
34i 8 

84 
624 
90*4 
39*, 

16i S 

12*8 I 

7Bia i 

15 l 

21*4 ; 

593, 

62 
52*4 
17*4 
281, ; 

34 

34*4 

47 
364 
424 
63*8 
174 
21*4 
8*2 
21*e 
34 
62 lg 
161fi 
6014 
271, 

13 

36*, 28 

204 
171, 

407 8 
304 
324 

Dt. 






70«e 
547, 

50*4 I **7, 
14 
33*e 
23 
33 
244 
434 
19 
197, 

374 
19*, 

234 
34*4 
254 


Dover Gorpn 




ntnersoa Blactrf 
BmeoAlrFrigh 




T*rr 


■ 26« 
33 
114 
9 

10*4 
17T, 
20S, 
304 
134 
5 

77, 
314 
31 
33 
444 

137, I IO 4 

1 174 



I64 
144 
t3.25 
36 
94 
10fa 

234 | PikingHaa.int.Si 

184 * WesUuuVa. Bmk 
164 
!7U | 

63*4 I 

Vt, I COPENHAGEN 4 






CtaMnuel Uk. « 




304 
334 
23*4 

344 
314 
14*4 
29 *« 

164 
184 
304 

67 I 544 
644 I 364 

23*4 
464 
364 
424 
864 
16 
434 
544 
154 
297, 

354 
174 
17*4 
271, 

47*. 

78 
62 
164 
■ 134 
2854 
234 

37*4 
434 
234 


66*4 | 21 is 
1 17 





Laa Paper 


244 

..... . 154 

26*4 
eJ 8 I 4 

y 5 h 

,□ 16 14 
—I 231, 


IryolM Motor. 


Source NBdko Securities Tokyo 



SWITZERLAND • 


Jam U | Pn. 



26*4 
184 
713 

4.1C jfawJos Dapt. d 
040 iPisceGes A OU 

174 






rm 


m 




■er cent. 


107 

— 

272 

- 2 

245 

- 4 

309 

— 3 

2 » 



an 



145 

- 1 

308 


1 H 

n. 

1*2 

— 

209 

- 9 

335' 

— 

2 M 

— 4 

210 

-3 

290 


106 

- 5 

Z» 

- 1 

n 


123 

-"9 

228 


126 

mum 

54 

— 

102 

— , 

in 

+ J 2 

6B59 

— BJ 

7130 

— 

102 

- 2 

165 


75 

+ 1 

•659 

+ A 

ss 

- 9 

64 


in 


in 

+ 4 

15 

+ 1 

96 - 


13S 

— 7 

as.15 

+ K. 

114 


w 



67 

+ A 


11,225 MOO, 40 




BRUSSELS/LUXEMBOURG 


On. Urn. (hVSi 


1;? Photo cobe curbs 

l.e The Ufi International Trade 
— - Coumilssion (ITC) has issued ! 
*® J»^* r requiring Customs 

Milan officials to require W per cent 

bonds on imports of certain 
” jffl« +« D> v . Vm: P Iastft: Photo cubes from Bong 
jao. u un — lire % ^)ng ^ and_ _other suppliers 
a»|h ■■■■■■■■■». — H 7-76 reports from 

*— *flg< ..I" - - agn —17 — _ Washington. The decision, 

— — J’ISS “1* 150 7 -o ca, *P 1 ^ for exclusion of 
’ ?i 18010,0 5?? infringe 1 

luucmnentl-— . fl .660 —140 200 2 ^i y* 5 ' P^enL can either be 

ihuaidor 1 U 4 _ _ approved er be vetoed by Pre-- 

Maiiotanofc.*-.. 30.260 - 6 ao l^t s.g sident Carter within 60 days. 

727 ill _■ I l»as cora- 

Pirellt & Oj— . 1.960 ......... no g« plained to the ITC that maim. 

— 151 -s 80(8.0 S'jprere abroad and certain 
MiaVtoam — 393 -i ^ importers were lufringiiig 

1 1 rt * patent for the photo cubes. 

-i»,bSIS : £™“ “ dMe » l"i« MW •«*■*-* ** 

^ « Ptasjoo mronu antes mrnwls* 

“f 1855 ottwwtts Staled. «FIK50B 

7 s othtrwiac' 5 \cn 50 draom, infests oihenrisc buinL c Miw - g »' mm. .5 

suspension. « Florins. bScnuoags. e CemsTdDtrid«d‘ 

1 2 "War scrip j™. oPer ^ »teffl“dhZ£S 

5- * after sate «d/Or rtebts Issue, k After kwai^ ta»oJ i»«T “ 

6 - S tadndnw UdilM dlV. pNom. o s&are stfU. aDtr. and risU exthtllZ 

MMneS. .tBilctted'to, n Unofficial trading, o Minority tttideit onfe u Td g'r— iV 
JJgMdoB. tBa. Ilteom. tbfer. r aSSl ^ Sc 

dividend. «Ex aorta lun. wEj an. sintertod^ 


Anio — 

«« — 

Do. PrtT, 

4 1 P Insider 

o'o IbUwmnentl-— .. 
75 Italulder, . 

_ MalK)fainqs.. w — . 
Uofltoll-on —«• 
UUvetU Priv—— 
virem a o..—— 
t*irelll Spn-.-.~ ... 
Mia Vbram~— . 


moo + or Div. 
^ ~ lire 

117,76 -a^aPir 
- 360 -17 _ 

MSS “l 4 iso 

1 ’ 6 71 180 

0, 1§4 300 

“ill 0 it’ 51 ? 0 

727 -21 
1 1,960 no 

99Q —4 SOt 
393 -7 


f 


























































































































! clrP-^ ’o-° 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


feli-T*. Mftra. Ltd M (it 

Santa jBd , Aylmbury- OQM SMI 

U nJ BS5 J45j -«Jj 3 85 

5m.s* Sf 3)3 oS 

.« {4*8 *7.M|-ll| 3.7# 

lambra Group? (a) (l) 


i»e. Hutton, 8 
'i or R r aa t w oot 

.. tarf* 

■ IMS 

«.^=K. 

'•tfuT eSU 


«L Ernes. 

21 MSB . 


1 ei ja^ i* 

. M.sSI -0.9f 6J9 


P7j* . 

•* ; a ftast 

ms writm^nZ* 

Funds 

5o-.F4.gi 

fcdt?.'.IK* 

mifaliMt 

lr(Va.-.HW4 


I 4.82 

.. ..J 5J* 

3 $ is 

+M[ 5*1 


Britannia Trust— CMfhnsd 

Professional ....14796 4944d|-a5| 3 31 

Property Shares . . MS 15W . - 2 87 

Shield-.. 459 493 -AS 3.93 

Stains Change 33 383 . . 449 

Ubiv Energy |30 9 33M -0 U 2 69 

The British life Office Lid? fa) 
RellaaeeHsc.Tuabndgc Wells. Kt CBB233zn 

BL British Ijje 148 4 515) -0 6) i« 

BLBalOACOtf* Ej OB J ... n 3 J6 

BLDfHdend' . ._„fi*.J 47.3 ... I 855 

* Price* Jig ] l Next dealing oar Jan. 18 

Brawn Shipley * Co. Ltd? 

Knci. Founder* CL. EC3 01-8008520 

BS Units Jan » ... .RW.Z Z33.3J . 45# 

Do.tAee.iJan.B.-f2695 2S6J) — 4 450 
Otaanje Trtuftt W tel 

Financial- 04.9 370) -0 1 4J1 

Onnral . (jj. 1 Hi -fl.2 4 20 

Growth Accum Ml . 440 -0.4 5.01 

Growth Income U5.6 . 373 -0 J 551 

High Income p95 32.1 +<U 990 

I.TV H9.D 282 -0.1 • XU 

M» Em 263a -03. 416 

Owim . _^_Ko 170a 36X 

Performance I57.3 . All -0J 477 


B .Unlt Treat Managers Ltd. 

nthSt-ECSKflAA 8X3*231 

J.T. 1 863 4M| .1 Mt 

er Unit MgnL Cs. Ltd. 

, BC2V7JA. 014X1 aim 

trFtmd.pAM 2754 i U 

of Securities Ltd (*Ke| 

'3. London BCCR 1BT 01-236 8* 
tncm._(U2.7 12X1J tOJl 3928 

>ted KT dh tM in 

si: 3a is 

yp\rod«&| S? .....1 u* 


«l=] 


3701-0 1 4J1 

»2 -0.2 «20 
468 -fl-t 5.01 
373 -0J 541 
32.1 +0-1 990 

282 -0.1 - XU 
261a -05. 416 

170a 361 

615 -03 477 
229 -0 2 565 

6L7 561 


Cauda Life Unit Tst. Mngra. Ud? 
24 High St, Patten Bar. Herts. P. Bar 5 U 22 

Can. On DUt. 136.4 3834 -L0) *5* 

bo Gen. Accum Ml 4fefij -05j 424 

Do.tac.Dtat. W5 .ttJMSj 758 

Do. Inc. Accum. fe/9 4.21 —0.4) 738 


Gartroore Fund Managers V taHg) 

2 fa Mary Axe EC3\8HI- 01 2S3TV.il 

' I 'American TM .1217 Z34W|->Q3| 187 

British IM lAcc ■ 505 5*3 -0 5 3 45 

< ommodity Share . UO 8 140 6 -0 6 3 61 

■*! Far EaM Tru« 22S 2 45 .. 130 

High Income Tm 57.1 61 4 857 

Income Fund . . 696 74 8 -05 672 

UJUMUiec ._. 1237 13 22a -0 4 3.86 
inll f.xemplFd ... 02 90 4-0 7 5.62 

iflnU-TM lAcr 1 _gss . 277) . .. 1.47 

Gibbs (Antony) Unit Tst. Mgs. Ltd. 

£3. FI onfield Sl. RC2M7NL OI-S834] 1 1 

1S1A.G Income" ... Ml 0 43B .. I 810 

•a>A.G.Gnroxhn.-n71 39B .. J 458 

'3>A G.FhrEM*. ..|l94 28 ti ...J -030 

Dealing "Tin™. TtKnL 


Gorett (JohnW 

77. London Will. EC.a 01 Srtxsex 

ShldrJuS (1253 13211.. I 201 

Do Acrum. Unit - 049 9 156 01 I 2 01 

Next deulnjt d*> Jsn 20 

Gricve&on Managemrat Co. Ltd. 

5SGlefhsn^St.EC2P2DS. ' 01-8084413 


Perpetual I'nit Trim Mnginl.8 m 
48 Jiifl S|„ llenlnr 011 Thanw •K012886G 

PprtuxIGp Oth p8 5 *0 70) . | *25 

Piccadilly l nit T. Mgr*. Ltd.f (aMbl 

U'ardg le Hte .SQaLnnder Wall E<2 6330801 

Extra Jwomt . B15 355) -0^ 800 

Small Co'aFd _ . 384 - 41 2 +0 2 31* 

Capital Fund . .. 495 S3 la . . . 323 

InLEnvhA^ef *7 8 513^ . *96 

PnroH- Fund .38 3 404 -0 1 3.M 

Arcumltr Fund-.... 63 1 676 459 

Technology Fund 59* 632 -01 162 

Far Fawn: .. 22 B 241 -0 1 384 

American Fund . (22.0 _ 23 Of.... 319 

Practical Invest. Co. lxd.V lyXci 

44. Bloomsbury Sq WC1A2RA 0I823B8M 

Prsctkallan. 11 _ 1U90 147« .1 * 10 

Accum Unite .. , fl9« 2 2067) . J 4 10 

Provincial Lire lav, Co, Lid.¥ 

222. Btehopxjale EC2 01-3478533 

Prolific Unite (717 768) -0JI 3 69 

High Income 1067 U4S-0N 745 


BaFftn. Jan. 11 
r Arcum. Unite) . 
B1*n. HYJu. 1Z 
(Aecum. Units). 
Endear Jan. 10 
1 Aecum Unitsi_ 
Crnchszr Jan. IX 
■Accum. Unitsi... 
Ivr *BrsJs.Jan. 1! 
1 Accum Unite) 


212 1b . .. 416 

229.1 .... 41* 

IK. 7 7.12 

2839 _.... 712 

1573 -. 2.69 

162 f .. . 2M 
■Jn -3.0 315 

SI : 30 J:B. 

70 4 . . L03 


Prolific Unite (717 768) -0JI 3 64 

High Income (1067 114^-0 6| 745 

Pradi. XJnit Tst. Mbgrs.V laMbKc) 

HotboraBarr. ECIX2NH. . 01-405B2SE 

Prudential (1215 129.0| -1 5| 430 

Quitter Management Co. LULf • 

The Sit Errhan ct ST2V 1 HP. 01-8004)77 

Quadrant Gen Fd (UB* 111*1 ...J 398 

Quadrant Income.. 021.9 13*9tfj ....] 7.53 


Capd (James) MngL Ltd.V 

KOOU Sroad SL. EC3N ISO 

Capital , Ml Hi 

tataaia— - -Wi - ■ 799, . — , - — 

Mena no Jan. 1 Next dealing In. 19 


014888010 


Carltel Unit Fd. Men VUL » (aKO 
lOBxn HoxM.NnnallMipaB-lVii* - *1189 

cmkri ;.M *7j( ....: J -4« 

DolAcmul Unite.- 77.0 79.5 J «.« 

Da HlgbYtald— _4ftJ o3 ...J 7.77 

Do. Acems. Unite— 4f.6 Pl| . —1. 7.77 

Next 4 h3oi date Jan 16. . 


Guardian Boyatl Ex. Unit Mgrs. Lid. Reliance Unit Mgr*. Ud-V 

Jtornl Exchange. ECXP3DN. 01-8288011 .’Reliance Hse . Tunhndge Well*. Kt 088222271 

lagiGoardhUJTjt- B71 9B-1J -0-9| 4X1 Opportunity Fd. .. (603 645J . I 555 

HenderBon AdmmistratLon(aXz) icSortcT.ioc f — 1«9 ~^si 4c 

B^wtSod.Esatt""' R * T,Bi£h **^722^00 Ridgefield Management Ltd. 

(g'Auatroliaa 06 r '28 «-03( Lf8 PO Box 4» Bank fbe . Stanchor 0812368921 


1. r’d.U-H 
~^'v-Btel 


'i-rjA,- Mh_Fd.-«3** MU-S.7I *D 

■ a =3 g 

* . ^Mlga. m Dec. 22. —Doe. IS. DoUr 

— J unit TbL Mp. Ltd-W (aMc) 
**__7^««>rbo*n.WCIY7NL. '014818m 

^-rOmd (77 A SUM! — J 5.96 

'1 31 Jan. 6 Next auh. day Jan. 56 

. t Cafeorn Ltd. (aKtfWc) 
’-'hLaSB Rented Bd-E7. 81594 59*4 

■-:.ht=a *--^363 

-jcTrt. 1065 Uft.1 , 

^ '-Income - 28.6 303 -53 t« 

-dal 563 63) 5 0? 

1 MB 7SJ • ” ““ 

-Wi — »0 Xt3 


i at Dec. 3 

"Sfedi 

; Me Tout 


• ' Brothers & Co. VuL9 CaXxl 

• DbKlSuECJL 01-5882890 

EK -Sa^l IS 

> Nest Mb. day J*n- 23. 

' igcte nagrattiK MgmL Co .1 

‘ nate.EC* 01-3888280 

vaftEdW-TBIzH g 

Jtadft Hdifi 

at Mb. dv Jtn. 17 -Jan. 26 

Fund MazragerstKsKe) 

. HemSt,EG4aflAJt 01-8234051 

' it* Mi SSJBf 654 

tp.tae.T- 325 361 _... 33» 

- « p A*c T - Bi 37.1 33 

.■SESSzK 1 ^ If 

t*jM C ^la±&*Hn* ^otitWod. 
ab Tnut MawanCT tWflU 

H&8 7341 -OH 463 


aatwhone Jiphttf 

L Patmraetnr Binv, EC-4 01-3*8 3KB 

CJ.hrtemtl.— POD- 2L« 363 

An. Unite H2 261 Jfi 

Clhicoro 94 l2 346 T95 

Cj\ Euro Pin 132 m 2 Xt2 

A«mnv Unite 268 244 3.92 

CJ.Pd.inv.Tat— . M * 260 ' 2 — X6* 

Actum. Unite ^71 296) 3A4 

Prices Jan. 11. Nest dealing Jen. 18 

Cfcieftata Trust Managers Ltd-VtaXg) 
MfSl Queen SU BC4K 1BR. 012482883 

AaMdcen _kzllU 20.44 -0JJ 250 

ta£n^ui Tw_^^LZ ‘ S| -0‘3 Xg 

Basic Ream TW^SA 25.4-03 4-57 

Ott htei ttan Fends BCgt. tid-W (a) 
HChBcuy'UM SCU IEE 6LMB0S82 
Growth Fund |«U 422) _-..) 4J9 

CmMpoQtea Fund Nau|«ff. 

CopthaD A*C- London ECZR73X 8388322 
CoamtuxiliLCthJd. (275 ' 19.0( -...J . 48S 

Cmeent Unit Tat. Mgrs. Ltd. faMg) 
4 Melville Crsa. Edinburgh X - 004284031 

Crsa ccn t Growth [275 - 29 A -62) 434 

Cm TntnrnnH 47L7J J J 85B 

Cm. mcCj>i*ZZ}C2 SMt-M 7.14 

Croa-B^roT^ZkiJ SS-0.4 <56 


igtCap. Accum <L2 4*3) -03 365 

laiEuropean- J2_9 33.8) -02 144 

igjFarEafl 53 7 57 71+02 181 

(tmoan-tlTll 245 26^ -0J 3.47 

1SJ High Income S7J1 &L0) -02 7 93 

tgdne. ft Aaaata SL5 733) -03 5S5 

(g 'Internal, on oi _ 244 26W— 01 228 

• alNth. American 30.9 332^+02 IS 

nIa. Cross Jan. 13. 996 - 1(071-5.9 248 

Oil* Net -S5 25.M-0.1 150 

W. WH.Jan.13 75 4 88^-12 4.02 

(SI Cabot 613 717\ -03 3 77 

Cabot Extreme.— 33- 56J»| +02( 8.45 

-For tax exempt (osda Only 

Hill Samuel Unit Tst. Mgrat (a) 

46 Beech St- K»«.T 01-628 B0 11 

« 163 JH -15) 5JJ7 

35Aa -0JJ 3.71 

675 +0^ 229 

315 -05\ 4J1 

1002 -02] 433 

29.0 -03 726 

55.4 -0.4| 4.97 

ih) High Yfeld ‘RU-TBST 382a -oil 143 


Ridgefield Management Ltd. 

PO Box 41f> Bank Hm . Sfancfuar 0812368921 
Ridgefield Int IT MO 90 M • .- 4 3 68 
BldseflHd Income WO 1020) _..J 182 

Rthchld. h Lwnds. Mgrs. la) 
SLSutUiinaLane.Ldn.EC4 01 
New Cl Exempt- • JK9 8 126 0) ... .1 360 

Price m Dec. 1* Next dealing Jan. 16: 

Rowan Unit Trust Mngt. Ltd. 
City-Gate Hae.FinxburySq.ECa 01-006 1008 
Rowan Am. Jan. 12.(59 0 6U( J 220 


Utarrrfloiiiiij Unit Fuad Manager* 

3LMetaSMd8L.BC2M7AL 01-888448S 

Dtac lncome J p5S3 16*9) +L7). 525 

E. F. Winchester Fund MngLXML 

DM Jewry. BCE OW0821SJ 

Great Winchester. -Q7.7 M _J, T& 

GLWlnch er O-aeimiuJ 28 A) —J SJS 


Emsm & Dudley TatMagmat. Ltd. 

30, Arlington SU S-W.L 014887981 

Enwon Dufflcy TW..(642 73Jj .. J -5JJJ 

Equttaa Sec*. Ltd.ffa)tf) 

41 Bfahopsgale. EC2 01-UB38S1 

Procroaalve |6X1 655) -OAf ■ 435 

Equity ft Law Un. Tr. M.V MNM 
Amentum Rd- High Wycombe MMS3977 

Equity* Uw |632 666) -02) 423 

Fnxnlingtan Unit Mgt. Ltd. (a) 

5-7, Ireland Yard. EC4B SDH. 01 MUM 

agsszrrK 4 jaa^a 

its 


MaV ProvdL Unit Tr. tttn* 

PtebamEnd, Daridng. 09083056 

*5 ms 


S 5 3DM -OJ 

1-S 3 

C ■ 5 *} • +5*3 

( Mnr- 7U IL1 -ON 


G.T. Unit Mnugen U&V - 

1A Finatany Orcnx EC2M7in) . 01428(031 

GT.Cap.loe gJ .875) -05} X90 

DaAce I7 j4 1334 4* 3.4 

GT.lne.Ftt.Un J6Z2 1325 .728 

gJiSJSSizES Sil 3 

MXRteBrnL-U72 U« . ... -JH 

tT^IntT Paml 1868 110.4 +05 -&50 

&T. Four Y&Frf p41 575) MO 

FG. ft A. Trust (a) (g) - - 

6R»yM£hRd- Brentwood <8237.257300 
G.6A ^ PL2 33J) -05) 465 


(hi Britiafa Tract 
taltnt'l Trust-. 

® Dollar Trust 
Capital Tra st _ 

(bl FlnsnciaJ Trust 
ib' in come Trusty 
<t>i Secanty Trust _ [51.7 55^ -0.41 497 

(bi High Yield TsL. [287 367M) -OjJ 163 

InteLV (a)(g) 

15. Christopher street EC2. * 01-2477243 

ioreL Inr. Fend (882 94 9Mf -15) 648 

Key Fund Managers Ltd. (aXg> 

25, UOk St. BC2V 8JE OldOBKTO 

Key Energy in-FttL- (726 3^3-03 3.D 

Key Eqarte* Gen— S4.7 £3-69 58* 

bKey Exempt Fd. — 1355 1442jd .. . 674 

Key taeome Fund.. 166 «l3 -03 827 

Key Filed Int Fd-.. 665 • 663-.. 1225 

Key Small Co'a Fd -{>8.4 • 9XM 6 65 

KleiBWBrt Benson Unit Manag ers^ 

20. Fen church SL.KC3. OV4S3BOOO 

K.B. Unit Fd. Inc,-.H47 9L7} -12) 

ttLB. UnltFiLAc flM.7 112j) -L4) — 

L & C Unit Trust Management Lid.* 

The Stack Echange. EC2N 1HP. 01-588 3800 

^SSftes:^ W3I 5S 

Lawson Seen Ltd. TtaXO 
83 George St. Edinhurgh SM27G. 031-3383811 
tRaw. Matertdx — |EJ 33^-tig 7.» 

wAccum. Units' — 356 386 -0 725 

•Growth Fund 53.4 582 .-7J 536 

•UVecum Units) 582 435 ..— ) 328 

ttGLh and Warrant. 34 6 3*2 J L94 

icxnFcL— — Z32 Z16 __.J 

m Unite) . ZD5 225 J 028 

fflfih 1’iefd. 495 • SSM +0M mjS 

•(Aecum. Units) 67.1 72.91 +05) 1825 

Deal. tUon. -Toes. trWcd. gThnra. -Fri. 

