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NEWS SUMMARY 


jvhite 

nigrant 

naming 


gold 
up $21 


Varley agrees to 
10% cut in steel 
investment plans 

BY ROY HODSON AND PHILIP RAWSTORIVE 


3 Si PORTUGAL &C-20: SPAIN . Ptu.40; SWEDEN SWITZERLAND Fr^.Oj EIRE 15p 


Prospect £59 m . trade 

of early , 0 

fish pact surplus for 
recedes j u.K. last year 

By Margaret van Hattem I 


UU CpU*4 The Government has agreed to a 10 per eent cut 

ar ' in the British Steel Corporation’s current annual 

• short-dated GXET 5 were investment programme to bring it below £500m. 

lower from the outset awl their ...... .. Jr ■ 

decline was reflected in a fall of The ob 3 ert w to kee P cor ' expanding the five integrated 
was renmett poration within its spending steelworks at Port Talbot and 

limit of £950 zxl for the year. Lianwern in South Wales. Scun- 
although a record trading loss of thorpe In Lincolnshire, Redear 
£520m. is now expected. on Tee&side, and Ravenscraig, 


^ decline was reflected in a fall of 
0.07 in the FT Government 

■ 'bite settlers in Rhodesia who Securities Index to 77.48. Long- .TBS ^dingVsHf 3E£TTn 

■ ight want to return to Britain dated stock shed initial: gains, £520m. is now expected. on Teesside, and Ravenscraig, 

"the constitutional issue were easing in late inter-office bosi- Mr Eric varley, Industry Scotland- ’ 

solved would not be aUowed ness, a s the trade figures dis- Secretary, answered a question British Steel has stabilised its 
itomatic entry by a future appointed the market. in the Commons yesterday about tosses. according to Mr. Varley. 

jnservative government, a _ . , . . British Steel’s probable losses The corporation Is understood to 

»ry home affairs spokesman ■ bad a day m which had been tabled by Mr. b , e losing money at a rate of 

t d absence of buyecre, the FT Russell Kerr, Labour TflP for about £10m. a week. Most of the 




Mr Keith Sneed was sneakim? falling 8.7 to Feltham and chairman of the bl S international steel producers 

•i BBC radio on the ratmnlbneK 474 * 2 - Gold-Mines advanced. all-party Select Committee on ^ n “ lso anffe nog heavy J 058 ® 15 

eoverament toNationalised Industries. because of the world steel slump, 

•ldera in^Irt iirira HeS?? * STERUNG edged down 40 Mr. Vartev said the latest Parliament is likely to be asked 


all-party Select Committee on J™ ab5 ° suffering heavy losses 
Nationalised Industries. because of the world steel slump. 

Mr. Varley said the latest Parliament is likely to be asked 


f a^reat mass a ^people from P®™ 4 * a £ a * ns * : the dollar to estimate was that the corporation raise British Steel’s botrow- 
V MmtoSShidaE or eSS S 1 * 92 * 5 - bn * the pound's trade- would lose about £520ra. in the “S J ro “ «bn. to £5bn.. 

<*■? *S*-. ■« «!».« «H" — .-Mr* SSL'S?, SB 


3*3*! 



ys* 


iere—wanted to all suddenly ,TCA & u,ctl 

me in. our social, health, (®M». The market reacted 
losing and education services mildly to Saudi Arabia’s state 


The market reacted still to considerable uncertainties *5 at tbe Government had 

Saudi Arabia’s state- it included a contingency no l 


fish pact | SUrplUS ti 
recedes I U.K. Iasi 

By Margaret van Hattem 

BRUSSELS. Jan. 16. BY PETER RipDELL, ECONOMICS CORRESPONDENT 
HOPES of an early agreement on 

the EEC Commission’s revised THE U.K. had a current account 
proposals for sharing this year's surplus last month for the fifth baU 

fishing catch receded to-night, successive month. For all of — 

Mr. John Silkin. the Minister of last year there was a surplus for am. 

Agriculture and Fisheries, said the first time since 1972. 
the package fell well short of The surplus of £59m. last year 

Britain's minimum demands and follows a deficit of £L2Sbn. \n- 

contained “howling gaps” regard- 1976 and compares with last 1976 
tog conservation measures. October’s official projection oF a 7977 
The proposals would aUocate surplus of £250m. Tor the year. ^=7—r— 

S52000 tonnes, or 31.3 per cent. The dlfference is lately ex- 1776 
of the tota! EEC. quota, to the pla j ne d by a drop in the siirrlus 3 d 

U.K.-substantially more than from £217m. to £G5m. last month. JJ 

the Commission’s previous offer. This was ent i re i y because of 

This might provide a basis for unfavourable movements in 1977 lit 
Discussion, Mr. Silkin said, but erratic items, notably diamonds 
taking the package as a whole. I and an exceptional jump in the 

am disappointed.* 1 visible oil deficit. _ 4th 

tabled * demand for Nevertheless, the U.K. is clearly Oct. 

962.000 tonnes, or 45 per cent of in large and sustai ned current Nov. 

the total, last December, in accoun t surplus. But the under- Dee. 

r®?!? 0 ?*® to the Commission s ] y j n g ^te 0 f growth of export 
initial proposal of 660.000 tonnes. v0 | ume b as slackened in recenr 
or - 1 R®T.”, . , „ months and the level of imports 


BALANCE OF PAYMENTS 
£m M seasonally adjusted 

Visible in- Current 
_tra de visibles accou nt 

—3,571 +2344 -U27 

— 1,657 + 1,716 4- 5 9 

1st - 538 + 473 - 65 

2nd -907 + 557 - 350 
3rd -1.144 + 698 - 446 
4th - 9 82 + 616 - 3 *6 

1st - 928 + 414 - 514 

2nd - 723 + 418 - 305 

3rd — 44 + 449 + 405 

4th + 33 + 435 4- 4 73 

Oct. + 46 + 145 -f- 191 

Nov. + 72 + 145 + 217 

Pec. - 80 + 145 + 6 5 

Source: Department of Trade 


ment that ft would continue to I P™vj8i°n of £50m_ 


J" ™ . . The Efiflm mntinDpnrv tptv- conrerence rater mat ne 

lollars for-oft. The dol- i sSit bv had con ^ Ielc confidence in Sir 

depreciation widened which te British*Steel a nd t the ^ ,es Vl,llers ’ the chai0113n ^ 


st could not cope. ment that ft would continue to 

“So we would have to take a accept dollars for ofL The doi¬ 
ng, hard look at whether we lar’s depreciation widened, hi h Britkh ct-pj and th _ r«.. e 

uid permit people to come in slightly to L79 (4.77) per cent. Govemmit bave a^ed ‘to BritiFh SteeK 

3m any country, not just black «>ovemm9»n nave aereea to s , charlei 

untries - - -• 1 nrune mmtal ffnendinp for thn . c ~ 

“We are overcrowded, we have 180] S PCr - ^° <> ° utK ^ —-- 

t particular problems and we Ifiunnkl' 


Mr. Varley twice said at bis 
Press conference later that he 


-2gt?£| fffir ma " ufacn,rcd soods 

Mr The £1.2Shn. improvement in gish level of world trade and the 


fe:- 


Hr. Varley: losses stabilised 


ve got 
mbers.' 1 


reduce 


GOLD PRICE 


Trimmed 


/arning on ‘porn ' j» 

3r teenagers’ ~ u\ : A 

ird pornography is on the way ign— u iil y/l 

becoming a normal tUet for ,ou - /" 

ildren. a report to the Home _f . .' r 

fice claims to-day. The report Jr 

.ticises some forms of sex „„ / 

ucation and attacks teenage 150 “ f -— -— 1 — 

ris' magaaines for giving ex- . 

Jcit sex advice, publishing pU-— ;— -— 

ttures of nude boys apd w 

aders* letters about pop stars, ^qL L— 'narnwlBl 

mal experiences. Laws should Aqg Sep Oct Nov Dec Jan 
tightened, said the Responsi- . -u- 

e Society, which made the • GOLD rose 52.75 to 5£7&375, 
port. its highest level since AptQ 

ecord fire bill ■ m 

ritam's fire bill last year would £'!^ LL STREET ** 

i a record £250m ? the British • <x - 74 * ^ 

isurance Association forecast- »»« tupAcsitkv Kill ratnc 
Iremen return. Page W : “JSS 


Originally, the 1977-78 steel 


* ear " failed to disdose the full extent Varley: losses stabilised 

nn • of the corporation's rising losses 

1 mmuea during last year’s select commit- committee's demands that papers 

tee hearings. relating to British Steel’s finances 

Originally, the 1977-78 steel Mr. Varley dismissed the should be produced, 
investment programme was to British Steel internal 1977 fore- Mr. Varley reiterated in the 
exceed £600m^ but as British casts of losses of up to £4fl6m. Commons that the government 
Steel's losses mounted in recent as speculative and said: “If we had followed normal procedures 
months the programme was cut had taken action on the basis of for the disclosure of information, 
to £520m. Now it is to be reduced those forecasts, we would have . He denied that he had refused 
to about £470m. been criticised for going for information to the committee. 

Such a heavy series of cuts massive redundancies and Members had,not asked him for 
means that the majority of steel- closures.” the financial details when he 

works projects in hand will be The select committee will con- appeared at the committee’s 
trimmed or delayed. sider to-day whether to recall Mr. inquiry in April and December 

Casualties are expected to Varley to give further evidence, last year, 
include small and medium works His offer to attend another . ParfiamAnt i« 
projects, as well as the strategic committee hearing appeared ' rafi ,w j 

schemes for modernising and yesterday to have sidetracked the Continued on Back Page 


-nreference Mr Cilbtn cairt ih» . »• bimi icvci 01 wuriu unui- miu me 

nramundaMi ■ inlS^av current account last year effects oi the rise in sterling- 

Sf Britiin r£S2ir«L H 8 6 l° v - -S® ,n ' si f ,e The rise in the pound has in- 

R^t there deflci ^ s, " c ^ invisible surolus creased concern about the com- 

nut there had been some ls estimated to have dropped by notitive nnsition of evnorts 
advance on Britain’s demand for £ Q2S. m lately as a result of 9 Sc * position ot expons. 

« a T h ; s P » p ou l ,° i 2 , and p ™ a * ^ 

historical rights. M ^ ments aoroao. there is still an edge in relative 


I The proposals did not provide 
for preference in the 12 to 50 
mile area, nor a basis for limit- j 
ing non-British catches—a matter 
which Britain considers vital. i» aiul „ 1|SS rise sharnlv year sb0WB that ex P° rters have 
“ Quotas without licences are snwny, determined not to sacrifice 

insufficient,’’ said Mr. Silkin. Bacfc ***S e their margins. 

“The Commission proposals can- ___ The terms-of-trade index—the 

not even be described as worry- ratio of export to import prices— 

ing—they simply do not match The visible deficit fell by rose by 4 per cent, in the fourth 
up to what we require." £1.91biu of which about three- quarter and is likely to increase 
The ministers will meet In fifths, or £1.12bn., can be ex- shafply again this month, 
restricted session to-morrow plained by an improvement in An equally important influence 
morning, then split into three the visible oil balance. on the trade prospects will be 

working groups — conservation That, however, understates the the impact of a recovery of per- 
and control, structural and social contribution from North Sea oil sonal consumption on imports, 
matters, and quotas. - operations since without them A sharp rise in imports is 

The 852,000 tonnes proposed ibe oil deficit might have been assumed by the Treasury in its 
ror Britain is only for restricted larger than in 1976. projection of a current account 

species to be caught in EEC The impact of North Sea on surplus of £1.5bn. for this year. 
Aatere The total Ujv. catch ^ble trade- (excluding rigs) Us But the latest figures surest 
>0r thls including non- estimated at £2.4bn. fast year, there may have been a further 

quota species and fish caught in against £550m. io 1976. rise in the penetration of imports 

hird-country waters, would be r»««raii mmpi ,, r , of finished manufactured goods 

L036.0000 tonnes—very near to Abetter Sin into ^ home market 

a SEBVTSS Jsxivr&fsssi 

^unC’i n e th e ° r to*t.l calch’by « -If* - ■»»“' 

EEC countnes, would allocate .That- is nearly double the rate guni|!r spen dins generaUv was 
'reland a total catch, including ° f increase Jn world trade in depressed 
non-quota and third-country fish those goods, which confirms the 0ther iteros of i mpms have 
if 97,000 tonnes fup 26 per recovery in the U.K. share. moved more-or less as expected 

-ent. on the 1973 to 1976 However, total export volume with purchases of basic materials 

iveragej. Denmark L455.000 Fell by around 34 per cent in the f o0 d and fuels down, and overall 
nones (down 16.6 per cent), last three months compared with import volume 6 per cent up 
France 576.000 tonnes (down 6.6 the previous buoyant quarter. over the year. 

Gennany Although the drop is partly 
188,000 tonnes (down 11.9 per explained by the impact of the f in New York ■ 

s v c u- . . U.S. East Coast docks strike, -,-1—- 

* C A sales to other important markets _ jmwtyK ! Rrhi 

W .? S B Jf? f ? r have fallen or levelled off in I ! 

allegedly catching pout in recent months. -H—-- * 

disputed waters off north-east ^ I si-asa»-353‘» 1 si.9591i.a33n • 

Scotland. Tbe Depariment of Trade sur- , U ia p. w pr vm.la^-02ii mm. 

__ _ . . vey Of export prospects has 3irumth> j0.4OO.45 pren.. iX3S^.43prfin. 


Tables, Page 8 
Editorial comment. Page 16 


unit labour costs and profitability. 

A rise in export unit values of 
just over 18 per cent, between the 
average levels for 1976 and last 


. Parliament, Page 10 
Continued on Back Page 


Key role for U.S. as talks 
on Middle East start 


sr-=sr.—gvBsag, on Middle Last start, 

ib-Con pSLCt threes 6J35 (6.682), sixes 6.759 

deal with Mrs. Margaret (S- 8 ^ 8 ) P" *•“ ; BY ROGER MATTHEWS JERUSALEM, Jan. 16. 

!nai h reprcsentation—cofid not Criticised h3 regitiatory ISR AEL and Egypt begin the preted differently by Egypt and real hope of success^ 

'.ruled nut, Mr. David Steel, agencies, particularly the Securl- most crucial stage ot peace nego- Israel. Mr. Vance may travel to Cam 

:Srai leader, said. He would ties and Exchange-Commisaon, tiations here to-morrow acutely Mr. Mqshe Dayan. Israels to see Mr. Sadat at the end ol 
ii^dcr a Lib-Con pact after an accusing them of seeking . to aware of the central role tp be Foreign Minister, said that Egypt this week and then return to 
»hon oY.onrf iTs hiiinnPK in played by the U.s. could not put a gun to Israels Jerusalem. 


ii^der a Lib-Con pact after an accusing them of seeking to ^ c . e T n i ri 

action. extend U.S- business rules to Played by the U.S. 


-^ uuu - oth^ countries. P«me 30 Egyptian officials beUeve they head. The Egyptian President has 

OininST it may be called home by President He emphasised that, despite «-a« cell ed all appointments for 

Anwar Sadat within a few days his country’s deep desire for “! c «»img ten days to-.devoir 
ver, gold and platinum coins Hieil 111111 unless the Israelis indicate that peace, it could not concede attention to the fcritica’ 

aimeraoratiog the 19S0 Moscow , they are willing to make signlfi- everything that was being Middle East situation. t 

j-mpics are about to go on sale Jq . f g. cant concessions. demanded by Egypt if this meant ^ 

^^-'oughoul the non-Communast b , endangering its security. Guidelines 

rid. Page 6 • • *2J tJoillpromise Mr . Vance, who delayed his The a « enda for the political 

smashed thePrime MhSw In an interview published this departure for Israel due to a committee finally agreed in 

omes smasneo meetmg w«h the Pnme Mnuster by ^ Cairo newspaper last-minute crisis over the agenda ri ud « : “T . f . . . 

triers with bulldozers, pro- ™dMr. E™ vw^, inaumy Al Akhbar. Mr. Mamdoyh Salem, for the potitical committee, 1. A declaration of principles 

ted bv armed police, smashed fOL ,^ SC V5f,^ 6 Mr Esyptian Prime Minister, spoke arrived here this evening. governing the negotianon of 

vn fquattws’ shacks ta the of “attempts by the Israeli He saw Mr. Menahem Begin, ^comprehensive peace w the 

c+. shanty town of UntoeJl, Michael Edwardes, thene chair 1^46^ Xo make the peace Israel’s Prime Minister and Mr. Middle East 

r Cape Town. Authorities said S^ l# J^5nSfsi«nS? sriSst proceBS difficult" Dayan almost immediately. 2. ‘-’U'deiinw for negotiations 

statutes were illegal and r Hr oen cuts snare uarts The talks of the political com- Mr. Vance is scheduled to meet , ? at to f ■ t0 West BaDk 

amlury and moBt inhabitants 7 tnlttee involving the two coun-members or the Egyptian delega- and Etap. ^ 

not entitled to be in the Fncrb ’ ^ tries’ Foreign Ministers and Mr. tlon, headed by Mr. Mohammed 3. Elei ? ents of * peace treaty 

a Page 4 ' • MINERS in Yorkshire have Cjrrus Vance, U.S. Secretary of Ibrahim Kamel. Foreign Minis- t0 °e negotiated between 

voted, with a 63 per cent State, are based on a fragile ter, early to-morrow. » Israel and its neighbours in 

xnnin majority,, to accept local mcen- cwmpromise agenda evolved after Egypt and Israel agree that *5*52,, 1ce T Pri Qci P les 

. tive bonuses, ftige 10 - - Washington’s hectic intervention the U.S. must play an active of irN resoI ntion 342. 

itam Robinson, aged 72, ^ weekend, but still inter- mediating role if there is to be Middle Bast News, Page 4 

! npr secretary and general ■ NATIONAL WESTMINSTER . . .. 

laser of Wakefield Building Bank is considering expanding in - 

lety, was jailed for six years the U.S., possibly by buying a- . ' '. — ■ v -m —m-w-v 

«*«= “ “ ™ Alcan (U.K.) seeks SE quote 

■, liy Johnstone, chairman of the deficit by almost half last year. 

*it and Livestock Commission, Page 2. Big contracts with Ivory BY |Ames BARTHOLOMEW 
: lhat meat consumption this Coast, Page 6 .. 

r probably would fall to its ' ______. , c . . hv 12 A fifth of the equity of holders to switch to ordinary stock instead of allowing Alcan 

»t level since the mid-1950s • CHINA S trade' erased Dyxa Alcan. Aluminium (UJO. sub- shares at the next available (U.K.) to go public. 

■retail prices might go up by P er . ^ a new recoraw of ^ maj0 r Canadian opportunity in May. Instead of B ut the parent finally decided 

reen S and 9 per cent. Back *■** SSSS aluminium, company, is likely to receiving annual income of 9 per it W0 uld be poScallv wiser over 

e , hard-currency surpUm herome British-owned in the cent gross, they would then S^Tong t^ toTnroSLe a 

:e Godber, aged 72. sister of _ • The B uS? wimuanv k expected 111 ^h^nSn^tnric hni^rs subs,antial U K - shareholding, 

inspnh Godber former pnuDiiiicC The uJv. company is expected If all the. loan stock holders Moreover,-the fact thar until now 

bYSsstiBB. u,SftS-"--—ij ETssKEKsS wtaBB e 

j* and places equapment nge.zz ... ments> ^ imposed a minimum the British content would rise « F , irth __ aAmmt . 

'Jlin: Dr. Thomas O Fiaich, * IN CHC APE turns out to be tile oftmly 5 per cent.on ^the per- to 22 per cent. % listing would bTftTi^ribmS 

1 Catholic Archbishop of bidder for Prigs’ and Clarke, «jg}g‘of equity to be held The price jif the Iran stock of Raising faturemnJTontte 

'.H.h ■ TI.Ln.nfr. ■ •< nil .nVinl, hoe tho frjT lfhlCP for Tin- PUDUeiy. row fffl VMf»i>riav t/i Cl20 vdln. . , . M IU . uu LUC 


January 15 


Spirt I S1.33ai.33Bu I s1.929li. 3350 • 
1 month 0.13-0.11 prvm.lo.l^om pn-m. 
3 numtb> (0.40-0.45 prcni. 0 l 38O.45 prf-m. 


EEC fishing regime, Page 25 I pointed to & continuing slowdown lEmontiib |Lio.i.50|irem.ii.io-i.sO|«ni. 


AN OFFER FROM M&G 

AMERICA 




BY JAMES BARTHOLOMEW 


Catholic Archbishop of bidder lor Pride and Clarke, of ibe equity to be held The price of 'the 1c 

»»? ■.w-L.'L « !“SJSJS ... 


,,_ ... iisrirg wuuia oe roe possJornty 

n«Q ot raising future funds on the 


Ping from Northern Ireland. Back Page. News analysis, uni year, on wauii finance uorporanou ror iduus- immediately but rmild nernr 

f • TOND.ON PAVILION jSSt “ihl'c^M p^t company *- ^ ^ 

missed ' tw0 ^ takeover bi^i taj;advantageous for the mainly is thought td have considered Continued on Back Page 
a and 3,000 houses damaged, spaced- off by plans to r&r tJ.KL convertible loan stock buying in the convertible loan Back Page 

Chester: Disused swimming.develop the company r cinema .. . 

I is io be turned " into an site'in Piccadilly Circus. Back 

or skateboard centre. Page v.. . . • • • -- 

_Jl \ CONTENTS OF TODAY’S fSSUE 


IEF PRICE CHANGES YESTERDAY 


ces m pence 1 unless otherwise 
indicated.) 