Legal ft General Tyndall FundT 

18. Canynge Rnad, Bristol 03733X341 

(Acrara! Sjte)ZI"^96 Sfl 4^ 

Next rah. day Feb. 3. 

Leonine Adudniatratioa lid. 

2. Duke S6. London W1M8JP. 01-4889801 

&sa=izz :m a 

Lloyds Bfc. Unit Tst. Migra. Ltd.? (a) 

Registrar's DctC. Gortng-te^Son, 

Worthing. West Sneer. 01-8231388 

First iBalncd.] — ..(505 5M -0.R 4.16 

Do.lAccumJ — 67.8 7l9 ’-0.1 4.16 

Second (Cap.) 16 9 58.4-0.4 359 

Do. (Accum.) 58.4 62.7) -05 359 

Thini (Income) 795 E.7) -e.9 699 

Do.lAccumJ 1071 115.11-15 699 

Fourth (Erlncj 500 U5 -0.4 752 

Do. (Accum. J (645 Ml] -0.4) 752 

Lloyd’s Life Unit Tst. Mngra. Ltd. 
7X80. Gatehouse Rd.. Aylesbury. - 020898(1 
Equity Aecum. — -.(1439 1515? . ~J 483 

M ft G Group? (yXcgz) 

Three Quays, Tower HUl BC3R BBQ. 01BM 4588 
See also Stock Exchange Dealings _ 

American — - — (37.7 *021 J 8.W 

l Accum Unite! 312 ; dfl 0.91 

Anatratasiin P8A ^ 415) 1 1» 


(Accum Unitej. (78 9 76? I 72D 

Rwn-Mrtn.Js* 0 — [742. 76* J 318 

(Ac mm L'nJui ]89.B B2| J 3.10 

Royal Tst. Can. Fd. Mgrs. Ltd. 

54. JermynSUwet-SW L 0I-829B2S2 

Capital Fond 1684 69.0) -22) 3.79 

Income Fund ELs TzSd ~23l 788 

Prices at Jan. lSTSext dealing Jan. 3L 

Save ft Prosper Group 

4. Great SL Helena, London EC3P 3EP 
68-73 Queen SL. EcHnbnrgh EH2 4N7C 
Dealings to- 01 554 BSSO or 031-238 7351 
Save £ Prosp er Securities Lid.? 
International Funds 

Capita] [32 4 348CI -Oil 347 

LTU._ B31 24? -Di 3 94 

Unl\- Growth P7.7 620) -0Z 215 

Increasing term s Fond 

High-Yield 154 8 589) -OX 648 

mgfe Income Funds 

SSr^rr:18.S k7 ^i^ » 

VM. Funds 

UK Equity R36 46? -D5j 455 

Omveea Funds! 13 

Europe (H.8 26X -8.d J.44 

Japan (73. D 7K« *0.g 163 

IL&T- (60 9 45.4) +0^ 362 

gff fe r plmdi 

Commodity 164 4 M2) -02! 466 

Energy Ui 65 3 *o3 295 

Financial Seen &*6 -0Z 358 


W^il 




46? -05] 455 


Select Internal — I 
Select Income j 


Seotblts Securities Ltd.? 

Scetbiu 063 39M -0.7) 374 

5cotyteld.__ Si 53.91 -O.i 6.64 

Scot shares— . . Q4.9 59 pi — D 6] 626 

Scot. Ex. GO)** 0995 20691 ... J 232 

Scot. Ex. Yld. 1 #— _^QMJ 177j.. 1 612 
•Prtcen at Dec. 38. Next sob. day Jan 11.* 


Kin Limited 01-351 3466. Three months lead 361.7-365. 
moot Road, London SWIO OHS. 

CLIVE INVESTMENTS LIMITED - - 
,’ >yal Exchange Ave., London EC3V 3LU. Tel.: 01-283 1101 
x Guide as at 11 th Jannary, 1978 (Base 100 at 14.1.77.) 

• Clive Fixed Interest Capital : j 34.97 

Clive Fixed Interest Income :1 127.53 

CORAL INDEX; Close 47 9-484 

INSURANCE BASE RATES 

t Property Growth ......; 8}% 

Cannon Assurance 4|% 

* Address shown under Insurance uut Property Bond Table. 


INANCIAL TIMES STOCK INDICES 


(Acrum Unite) 

1 ’Commodity 

(Accum Units) 
"Compoond Growth . 
-Conversion Growth 

Dividend 

LA ecom Unite) 

Europe™ 

(Acru m Units) 

Extra Yield. — , — 
rAccum nihfl i) .. 
Far E HW U*. p. — 
tAecum Unhal- — 
Fnndof lnv.Tste — 
(Accum Unite]—- 

General 

(Aceum Unite) 

High Income- 

(Accum Unite] — - 
Japan Income _ — 

(Aceum. Unite) 

Magnum . 

(Accum. Unit*) — ^ 

Nldland — -2 

(Af+ mra TTnftR) 

MCiTOf— — 
(Arcum Unite) 

Second Gen 

(Accum Unite) 


26 67J 527 

62 712 +01 SB 

76 1B4J . . 3.91 

69 50 ‘ ..... 486 

112 138.4a -02 7.91 
06 Q 219.4 -02 7.0 
56 492x 3.2 

62 897 -02 3.73 

3 0 88.4 +92 820 

17.9 114.9 -HU 820 

63 - 364 -02 3M 

46 43 ( -02 328 

7.1 61/ 42 

66 73.7 ..... 421 

555 1672a -82 5.K 
375 -2552 -05 3*5 

64 104Jta -02 820 

602 1786 -02 820 

11.9 119.7 +0.< 145 

122 129.9 +03 

B92 191? -02 4.17 

2L3 235.7 -8? *27 

K.7 1651 +0.4 689 

523 2667 +06 6*9 

7.0 828n +02 469 

7J 82.9 +B2 469 
569 178 Jn +04 4.99 

392 2546 +0.7 499 

*7.4 1576 424 

82.6 1945 414 


nmeni iev 

Inienst .? 

true Unman ...[ 

Miner j 

)iv. Yield 

nqi r - m*(hjil)l"' 

nrio met) f*t) 

iga muted J 

V Mmraver 2mJ 
9 tarxelna total. 


Jan. i. Jan. j 
15 J 12 J 

77.551 77.a5. 

8a bo eo.eo; 
480-9j 479.41 
139. l! 149.4i 
5. Go! 5.60j 

17.03 17.03! 

8-38’ 8.39 r' 

6.034J 5.266i 

— 76.03| 

— ‘ 1 14.0571 3 


Jan. | A veer 

6 nen 


is 
3 ^ 

J 728 


77.97, 77.29. 
80.58-;, 80.93 
487.a[ 48425 
159.3 1393 
. 0-6a! 3.33) 

10.78; 16.83 [ 

• 8.45) 8.451 

8.978; 7.150) 
50.931 98.23 
1439a!|16.64l! : 


j 77.88| 
| 81.23| 
j 4B7.3.' 
) 136.6; 
j 5.411 
I 16.45; 
[ .8.62] 
I 6.486 
: 87.25 1 
! 18.1311 


63.16 

64.28 

363.9 

112.1 

6.18 

19.15 

7.65 

6.399 

60.08 

14.485 


10 a.m. €81.9. U slid. 488.6 Now 478.8. 1 pop. 479.7. 

2 D.m. 4796. 2 run. 4IB.8. 

Latest Index 81-2*6 8026. 

* Based M 52 per cent, corporarton tax. t N 11=8. 28. 

.aria 188 Govt Secs li'10/26 Fixed Int. 19JR. rtd. Ord. t'7/38. GtM 
i ia-9/55. SE Activity July-Dee. 1M2. 


HIGHS AND LOWS 


S.E. ACTIVITY 


CnupilatfcTO ! 



nigh 

Lots-- 

High 

Lam 


13 

. Seca— 

79.86 

1309) 

G0.4& 

(4/11 

197.4 

(9)1(38) 

49.18 

(3/1(75) 

—Dally 

Gilt-MmL.. 

IndaMries. 

168.9 

178.0 

int — 

81.87 

• 60.49 

160.4 

50-55 

iSS-Ts 

o+iay Aw'ntge 
CHlt-TOgtti... 

58.3 


(0)1/78) 

(4/1) 

MMM7! 

(3/1 /7b) 

114.6 

3rd 

B48.2 

(14/0) 

867.6 

03/1) 

649.8 

(14/9/17) 

49.4 

(28.4/40) 

199.3 

212.1 

’Uinta. 

17*L6 

96.1 

44S-S 

43.5 

Specuteslen-. 
TbtaU 

43.4 


1 10/10) 

Oft 

aEA/75fl(2fi)I0/7I: 

137.8 


FINANCIAL TIMES STOCK INDICES 

1 Jan. I Jan. I Jan. I Jnn. . Jan, i Jan. A Year 

.. — 13 | 12 j 11' | R> 9 | 6 ngn 

it/te! Group- | 206.04j 306-94 208.67 : 908.03] 911.34! 212218' 143.58 

.aani A 287^4 29A03; 229.88 289.62^32.93; 234 Jz! 166.58 

JfWti-pe .-.L.) 5>M . 5.30! 5.34; 5.35; 5^?l e.24j 6.33, 

,/laUp (dr) ! 8.65; 9.66: B.74 1 8.72 8.86- . B.flzJ 8.75 

nru ! 211.65: 212.27^213.80 213.43 2 16.7 T 217.99 155.69 


( IQ KONG 

v ■ ■ jug ftoags (Jut 13 6 


SINGAPORE 


ten 1946 | 

ratal Babbac | 


lUtau Propartlpa-. 

utmr Ittnnel 

-'Ngotaai lan.» .! 


sngJLnnd Invest J 
.ingShangtat Bankj 

QgtilmHgBaiBptM 

• sDtntennuWmml.. ■ 
aciilc Srr u rtilea...! 

Sathtsoo - | 

.Steal 

Fte. Prop......-...! 

» intiip ; 

•ride 1 

Ailtume ; | 

itoqiMBnug Kong' 
* afarden ....... . l * 

it' Marti im*.. . .. 

. Industrial 


1.47* L665 

Slm isTso 

- 33.0 

U6 1^8 
10.80 10.60 
3.97 4il0 
65.50 =67.006 

4.80 4.90 

12.60 12.60 
6.30 6 45 

16.20 17-Ox 
_ 12.30 

7.55 I - : 
10JJO- 11-50 
5,10 ' tS-30 

1.80 : 1.80. 
6 35 j 6-25 
0.58 j 0.54 . 

. 5-06 j. 6M : 


Induatriaie p 

Burta 

Boumesd CeJ 
Boutfead Bbdil 
bunfoo.. — -! 

Eaeo.. ;.i 

Amt Nmvoi 
Hear Par. — J 
Runw Ind.... 

LnctKw pc. I 

Jnrdine < 

Malay Bivu.4, 
Mauiy Conn.; 


Oi^lal&raltsTrad’K 6.55 
1.93 Times Pub. 

.45I1.4W Bwluul 3.80 
3.88. O.-Encinew 1.4* 
2.2B \V. Ort. Bh.. 2.B7 

3.® (tt'earne. 5JH . 

0^1 lyjTracfar 5.44 
139 iL-hemfcal.... 4.1«id 
£.14 IWUln Jacks. 1U7,].U 
1BI ISabbera j 

,72,'4^0'miu DiiIhiil! l.BD 

| 7Jt> .Dual pbuii'i 2.43 


2.05 2.16 

3.20 *■ '3 2b 
-1 86 , 1.87 ' 


- ' jaJtnmuutL 


Mai. TntwccQi hAW Keuije* : 3.82. 

Mel. Bx. •‘Si !>£> S.UM; ( 

m‘*fbtn.Bs: b^c :Tios 1 

Pan Elect rh-.j 1.7? lAuntral. tel. jiJA 

MUbuiHti t+i ■- 2.15 rBoi junta I i.35m 

Huthman — 3.42/x44h>Di|n r - T2.W 

shell i.B&'lJS.Kmnii ifuPO 

Ulnra llaity,.! A2F ,Kuthai (tiJ£ 

Cold tit dtkkv.; '. LOChd.Lf'wcr Peru*. - 
titraiu wcew! 2.27 - j i'Waling Tip. ff -. JO 
nthalu ritne*'. SiiLTeraeCp..) 2-11 

. , .t+i^J U.1„ S.*3 ;r«nrl.«hH+>.'2J 2 2.7F 

J tBuyer! — Cnourted. l Sailer. TTraded- . 
-m Ermrtldend. ' 


lAecum Unite) — ..(1816 1945) ] 414 

Specialised Fexdt 

Trustee Mf.l 146.B -«.ti 447 

tAc Him Unite! Zbl.8 Z7h2j -OBI ^47 

Chraibood Jan. 10 _ 1184 H -I 183 

Charltd.Jan.10 147J 149. H ..—1 7JB 

lAcnlm. Unite] 1758 1733 J 728 

Pom Ex. Jan. feSB 131 9) J 5.S8 

Manulife Managemeat Ltd. 

SL Georgia Way. Stevenage. 043858101 

Growth Unite. (5U 5*8) -..J 576 

Mayflawer Management Co. Ltd. 

M(18 Gradual SL.ECSV7AU. 01-8088099 

BSSa&fcB 1 - ^}:d 1% 

Mercury Fated Manager* Ltd. 
aqCrostmm St, BC2P2 EB . 01-8004555 

Merc. Gee. Jan. 11 - pH 6 288 J 425 

Acc.Ute.Jan.ll— _Z1A8 2JT9T *65 

Stare. M. Jan. U_ 562 59M 129 

Accra Uta Jan. 11 _ 18 3 643 .._. 129 

Mera&«J>ec.a»-. ZOGA 288.4 4« 

AecemUteDec.28.&2 2*6B| — -J **0 

kfidtand tteak fQnmp 

Unit Tnut Bteiagera Ltd.? fa) 

C j xitt Ci w o w d Hog s«l SUvnr StroR. B«d. 

Sheffield, S13RD7 Tat 074279842 

Commodity * Gen!. B4.7 • MB -Oil 3J5 

Da Arana. HL1 66.9 tlj 

Growth 32.4 34.7 -0.1 153 

Do. Accra 34J 36.7 — 0 J 353 

Capital ZS.9 25.6a _... 3^3 

Do.Acrom 25J 27.6 .... 3» 

Income 49.4 52.8 -0.4 t07 

Da Accra- SJ 58.9 -0.4 6 07 

International 382 40.8 +02 3.05 

Dp^Accnm. <0 3 433 +03 

HUh Yield 9)3 ■ 63.7 -03 8.00 

Da. Accum Ul 7 657 -o3 8.« 

Eqaity Exempt* - 197.8 113,7 | 5.08 

Pa Accra- 107. B 1137) | 538 

' * Prices at Dec. 30. Next dealing Jan 31. 
Mbuter Fond Managers Ltd. 
MUraterHsft.ArtharSt.ECA. .014231050 

"Mid IS 

ML* Unit Tnut MgemnL Ltd. 
OMQoeen Street, SW1H9JG. 01-9807333. 

MLATMta (37.9 39J| „.. 4 4-Z7 

Mutual Unit Trust Managers? (xKg) 
15, Oepthall Av&. EC3S7BU. 01-8084803 

Mstual Sec. Ptss.. -1495 S3 “S-51 6-S 

Mutual Inc. Trt - ,1669 TO -0-4j 7J4 

MuaralBhroChiU-KZJ flfcjl-Oij 5.TO 

tarrm.1 Hl yh Yld [Mfl 65J* -0.3) I.M 

NMuiI and Commercial 

31, St, Andrew Gqnre. Edinbun h 031-558 9151 

Income Dec. 29 (1512 15A8f 1 5A6 

1 Accum Unite!. — .Q92J SOn | 5.66 

Capt.-Dce.29 DM.4 13*3 300 

iAXCUm'lhilU) p5b0 16in I 3 20 

National Provident Inv. Mngra. Ltd.? 
48.GncechiircfcSL.BC3P3HH oi«s4aoo 

KP.l, Gth.Va.Tst . .. M6.1 49 W -| 

(Accra UnrtsT— SSS 59.1! — 3 AS 

Nno*e«raTnut_p»2 128.* - J 3J* 

EAccucl U niter* -.0205 127? ..-1 3J0 

- ”Pnc«» he Dec. XX Next dealing Jan 28. 

■Prteea Jna * Next dealing Ja nr 18. 
National Westminster?!*) 

IfL Cbcaprtdft EC2V 8EU OJ-d08 B08j> 
Qq4ta l lAcrum) — 159.7 M.B -U 4» 

fiaralnc.—,— — (45.4 705-0.6 7.24 

Financial ^-,K.4 35.9^ -0J 109 

GnroHrlnc . . K?7 604*3 -0.4 491 

inenmy ■■ p5 « 38AJ -I3J 629 

P«tSllaIs«.FiL_pS2 73«d 558 

NBL Tnut Managers Ltd.? (aKgl 
Milton Court, Darting. Surrey 3911 

Nel*tar._- L .162.0- fi&2) -0AI 496 

Netetnr High Int _|49J . El) -dll *59 

New Coart Fond Managers Ltd. (g> 
72-80. G at eh ouse Rd. Aylesbury. (QHSNl 

N.C.EqnterFnatt_(l550. lhiM +2-0 314 

N-C^£3tea.Trt.- 92.7 98.6 +04 2.94 

X.'CJnSmeFd.^r M31 ■ 1522 -1.0 6 99 

N.C IntereaLlne- 69 0 734 • 243 

N C.InkiBat.Acft. 69 0 734 223 

vr.snl Ca F±_ (149.2 15«S -1 If 440 

Norwich Union Insurance Group (bl 
P.O. Box*. Norwich. NRl 3NG. ' 080322200 

Group Ta Fd (303 3635J -19) 472 

Pearl .Tnut Managers Ltd. (aKgXs) 
252 High Bolbcrs, WC1V7EB 01-4858441 

Pvert Gro+ith Fd— .02.7 245] -02 457 

Accra Unite Kj 2L2 -03 457 

Peart inc, ,Si 32.7 -0.7l 6«& 

Pv*rlUoitTrt. — _p4 4 37 Sa -0 4) 48* 

tAecum. Unite) __|o8 flj\ -&d «M 

Pelican Linlta Admin. Ud. (jeXxl 

81 Pouniaia 8k Maachesier . 081-2385885 

PoUctti Unite (795 ' 854 -«J| ' *.*» 


Gn%TlUaiLll 

VHae raxnily Fd.... 




Target Tst. Mngra. Ltd.? (aXg) 

31. Gresham St_ EC2. Dealings. Q2965P41 

Target Conranodlty [31 4 33 W -0.1 454 

Target Financial _ »3 Wi -05 *39 

Target Equity 363 39.8a -0 7 5 JA 

TmgrtS.jin.Il. 2995 237.1.... 5.B 

*Oo Ace. Unlte-_ 277.8 2S7.4 .. 5.95 

Target Gilt Fluid — 123.B 1293 +L1 3B0 

Target GfOTih 292 3X4 -C.« *71 

TSrert InlL 222 23 9 251 

trafemv. Unite-. 245 26 .J +03 .131 

Target lav K< 305 -0J 354 

Target Pr. Jan. 11 — 160 7 .2695.... «J0 

TgLIne. 293 • 31A +02 857 

Tgr. Prat 14 6 lil +07 1036 

Cvm G rowth Fd._ PB J -19 ^-o3| 434 

Target Tst. Mgrs. (Scotland) (aKb) 

UL Athol Crescent, Edta.31 03122300212 

Bxm Income Fd.._ra0 3 64.? +0 1) 932 

Trades Union Unit Tat. Managers? 
160. Wood Street, ECi 01-6288011 

TOUT Jan. 3 tSU 541] 1 4.96 

Transatlantic and Gen. Sees. Go.? 

81-99 New London Rd Chelmsford 02*3 Si 681 

" — +» tme *Ld ...... SJ8 

12X2 ..... 558 

844 383 

8BJ 439 

*7.7 .... 439 

1Z7J -iJ 533 

iS' 

615 429 

%\ = i§! 

•• 49.4 — 254 

543 2.44 

5X1 328 

- U< 35* 

75.2 759 

45.9s 5.9* 

463 594 

.63.7 ..... 4 99 | 

745 4.99 

694 -0.7 156 

74 5 -Di 8 » 


Artrothnot Securities (CM UmUed 

P 1 1 Bov 284. St. lie her. Jerinj- liKH 72 1 77 

rap TN.'Jencyi ,0218 125 0| •[ 350 

Neve dealing date Jan 2* 
KartilntlTttlCT) W59 1120) ( 335 

Nest sub Jan. 38 

Austrfellu Selection Fund NT 
Market WpmtiiniUea. r b ln«h Yi.unjl 4 
nuihnmitr. 127. Aem SX Sidne, 

ESSIShara*. W5138 - | _ 

Set asset value Jan r. 

Banque Bruxelles Lambert 
2. Rue dc i8.BeB*"re R 1000 Bruftela 
Renta FnodLF -1X9*1 2.001) -jj 132 

Bk. of London ft S. America Ltd. 

4038. Qoevn Victoria St BT4 81-8302313 

Alexander Fund I fL : 54Bl | j _ 

Net awrt value Jan IX 

Barclay* Unicom FnL (Cfa. Is.) Ud. 

L Charing CtoM.SLH4liftr.Jra>. 05W77M! 

OypTratetoe^-gM S3-M-0.6I 95* 
I'nidoJIaxTruJt. --W. : S*95 18^-9jR] 470 

•Subjert to fee and withholding uxea 

Barclay* Unicom Int. tl. O. Mu). Ltd. 

1 Thom* Su Doogta*. To M. 0824406 

L'nlcwn Anrt-Bu. WJ 395ri .... 320 

Do Ante. 20a— ■-•• • 23.1 250 

Dc.Gitr.BemSe-.- g.O M.2 - 

Do tall- larame — W5 Oi 420 

Do.LofMaaW-— g.9 SXQa 838 

Do MawrUatCtei - SJ 24 C 350 


Do Atut.JOa_»- - S3 23.3 250 

Do. Grtr. PamSc- — M-f M.g - 

Do. Inti- Income — 395 4X9 420 

Do LoCMaara 47.9 SXra 838 

Blshepsgate Commodity Ser. Ltd. 

P Ol Box 4t, Dooglas. I.B.H 08M-238U 

ARMAC-JW S--1 5UOM9 J | _ 

CANRH(P*aan.l..l 0.031 J .... J _ 

COUNT-JM-3 . I C25M I . — 

Origirally rawed at *510 and — £1.00. 
Bridge Blxnagrabnit Ltd. 

F.a Box SO* Grand Cayman. Cayman U. 

g^BSrfc Jojzr ' 1 - 

Britannia Tat. Mngnrt. (CT) Ltd. 

30 Bjah SC SL HeCer. Jersey. - 0S34731M 

Growth Invert BX9 MJrf -1 n 440 

intni Fd-. — p 9.8 UU -3jl L00 

Jeroey QiergyTst. fijr* 14*53 -103 X50 
UnlndDfa-.Trt jg-O-jq -- 

PnivslSTstSlf. -(£257 539) -COS L88 

Value Jan. 13. Next dealing Jan?l* 

BotterflaU Muage m ent Co. Ud. 

F O. Boa 188. Hamilton. Bermuda 
Buttress Equity —.1505 L9g J 208 


Prices a* Dec. l! Next 


ab nay Jan.* 


ScUesinger Trust Mngra. Ud. (aRx) 

ilncorporating Trident Trusts) __ 

140. South Street. Dortrns 10308)88441 

Am Exempt* —1189 19 9) ... 50 

taGroA M5 26.4 312 

Exempt High YldA 25 J 27 j -.. 856 

ExMntfMks.Ld».*M9 265 431 

Extra tae-Trt. 29.6 3X1 -83 9.41 

Income Dirt. <10 44.6a +4J 939 

lac. 10% Wdrwi.— 3X6 343xw — 

Intnl Groirth__.__ *85 432a '-43 356 

Inv, Tit. Units 23.9 23.7 -03 4.41 

MartetLeadttS.— 2*5 3a.< -OS 4.42 

■NU yield' 27.6 29J 051 

PraXteGUlTrort- 237 SJ . 2X08 

PropeitySum— 273 293 -03 53* 

SocctalSitTW 25.9 271 ...... 239 

UJC Grth. Aceum. 94 254 -03 553 

U-K.Grth.DteL (193 2X2) -0j) 553 

■Next sob. Jan. & • 

J. Henry Schrader Wsgg ft Ool Ltd.? , 

123, Cheopeida, E C2. 0XMI54M 

Capital Jan.)0_— 96.9 1054a ..... 251 

(Accum) H6.4 1203 ..... 551 

Income Jan. 10__ — 17*8 184.4a _.... 6.82 

(Acrum Unlla) B93 26*3 . — 6K2 

General Jan. U 773 50 5a 3.W 

(Aecum Unitsi 955 99] 3.47 

Europe Jan. 12. 265 27.1 .... XIO 

(Aecum Units) fflj 333 ISO 

•PUCbyDee-lO 17X9 1772 .._. 3 65 

-5pectfcx Jan.il... 2146 _22l3 381 

-RecavcfyJ4n.il — pBZJI 29*4) 438 

- *For tax exempt (amis only 

Scottish Equitable FntL Mgrs. Ltd.? 
28SL Andrews Sq..Edinbnigh (31-5589101 
Income Units... -.1507 5401 '. .. j 531 

Arcnm. Units 9 6oj| J 5-0 

Dealing day Wednesday. . 

Sebag Unit TbL' M anagers Ltd.? (a) 
PO Box 5U. Bcldbiy. Hse.. EC4 01-2983000 
Setn* Capital Fd. -B3 34 « -0.4) 331 

Sobng Income Fd. -P9.8 31^ -05j 7.98 

Security Selection Ud- 

15- ID, Lincoln's Inn Fields, WC2. 01-8318B9M 

Unvl Gth Tst Acc Bi 2SJJ J 3.79 

UaviGthTktlac — .P0.7 223rt( .... .( 334 

Stewart Unit TsL Managers Ltd. (a) 

45, Charlotte Sq.. Etfinburgh. .' 031-2283271 

Stewart American Fond 
Standard Units — 1554 55.7] . — .] 180 

Accum Units 156.4 603] — J — 

Withdrawal Units.. |431 <59l — .J — 

Stewart British Capita] Fuad 

Mte-r W ^ “J - 50 

Shu Alliance Fund Mngt. Ltd. 

Sun Alliance Hse . Horsham 0409 64M) 

nEel?ini)t Fd.... 


Capital International S.A. 

37 rue Notre- Dame, Urztsabourt. 

Capita] Int Fond..- 1 SUS15 43 | 4 — 

Charterhouse Jsphet 

1, Paternoster Row, EC4 0) 248 3809 

Adiropa— tDUnte a4«*«38| 5.73 

@«6.« rtS+OJB 5.48 

55sSa==EB § 1 ^° ts. 

CornhflJ Ins. (Guernsey) Ltd. 

P.O. Box 137. SL Peter Port. Gu eraser 
Intel . Man- Fd (1638 171# | - 

Delta Gioap 

P.O. B«t 8012 Nassau. Bahamas. 

Delta lav. Jan. 10..BX21 1271;.. .. | - 

Dentseher Investment-Trust 
Posttach 9886 Biebergaase 510 8000 Frankfurt. 

s g s &^jsa igjd - 

DreyfBi -Intercontinental Inv. Fd. 
P.O. Box N3712. Nassau. Bahamas. 

AV Jan. 19 m«l» O -8.40) - 

Earn ft Dndley TsLMgtJray.Ltd. 

PO Boa'S. SL HeHer. Jersey. OS34 S(Q81 

EDJjCT. {128.4 12*1) . | _ 

F. ft C KcnL Ltd. Inv. Advisers 

Poantary Hill, EC4R OB A 


CftnLFd. Jtui.4 1 


FldeJit>- Mg ml. ft Re*. (Bda.i lid. 
PO. Btn 670. Hamilton. Bermuda. 

Fidelity Am. An 5FS39B6 _ I - 

Fidelity Int Fund SL F17 65 -05!j _ 

Fldeliry Par Fd. . Si:i0777 _ 

Fidelity WrldFd... 51*5118* -00! — 

Fidehtj-Ser Fds - | _ 

Serins A (lute! ■ CVS -DISi _ 

Series B iPari lieu,- £538 .... ] — 

Sene* D ,Am Asa £12 69 •• - I — 

First Viking' Commodity Trusts 
B.St GMrfie'sSt.DooflaftloM _ 

0824 4882. Ldn A&« fkmhar t Go. Lid. 

53. Pall Mall. London SWJ75JH 01 aja TR»7 

Frt Yik.CmTst_.H8* *13 1 650 

Fst Vk-DblOpTst lOO 89 0«t . ( 380 

Fleming Japan Food S. A. 

XT rue Morr»Daxne. LuietubmiTp 
FlragJaa II | SI SMBI | ... J - 

Free World Fttnd Lid. 

Bunerfield Bids. Hamilton. Bermuda. 

NAV Dev 30 | SKS1M 95 1 I - 

G.T. Hanagenmt Ltd. Ldn. Agts. 
Part Hse. 18 Ftnsbnv Ojcta. London E'.'l 
Tel 01-828 8131 TLX. 888100 

Kaaaaestrai luluuafluaal Ltd. 
c.'o Bk. oi Bermuda Frost SL. amln Bmda 
Aaebor-B- Units. .BUM 77 BJ3-003| 360 

Anchor Int Fd ... PUS376 HM-flll] 503 
G.T. Bermuda Ltd- 

8k of Beranda. Front X. HamKa.. Bmda 

G.T. Mgt (Asia) Ud 

Hutchison Hie. Hetsuit Rd. Hoag Rods 

G.T. Asia F. ..(ST5719 7.48 .. . I 581 

G.T. Bond Fund ™..r 5U51X98 1+00^ 536 

G. T. Management (Jersey! Ltd. 

Rural Th . Han. Colomberie. SL Heller. Jersey 
CT. A«U Starting-- 10054 U53) | 110 

Bask et Bomnda iGvawy' O d_ 

31-3* 1» PofleL Guernsey. O48I-S028B 

aszfsssfe m US 

Anehor I^ttTrt- - k2j4 24U| ..I 3X3 

Gartroore Invert. Ud Ldn. Agta. 
3.SL Mary Aae. L ondon. EC3. «1 2S33S31 

Gratman Fund ItagL tFIr Bart) Ltd. 

1803 Hutchison Ha ft 10 HarcQnrt M. HJCong 
HK fc P»c. U. TH. -tea L«-C»5I 2J4 

N*^Lmcri cxnTH. _ BTSiJ? .... I — 

Iirtl. BoodFund pTSLZl UteS) 1 — 

Caifiaw t Inotmt Map Ud. 

P.O. Bax 3* DcraglaxJtdL 08242381) 

latcr&adooal IneTteXS 259] . .. I 1X20 
Do Growth 1541 5*3rt . I 531 

Hxmbra Paetfie Fond Mgmt Ltd. 
212* Coonaoitat Centre. Bong Kong 
FarEartJan.il — -BL-^ _ • • -1 - 

Japan Food _.plT549 5J3) I — 

Banodrroa (Guernsey) UdL/ 

Ham bra Fund Mgr* (CD LUL 

F.a Box 8* Guernsey 0481 38521 

CJ-Fund 0436 15591 J 398 

Intel Bond — gsHlfl J SUM - ■ J *50 

IntEouity— BCa 7* laJte f 259 

Int Savings ‘A’ OTWW 1M *00 

tsLSsvtete'B* Roart . ...| 2.50 

Prices on Jan. 11. Next dealing Jan. IB 

Bemdemsu Brazing Fund Mgr* Ud. 
P.ttBox N4723, Nassau. Bahamas 

jinT XiT Ne^i doab ng^ste Jan - 25. 
HID-Sanxnel ft Co. (Gnernsey) Ud 
8 LeFebvt* SL. Pater Port Goenuey. Cl 
Guernsey Tst R554 1*30) -15) 355 

Hill Samnel Oversea* Fund SJL 
37. Rue Notre- Dame. Luxembourg 

fr-am ikni+ojij - 
lutemationsl Pacific Inv. Mngt. Ud 
PO Bos R237. 5* F1K SL Sydney. AnsL 
Javelin Equity 7H-.pl 84 X9*cf J — 

JJLT. Managers (Jersey) Ltd 
POAm IM. Roya) Trt. Har . JersryOtD* 27441 

Jersey Extrol Tst . [03 0 1385) I - 

As at Dee. 30 Next sub day Jan. 31. 

Jardine Fleming ft C* Ud. 

48th Floor. Qmnaucht Centre. Hong Kong 

Jardine Ertn Trt.. SHK2 1Xg9rt 340 

Jardine J pn. Fd *• 5HK262 72rS i.10 

Jardine s£.A. .. SUSU.80 2 60 

Jardine Pklp.1V*. SXSU.*0rt 360 

Jardine FlemlntT SHX*9Srt _ - 

NAV Dee. 30 ‘Equhaleat SUS5K75. 
N+xt suh. Jon. 1* 


Kemp- Gee Management Jersey Ltd 
I.ChsnnRi’rw.St llelier. 'ctwT. 0534 WV4J 

Kemp- flee Cap, tel 186 4 0411 | - 

K+mp-f^ee Income. 164 7 66 8) 1 8-7® 

Krydelex Mngt. Jersey Ud 

PO Bosm.SLHelirr.Jmpv >Knq 01-808 7070) 
Fonaeley .. rrLjn LSWI .. . 3500 

Kapekthli - ■ 15-66 62t *78 

Kejoelex Europe - (3 77 4 1b 397 

Japan Gth. Fund .. 519 8$ ZUJ — 

KerseJex Japan .... £7.*9 8 17 -0-' — 

Cent Assmrap . (12497 .05, ” — 

King ft Shaxson Mgrs. 

1 Chasing Cross, sc. Hp!ipt. Jersey 

1 Tbornat Slrcef. Dnuclax. We or MSS 
Gill Fund 'Jersey ' - 1“ 2* » 3 M . . 1®50 

Gilt Trua-.I o.M-i -I11B60 1+1751 .... 1 U> » 

tall. Sort. Seen Tsl 

First SIcrllnB - E?*S 15.W I - 

Fir.; tail Bl Si 77 45 INS ... 1 — 

Kiris wort Benson Limited 
20, Fenrhureh SL, B3 01-8238000 

Eurinvert. Lux. F i 1004 1-tJM «98 
Guernsey Inc „ _ (583 63 *1 .. . I * « 

Do Amun |71 3 77 X ...... I * 1* 


Save ft Prosper Internationa! 

neoilnc to- 

77 Broad St. SL Heiier. Jeraer OS 
FA Dollar- di-eomlnacrd Rmb 
DIr.Fxd Ini “X ..19 34 * 92rt .... 

Internet. Or. ‘t....... Ik 13 66K .... 

FarK&nern*: (3189 3**8) 

North American*? 346 3 75) .... 

Sejiro--: Bl Stift U(d| .... 

Sterltec-dencadaated Fends 
Chanr.ri Capital*. 12132 224.5x1 -X 


pita I i. 12132 224.5a* -X5J 1 9* 

ruannel lcJandFe„ lies 8 lSX4tt-l*j *93 

rwnmodils***! 112*0 130lM ... J — _ 

St. F+d. Ini — t —.tlM 7 1 W 71 

Ivlrev on -Jan in. *-7311 4 —Jsn 13 
IWrrklv Drallnt' 

Srhlesinger International MngX Ud. 

4I.UiMonnSt.<a iipller Jpr-er 0534 TWtA. 

S-Xll |8LOO 8680] . I *43 

SADI. .64 00 89001 | 449 

Gilt Fd . 25Jt .. 1087 

let! Fd. Jersey .. 97 0, lOZffl \ 368 

mini Fd Lunbrc... |lTS9S* 10.3*1— DJTh - 

Schrader Life Group 

Enterprise Huiw, PurtMinrnh. (7705 2773S 

Inlerosibrasl Fnnda 

CKquite 110X5 107-3 .. . - 

SFqutfT his 1 UO J) .. — 

IFuralairtMl [1411 - 150JI ... — 

5Fixed Inlerast 1)052 1087] — 

[Managed llZLS 129 fl — - 

SMansgcd 1)07.7 1145) — 

J. Hturt Schroder Wagg ft Co. Ud 
120. Chrnpdde. EC2. 01588 4000 

OirapS Jan. 12 ... .1 5T.S1062 +004 563 

Trafalgar Nov. 30 ...I SU 5103.08 - 

Arian Fd Jan. 0 _ hrSISTI UJt ... *73 

hcrlinc Fnd. ISA171 1 02 520 

Japan Fd Jan. XX. |)VS554 S 04+OJ7 - 
Singer ft Fried Under Ldn. Agents 
. CO. Cannon Si ,ZC4. 012W9W* 

Dekafcmds- pU2644 378«+Jj Wf 7*1 

Tokyo TSL Dec. a .| JIS2916 | .. I 2D6 

Snrinvcst (Jernej-) Ud ixl 
P 0 Bnx 90 St Heifer, Jersey. OSH 73873 
American Ind.TR . IU 47 6 68f+0U| 152 

CopperTrurL .. .p8J9 10A1 +0M - 

Jap. Index Tu. - MZ 04 82lJ*0M — 

Surinvest Trust Managers Ltd. (xl * 
4* Ajhol Street, Douglas, In M- 0624 29P14 
TheSlUevTruw 1988 10011 . j - 

TUchmnnri Band 07 192 0 202 U ... 985 

Do Ei-erg rern 1237 8 250 3) . I 884 

TSB Unit Trust Managers (C.l.i Ltd. 


86 IX 

f 8.43 

89 DC 

449 

25J 

ID 87 

:ozc 

.. \ 368 

M.J< 

-055 - 


20, Fenrhureh SL. EV3 
Birim-ert. Lux F 

Guernsey Inc 58. 

Do Acvum...— 71 

KBFhr EtettFd. 

KB Inti Fund 

KB Japan Fund. ... 
KB l/AG*tii Fd. 
SiSDetB+rtntMla .. 


1004 

■3 63 

3 77 

sum 55 

tl'SlO 58 
SLS305 
510 71 
KSl 21 


•Lnthmds'lW _ >18 10 14JO)*Oj6| 890 

*KB art ns I an do 3 panne agents only. 

Lloyds Bk. (C.I.I LTT Mgrs. 

P O Box IBS. St Heltr-r, Jcteev 1534 27501 

UtyilKlM tTieas. 1513 530 -I 245 

Next rleaiing date Jan. 10 

Lloyds International MgmpX S.A. 

7 Rue dhi Rhone. PO Rni 170, 1311 iBMteva 11 
Lloydi Int Growth IVmU B| ..I 500 
Llnyds Int Income IMTW5I JUIR I 6J0 


M ft G Group 

Three Qotra, T'+rr H1JI PCJR 8BQ 01-828 4S® 
Atlantic Ex Jon 10(n.S3 4? im ..I — 
Aurt. Ex Jan 11.... I|j 'SI 75 1« . — 

CoUlExJaB.il ._fes»35 UM . I 

Ulaod -.109* 117 B -0.5) pa 

lAceuaUnlUi— - 11536 1635) -06) 93J* 

1 Montagu Ldn. Agta- 

Brond SL. ECJ2. D1-SCS84 

-H Deft31_(SF475S 51601 | — 

Elec 31 RHK9B7 9)tj ... J XJ 

ip Dec l* _prsi» dm ...IJ x< 
py Dec. 14- 1£4 65 51K .... - 

rseaaDcM IE10 7Q 1180) . .. | — 


Samuel Mtmugn Ldn. Agta- 
114. Old Broad SL.ECJ2. 0I-5CS8484 

Apollo Fd Dee.31_teF4735 51601 ..-| — 

JnrfcrtDec 31 — IHK9B7 97*1 ... J 1* 
llTGroupDec 14_ WSUJ6 da ...J X91 

117 Jersey liee. 14- £4 65 5 3E .... - 

1 17JrryO'seaiDel4 IE10.73 1X80) . . I — 

Murray. Johnstone (Inv. Adviser) 

183. Hope SL. Glasgow, C2 041-221552] 

•HoprSt Fd 1 6VS27B8 I ... 1 - 

'Murray Fond SCS988 | J — 

*NAV [Vr 3L 

Negit SJL 

10a Boulevard Royal. Luxembourg 

nav jan 8 I $inn I I — 

Negit Ltd 

Bank of Bermuda Bldg* . Hamilton, Brtntta. 
NAV Dec SO. ..| £363 ) J — 

Old Court Fond Mngra. Ud 
PO SS.St.JullRBsCt.Currasry. 048128331 

Eq FT. Dec JO W9A 5551 1 2-» 

Inc Fd.Jan.3-- I159A 169 H 4.45 

Ina Fd Dec 15 ltt.7 87.6m J — 

Sat-CoFtt Dee JO- flCA 15X3 1 313 

Old Court Commodity Fd Mgr*. Ltd. 
P.O. Box 33. Sl Julian's ft. Guernsey 04*1 £8741 
P C Com dtyTst *—|125.4 13591 -591 171 

OC DUr.Cm.Trt— IS2538 26.991 j — 

■price* on Jan. 13. Next dealing Jan. 31 
T Price on Jan. 8 Next dealing date Jan. 23. 

Phoenix International 

PO Box 77. SL Peter Port, Guera*rv. 

Inter-Dollar Fond- |A'KX27 548) .... J — . 

Pr op erty Growth Overseas Ud 

28 Irish Town. Gibraltar tCIMfllM 

US Dollar Fnnd ...I 5LS98J6 ] J - 

Sterling Fund I £12912 | .| - 

Soya] Trust (CD Fd. Mgt. Ud 
P.O Box 194. Royal Trt Hm, Jerxcr. (63427411 

KT.InlTFd B.I9I26 9651 .. .. I 308 

R.T Inll (Jt«.>Fd. B7 9l| . ... I 3.2 

Prices at Dee. IS. Next dealing Jan. 13 


_ Bagaietlc fit*, St Sartmir, Jcr+ey. 0U4734M 
580 Jersey Fund . — 144 3 46 6nl .. I 412 

5<n Guernsey Fund ...|443 466>a ... ] 412 

_ Purr*, on Jan. 17 Next sub day Jan !* 

— Tokyo Pacific Holding* N.V. 

. Intlmls MnnaceRH-ot Co. N.V, Curacan. 

' NAV per share Jan. B. SUS40.IR 

^ Tokyo Pacific Hldgs. (Seaboard) N.V. 
_ Inti rail Management Co N.V, Curacao 
NAV per share Jan. 0 SUS2921 
Tyndall Group 6534 37331 

Hamilton. Bermuda. * SL Hr Her. Jersey 
Overseas Jan. 11 

— i Aecum Units' 

TASOCJan. 11 
3-way UL Dee. 

TOFSXJan. 11 

ida. ■ Acrum. Shares 

— TASQFJan. 11 . 
i Accum Shares) 

JerseyFUJan.il 

£ <ion-J. Ace. UU ) 

rUtJaa.il 

558 (Accum. Shores' 

*4$ Jnt.Uio.Ptc : 

UKL Intnl Mngmnt. (C.L) Ltd 

14. Mukarter Street, SL Helier. Jersey. 

tjL 1'J.B.FUnd | SUS100 J... I *2f 

874! United State* Trt. Inti. Adv. Co. 

371 H Rue AldrlngGT. LuxembouTf. 

— D.S Trt. iDV.FUd. | 5US9.58 I ... I 096 

11 Net asset value Jan. 11. 

21 S. G. Waritnrg ft Co. Ud 

30. Grortiam Street. EC5 01-8004335 

Cn.8d.Jan.12... — I 1US 921 I4M - 
Eu£:.lnL Jan 12 5t'S1532 -OOlJ — 

— C-r>-SFd.Doc31_l Sl’StJO J \ - 

' Uerom7EbdFd..,jsUS997 »« ...1 - 

Wtxborg Invert. Mngt Jray. Ud • 
8108 1. Charing Ctom.SL Heller, Jsy.ft 003473741 
- CMFUd Pec.28,.BCSnU HflJ j — . 

- CMI Ltd Dee. 2d — IE1X55 1XH I — 

MctalsTrt.Dec.15.a520 IZJffl ... j — 

TBIT Dee. 8. .teMJZ 95Al - I — ■ ( 

TNrrLtd Dee.*.... .6933 935 ...l - j 

World Wide Growth Management? ' 
3.2 10a. Boulerard Royal. Luxembourg- 
2 Worldwide Gth Fd SUS15SZ 1-0.111 - 


INSURANCE, PROPERTY, BONDS 


Bnrfaicatt Jan Et 
LAcrnm. Unite, i - 
Barh-Euro.Dec.Z8 
Bnckm Jan. 12 
(Accnm llaits) 

Colemco Jan. 8 

(Accum Unite] 

C acted Jan. II 
tAecsm. Unite) 

Glen. Jan. 10 — 

(Accum. Unite].. _ 

Marlboro Jan. K>_ 

(Accum. Unite) __ 
VanGwth.Jun.10 
(Accum. Uni 
Van 'HY Jan 
Vang.TU«Jun.'ll 
(Accum. Units, i i . 

WiekmorJan. 12. 