RISES 

ms and Gibbon ... 89 + 6 _ 
n Alum. (U.K.) 

p.c. Conv. .£139 + 2S 

• 245 + 8 

bird Conf. . 159 + 6 

d Grp. . 43} + 3} 

it Walker . 41 + 5 

vn and Tawse ... 98. + 4 

. vn (J.) .239 + 5 

r'oland fR. ft A.G.) 36} + 9} . 
>pean Ferries 11S + 4 

. 268 + 14 

r Concrete Mach. 37 + 7 

ion Pavilion . 390 + 30-. 

; and Allen. 123.+ .7 . 

T. Textiles . 77 + 5 : 

Fall m > . 163 + H)-- 

lon Sumatra ».... 80 + 9 
bor .^.’. 80.1. + 14 • 


Cons.--Gold Fields ,... 197 

-Hansoiiy .. 357 

Rtrctenburg-Plat. 75 

FALLS 

Exchequer 91P-C; 1M2£98| 

Adwest ...>.264 

Allied Colloids. 70 

Allied Retailers 179 

BET Defd. .. 108 

Distillers ..165 

Eastwood (JJB.) . 99 

Electrocomponents .339 
General Accident ... 230 
Howard Shuttering... 28 

Land Secs..220 

Lucas. Inds.............. 285 

Metal Box 302 

Mothercare- .:. 178 

.Thomson Org-.— 625 

Tborrv Elect... 854 

Turner and.NevaH ... 199 

Oil Eitpln. 26S 

RTZ .. 174 


European news .2&3 

American news . 4 

Overseas news . 4 

World trade news".' 6 

Home news—general .7-8 

—labour-.,...30 

—Parliament ... 10 


Bade to the drawing board 

with incomes policy .16 

Dorset oil find creates on¬ 
shore problems .17 


Technical page . 12 

Management . 33 

Arts page . 15 

Leader ' page . 16 

UJL Companies -.18-21 

Mining . 20 


FEATURES 

Poland: Where prices still 

rankle .. 2 

Thorn nnd Taxis empire: 

A tradition of enterprise 3 


Inti- Companies . .22-23 

Euromarkets ..22 

Wall Street. 24 

Foreign Exchanges .24 

Fanning, raw materially ... 26 

U.K- stock market.26 


Background to the fight for 
the West Bank and Gafli a 
Nicaragua: Profound politi¬ 
cal change in- the making 


Anpototmtirt* .. 34 

'■Mpalntotenta Arivo. U 

BHhWO-.OMMs. ...... a 

CranwarV .- U 

antwuLbuiKnt Sut*e 35 

'fr.AcomrtM ivdku 31 


Lettm.. 17 

In . IS 

Lunbinl . U 

Mtfl Hd Matter* ». U 
Mwer Market 3 > 

Radu . u 


Sal*room .... 

Share InfermaUan ... 

Ta-tfur't Bnn 
TV and Rarito . 

Unit Tmu . 

Weather -. •. 

Wine ... 


WerM Value of the E 19 

.teTERIM STATEMENT 
AGO RttJikrcb __ U 

Jmmpal statement 
Wellcome FaduUulan 29 

BlBe Loading Rates 27 


.For latest Share Index ‘phone 01-246 80? 



M ro0rea m?eSTORS CHRONICLE 9.9-77 


stakein the ivorid’s dtumnanl econorny. 

ThfiMffi Ameriran A Rnrend Fund isrlewnwllniiL 


vest in a wide range of Amencan securities, with max¬ 
imum long-term growth as the main objective. Invest¬ 
ment is partially through back-to-back loan facilities 
in order to reduce the effects of the dollar preiraum. The. 
estimated gross current yield for Income units 0-91% 
at the baying price of 40-2p on l3Bi January, 1978. 

- Unit Trusts are a loi%-term Investment and not suit¬ 
able for money that you may need at short notice. 

The price of units and the incone from them may go 
down as nefl as up. 

Prices and yields appear in the FT daily. An initial 
charge oi 3s% is included in the price; an annual 
charge.af i% plus VAT is deducted from the Fund’s 
gross income. Distributions for Income units are 
made on 20lfi March and 20th September- net of basic 
rate tax arid are reinvested for Accumulation units to 
increase Ihe value of the units. Ibe next distribution 
date lor new investors writ be 20fh March, 1978. You 


TWO WATS TO INVEST | 


— ■«•> now unuur Lite, II VVW..JJVY . « 

■TELEPHONE: 01-626 4588 This section to be completed by a8 applicants I 

■ U._ ' i afn ; «M ' M.M ----- ■ - ^“1 _ 


POSTCODE 


AG 530128 




agents. Trustee: Lloyds Bank Limited. The Fund is a 
wilier range security and is authorised by the Secretary 
of State tor Trade. 

M&disamefliberoftfnUnitTrustAssociabon. - - 

- TWOWAYS TomvEn’ ‘ 

As an weraative, or m addition to imresttnga capital 
sum, you can start a Regular Monthly Swing Plan 
through a W* assurance poficy for as fifle as £10 a 
month. You are normally enfflled to dam tax relief at 
mnert rates of EL7 lor each £100 pakL 
On a £10 Plan, tax relief at present rates can bring 

rfniiiti irflirr nol maaMvIu <»/ii4 1a ahIu PO Dfl uJrL ...U.l 


iu!'iiiir“i-w«mil L-j 


you buy units usually worth cons'derabfy more. Reg¬ 
ular investment of this type also means flat you can 
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gives you a positive arithmetical advantage, because 
your regular investment buys more units when the 
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cover of at least 180 times your monthly payment 
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If you cash m or stop your payments during the first 
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sider the Plan tor less than five yean. 81% to 94% 
(dependingon your starting age) is invested, except in 
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MfiGisa memberof the Life Offices' Association. 

This offer o not amiUNr to ol ihp Rmu Wc ol IrtUrvf 


Id h 4 1 1 ti •MaL'fiTllunn^etethissectiuntomakeaCapital 
[3-3-Ue I *1 tf-.Tl'l'J Investment (minimum £500). 

1 1 WISH TO INVEST It [ in ACCUMULATION/INCOME units 

‘ (delete as applicable or Accumulation units wit be issued) of the M&G 
! American 8 General Fund at the price riding on receipt of this 
application. Do not send any money. (A contract noie mil b& um 10 you 
sfaUmeowb how much ycumie and tw settlement dale. Your cemiicate wo 

I WtowsIwlWt 

II Hectare Jfia Nm nrl muJenl oufyde the United Kingdom, ihe Channel Wands. 

I ttwlsleottlanar Gibraltar, and I am not dcqwnng the units as the irommee ol any 
1 IJOMniesitJenleutsiiJelhoseTwraqfies. Iff you are unabplo make Ihs 

; w!. 



I fSnrrm Compfeie Uk seetkm 3 yon ufeh to mate a Regular 

I L 1 HonWy SaYmg(mfmmom QOa inonthf. 

■iWKHTn^aupIF-1 each month mtheM&G American fi 

I IBB TaSWE(£-1 Genera, Fund. 

I I enclose ray cheque tor the first monthly payment made pgya ble to 
I MSG Trust (tesuimtce) Limited. 

* f undemarie mat tint, pjymeru is only provaiona, ana lhai me eomeany will not 
9 assume rtsI, utita (omul mnrficabon or acteptance has been usual. 

1 DATE 

1 occuPAnow _ or birth _ 

MAM AND ADDRESS OF ySuW. DOCTOR (la rttuvn relentnce may be made) 


_ Aieyouaneaslfc«M 8 CPtanholrtarTtfet./Wo 

I If youoanot s«n Part I of the Declaration below; Uefete it and sipi Part II. ' 

_ Oednatfto NIRT If dedare fhaf. fo the best of m; bdfef, I am in Eood health ant 

■ Irealrom lAuast. lhat I have no) had any serious dliuss or maior operation, tlul I 
■00 not engage m any hazardous sports or pursuits. Dial l do iw! w^ge m avwbon 

■ excrat ase&ia-wyins passenger on racognisetl routes, and Ural no prapoul on, 

■ my We lbs ever been adversely liceted. 

■ _ fWTT.UI apefi Uaf any tfeetaialion made by mem connector with 

| ifn proposal shall belfie bas& «thecoiwaa between me and MSG Trail 

r Assurance) tm. and Hut l wll aocepl I bar customary form ol pohey. I agree to 

I pnrwd* any further mformelMir rhe company may frowns. 

(A speaiqen of the ptAcy form a available on raatiesl) am 


j gCNATURE 

| t»TE _ ' 

■ Registered in England Mo 104 S 3 W Re«. Office at. above 


IKfli 

IRIh 































































































Financial Times Tuesday January 17 1878 


EUROPEAN NEWS 


Giscard appeals for peace 
between Majority parties 


BY DAVID CURRY 


PARIS, Jan. 18- 


PRESIDENT Valery GisCard common success." preliminary lists of 10 new 

d’Estaing to-day gave his diverse M. Jacques Chirac, the Gaullist candidates in seats previously 
supporters their send-off for the leader, wrote a few days ago to allocated to their allies. 

March general election with a the President complaining that Giscard d’Estaine aoolauded 
strong appeal for peace within the decision of the Radicals, the m^Slicao^n if fS?Sd 
the parties supporting the coali- Centrists and Republicans to put mu tests rather“umanthuairatii*- 
twn government (the Majority), up single joint candidates aga.Sst Sndndw tt Srert 

He indirectly reassured the the GauUists in more than 360 demomev srnd reneated hS 

GauUists that he was not pro- seats constituted the formation farmiSf^at the Tdum sun- 
mo ting the formation of a rival of an “unfair and.dangerous" nnrtlJJi th* 

“reformist" from within the anti-Gaullist front 

Majority, saying the attempt to In retaliation, the Gaullists ^ r Jf/® Sented dlfferent 

limit the number of candidates denounced their own separate po : “ 01 Yie ' 

in the first round of the election pact with the Centrists and ■At the same time, ne warned 

should not be seen as intending Republicans to prevent a unity “ e presentation of a multitude 
a confrontation within the coall- candidate in 120 seats. o f candidates might be taken 

tion but' as " a contribution to the Yesterday, they announced the by ^ elector 35 a “8“ of dis ’ 
‘ order and bad management—an 


France will 
seek new 
EEC pact 


Poullain row likely to go to 


BY GUY HAWTW 



BONN, Jan. 1 &, 


• ,i ;bannesnanK ummzemraie “ ne remrea me cnarges ana said a year—tar m o** ut ,^r" r -r 

Wlth AiTIPQ ; December, and the state govern- that his dismissal wag contrary A the ‘Westdeutacne DanoesoanK Z^Si'taier Atfiifci iihounf' 
TTllll nlllla !ment of North Rhine-Westpbalia to tiie law and his legal rights (WtttLB). ‘ K fiBS ^5! 

fair ® mramwifl mtmttdlV offered tr 


By Robert Mauthner 

PARIS, Jan. 16. 

FRANCE WELL shortly make 

mnnUv^ • in bolh cMl courts and the sultant to a Stuttgart-based standards, although with &ls fQes “ the^n^sdner'Bai^ the^wconf 

EurtAfrS^^IidSity £«?. i West Gerraao lab0UT courL pn>perty ** d eom P aay ** membership of supervisory gSh^hTS!! 


Large fall in trade deficit 


BY OUR OWN CORRESPONDENT 


PARIS. Jan. 16. 


implicit endorsement -of the 
agreement-Which bis Caused the 
GauUists so much offence. 

He emphasised the importance 
of maintaining the accord by 
which tiie Majority parties will 
r weight 


throw their weight behind a 


THE PRE-ELECTION prestige of a FT.ITbn. surplus. _ 

the government of M. Raymond The trade figures have been single candidate" In* the "second 
Barre got a useful fillip here to- swinging from deficit to surplus round of voting, 

night with the publication of and back again for some months The President was speaking at 

figures showing that the French but within the gyrations a dis- a lunch he gave for SO political 
trade deficit in 1977 was almost tinctly favourable trend has been leaders, including party chiefs 
halved from the previous year's discernible. senior political alumni and 1m- 

shortfall. The improvement of the trade portant regional figures, who 

An exceptionally good surplus balance together with the stabili. have backed the regime, 
of Fr.lfiGbn. in December revere- ration of the rate of the French It remains to be seen whether 
lng a November deficit of franc were two of the priorities his implicit assurance to the 
Fr.2.67bn. was enough to reduce set by M. Raymond Baire when GauUists, that no- private war 

the overall 1977 deficit to he came to office In September, was being waged on them, will 

FT-lLO/bn. compared with 1976. By and large, they have have much influence.. It was 

Fr.20.43bn. in 1976, all figures been the most successful being hoped that the GauUists 

seasonally adjusted. elements in his recovery might limit their challenge In 

Oil Imports helped by the nrogramme. seats previously designated for 

decline In the value of the dollar, • The value of French wine the other parties to a mainly 
and despite some accelerated oil exports last year reached a symbolic one. 
purchasing to take advantage of record high at Frs.7.Sbn., Reuter The other parties have not 
that decline, cost more than reports from Paris. In volume yet decided whether and to what 
Fr.lbn below the Fr.SShn. ceil- terms, however, production was extent they will challenge the 

ing set by the Government, down 28.3 per cent at 52.3m. GauUists in seats previously 

Capital goods ended the year in hectolitres. allocated to them. 


covering mutual security j Herr Poullain was informed at 
problems, as well as economic i the week-end that his resigna- 
cooperation and development tion of December 23 was no 

j longer to stand and that Instead 
jfae would be subject to summary 
I dismissal, effective from Decem¬ 
ber 23. This means that Herr 
Poullain would forfeit his agreed 
.severance pa; and - retained 
Council i pension rights. 

Herr Poullain. under the terms 


aid. 

President Giscard cTEstaiog. 
who reiterated this proposal 
yesterday at the end of his five- 
day official Haft to the Ivory 
Coast, said be would table It at 
the next European 
summit meeting. 


Strauss ‘bugging’ inquiry 


BY ADRIAN DICKS 


. - - „ - „ - allegations that _ 

; DM420.000 up to 1984 and after Jfosef Strauss, the Christian 
^.urojj (that his full pension, said to be Social Union leader, was the 

victim of a wire-tapping opera¬ 
tion shortly before the 
October. 1976, Bundestag dec- 


^ ^ sh 2 aU l ! of his resignation, was to have 

d«b.“«on al o t “e lel.InU recelTe<i “* ™ of 3 ** rl » 
Conference on 

SSJd^ttSSrSSoSd Swe 2 ’ mo5t shareholder, is 

economleand S Sd 1 problem 5 , it |appsrontly cUU.mmg that Herr 
was dear that the French i Foul! 3113 acted in a manner con¬ 
fide* SS % W to. his duties as a chief 

reassure President Felix « ecu *' ve therefore, made 
Houphouet-Boigny of the Ivory h tnscif liable • to summary 
Coast, who has repeatedly dismissal, 
underlined the threat o7soviet ! This morning it was announced 
and Cuban Intervention in the :tbat Herr Poullain had no inten- 
African continent. ,#l — ***• "»•***- 

U. Giscard d’Estal 


THE WEST GERMAN Govern¬ 
ment announced today the 
establishment of a committee 
of inquiry, headed by a former 
state secretary at the Ministry 
of Justice, to look into the 
Herr Franz- 


In^ spoke of 


‘Realistic chance’ of Cyprus talks 


BY OUR OWN CORRESPONDENT 


NICOSIA, Jam 26. 


A' TURNING' POINT has been tact for the first time, and arrang- 
reached in efforts to End a ing for a sound and “correct” 

Cyprus settlement and there is P roc ^dure^ lo be followed in 

UlM wlwm Sfiwo'SmmSfi' “^^1^ ™ Dr. Waldheim gM W™ 
tir*. deadlocked since laBt and President Kyprianou at that March would be a good 


Dr. Waldheim stressed it was 
“ necessary" for him to know 
the “exact" proposals before 
calllbg a new round of talks. He 


inrina rZm* in Mi«h separate news conferences, this mean ” for a resumption of the 

Dr Ku? W dEm the UN P r0cedl,re is »• follows: Mr. negotiations, under his auspices. 
?ecremr?-Ge«S raid here gulent Ecevit. the new Turkish The new Procedural arrange- 


^ecretary-General. raid here p nmi ^ wiI( ' prepare concrete me nt seems to satisfy the Greek 

" He* was soeaxine before his P r °P° Sal s on both the territorial Cypriots who were seeking “iron- 
denarture fIF AthSit VttS rin and constitutional aspects of the clad guarantees " before commit- 
5 £ Jf or— f ° n«trunML "' Cyprus problem, soon after he ting themselves to a new round 
2^ Srt. .tfSS receives his expected vote of of negotiations. 

Pmhtant l Qn™ confidencein Parliament this President Kyprianou described 
p t ^ek. • the new procedure as “much 

^£ r,fl ,r hJll nr Jk! U T.HS?.h The Turkish proposals will better than previous ones." as it 
SjJrtJl 1 * 1 Ari^?nictr f ,»i?n Turkjsh then be submitted, via Mr. Denk- Metln Munir adds: Mr. Rauf 
Cypriot Administration. tash l0 the W N Secretary- Denktash, the Turkish Cypriot 

Dr. Waldheim appears to have Genera] within the next few leader, is to visit Turkey on 

? ulled off an important double weeks, and Dr. Waldheim, after Wednesday for consultations with 
cat during hi9 week-end visit consultations with the parties the new Turkish Government of 
to the island—bringing the two concerned, will decide on the Mr. Bulent Ecevit. It was offici- 
leaders- together in direct eon- date for reconvening the talks, ally announced to-day. 


VALLETTA. Jan. 16. 

PLANS TO institutionalise and 
Aprth 1977, for the [strengthen the traditional affinity 
of a special African i between Malta’s major trade 











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y • ' -. 



s.:' 


a> 


S : i‘--- i ! ‘ 

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.,fi' h> f ..A.a.l J—• *-»■ >.;w* 1 V. h , 


jf 




What cari grow... 


the French proposal only in 
the vaguest terms. It seems 
doubtful that It has yet been 
worked out In detail, in spile 
of the fact that this Is not the 
first time that It has been men- \ 
tloned by the French Presi¬ 
dent, after meetings with 
African heads of state. 

While President Giscard 
considers that the solidarity 
pact should be limited to un¬ 
specified European and African 
countries,. another French 
proposal, last tabled at the 
Frant o-Afr lean summit in 
Dakar in 

setting up of a special African 
promotion fund, is intended to 
embrace other countries, in 
particular the U.S. 

The proposal for the $lbn. 
fond, which was originally 
backed in principle by Dr. 
Henry Kissinger, the former 
U.S. Secretary of State, has had 
a cool reception from France's 
European partners, particu¬ 
larly West Germany. 

But President Jimmy Carter, 
whose Administration initially 
took little or no interest In the 
fund. Is reported by President 
Giscard to have been favour¬ 
ably impressed by the French 
proposal during his recent 
visit to France. 

The main objection to the 
fund from France's European 
partners is that there seems 
little point In setting up yet 
another institution to disburse 
aid to African countries; vThen 
several already exist, both at 
a European Community and 
wider International level. 

As far as the Ui>. is con¬ 
cerned, it seems unlikely that 
President Carter, in spite of 
'the favourable noises which be 
apparently made to M. Giscard 
d’Estalng, would be able to 
persuade Congress, which bas 
already shown great reluc¬ 
tance in passing his latest aid 
bill, to approve an additional 
aid package. 

Ivory Coast deals. Page I 


tion of taking the matter lying 
down and that he intended to 
fight tot his severance pay and 


tion. 

Herr Strauss has accused the 
Social Democratic-Free Demo¬ 
cratic coalition of having 
ordered the bogging of bis 
telephone, though he has *ta> 
denied the authenticity of some 
of- the material claimed by 
news reports to have been 
obtained from the operation. 
He said to-day bo had to 


BONN. Jan. 16- 

M t im w bis telephone was still 
being tapped. 

The Government spokesman, 
Herr Klaus Boeliing. has 
strongly denied that any official 
Service was responsible, but 
conceded to-day that intelli¬ 
gence men might have been 
- Illegally " Involved. 

The opposition has Insure* 
that a parliamentary conimls- 
sion be set up. irrespective of 
the inquiry established to-day. 
which in turn win not get In 
tiie wav of ooltce investigation, 
the way of police investiga¬ 
tions. Herr Strauss, meanwhile, 
nan already set lit motion a 
private prosecution against 
persons unknown, and hiw de¬ 
nounced “efforts to make the 
affair harmless’* on the part of 
Herr Boelling. 


largest commercial bank in Wes - 
Germany. 

At the time of bis resignation 
there was no suggestion tbai 
Herr Poullain had acted as any. 
thing other than a normal con¬ 
sultant to the property concern. 
But to-day it wa* reported that 
the State government was aDog 
ing that Herr Poullain ara&gad 
two guarantees—one of DMlffi. 
and the other of 

the property group without 
Board colleagues be>g entirely 
aware Of what he was doing. 

The state government's actio* 
In summarily dismissing Herr 
Poullain seems likely to lead to 
further political trouble for the 
state government of, Nora 

Rhino-Westphalia. Prefewot 

Halstcnherg lias been under 
strong pressure tn step down hot 
only from the Christian 
Democrat opposition in the Stas* 
pariiament but also from mem¬ 
bers of the government parties, 
the Social Democrats and ttw 
Free Democrat*. 


Union plans 
closer links 
with Mintoff 


By Godfrey Grbna 


union, the 28.000 strong General 
Workers Union (GWU) and Mr. 
Dom Mintoff's ruling Labour 
Party, were yesterday unani¬ 
mously approved by the GWtTs 
annual meeting. 