(Accum- Units)— 

Wick Die. J an 12. 

IX) Accum — 

Tyndall Managers Ud? 
l&Canynge Road. Bristol 
Income Jan. If - HM6 11 

lAecuta/Uftfut 
Cap. Jan. IX,.. 
lAccum Units). 

EsemptDw 30 
i Ac cum. I aits). 

Caoynge Jan. U 
lAccumrVmitst 
Int Earn Jan. 11 


Abbey life Assurance Co. Lid 

1- SSLPtenr* Churchyard. BC4. 01-3480111 

Equity Pttnd 05.4 37JI — 

Kqtejr Acc. 2U ID .... — 

Property Fd 138-S M5.S - 

Property Ace.. IM * 1H.D — 

SdectewFand—. IM 88.5 — 

Convert! fcde Fund.. 127.4 1345 — 

money Fund 11*5 U*J — 

Proi. Property — 16X6 17112 — 

Pena. Se lectiv e 793 KJ — 

Pena. Security 1 9 X 1 1 13*1 V,... — 

Pena Manned 16X7 17*7 - 

Pena ^ulls — 156.8 16*J . — 

trP«ftF4Ser.4_ L19J 12SJ — . - 

ertte Kd Sct*.— 12*6 USA — 

CKq nH+r Fd. Scr. 4 R9 H7 ... — 

eCoov/rd. Sen*!—. 18*9 U*7 — 

yUaoey Fd- Scr. *_ 1872 115? *_ 

Prices at Jan. 'VO. Valoatioos- normally Hies. 

Albany life Awrarance Co. Ud 
3X 0M Burlington St- W X 01-4375881 

VEquBy Fd. ACC [1715 

PPlkedlaL Acc 

fGldJ*onqrF>XAc.. 
yintlJ lsn F ttAcm. 

fPropFd-Acc 

*!Cpfe Inv. Arc- — , 

Equity PetUtLAec. 

Hxeo LPcn-Ace — . 

Gtd-Mon PtrtAcc. . 

InlLKtePtiFdAcc. 

PropJeteAee 

ITple InvJ'etLAcc 

ABIEV life Auozance Ud.? 

Alma Bee, Alma Bd Rrigile Rdfrte40ML 

AHE4' Managed _D2i 9 13*81..... - 

AMEV UW5 1153 ...- _ 

AMEV Hooey Fd — 1B33 18*6 — 

AilEV Jlgd-PenJd 10X7 1875 - 

AMEV MgdJen.'B* 102J 18*1 — 

Fieri plan — — f99.4 Um| — 

Arrow life Assurance 

30 Uxbridge Road. W15 01-7408111 

S«a»UU = 

Barclays life Asrar. Co. Ltd 

252 Rom/ ord Rd, E7. 01-834 9844 

Bare lay bends* [1312 X2M| .... J — 

®fcL=E i&hi “ 

Propt-rty - fll . • 102 J3{ — 

Ua £*& fd M* . 3S3 +0.41 - 

itaSii AeSra! 9*1 

Do. initial 97.6 

Gilt ZdfPenaAec— 1*5 

Do. Initial— WA 

Money Pens- Acc. — 16.9 

Do Initial , —195.9 i*ij* j — 

"Current unit value Jan. 18 

Beehive Ufe Asrar. Co. Ud? 

71. Lombard SuEftL. 01-88312B* 

Black Horse Bd..., . J 13251 | I - 

Canada Life Asraraace Co. 

2- 6 High SL, Porters Bar, Hots. P.Bar 51132 

Grth.Fd.Dee.3--l SO I .....J - 
HetniL Fed Dee. 8 _ [ 1165 | 4- — 

Cannon Airarance lid? 

L Olympic Wy, Wembley HASTOTB 01-003 B0ta 
Equity Unite [0655 — -0B2J — 

5/Ki'nc7. Q1B2 iXM -883 — 
ft^Wd Ex«:_ 3545 1X17 ... . - 

BaL Bd./&cc/UnU, 0572 13.44 -081 — 

Deposit Bond 189-3 115.7 — 

Equity Accum. ___ 167. — -1 

SS^erty Aecum. OJiS - - 

Magd. Accum. 1X552 — — _ 


Credit ft Commerce Inrarancc 

120. RegmtSt, London W1R5FE 01-6307081 

CACMnntPtt. B2X0 ISO? -..| - 

Crnnder Insurance Co. Ltd. 

Enrols Hnosv, Tower PI, EC3 01-B388031 

Gth Prop. Jan 3. — 145.9 75? J - 

Eagle Star fnsni/BCdZaod its. 

1, Threadneedle SL. EC5 01-8B812U 

Eagle. Hid Unite — [503 552) -0.7] S B* 

Equity ft Lew Life A as. Soc. Ltd? 
Amerrtiani Road. High Wycombe 048433377 

Equity FU. Q057 ■ US J -UJ - 

Property Fd. pB14 186.7 ..... _ 

Fixed Interest F. _. 11135 119.4 +03 — 

Old Deposit Fd. — H74 1855 . .,. — 

Mixed tdT- 1 1068 1 -0.4| - 

General Portfolio Life Ins. C Ud? 
dO Bartholomew ft, Waltham Crocs. WX31S71 
PortJoUoFtrod. — I 1262 I - 

PortfoUo(1apitaJ._.|414 43.6[ .... | — . 
Gresham Life Ass. Soc. Ud 
2 Prince of Wales Rd, B'raouth. 0202 787853 

CJ-GLh Fund 1116.0 1253] .| - 

Growth ft Sec. life Ass. Soc. Ltd? 
Weir Bank, Bray-on-Thamea. Beika. TeL 34284 
Flexible Finance— £LB83 I . .. .1 — 

T Anrihan tf Rrtfn 5658 ( ....j — 

Xradbrak Sea. Ace. 1153 117 Jl . ,.J - 

GAS Sapor Fd — 0.067 I J - 

Gaardfran Royal Exchange 
Royal ExchangAECa. 0KS37107 

Property Bonds .—|157.4 163.9) .... 4 — 

Harabro Life Asaorance limited ? 

7 Old Park Lane. London, Wl 01-4SB0S31 

Fixed lot Dep D233 129?.. - 

Equity 1676 1765 - 

PropSty 1536 16X7 - 

Managed Cap 1335 l«-6 - 

Managed Ace 663.9 175J ... — 

O v ers ea s — . 1163 177 4 _ 

Gill Edged 123.6 1302 _ 

Pen£7Wcap .._ 1260 lR-J . _ 

Pen.FI iVpAre — 144 6 1523 ... — 

^go^Eap .— 195.0 WJ... - 

Pen. Prop Aec 146.9 259 9 — 

Pen.Man.Cap 2*5.0 USB - 

Pen. Han. Acc. 259.4 2733 — 

Pen. GIHEdg. CUp.. 12*6 1M.J - 

Pen. GUt Edg. Acc.. 1333 1«: .... - 

Pen. RE Cap. I21J 127 A ... . - 

PraBS ACC 1355 142 6) ... — 


M ft G Group? 

Throe QniirL Tower ail EC3B BBQ 01-838 4988 


Peru. Pjmsdoe-* — B036 — j-l.fi — 

Coov. Deposit* 115.8 12X7 — 

EquirrBond- IZ7.I 1335 — 

Fieri ft 78^0- 1557 - 

Famil® BI-8B— 1695 - - 

Gilt Bond™ 107.7 I1S5 -flj - 

InlcrcatnL Bond“. B4 _87.0 ..... — 

Managed 3d’** - 1253 1235 -11 — 

Property Bd- W76 155.0 - 

Ex. Yield Fd. Bd.-- 7*8 82.1 - 

Recovery Fd. Bd.*_ 60.7 63J — 

American FlLBd.’. *L6 43.7 . — 

Japan Fd.R(L* 395 4X9) ....H - 

>rice« oe •Jia IX ■•Jan. 12 •“Jan. 13 

Merchant Investee* Assurance? 

I2S. High Street, Croydon. 0l-8B88r 

Coov Dep. Fd 126 7 ... J — 

Money Mrirt B J«6B -05 - 

Her. inr. BCao. Fd. 1838 -1.4 — 

Mer.Inv.Ply.Bd.__ 142 8 ... - 

Eqalte Bond. ... 589 -T.0 — 

Prop. Per.* — - 1*75 . . — 

Man. Pens — — 133 b -XE - 

Eiputy Pent— .167.4 -5.9 — 

Conv/Dep. Pena — 1365 *03 — 


17 6 155.0 

LB ELI 

15 635 

L6 43.7 

»S 4X9 


Scottish Widows' Group 

PO Box 005 Edinburgh EH183BU. 031-8588000 

In vJPlr 5erie» I W.9 9931-561 - 

Inv. I%r. Series 2 — W5 99^ -1-0 — 

inr. Cash. Jan. 13—196.1 18l3 +03| — 

Ex 1=1 Tr Jan. 4 Ip** 34*a — 

Mgd.Pen.Jaa.ll— p*7.9 2545) -16) — 

Solar Life Aaanrance limifed 


107 Cheapalde. ECZV 8DU. 01-806M71 

Solar-Managed S — 11566 133 -051 — 

Solar Property S ... . UM5 1183 ...._ — 

Solar Equity $ 1541 1651 -15 — 

Solar FXd.bLS — 1212 1ZX6+0J — 

SolarCcshS 98.7 104.9 .... - 

Solar Managed P- 126* 1333 -05 - 

Solar Property P _ 1345 1UI .... - 

Sol.+r Equity P - 15*8 165J -12 - • 

Solar FxcLInLP.— 1219 127 A +02 - 

Solar Cach P 1«.6 18*g..l - 

San Alliance Fund Ma n gmL Ltd. 

Sun Alliance House. Horeham. 0403M141 

Exp.Ftt3m.Jan.n_ 10588 1*471 1 - 

Int Bn. Jan. 10 I 00.00 | . ] -j. , 

Son Alliance Linked Life Ins. Ud. 
Sun Alliance House, Horaham 040384141 

Equity Fund— — 19*6 103. B) -0.21 — 

FI xod Interest Fd._ [97.9 Ida ..... — 

Property Fund 195.7 lflOM ...... — 

International Fd. ..KJ “-3+0.8 — 

Dcporit Fund (953 IWJ — 

Managed Fund (9*9 99. 9| — 


rim TeL 3d 

HeI = 


Gill Edged 1235 1382 — 

PenF-JUm-CUP— 1260 1321 . - 

Pen-F3DepAcc_ M*6 1525 ... — 

Pe^ Prop! tap 195 0 WJ . .. - 

Pen. Prop Aec 246.9 2595 — 

Pen. Man. Cap ZB5.0 S5J - 

Pol Han. Acc. 259.4 2733 — 

Pen. Edg. Cap.. 12*6 13M - 

Pen. GUt Edg. Acc.. 1333 1403 ... . - 

Pen. KS Cap. 1213 127.4 ... . _ 

Pen. B S Acc. P355 142 6) .. - 

Hearts uf Oak Benefit Society 
Eoatou Road, London. VW) 01-3875020 

Heart* of Oak — — 137.1 3531 - I - 

?SQfi Samuel Life Assur. Ltd. 

NLA Twr- Addteeatabe Rd, Crojr. 01-888 433S 

Unite —P42.4 1*?6I ... J - 


Mon. MkL Pro*.— 187* 1 -0.2| - 

NEL Pensioas Ltd. 

Milton Court. Dorking. Surrey. SOU 

NelexEq. Cap 1795 83.71 .. I — 

Ne(rTDq.Accna._pi0.9 116.T -O.d - 
Nelex Money Cap._ |KJ 655j . ,1 — 

Nelrx Mon. Acc j6 * 5 67 8| J — 

Nett sub. day Jan. 25. 

New Coart Property Fund Mngr* Ltd. 

SL Swithina Lane London, EC* 01-62S43S8 

N.CtPr F Dec. 30— (13*1 121rt . I - 

Next suh day March 31. 

NPI Pensions Bbnagesneot lid. 

4* Gracechuich SL.BC3P SRK 01JB34200 

Managed Foud |15X1 157 4| I — 

Price* Dec. 30 Next dealing Feb. 1 

Norwich Union Insurance Group 

TO Box * Norwich NRl 3KG 0803 22200 

Managed Fund.. —0895 2295J -0< - 

Equity Fund 329.9 3475 -1.7 - 

Property Fund 1285 ■ 126.1 +0.1 - 

Fixed InL Fond — 1623 170 J +03 - 

Deport t Fund 10X7 I07.B .. .. - 

Vor. I'nit Dec. 13 . 1975 - 

Phoenix Assurance Co. Ud 

+-5. King Willi am St, EC4P AH R. 01-6380818 


163.S +0.4{ — 
96.9 +03l - 
95.91 +o3 - 


m 


iii.7i .[ - 


Scot Cap Jas 11 
i Accum. L'nitsj- 
Scot. Jne. Jan 11 
Laadan Wail G 
Capital Growth 
Do Aceum. , 
Extra Inc Growth- 

Do. Aecum 

Financial PFrty 
Do. Accum — — 
High Inc Priority 
Icadui Wall InL 
Special SIu. 


02723041, 

163 749 

U*.D ...._ 7.41 

1268a 432 

175.6 432 

1135 719 

1566 .,.. 7H 
1614 ..... 542 
12*4 .... 3.42 

2*71 -... 55* 

2731 55* 

.140.4 ..... 456 

UAZ 486 


038) -05] 632 
83.S -0 J 612 

H;t « 

t§i t« 

Mitt -05 155 

273+05 558 
3XS -03 482 


TSB Unit Trusts ty'i 
IX Chan by Way. Andover, Haste - 0281 82188 
Dealing* to 0254 MO _ ^ 


N.CJnSu»Fd 

N.C InlercaL Inc - 
N C. lakrnri. Acc, 
N.C. Sol Ca Fd._ 


IbTINB General 144 0 

IbJ IloAccum. 55Q 

lb 1 TSB Income — 5*4 
■ hi Do Accnm — HS 

TSBSnxUah H7 

lb] Do. ArranL [775 


4711-04 376 

S 9 3,76 

2.-0S 751 
634 -0.3 751 
774 -53 179 
822 -0 XJ 579. 


Ittster Bask? (a) 

Waring Street, Bcited 023835201 

(bidlEterGnanh- .)385 4X1] -03] ' 447 

Unit Trust Account ft MgmL Lid. 

XlaginiJJamSfiXWBOAB 014B34BS1 

FriaraHse. Pund-.llttl] 156 Brf . J 436 
Wider Grth. FML_)295 30a . . 1 3^ 

Do Acrum J335 35fl ,. J 335 

Wieler Growth Fund - 

Xing WllHara Sl EC4RSAR 0J«34P6l 

a? "4 us 


2nd 
ZBd 
2nd 

LAESJ-F 

WiESJF.l *-jn — 

Current rahK January 11 

Capital Life Assurance? 

Contemn finnae. Chapd Aih WToo 088228511 

ISSSS&rJ BS |.-_J = 

Chart erh erase Magna Gp.? - 
1* Chequers iku Uxbridge UB81NE 52181 

Chrttac Energy — teE, ■ 370] — 

rhrihst Mosey.-. ZU 38J - 

Chrtitee, Nanfgod . «5 405 - 

Orthse. Equiiy — 355 36J ..... — 

Magna Bid Soc. — 124 6 — 

Magna Manage* Ir„ 253.4 ,._J — 

City of Westminster Asrar. Soc. Ltd. 

HlDgsteadHojae. * Wblteherae Boad, 

Croydon. CRD 2JA. 01^14 9664. 

Fin* Unite — -.&3X7 1»51 ... .1 - 

Property Units— 554/ J - 

City of Westminster Asa. Co. Ud. 
RinCrteadHiras*, * WhltaborM Road. . 
Critfdon_CKD2JA. 0l-8649«4. 

#1 d = 

Money Fund gu 12S5 ...J - 

Gihrtmd. *5 . 694 +6J _ 

PtUA Fund— — 2731 ,, — 
Fund rdiMadr «toa*i U mew Inreataintt 
Perform. Unite..-.. | U0.a | 4 — 

Co mme rcial Union Group 

SL Helen's. 1. Undeahaft. EO. 01 9837500 

Variable An Ac Wx.J Bn !-a« - 

Do. Annuity It* — l 179# I , J — 

Ooalederalfain Life Insurance Co. 

50. Chancery Lane. WC26 IHE 01.2420282 

$!.)=■ 

FfirodlnL Ptoj|U - 1975 . — - 

teed Pro. to. ^ ’ :-1 77 J . 


: 

Ife Assurance Co. Ltd. 
lolmbrook Dr. NW4. OlrtOGI 
ran- ^35 67i .....I - 

rKi'ISS tb3 ! — 


Thdvorlh, 

TtalhSWM 


*i 


01423461 

sd a 


’•Urtdi in Da. Ul-a 

SSS£»icK3 M.-.. 

?S»d laL Projfti. • 1975 . 

iSanaged Pea.Td.^ ' :-1771 i 

Prep* rt>‘ Pen- Fi.' ml 

9 Protected In- PW J JTZ4 | 

Comhili lararance'C*. Ltd. ’ 

32.ConihlD Efi n-8 

SSaEfisSC--3IJ 


.— Unite 

Managed Series A- 
Managed Seri e>C. 

Money Unite 
Money Serie 
Fixed InL Ser. A 
Pnj.Mgd Cap. 

Pus Mgd-Act 
PiteOtd. Cnpi- 
Pna.Gtd.Acc.. 

Imperial Life Ass. Co. of Canada 

Imperial Bouse. GnOdtord 71235 

GrwULFd.Jaa.XS-.P83 5-S “S-3 ~ 

Penajrd. Jan. 13. _.|665 72? -XO) — 

Unit Linked Portfetin 

Managed Fund 59 a -0 - 5 ) — 

FlxmflnL Fd. fej JM-J — 

Secure Cap. Fd.. — Ig8 lOSOj .1 — 

Equity Fund— 1958 100. 0) J — 

Irish Ufe Assurance Co. Ltd. 

IX Flnrtmty Square. EC2. 014388333 

Blue CSilp Jam. 14.. [6J5 7351 J 4.90 

Man i*ed Fund P155 2275] - , j — 

PropTMod. Jin.4.—|U5.4 UU| ... .1 _ 

Prop. Mod. Gth.— ,1X795 18*6) | — 

King ft Shmson Ud. 

62, CornhUXECS. 014235433 

Gort.See.Bd.__Wl U7.98I .-..J — 
Lrangharat Life Assurance Co. Ltd. 
XanghamHa, Bolmbrook Dr. MW4. Dl-auSIl 
I An Cham 'A* Pten_ j635 _67J) ...» J — 

9Prop.Bond .[138.9 1463 --. — 

Wlap fSP) Man Fd )M3 7851 - I — 

Ltsah* General (Unit Assur.) lid. 
Kincs wood House. Sngmod. .Tbdranth, 
Surrey ET2QBEU. 

Cub Initial. 

Do. Accum: 

Equity Initial 
Do Accum. _ 

Fixed Initial 
Po./wewn... 

Maaaged initial 
Da Accum. — . 

Prope rt y initial 
Do. Aecum — 

Leal 6 CcaemI (UbK PbuIm) Ud. 
Exempt Cish lntL (95.fi 108. Q , I — 

Do Accum. 

Exempt Eqty. Inti. 

Do. Accum 

Exempt Fixed lah 
Do. Aecum , ■ ■ ■ 

Exempt Stag* InlL 

Do. Accum 

Exempt Prop Inti. 

Do. Accum. — i — 

life Ansur. Co. of PeuiirltiBla 

30-62 New Bond St, WJ70BQ. 01-433 BSSO 

LACOP Unite 11015 1864) _..J — 

Uoyds Bk. Unit Tst. Mngra. Ltd. 

71. Lombard SL.EC3. 01-8231208 

Exempt 00*1 109J) j 7.41 

Lioyda life Assurance 
12 Leadeuball St, EC3M 7L5 0LR236EI 

MIL Gth. Jan . 6 . — l X98083 I . . .I - 
OpLJPrp. Ja n -12. 

OpL S Eqty Jac52 
OpL5Hx.Jao.l3 . 

OpL5Mftn.Jan IZ. 1*25 
epL5DrpLJan.I2..|U96 

Louden Indemnify ft GnL Ins. Go. Ltd. 

1S4D. Tha For bury. Reading 68361 1 
MOM*] Manager. 130 4 3Z7\ +DJI _ 

54J1 Flexible — C66 ZU +05l — 

Fixed Interest PA4 JO) -ol] — 

The London A Manchester As s. Gp.? 


WealthAss. 1183.7 109JI 1 - 

Ebr. Ph. A** 1 7X7 J . — 

EbV.PhEqJE. 1695 730). .1 - 

Prop. Equity ft life Ass. Ca? 

118. Crawford Street, W1H2AS. 0M8008S7 
R. Silk Prop. Bd. — J 169J I , . J - 

Do Equity Ed — ^1 72.4 I +1 — 

Do Fl May Bd Pti| ' 1565 ... - 


Sun life of Cnudt (U.K.) Ltd. 

2.3 4.CockipurSL.SW15'9BH 01-8805400 

Maple U.GrtJt 1972 j I - 

Maple LT. Miragd . 1366 J ... i — 

«wt” §15 I 1 - 

Target life Assurance Co. Ltd. 

;se “■“•“AlSiaiB'sw 

SSKSSSS-r S|:r: = 

Prop Fd. tec. MCI 10*2 .. — 

Prop. Fd Arc- 126.0 — 

Prop. Fd. Inr 99.0.... ... — 

Fixed 1st Fd. tec. 1105 156J .. . - 

Dep. Fd. Aec. Inc _ 96.9 1823 .... - 

ReL Plan Ac. Pen. .. 72.1 7*4 -0J — 

F^LPlanCanPW_ »6. 6*i -05 - 

ael.PlBnMar.Are.- 12X1 12*2 — 

R«jnaallan.Cnp - 113 J 1W.1 .... - 

GiltPemAre 1395 3*73 . - 

GillPenCap.. - ... 1345 ■ 1415) .. — 


~ Do Ft-Muy Bd. F*| 1565 | ... I - 

3 Pro pe rty Growth Aasnr. Co. Ltd.? 

— Loon House. Croydon, CBS 1LU 01-8800806 

— Property Fund 1 1385 1 4 - 

— Property Fund (A), 
cultural Fond 


3* - 
- 0.6 - 
-06 _ 
+05 — 


Agric. Fttnd (A]_ 

Abbey Nat Frind 
Abbey NaLFd.(AJ. 
loyestmect FDnd — 

InvesDnentPtt.(A} 

Equity Fnnd 

Equity Fnnd (A) 

Money Fund 

Money Fund 'Al 
Actuorla] Fried. 

Glh -edged Fund 
Gilt-Edged Fd. (A] 

* Retire Annuity 
olmmed Aunty. 

^ - 

•All Weather Cap. . 12*4 UXC .... — 

•Inr. FU L’te 135,* - 

Prsrioo Fd Uta — 52S.« — 

Cfmv. Pem. Fd 13*4 — 

Cor. Pna. Cap. UL 128.5 — 

Man. Pens Yd. 14*3 — 

Man Pena. Cap. W. 13*7 ..... - 

Prop. Pens. Fd. 13*6 .... — 

Prop.Pens.Cap.Uts. 12*5 .... — 

BdM- Soc. Pen. UL 1265 .... - 

BdTsoc Cap. UL 1 1175 - 

Provincial Life Assurance Co. Lid. 

2aa.Btehopigme.ECi 01-2*78933 


Tracsin tcrnntioTinl life In*. Co. Ltd. 

2 Bream Bldgs, EC41NV. 01-4098487 

Tulip Inretf Fd —.(135 * 14251 .... | — 

KM rad - , 

ISm.Pen.Ftt.Cap .ai4 6 120 W . 1 — 

Kan. Pea. F«L Act .p295 12651 —I — 

Trident Life Assurance Co. Ltd.? 

Betwlade Hodae, Gloueerter 04S238B41 

Managed Q20-1 127 Z . ■ - 

«4Mrd 152.2 1615 .. - 

Property— — **35 1514 . ... — 

F-qu I tv,' American _ 185 S35 ...... — 

iTk-Sgoltj; Fund.. U»A 11X6-10 - 

High Yield. Md.9 1095 ... — 

GLU Edged 13.7 13*5 .... - 

Mon«_ 1205 126.7 . . - 

international 925 .taJ - 

Fiscal. . — 1295 1367 — 

Growth Cap 1278 1H.4 .... — 

r.rotrth Are 1WJ JS S - 

Pens. Mngd Cap - 1134 12*5j .. — 

Pens. Mned. Are — 116.1 153 -g — 

Pens. Gtd-Dcn. Cap.. 1005 1063 — 


Pens. GULDco. Cap.. 1005 1063 

Pens GULPep-ACC. 1D2.6 1W.7T — — 

Pcni ppty Cap. — 1N6 356J| 

Pena Pty. Are U25 11*5 — 

Trdl Bond — 15.7 3T.1t 

TrdLGXBond lttl I . - 
•Cash value (or €100 premium 


m± 


Pror. Managed Fd.. 0175 2Z3.« I - 

Prov.cishFd CB14 ■ iwg ... I - 

CihFnnd20 0275 133*) . I — 

Prudential Pensions limited* 

Hoi born Bare, EC1N2NH. 01-W5P2! 

EquiLFd- Dec. 21 — |£Z3 87 2*61]., I - 

Fid. Int Dec 21 . £1959 19 W — 

Prop F. Dee. 21 _ ..f£23 83 2457| .1 - 


Tyndall Asrarance/PesBioiis? 
l&Canyncr Road, Bristol 0872328111 

3- Way Dec. 22 1200 - . - 

Equity Dre~2 152.4 — 

BondDe*. 22-— — J5JJ — ■ — 

Property Dee. 22 _ 1085 — 

Depoet: Dee. 22. _ 1248 — 

3- nay Fen. Dec. 22. WI - 

O'scasInv.Dee 22 65.4 — 

MnJ*n.3-WJan.3. - 3678 — 

DaEdDiDJan.l-. 289.6 — 

Do.BredJan.3 1845 - 

Do. Prop Jnn 3. . - H 8 — 


01«85410. 


The Leas. Folkmtone. Kent. 
Cap Growth Fnnd. I 214 I 

♦Ekemtf flcx.Fd.| W 


lav Trust Fund 

Progeny road— 


030357333 

33 = 


Reliance Mntcni 

Tonbridge Wells, Rent «B2 22271 

Rel.Prop Bds ... | 19X1 | | - 

Ro)-al Insurance Group 

New Hall Plat*. LuaraoeL Q6122744S 

Royal Shield F4._fU30 . 1407] I — 

Sm ft Prosper Group? 

6 GLSL Helen's. Imdn, RCJP 3EP. OI-S54 8890 

BaL Inv. Ftt. ni7A 1243 +02) — 

Property Fd*™™. 150.7 — J 

CihFd 1226 1291 —J — 

Deposit FdTO 120.9 1Z7J 

Conrp. Pea a Fd. 76. - 199.1 28U . ... — 

Eqa tty Prat FcL9._ 16*9 179.4 -Xfi - 

KwKnsJtt-p— 19** . 2M.4 — 

Gilt Peas. Fd.9_™ 965 1DL4 — 

DepoaBefu.Fd.tO.p55 UU.1 — 

Prices on M nonary L . 

TWrcUy d ealing s 
Schrader Life Grasp? 
RnierpriseHnue.Pa.’tenotUh. 071*327733 
Equity Dec. 2d. I _ 

Eauliy2Jan.il — | 2112 222 


Equity 2 Jan. 11 
EquiNS J»n. 11 
Fixed TnUan.il 
FlaedTnLJan.il 
InL Lnrjan.n . 
KfcSGillJen.il 
KfcSGrLSc.Jan.U 
Mgfd (FI*) Jan-11 
Mnsd-3Jan.il 
Money -ten Tl . 
Money 3 JanJl 
DcposilJan.il 
Property JanJl 


Vanbrngb life . Assn nance? 

41-0 Maddox 5L.LdaWIR.0LA. 01-4SP48S3 
Managed Fd. ...— (140.6 S4SJJ -16 — 

Equity Fd. 2235 234S -25 - 

tatnL mud 92J M.g +03 - 

Fixed Inters Kd._ lp.1 lBiM — 

5»BK=« Wd=. 

Welfare Insurance Co. lid.? 

The Lew, Folkestone, Ken L (B035733S 

Moneymaker Fd. -I UU 1-1.9! - 
Frtr other funds, please refer to The Landon ft 
Manchester Group . 


Windsor Life Assor. Co. Ltd 

1 High Street Windsor. ' Winds* OftUi 

life Inv. Plans [614 725) J — 

FumreAssdGthta), 193 ) _.,J — 

FntureAsstiGtlabi. 475 1 □ — 

Rrt. And. Pena. — £27.75 J J — 

Flex. Inv. Growth -0564 112.0) .._.4 - - 


NOTES 


Pr qpert y3Jan 11 
BSPnrCp.Jan.il 
BSPn. Aec Jan.ll 
Mn Pit 17p Jan II 
Mn.PuAcc.Jso.il 



Indicated Jlelds % [«t own In tart column) 
allow for all buying expenses^ Offered price* 
ariude all expenses, b Today's prica. 
9 Yield bared on oiler price, d Ertlmaud. 
t Today's opening price, n Dlrtribntimi /res 


— c Ylrtd bared on oiler 


W9. 

123,9 

93 8 2K1[ 

2M6| 


S Today's opening price h Dlotribnilan /re® 
of L' K. taxes, p Perl tube premium ioxannen 
plans a Single premium Insurance, 
a Offered price include* all expenses except 
agent's commission y Offered price Ibeludn 
■n expenses If bonght throagh managers, 
l Previoq* day's pnt* 9 Net of tax an 
realised capital gams unless Indicated by a 
9 Guernsey gross. 8 ^umended. 4 Yield 
before Jersey tax. t ex-subdr+irtm. 


) 




i 



26 



Great people to build With ': 



FT SHARE INFORMATION SERVICE 


Henry Boot Construction Limited 
Sheffield Tel: 0246-41 01 11 


AMIICANS— Continued 

*1 Stock I £ |¥|fti»|c*r 


BUILDING INDUSTRY— Cont. 1 DRAPERY AND STOEES-Cont 


ra PMdenfe 
Grt Md 


ENGINEERING— Continued 


I w« I 1 ?! kS |c«|SSi 


Financial Times Monday January -18' 1978...! it 
HOTEI^-Continued 

“pS* i sack | Trim W1 ffi IcteJ 
OWlflttMOp! » 

I 

I 

i 

1B7 

28 
240 


INDUSTRIALS 


tlHl L 

'2J 

S3 
2! 








































































































































































































































rESofiacial Time* Monday January. 16. 1S78 

M)IOTRIAIS— Contfaiued ■ 


27 



INSURANCE — Continued 


i 


, 

■‘iSiSSSM 1 * 

£*[«£= 
July lindj'Q'i? 

Mar. LudBOries 

■ ■ Feb. LfiafcMha GnO 

iftfiSHS 

June Law 4 Banar 50o 

P«. M.Y.DtrU0p__ 

« 
Mar. MacptenonCOj 
. Apr. KffEaTte’dSp, 

‘ Sept, Hagaotta Group. 

Sggf 
: iSS® 
i£:S| 

: ffiBSa- 

June Me«C!«aras_ 

' ■'* dEklWwJ 

: % OrfHSsntaSpcOiu 


- *■ ^ - - 
: OctWaAftF.] 

"Not. 

fiber 

: ,g _ 

'.’ Cvl 

. June{OSLcefrBecL_r 

‘-HEWh 

1 OetfertarKSpA’J 
Auc.jft.n5s ft Whftea_ 

JonegWroMn 12^>_ 


■| DedpS>5 omsii- 

-Apiflff- ' 



- AprQ{ ftofflraiia5p.I| 

# Tata 


— LS*al.5fflia-« 


iPoueDWtaSi 


. Not. Prov.Laands. 

sgSSfSS® 
: &3S& 

;'nn RandMIlL' 
June Randans 
. Apr. 

. JnM 

Feb. Refleam 
JtuSgMdEHS 



Ju| £bip!int2flp_ 
Not. Bora it Baden. 1 
» Kojal Wares ' 

.■aSS 
i-Sjljpfe' 

* Oct Scat ATh.mre_ 

r s«omde. — 

l Mar. SecorlcarGp — 

J. Mur. Da'A'N-V-Z 

i- Mot. SKraOTSenicH, 

- f. Mar. Da'AN-V 

’ Oct Hama Ware 20p 
t Sept SKbeGnuZ 
-. June ^ratmgUUp_| 

l July SprttbrawMjiH 

p ss 


? Sb§> sStLawSp—. 

6 Feb. Somic 

t Ft*. SoaKbyPB._* 

■ssssssH 



*. Apr. ___ 

- jSetat Bui. HEH 
. AugjStctilnebidaSiP- 
. - At^Sooebfl Hid®.. 
B NwJSmniwrfF-)—— 

- MajfcS^Sav.Jfip- 

- Aug-tSuldiHe Spaak- 
me (swedidrjSSEa 
■satejSssae Pacific flfle 



■ 7 


=.as 


Auc-H 

«ot rose 

* Feb. MM 

ftLS.D. lYmia^B 

■ May rnmaportDcv— 

July TranwoadGp.5pl 
Jan rmwrfcNenflJ 
^ pL 55? Can-lj 

Aug. USOlBtl ■ 

May UntamtaEISj 
Aur. UniflexlOp__| 
May Unilever — _ — , 
May Oa'vN.VJnt 
June Uld . Carriers lOp 
SeptUMed Gaslnds.. 

- U.GcirarlMSp. 
JnbDnaOTOTeZJ 
July Vator_^^H 

fewgto, 

Jan. Vloen !0p 1 

Aug. Vital Grp. torn 
Dee WBibbow 
MayWwtePutts.1 
May Wafer Hmr. 

May WamntttU 

OctWautamSM 

j9» 
rmfmm 

* Oct MatamRAnjeL 
. May WMler-aiu_~ 

/ Apr.wffiftbUdfcB-l 

-•• June WiSsa 

Oct Wlk’aJBL— 

e D«. Da%eCn._ 

r Ftb. Wfl]iaB«u t ■ 

/ Not. Wbiftiirttl 

e Utt.VtanWdoalU 

* Not. W hmlmfa Hfa.Tj 
’•*' Oct 
rerabsr 

-H^^jtotoHI 

pE®SS5 


£330 


30 


m , 

td264| 
8Nt2A3 
37! — 
!31Jfl HOI 
Si OT9A 

199 d3.46 

. 2 u.na_ 

2anbio.ro 
HU 2J4 
3J L80 
U 3.W 
1W «.« 


lis 

I3J 5.61 

■lE 14.141 

3UC 463 
17 JU M7l 

mUmw 


Il« h5J 

kll 3.361 


132 



i^tL42 

QSc 



14HJ g7.82 


MiJAia 

SS 5 


037 


t431 

[dOAZ 

5.16 


,TM1 

ICtrffirt t[E 

2Aj &.« 6.6 
4S.63 45 
.13 .75 65 
43 A2 5.1 
5i — 
2445135 
o4 8 J 1464' 
2433 20.9 
, M12- 7 

B.M L9 'SI 
4.H 6.7 4.7 
4.71 43 6.7 

111 4.4 165 
25 95 45 
L41BJ 55 
55 63 3 2 
b4.4 83 « 
25 W 1.7 
21 95 63 
45 53 45 
U 15.1 1&4] 
U 61 4.7 
17 83 10 J 
7.9 25 95 

« £ U 


PROPERTY— Continued 


INV. TRUSTS— Continued 


Price 


last 

a 


EHv 

Net 


Cvr 


S3 

1511 

1113^7 


47] 

107 

3111 

321 


44 

fwfl 

165 

25’ 

318 


— 

07 

7.0 

£1B 

280 

BS 

1ME 

WL2fl 

|t7.61 

16 

4.0 

4.1 


Grtfpmj 


Paid f SLxk 

Isa. Julyffion Alliance £1.» 
June Dec. affliJafp— .. 

April . T;,-d»Mar.EDF. 
Not. May Trade Indemnify 
BtaJaJfeDS. !DvnlBsSS60_ 
Dec. June Willis Faber 


MOTORS, AIRCRAFT TRADES 
Motors and Cycles 

Hill 18 | 1.7J 851 7.0; 
45 675 — 

■Sh 775 - 
M 19.5 t3.9 . 

950 ajQ12^ 


Diritatdt. 

raid 


fwck 


nice 


JuHP70Bfi3de.£Iar. 
Oct ftp dtr. inn tl. 


MrJtSJ). Gen.l&UintB, 
Jan. July Loos Carlton 
August BslantBfir.op™ 
Sept May RoSeMyecMUL J 




Coannercial Vehicles 
Noe. JtaefCane|ft&lQp 99 mnuw iw iai 33 ) 23.9 

Feb. Ang.5aF(BUaA_ 150 fiffir 
August FodenitSp.-- 56 25.7 63^ 

Jose Feb. Mlnwas. life 9 u 0 5 
Hay JaiigtottHM^-.-... . 130nl 3J d7.62[ 

July a- Trailer Hp. 67 Hi t?vi 


J91 

Jiny 

.lm. Aua.lRrbp Parfsfanu.l 
J an. J uJyiftOB. A Rer '.v!J 
. . 4pr. On. ftci Ser.lHviCe 
14.4) — tkglBnPr&p.5p- 

RegalLm — . — 
April Ort. RfaonilPrr®*- 

Aprii OcL Da 'A'-.. 

Jan. June Rub & Tospiira 

December Samuel Props 

Auc. Jan. Scot Uetnn.3to 
Mar. Oct Second City! Dp. 
Oct May Slough Estt—- ■ 
June Dec. DaWbCtmBD 
Apr Aug. Stoefe Camera- 
April Oct Erm^r(Bilnv. 

December TounC 
Apr. Ocl Tom hdts lto-1 

Apr. Nov. TTstits'A Part | 

- Uil 
Not. April (MI 
July Wa 

Oct ErarrtnIhzT.20pJ 


Imsi 


64 3.4 4.9 jan. 

« H'Sliffi 




April SaptWabbCJoslSp 

J P.20p. 


,103 

22 73 95 
35 95 4.7 
4.1 6.7 43 
03119161 

23 fflj 
3.7 60 67 
12131 Us 
0.7 113 185 
12 65 


Components 

iSfMSSs: 1 58 

May NOT.AmOTUS«.S0p 
Jnjy Jan. Assoc-Sg^g — 


July 


ff^nhUterP.! 
Oct ffinstsiaEas-ll 


3.1 54 

1213 $1.0 
2213 tlS9 
1213 (H59 
22 S 188 
374 - 
474 - 

as 0 65 

3 a 0.65 
11421 12 61 
3120 2.1 
mo gl.94 
19.! 173 
, 124 2226 
14J1 QlCfti 
8J 151 
82 3.97 

toll?® 4 

&f 0.01 
3J0I355 
,674 - 

tnis 537 
235 12.42 
22X 14.86 
221 dhQ.48 

^ - 
19.! U6 


|cw|™!ws! 

29144.9 

75, 


Kvideodi 

vm 


-I 


14 55^ 


Uj .5.7 


H 


U 6.9 . .. 
45 73 5.7' 
45 4.9 ~~ 
23 30.4 
767J « 4| 



A^Mar 

Oct Jime Bros) Bras. Ujl | 

S&%\ ~ 

Jan: June 

Jan. June HnnuSmlth 10 
Mar. Dec. EfUfLSdp.20.. , 
„„May Dec. Lnatf Irak £L_ 
" Jan. July SUpn Group 10p 

,r« July Feb. nmuriog, 

Jan. July WOmotBreedea. 

| Feb. Aug Wbodta«10j_ , 
M*y IzedflfA'Mji — | 


MS! 61 

Mil 025 

83 & 711 

M.4 hO.77 ! 

|3Ut 1$ 

i^o 931 


451 6.9 5.0 
3JJ 07 55 
3 0 52 9.7 

J s a 

IUb 

35107 

9.4 4.4 
35110: 

3.4 50.0 
21 165 
45 7.1! 
3.4 120 
65 « 
65 45 
55 5.7 
53105 


SHIPBUILDERS, REPAIRERS 


June Dec. 

Dec. JonelSra Hunter 


May Set 
Jan. Mi 


IKantinri) L SQp. 


tVosper 

lYerrovSOp 



Stock 


Price 


SHIPPING 


Oarages and Distributors 


Aug. Brit & Com. Sflto. 

Dev. Dr. as Bros 54- 

May Fisher U) 

May FnrafissWtfiga 
J aW Hunifeg GTbsn. £1_ 
Oct Jacobs O.U20p.. 
Jy Lon.ffSeas.FmsJ 


26 63 
63 45 
15103 


7.9 45 
3.4 53 
43 6 2 
33 45 
,25 8.4 
25.4 OH 
19 

lb 72( 
64 2M 
45 13 


n 


Sept AprillAdans Gibbon. . 

- AkDumdKs5p — I 

Not. May t 
Feb. Aug 
Jan. July 

Aug. Mar. 

May Nov. Brit COT J 
Mar. Je 
Jan. Jil. 

July Mar. 

Jan. Aag. Dwitt 
Jan. June Dcndi- . 

Jan. July DattonJVsiinnr_ 

Ausurt Gstes(F3j 

-March SnOridLnir-. 

an. July Eartwrili— 

Aug. Apr. BenljiS)?- 
Oct April Heron 5fir.&p._ 
May Not DalDpcCnv — | 
Nov. Junw 
Jan. 

Apr. 

Oct HaytLeiSayfeeGrp-l 
Oct ' 

July 

A “*' ^ Mifm David 1 

I -PttntaBlto.il. 

Dec. Juno flew ffiJJfin- 
Sept Mar. PditafOarte- 

■V 5 ® 

Mot fate <d leads 

IJmroNov. HhdbsKSlr.lOp. 
[Dec. JulyfWBrionlfiiL 


4.01 | 431 731 53 - 


S WJS! 

dLS5\ 

&f l 


an 


63 Nov. June fflusQjnnes)- 

“iS. SESSfc: 

26 Oct May Lei Service Grp. . 



1 Docks U.' 


(Nov. nl ^lay _ 

j May Ocl, P, & O. Defd. 

Oct ReantanSa-Stto 

Oct Da’A’SOp 

J ulyfRimcnnan (^J _ 


am ta.42 

14H 5.81 


43 4.41 83 

rip)thl38| 63 L8 its 
fKHi 17431 63 3 2 62 

6.7 7 2 23 
45 75 45 
35 135 (21) 
5.4 4.7 6.0 
1 M 3.0 30.7 

_ 0.7 
43 52 &4 

3.7 85 35 

26 B.O 
3.9 1 

3.9 1 

2513.7 


llKi 


130 

2 i r-j - l-l- 

13131 272 
5.9 7.44 
1431 5.95 

282 : 154 

283 154 

am t&u 


June Dec. Cedar Iw [ 

Mi-v Qiulli Int£l. 
— ' - Do. Cap i 

Aug Mar. ChanerTnist „ | 
Mar. Sept COT & Cm Ik... 
Po.Cy. -th „ 

. - Cifaror lav . J 
May Dec. CflytTcterntT 
Nov. June Cil? of Oxford .. 
Mar. Sept CjOTerhouie50p ' 
Clifton lir.T iOp . I 
Jan. MOT Chdesdahhiv_ 

Do."B" 

Aug. May C&Hffllal 5«s. Dfd 
Feb. AugCootmewUlnd 
Dec. JuaeConimsmllniai). 

Qes'&t Japan aOp_ 
Mar. Aug. Cros£rim__ 

januBsy Qumlnslire 

Feb. Aug. Danaeilntisopi 
DaiCap.)lOp_ 

♦•KBSBa 

. Dft.U-is.5Sn 

Dec. JuIyTOomnnwiit 

Feb. Aug. Drayton Corn’d, | 

May Dec. Do. Coni. 

Apr. Aug. Da Far Eaton | 
!Apr. Aug- Da Premier^. 

ot. Apr. Dualver- taOn 
— DaCapitalO_ 

(Jan. July Dundee & Um. _ 

| April BhatarzbAiiTst 
Not. Apr. Edia.6umdw n 
I APB. NOT. Edin.Inr.DL£L. 
Jan. July Qectra inv. Tit. 
Feb.- Ant nectAGen — 
Nor. July EagfiteeraaiL 
Aug. Apr. Sig iMY-TricL. 
Sept Mtf. Sag. ft: Scot 2 df_ 

SUu jxLm os 
May Dec. Bunty Int 
Dec. June Estate Duties 0. 

October F.&C.EurotnuL 
May Not. Fannhlm- Tst- 
Sept Apr. Firs Sett. Am. _ 

Oct Mir. Flareatlcv 

Nm - 

Nev.|Fmidinvest lac. - [ 
Do. Cap. 


[1431 25 
254 Q125 
Tea _ 

m 214 

199 tL6 


JUJ 4.07 
5138 1355 
59 t325 
. W -s 
12611 13.67 

m 7.ii 
, 3J 1534 
I3U0 1239 

, 72S331 
2811 D3 
117 1237 


mo 635 
. 221 4.06 
1433 4.7 
81 Sin 
221 6.09 
[3130 14.18 


SHOES AND LEATH Eit 

July Fefe.|Afleboue lOpf— 

Not. June Booth (tatnl) 

April Dec. Footwear taw. _ 

Oct June GarmrScofMrir. 