A motion by the union's 
national council calling for re¬ 
forms to allow the dovetailing 
process to take place was adopted 
by acclamation by tile 600 dele¬ 
gates present 

Last year the Malta Labour 
Party (MLP) conference adopted 
a similar motion for changes to 
its constitution in preparation 
ifor the creation of closer ties 
with the GWU. 

Little la publicly known of how 
this will be achieved and what 
effectively it would entail. 
According to Mr. George Agios, 
the GWU secretary, talks soon, to 


Canada lifts Europe uranium ban 


BY GUY D6 lONQUmtS, COMMON MARKET CORRESPONDENT BRUSSELS, Jan. 16. 

THE CAN ADLAN Government consignments together are establlahed by Western indu* 
to-dav lifted its year-long roughly equivalent to one-third trialised nations at the Londoc 
> n uranium eMnmnnfa of the Community’s normal economic summit last May 
embargo on uramum shipments uanX uraoium ne *ds. Longer-term arrangements wS} 

to the EEC, This follows the arrangements, worked be based on the findings ot titf 

signature in Brussels of a tem- \eng\hy negotiations study, which Is expected to Ufa 

porary safeguards agreement between the European Commis- another 18 months to complete, 
which obliges the Community to sion and the Canadian Govern- Perhaps the most novel featun 
consult Ottawa before re-prOcess- meat replace an agreement coo- of the new agreement is tht 
ing or advanced enrichment of duded with the European Atomic requirement for prior EEC con 
any fuel exported by Canada Energy Authority (Euratom) in sultation with Canada on enrich 
since the end of 1974. 1959 which was suspended uni- ment beyond 20 per cent., reprq 

The first shipments to be laterally by Canada at the cessing and subsequent storagt 
released are 2.500 tonnes of beginning of last year. of all material of Canadian oriel^.ir 

uranium on order by Britain and Thev are due to run for one shipped after December. 1974. > 

a further 500 tonnes under con- year longer than the international Detailed mechanisms for suet 
tract to West Germany. The fuel cycle evaluation programme consultation, which is aimed a ' 

--— --——----- avoiding risks of nuclear 


pro 


Spacemen return to earth 


MOSCOW, Jan. 16. 


working relationship that would 
strengthen consultation and 
planning." Two major issues are 
expected to involve the prospect 
of union members being asked to 
become card carrying members of 
the MLP and mutual represents 
tion by the party and the union 
at various organisational levels. 

The aim is to enable union and 
party to tackle jointly political 
ind economic problems, particu¬ 
larly after the closure of British 
bases next year. 


Uferntlon, will be negotiated b; 
EEC and Canadian officials ii 
tho next few weeks. 

Another significant aspect fa 
that the agreement is the finr 
TWO SOVIET cosmonauts Central Asia, to be greeted with 0 f its kind to provide for com 
returned to earth to-day in the embraces, flowers, applause, and munity-wlde verification pro 
Soyuz 26 ferry craft to a warm the bread abd salt traditionally eedures to be carried out by tin 
welcome from space programme offered to Russian travellers. Vienna - based Internationa 
officials after a five-day visit to Last Wednesday Dxhanibekov Atomic Energy Agency, 
two comrades aboard the Orbit- and Makarov in the Soyuz 27 The IAEA will operate In Thi 
ing Salyut 6 station. craft. Joined the Soyuz 26 crew EEC in collaboration will 

Lokinog healthy and smiling, already aboard the orbiting Euratom. 

Colonel Vladimir Dzhanihekov laboratory, to complete the France is the only country no* 
and Engineer Oleg Makarov world's- first, double-docking in yet lo have agreed formally t< 

Wm.I IAEA inspection of Its 

nuclear installations. 


open will concern the (> nuts and touched down at the Baikonur spa&. . 
bolts Of hammering out a closer mission control in Kazakhstan, Reuter: * 


dvS 


Swedish negotiations on 
pay contract break down 


BY JOHN W ALKER 


STOCKHOLM, Jan. 16. 


CENTRAL WAGE talks between reducing income tax this year 
the employers’ confederation and the new law which adds 
(SAF) and the confederation of another week to the four-week 
trade unions (LO) plus the industrial holiday, 
industrial white collar unions The trade unions have 
(PTK) have broken down. Talks countered b; claiming that the 
were Initiated in November. lower paid employees will Dot 
The trade unions represent benefit as other taxes are being 
about 1.4m. workers in Industry increased and the cost of living 
and the; stated at the start of is going up. 
the talks that they wanted. a The LO also claims that this 
quick settlement will be the second year in succes- 

The employers have refused to sioo that living standards have 

budge from their standpoint, dropped, 
which is for a contract covering The expected increase in infla 
three years with no pay increases tion this year is forecast at 
for the first year and any In- about 9 per cent which in turn 
creases to be negotiated on an will shrink the family budget 
annual basis. The cost of daily consumer foods 

SAF says that it is having an went up by 16.9 per cent, during 
extremely tough time trying to 1977. according to the Price and 
sell Swedish goods abroad which Cartel Office. This Is claimed to 
are highly priced on world be the largest increase since the 
markets. early 1950s. 

The employers point out that Most Industrial wage contracts 
tho unions should be satisfied terminate at the end of this 
with the Government’s poliey of month. 


Continuity emphasised in 
Dutch policy statement 


BY CHARLES BATCHELOR 


AMSTERDAM, Jan. 16. 


PRIME MINISTER Andreas van 
Agt's policy statement to Par¬ 
liament to-day showed that 
Holland's new centre-right 
Government will continue many 
aspects of the previous centre- 
left coalition's policies. 

However, although the economy 
is likely to preoccupy the Govern¬ 
ment. the statement gave no in¬ 
sight into detailed thinking on 
economic issues such as the 
controversial excess profit shar¬ 
ing scheme, inflation accounting 
or plans for a nationalised post 
office bank. Problems such as a 
new law on abortion and Integra¬ 
tion of the South Molucca?} 
minority into Dutch lire were 
mentioned but not discussed at 
any length. 

Mr. van Agt began hia address 
to Parliament by re-affirming 
that the Christian Democrat- 
right-wing Liberal coalition has 
enough support in Parliament to 
govern. The new coalition has 
77 members in the 150 -seat 
Lower House although seven 
Christian Democrats have refused 
lo guarantee they will always 
support Government policy. The 
centre-right coalition took six 
weeks to put together after more 


rban five months of talks between 
the Christian Democrats, the 
Labour Party and. the left-wing 
Democrats 66 party ended in 
deadlock. 

Mr. van Agt's Government will 
intensify the previous Govern¬ 
ment's efforts to cut' back on 
public spending and reduce the 
burden of tax and social security 
premiums. Limits will be set to 
the size of the budget deficit 
Prices and incomes restraints 
will be continued and the cost 
of the social security system will 
be cut The previous coalition’s 
plan for selective investment 
premiums, which was delayed by 
last year's Government crisis, 
will start to take effect from 
April 1. Mr. van Agt said. 

The new Government promises 
greater emphasis os exports and 
specific measures to stimulate 
foreign markets. Retraining 
schemes will be stepped up to 
increase mobility in the labour 
market Mr. van Agt also pro 
mised support for medium-sized 
and small businesses. 


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*90 frtMlni J no fair min per Uaam i 
Seccnd Ctta bokuc nt ai Nr* York. N Y I 


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Fiaandal' Ticnes Tuesday January 17 .1978 


EUROPEAN NEWS 



protest to 


over 


BY LESLIE COUTT 

(VEST GERMANY’S Permanent 
lepresenlative here bail pro¬ 
ved to East Germany about 
yesterday's barring from East 
’•Serlin df Herr Helmut- Kohl,- 
'• Jhairman of the Christian Demo- 
.• -ratic Party (CDU). East Ger- 
oany has rejected the protest 

k -: Herr Kohl is the highest rank- 
: ,! ":.,og West German politician' to 
.• ie refused entry to the 1 East 
••••*. Jerman capital since'the process 
if detente began in 1971 between 
.. he two Germaays with the slgru 
as of their Basic " Relations 
- v ..-treaty. ■ • ' ' •: ■••• 

East German frontier guards 
~~ efused to allow him into the 
•astern half of Berlin,- saying 
. lis presence Was not desfred.at 
- x his time: The. West '• German 

.-.'government has also' protested 

barply in Bonn to . the' East 
jerrnan Permanent ■ Representa- 
. _ ive.- ‘ - 

• J; West Berlin ■ officials report 
..hat East Germany is also in- 
..'reasing its spot controls of 
• ... Vesterners using the transit 
■ - ^utobahn between West Berlin 
• iPd 1 West Germany. Nineteen 
ravellers were subjected to strict 
•ontrols by East German border 
:uards at the frontier to West 
erlin over the week-end. Under 
e Four Power Berlin Agree¬ 
ment of 1972, East Germany may 
ibt control the access roads 
-vt ,iver its terrirtory • unless ■ It 
urgently suspects " misuse by 
Krbe travellers of their journey 
. tnder East German law. 
t- . Herr Kohl is attending a ses- 
~ -ion in West Berlin of the' CDU 
:> - parliamentary group in Bonn and 
,..iis attempted crossing into'East 
- Berlin by foot took place on the 
: >ve of tiie session. : . 

In the past East Germany, and 
be Soviet Union have objected 
. rtrongly to West German Bunde- 
. .' lag groups meeting in West 


aniuai 


.EAST BERLIN, Jan. IB. 

Berlin, but the Western Allies 
bgre have ‘ upheld: the practice, 
spying it- informs with the 
Berlin agreement, which speaks 
of .ties between West Berlin and 
Bohn being' ‘'maintained and 
.developed.’’ 'East - 1 Berlin - and 
'-Moscow reply by. quoting further 
. that" West -Berlin continues “ not 
to be. a constituent part of the 
Federal 'Republic 'of .Germany 
and hot to- be-governed by it." 

- Herr ' KohL "has " frequently 
visited East Berlin as a private 
person, while attending functions 

.in West’Berlin, and this. too. was 
'to'-have been a private visit, 
v A spokesman .for. tbe CDU 
Bundestag group in West Berlin 

- said' be. believed .the ■ bornog of 
Herr Kohl was conected with the 
“worsening of the political 
atmosphere ” between East 
Berlin. and Bonn, as. illustrated 
by 'last week's closing of the 
East Berlin bureau of tbe West 
German news magazine, Der 
Spiegel. 

The magazine had reported the 
existence , of what it said is an 
opposition movement within the 
East German Communist Party 
that favours a break with the 
Soviet Union and eventual re¬ 
unification of East 'and West 
Germany. Herr Kohl and other 
CDU politicians have'said they 
believe there is such, an opposi¬ 
tion in East Germany-: 

East Berlin bias mounted a 
fill 1 -scale propaganda ; attack 
against what it calls at.“plot to 
undermine normalisation ” be¬ 
tween East and West -Germany 
by the West German “ federal 
intelligence service (BND) and 
revanchist. Cold War ditdes.” A 
number of .West Germans have 
been arrested recently as alleged 
spies and others have been con¬ 
victed of espionage. 


Norway-Soviet fish pact 


BY FAY GJESTER 
AN AGREEMENT between 
"Norway and tbe Soviet Union 
•. -egutating fishing in their res- 
jertive economic zones has been 
.' »igned here following a week of 
liscussions by the Ncrwegaan- 
. .Russian fisheries oommissfon. 
-Tbe pact aIso~sets catch quotas 
or the Barents Sea “ grey" 
-tone where boundary claims 
overlap. 

. The parties .have agreed they 
an take up to 500,000 tonnes of 
:ape 1 ui in each other's zones this 
rear. In addition Norway can 
ake 30.000 tonnes, of cod and 
1,000 tonnes,. of haddock ; ' in 


OSLO, Jan. 16. 

Russia's zone, white Soviet 
fishermen can take .80,000 tonnes 
of cod end 10,000 -tozmea of 
haddock in Norway’s zone. In 
the overlapping, grey. »me area, 
both countries’ fistherinen are 
bound by the agreed total catch 
quotas for 1978, the- comusasoa 
points out In' Norway’s zone 
below the sixty-second parallel, 
Russia is to be allowed to take 
40,00fr tonnes of saitfee this year. 

Cod quotas for third countries 
was fixed as follows: in rorway’s 
zone 56.000 tonnes,. in. Russia's 
zone 34,000' tirades an*"ip. the 
grey zone 20,000 tonne*. 


New offer 
in Soares’ 
bid to form 
government 

By Diana Smith 

LISBON, Jan. 16, 
WITH 48 HOURS to go before 
he must - inform President 
Eanes whether or not he. thinks 
he. can form a government, 
caretaker Prime Minister 
Mario Soares has received an 
unexpected olive branch from 
the Social Democrats. 

Last night, a Social Demo¬ 
crat communique revealed that 
the party’s permanent commis¬ 
sion (handling party affairs 
until new . officers can be 
elected at a special congress 
later this month) bad received 
a vote of-confidence to nego¬ 
tiate with the Socialists and 
that Sr. Francisco 5a Caraeiro 
(ex-president of the party and 
hitherto not inclined to give 
backing to President Eanes) 
had joined the negotiating 
team. 

Tbe party, the communique 
added, - would urge President 
Eanes to “ Intervene more. 
actively in the process." 

The motive for this new 
attempt to find common ground 
with tbe Socialists was stated 
in tbe communique as tbe 
“exclusion of the Communist 
Party.” Late last week, it 
seemed that all possibilities of 
an agreement between the 
Socialists and Communists bad 
been' exhausted—since the 
Communists wanted guarantees 
that radical legislation would 
be upheld and the Socialists 
had not given these. 

The Social Democrat olive 
branch, however, may bear a 
thorn or two since strained 
relations between Sr. Sa 
Carnefro and Sr. Soares on the 
one hand and President Eanes 
on the other are an open 
secret 

Moreover, relations between 
tbe Christian Democrats in the 
running for Cabinet seats in 
the new government—and 
Social Democrats have also 
deteriorated. 

In theory, a three-pronged 
pact of Socialists, Social 
Democrats and Chrfothin Demo¬ 
crats would ensure a strong 
Parliamentary majority and 
stable Government 
In practice, ft would have to 
stumble along a route studded 
with obstacles raised by the 
Communist Party whose con¬ 
trol over most of labour has 
not d iminis hed and whose 
exclusion from decision-making 
coaid have serious repercus¬ 
sions. 

Meanwhile, the prominent 
Socialist and chai rman of 
Portuguese television, Sr. 
E dm undo Pedro, is stflj in 
custody following his arrest 
last week and -charges on 
Illegal possession of weapons. 


BAVARIA'S THURN UND TAXIS ‘EMPIRE’ 


A 



of enterprise 


BY JONATHAN CARR M BONN 


STAYING' rich is rather harder 
than becoming rich. So day, 
Johannes Erbprinz von Thuru 
und Taxis, who should know. He 

is safeguarding and extending 
the-fortune this family built up 
through 500 years of European 
turmoil. His borne is an ancient 
Bavarian castle at Regensburg 
on the Danube, less than an 
hour’s drive from the border 
with Communist Czechoslovakia. 
From there he watches over a 
modern business organisation 
which has one foot firmly 
planted in the pew world. 

Aged 51, the Erbprinz 
(hereditary prince) gives no 
sign that the .cares of tradition 
and wealth lie heavily upon him. 
Relaxed, smiling, red carnation 
In. buttonhole, be greets guests, 
in a softly-lit room furnished 
comfortably but without 
ostentation. He freely admits 
that Tburn und Taxis business 
interests take him out and about 
a lot. But that is all to the good. 
He would hate to stay at tbe 
castle and become, as be says. 
“ a museum piece—a kind of 
Frankenstein.” 

There 'is a lot of travelling to 
do for one determined to keep 
in touch with aU corners of tbe 
Thorn und Taxis “ empire." 
There always bas been. Tbe 
family came originally from the 
Bergamo region of northern Italy 
and was tbe force behind tbe 
first European postal service. 
Franz von Taxis became the first 
postmaster of tbe Holy Roman 
Empire in the early 16th century 
when he undertook to see to It 
that tbe emperor's letters 
reached Brussels from Vienna. 
Business blossomed, Tburn und 
Taxis fame grew—and so did its 
fortune. The family kept its 
postal interests through all man¬ 
ner of upsets—'including the 
French revolution—yielding 

them to Prussia only in 1887. 

By that time Thurn und Taxis 
was diversifying—not least into 
land. About three-quarters of 
that—the holdings in Bohemia, 
Poland and Broatia—vanished in 
two world wars. .But til ere is 
still plenty left, with expansion 
in the west helping compensate 
for losses in the east. 

The family wealth includes 
32,000 hectares of land for 
forestry and farming in West 
Germany, another 50,000 hectares 
in Brazil (with cattle as well as 
rubber and pepper plantations) 
and a further 6,000 in British 
Columbia. 

In addition there are indus¬ 
trial enterpbes (producing 
among other things special 
metal contacts for the electrical 
and vehicle sectors)' in Europe 
and tbe U.S. There is a brewery 
with' a product which—like the 
best wines—can justifiably be 


called noble. There is real 
estate and a small advertising 
agency. And last but far from 
least there is the buoyant Fuerst 
Thurn- und Taxis bank, with 
headquarters in Munich. The 
Thurn _ und Taxis interests 
(excluding the bank) had -a 
turnover of DM375m. (£94m.) in 
1976, invested. .about . DM30m, 
and. employed more than 4,000 
people. 

To tbe 64,000 dollar question 
of. how much- the. Erbprinz is 
really worth, comes an elegant 
but not wholly enlightening 
reply. The Erbprinz stands 


of a curl of the lip Is that the 
state has not even been asked. 

What is the secret of Tburn 
Und Taxis success and dura¬ 
bility? First it is a golden rule 
that tbe family-wealth should be 
passed on - into the hands of 
only one member. Unseemly 
quarrels which have affected 
some other wealthy families— 
often at tbe expense of a divi¬ 
sion and subsequent loss of tbe 
wealth itself—are' blocked from 
the start 

Then, immediate appearances 
should not'deceive. The Thurn 
Und Taxi's bank in Munich’s 



The Thurn und Taxis crest 


behind the bank with all his 
assets which are “ more than 
enough ” to cover the balance- 
sheet total of some DM500m. 

Tbe bank's manager. Dr. 
Juergen Reiss, modestly describes 
this situation as “ comforting.” 
Others more bluntly suggest that 
those who have an account in 
this bank have good reason to 
feel their money is as safe as 
castles. 

A fair estimate of Tburn Und 
Taxis wealth is the more difficult 
since so many possessions are, 
literally, priceless. Who, for 
example, could buy tbe castle 
at Regensburg (one of about a 
dozen belonging to the Erbprinz l 
with its centuries-old furniture 
and pictures, its library with 
frescoes by tbe great Damian 
Asam, its 42 huge gobelins and 
300 clocks (all ticking away on 
time)? 

The state perhaps could buy— 
but to what end since the public 
can already use the library and 
visit all those parts of tbe castle 
not devoted to offices and every¬ 
day living. The state would also 
have to keep it maintained—and 
over the last quarter of a cen¬ 
tury the family has spent millions 
of deutsebemarks on restoration 
and upkeep in Regensburg alone. 
Has tbe state helped? The reply 
siren with, the faintest suspicion 


Haxmilianstrasse looks from tbe 
outside like a splendid monu¬ 
ment to the past—like tbe re¬ 
constructed opera house facing it 
Mross the road. But inside all 
is up-to-date, computerised, the 
latest bourse listings and inter¬ 
national exchange rates flicker¬ 
ing across TV screens. Tbe 
sceptic who thinks of Bavaria 
as a mainly rural area is 
Inclined to ask wbat clients a 
private bank such as this can 
find in Bavaria, since Thurn Und 
Taxis family business forms only 
a small fraction of total activity. 
The answer given is that there 
are a lot of monied people about 
who like the flexibility and per¬ 
sonal touch of a small bank (as 
well as tbe special security 
involved in this one). And 
apparently conservative Bavaria 
remains full of surprises. There 
is the Thurn Und Taxis client 
in Franconia, for example, who 
is engaged in lucrative business 
with China... . 

Much the same applies in 
Regensburg. Behind the castle 
wirils is' one section devoted 
whoHy to administration, with 
application of management 
methods which would disgrace 
no modem multi-national con¬ 
cern. The object is control of 
the far-flung Thurn .Und Taxis 


holdings —divided into six 
major categories, basic produc¬ 
tion (farming and forestry), real 
estate, services, supply indus¬ 
tries, consumer goods and brew¬ 
ing. Each branch is allowed a 
high degree of autonomy. But 
the contribution of each to the 
whole is under permanent scru¬ 
tiny. Changes in the investment 
balance emerge with tbe un¬ 
hurried tempo of an enterprise 
which values security above 
quick growth and which is 
almost wholly seif-financing- 

One big step was made in 1976 
with acquisition of the Art Wire- 
Doduco Corporation of New 
Jersey, which gave Tburn Und 
Taxis an industrial base in the 

U.S. Tbe bead of administration. 
Dr. Hermann Memmer, forecasts 
further moves into “ growth" 
areas of the U.S. When asked 
to define these be mentions not 
“silicon valley” in California, 
but agriculture, on the face of 
it a curious answer. But Tburn i 
Und Taxis would clearly like to 
acquire experience of highly 
efficient American farming tech¬ 
niques from the inside. The rise 
of world population, the need 
for greater food production arid 
better use of farming land all 
suggest a “ growth ” branch. 

Such foreign interests all form 
part of ihe Thurn Und Taxis 
policy of distribution of risk. Dr. 
Memmer sees scope for further 
expansion—until a balance of 
about 25 per cent, abroad to 75 
per cent, at home has been 
achieved. But what does the 
Erbprinz think? Does he not feel 
uncomfortable sitting almost on 
top of the iron curtain, in a 
country with a Social Democrat- 
led government and a continent 
whose political and economic 
future seems, to say the least, 
murky? 