July HeffiflMa.Stoaj)J 
Not. May atoraanp 
Mat. Sept E9ne& 

Apr- Oct Unbertl 

Apr. Oct HttboM& 

Oct April Oliver fffl'A' 

Jan. Mot PittardOro 

Feb. Aug. Stead & Sun ‘A*_. 

Mar. Nov. StrougA Rate - . 

. July StjfoSboes 

Sett. Apr. TuraaVfcElOp. 

SojZ Mny Wrd Whi te - .. 

February (Weam 10p 


Oct MOT. W.T. Japan — 
(Nov. Apr.lGea. iCamm’d .1 

S .jGcn- CoDGddtd. .[ 
[General Funds. 

DaCouv. lOp I 

Oct . Apr. Geo. Investors^ I 

Dec. June Gen. Scottish I 

Jan. Sept GbugOTSTUdn j 

Aar. Not. Gtandevouhjv- 

. — Da“B“ 

June Ft*. raemwuraylnv..| 
■ _i Da ’FOn 

35 (June Dec. Globe tav. 


Mot. 


JahF. iGovetl M 

rrSeptl&MJgeT 


MotJGL Karth'n Inv _ 
h [Greeufrurlnv_[ 
Kbeshamliiv. 


jGronpInvestors- 

urmantar.TitJ 


[3U£ t4.93 

81 f .... 

5.9 $152 

574 1 2T] JThi'fll A|M-. SeptlAbercoaROJtL. 

95 0.63 ' ‘ ” ' J 

3 31 t22 

BH 20 


SOUTH AFRICANS 


| Sept Mar. Anglo Am. In. HI 
I Feb? Ang. Ang.TysInd.5fc 


NEWSPAPERS, PUBLISHERS 

pW_ 
k'aCi 


Not. EfflesrislteBB 
ember Gold Fldft.P. 3^1 
, M Dec. (^trau'A’Sfc— 
iFefi. Aug. fMett'BCpa.RL 
lAug. Mar. OKBazaan50c_ 
March Sept PrimKoeWcti^ 


[Apr. SepttettnfcubKn— 
July OctSaStAAGJ- 

I MOTlDa^Al 


Mta'A'SPpJ 335m 


45 

«««- 

21 83 
41 65 
24 73 
45 6.9 

29 me 


a 7 - 31 


4M4 


Feb. A 

Jan. 

Apr. 

Oct Mayt 
Oct Feb 
Oct AprJL' 
Nov. July® 

\jttZ 

Mar. 

May 
Dec. Ji 

Nov. Ji 
Oct Feb. 
June Dec.: 



26111 1523 

Ml# 

228 213 
5.9 4.46 
12U 153 
19.! 1454 
19! 1454 
3311161 
116 1353 
221 1264 

HW 
Sik 




US 

95 95 
24 83 
4.9 6.9 
4.9 6.9 
53 210 
75 55 


'.V3d 150 



23225 22 
24105 45 
35165 L7 
29 95 35 

13 55145 
05 205 7.6 

14 i 35 
29 4 4.0 

fogs L 

21113 45 
3.4 53 53 
15123 62 


TEXTILES 


Sept Mar.lAUted Textile.— 

Jan. Ane. A&tasBros 

Dec. Jug Beales (3.) Sip — . . 

.Kay MW- 71 

June DecjBIacifloodHoct 
Apr. ‘ 


38 



PA?^ FEINTING 
ADVERTISING 



IH1 


KU 121 
U 6333 
47S — 

, 95 0.48 
2833 1291 
1271 - 
311 214 

SS? 


r& 

an 1630 
2833 05 
I U d3.35 

Sw 

I VJ5 — | 
I2S.7 $4.4 
tyn gi3i2 
|pi3i 051 
H.9 350 . 

$ e 

ClQMBl 

Iai *2-751 
DK M241 
28H 1353 
■351 1254 
I2LE 1285 
pjc to-T 

1254 in. 
1133 454 
1330 136 


63 

p ! 

65123 


July Aasoc. Paper- ..... 
Job DaBirocOow..| 
Oct AaMfcWil 
May BeDHTBo- 

NOT. June Bund Palo 
Dec June CapseaJaSi 
— Cauionl&rJJ— 
Jan. Aug 0»p3iia Bal 5flp_ 
Sept Msy CtoCRichardL- 
June Not. CoueitD'roulflp 
— ' Colter Guazti — 
April DdynMp- 

Nov. JulyffiML 

Sept Apr. East lanes 
Jufr Not. EucalnftH 

Not. Ffeny Fich ippj_| 
Oct Fbtles HoHu 
June Gem Grass] . 

_ May Harrison ASons. 

Mar. Sept IPG ft) 0&. 

Apr.' Sept taweskCra 
Dec June LfcP.Fosu . 

November MTBs&Alltt50p 
July Dec. More OTen. lOp 
F35J>. MbyiM.$2 — 
Sept Apr. Wives P.SEUMp 
— OileyPnntGip- 

Not. 

- - Har.Saatdi! lOp 

Oct SroBbjDndi3ta.[ 
Jan. July Snnnflt0e5aiX} 
Jan. July ttaratarenlPpr. 
Feb. Aug. TridMjQw - 
Dec. June Osier W slier 
Jan. July Ware Group! , 
Feb. Aug. Wtdfinstaiiff. 
Not. Hay. Watmoushs-— -J 
Jan. SeptWWw?8pJ 


2 ailJft *6 

U'BF 

1274 — 
1233 3.98 

llf' 

117 5.0 8 , 
331 b256 
, 81 u7.7 
KU S3.0 
3LB 352 
llUltflJU 

4i 

li L\ 



23 8.4 

24 7.0 
7.9 
7.5 



f£-?s 

May Dec 

3 Apr. Oct 

6.M 8-2 Jan. July Hwtin(A)20p_ 
10.71 — Nov. June MDlertFJHJp — . 

“ S«t Apr. Kmtfori 

July Dec Nottaltaifg — 


Da'A'lgp 

Iapan(KiMi>_ 
May jenmaOadgiO- 

JulyLeedE Dyers 

mber i riptiMtih 
— LereiSp 


ts 


mm 

l 221 2.42^ 

WJ ^7| 

F120 

h225| 


I? 


33101 

333 35 
53 60 

4.41 55 
23110.4 

JjTo 

Ifj 7.4 C 

LN120 
5.9 20 
iM 6J 
3.D 7.0 
2«1 05 


25 3.01153 1 

a u i7s 

29 5.2 
83 3.2 
26| 85 

28(15] 

85 23 

US 

4.1 27 
15123 
03 
22 [ 65 
152 f90 
33 9.J 
b63 40 
2D 6.4 
?_»105 

m 


PROPERTY 


93 


571125 


INSURANCE 



t iSSgS: 

t A]». BtoKtatjAIlOji 
c June Lt*al*€tt.5^ 

Pt Jbnc Las. * g*»jlW 
f. Biay Ion. fc M*a. " 
t Apr. londa 
* JbJj Maftfc 
•ff.^J ltnupnrot 

t :May no ‘<w 

«v. toy ft^enlial^-. 




BP 


— 1 20.66 1 HM — 


M 


2Jl. 


35101 

35125 

7.6 
55 

7.7 
5.9 
BO 
185 — 
5,4 - 
55 — 
55 
80 — 
27 10.0. 

50 10.0 
45 90, 
45 

6.8 22 

6.0 


95 

aHp“ 


July Dec iAITd London Mp 
Jan. Sept AUlutt LMriOT 
— Auiatem talSttw. 
Feb. Sept AntooffidfS-. 
OctApat Props. Iflp. 
Oct Aijnis. 5p_ 
ust Avenue CTse%, 
. Bank&CtanHfi-l 
Sept Mar. Beacmort PKns 
Jan. Apr. E«5att(C-H.i!lSi_J 
Dec. June 
July Dee.L_.__. 

NOT. July Bibont 

- British^-- 
toot OctDal^ictofflll. 
Iffly Nov. BrixtouEsate — 
Mar. Oct CSp tCoante. 

Da Warrants— . 
Aug CmfiMfinrapS 

Sep. CmngtMtay.jL. 
curovbimiapl 
• Dar “ 

Jan. Chest 
■ cSwwnSe ft . wl 
Dec. June Cbnrchb'riEil— I 

— Control Sec*. 1 

sien 

September C"n»* Dot II 
Mar. Sept Wft 
— gmsEtCtosiOm 
Feb. AngDorM^nl^- 
Jan. May Eogl^Mp-- 
Uay Sept DaPACw.— 
April, Oct Do-fteSir 
2vh gfrfcAffW- 
Jan. June BtotGeaMp- 
Apr. Nov. Eto.Pirro.Inv— 
Jan. Anfr Bvaa*LM*— - 
Apr. Dec. ^rn»Eto.Mp. 

Apr~ Dec. SKuIkC 
Jan. July GneaeMiSp^ 

Time Hftrnma sonA 1 ^ 

November BateladKiS)? 

$&§£. gffiS: 

December ImryFropew- 

js 

Mar. 


g 26 


Mar. Sept DoJWCbnt.W 

tt-fiBKat 

.„,.Dec JuwLtBftm^Wfe 

SSiji 



hLB5 

d356 


FkMesfW.liCa 
July DaWNYlOp- 

>erf.R-K3'.lto_- 

July BadkrFushiiBu 

63 2S.6 Aug. Dec Heedimnj 

35 83 Apr. Oct Hdtattfinllflp- 

8.0 6.6 l&y Feb. Richards lDp 

85 8.9 Kar. Oct &D£T.S0p 

52 (1171 Dec. Mar. SMttRobensrm_ 
6.4 6 Sept Jan. Sekenlntl 
3.9 8.0 Feb. Ace. SavCnpd! . 

. 40 17.7 Mar. Sept SfaflavlubOOp. 

5105 5.8 Jan. May Sirdar 

6.4 63 Oct May Small &TMnns. 
85 14 Apr. Ang Sfi.Vta>saLltt_ 
72 64 Ape. Aug. DaPrir.L12O0_ 
75 85 Feb. Oft Spencer (Get 
IE 7.7 Apr. Not. saddira'A 1 , , 
Inn. July kmaWssViJ 
Ian. May renrftanubteJ 

— fcatTdJr^lOp. 

February Tomkinsons- 
Feb. July Ibotal 

— rctg , T5Q, 

Apr. Aug. rraflorri Carpets 
Jan. Ju& rriawiBe 
Apr. Nov. D-UTcd- lOp— 
Mar. Sept Vjta-Tex3)p — 

July Ytrts. Fin 
Oct Kay Ycagtari. 


MJ3265I 

37331553 


241 53(123 
23 25 270 

19 15 323! 

27 2248.41 
13 5.1273 

28 33 28.0 

20 53 313 
13122 9.4 1 

7.0 f , 
^ 35 640 
24T 4.7 T 


d201 

b277 


mil mm 

1232 173i 

MU 

S? 

2S31 

1175 ■ 

BJ iSl 
124 167 to 
19.9 1Q8.7fc| 


25 6.7| 93 
27 1M 5.4 
12 6.T 4.4 
28 9.M 7.9 

28 4|(UD 

tl 


June Dec; 
June Dec. 
Sept tor. 


253 


Mar. 

Mar. 

Dec. 

July .Dec-lH-inbros 

Jan. June Harcn» lav. Hip. 

July DecBlllFMip] 

Apr. Oct BmaaHkli'A". 
— . 

June IcotandO) 

. Juae Vat £> — 

[Dec. June Industrial & Gen. 


53 38.9 

10 15.9 
3.7 41.7 
32 48.8 

12321 17 1 LOj 4^0 X.2 

19 20. 
5.0 25B 

lizl. 

2543.. 
4.7163 
5.0 30.9 

4.9 32® 
60*253 
12 462 
65 253 
7.7 17.4 


IntFte.Se.aES(J 

Sent Mar. intemaninr 

Oct. Bar. Ent-lnv-Tst JsyD J 
Sept Apt Inv. ta Success ~ | 
June Nov. Investors’ C» 
Dec Jub IfinstmtTir _ , 

MOT Jardine Japan [ 

MarTsept Jardine Sec. H855J 
JeoeyEriKlp 
Nov. June tesy Gen. LI- 
May Oct J®&Mngs„ 
Mfiy Nov. Jove Inv. Inc. ifc) 

— Da.Cfit2p 

July Feb. Keystone Inv. 50p_ 

‘ pr. ' Oct UingdiWn v 

of. Junjfike View Inr 

, March Lane. tLos. Inv. 
Apr. Oct Law Debenture- 
‘St Feb. Leria Inv. IncUp 


M 


2321 



. Iidn-iBoljmodJ 
Jan. Loci ALennt*— 
Iam.AIJv.10p_ 
Loo. ALomand — 
ov! Dm-tMcotio*. 

_.ine LaaAPrm- 

Feb. Inly Loo. Prudential - 

May Dec Loo.iS’eljto— 


Lori^Inv. 
M&GDnallKlOp 
Da Cm LOp — 
lOaMDuHselOp 
Do.Cso.4ff — 
ftLan-EOp 




s- 

(Monks Invest- 
SontBotouiep 


a 





TOBACCOS 


1630 ! 19j 431 


Jan. 
Not. 
Mar. 
Jan- 



aapnatm 


Sjj 17.92 
11! 115 
'1232 g2J4 
2231 12J5 


27 73 
60 65 
5.0 55 
64 3.6 r 

« 123 
26 75 
20 33 

28 9.9 
55 14| 

2310.71 

H ig 

0-8 


731 


Ml 9.9 


La 


.H** 1 

. 3.4 14.4} 
3.4 ©id 


TRUSTS, FINANCE, LAND 

Investment Trusts 


. Nov. June Aberdeen bra. _| 
(353 l 19/ 18/465 Dec. June Aberdeen Brat./ 
Jan. Sept ASrabw. — 
Dec. July Allian Inv — 
Oct May Affiance Tnol_ I 
Nov. July AttiW Int 50p.! 
, ll _,. Not. July Da Capital 50p- 
331 16(3(1.0 Dee. July Amtn»ls»;bt.J 


24 373 
3.8 23J 
43 17.1 


1282 

.266 


1H30.0I 

7.4)12G| 

ill® 1 


16 435 
62 26.71 

29 34$ 

73 65 


Oct M^yjAiMrKin Trust. 

DclV. 

tor. AbMoAhlSccs-I 
Apr. AfiSO-IflUSv.—l 
BaAssatSte— I 
Jane Dec Au^oBootlnv.. 
Aug. Feb. ArcnbBedesJnc.} 


M> 


. 2 -° 
199 


Dec June 

Aug. Mar. .... 

January Atlanta Balt lOp.) 
November Atlmriic Assets _| 
Nov. June Attested- _ , 
4.K221 OcfaAer &8M.6Iia.(S(W.J 
Nov. July Banien’lnv — | 
1)138 December 
I — _ BMiapipd ePnp 

23] 973 Nov. June BidnngateTn. 
gfflfltoy Dec Boder^&.50p; 

— Do.Cohf. 

. June BrftDFnndCril 

0.7 SUjJac. July Bud ta».Ct5L. 

. . , - "J — EtwrarTi? 

13 65 2291 Jan. Aug Brid?ewilEr!fip- 
12 23 555 Apr. Sept Brit Am & Get- 
la 33 33.4 Ap ^ 0 Jan British Assets— 

3,7 0.4 - Oct April BiTDePd 

, 3.7 {4.4 — Feb. Aug. BriLluitOco. 

i'3J 17.0 — Dec. Jane BriUtrseS 

24 3.1 iNj Oct Apr. froadflmeQDpl 
20 45 123 Aug Hot. fc’snjsr ™ 
n « H (3ecmber 
08| 6J|tS.4) June Dec CXJU’Jot 

-SESgffiSr 

[27.7 Do-*B"_ 

fJnn. Dee. CratahmmdGm.1 
, ItotoeltoKiM': 
Nov.- Jura Can fc Fore' 


241 }34LZ427l 


222 

U22 


is '^OV- 


I3U111208 


2«t22 





2813 35 
283 284 
(1413 1385 
33fi 

88 335 

UJtta75 ; 


ID 68 238 

5.4 255 
58 Ztt 

4.4 545 
.... 4.7321 
IfiJ 9J168 

1M4B5 

44 £L2 

45 S3 

9.415.4 

,19 227 

1105} « 



Jan. Sep, 

Aug. Mar.^ 

' - [NacUSA-SlISl 

FebJly.Oe. fNewTbroglnc.. 

Da Cap. 

Jta. New Writs-. 
April N.Y.&Gartmorl 

Aug. Dec. 1928 Invest 

Mot Dec. Nth. Atlantic See 
June Dee.jNthn. American- 
Dee July NortbeniSecs— 
Jan. Aug OH* Assoc. bv- 
June Nov. Onbsich 

Apr. Aug 

Dot, Ang Png Sts. Inv. SOpf 
Mar. Sept Provincial Giles 

Aug. Feb. Raeburn 

Feo. Sew. Heabrooklm. 
Apr. Oct Ri this 41 m. Cap 
Oet Mar.KvertMenE._-. 
Sept Mar. River Plate Dri.- 
Apr. Nov. RobttO(Bt)FB0; 
Apr. Nov. DaSub5b'tF15 


Sep. Dec- RotiKfaildln.50p- 

Dec. June Safepard Lad 

Oct. April St Andrew At—, 
Uuly Mar. SalAateSfip.-/ 
I December Scot* Cautlnv” 
Mar. Dec Sco.atkv'A' 
Apr. Oct Scot EacJnv. 
July Sag European- 

July Jan. SwCthlnr 

June Dec. Scrtltatilkt. 
June Dec Scot National _ 
Dec ScotJtatbem_ 
Dec SeotOrtarlo— 
[Aug. Mar. SoU.Ctd.Iuv— 
Apr. Aug Scot Western — 
— Sent Westr-'F- 
-Apr. Oct Sec AllimctTa — | 
jjan. Sept SflcGaatKflm.. 

— Da*B’_ 

Dec June Securities 2 Sc_ 
June SekdBnk!n.SJSS. 
Apr. Sept- Shim Inv. Mp _ 
November SUewdllOp 
Dec. June Sphere to 
Dec. June SPLIT Inc 
— SPLTTC*] 

Jan. Aug Stanhope 

LS jE SLwj 

September Tbehnol 
Mar. Oct rsnpie . ... 
April Nov. Throt Growtlu- 
- Tto.Cap.£l 
Mar. Aug Hot 

May Not. Da 

Mar. Oct ror.Inwst.lnc_ 
October Dc.C 

Feb. MayTtafc 

Apr. Ang MbuDcIiiv.60p. 
Ocl Apr. V * “ 

|Dee- June Trna 

Feb. Ang. Maes Ct*p _ 
Apr. Oct frtwWelOT 

April UpdownInr_ 

Feb. Aug Lnd-BritSccs— 

May not Old. Cap-fib 

Apr. Aug. DS Deb. Cora— 
tor. JaL C 5&G« a^t 
June nSTnntJbadSl. 

, & 

[June Dec W«nyalnv.€l_ 

Aug Mar. WirierbotoiiL__ 
Feb. July Witaaluv. 

July Da'S*, 

Apr. Sept Yeqcanky. 

July Dec ?aks.*XatKs_ 
_ Tai*rwBl(^_ 
Dec JunetYoangCCstevll 


|d# 

'^2.65 

13.05 


tl.9B 

U28 


1106 

0.10 

17^ 

5.08 


1239 

1386 


U 


4.06 


t486 

&\ 

MJ3 

144 
676 QlOc 


1335 


IC-VTjl 

111 5.0|1 
1M10.1 


66 
74 

63 242 
20} 40 398 


1104(1 


5.7 252 
22 52 T " ; 
11 53 258 
22 43 303 
11 53 255 
L0| 9815.4 

58 258 

1.6 73.' 
3245.1 

4.4 375 

6.7 220 
3.63S.6 

6.5 28. 6 

5.5 29.7 

5.0 247 
9.2153 
58 223 
7.4 17 2 
4332A 

38136.0 
691258 

4.7 293 
7.9 208 
12 478 

_ 93 88 
i 10.0 153 


1« 


ID 


ih 

1081 



23 M 9 


153 


a 


21 t5.0 I S 9.0 193 


t 

5.91 



4^308 

481318 

5J 


LOflOJ' 


4.»S8.6 

3.9375 


3J lf.6 
9.2165 


l 


FINANCE, LAND— Continued 


Stack | Met 

Jan. Nov.}Luu. Merchant _ 92 
June Jan.pl 4G.Eilgs.5p 107 
Novemberpbj^Iinilft)- 39 
Aar. Octplaitin (HP.jM. 71 
toJtLSJlBtosUtt&frltr 920 
October KJlCIm^lZhp 17^2 
Nippon Fi Si*, iup 200 
(iSbeltoJ. 10 

May Dec. {Part Hace urr 23 

June DOTlfesiMiPiSMi, 196 
?r««b l-S. Frs2».. £43 


May 
«v. Jui 


amSt GeovKlOp— 
July Dec.|swttSfix'A'- 

Aim... 


Nov. May 
March OctSautl: 

— StfcaFScHBfc 
June SwzFm.NFiD0. 
April Dm Mb. 1st J: 
Apr. Aug WstaSeiect 
tor. Oct w«t ol Em 
Apr. Aug Ynta Catto 



II 

230 

£50 

61 

£2? 

925 

26 

37 

73 



OILS 





1128 

5T 

819 

W‘ 

£60uf 
£ 10>2 
49 
2? 

OeFtPHrtosBj £13 
142 
34 

p 164 

l«gy 

276 
18 

as*4 
Vi 
£36 
515 
674 
290 
£56 
164 
228 
134nl 
89 
89 
1 

59 


Dec. June} 


December 

L4SMD-.. 

Feb. Ang LtSMOMhlM-a 
L4SH0 
OUErpt . 
Premier Cub. Su 

Ranger Oil 

raids Dtv.lc. 

Dun* na. 

Tnuu. Beg 

Do 

.Tii£i 

Apr- Oct T«fe * 4y;Cnc. 
Dec. July Trkentrd — 

— Ultramar 

Jan. July DalpeCriv. 

Weeks NlaL lOets. 

Oara.Orf.lfcJ 

Da 

ASOc. 


J$3 ] 


JU 


1232 


1074 - , 

uowq 

2831 12.43 
?67 - 

5.7 Q34Llfr. 




55% 


Z0.1 

Q14%! 


12.4ll.9Z 


19.fi 

19.fi 

3D 

T# 

k33 


11433 

4.9% 

7%| 

oi^c 


MMI SS 


18 6.G‘ 
3.o q 
MU 113 


38 75 
19 liJ 


0.4 


33 


28 

4.7 

1146 




dHj- 


3.9 


T 


ii 31 

ibM 

d.sJ; 

7~5j 

10 J 


135 


65 


448 


1213 

7.7 


| African Lata#_ 1 285 
JpicSfc- 


iSSr&T- 1 ® 

rami 
BimstcadfUM 

Nov. June Finlay (Jaij5t r _ 

* ' DecGfll&DuKus — 
GtNtim.no 

H'rti'cs- Cros. □ . 

HaffBEBgtSj. 

Q 

jj ■main Sugar— 


Ang 

Apr. Septl 
Sep. Apr-PnchrapeE 
January yacks wm. 


MrfrhpH T iYtt 

!«*erian£!ec.-| 


Oct 
MOT 

Apr. 

Feb. Ang Ocean WlsmaOp. 
Apr. Dec Pattern. Zoeh. ito J 
Apr. DecDa'A'K/Vll*^ 
Jan. Sept SanierOiJ 


[Sena. 
Nov.JSae 



232 

71 

26 

307 

217 

£49 

337 

71 

H 

13 

74 

43 

230 

94 

23® 

220 

49 

2" 

362 

46 

£91 

51b 

51 


3771 


h2.75 


OVERSEAS TRADERS 

303 

11 

12 

7.8 


ll®}^ 

123a 6.2 J 

3Uffll^l 
gl fl Mjil 
Bjlfas! 


Z2i 4 .26 
8J tlSJ 
1212 Z056 
Tit - 
19! 16.45 
1212 3.4 
17-M 1187 
2611 sc. July 
3LM 7.0 
=110 7.0 
Ri 4.43 
674 B— 
DJC Q3.5 
3L1( ttl23 
1411 3.09 
3.13 
1411 


5.91 Q10%|3L2| 


381 61] 


281 


IV* 

29 


A6l. 

iS 

ia 

7.9| 

7.fi 

231 

381 

i? 

10.2| 


151 


S.fi 

4ii: 

V 




4.71 


li 

4.8 

137) 

iSs 

£3 M 


28 

3.6 

10 8 


113.2 

12.0 Hi 

■7.4 06J1 


11 

48 

88 

U4 

5.4 

58 

62 


RUBBERS AND SISALS 


Dmdends 

nu 

August 

Sept 


Stack 

Ungto-lndaneto— . 
ffienaoiCon&iop— 

[Bird (Africa) 



July 

Not. Jb , 
mot Dec|i 

3S. J^jGn£hrie£ 


Nov. KiwaH 
■July riSnlhn 


Kegoagld 


October Ldn. Sumatra Mto-. 
Dec June Malaktfl MSI -Z„ 
MatadmlOp— 

Mnnr River Itp 

PfrtotniBM&.Hp 
Sogci&iaiu— 


berp 


Price 

81 

67 

lUa 

3D* 

170 

S3 

106 

47* 

217ui 

66 

60 

43 

31 

ii 

49 


£ 


m 


Dhr 

Net 


25.7 

254 

24 

7? f 

33 

13 

TV 



233 

h!27 

1.6 

1 

s2.H 

203 

fi 

17 U 

Q1Z0 

1? 

27.4 

K71 

21 

1777 

0 55 

* 

3J 

tlO-L5 

U 


3.03 


19! 



1711 

QlQp 

11 

13K 

tJll V* 

21 

8J 

20 

2 6 

ail 


17 

0.4 

IK 

hfl.43 

3.1 

ill 

377 


27 


I I Fid 

IcVrlGrt 

48 


TEAS 

India and Bangladesh 


December AsntDooanQ- 
Assam FrimtierQ. 

A«amlavs.£] 

Sept Empire Plant* lBp. 

ovember AtodEl 

January ramuboarneEl 

November McLeod BumfiCl- 

Blay NOT.IteanO 

Jen. JuneiSln^o Bldgs. 

Apr. JulyJWariea Plants. 

September WUtiamnnEl 


180 

3® 

104 

20 ** 

217 

228 

192 

398 

22 

186 

143 


3Ufl 49511 
H *b48 
lm 781 

irim 

14331 
5110 
171B 
■19.9 

2B13 

■27-6 
228 


. 0 

10.0 

10.0 

15.08 

98 


5.9 8.0 

f 17 

3.7102 
26 148 

U li 

2.7 7.9 

4.9 3.9 
32 12.4 
38108 
47} 9.5 


Sri lanta 


Apr. S«pt|taumva£L 


148 | 377}3.63 | 10} 3.7 


Africa 


Nov. 

Feb. 


s£i Bryviui 


MINES 

CENTRAL BAND 


— [Durban Deep SI 

Ang Feb. East Band ftp HI. 
Aug Feb.itaadtatfnS5.R2. 
Aug Feb. [Wen Band RJ 


246 

323 



V 


h 


EASTERN RAND 


toy Nov.tBracbHRl- 
February jEast 


Gothdc Area* 5c_ 

Feb Grootvlei30c 

Nov. EinrocaRl 

Mot LofoflSc^ 

Aug F«a Jtaxtosuls B450 — 
Aug FebiS.AMaBLd.a5c_ 
Aug Feb. VTaMonlrinHl 

MOT Not. BfairfliaakHfl 

(WiL Nigel to 


65 

19b*} 

14% 

127x4 

298 

42 

7^ 

32 



FAR WEST RAND 


Feb. Aug. 

Feb. Augl 

bce!kraa]M3D_ 
AugiDoorafortan RI _ 

FefiJ&siSOrfeBl , 

. mStoidGidssj 
Feb. AugMstogBl — — _ 

Feb. AuiJHmtebetatHl 

Feb. Aug IKJod Gold Rl 

Feb. AugpihanonRI, 

Febru^lSoulbvjjd *ie“ 

g Febi v SSSS aeL^. 

- ». Aug Ventenpostm 

Feb. Aug ffnrta fil 
Feb. Aug WWernArMBRl. 
Aug. Western Deep t?2_ 
AugJZandpanRl 


29Zal 

857af 

83 

246«d 
605 ui 
191 
116 
970nl 
440x4 


40SI 

247M 

■sr 

623m 

175 m 


3- 1 ! 

31 

II 

3.1 

1202 

31 

31 

31 

31 

31 

31 

31 

31 

1212 

31 

31 


O.F.S. 


68 248 
71 211 

68 219 


43 Hi 

115 561 
08 «8 
4.4 326 
5A26.9 
67 228 
25 59.4 


Fhumca, Land, etc. 

juiriAtari ^ 


AraKnTkLlfc.! 


45 17 
22B7.9 
38 33.9 (Jj 
78j38.7 
5.7 24.7 
51Z7.9 
69 8.6 
58 258 
48 ^ 

4.9 27.9 
68 _ 
«2 32 

4.4 278 
4824-7 

3.4 402 


Oct Mar 
War. Ang 



firGBBEa 


--_ NOT.Delwtffl 
December Draw, 
August EdULOL-. 

Oet aaroiBalii*- 
Octaber EntoeHoue 
Oct July EilaafaM^„ 
Oet gntotimCbL^ 

Feb. JulfiFWdttiEpLfc. 
July tnatottad-ifo 



Feb. AngL 

June p8wS!&Sl_ 
Feb. SeptWOtobg 
-eb. Sept^rfW- 


2811208 
127' - 
1275 - 
ZL4 ■ 
4.-67 — 
19.9Q3Z>jC 
Z78 >36 
257 0258 
19.9 BT76 
3111 10 
138 — 
221 tO.99 
2U1 172 
721 201 
228 10.49 
2811 t«.49 
138 20 
574 — 
1073 - 
8J 184 


246 


.94 


37! — 
19.9 185 
310 0.10 
251 ♦— 
-57*1 — 


4.711321 2.4 


3Jj 6.D 


21 78 f 
28 5.0 ] 


3.^328 
83 91 


7 M 48 


Apr. Sept Ang Am. Coal 50e.. 

Jan. June AtaoAmer.lOe 

Mur. Ang Ang. Am. Gold Rl_ 

.Feb. Aug Aog VaalJOe. 

Han. July OsnarCeu. 

~ Ctw.GoldFWda- 
BaodCraiOp 

tWInv.Sl 

Mining R2 
JGcUFW*iA.a5cJ 


UllM 


16.4 


Sept Fbb.toee State Dev 5fc 

MOT Not. FAGeduMMc 

_ F8 Sfiaiptofli Rl _ 

Mot Oet Harmony 5Qc____ 

- LredneRl 

Not. ftea. Brand 50c__ 

Nftv. PrtiSUynSOc^ 

Nov. StHefamtEl 

Hnisd 

Nor. Wdkom50c 

Nov. WJbidiagsSfc 


90 

£125| 

1 U 

346 

114 

793 

615 

760 

162 

217 

04*4 


8UQ11C 

34Q240ci 


975 

310 

975 

310 

11B 

19.9 

310 

110 


23|10i 
1:4 10.2 

Fl 41 

*1 66 

201 - 

25 9J 

2-3 4.6 
31 68 
« 3.0 

4> 6.0 
f 6.9 
•3 LZ 

26 38.8 

25 i 

M 8.4 


a.2 

2.712.7 

« F7 
13 33 
26 110 
9.1 12 
25101 

19188 

25132 


FINANCE 


cUOT»!1&kB2_. 

9bDOd(BeWit85c 

«tpoCRoSBDL4S_ 


Mot Dec. 

July m 
M ar. Sej 
Oct 

Mar... . 

Jan. O' 

Aug Feb. 

Mar. Octl 
Mar. SeptQlewWItSfc. 

. - gWrwNVFUS .... 
November [Rawl Lmdoo 15c_ 
Jan. JulytedaaioBTnw^ 

Aug Feb.B®£miOc 

Feb! Octpwmine8S2B_ 
July Jan.rrraaLDmsliSl- 

Mar. Se ptlL'.C. Invest Rl— 

May N ov J Dnkm Cona. 62 Sc, 
Sept. 3tnr.[Vofslc2>iC 


2 3 

35 

SlB 19.05 
124 20 




DIAMOND AND PLATINUM 


tofiAndo-AmIitvJ0c_l 
Jan. ffitawitePa.Mc J 

Not. DeBeeraKSe _| 

Aug Da®pePlffi_ 

I May Lrf«ba rglffl 2 C_ 

■ito fegiULiMH 


66 

2B7 

am 

M 



98 

B 

IBftSI 

' 33 

24 


Serving the wofld 
with 

financial expertise. 

SANWA 

. BAMK 

Tokyo. Japan 


MINES— Continued 
CENTRAL AFRICAN 



Met 

190 

22 

52 

135 

78 

40 

11*2 



AUSTRALIAN 


Nov. 

Oct’ 


- tAczBttSSc — — . 
Apr. BouainrineSOTora 

- BB&POe , 

May Cistzine BubRo f l it i 


Apr. 


September 


Dee. June «J M. Hldpr 50c „ 
Mount lyeuSSc — 
NevnnetallOc — 
June Nov North B. Hili50c — 

NtlLKalgarii 

June Nov.iOakiiridgeSAl 

Pacific 


Pacific copper — 
PammtflSe 

Pirinri M&Et5p_ 

Oct Peko-walbndMlc. 

PoseWonaOc 

VultmJfin.5fc—_ 


Oct MOTjW j^ MiPlp^SOc- 


xo 
69 
72 
162 
54 
B2 
15 
129 
15 ' 
2 

. 81 
B>2 
120 
34 
67S 

jg* 

If' 

S 


25J 

110 




2 18 


nfi 


QlOc 

U 

Q9c 

23 

145 

7l 

Q9c 

17 

Q8e 

77 

Ollc 

19 

disc 

it 

Q6c 

14 


Not. 

Apr. 

Apr. 

Jan. 

Feb. 


Apr lAaaLNiswta 

Oct lAjcr lDtam CsQ 

OctjBeraltDn 

j^WBp^ainu — 

July Doc. jGopcng Cons — 

Mar. ScpUIdrislCp.. — ZZ 

puawrlSip 

16SMO50. 

Jan. July} 

SMI 


TINS 


July 

Jan. 

Mar. 


Jan. 

Nov. 

Oct 



Jan. July South Kinta 

June Jan, SttaMrlayanSMl. 
— Sungri Best SMI _ 

— SapnaiiB CcrpL SMI 

Mar. Aug TankmcUp^ — 
Sept MOT.raSmbffibr.SUl 
Apr: OcthrimohaU— 


30 

17.10 

251 

UJ 

740 

S' 

QllfrTc 

OS 

46 

RI 

375 

?! 

SKMhd 

405 

P 

59 

SSI 

0 

3.4, 

10 

IffTJ 





944 

fill 

132 

IS 

130 

1167 



93 

25.1 

9.14 

16 

10 

m 


O 

69 

Ml 

KJ155c 

0.7 

450 

j2_m 


* 

290 



a 

44 

58 

5E 

SS 5 

05 

13 

180 

53m 

58m 

1213 

ill 

SI 

B4J2 

10.9 

f, 

warn 

245 m 

3.1 

11 

t0773c 

IWS11? 

24 

U 

134 





55 

100 

974 

757 


* 

78 

150 

1213 

5.9 

z®bc 

26 

20 


92 

7 * 

27 

43 


61 

?8 


24 


127 

431 

124 

58- 

T* 

149 

27 

111 

82 

148 

\l 

10.3 

133 


?:i 

S.0 


COPPER 

June Dec.fUesnnflftLM 1 88 [1212J Q30c | 19(228 

MISCELLANEOUS 

575 


Aug 

Jan. 


IBonafl Mines I'D#. 
CoHg- Mines JC1 
Feb. Can Mnrch. lfc... 

NorthpaeCSl 

June R.T2 


Sabina bids. CS1 

TaraSxptn.Sl J 

Nov. July IeMdyS&wais 10? J 
October Yukon Cobs. CS1-. 


9 

73 

235m 

250 

ISO 

34 

818 

45 

127 



Oil 

25 

9 


7.2 


4.1 

33- 


NOTES 


Unlaw atherwbe taOcaH yrlcea ori net rf ridtui la arc In 
1 ilwwhrt m m Up. rannaii it Rin/cnfap 
caveta— bMedoalaeat—aualrcpetfamdaecoBBta- 

wad. when noariblc. mnpbndM hrff-yowrly ntar«- P/Ki ora 
adralMaa m the tnaU of act dtatrihettOB: breehewd tlguiea 
l a dt e X e U per cat or mere dHteraace if relralnid a “aril" 
jui.iii.iti-.. Cavan me tawed on dtatzfbuttaK- 

TlcJdi m hwed oh middle price*. «re cnea. adjmted t* ACT o* 
S4 per cent, aad iDm tar valae •# declared dbtrftaUm and 
righla. Secnrtilee with drnentBOtleae athpr than iderttag CM 
■noted ladtudwe e# the taeoMaeBl dollar prend un . 

4 SterSln* denominated 3ocurTtio« ’■rbicb Include hrrertment 
dollar premium. 

"Tap 1 * Stock. 

Highs md Laws marked Urns bare been adjusted to allow 


(or riefes Isaacs for cash. 
Interim all 


dnee Increased or MBommL 
. Interim since reduced, passed or deferred, 
tt Tax-free to oon realdeet* on appU c ottoa 

♦ Fla ur ea or repen awaited, 
tt Unlisted security. 

Price st time at suneesioii. 

Indicated dividend mter pending scrip and 'or tights Issues 
cover relates to previous dividend or forecast 
** Free of Stamp Duty 

♦ Uergcr bid or reorganisation in progress. 

4 Not comparable. 

♦ Same Interim: reduced final and/or reduced earnings 

<luHmi»ri 

Foream rfvidenfi rover on earnings updated by latest 

Cover allows for caovendoa of shares not now ranking tor 
dMdonds or ranking only for restricted dividend. 

Cover does not allow far shores which may also rank for 
dividend at a future dote. No P/E ratio usually provided. 
Excl uding a final dividend declaration. 

Regional price. 

No par value 

a Tux tree, b Figures based on prospectus or ether official 
estimate, c Ceuta, d Dividend rate paid or payable on part 
of capital: cover baaed on dividend on full capital. 
e Redemption yield, f Flat yield, g Aaaumed dividend end 
yield, fa Assumed dividend and yield after scrip jaaua 
J Payment from capital sources, k Kenya, m Interim higher - 
than previous total, n Rights issue pending q mwinp 
based oq pr e l im inary figures, r Australian currency. 

♦ Dividend and yield exclude a special payment, t indicated 
dividend: cover relates to previous dividend. FX ratio based 
an latest animal earnings n Forecast dividend: cover baaed 
an previous swat's earnings, v Tax free up in 30p in tba £. 
w Yield allows for currency clause, y Dividend and yield 
based an merger terms, i Dividend and yield include a 

Cover does not apply to special pa y m en t. 

A Net dividend and yield. E Preference dividend passed or ■ 
deferred. C C anad i a n . D Cover and PfE ratio exclude pcofita 
of UJL aerospace aBbsitfiartea. 8 Issue price. F Dividend 
and yield ba s ed on prospectus or other o ffic i a l -Hunt- for 
1877-78. C Assumed dividend and yield niter pending scrip 
and/or rights issue H Dividend and yield based on 
prospectus or other ofUeta] estimates for 1B7S-77. K Figures 
based on prospectus, or other official rsftaiates for 1018, 
Dividend ana yield based an prospectus or atber official 
estimates far 1D7S. N Dividend and yield based on prospectus 
or other official estimates for 1878. P Dividend and yield 
baaed on prospectus or other official estimates for 1B77. 

Q Grata. T Figures assumed V No significant Corporation 
Tax payable. 2 Dividend tote] ip date. §4 Yield based on 
Hiumpdon Treasury Bill Rate stays unchanged tnslU maturity 
of slock 

Abbreviations- alec dividend; c ex scrip issue: rex rights; max 
all: f ex capital distribution. 


“ Recent Issues " and “ Rights ” page 21 


This service ia available to every Company dealt In on 
Stock Exchanges throughout the I'nlted Kingdom for a 
fee of BW0 per annum for each security 


REGIONAL MARKETS 


are as quoted on the Irish exchange. 


Albany i»v.20p 

Ash Spinning 
Bertam 


Bdg*wtr. Bel 50p 
Clover Crafty 
Craig Si Rose £l 


Dyson (RA. l...~i 

Kills fcUeHify 
Evans FrtlOp 


Fife Ferae 

Finlay Dkg. 5p. 
Croc 6bip.£l.. 
Hlcsonr Brew... 
LOJa.Stm.£l.~ 
Holt(Joa.l2Sp... 
jrthn. Goldsznlth 
Pearce (C H.L.. 
Peel Mlila— — . 
Sheffield Brisk 


23 

41 

19 

282 

23 

380 

35 

66 

27 

17 

47 

2CJ Z 

240 

142 

IX 

Z37 

45 

122 

17 

4B 


+ 1 


-1 


Sheff Refrahmt 

Shiloh Spinn 
Slndnlltwm.1. 


*.\ 50 

—I 20 

~i as 


IKXSB 

Couv. S% *80/82. 
Alliance Gas — 

Arnott 

Carroll fP JJ „ 

Clondnlldn 

Concrete Prods.. 
Helton (Hldgs.) 

las. Corp 

Irish Ropes j 

Jacob 

Sunbeam 
TJLG. 


Unldare- 


£»a 

70 

315 

113d 

m 

125 

SI 

175 

UBtt 

62 

25 

165 

75 


+1 

+15 

+3 

+2 

-2 

-3 


OPTIONS 

3-month Call Rates 


Inilmltiili 

A. Brew 1 

A-P. Cement 

B. SJ2— 
Babcock 
Barclays Bank. 

Beocham 

Boots Drag _. 
Botraters.. — 
B-A.T. 



Geo. Accident, 
Gen. Electric i 

Glaxo J 

Grand Met— -} 

G.D3.‘A* 

Guardian 

G.K-N 

Hawtcr Sicid.. 
Bouse of Fraser. 



Ladbroka 
Legal fcGen.. 
Lex Service-. 
JoydsBankJ 

[Londco Brick.! 
LonrKo. 

Lacas lads — ] 
Dust 

, lams' . 

Mrkn.fr Spncr 
Midland Bank 
Not Wad. Bank. 
□o-Wammu 
PftODfd. 


Efink Oi^.'A'J 


Reedl 


Thorn *A' 

Trust Bouses J 



Intreuropean 
Land .Seat.™ 



















Bain Dawes 


. Aworldwide insurance 
broking service 




Head Office: 26 Fcnchurcti Sl, London EC3M 3DR 
Telephone: 01-283 4*11. Telex: S5SI43 
— A member of the Incbcapc Group - — 


Monday January 16 1978 


construct; 

Builds for Busk 


Italian 

Premier 


Choice remains open 


on £20bn. reactors 


resigns 

to-day 


BY DAVID FISHLOCK, SCIENCE EDITOR 


A SECOND WEEK of talks This strategy, which sees the the Navy at the nuclear indus- • 
[ between Mr. Anthony Wedgwood pressurised-water reactor as “in- try's disposal. • 

|Benn t Secretary for Energy, and su ranee" against further gas- This was apparently because; 


I DC1IU, utwibiaij LUl UllCIgJf auu ouibulu agaiiuji IU1 kUbi . 

! nuclear industry chiefs, includ- cooled problems, bas the support Rolls-Royce makes only about; 


Distillers 
faces new 
threat 
over sales 
decision 


THE LEX COLUMN 



The battle for 


0 


By Dominick J. Coyle 




ing Westingbouse executives, of the Electricity Council and 3 per cent of these reactors j 
starts with the Government’s the South of Scotland Electricity itself, sub-contracting the rest. ! 
choice of reactors, for orders Board. The view of the electricity 1 

worth an estimated £ 20 bo. over The Central Board outlined this * u PPty industry is that the ; 


By Guy de jonqmcns. Last week’s announcement that the societies* favourable tax EnSaSjYt - *^ ll I 

Common Market Correspondent that the second largest bank in treatment gives them a IfSfc^and iaekdh3i(M ^ 

South Africa, the Standard tive edge of around 1 per cent. Sira mrs, ana «« « 


BRUSSELS, Jan 15. 


South Africa, the Standard tive edge of around i per cent, khh"^ 
Bank, had negotiated a “close gross on their deposit rates. muMic 


Prime Minister, will submit the 
resignation of his minority 
Christian Democrat Government 
to President Giovanni Leone to- 


iiie ruccimga are uemg uciu nenn iaie last year, ana a as nor jrr— r «.»* .« u»i ; system of us ins exclusive — r LTj”" T — Z'ZiL. nn » h» Ariel to-day makes, its o 

at the Cabioet’s request to Mr. changed its position, it indicated factoring capacity, but .^' national distributors to market country s eighth largest building the banks would " 1 th ‘ Accent! OR Houses. 

Beno for more information yesterday. penenced and forceful project J^oonai .aistnnumrs re mum (h ^ l0 be renamed the petitive since they have to sup- the Accepting ; 


after its failure to agree on 


yesterday 


T brtS Building gap 


Cabinet meetingrthus ending the C 1 i£jf. tra 1 f, s ' 
life of the country's 39th adminis- , 1 _ 


» uu 1UIICIUI piujos.1. . . Waltw Red Tjahpl nnrf SWietJ m l« w i«naiuw uic VCUU"- ■*“« — - .. ... I... 

nJ T? a 8 h?iiov t ' t, __! Dimple* Haig Whisky in EEC Standard Building Society) is port a costly mony transmission profit 

It believes Rolls-Royce ex- i countries could be threatened if of more than passing interest, service, unlike the building senbers some £2tn. 