Wouldn't be like to retreat—at 
least to a tax haven like 
Switzerland? 

The Erbprinz looks pained. 
Switzerland has no permament 
attraction for him. “What on 
earth do people do there?” he 
wonders. Besides be is not ex¬ 
pecting an invasion from the east 
—and it was never Thurn Und 
Taxis policy to flee before 
imagined danger. True, Regens¬ 
burg was once more or less the 
centre of the family's concerns— 
and now it is on tbe eastern 
border of them. But it is not im¬ 
possible that with improvements 
in east-west ties, Thurn Und 
Taxis business might expand in 
the east as well. 

That of course is taking tbe 
long view. Bui then the 
Erbprinz can afford to. He says 
goodbye as around the castle 
those 390 clocks chime away 
another hour into the second 500 
years of Thurn Und Taxis. 


Oil majors 
to fight 
Danish 
tax move 

By Hilary Barnes 

. COPENHAGEN, Jan. Mb ; 

INTERNATIONAL oil compa¬ 
nies in Denmark are expected 
10 fight an attempt by Mr. Jens 
Kaznpmann. the Tax Minister, 
to make them pay more tax 
on their incomes. 

The Minister Is in the proe- 

cess of instructing the tax 
authorities to apply to the oil 
concerns a special danse in 
the Companies Act permitting 
an arbitary assessment of the 
tax of multi national com¬ 
panies. 

In newspaper and television 
Interviews, Mr. Kampmann has 
hinted that the same clause 
may ako be applied to other 
companies. 

“ We are starting where the 
problem is greatest.” he said. 

The law which Mr. Kamp¬ 
mann wishes to apply states: 
“ A company in Denmark 
which is controlled by a foreign 
company and. in its trading or 
economic relations with this 
company, is subject to con¬ 
ditions other than those apply¬ 
ing to an independent com¬ 
pany. is taxed on the earnings 
which it Ls estimated tbe com¬ 
pany would have made if it was 
an independent entity conclud¬ 
ing business with tbe foreign 
company.” 

Until now. the oil companies 
have been taxed as normal 
Danish companies. Bui it has 
been a sore point with some 
left-wing politicians that the 
oil companies have paid tittle 
or no tax. although in recent 
years all except Gulf have paid 
some income (ax. 

The reason why Gulf. Shell 
and Esso have not paid large 
amounts of lax is that they 
have been able to claim sub¬ 
stantial depreciation allowan¬ 
ces on refineries which they 
built here in the 1960s. 

The oil companies are still 
waiting to hear officially what 
the Government intends, they 
assume that the Government 
will base its case on the trans¬ 
fer prices between the Danish 
subsidiaries and tbe mother 
companies. 

“ Our case is that our trans¬ 
fer prices stand up on an arm's 
length basis, bnt we are not 
so naive as to pretend that 
there are no problems about 
transfer prices. There are. and 
it is a complicated problem 
which Is being discussed in 
the. forum of the EEC at the 
moment,” said the managing 
director or one of the oil 
companies. 



POLAND 


Where prices 
still rankle \ 


itfa the episcopate.” \ 
Non-conformist intellectuals 
ave meanwhile, taken pub- 


y-- 


BY CHRISTOPHER BORINSKI IN WARSAW \ 

AT THE END of the second carry on these kinds\of talks 
Communist Party 'conference in with the episcopate." 

Warsaw recently, Mr. Edward 
Gierek, tbe Party leader, told have 
the delegates: “The roads are lishing unofficial duplicated 
slippery. Be careful on the way newspapers, brochures and 'even 
home.” In a country where book «- 

shortages are causing discontent lo spite of the recent seizure 
and where tbe general economic by the police of four duplicating 
and political problems are machines, they have managed to 

. 'T j , v TT v produce an offset print run of 

great, the delegates will have £, ore ^ 2 ,ooo copies of a novel 

needed little encouragement to by a prominent writer. T. Kon- 
tread warily. wickis. which he bad decided to 

Tbe authorities claim to be P ubIisl1 ^censored, 
satisfied with the overall econo- addition, in Warsaw, 

mic performance, and the 

secretary to the Central Com- ““*“*“* m P™* 

mittee, Mr. Jerzy Lukasiewicz. $°“® s ar !*** "» ° ot Kl ° nIy 

asked reoortera at a oost-con- P°P ula f among students but are 
taSnwSS how tbS PcS om-actuig tbe attention and the 
economy could be in crisis if gPJgLiL 1 nUJnber 

industrial production and in- of acaaenuc »- 
vestments are growing and a This emphasis on providing 
million or so jobs have been alternatives to wbat officialdom 
created in recent years. has to offer, rather than expect- 

. But the decision net to put up £*,£ 5?®? 

11181 15 attac ^ i to the. recent 
^ ,etler t0 Polfrburo from an 

to do it gradually indeed shows e x-First Secretary, Edward 
that the party js fully aware 0chab , ^d some other one-time 

KL th *« d SPS <lf '“J?^ w ^ ch Prominent party officials. In it 
has produced working class appealed to the Party “to 
demonstrations twice since 1970. work out a programme of 
Cardinal . Wyszynski, the economic-and political reforms” 
Primate of Poland, also sees tbe whicb would. guarantee demo- 
problems. His conciliatory tone cratic forms of government, 
towards the authorities in. a The non-confo'nnists are more 
major speech last week derives interested, in the working class, 
from lus fear of wbat be calls whuse mood to some extent 
T small revolutions ” Speaking explains the authorities’ condlia- 
in St. John’s Cathedral in War- t0 ry policies. Any kind of 
saw he in effect offered to help worker-intellectual alliance is 
the authorities fight social ills still remote, although a remark 
such as industrial absenteeism by Jozef Pacer, Central Com- 
or alcoholism. mittee member and delegate to 

Apart from his wish to avoid t he Party conference from the 
upheavals there are other rea- Gda ns k shipyard, that" there are 
sons for his moderation. In a *® w cases of penetration into 
another recent speech he said ranks of irresponsible 

that during his . meeting with elements whose aims are foreign 
Mr Gierek two months ago he us ’.. . ow ! s th 8 * it is not 
was asked: “What can be done ait°S e toer impossible, 
so’that the Church gains more Into all this.there flew Presi- 
infiuence on society, because we dent Carter, on his six-nation 
cannot deal with some of tbe tour, aware as: U.S. officials said 
current demoralisation.” It before he came of “certain 
must be difficult for a leader economic and political problems 
of a church which has been whicb could become significant 
officially considered a negative given Poland'* “very sensitive 
influence for 30 years to resist strategic -geographic position.” 
such an appeal. His message,, for both leaders 

Cardinal Wyszynski .also put 

Forward his conditions to Mr. J2KS3 SSf 3 *. “ d iiS‘;». 0l - d 
Gierek and then repeated them SfhS^SJS.SH 

»y hi^pr^o'f Mr.*G. ? erek 
i rcsji more ircGuom zor innn nf z__ 

Catholic aaodatioiB. and ttc , ra iil rmt 
means to publish religious texts f n a sta b] e Poland, 
and more freedom from censor- , , 

ship. AE f ortoe official Polish re- 

. action, press comment called the 

The - chances of having these visit “ constructive and-reahstic:” 
conditions fulfilled remain to be At the same time Polish officials 
assessed. According to Mr. t00 k every opportunity after 
Jerzy Lukasiewicz, who is in Mr. Carter had gone to state that 
charge, among other things, of Q o one-should expect to drive 
tbe Press and Ideology, there any wedges between Poland and 
will be normal talks to define its Socialist-allies. As for the 
who . want* what—“One policy population, the .effects remain to 
proves that we are willing to be seen. 


I 



and comes with 

ready-made packages? 


» 











Financial Times Tuesday January-17 : W7ft 


AMERICAN NEWS 


Peru debt 
service will 
take 46% of 
export 


income 


Bjr Our Foreign Staff 

THE PERUVIAN foreign debt 
amounts to $7,171 bl, and t he 
S910m. needed to service it this 
year will absorb '46.3 per cent 
of receipts from exports, accord¬ 
ing to Gen. Alabiades Saenz, 
the Peruvian Minister of Econ¬ 
omy and Finance, as reported by 
Inter Press Service. 

Of the $910nu 5635m. will go 
for amortisation and the rest on 
interest payments. The expected 
servicing requirements for next 
year are put at S976m„ of which 
8686m. wiH be absorbed by amor¬ 
tisation. Gen. Saenz declared 
that the unification of the ex¬ 
change rate in October" had 
meant that Peruvian foreign ex¬ 
change reserves were no longer 
declining. 

Meanwhile, the military gov¬ 
ernment in Lima has warned 
that it win take firm measures 
if the Comm uniat-con trolled 
CGTP labour confederation goes 
ahead with plans for a 48-hour 
general strike on January 23 and 
24. The general strike organised 
by various labour organisations 
in July, In protest against the 
fall in the .standard of living 
caused, among other things, by 
the depreciation in the purchas¬ 
ing power of the sol, resulted In 
severe political and social ten¬ 
sion. 

Hie government is faced with 
two alternatives—seeking to bal¬ 
ance its budget and pursuing an 
orthodox monetary policy by re¬ 
ducing the subsidies on staple 
foods, or bringing upon itself 
greater unpopularity as the cost 
of living continues to rise 
steeply. 

The government's present 
policy is to let the price of 
bread rise by 30 per cent, and 
the price of sugar by 30 per 
cent., over the year. Despite the 
price rises, the government ex¬ 
pects to pay $32m. in bread sub¬ 
sidies this year. 


PRESIDENT SOMOZA’S NICARAGUA 


Profound political 



may be in the 



BY. ALAN RIDING, RECENTLY IN MANAGUA 


THE murder last week of 
President Anastasia Somoza's 
principal political foe seems cer¬ 
tain to add to growing instability 
in Nicaragua. The immediate 
result of the assassination of an 
opposition newspaper editor. Sr. 
Pedro Joaquin Chamorro, was 
two days of the worst street riot¬ 
ing in memory in the capital city 
j of Managua. But in the long 
run, it could serve to unite the 
growing-opposition at home and 
abroad to the long-established 
but now shaky Somoza regime. 

Most Nicaraguans do not 
believe that General Somoza 
ordered the killing of- tbe man 
who for 30 years had dedicated 
himself to trying to overthrow 
the family dynasty. “ Somoza is 
too intelligent to do such a 
thing,” seems to be the consen¬ 
sus. "After all. the murder 
harms him more than most 
others.” But there fa also little 
doubt tbat either politicians or 
businessmen close to the dictator 
paid the killers. So far, the 
leader of the four alleged mur¬ 
derers now under arrest has only 
named a Cuban-Amerlcan called 
Pedro Ramos, who was conveni¬ 
ently In Miami at the time .of the 
murder, as the man who paid 
them some $15,000 for the “ job.” 
Ramos was manager of a blood 
plasma export company that Mr. 
Chamorro's newspaper. La 
Frensa. claimed was owned by 
General Somoza. But no one 
believes that Ramos acted alone. 



President Somoza. Is the anile fading? 


Ecuador chooses 


new constitution 


in heavy poll 


By Santa Kendall 


QUITO, Jan. 16. 

AN UNEXPECTEDLY large vote 
in the constitutional referendum 
in Ecuador on Sunday has moved 
the country a long way towards 
democratic rule. 

Provisional results made the 
new constitution the choice of 
43 per cent, of voters, followed 
by the revised 1945 constitution 
with 33 per cent Blank ballots 
totalled only 23 per cent, in spite 
of a huge campaign to discredit 
the referendum. 

Clearly pleased with the out¬ 
come, Vlce-Adm. Alfredo 
Poveda Burbano, nominal leader 
of the three-man military ruling 
junta, said that no-one could deny 
the massive popular support 
given to the plan for the return 
to constitutional government, pre¬ 
pared by the armed forces. 

Three political leaders have 
declared their candidacies for a 
presidential election in July. 
One of them, Sr. Assad Bucaram, 
was arrested in Guayaquil—the 
coastal city of which he used to 
be mayor—for propaganda activi¬ 
ties which were banned during 
the polL But the publicity sur¬ 
rounding bis imprisonment gives 
a boost to his already strong 
populist campaign In which he is 
spurning alliances with other 
parties. 

Apart from further arrests for 
similar activity here in the 
capital, the voting was peaceful 
and good-humoured, despite 
organisational problems. 


ON OTHER PAGES 


International Company Ncwi: 
Credit Suisse on die attack 

Du Pin forest sell-offs . 32/23 

Farming and Raw Materials: 

Dutch protest on potato import 
ban . 25 


More than anything, evidence 
that members of the Somoza 
clique acted without the go-ahead 
of the President highlights his 
slipping political grip on the 
country. "This could never have 
happened in the past” one 
businessman said. “In the past, 
Somoza decided absolutely 
everything.” 

This "past” was not many 
months ago. Although opposition 
to the regime has been growing 
steadily since an earthquake in 
1973 destroyed central Managua 
and provided the Somoza group 
with vast new opportunities for 
corruption, the President's real 
problems began with a heart 
attack last July. He was forced 
to spend ten weeks in the Miami 
Heart Institute and, after his 
return decided to run the coun¬ 
try from tbe quiet Isolation of 
his seaside estate at Montelimar, 
60 km. west oF Managua. 
Suddenly, the 52-year-old general 
was no longer taking every 
decision and new. power' groups 
began to emerge, not least the 
one surrounding the President’s 
hot-headed 27-year-old son. Major 
Anastasia Somoza. 

Sensing a growing power 
vacuum, the opposition decided 
to act The left-wing Sandinist 
National Liberation Front aban¬ 
doned its strategy of a “pro¬ 
longed popular war” and. while 
stepping up its military offensive. 


established a political alliance 
with important non-Marxist 
groups, with the early removal 
of tbe Somozas as their common 
objective. The guerillas remain 
active in the northers province 
of Nueva Segovia, while support 
and sympathy for them, particu¬ 
larly among restless urban 
youth, is greater than ever. 

The broadly-based coalition 
known as the Democratic Libera¬ 
tion Union—which was beaded 
by Sr. Chamorro and includes 
dissidents from the traditional 
Conservative and tbe ruling 
Liberal parties as well as Com¬ 
munist and Social Democrats — 
also began a new political cam¬ 
paign against the regime, de¬ 
manding a “dialogue” with Gen¬ 
eral Somoza to press for rapid 
liberalisation - of the country. 
Unaccustomed to sharing power 
or decisions with anyone, tbe 
President only agreed to partici¬ 
pate in a “dialogue” following 
the municipal elections on Feb¬ 
ruary 5, after he was pressured 
to do so by the U.S. But after 
the murder of Sr Chamorro the 
opposition called off the “dia¬ 
logue.” The new head of the 
Democratic Liberation Union, Sr. 
Rafael Cordova Rivas, told me: 
“We're not interested in talking 
to assassins or those who protect 
assassins.” 


General Somoza, of course, is 
used to, and can handle, 
opposition from the Left but 
□ow he is also under siege from 
three traditional allies — the 
Church, the private sector, and 
the U.S. Government 
Earlier thk month, the seven 
Roman Catholic bishops in 
Nicaragua issued a pastoral 
letter denouncing a "state of 
terror^ in many regions, with 
arbitrary and Indefinite arrests, 
inhuman interrogation methods, 
disrepect for life, accumulation 
of wealth In few hands, unpun¬ 
ished crimes and persecution of 
the Church. It added that the 
Church cannot remain silent 


“when a valuable sector of our 
people can only see patriotic 
solutions by taking up arms.” 

The private sector has a ten 
begun to question tie loyalty to 
the regime. Angered by mount¬ 
ing corruption and “unfair" 
competition from tbe govern¬ 
ment-protected Somoza business 
empire, many younger indus¬ 
trialists have decided to assume 
a political role. 

But perhaps General Somoza's 
biggest problem lies in bis rela¬ 
tions with Washington. These he 
described last week as “ bounc¬ 
ing up and down.” One year 
ago, the Carter Administration 
merely threw Nicaragua into its 
regular list of nations where 
human rights are routinely 
violated.. But after Gen. Somoza 
had a heart attack in July and 
a guerilla offensive in October. 
Washington became increasingly 
concerned about the worsening 
situation in Nicaragua. The 
murder of Sr. Chamorro and the 
ensuing riots merely reminded 
the Carter Administration that 
its instincts od Nicaragua were 
right. For the first time since 
the family seized power in 1933. 
the Somozas are in real trouble 
and a profound political change 
may be in the making. 

The simplistic view in Nica¬ 
ragua is that Washington need 
onlv move a finger for Somoza 
to fall. But the Carter Adminis¬ 
tration is clearly not about to 
intervene against tbe regime. 
Instead, it is looking to the 
presidential elections in 1981 to 
provide a peaceful opportunity 
for the Somozas to step down 
from titular and real power. 

But others in Nicaragua—the 
opposition groups and the 
guerillas — seem unwilling to 
wait until 1981. Tbe U.S. may 
now bave to take a firmer stand 
if it wishes to retain any 
credibility with the opposition 
groups which it once dismissed 
but can now no longer ignore 


Chile democrats 


sent to desert 


By Robert Undley 


BUENOS AIRES, Jan. 16. 
THE PINOCHET regime in Chile 
has banished the 12 Christian 
Democrats, alleged to have been 
“surprised” on Friday holding 
a “ political meeting ” in a 
Santiago office, to the desert 
north of Chile, 

Among them are labour 
leaders, ex-parliamentarians and 
one woman. The place of banish¬ 
ment, at more- than 10,000 feet 
□ear the Peruvian and Bolivian 
borders, is reputed to be tbe 
driest spot in tbe world. A 
former Christian Democratic 
senator. Sr. Tomas Pablo, said 
that the banishing of the 12 to 
a restricted area at that altitude, 
and in such a climate, endangers 
the health of some nf them. 

All political parties in Chile 
have been outlawed since the 
September, 1973, military coup 
d'etat led by Gen. Augusts 
Pinochet 


Abzugdenied 
NY nomination 


By John Wyta 

NEW YORK, Jan. 16. 

THE ATTEMPT by former 
Congresswoman Bella Abzug 
to resurrect her political career 
suffered yet another setback 
last night when she narrowly 
failed to secure the Democratic 
Party nomination to fill the 
U.S. Congressional. Eg at left 
vacant in Manhattan by the 
election in November of Mr, 
Edward Koch as major of New 
York. 

A county committee meeting 
ended in uproar with Mrs. 
Abzug's supporters contesting 
a third ballot result which gave 
the nomination to Mr. Carter 
Burden, a wealthy former city 
councilman. In granting vic¬ 
tory to Mr. Burden, the chair¬ 
man of the meeting disqualified 
a number of votes which would 
have swung the decision to 
Mrs. Abzug. She is now- 
expected to challenge the 
result in court. 


Korea questions 


’going well’ 


SEOUL, Jan. 18. 


THE INTERROGATION oF Mr 
Tcmgsun Park, tbe central figure 
in the scandal concerning alleged 
payments by South Korea 
lobbyists to U.S. Congressmen, 
went ahead satisfactorily here 
to-day, according to the Assistant 
U.S. Attorne-GeneraL Benjamin 
Civiletti. 

The New York Times reported 
on Saturday that Mr. Park told 
interrogators that he had distri¬ 
buted cash, gifts and donations 
worth S750.000 to U.S. politicians. 

Under an agreement with 
South Korea. Mr. Park, who was 
indicted in the U.S. in August 
ou 36 counts of bribery and 
other charges, may be asked 
about matters involving criminal 
cases. 

In exchange for his return to 
the U.S. and his truthful testi¬ 
mony in those cases, he will be 
granted immunity from prosecu¬ 
tion. 

UPT 


OVERSEAS NEWS 


Ali denies 

Russian 

base 


Nigeria promised 



a year 



in Aden 


BY JAMES BUXTON 


By Rami G. Khouri 


AMMAN, Jan. 16. 


AMID CONTINUING reports of 
Aden being used as a transit 
point for large-scale transfers of 
Soviet arms to Ethiopia, the 
5outh Yemeni President, Mr. 
Salem Rubayyf Ali, has told a 
visiting. American Congressman 
that the Soviet Union enjoys tbe 
use of a “ facility " In Aden for 
its ships, but does not have and 
will not have a military base 
there in any sense of the word. 

The Congressman, Ur. Paul 
Findley, an Illinois Republican 
who is in the Middle East with 
a delegation from the House 
international affairs committee, 
made a three-day visit to Aden 
on his own for talks with Presi¬ 
dent AM. 

They were clearly approved by 
Washington as Mr. Findley was 
provided with a XJS. Govern¬ 
ment aircraft for the journey. 

He is tbe first American 
official from the executive or 
legislative branch of Government 
to visit South Yemen since rela¬ 
tions were broken off with the 
U.S. in 1969. 

Mr. Findley had a long meeting 
with President Ali, during which 
the President sent a message of 
“warmest greetings” to Presi¬ 
dent Carter, complementing the 
American President on his policy 
of “ seeking good relations with 
all nations,” Mr. Findley told the 
Financial Times here to-day on 
bis return from Aden. 


I NIGERIA HAS been promised 
i development loans up to a total 
| of 5500m. per year by the World 
Bank, Major-General James 
i Oluieye. the Nigerian Cora- 
■ missioner (Minister) of Finance, 
] stated in London yesterday. 

The loans, which will be mostly 
for agricultural and rural 
development projects. are 
dependent (a the Nigerian gov¬ 
ernment - putting forward 
sufficiently evaluated viable pro¬ 
jects, be said. The arrangement 
will run for -the two financial- 
years to the end of the current 
five-year plan period In' March 
1980. when It will be reviewed. 