SSIct* mlZ^wnlid te [ U S 0 ® 5 ahead ' wlth its decision The South African financial socities. Consequently the banks ^ 

project management would Del.. . _c - rtexn ^ almost ^ have t0 explore other ways i. has not proved the cha 


The electricity supply indus- For the pressurised-water Project management would be £ £5 ^ 0 f b^SJ iS h.7w other ways L has not proved the chi 

w®ss saws taV S mut — ■ 


Fascism in 1943. 

The demise of the 18-month 


1 1 uao wj*yv*i ui uiuuuav m am — — » — — ■ • if. W « I CiUI UtiCdu L«Vftllll!k>OiUtl. 

request for a fitjn commitment will allow it to obtain a sites na J 2 l wesnnghonse reactor. The commission has warned 


once made ont to be.- 
Although institutions « 


nin ftw the Comment to tte HcencVand safety approval. ^1 . Rolls-Royce’s proposal is that mS «“• pertinent is going to be One possible solution is for fdrlSf^ 

Stefa^^uSSSii from U.S.-designed pressurised-water then be able to place ah order « workswith the pre^ ^ {o the recent EEC closely watched. Already at least the banks to set up building m eouitia? 

S? r r&-RS!£* P a ™^h*°“ I reactor. for a 1,300 MW station (not for ordhr prohibiting Its dual pric- one U.K. clearing bank has been societies themselves. Theoreti- ^ ( ? a SreKvTiL^' 

The industry believes that at earlier than 1982. 8 e ™5!iH^i Jr 53 ^’ * t. , ing practices could expose the investigating the possibility of . has topturea only i per c( 

«..._ Electricity chiefs have alsoi..„® JU., - establishing a building society, f DEPOSIT BATTLE 1 * h, . s - business, . or 2 |W; c* 


th? r ConSSnSt reacfoT " ' for a 1,300 MW station {not S^SS%JS aM for “*jinC prohibiting Ite d£l prio- 

should be included in a new industry believes that at earlier than 1982-*’ 8 e 2wJ,^f^^' t u _i__ ! ing practices could expose the su 6 «m« ^ 

emergency adminstration. ^ Press conference on Thurs- Mr. -Benn has been stressing to 1 ““W to le S al ac ^ n establishing a building society. 

t££ SSiiid has been rejected day, part-way through his series that the nuclear design and con- I for breach of the Community's 

nuclear meetmus. Mr. Benn struction industry, weakened bv 9 f I Mctorare pu** 0 ®®* I rules of competition. Competition 

One can understand why. The 

vounger deputies*, who '^'were to the pressurised-water "reactor not the'rOMimis to take on the ' I0 return 0y onI - v one j restriction of' trade under growth of the U.K. building 

elected to Parliament for the request by acquiescing in further pressurised-water as well as a re- we 5 tinphn.i«^ . Tm . Article 85 of the Rome Treaty, societies over the past few years 

time in the inconclusive design and safety studies. designed advanced gas-cooled ti ves 1 ?? mefy S *»» been spectacular and the 

general election in June last year. The Central Electricity Gener- reactor and a demonstration fast- ££ ^ Mr Benn Sk week 1 ~ 

After the customary three ating Board is still unambigu- breeder reactor. Sat H the Nati?n 3 i x,iclear i 

days allowed for consultations ously asking the Government for He was dismissive last week Corporation's agreement aS ly Exported “^the 

with the various party leaders, endorsement of a nudear of RoUs-Royce’s offer, made first wiff their companv ff - activa-|S“ tfi a " d fgFJK evclurivl 

President Leone is expected to strategy including building both to the Prime Minister at Derby ted" bv a fim commitment ; - 


BUILDING SOCIETIES 

(Shares and Dapositsl 




than likely that the choice will 
again he Sig. Andreotti. 

Sig, Andreotti is said to be 
willing to try to reach an accom- 
modation with the Communists, 
the second largest party in 
Parliament after the Christian 
Democrats, but this would be 
some considerable way short of 
admitting a Communist repre- 
sentative into the Cabinet. 


Formula 


Britain may be offered 
bigger fishing quota 


withdrawal of Johnnie waiKer| a pj ece _ Since then they have 
and Dimple from the domestic o Jetely overtaken the banks 
market would make such 1 


I i i 

LONDON CLEARING - 
BANKS (Parents) 

(Current and Branch.. 

Deposit Accounts) 


mansei wouia . t and t(Wiay boast sterling funds 


1970 *71 *72 


T* *75 TS 77J 
irsnl 


this business, or 2 per c* ' 
institutional trades, it 
originally envisaged that 
would raise its instito 
share to 5 per cent. In five; 
The number of subscript 
now down to 4& from a hi 
ST. 

Ariel has found little ro* 
v.*;iiL*h to fly. Early visions - 
pansion into Europe met 
indifference at the big ! 
which control European s* 
ties trading. Two years 
there were discussions aim 
linking Arid with its New 
equivalent. Instinct. Btr 
British institutions preferr 


ujuo uepms me — j — • — -t use New York brokers, be 

tad. for rioting ales f«Sta , . h f re “ n “ th !" s ta stop t’.ey have a real need for A 


of the brands in the rest of the which is wholesale money). In them doing so at the moment can resca rch r* 

^ssssms* a4 £ s rx 

sziSaS^Hi wd.’SK £« - 


BY RICHARD MOONEY 


It could, however, involve an 
all-party agreement on economic . 

and social policies to be ad- BRITAIN is likely to 


«o d«i d e whether fo , 0*0 further citing tak «d thr^timo. wouIfT Tn.ble . tank “ tn ^ , 

’ C Lawyera in Bros** soy ttat *!,»“ « f l0n8,erm h °“ Sin 5 and the f 

any- ri«l distribmor to other 1970 the number of tom* to Jts curtnmen and Exchangei 


pc s=«Wa L-aas '£F2rJr£s ^ “s j s» " “i ; = 


. x ♦ .... .. ! to challenge the exclusive rights around 500. to under 12,000 section of the community. i fthhnr . intn Ari»»l mnn 

Ss ..Ssi ^ Bntlst \ fishermen distrust the j enjoyed by Distillers’ distributors while the buUding societies Whether the authorities would 


s own system of! 

■ading will Li v i. 


the lira. waters— mainly Norway. This proacb to fisheries management fi C hin E 

Italy reported at the week- compares with the Commission's which it blames for the parlous . 1Th 


weess to us nemano ror common Jrisnenes Policy which stocks— from the Llm. tonnes a British Fishing Federation * .aM nictiiiprc Pow or view me xaci W9Tpms .. the rieht arM 

inclusion in an emergency resume in Brussels to-day. year being caught early this official said . * WO uld^riS a?!^>r^fSow C °* n ° U * ^ mUCh lon f®f- ^ I hat buildin g moieties are non- ™ 

Government is showing signs of The Common Market Commis- decade. Neither did the industry share maJSS^iatlSv 0at ^P 0510 ^ senous strains on pro fl t making is one obvious SJS2S 

backing off. sion is expected to propose a The U.K. fishing industry is Mr Silkin’s viewthat^Sifira^t esistin S financial structure., disadvantage. However, if the ^ )bi ? er is , declare d obsolete 

’ Meanwhile, the authorities British quota of about 800,000 not concerned purely with num- Egress ha? been* made on SSSTim SisSnR b EB?&2 A number of Problems are building rocieties continue to Exchanges own system of, 

here are understandably appre- tonnes within the EEC “fish bers on this question, however, other conservation questions Jn SSnler comDetition already starting to appear, grow at their current rate it will puter tr^ns wm 4/4 

hensive about the implications pond" plus 70.000 tonnes of fish It is ^xio us ttat the EEC should such as net mes h sizes and the which would reduce their Aside from siphoning off de- not be Jong before they encroach en } er ff' . . 

of a protracted political crisis oo from non-Coramumty country break away_ from the quota ap- limitation of industrial fishmeal margins. posits from the banks, building still .further on the banks’ tradi- . In the n \ eant,I P e 

fishing. societies are beginning to behave tianal territorv and the Dres- change and Ariel stand in i 

,„! 1 l ?' 1 ^ P °b?.™ce 1 0 f t °p e ~ 5STSA" ““"fo” n a S ™«£^‘LS'iEr M Popular more like banksand instead of .Jf i “ante’ banks to S *£« ?'"««' - 

surplus— the first since 1971— of 5 9 9a833 tonnes British auota In the new world of 200 mile *P service to the need . . . merely reacting to money mar- this chal lenge commission rates, for the I 

^.^n^against deficit the p^ 5 “®^ 33 ^{{^i^ r,tl ^omSSsion limits it wants control of fishing conservation, the nwited m tet ^ *** ™ " 0W 

vious year oF S1.2bn. sources said yesterday it was effort to become the responsi- “ir inrii.otrve fa .r <r fITf ml hSfrn in S them and, mcidentally, the Ariel • under which Ariel operated 

This compares with the under- a i so proposed to allot Britain ^7 of individual EEC wastal ^ ^ siSinf’s tSi?e to end Ifford^tiie “ort of hwivy prmno- mone y supply. A good case ■ . deed Ariel’s finest moi 

taking by Italy to the [nterna- a catch of 130.000 tonnes of non- nations, with exclusive fishing protiactS disn^ tin over tion schSs^ iT^ difficult could now be argued for making Ariel s little life is rounded may welt have been.befor- 
tional Moneury Fund last April quo ta fish such as horse mackerel “g““P®Nd np to 50 miles ““ .TffJSSSl t f a££ C&oJESZSa** them subject to the same mone- with A sleep. It is almost four birth, when, in 1973. it prom 

S defiCU ^ d - ^ d fl >. eel H rafl,er a tha 2 " dial* S?mES fiitaSS out at tary controls as the banks. It T^rs since the computerised the Exchange to cut comm, 

of no more than sorum. prime fish such as cod and t • A quick deal which merely about £5 a 12-bottle case of will also be interesting to see system that allows investing rates substantially. Othe i 

ncni would bring the Luuiiauofl papers over the cracks in the whisky. whether the Government in- institutions to deal directly one cuts have followed, and it 

IS- toimes ' .Mr. Silkin’s approach is Common Fisheries Policy is the it had decided to withdraw eludes them in the proposed with another carried out its first fair guess. that with this pa 

EX* overall differenL He wants 12-mile last thing tiie industry wants. - Johnnie Walker and Dimple from protection of depositors legisla- trade. To-day its early impetus its mission accomplished ^ 

When nhe nresent round of J;"“ us . lve . 2011 ^ s * w 7, th a The Liberals yesterday exerted th e Udv. market and to raise the tion. has vanished. A combination of will be allowed to fade g " ’ 

tjlks was adjourned las, mouth toweei’S SffitoTjgSi fo^' f ^.e^Vrito *** * institu,i “ Ml re,UCtSnce “ r “ U - T away - 

FiShert« KltotoT’m'ta.Uta ? jiff, 1 “g 50 Beitb. the party, because It wanted to prevent tta 

a Bnrtish a.lotaen. of 982.000 ta E es of e£luTv"c ^nes vw^ou, S’" Mr Sifiin^- Ub.’rS'SS beme^SerS^br eut-p™« 

otbcrEEC Mr D iSe^rlb.T3 “ »™ a " ^ 0^. ^ 5Sfw"25S ™de SreS" 

« ers descrll3e fi “ foregi a their traditional fishmg absolute priority within 50 miles from Britain. I ff£T^®3SS I | V sQm , t j 

scrutiny ^rassais siSis r. sS« ‘ = Jararms*' 1 1 'H™ 1 


Money 

supply 

faces 

scrutiny 


IjSsnv'Khr'd 


By Michael Blanden 


thfrVof re ^ e 3m te ?onn« “. II is essentia I ^at any j^pjiar brands" of ’scotch 'from CLOUDY with rain. 

, settlement meets . these needs K in the UJC if the Price London, SJL, E., CenL S. and N : 


withdraw 


UJL TO-DAY 


on Thursday, after the disturb- 
ing but unusually confused 
pointers given by last week’s 
banking statistics. 

These came as a shock, indicat- 
ing a money supply growth rather 
higher than the markets had 
hoped for in a month when 
gilt-edged sales were high. The 
banking system's eligible liabili- 
ties, which normally provide 
some guide to the money stock, 
showed a jump of 1.6 per cent, 
in the month to mid-December. 


. n. Wind 

that it is examining the case to moderate becoming variable. | 
determine whether the decision Max. 4C (39F). 
to withdraw certain brands of S.W. and N.W. England, S. and N. 
whisky from the British market " Wales, Lakes 
constitutes a “ refusal to sell," Cloudy, some rain and snow, 
which Is specifically outlawed Wlud variable. Max. 5-6C (41- 
under Article -86 of the Treaty. ^F). 

It is far from convinced by 01 Man, Borders, S.W. and 
Distillers’ explanation of the N>E - Highlands, N. 

commercial logic underlying the _. . Ireland 

brand withdrawals and price Cloudy, occasional ram, be- 
rises for whisky. coming brighter with wintry 

It is pointed out in Brussels w,nd moderate. Max. 

that the company has reduced , ■ 

the Continental prices for other w ~“.* En Sj an d 

sDirits such as sdn and vnritra _ 9 u “y«. rein and some snow. 


Callaghan rejects possibility 
of spring general election 


BY RICHARD EVANS, LOBBY EDITOR 


This seemed to indicate that THE PRIME MINISTER h 3 S dis- and in the maintenance of the coming to the Government’s suo- .9 0 Dbn f QtaI PJ 1 ^ fp r other 
the growth rate oF the sterling missed any prospect of a general pact until Liberal MPs consider port on a vote of confidence- sp»nts such as gin and vodka. 

money stock on the wider defini- election this spring and will it unnecessary. In addition, the Speakers Con- 

tion (M3) over the eight months decide towards the end of the News that there will be no fere nee on electoral law which jP 

to December might still have summer whether he should go general election before the is expected to recommend in- X OC U Oil DIGS 

been running at. or slightly to the polls In October or hold autumn at the earliest will come creased representation from •, • 

above, the top end of the official on until next year. as a relief to many Labour Left- Northern Ireland at Westminster 1T<5 

target range of 9-13 per cent. For Mr. Callaghan’s decision is wingers who have been counsel- will have reported so there will 

the financial year. based partly on his assessment ling delay, but as something of be less reason for Ulster Ctiftflnnrl 

One immediate worry, that that he will be safe, in Parlia- a disappointment to some mem- Unionist MPs to maintain Labour ID tJUCU4Du 

this reflected a sharp jump in mentary terms. for the hers of the Cabinet who have j n . office -d * — j - i 

~ i : — — !-.* — -« ., ■ - i — r. sc o. femes is uoubling the 


/■'} : 

• p 

in- 


spirits such as gin and vodka. « jJ?.™ ana A 50 ™ e S ?, QW - 

z Wind variable, moderate. Max. 

4C (39F). 


AUSTRALIA 


N.W. Scotland, 

Sunny intervals. wintry 
showers, locally heavy. Wind 
moderate to strong. Max. 4C 
(39F). 

Outlook: Wintry showers 


the Government’s borrowing re- remainder oC this session, no been urging Mr. Callaghan to Finally, an October election ni,nfw 

quiremenL was relieved when matter wbat is decided at Satur- take maximum advantage of would mean eanreiiaiinTi 6 !^ cv5!!f- J 0 L^i ini w« , I? ul6es t .°® e 


BUSINESS CENTRES 


quirement, was relieved woeu matter wnar is decided at Satur- tase maximum advantage or would mean cancellation of this 5 W!«Vi a « 

official figures later showed that day’s special Uberal Assembly single figure inflation In the J3SS Uhw^SSi! ^ 

the central government's borrow- 0 n the future of the Lib-Lab spring and a generous give-away w h en Left-wingers would be ,^ ere 

ing requirement last month has pact. Budget by goTng to the country seekiflg to include in E irt^ w£l? ° ^ day CrU,6C a ^ 

rimnnarf tn C?GKm Fmm VI OTHn t— .JJiiinn k. ; tknf In Mac nr .Tima 1 ..^ * . . c -> ween. D-, 1 


drooped to £785m. from £1.07bn. in addition, he believes that 1° May or June. manifesto some policies on- 

in November. the fate of inflation will not be Some Ministers still fear that acceptable to Mr. Callachan. 

This again confirmed that bor- a factor in forcing him to hold Labour could have missed its Scottish Liberal vote Paee 5 

vnipinn nAArlr Kovfl honn limit .aII Ua Ji n wii n aA« IUa finnnrtlTnit« hu tha autumn 


. T-day 

mid-cay 

V 14 37 Lnwah's C 1 W 

F 11 57 Madrid C I 34 

S SO 6B Manchearr. c 3 41 


Now there wUl.be sailings on|IS° M i ,1 £ BET"" c * S 


rowing needs have heen well j an early poll. He dismisses the opportunity by the autumn, 
below the levels recorded at this | theory that inflation will, after should inflation rise in the late 


Mondays and Thursdays from g*wast c 4 aluonirvai c-ia □ 

Aberdeen BriKrado f* i 34 mcwow f -12 10 

Berlin S 3 37 Munich r ii £ 


Brmchm. Dr 4 3S I Newcastle C 


Bristol 

Brussels C 3 37 Oslo c -4 *3 

Budapest s 4 38 Paris C 3 S7 

8. Aires S S8 32 Perth C 32 M 

Cairo S IS 65 Prague C 0 32 

CartUT C 5 41 HerkJartk Sn -3 27 

Chicago C -0 IS Rio de J’o S .15 85 

Colocnc S 4 38 Rome F tl a-* 

Copnhago. C 1 34 Singapore S 3D 67 

Dublin C 3 37 Stockholm C —2 28 


Dr 4 W[ New York C -6 21 


C -4 73 
C 3 S7 
C 32 80 

C B as 


C 5 41 Td Aviv 
C II 32 Tokyo 
C 20 68 Toronto 
S 26 8S Vienna 


« «j Warsaw Fk -2 23 


5 41 Zurich 


HOLIDAY RESORTS 


stage last year, and indicated having fallen to single figures summer and should wages policy Brunei* c 3 * nSio Tork r 

that the requirement for the j n the spring, quickly start to fail to bold. CnntinilPri frnrn Pncro 1 Sudan** s <a Paris c 

public sector as a whole could rise aga iD and thus damage _ . V,onuxiueQ HOm Fa ge 1 8 Aires 1 a e Mb c 

fall substantially below the re- Labour’s electoral prospects in a Pointers B f • 1 11 . . -. T Cardiff c 5 41 Sn 

eently revised forecast of £7.5bn. iate-1978 election. Aithoueh Mr Callaehan has VI Ifl III A N OCT TQ I ITC chicaso c -» k RiodeJ*o s 

fnr a ‘ >-“ r - , *■ O.IWtaBli orn torjeut iVliUUle 151 iKS SSm. c i S ZSm. S 

. j. Is that if inflation X'tses at air between this autumn and next . 2SJ rt J D c 3 37 Stockholm c 

Adjustments in the summer it will do so vear there ^ a number of ileve that Mr. Sadat is willing to ploy designed to get Israel and P J I i 

There will therefore be con- only "“PooHy. and wiU not be poll jters that strongly favour p e ’f n closer to, the brink of Egypt to resolve their differ ceown c 2 jbtE I 

cirtp^hio inlirocf inthl electorally significant. October. 1978. breakdown if the Israelis do not ences over the agenda. class ow c 5 41 Toj Aviv s 

siderable^nterest mthe outcome He has also decided against First, by far the major pan showmore flexibility in the next State Department officials caSw S 

montii after 'the^earonaf and changing his ministerial team in 0 f the last Labour manifesto will few days, even to the extent of made clear that Mr. Vance joThub sxn v&S? c 

Other ' adiustments have been aa * significant way before the by ^ be QQ tbe ^tute book, ordering his negotiating team to wanted to go to Jerusalem to J * « w™r f k 

addled 2d ta uv official sufd- next eIecnon 0D the grounds that [ nc i ud ing the devolution legisla- return home. get involved in substantive nego- London c 5 41 c 

aace on the reasons for the ^ present Cabinet is working tion for Scotland which party ^ « also understood that nations, but aot to find himself HOLIDAY RESORTS 

movements well together and Ministers tacticians regard as essential to EBT* is not contemplating embroiled in haggling over tbe — „ ^ T 

Seasonal factors could also be shou,d see th *f r P olide ». re ach Labour’s electoral fortunes. another round of talks by the agenda. iSS s II “ fiTSL* 9. 

an imnnrtant element In the ex- fruition as the economy im- Second, Labour's parliament- joint military committee that Thus, within an hour or so of niamui C 3 S Locarno 5 ' r 

tcrnal trade fiaures due to be proves. This applies in particular ary position next session is met in Cairo last week until the Israeli announcement that bu^ c 4 9 Majorca c 

pubUshed ttdav These wiU be to Mr. Denis Healey, Chancellor, lively to be far more precarious Israel’s intentions become clear, the meeting would proceed, the s 

examined tn see if the” imnrov- who would be lnath to leave the than this, as the Liberals are The military committee discussed State Department promptly casauima. c h 57 Nairobi s 

ins trend in the current acrount Treasury until he has gained regarded as certain to ease out the issue of Jewish settlements' in announced that Mr. Vance would £& Tdwb c 22 72 Naples f 

nipto to cmttaiSL political benefits from ecoantnie of their paet with the Gotten.- limel, -occupied Egyptian terrt- leave Was^ngtoo to-night = « “ Jg« a 

A slichr ouestion-mark is success. mem in July soon after the tory together with military with- tt is felt m Washington that Fan. s is ss apono f 

raised however over whether The chances of the Lib-Lab Finance Bill becomes law. Mr. drawal and future arrangements there is substantial agreement on f^rena f u h rd«bs c 

there miRM again be a freaSsh pact continuing until the sum- Steel wiU be unable to offer an for 'Sinai. the n<*d for a statement of | « 

movement in the figures — as mer • received a boost at the unqualified promise of support Jmrek Marhn writes from principles for a peace settlement Guernsey c o « Tcnanre r 

there was last vear — because of 'week-end when the autonomous beyond then. * Washington: The U.S. announce- wtrid* would have tbe effect of 2 ~i “ | 

Ihe difficulties "of adjusting for Scottish Liberal Party approved With the devolution Bills on ment ate on Saturday night ttet deferring until much later final gggjf 8 " g f J} JJJgf* £ 

the effects ° the 3 Christmas a resolution expreSng eonfi- the Statute Book, nationalist Mr. Vance was postponing his resolithoo of the Palestinian f-pL r-SS. 

holiday ^ dence m Mr. Steel's leadership MPs will have little reason for trip tn Jerusalem was dearly a problem, • 


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