In Washington a spokesman for 
the World Bank said he could 
not confirm the 5500m. figure but 
said that the Bank was planning, 
a much increased programme of 
assistance to Nigeria. 

Major-General Oluieye was- in 
London for the signing of. a 
$lbn. syndicated bank loan for 


Nigeria which has been coded by 
Chase Manhattan. Morgan 
Guaraniv Trust and Corapagnie 
Flbapciere de la Deutsche Bank. 
The loan, which is over seven 
years, is on a spread of 1 per 
cent over the inter-bank rate. 

The Blbn. loan and the ccun- 
mltment of up to Sihn. 
from the World Bank arc part or 
a programme by which ^tsene 
proposes to raise a total of 
$S. 5 bn. over the next two years 
to finance its development plan. 

Under it» revised development 
plan .Nigeria aims at. a public 
sector spending total of Naira 
26.Mm. (S41.34bn,> nver the 6ve- 
year period ending in I88n. 
Rapidly rising recurrent spend¬ 
ing, plus a lower-than-expccted 
oil income, has reduced . tne 
Government's surplus fnr 
development expenditure, neces¬ 
sitating Its rnson to international 
sources of finance. . . 

Major-General Oluieye con¬ 


firmed yesterday that Nigeria h 
seeking further loops OR the 
Eurocurrency. market and that 
it expects supplier credits total- 
libs S!.5hn. as a further source 
of finance. The Nigerian govern? 
ment has said that it wants to 
raise 5 I.bn. in syndicated bank 
loam as a source -of. neutral 
finance, and a rurther Slbn. in 
project related loans- on the 
market. 

' Though Nigeria b. the world’* 
eighth biggest oil producer with 
as output of 

day. its population, a* about 80m. 
leaves it with a per capita 
income of under &fWnfc. accord* 
ing to the Finance Commissioner. 
■■ One should- noj confuse- tem¬ 
po r a rv financial liquidity with 
wealth nor look only at tbe size 
of our revenue from .pctroleitm, 
hut should consider the mapn. 
tud* of n«r responsibilities, for 
wealth can only reasonably 
assessed in relation to need,' - 




Cape Town shanties wrecked 


16 


CAPE TOWN. Jan. 
that stage, fewer than 

township hid 


Mr. Findley also quoted Presi¬ 
dent Ali as saying he hoped to 
have discussions soon with the 
U.S. about re-establishing full 
relations, which. Sir.. Findley 
expects to follow up in Washing¬ 
ton next week. 


Our foreign stuff writes: The 
Soviet Union is known to have 
looked for increased military 
facilities In Aden after its forces 
were evicted from Somalia last 
November. The use of naval 
and air force facilities at the 
Somali port of Berbers gave the 
Russians a vantage point on the 
Gulf of Aden, while air force 
facilities In the southern part of 
the country were used for 
patrolling the Indian Ocean. 

UPI adds from Nairobi Ethiopian 
authorities have liquidated 19 
leaders of an underground poli¬ 
tical group and arrested 276 
others in a campaign of "red 
terror” aimed at wiping out 
counter-revolutionaries in Addis 
Ababa. 

Addis Ababa radio last night 
said tbe operation was carried 
out over two days last week 
against the Ethiopian People's 
Revolutionary Party, an amalga¬ 
mation of intellectuals and 
students fighting for tbe return 
of civilian rule. 


Sonatrach may 
borrow more 


PARIS. Jan. 16. 


THE ALGERIAN State oil com¬ 
pany Sonatrach will probably 
make increasing use of the inter¬ 
national financial market Energy 
Minister Ahmed Ghozali said 
to-day. 

He told the review Arab Oil 
and Gas that Industrial project 
costs have risen three to four 
times in four years and the com¬ 
pany needs to borrow correspond¬ 
ingly more. “We have not yet 
reached the critical stage of 
indebredness.” he said. 


Frauds Ghlles writes: Algeria 
borrowed S564m. on the medium 
term credit market last year, a 
figure somewhat below I976's, 
Borrowings are expected to be 
sLepped up this year. 

After the large liquefied gas 
plant at Arzew comes on stream 
next month Sonatrach is expected 
to come to the market tor about 
S250m. The terms Algeria pays 
are likely to be bilow those of 
loans raised in the past 15 
months: a spread of 18 per cent, 
for five or six years. 


WORKERS WITH bulldozer* Indications are that they are At , ftu>ns hit» had 

protected by armed police, to-day determined to he pushed na reside n L JL r °,L h/hom^ 

began smashing down squatters' further. The result of what may applied for transport to the home, 
shacks in the black shantytown happen at Unihell in terms^of lands, 
of Unibell outside Cape Town. human suffering and in a further The shanties 
As notice with dogs but deterioration in race relations tened to-day at a rate of aboq|- 
rounded the illegal squatter could be devastating. one every flw ni; w 

township, one bulldozer started • By Lunchtime, about 100 riiacks Bngadier J H. y an Dfr We«> 
to demolish the shacks. Another has been demolished. Smoke huizen. chairman of the meal 
was stimfflng by.* The move has filled tbe air from about 20 Bintu; (black) Affairs MA 
been awaited since last August, shacks whose irate occupants had non Board, which "wanting 
when the white authorities set them on fire in a protest go* the operation, could not «y how 
demolished another Cape Town tnre against the advancing bult many shanties would he 
squatters' camp at Modderdam. dozers. White reporters demolished Wl 

Th- n «n.« that evacuated the scene, saying the “Well sec how things go. ha 

The authorities argue that the atnjosphere had become danger added, 
shantytowns are illegal and in- H * Reuier 

sanitary, and say that most of 0 
the inhabitants are not entitled 


Marcos splits big group 


BY MIGUEL SUAREZ 


to be in the district under the 
system which decress the areas 
where blacks are allowed to live 

in South Africa. __ 

They want the majority of the ; MANILA, Jan. 18. 

squatters to go to tribal home- PRESIDENT FERDINAND MAR- sidering divesting one or two 
lands. But by mid-morning to- COS to-day divested a huge oilier companies belonging to 
day only five people out of Fiijpjno business conglomerate empires set up by people who 
Unibell's estimated population 0 f three companies under its may have benefited from their 
of 10,000 had reported to a f 0 j^ shortly after ordering an close association with Mr. Marcos, 
special office set up In tbe town- investigation Into reports that In a statement published to- 
ship to arrange transport. the group, headed by a Preside n- day. Mr. Dislni,-who controls nr 
°* «*® squatters at ^al golf crony, had received has investments in around 35 
Umtell were flattening their own i ar ge commissions for helping companies (many of them sup- 
of the skhI- u.S. firm Westinghouse ported by loans from Govern 
secure a Sl.lbn. nuclear power ment Institutions with assets 


Ihe 


derdam operation in which 
many shanty-dwellers set fire to 
their pathetic homes as a sign 
of protest. 

A Modderdam, police' lobbed 


plant contract 


reportedly in the vicinity of 
3200m.), said nothing illegal was 
irn i« involved in his dealings with 
T nidnt Westinghouse and branded re- 
• s m ports of any Impropriety ns 
“malicious and untrue." 

A couple of Disini companies 


The companies divested from 
the Herdis Group, which 
teazgas into crowds of black headed by Herminio 
demonstrators and white sym- (who is married lo a first cousin 
patbisers. But no trouble was of - Mr. Marcos’s wife, Imelda), 

srsssjs ZA **" of s 

w.h?n‘ r bfp. e Sta® f£A„, c f„T ralion ' and 

Reverend Bill Burnett, has “ crnjra * wma ' for completion In 1950. or the 

issued a statement calling for Information Secretary Fran- plant’s total cost. S644m. is being 
the squatters Tt UnibeU to be disco Tatad . told newsmen financed by the U.S. Export- 
given alternative accomraoda- Government stake in these firms Import bank, 
tion- totalled at least Pesos5Q0tn. The National Power Corpora- 

“ Those who live there belong (about 366m.),' and Mr. Marcos tion. which will own and operate 
to a people which is tired of wanted to avoid an appearance the nuclear power plant, has also 
being discriminated against and of favouritism. Mr. Tatad added denied that the plant was over¬ 
pushed around.” he said. that the President was also con- priced. 


de: 


n 


Lebanon fighting as Minister has talks 


BY IHSAN HJJAZ1 


BEIRUT, Jan. 16. 


LEBANESE Foreign Minister 
Fuad Butros held talks in 
Damascus to-day as a new round 
of fighting erupted between 
Palestinian guerillas and right- 
wing Christian militiamen in 
Southern Lebanon. 


Egyptian President Anwar Sadat 
and his peace initiative with 
Israel. 


The situation in the border 
area with Lebanon was expected 
to have been among (he subjects 
Mr- Butros raised with his Syrian 
counterpart, Mr. Abdel Halim 
Khaddam. An agreement reached 
last July between the Lebanese 
government and the Palestine 
Liberation Organisation for 
phased guerilla withdrawal from 
the south remained unfulfilled. 


According to eye witnesses, 
the guerillas and the right-wing 
Phalangists, who are said to be 
backed by the Israelis,.engaged 
in artillery duels during the 
night. Tbe shelling was centred 
between the Palestinian-domi¬ 
nated town qf Nabatiyeh on the 
one hand and the Christian- 
dominated-towns of Marjayoun 
and Qliaa on the other. 


situation in Lebanon with,,, 
Syrian officials. Beirut and other , ! 

E arts in Lebanon were rocked'^ 
y a wave of explosions recently. 
Informed sources estimated the 
number of explosions during tbe 
past month at well over 50. The 
targets varied. 

' UPI 




U 


' v 


fV t 

W: ' 


' UPI reports from Beirut: The'^Q/■> r'l r .-v ! 
Palestine Liberation ' Org*nisa-i;OC/i £'.3 


Syria was reported to have 
eased the pressure on the 
guerillas in Lebanon as a result 
of thp new alliance between 
Damascus and the PLO against 


Both sides blamed each other 
far the new outbreak of fighting. 
Observers are convinced the new 
clashes may be a result of the 
inter-Arab split which followed 
President Sadat's journey to 
Jerusalem in November. 


Mr. Butros was also planning 
to discuss the nvprall spcuritv 


tion is not a radical movement 
and the envisaged Palestinian lf ,i 
state-will not he a Communists jQrn O »- 
satellite. Salah (Abu lyad)> l '-ri i ! [ 

Khalaf said in an interview pub¬ 
lished to-day. 'Vn 

Abu lyad. the number two.J! H P* J 
man in the Al Fatah Guerilla M ^ 
group, satd the Palestinians ^ 

were more than eager to meet 
with the American administra¬ 
tion . to explain their case and • 
prove that they were nofM. 

Communists. 


n 


i 




DAVID LENNON m TeJ Aviv examines the background to the fight for the West Bank and Gaza 


A question of economic survival for both sides 


i •-> 

• c- 


'Size of 


THE STONY hitb of Abe West 
Bank and the densely populated 
Gaza Strip will be the focus of 
intense straggle during the next 
round of Egyptian-Israeti talks 
which finally got off the ground 
yesterday. 

The issue Is whether the 
1,134,000 residents of these two 
disputed areas will have local 
autonomy, as Israel is offering, or 
become citizens of a Palestinian 
state, as they and the Arab world 
wants. As In the past, the people 
who live there may have little say 
In their own future—despite the 
U.S. hope that they will be con¬ 
sulted. 

The West Bank is by far the 
most populated of the Arab 
territories overrun by Israel in 
the 1967 war. Bounded by the 
Jordan River on the east, and the 
winding 1949 armistice line in 
the west the area covers 5,900 
square kilometres. 

As far as Israel is concerned, 
at least the area is divided into 
two regions: Judea in the south 
and Samaria in the north, the 
two Old Testament names by 
which the Israel Prime Minister, 
Mr. Uenahem Begin, prefers to 
call the area. The 690,000 
inhabitants are predominantly 
Moslem, with about 40,000 
Christians concentrating in the 
towns of Bethlehem and 
Ram a H ah. Refugees numbering 
60,000 live is 23 camps. 

The residents are Jordanian 
citizens and the Jordanian local 
codes are still in effect under 
Israeli occupation- Municipal gov¬ 
ernment is controlled by local 
Headers. Schools, hospitals and 
local law enforcement, including 


the judges and police are run by 
tbe residents of the area. 

Neither the Jordanians during 
their 19 years of rule, nor Israel 
during the past 10 years, have 
invested much capital in develop¬ 
ing local industry. As a result, 
tbe West Bank remains basically 
a rural society. *. 

The West Bank has under¬ 
gone a genuine expansion in tbe 
past decade with annual growth 
rotes rising as high as 21 per 
cent at the peak, and still run¬ 
ning at 8 per cent according to 
the statistics of the IsraeH 
Military Government Growth 
has resulted not from any struc¬ 
tural change in the economy but 

from mechanisation and tbe 

introduction of new methods 
which occurred. One of the mast. 
striking examples has been the 
increase in the number of trac¬ 
tors in use from 130 in 1967 to 
over 1,700 to-day. 

Startling increases in crop 
yields bare been recorded. 
Agricultural production has 
grown seven-fold while tbe per¬ 
centage of the labour force 
employed in forming has dropped 
from 34 per cent, in 1968 to 27 
per cent to-day. 

But tbe major single area of 
concentration of employment for 
tbe West Bankers is Israel itself. 
According to official figures 
40,000 residents of the area work 
in Israel. But unofficially the 
number Is put at 70,000—tbe 
equivalent to somewhere between 
a third and a half of tbe West 
Bank labour force. It Is 
estimated that the wages trans¬ 
ferred from Israel to tb* West 
Bank constitute over a quarter 

K 


of tbe Gross National Product 
of the area- 

This is one of the key factors 
which will have to be taken into 
account when a political solution 
is being worked out. Despite 
the fact tbat the West Bank 
Arabs as a rule do tbe tough con¬ 
struction and manual jabs that 
Israelis are reluctant to under¬ 
take, they cannot hope to enter 
the professions and higher-grade, 
occupations in Israel. The 
people of the West Bank, 
as well as Israel, will want to 
continue this mutually profitable 
relationship. 

Shortly after the 1967 war the 
fanners of the West Bank re¬ 
sumed the export of their 
agricultural produce eastwards 
across the Jordan. Tbat traffic has 
continued to grow over the years. 
Imports from Jordan are mini¬ 
mal. amounting to little more 
than S2-3m. a year. It is from 
Israel that the West Bankers buy 
most of their needs ranging 
from farm machinery to con¬ 
sumer durables. Israel is the 
West Bank's principle trading 
partner and the West Bank is 
Israel's main export market 
after the U.S. 

This economic bond is another 
factor that must Inevitably 
influence the political decisions. 
Israel would tike to keep this 
expanding export market, though 
not ail West Bankers are happy 
to be so closely tied to Israel. 

The Gaza Strip is very dif¬ 
ferent. It is s narrow slither of 
land 40 .kilometres long and no 
more than 5-10 kilometres .wide, 
in all, only 363 square kilo¬ 
metres of land located along the 
Mediterranean north of Sinai. 

.1 



A study published year on the economies of the West 
Bank and the Gaza Strip by the Carnegie Endowment for Inter¬ 
national Peace pointed out that the redeployment of Arab labour 
employed in Israel “ would Involve a massive effort In relation 
to the size of the local economy M and “a level of Investment 
at a totally different order of magnitude than the territories have 
experienced.'* For this reason alone, quite apart from political 
considerations—4t would be difficult to reverse the huge degree 
of Integration between Israel and the territories achieved over 
the past ten years. 

By the same criterion It b doubtful whether—even if tbe 
Arab oil states pumped into the. territories huge amounts of aid 
and Israel agreed to the return of refugees In meaningful numbers 
—the area could absorb and support a small proportion of the 
2m. Palestinians living outside rbe country. This is a basic fact 
that in the last analysis most condition tbe shape of a final peace 
settlement. 

\ 


Its northern border is only 50 
kilometres south of Tel Aviv. 

Into this tiny area there are 
crowded 440,000 people, two- 
thirds of them refugees from the 
1648 war and their descendants. 
The dedsity of population is one 
of the highest In the world. An 
estimated 80 per cent, live in 
urban centT&s, including refugee 
camps close to the towns. Gaza 
City has a population of over 
120,000. The Strip lies along the 
historical invasion route between 
Egypt and the Eastern Mediter¬ 
ranean countries. 

During the 1948 war the 
Egyptian Amy occupied the 
Strip and established a military 
government hut did not annex 
the area and Cairo always in¬ 
sisted that the territory was 
being held in custody. In 1956 
Israel occupied the Strip fnr a 
few months, and in 1967 occupied 
it again. During the current 
negotiations Egypt has not de¬ 
manded that the Gaza Strip be 
returned to its control. Had such 
a demand been made Israel 
would have rejected it out of 
hand. 

The Gaza Strip suffered from 
high unemployment prior to the 
Israeli occupation, and job 
opportunities for the population 
were few. Israel applied a policy 
of providing jobs to keep the 
population busy. But the Strip 
remained a main centre of 
sabotage until very harab 
measures were used in 1971 to 
crush the militants. To-day 57 
per cent, of the labour force 
works in Israel officially; in 
reality the figure is probably 
some 20 per cent higher. 

Apart from supplying cheap 


labour for Israel, the main area 
of economic activity is agricul¬ 
ture. As on the West Bank," 
fanning has undergone rapid 
modernisation in the past decade. 
The mainstay remains citrus 
fruit with a growing diversifi¬ 
cation to other crops, such ds 
tomatoes. 

Israeli policy towards the West 
Bank and the. Strip has been, 
ambiguous ever since the occupa¬ 
tion In Juno 1967. At first Israel 
wanted to trade them fnr peare 
agreements- But the Arab states 
refused tn. negotiate, and Israel 
began to see other possibilities. 

The army argued that the 
lands offered Israel strategic 
depth, and ultra nationalistic 
Jews argued that the land was 
theirs by historic right. Slowlv 
Israel began to build Jewish 
settlements in the occupied terri¬ 
tories. 

With only a few exceptions, the 
settlements built on the West 
Bank between 1967 and 1973 
were designed for defence. They 
were located along the Jordan 
River, and planned as a trip wire 
for invading forces. After 1873 
the settlement drive was Inten¬ 
sified but &tiU mainly for defen¬ 
sive purposes, with the then 
Labour Government avoiding 
planting Jewish settlements 
among tbe areas populated by 
Arabs. 

During tbe past three years the 
ultra-nationalist Gush Emunlm 
movement has begun forcefully 
to demand the establishment of 
settlements in all parts of the 

West Bank. Their quasi-meesianic 
intention was to ensure that by- 
having Jews living all over the 
area It would be impossible to 


sovereignty. With tbe advent of’ 
the j Begin Government, their 
dream was realised, and to-day 
their settlements are sprouting 
all over the West Bank with ) 

HI!!™ * ha H a dozen set up. In the ^ 


^ V 


past six months. , 

■Settlements were built in and /• \ ri f* ; 
around the Gaza strip too. !| 

These settlements arc designed 
to form a buffer .zone between (i 

the Sinai penntnsula and the j; 

stnp; With the prospects of hulk, .. *' 

OI Sinai area being returned tntyLj 
sgyptia:i sovereignty, lsracl ha*-\u 
launched a massive programme ^ |l O J ■. * 
to speed up the construction bf , '■ 1 

new buildings and prepare more •;rv. , 
land for farming in the area. . .\I| > 

The assumption behind all tM ‘ ^ V-: 
building m the occupied tern- ‘ 
tone* since 1967 was that the Jjty i 
Jewish settlements would deter* 1 f 
mine the borders of the state.‘U j . 
was the recognition of tltis'fy. 
reality which led to protest •tj, .. 
against settlement among not ' m 
oniy from Arab residents of the 
areas, but also from the neigh¬ 
bouring Arab states and many {S; 
western countries, Including the ^ 

Despite, the sizeable. Invest*‘3|j\/ ft, 






D. 


iin 


Pi 


K 




men* (n money and rhetoric, the 
number of Jews living in the 
settlements is these occupied 
areas does n 0 t exceed. 5,000 to¬ 
day. (There are another 3,000 In ^ 
the settlements on the Golao.) 

The indigenous resldants of tfe* 

West Bank and the Gaza 1 Strip-— 
united in their desire to end the 
Israeli occupation but divided in 
their views on what should re- AJN 
place ii will be watching the talks w 
ra Jerusalem with -intense 
Interest 


: ^Df0r 
■S; 


l 


l 


V 













onto 

CR 


























S' 


WORLD TRADE NEWS 


Hijaz rail 
project for 
tender soon 


By Rami G. Khouri 

• AMMAN, Jan. 16. 
THE .TRIPARTITE Jorfanian- 
Saudl Arabiwi-Syniao technical 
committee to study the feasi¬ 
bility of reconstructing the 
entire Hijaz railway from 
Damascus to Medina will meet 
in Riyadh later this month and 
issue renders calling for inter¬ 
national consultants to help 
evaluate the scheme. 

. : The technical committee 
includes two members from each 
country, and was established 
during a meeting here in 
October of the three countries' 
transport • and communications 
ministers. The meeting' in 
Riyadh is tentatively set for 
January 23. 


Nuclear order 

CAMERON Iron Works' forged 
products division, of Livingston. 
Scotland, has won a £3m. export 
order to manufacture very high 
quality stainless steel pipe for 
the French nuclear industry. 

The pipe has been ordered by 
Framatone, the French nuclear 
power station manufacturer, for 
use io all areas of its nuclear 
programme. 


Yam assurances 

- The EEC has secured assur¬ 
ances from the Greek and 
Turkish industries concerning 
the level of tbeir exports into 
Community markets of a num¬ 
ber of textile products, including 
cotton yarn and cotton cloth. 
There will be limits both on 
exports to the Community as a 
whole and to individual mem¬ 
ber states. 


Launches for Qatar 

Cheverton Workboats of'Cowes 
has won an order worth more 
than £750.000 to supply three 
pilot launches and two general 
service launches to the Gulf 
State of Qatar. Vessels ordered 
are two 8.2 metre general 
service launches together with 
one 17 metre and two 15 metre 


Chinese trade increases 



by 12% to record level 


BY COUNA MacDOUGALL 


CHINA’S trade increased by 12 
per cent, last yeair, reaching 
record levels and achieving a 
surplus, Peking announced 
yesterday.. While Western esti¬ 
mates did not suggest that last 
year's increase might have been 
big enough to push the total to 
a record, the trend towards the 
end of 1977 was markedly 
upward. 

When figures become avail¬ 
able in the West for the last few 
months of the year, the Chinese 
claim may well be confirmed. 

China publishes no official 
statistics, but figures can be 
reconstructed from those of 
partner countries. Previous .US. 
estimates give 1975 as Peking’s 
top trade year, imports and 
exports totalling 914bo. Pre¬ 
liminary Washington figures 
showed 1977 as reaching S13,5bn H 
up from tiie $13.3bs. total of 
1976. 

In view of China’s reluctance 
to borrow to finance imports, 
perhaps its trade balance is 
more important for Western 
businessmen than actual totals. 
Peking's claim to a surplus last 
year is confirmed by the avail¬ 
able figures, which show a much 
reduced trade gap in exchanges 
with OECD partners (which in¬ 
clude ail China's suppliers of in¬ 
dustrial equipment and grain) 
and a huge surplus with Hods 
Kong and South East Asia, one 
of Peking's biggest markets. 

Washington now estimates 
that China will have a favour¬ 
able bard-currency balance of 
about Slbn. on last year's trade, 
according to the latest issue, of 
the China Business Review, the 
magaine published by the semi¬ 


official National Council for 
U.S.-China Trade. 

Earlier predictions suggested 
a much higher figure, but It is 
now realised that Chinese im¬ 
ports increased heavily at the 
end of last year, though this does 
not show up yet in the trade 
figures. 

I<asi year’s surplus comes on 
top of an estimated favourable 
hard-currency balance of $1.3bn- 
in 1976. While China's trade fell 
back in that year because of 
political problems, the drop was 
most substantial in Imports, so 
that despite Its problems, Peking 
ended that year well in the 
black. 

These estimates are supported 
by recent Bank of International 
Settlement figures, which show 
the Bank of China with over 
$2bn. out on deposit with the 
banks of eight major Western 
countries. 

With this cash available, China 
Business Review has estimated 
(bat China might buy as much as 
S2 5bn. worth of complete plant 
annually over the next three 
years, provided that large grain 


Chaiige in 
U.S. export 
credit urged 


imports were no longer needed. 

This estimate assumed that 
the purchases would be made on 
roughly the same deferred pay-j 
ment terms as in the past, that] 
China’s hard-currency exports! 
wculd grow at roughly io per; 
cent, annually and that the! 
repayment ratio would remain 
at about the same level as 
before ; 

• Peter Cartwright writes: As 
part of the developing U.K. trade 
with China, increasing numbers 
of milling machines and radial 
drills are now being imported. 
After a year’s trials, Toft 
Machine Tools of Worcester is 
importing 60 units over the next 
two years. 

They comprise two vertical, 
and two horizontal mi ll ers, plus 
a 16-speed radial drill. 

The chief attraction of the 
machines Is their price, up to 
25 per cent below equivalent 
machines from East and Westj 
Europe. The larger horizontal; 
machine sells for around £ 10,000 
compared with a more usual 
£15,000. Electrics- have been 
modified to British standards. 


Agricultural exhibition 


The British Overseas Trade 
Board is- organising a British 
pavilion a* an agricultural 
machinery .xbibition to be held 
in Pekir:., in October. 

Achieving self sufficiency In 
agricultural products is the most 
important element in China's 
economic strategy and they are 
concentrating their efforts on 
farm mechanisation • in all 


branches of the industry, the 
Board said. 

The Chinese had expressed in-1 
terest in a range of products, 
including articulated tractors, 
combine harvesters, fuel pumps, 
sugar beet planting machinery. 
Implements for tractors, test 
benches, livestock rearing equip-, 
ment, battery ben equipment.) 
tractor engines, 'irrigation equip-; 
ment and hydraulic equipment. 


GATT mandate 

EEC foreign ministers meet in 
Brussels to-day to discuss a nego¬ 
tiating mandate for the next 
GATT session of multilateral 
trade negotiations starting in 
Geneva on Monday, Reptcr re¬ 
ports. The EEC Executive 
Commission has proposed to 
Ministers the EEC back a U.S 
proposal for 40' per cent, tariff 
cuts, but France has indicated 
its opposition. Meanwhile, 
apanese External Economic 
Affairs Minister Mr. Nobihiko 
Ushiba will hold trade talks with 
EEC President Mr. Roy enkins 
on anuary 28 or 29. They will 
centre on EEq demands for 
Japan to boost imports of Euro¬ 
pean products. 


India may buy ships in Britain 


BY OUR SHIPPING CORRESPONDENT 


SUNDERLAND Shipbuilders 
hopes to finalise technical speci¬ 
fications next week on an order 
from the Shipping Corporation 
of India for six 16,500 dwt cargo 
liners worth about £50m. 

Mr. Jim Gilfiilan, chairman of 
Sunderland, has been asked to 
fly to Bombay this week-end for 
talks with the shipping corpora¬ 
tion. which is buying the ships 
as part of a tied overseas aid 
package from the U.K. 

A marketing team from British 
Shipbuilders, led by Mr. Ross 
Belch, managing director of 
Scott Lithgow, is also due to 
visit India and Pakistan later 
this month. Mr. Belch said that 


it would be following a number 
of general lines of inquiry rather 
than pursuing any specific deals. 

Meanwhile. Mrs. Judith Hart 
Minister for Overseas Develop¬ 
ment has approved the provision 
of a grant of £8.6m. from British 
aid funds to Pakistan to finance 
part of a project in Punjab 
Province, aimed at improving 
water use and controlling salinity 
problems in irrigated agriculture. 
The project, an element of 
Pakistan's on-going salinity con¬ 
trol and land reclamation pro¬ 
gramme, is likely to cost over 
£100m. and will be co-funded by 
the International Development 
Association of the World Bank 


and West Germany, as well as by 
the Pakistan Government itself. 

At least half of Britain's 
£8.6m. aid will be used for the i 
purchase in Britain of essential 
equipment for the project—for 
re-modelling canals, transport 
and laboratory facilities, and for 
pumping stations. The remainder 
will finance the local costs of the 
civil works associated with the 
drainage element of the scheme. 
The Punjab Government- - and 
Pakistan's Water’ and Power 
Development Authority will be 
responsible for the irrigation 
aspects of the project an which 
the British aid Is being 
concentrated. 


By David Sorter 

MOSCOW, Jan. 16. 
HR. ADlAI STEVENSON, the 
VS. Senator, said Unlay that 
the Jachsoa-Vanik amendment 
to the 1974 Trade Act, which 
deties the Soviet Union trade 
advantages and Export-Impext 
Bank financing, has deprived 
the US. of valuable H leverage " 
In relations with she Russians. 

He believes it Is possible to 
devise a. "more effective 
formula m for linking trade to 
the general state of bilateral 
relations. 

Hr. Stevenson, chairman of 
the Senate International 
Finance subcommittee, to-day 
met Soviet political and trade 
leaders. He said.“ few members 
of Congress are comfortable 
with the Jackson-Vanik amend¬ 
ment,” which expUdty linked 
expanded ILS^SovIet trade pos¬ 
sibilities to freer Jewish 
emigration. 

Mr. Stevenson believes the 
Soviets have no direct need for 
U.S. credits and cited recent 
Soviet borrowings on the Euro¬ 
market at rates almost as 
favourable as (hose offered by 
ihe Export-Import Bank. The 
Soviets want the Jackson-Vanik 
amendment eliminated because 
they want VS. Government 
support For long-term projects 

“Credits ought -to be avail¬ 
able,” Mr. Stevenson said, “but 
not a blank cheque. Pressure 
should be kept on, but we want 
to make it as easy as possible 
for them to loosen up.” 

Mr. Stevenson said that a 
possible solution might be the 
enactment of legislation similar 
to the amendment he sponsored 
to the 1974 Export-Import Bank 
Bill which was passed into law 
but effectively superseded by 
Jackson-Vanik and set a 3300m. 
ceiling on Export-Import Bank 
financing for Rnssla which 
could only be exceeded with 
Congressional approval. 

The Stevenson amendment 
had the virtue of making 
Export-Import Bank financing 
available to Russia bat under 
careful Congressional control, 
Mr. Stevenson said. 


French companies in 

£300m. worth of 


Ivory Coast deals 


BY ROBERT MAUTHNER 


PARIS, Jan. 16- 


Olympic coins 
to go on sale 


Have you got 


By Our Own Correspondent 
MOSCOW, Jan. 16. 
SILVER, GOLD and platinum 
coins commemorating the 1980 
Moscow Olympics are about to 
go on sale throughout the non- 
Commnnist world in a major 
marketing effort by a consor¬ 
tium consisting of Occidental 
Petroleum and Lazard F re res 
of Paris. 

Occidental and Lazard 
F re res signed a contract with 
the Soviet Union to market 
$150m.' worth of coins in the 
countries outside the Soviet 
Union and Comecon and esti¬ 
mates have placed the eventual 
valoe or sales at as high as 
6190m. * 


FRENCH COMPANIES have 
signed contracts with the Ivory 
Coast worth Frs.2.8on. (more 
than £300m.) since January l. 
1976, President Giscard d*Estalag 
said at a Press conference 81 the 
end of bis five-day visit to the 
Ivory Coast yesterday. Contracts 
currently being negotiated by 
French companies with Ivorian 
partners amounted to Frs.6bu. — 

Agreement has already been 
reached in principle on a FnUbn. 
to Frs.l.5bn. contract for the 
extension of the Ivory Coast tele¬ 
vision network for which the 
French Government will provide 
financing on favourable, but as 
yet unspecified, terms. ‘ 

The French electronics group 
Thomson-CSF Is reported to be 
one of the main partners in a 
project to create a second Ivory 
Coast TV channel, which will 
also require the assistance of 
some 2,000 French technicians. 
The French Government Is 
expected to bear at least soine of 
the cost of this technical 
assistance. 

Another important result of 
President Giscard’s visit is that 
the Ivory Coast has undertaken 
to order two merchant ships from 


French shipyards 
tainer ships), a contract worth 
some Frs.200m.. which was pre¬ 
viously expected to go to the 
Japanese- .. . 

Under present plans. * he 
Coast will have a merchant Met 
of 15 ships, of which eight havj 
already been ordered fro® 
Japanese yards, and three fro® 
■Spain, To enable French ship¬ 
yards to compete more effec¬ 
tively. the French Govcrnmenl is 
reported to be willing to Brant 
a subsidy equal to 3 per cent, 
of the value of. orders in addi¬ 
tion to loans of various kinds. 

French motor manufacturers 
also expected 'to obtain 


Arabs lend^ 
$180m. to j £ 
Venezuela 


are 


orders for buses and other 
vehicles from the Ivory Coast 
and it is> understood that the 
French State-controlled oil com¬ 
pany Elf-Erap, which withdrew 
from the Esso-Shell consortium 
prospecting for offshore oil 
before the recent discovery of 
oil will be invited back to the 
Ivory Coast. The chairman of 
Elf. M. Chalandon is expected to 
go to Abidjan in the near future 
to negotiate the terms of a new 
concession. 


UddevaHa wins contract 


for Singapore tankers 


BY JOHN WALKER 


STOCKHOLM, Jan. 38. 


UDDEVALLA, one of the - motives, are based on the RC4 

Swedish state-owned shipyards. locomotive bu.Ul by ASEA or 

T __Sweden which Amtrak success- 

has won a contract valued at fuU tcstpd last winter. EMD, 

KrJOOm. <£55m.) from the the licensee in the U.S. for ASEA 
Norse group of Singapore for the e ] K tric locomotives technology, 
construction of three 79.999 dwt haS obtained a licence to build 
tankers. Delivery will be made a locomotive similar to the 
during 1979-80. ASEA unit but with more power 

The ships are of a new type ^ higher speed, 
developed by UddevaHa and will Th e first order is for eight 
give employment security to the locomotives at a cost of S22m 
yard’s 3.000 employees, including However, Amtrak’s total pro- 
those at one of the company’s gramme calls for 30 locomotives 
subsidiary concerns at Lysekil. which will cost 677.9m. The 
During 1977 UddevaHa locomotives will be used to pull 
obtained contracts for • two trains of up to eight cars at 
128.000 dwt tankers. These, to- speeds of up to 200 kp/h 
gether - with the new order (120 mpb) in the north-east 
announced to-day, brings the corridor between Boston, New 
total order book up to 11 ships York and Washington, 
totalling 1.46m. dwt. Our Amman correspondent 

Meanwhile. Bo Tors has won a adds: The Swedish concern Agri 
Kr-SOOm. order from Iran to con- Consult AB has been awarded 
struct buildings and set up a S700.000 contract for the 
equipment during the next three design and construction super¬ 
years for a number of chemical vision of a flour mill complex out- 
projects for the production of side Amman, which will form 
acids, ethyl alcohol and other In- part of an integrated national 
dustrial chemicals. The equip- project t for ihe import, storage, 
ment includes a cooling system, processing' and distribution of 
a laboratory and several waste various commodities, particu- 
purifying units. larly *heat, frozen meat and 

A contract has also been various grains, 
signed by Amtrak and the elec- The mill, to be designed by 
tromotive division (EMD) of Agri Consult, will cost some 
General Motors to build the first S7m.. which has been obtained 
•series of a fleet of high-speed in soft loans from West 
locomotives. The new loco- Germany, 


By Joseph Mann 

CARACAS, Jan. & 
VENZUELA'S Finance Minis* 
Sr. Luis Jou Siiva Xuongs,_b 
disclosed that the Venezud 
Government has signed « cm 
agreement whereby a group 
Arab banks wilt loan This count 
785m. Bolivars (SITSra.). 


The Arab institutions, wbf 
were not Identified,' will mi 
the loan to the Government 
Venezuela for seven years, i 
Ministry said. This is tin 8) 
time Venezuela ha carried o 
a major credit operation in 
Arab nations. Sr. Silva Lum 
added that the action not ot 
opened new financial maria 
but also constituted **a posfff 
effort at Improving relatS 
among members of OPEC ?. 

Over the last year-and-t-hi 
the .Venezuelan Government fi 
actively sought funds on fora£ 
capital markets for financing 
industrial development projei 
and for refinancing existing del 

The loan will be used to p 
for the three public works pi 
jetts in the metropolitan an 
including a new headquarti 
for the Ministry of Education, 
building to be used by the ju< 
rial branch and the - Ten 
Carreno Fine Arts Centre. 

Last year Venezuela borrow 
SlJJbn. in one operation jc 
6350m. in another from - ft 
syndicates of foreign banks. 

The government, which pta 
significant borrowing abroad os 
the next two years, is now nej 
tinting another Si.’Jbn. cr«J 
The Venezuelan National Stt 
Company. Sidor. also was Iw 
ing for 6500m. late last year, h 
there has been no recent ne 
on its progress. 

Meanwhile, Britain's Minis! 
of State for Energy, Dr. J. Di< 
son Mabon, and a commissi 
representing both private a 
public sectors of the UK 
energy industry to-cl.iv began 
series of talks with Venezuol 
officials on areas of mutual i 
terest for both nations. 


The Minister stressed . 
co-operation in Venezuela _ v ... 
for offshore oil exploration a 
Ihe possibility of using U. 
equipment and technology, 

Venezuela’s Slate oil monnpo 
is to begin offshore exploratii 
at three sites this year and tl 
nationalised petroleum induslrj 
capital investments for 197S w 
reach $1.16bn. 


j?® eh 


Dr. Mabon and his team a 
meeting Venezuela's Encrj 
Minister, Sr. Valentin Hcrnande 
in order to discuss s peril 
energy needs. J 

The British group will flal 
hold talks with Sr. Ar£p* 


Gamboa (who - directs 
billion dollar Government 
grammes in steel, iron 
aluminium and electric p 
along with other Govern 
officials. 


yours yet r 



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W:lors 
5 Fc»4 Motcr 
a.tsiaco 

5 Mobd 

6 Standard OT of CiUeflA 

7 Gull 04 

^.Inienjtona! Bxiaess Much. 
9 Genctil Electric 
lO-^iler . 

11 Iniematonil ni.fi W. 

! Chi Pretoria) 


01 Dresser Industries 
02 CBS 
03 Carnation 
04 Crawi Zelkrtoch 

106 Cefanese 

107 Aracnran uanamid_ 

108 Remolds 

109 hjsia E«d Processors 

110 N.,b>xo 


»13S" 

14. US Stert 


, Steel 
15 AlUnhc Bc/ifcW 
IB E. I 'lu Pont de Nemours 
17 Continent*! OT 
18Wtelem EJectnc . 

1 9. Procter! Gamble 
2Qtenneco 

21 Unon Garcde 

22 Westinghoow EWtnc 
21 Goodyear Tired Rubber 
24 PfHflrjK Petroleum 

'A Dow ChemiraJ 

26 0a den 111 Petroleum 

27 International Harvester 

23 Eastman KodaW 

29 Sun 

30 Umon Oil d California 
31. RCA 

32.&nuric _ , 

33 Betftl them Slee) 

34 RocVvirtl Inlernafrnal 

35 United fechrotog^es 

36 Calerpdhr Irado; 
37.Kia!t. _ , 

38 Beal ra Foods 

39 LTV 

40 Xeror 

41 R j. Reynolds Industries 

42 Monsanto 

43 Ashland 0.1 

4* Genera) Foods 

45 Cfes Serince 

46 Firestone Tire & Rubber 
47.8oemg 

4a Amerada Hess 
49 Greyhound 
50WR Gu, 

51 FkOonneiS Douglas 

52 International Pacer 

53 Minnesota MmogiMfit 

54 CbtgaleF Jmokve 

55 Maiathon '>1 

£0 Continental Graup 
b’GuHAWtetwri Industries 
£3 Ralston Funna 
59 Borden 
btl Litton Industries 
6!.Lo*heed A-roalt 

62 Sperry Pjrtd 

63 Aimco Steel 

64 American Can 

65 PhJe Mors 

66 Deere 

67 Getty 0-1 _ 

68 Gawu-Paste 

69 Coca eda 

70 Bend« 

71 TRW 

72.Ahirrlnum Co of America 

73 Standard CM Ph'ol 

74 Chsmcon Irtlemalional 


l.General Tue & Rubber 
l H.F Goodrich 
3 BrntcMterS 
.-4.Karr.McGw 

115 Jetehme 

116 B»se Cascade 

Wl'&g'** 3 * 

119 Hj Heine 
UO Burroughs 

121 Btn-g rarnsr 

122 Kacer Alum mum & Chemical 

123 Farmland Indualna 
1?4 Central Soya 

125 Contusion Engineering 
126.Standard Brands 
127 Eaton 

121 North Amercan PhJipS 
139 Babcock 4 WtoK 

130 1C tndustrcec, 

131 Norton Sman 


201 AMF 

202 Emhjrt 

203 Asarco 

204 Stauffer Chemical 

205 Sta^B Drug 
2Q> Gw A Hormel 

207 u ruled Mercflanto&Mfrs. 

206 Crare 

209 Abtnlt Laboralone; 

210 Owens Cammc FibaeiiS 

- 211 Commpn*ea«n Oil (fetmiig 

212 Amencan Plttolina 

213 fesom Fetrdeum 

214 Foster Wheefer 

jreeww 

215 GAF 
217.jW Inc 

?1B Cummins Engine 

219 Coming Glass Woria 

220 UctOHn 
22! ftnn/rM 

^KawMifiita 


301 ACT Industries 

302 Jjy Manufacturing 
a0 3. Norton 

304 Anchor Heeling 

305 A«o 
30ft MnhdSCO 

307 ScwH Manufacturing 

303 Pm latch 

309 Annet 

310 AG. Smith 
311.E 


401 Sjgnoda 
1 NVF 


111 


221 MJS'aw-Etfisan 
225 Umon Camo 


332 Merck 

333 fees Instruments 


] !5 Jneian ftjra tard 

lMCa^ii&SS 
137.Asv*jfl’ed Milk Produces 
138 Archer Ehmrfs tWIani 
]39Whrtooot 
l-WLAes 

141 rtud 

142 Hercules 
MlKeiterilOiifc 

144 Northwert Industries 


145 Ogden 
ittfeChal* 


75 Wfcrerfiaeuoer 
7ri Nat<orul Steel 


77 FepsCo 

78 CorcaWalfd Foods 

79 Ct=C Irternatonat 


. 146 AfcChalmers 

147 Emerson Bectri: 

148 Grumman 

149 Motorola 

150 G4let!e 

151 Anaconda 

152 Dart Industries 

153 Fruehaut 

154 Ouater Oats 

155 Dana 

156 Anheuser-Busch 

157 Aron Products 
15? Dei frtente 
159 PJfcftur> 

IjOJPSlesws 
151 Prftstwi 
1 62 ■ 

161 ... 

164 an 

165 Ir.terCI 

166 Von Paper 

l*-.7 Diamond Shamrock 
108 White Motor 

169 US Industries 

170 American Smadcasting 

171 Etr Lrto 
1’2 S2M 

173 Control Dab 

174 Johns Mjrwste • 

175 NL Industries 

176 Heubfeio 
177. Am vftner. 

7ap-.il Industras 
179 fteithiop _ 


226 WJianr, Companies 
Tj 7 Paccar 

228 Jce. SchHz Brearng 
229.Murphy Oil 

230 Arm.1 rang Cork 

231 Zen/th Badfl 

232 T*nes Mirror 

233 US Gypsum 

234 KeiuiecQU Copper 

235 Revbn 

236 Sunbeam 

227.Container Cora, of Ameria 
2 jS ShenvoWEiams 
2.rt Marad 
240 Phelps Dodge 
3fl E. SjgramiSons 
c-2 Cnramallor Amencao 
‘j}Wh»^ n lt-P , ll'> l > |j rgh Steel 
244 Atgt^rn, Ludkirn Industries 

246 National Can 
24 7. Brandi* 

243 Croat. CorkiSeal 
249'-ffroWarmon 

250 Ca Ji-i Coolie 

251 G0U Hrjt 
252Craovmd intern ationaf 
251 Timken 

Wt&T&k* ' 

4% BiOwn Gr.;4jp 

257 Gcal 

25 8 few 

*53 Gie»i northern Nakcosi 
.60 A«o 

261 Vitamer ComnuircatifM - 
26? '5oro»_ ' 

261A E_Stale» Manufacturing 
fe 64.Air Products iChenuwls 
2ft5 Ell rj 
HBPXL 

267 MCA 

268 lnl«rml«ra! Mulbfccds 

269 Kar,*M.ller • 

2 7 0 Erans Pred icts 
27J 5f Jje Mopjlj 
2<2 Penrrea't 

27.rGO 

274 Amw-t", Oa-ton 
2/5 Lew Broto-n 
ijBwJDttte Manufacturing 

271 Irans Unon ■ ■ 

279 RtoturdronMa-elt 


314 Jfahonal Gypsum 
oI5 Berm; 

316 5pe»ry 4. Hutchinson 

317 Nawnont Mmme 

313 MortonMormcitTniduclS 

319 Pabst Brewing 

320 Sundslrand 
371 Adolph Coor; 

322.Hwo 

323 HdGitnWI 

324 ffarm 

325 RachhoU Chemicals 

326 Cone Mills 

327 RR Donnelley4 SOUS 
32a HerJ-.ey Foods 

329. Outboard Marine 
3]0Cluelt PeabcW/ 

331 Chicago BndJei Iron 
J32 S.tron 

323 feumseh Products 
334.Md , e.xg»a[h Multerapft 
335 Hoo«r 
326 Wit co Chemical 
337.Crdo[Tj 
33B Lou-uana-ftsific 
339.SUnlw Works 
Mggy, Wua-O 

342 Blake- lnterdati,jna/ 

343 Ccnyjtuiated Aluminum 

344 Soulhrresl forest Industries 

345 WiUamette L'4ustnes 
34ft ConAgra 

347. Pitney-Bor«s 
343 Federal Co 
349 Hart 5chaffner4 Mara 
3o0 Inmoril 

351 M L«iensJein4Son5 
3o2, AJijm^r 
353 Square D 
35J CF todurtries 

355 ImJan Head 

356 AMP 
25’.At O 

353 F.i.mur.t Fi»is 
359 Great Western United 1 
Spencer Focii 
3bl Hums 

362 Champion Sparii Plug 

363 Thon'-as i L.pUjn 

364 McLoutn Ste« 

3o5 C>ova» Central Petroleum 
3*rc. H.jetner WrLJo.t 
367 Bedon. Di.’km-jon 
366 uv Industries 
36 a Peawy 
570 Ftritw 

37« few? OpreriBraa. 

375 Daren 

376 Mi.millon 

377 Cessna A.rcraR 
379 Ward Food; 


3 Quaker Stare OH Refining 

4 Broctiay Glass 1 


40>.... 

403 Gardner-Denwr .. 

404 Fauchrtd Camera & Irish 

405 Supenor 04 

406 Ones,"or 

407 HanKilifeger 
403 Westmoreland Coal 

409 Trane . 

410 Intestate Brands 

411 Kewanee Indujtoes 
4J2 FdttrjTMKiil 

4 

416 Hobart 
416 Horrs Industries 

Hoed 
418 h^tacod 
4 9. NAPOO 

430 Masco 

431 Rch- Industries , 

^72 Cameron Iron Wbffc|- 

423 uCtl'O 

424 EnvuotMi 

425 M»Uard Ross 
4:6.Gannetr 
42..Vulwn Material} 

42B American boat ^Derrick 
4?3 Farter Hannifin 

430 Buebird 

431 Eagle Fcter Industries 

432 Anni Industries 

433 Ba« 

43J Wheel* bratoiFru 
4^5. inland Container 


■EfiSST. 


437 Federal Paper Board 

4$}Wam*co 

439 Fleetwood Entspr«S 

440 CoHnsiAbman 

44j Rath Pjckmg 

442 Cenjpil«.-m 
442 General instrument 

444 insJco 

445 Hontorl of Colorado 
44^MascBiiie 

44J Mato Chemical 

448 Hughes ferl 

449 Jonathan Logan 
45u Flararland industries 
451 Ferro 

4K Washington Past 
«« gfirijer rTeducts 

iHISS 
SStUJj?'* 

4 General Curema 
46? lhic*ol 

4>?0 Da>t)Su. pxioeratnrs 
•*0, Hanna Mirung 
462 Dow 

Jwrv Intentabanal 


4*j4.ftypr 


465 Finer, 

■ 46a H K P5tef 

4*?7 Na‘h U 3 

4cB Eetcc Pftrofcntl 
4^? FiederickiHerrud 

4 4 Central Cable 
4,5 Baij’.rhA Lomb 
4 6 Handy g Harman 


H'JCyrii;.triB 

C.'r* Ind'.it. 


4?7 Beech Aircraft 
Industrie 


■hduslne 



mes 




:h 


«1 


92 ... 

93 Warner Lamtwt 
S< American 
55 Uflir5/al 
56KCR 
97 FMC 

58 EurteKtpn Industries 
^9 tintteo Brand', 


92 <2hjrler 
13J Na!>r,r.al DrJilfersAChftacal 
iu —-— 


300. PPG industries 


Is__ 

Amitar 
159 Career 
20Q.He#wtftckard 


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‘2 Hammeimill Paper 

,*Saa . 

TWRchance Electric 
259. General Host 
J90. Reword 


3^*3 Greer. Giant 



398 VF 
W American 
400 rntfer-Hamma 


When you consider that more than half of the 
biggest U.S. industrials do business with Marine 
Midland, you get a good picture of how big we are. 

In fact, our deposits total $9.6 billion, with $2 billion 
in personal savings. WeVe got $634 million in capital 
and reserves, and assets totaling $11.2 billion. 

As much as these numbers tell you, they don’t 
say we’ve been a major money center bank for many 
yeare. Which means weVe got enough experience in 
foreign exchange and foreign currency management to 
generate major money transactions. To provide direct 


ss&dnei 

yjQFcrfxao 


loans. And manage major international credits. Wg can 
talds ^ other cs,pitaI raarkcts ’ 

Ofcou^e, Marine Midland has the facilities to 

^ onr l*se of international operations 
in New lork City s financial district, we have over 300 
branch® throughout the state, and key people in S2 of 
the worlds major Imancial centers. i V 

T,.. ot this from ns. 

?h ^tedS^™ 6 Mldand 13 the 12111 Iar 2«t bar* in 


!| 3lli 


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.Registered iraEngland. Registered No.227590. 


marine midland bank© 


All figures as ol September 3ft 








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■ Fraud case jury hears 
n of £!m. share loss 



NEWS ANALYSIS—PRIDE & CLARKE 


Why Inchcape wants to buy 


FINANCIAL TIMES REPORTER 

OUR MAJOR reasons for tbe 
allapse of the stock broking firm 
Chapman and Rowe in the 
:ock Exchange 1973-74 recession 
ere outlined at the Old Bailey 
esterday. when five former part- 
ers and. their managing clerk 
ere accused of plotting to 
errand clients. 

The trial Is expected to last 
“'tree months, it will involve 
1 .ore than 1,000 paces of 
thibits. 

•. The ‘ former stockbrokers are 
Gan Harman, 34, of Putney 
■■path Lane, Putney; George 
dward Miller, 38, Wimbledon- 
.ark Road, Wimbledon; Ralph 
larke. 50. Sterling Street South 
■ ensington: Victor Thomas 
ndrews, 33, Great Thrifts Petts 
. r ood. Kent; John Maxwell Gor- 
37, Slade Bottom, St. Mary 
ourne. Hants. Their former 
.anaging clerk is John Michael 
oodsell, -35. Marlpit Road, 
larpthorn, Sussex. 

.Vents’ funds 

* All pleaded not guilty to 
targes of. conspiracy, theft of 

; ients’ shares, and producing a 
lse balance sheet to the Stock 
.xrhanee Council. 

Mr. Neil Denison, prosecuting 
•unsel, said that the firm was 
lammered ” oh April 1. 7974. 

* it was unable to meet its bar- 
tins after getting loans from 

* inks by pledging clients’ securl- 

i ■ - • 

. These had .been pledged witb- 
"it clients’ authority and so the 
ock Exchange compensation 
nd had to make up the deficl- 
tcy. as the banks bad sold tbe 
rtirities to get their money 
ick. 

Before tbe crash Mr. Miller 
st £350.000 in gold share deal- 
gs: the firm was owed £200.000 
r Rosa dec; efforts by Mr. Har- 
an to borrow £300.000 to help 
e firm failed, just before Its 
-llapse; and plans for a merger 
ith aonther stockbroking firm, 
Allman and Co., fell through. 
Ur. Denison said that the rules 


of the Stock Exchange had been 
broken in several' respects. They 
had required a liquidity margin 
of £35,000 in the case of a seven- 
member firm such as Chapman 
and Rowe—two of Whose part¬ 
ners are not accused. 

That, margin, be said, had not 
been maintained is the six 
months before the hammering, 
the- firm. having included money 
due from partners in its assets 
and having left out substantial 
sums due to banks. . 

Index slide 

“ Tt under-stated ils.TiablHties 
and over-stated its assets,” Mr. 
Denison said, after advising the 
Jury that the custom ary length 
of time before share transactions 
are completed, especially in rela¬ 
tion to “bear" dealings, might 
have a bearing on the .case. 

Turning to the collapse, Mr. 
Denison said: “Tbe years 1973- 
74 can best be described as 
disastrous as far as the Stock 
Exchange wax concerned- In less 
than 15 months the FT index 
fell- by nearly 50 per' cent, from 
505 to 263- 

“The effect o£ this - dramatic 
fall in share values meant that 
stockbrokers’ commission drop¬ 
ped, as there were'fewer buyers, 
and that any . .securities which 
they had pledged for loans, pro¬ 
perly or improperly/- fell ip 
value. So the amount, of col¬ 
lateral securities involved had to 
rise. _ 

“ chapman and Rowe bad addi¬ 
tional problems of thair own. 
They were owed' Well over 
£200,000 by Rosadec, which had 
to be written off as a bad debt. 

•• Mr. Miller was an uncovered 
bear of gold shares, which Proved 
the exception to the general fan 
in . stocks and kept .oh liking. He 
was selling gold shares wmch be 
had not got in the hope that the 
market wpuld fall, and. ip the end 
lost £250,000 in these gold share 
dealings. 


“The firm’s partners .were 
desperate to get money by early 
1974. Mr. Hannan approached 
Mr. Cballis. of the First National 
Finance Corporation, who had 
been involved with the Crown 
Agents before that, In the hope 
of getting a loan of £300,000. 


Merger talk 


“But after Mr. ChaUis badi 
reviewed the position- of Chap¬ 
man and Rowe, through his 
accountants Touche Ross, he was 
advised not to grant the loan 
and if fell through. 

“Mr. Clarke approached Alt¬ 
man in March 1973 with a view 
to a merger, and talks were going 
on until tbe 11th hour even one 
minute after the 12th hour. 

“ Mr. Altman and Mr. Clarke 
were still discussing a possible 
merger in the early hours of 
April 1.1974. just before the firm 
was hammered, and the merger 
□ever took place.” 

Mr. Denison alleged: that 
Keens, Shay. Keens and Co.. 
auditors for Chapman and Rowe 
had prepared a wholly mislead¬ 
ing balance sheet for the Stock 
Exchange Council on its position 
for the . year ended September 
14. 1973. 

The auditors were at fault in 
signing a certificate but responsi¬ 
bility for the accuracy of the 
accounts rested firmly on the 
partners of Chapman -and Rowe 


cheaper 

By Terry Dodsworth, 

Motor Industry Correspondent 


CITROEN CARS reduced the 
price of Its spare parts by an 
average 16-5 per cent yester¬ 
day as part of Us campaign to 
Increase sales substantially In 
the UJL'ln the next few years. 

U hopes for a 7.5 per cent, rise 
this year. 

The Citroen announcement 
comes after a period of con¬ 
siderable adverse criticism of 
imported vehicles on the 
grounds of high parts costs. 
Citroen has' been one of the 
main butts of this criticism. 

Mr. Patrick BrunAVibanx, 
managing director, said yester¬ 
day the company accepted that 
its prices had got out of line: 
But there had. been uo Increase 
in parts prices for the past 14 
months, and the company was 
taking the unusual step of cut¬ 
ting them as well. 

Three factors had helped the 
company with this policy, the 
removal of tariffs between tbe 
UJE. and Common Market, the 
exchange rate improvements, 
and Citroen’s purchasing opera¬ 
tion In the U.K. 

Mr. Bmn-WIbanx said that 
last year Citroen’s UJC purch¬ 
asing organisation, Wraxhsll 
Holdings, bought equipment 
worth £5m. in Britain. It 
expects the value of thes.e pur¬ 
chases to double this year and 
reach £28 m. by 1980, 


BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 


INCHCAPE'S proposed acquisi¬ 
tion of Pride and Clarke, tbe 
Toyota distributor in the U.K n 
prompts the question of what 
impact the deal will have on 
Japanese car salts in Britain. 

In theory, the Japanese car 
importers are acting under a 
policy of deliberate marketing 
restraint Imposed by their 
mannfacturing partners in 
Japan. 

Although there are signs that 
the policy is breaking down, 
there is no doubt that the 
Government will try to make it 
stick this year, and that Toyota's 
prospects of growth will there¬ 
fore be limited. Why then 
should anyone want to buy the 
franchise? 

Inch cape’s answer is three¬ 
fold. First, the company has 
been looking for new business 
is the motor distribution field 
and has a limited number of 
possibilities for expansion. 

Through Mann Egerton and 
Bewac, motor dealerships it is 
reckoned to have about 9 per 
cent of ail British Ley laud sales 
-^-very close to what Leyland 
likes individual distributors to 
have. 

The John Fry dealership 
business, which came into the 


group through its acquisition of 
a part of the late Sir Denys 
Lowson’s interests, was divested 
because of its heavy involve¬ 
ment with Ford in other parts 
of tbe world. Ford also imposes 
some limits on the amount of 
business it is willing to do with 
any one distributor. 

Inchcape was left mainly with 
the Importers as potential 
acquisitions. This meant that its 
range of possibilities was limited, 
since a large number of the 
importers are controlled by their 
parent manufacturing companies. 
Hence the attraction of Pride 
and Clarke, one of the few 
independents. 

Second, even if Inchcape was 
forced to accept a position of 
little real growth at Toyota GB 
in the' near future, it reckons 
that more profits could be 
squeezed out of the organisation. 

The record 

H There are always improve¬ 
ments that can be made in the 
distribution of spare parts, ser¬ 
vicing and other things without 
necessarily increasing the sale 
of new vehicles,” Inchcape said 
yesterday. 

The record indicates that there 
Is some scope far financial 
Improvement at Toyota GB given 
Pride and Clarke's figures. 


The group, m which the Toyota 
franchise is the largest part, 
made a profit of only £516.000 in 
1975 and forecast a profit of £1.6m. 
Last year; yet Citroen, selling 
virtually the same number, of 
cars last year (a little over 
20,000). made £JL5m. 

Inchcape's third point is that 
there are possibilities for Toyota 
to raise its market share at the 
expense of the other Japanese 
importers. 

“ It is not our objective to try 
to increase the overall share of 
Japanese imports in the U.K. On 
the other hand we would obvi¬ 
ously like to see Toyota gain a 
greater share of the agreed 
Japanese penetration figure.” 

The possibility of Toyota GB 
being able to achieve that kind 
of unilateral expansion Is limited. 

Every other Japanese importer 
wants a larger slice of the same 
limited cake, and unless Toyota 
is able to persuade its fellow 
manufacturers in Japan that its 
needs should take priority in 
Britain, there Is virtnally no way 
that the U.K. importer can 
expand. 

Tbe Japanese parent company 
may have decided on a big push 
in the U.K. at whatever expense 
to the informal understanding 
on voluntary restraint. 

It has for some time been 
showing signs of dismay that it 
is having to play second fiddle 
to Datsun in Britain, and within 
the past two months there have 


been several warnings that the 
Japanese might tty to push' 
ahead. 

It is clear that the acquisition 
has tbe full blessing of Toyota's 
head office. The Japanese com¬ 
pany knows Inchcape well, since 
the British company sells, and 
in some cases assembles, its cars 
in countries such as Malaysia, 
Singapore. Hong Kong and 
Ethiopia. 

In most of those, the Inchcape 
record is a good one. And Inch¬ 
cape is confident that it can do 
well with the Pride and Clarke 
business. 


The profits ' 

Mr. Peter Heath, the managing 
director of Inchcape. said yester¬ 
day that be did not intend to 
change the Toyota GB manage¬ 
ment. although Inchcape direc¬ 
tors would be going on to the 
Board. But he said that he 
expected bettor profits soon. 

“Their profits have been 
rather on the low side. We have 
looked into this very carefully: 
and we are sure that the price 
we are paying—£10.7m.—is very 
fair and reasonable in view of 
the future profits potential. 

“At the same time, the U.K. 
motor market will gre— now that 
it has recovered from the oil 
crisis. After all. at Mann Egerton 
we made £4m. lost year." 


The charges 


—Between .January 1 and Janu¬ 
ary 31, 1974, they furnished 
' formation to Deloitte and Co. 
id to the Council of the Stock 
schange for the purpose of 
•tisfying the Slock Exchange 
at Chapman and Rowe had 
'operly maintained accounting 
:cords and had sufficient 
fluidity to comply with bargains, 
id with a view to gain for them- 
, Ives produced a balance^heet 
ted September. 14. which to 
»ir knowledge was misleading. 
•V« and deceptive in a material 
ticular. . 

-Between September 3, 1973, 
?.and April 2, 1974, they con¬ 
ned together to defraud clients 
fikinnian and Rowe by using 
fir»rdnd shares belonging to 
—■■"wa as security for loans 
| 'ed to the firm by banks and 
r rial institutions without the 
•. ority of their clients, and by 
healing their use of these 
trities, by the misuse of 
!eys received by Chapman. 
.-'.Rowe, by falsification of 
L- and records, and by 
jp-rs ot her subtle, devious 


and crafty means' and devices.” 
7f—Stole in March;-. 1973. 1.975 
* Myddleton Hotel shares 
belonging • to Moscow.' Narodny 
Bank. 

4—Stole in March, 1973. 11350 
. ? GEC shares belonging to 
Trade Development Bank. 

«—Stole in January, 197^ 25,000 
J Metropolitan .' Estate and 
Property Corporation'. shares 
belonging to Mr. HubertlPratt. 
Stole In FebruarjL .1974. 
£8,000 Newcastle local 
authority bonds belonging -, to 
Robert Wilkie Limited^ • 

7--Stole in March. 1W4. 2,000 
Henleys Limited shares 
belonging to G. C. Bates and 
Company, Limited. 

Q—Stole in March, 1974. 10,000 
° spillers shares belonging to 
Moscow Narodny Bank. ' 

q—S tole in March. 1974. 5-000 
^ First National Finance Cor¬ 
poration shares belonging to 
Carrett and Company, Limited. 

1 (V—Stole in March, 1974* 32,500 
v Universal Grinding shares 
and 2,506 TCI shares belongihg.to 
Moscow Narodny Bank. 


British Steel fined 
after death blast 


ITISil STEEL was fined £700 
terday after admitting charges 
inerted with an explosion 
nh killed 11 men at a South 
mberside plant more than two 
«rs ago. 

!Tie blast ripped through part 
the Appleby Frodingham Steel 
rks at Scunthorpe on Novem- 
■ 4, 1975. showering molten 
tal over hundreds. of' yards, 
ir men died and 35 were taken 
hospital with serious burns. 
T en of them died of their 
aries. 

Tie corporation pleaded guilty 
two charges of failing to 
lure tbe safety of employees. 
? count related to two men 
I the corporation's failure to 
intain the cooling system of 
Queen Victoria blast furnace. 

I the other.to the failure to 
vide suitable protective eloth- 
for three men. 

:SC was fined £500 on tbe first 
nt. £200 on the second, and 
cred to pay costs. • 
lr. Jeremy Roberts, prosecut- 
on behalf of the Health and 
ety Executive, said' water¬ 
ring under pressure from part 
he furnace cooling system ran 
> a 40-fool long torpedo ladle 


containing 150-200 tonnes ; .of 
molten meial. 

Men had not been able to stop 
the leak because a nearby pipe 
Carrying bot air had burst.- -. 

A- locomotive was called to 
move the torpedo, but as It 
started to pull away there was a 
violent blast 

The water leak was Caused 
when a ping ft?H from a cooler. 
The plug was found later. In¬ 
stead of being made from brass, 
which was used by the manu¬ 
facturers, it was steel. Of the 
120 plugs on the Furnace 21 were 
found to be made of ferrous 
material. It was bad practice 
to nse steel plugs because there 
was an increased risk of corro¬ 
sion, Mr. Roberts said. - 

Mt. Michael Wright. QC, for 
the Corporation, said it was now 
accepted that the use of ferrous 
metal plugs was unsuitable- But 
they had been widely used af 
Scunthorpe for .25 years and no 
plug failure of this type had 
happened before. The type of 
plugs used had now been 
changed. _ 

Mr., Justice Stephen Brown; 
passing sentence, said he was 
“satisfied there was no gross 

negligence.’* - 


Asbestos dust ‘inches 
Jeep’ at Leyland plant 

JmSH LEYLAND was fined "what he found at the former 
v yesterday for failing to Rover 2000 plant last September. ■ 
,- n contractors working at the DUst containing 12 per cent, . 
'W works at Solihull, asbestos was inches deep oh 
prick shire, that they were every flat surface. Contractors 
Wing with dangerous asbestos, working on stripping the factory 
ft. Christopher Hamilton ,a and Leykrad's own employees bad 
w>ry inspector, told Solihull, been exposed to tbe dust, which 
pirates he was horrified by came-from' insulation material;- - 


weetabix to raise prices 


40THER food company has 
en allowed to raise Its prices 
die they are investigated by 
- Price Commission. Weeta- 
t has been, given the go- 
rod for rises averaging more 
in 6 per cent, aa Its range 
cereals. 

Under the prices legislation, 
company’s proposed, price 

creases can be frozen while 

are investigated. But if 
freeze would reduce profits 
yond a certain point,' the 
■m mission has id allow an 
lerim increase. ' - 


As a result of euvoking these 
profit ~ safeguard provisions, 
Weetabix is to be allowed to 
raise the ,prifte of Its Weetahtt 
range by an average of 5-38 
per cent, and that of Its AJpen 
range by M6 per cent 
The great majority of com¬ 
panies selected for Investiga¬ 
tion by the Commission have' 
been able to get at least pari 
of the price Increase propored 
; is, a-result 'of profit safeguards 
written: Into, the' legislation. - 



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Financial Times Tuesday January 17 itf?B 


HOME NEWS 


NatWest 
may buy 
Bank 


Toy fair to transfer 


to Earls Court 


in New 


BY STUART ALEXANDER 


York 


BY MICHAEL BLANDEN 


NATIONAL Westminster Bank 
is interested in expanding its 
operations in the U-iL, 
possibly by baying a banking 
operation in the New York 
area. 

Hr. Eric Carter, the bank’s 
international general manager, 
said yesterday that NatWest 
had had talks with a number of 
banks In the U-S- and with She 
Federal Reserve. 

But it had got reached the 
stage of discussing the price 
for a purchase. 

One possibility would be to 
to take a majority Interest in 
an existing bank, in line with 
the group's approach in other 
parts of the world. 

He suggested that there were 
advantages at present in con¬ 
sidering expansion in the U.S. 
following the sham rise in the 
vaJne of the pound against the 
dollar. 


THE TOY FAIR Is to leave the 
National Exhibition Centre In 
Birmingham after only two years 
and move to Earl’s Court, it was 
announced yesterday. 

Mr. J. H- Ttaake, chairman of 
the British Toy and Hobby 
Manufacturers' Association, said 
that the main reason for the 
move was that Earl's Court could 
offer a slightly later time than 
the Birmingham venue, which 
would reduce the time, gap 
between the U.K. show and the 
big German toy exhibition in 
Nuremberg. 

London would also be more 
popular with overseas buyers and 
offered far better entertainment 
and accommodation. 


A three-year contract has been 
signed with Earl’s Court and. 
from next January the toy fair 
will follow the Boat Show. 

At Birmingham yesterday, the 
flow of visitors was slightly down 
on last year, particularly the 
wholesalers, wbo recently have 
been visiting a show in Harro¬ 
gate, Yorks. 

Although some good orders 
are being placed, buyers were 
reported to be more selective 
than usual. Strong favourites 
such as skateboards and some 
electronic games were selling 
welL 

The industry had a poor year 
last year, although early signs 
were good. Christmas sales 
helped to avoid a disaster, but 


retailers have deliberately run 
down stocks and there has been 
no rush to buy replacements. 

The mail order houses and big 
store buyers continue to grow 
in importance. Small retailers in 
the U.K. are maintaining their 
position more successfully than 
those in the U.S„ where there 
are about the same number for 
a population nearly four times 
as big. 

Senior executives of various 
companies agreed yesterday that 
prospects for this year In gen¬ 
eral were not exciting and that 
overall growth. If any,' would be 
small. They felt that a cut in 
the rate of employment could 
give an immediate boost to sales 
of cheaper toys. - 



Planners divided I Promising 


on petrochemical; 


oil finds 


industry strategy 


indicated 


by tests 


Viscount Daviguon—may be 
among speakers. 


Move may cost 400 jobs 


Speculation 


The bank had yet to decide 
finally whether to extend its 
operations by buying an exist¬ 
ing bank or to build on its 
present representation, Mr. 
Carter added. 

There has long been specula¬ 
tion about the possibility of 
NatWest Increasing its U.S. 
representation following the 
expansion there of Barclays 
Lloyds. 

NatWest has branches in 
New York, San Francisco and 
Chicago with marketing outlets 
in Los Angeles and Houston. 

The thought was revived 
yesterday by publication of an 
interview with Mr. Carter in 
the financial newletter Inter¬ 
national Insider. 

Mr. Carter was reported to 
have said that increasing its 
U.S. operations would build np 
a larger dollar base as support 
for the U.S. operations as well 
as to help nnderpin the bank’s 
total dollar International 
operations. 


AIRFIX is to close its loss-mak¬ 
ing 70-year-old Meccano and 
Dinky factory in central Liver¬ 
pool and switch the bulk of its 
production to a new plant in a 
move which could cost np to 400 
jobs, writes Stuart Alexander. 

The company held talks with 
union representatives yesterday 
to explain its £lm. streamlining 
plan. Questionnaires are to be 
sent to all employees un Friday, 
asking them if they wish to make 
the move to the new plant—four 
miles away at Huyton—which the 
company hopes will be in produc¬ 
tion by mid-March. 

Most of the redundancies are 
expected to be among part-time 
women, but some full-time jobs 
also may be lost—at least until 


production and sales reach a 
level that allows the work force 
to be restored to former levels. 


Meccano and Dinky, both part 
of the Airflx group, continued to 
make losses last year, but the 
ranges have been redesigned 
and repackaged for this year. 

Mr. Ralph Ehrmann, chairman 
of Airflx, said yesterday that he 
hoped this would be the last year 
that he bad to report losses on 
the two lines. 

The group recently decided 
against taking up an option on 
the ownership of Tri-Ang, which 
has been given a 12-month 
reprieve by the Welsh Industry 
Office. Airflx has severed all 
connections. 

Mr. Ehrmann also announced 


a £5m- line of credit over 10 
years from Barclays Merchant 
Bank to finance the group’s fur¬ 
ther expansion. He said that the 
non-toy operations now contribu¬ 
ted about 25 per cent, of the 
group’s profits and hoped this 
would rise eventually to 50 per 
cent. 

The company would be look¬ 
ing at opportunities in both 
Europe and the U.S. An 
additional £2.7m. was available 
from the rights issue of July 
1976. 

The group already made shoes 
for Marks and Spencer and the 
Crayonn range of home acces¬ 
sories, and be was looking for 
parallel lines to be sold through 
department stores. 


Britain 
to host 
textiles 
meeting 


By Rhys David 


W BY KEVIN DONE, CHEMICALS CORRESPONDENT %} 

f CHEMICAL Industry leaders has been growing talk of the Ray Dafter, 

% have failed after more than two need for planning agreements. Energy Correspondent 

B years of talks to agree a strategy The chemical companies, now- 

01 for the petrochemicals sector, ever, are anxious that any new promising oil finds an 

V: which accounts for-about 30 per projects should he stnctly bleated by initial results q 

L cent of the industry’s sales. related to market 0 PP 0, J“ n liS5 several new North Sea oil well} 
g\; The - petrochemicals sector They have been quick to point Much of lhe offshore Industry. 
** working party has been looking, ont the serious overcapacity in |ercst ^ now centred ch 

m as part of the Government’s base petrochemicals which exists adrant 16i north-east of Abec 

Industrial strategy, for ways of through our Western dec _ w j, C re reserves in tw 

Implementing three major ojec- They have set their face nrmiy separate fields seem to have ben 
lives. These are to in crease the against any suggestion or com- . ... 

U.K-’s share of West European pany by company planning agree- p h nn ps petroleum te testfth 
ethylene, propylene and bemane mem* . , structure in its Thelma Flak 

production, to raise the U.K. But their case does appear to * . the Western Pacesette 
market share for plastics mate- have won at least grudglnc __ o » ora *| 0fl rfa. This is the fifU 
rials in Continental Europe and acceptance from the unions on ^ drilled on block It/Y, 

to attract overseas investment one major Issue. aQd it q U jte likely that j 

But a working party report, . further hole will be sunk, 

which members have decided not Tlrnnm>d Industry reports last yea; 

to publish, makes it clear that '•"t'PP* 141 suggested that recoversbb 

the two sides of. the industry One of the most controversial j n Thoima could he h 

have failed to reach any agreed early proposals for petrochcmi- cqqJj, QOOm. barrels range 
conclusion* or recommendations cals agreed in the NEDO forum _.. , . . we n. started in mid 
fraction. - was that urgent coMideration * A has been drilled u 

The report will be considered should be given to building four J™.J- ’ more positive picture o 
by the next, meeting of the ethylene plants by 1985. These lca i s iructure. • 

National Economic Development are the basic unit of a petro- ; decision to cany ou 

Council on February 1 with chemical complex, each costing _ nrocramme Is encourag 

reports from nearly 40 other In excess of £200m. i/e- ar the very least. 11 shnw 

sector workinu parties. It aDoenrs that this idea is havA been found 


- , ^ * sector working parties. It appears that this idea Is h _ ns have been found 

BRITAIN is to play host to an Working party members being quietly dropped in the face “• dr0 £ ould be some weeki 

international conference cn inc jude representatives from the of continuing depressed trading FrJl * th . tes t’s results an 

textiles which will review pros- major companies in this sector, conditions. The report says that u 

pects for the industry against the IC i, shell, BP and Esso and the working party considered Know- 

background of me recently com officials from two of the main that the proposed timetable could 

eluded extension of the GATT unions in the industry, the be achieved only with much Wailing 

Arrangement. General and Municipal Workers' higher growth rates across *n, e game may be said of Pat 

twh! UnIon and Association of Western Europe than those now 0eean « s drilling programme oi 

Mana- projected. . _„ SfeBrae Field, north of Thelma 


organised by toe British Textile SdrntificTechnii^rMa^ priced X*'Field, northor*tt*lm 

toe T^lf iSstitSTSill be held ge Ej aI Staffs Petrochemical exports in 1976 |f understood that-the. grooj 

ISd S? Disagreement between the two amounted to £lbn. against now led bv Marathon, is wallm 
lehSXt rhat^nMkerewUi sldea of the Industry has become i Imports of £850m. But there is for an Improvement In weatto 
iniinriP 0P vismunt Etienne “ ,ore P ron o« nced in recent • a deficit on trade with other EEC to begin testing operations In tv 
nfrimfnn thp wvr rornmi-sioner months - Trade unions have been countries, where exports totalled wells sunk on block 16/7. 

InvcBment, »Mm. ,, „eln/ Import .of end 11th wet 


National Bus again returns 
net surplus of about £4.4m. 


BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


Columnist 
made no 
‘influence’ 


attempt 


MR. GORDON TETHER, the 
columnist who alleges be was 
unfairly dismissed by ■ the 
Financial Times, has been 
cleared of any intention to 
influence a witness giving 
evidence for the newspaper 
publishers at an Industrial 
Tribunal hearing. 

He complained to the Employ¬ 
ment Appeal Tribunal yesterday 
that the industrial tribunal hear¬ 
ing his claim had wrongly 
decided that he had attempted 
to influence Mr. Mark Van de 
Weyer, father of the National 
Union of Journalists chapel 
(office branch) at the Financial 
Times. 

The employment appeal tri¬ 
bunal formally dismissed his 
appeal on the M influence” 
point. Mr. Justice Phillips, the 
president, pointed out that the 
industrial tribunal had in fact 
made no ruling on the matter. 

The judge also dismissed Mr. 
Tether's appeal against the in¬ 
dustrial tribunal's refusal to 
order production of documents 
giving salaries of senior Finan¬ 
cial Times journalists. 


NATIONAL BUS, the State 
corporation responsible for 40 
regional operating companies, 
held its own financially last 
year—in spite of a second 
unsatisfactory year from its 
coaching subsidiary. National 
Travel and a 3 per cent fall in 
the number of passenger 
journeys. 

Mr. Robert Brook, the cor¬ 
poration’s chief executive, said 
that last year’s results “would 
not be very different from those 
for 1976," when toe corporation 
had a net surplus of £44ro. 

The 3 per cent rate of derllne 
In passenger journeys was an 
improvement on toe dramatic 9 
per cent drop in 1976. One 
reason for National Bus’s ability 
to maintain its financial posi¬ 
tion has been Its matching of 
the fall in usage with a simi¬ 
larly reduced route mileage. 

At National Travel, which 
runs express coaches and sells 
executions and holidays, the 
fall in business has been more 
marked, with a -75 per cent 
reduction bringing loss in pas¬ 
senger journeys to 17.5 per cent. 


over two years. This In part 
reflects the success of British 
Rail's cheap off-peak inter-city 
services. 

National Travel says it, too, 
has made economies to offset the 
drop in traffic, but is only now 
considering its first round of 
mileage cuts, which will involve 
alterations to frequencies rather 
than withdrawal from entire 
routes. 

A reorganisation of National 
Travel’s senior management and 
a strengthening of Its marketing 
side was undertaken last year. 

National Travel's revenue last 
year rose by 24 per cent to 
£36m^ providing evidence of a 
tough fares policy. But it is 
doubtful whether the operation 
will be able to show the small 
trading profit returned in 1976. 

Fares for National Bus as a 
whole increased by an average 
of 13 to 14 per cent and, with 
a 10 per cent, day deal with 
drivers and conductors almost in 
the bag, similar increases are 
expected this year. 

The corporation's biggest battle 
continues to be over the level 


and stability of support received 
from county councils, about a 
dozen of which are unwilling to 
increase spending on bus revenue 
support in line with targets set 
by the Government in its Trans¬ 
port White Paper.' 


from GATT. The conference will 
be opened by Mr. Edmund Dell, 
Secretary for trade. 

The British Clothing Industry 
Joint Council, the body formed 
last year to bring together the 
industry's main trade associa. 
tions. has appealed to the Gov¬ 
ernment to review its decision 
I to phase out temporary employ¬ 
ment subsidy after March 31. 

Mr. Malt Reid, convenor of the 
council, points out In a letter to 


Fair trading action 
over concrete deals 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


rock, although it could m i 
month before their commercial 
potential is known. 

Disagreement continues within 
the industry as a whole—and the 
Brae partnership, in particulai 
—about the size of potential 
reserves in the structure. 

Marathon has indicated that 
recoverable reserves of Brae will 
be at least 500m. barrels;- al¬ 
though it is known that estimates 
within the British National Oil 


Already, this has resulted in| 
the corporation reducing its! 
requests for support to county 
councils by 13 per cent.—a 
figure which indicates the reduc¬ 
tions in mileage being imple¬ 
mented by operators faced with 
a cash shortage. 

Mr. Brook said that National 
Bus was now well advanced with 
a programme of detailed, local 
market studies which would 
enable it to respond more 
quickly to reductions in local 
authority support by cutting out 
services which made the heaviest 
demands on resources. 

Mr. Brook said that National 
Bus's relationship with county 
authorities was improving and 
would be further strengthened 
by the requirement on counties 
in the Transport Bill now before 
Parliament to produce five-year 
rotiing transport plans. 


Mr. Eric Varley, Secretary for ANOTHER TEN unregistered about the way the companies' Corporation—an equity partner 
Industry, that roughly half the restrictive practices in the ready- regional divisions combined in In the prospect—are very muen 
jobs protected by the subsidy mixed concrete industry were various parts of the country to lower. 

are In the textile and clothine placed on the Register of Reslric- allocate contracts. Further appraisal drilling u 

industries, and says there could live Practices yesterday. Since then, the Office of Fair expected to be sanctioned with*- 

be significant effects on employ- The companies registered yes- Trading has been sifting through in the next month or two. 
ment If the subsidy is removed, terday have featured In other details of the alleged agreements _ 

The Government has said that agreements. They include Amey 'and placing them on the Register. KeDOltS 

. m ‘ J_i__JLS__ • j HfiwAil Pam Iff— L_J L. • 


ti was considering alternative aid Roadstone, Ready Mixed Con-; Mr- Borne has said that he . . . cwimui 

for industry when the subsidy crete and Tilling Construction would lake all such cases to the interest In l “ e 

and h io imnwn that the Services. Restrictive Practices Court. area u being kept alive oy un¬ 


ends, and it is known that the Sereiecs. Restrictive Practices Court. v\r h?» 

Department of Employment has Wr - Gordon Borne s, director There are now 111 such agree- official reports that fcif ou 
been working on a replacement general of Fair Trading, action, ments and more ..are likely to be 


scheme. 

Any new measures will have 
to be approved, however, by the 
EEC Commission in Brussels, 
which is trying to persuade 
member governments to phase 
out industrial subsidy measures 
on the grounds that they repre¬ 
sent a distortion of intra-EEC 
competition. 


FINANCIAL TIME5 REPORTER 


House prices ‘to rise faster 5 


Clothing 
exports 
rise 50% 


BY MICHAB. CASSELL, BUILDING CORRESPONDENT 


PRICES of bouses in inner cities 
and in surrounding urban areas 
could rise faster this year than 
those of most other properties, 
says the Abbey National Build¬ 
ing Society. 

The Abbey says the active 
housing market will continue this- 
year because of continuing high 
demand and a good supply of 
building society mortgage 
finance. 


No decision 


The trouble arose over a memo 
sent by Mr. Tether to tbe union 
accusing Mr. Van de Weyer of 
breaking union rules. 

The industrial tribunal had 
merely expressed disapproval of 
Mr. Tether’s action, said the 
judge, and had not given an 
actuai decision to take further, 
action over the memo. 

The industrial tribunal had I 
said it regarded proceedings for 
contempt of court as unneces¬ 
sary, and the following day it 
accepted that the memo arose 
more from a misunderstanding 
of toe role of a union official 
than from any corrupt intention 
to influence a witness. 

“ The industrial tribunal are 
saying they do not think Mr. 
Tether did intentionally seek to 
influence one way or the other 
the evidence of Mr. Van de 
Weyer," said the judge. Mr. 
Tether’s action was probably an 
error of judgment ■ 

The unfair dismissal claim by 
Mr. Tether, of Lawfords Road, 
Worplesdon, Surrey, has already 
lasted 14 days at the industrial 
tribunal and is scheduled for a 
further 15. 


And more people are consider¬ 
ing living nearer their work 
because of higher fares, it says in 
a new publication. 

The Abbey, says that average 


house prices rose by only 7 per 
cent last year, slightly lower 
than some- other observers 
calculated. 

New house prices, however, are 
estimated to have-risen by about 
10 per cent 

Despite increased activity in 
the market toe types of accom¬ 
modation being bought have not 
greatly changed. Although in¬ 
creased trading in detacbed 
houses might have been expected, 
there was no evidence to suggest 
that this had happened so far, 
it says. 

Detached houses, flats and 
maisonettes in toe past quarter 


accounted for the same percent¬ 
age of loans as in toe paift three 
months of 1976. 

Semi-detacbed and terraced 
properties were involved in a 
rising number of transactions 
while bungalows were sllgbtly 
less popular. 

The Abbey's figures show that 
firsL-tlme buyers accounted for 77 
per cent of flat sales and 71 per 
cent of sales involving terraced 
properties. 

Existing owners accounted for 
79 per cent of sales involving 
detached homes and only 23 per 
cent of flat and maisonette 
transactions. 


VIDA ter. lively few extra jobs — 12 pei 

113V /\J More than half reported con- cent, said their workforces would 

Bv Our Industrial Staff siderably higher home deliveries contract, compared with 8 per 

By Our Industrial Staff __ 52 per Mnt flRainst 36 per in a s i rai | ar r . Bl survey. 

CLOTHING and textile exports cent. Export orders and deli- The problem of creating more 
showed a surplus of £14m. in toe TBr . ,e f were also better, though jobs by encouraging small com 
third quarter last year, compared pi* in *y only in the high techno- panies back into city inner area? 
with a deficit of £25m. in the I°SY areas where price is a less will be tackled in Birmingham 
same period of 1976, says the important factor. to-morrow. ■ Mr. Harold Lever 

quarterly review of toe Textile More companies are working Chancellor of the Duchy of Lan- 

Statistics Bureau. at SO per cent, of capacity or caster, will open a joint Govern 

Clothing exports rose 50 per better, but the one in four ment-local authority conference 
cent, by value and 19 per cent, by working fully remains a virtually to launch the Government's 
weight compared with the third stagnant ratio. Cash flow arid initiative in the Midlaads. 
quarter of 1976. Imports rose 13 _ ■ 


Television 

consumer 

shows 

rebuked 


per cent by value but fell 3} per 
cent, by weight. 

Textile exports showed less 
than half the rise of clothing. 
And the rise was more than 
countered by toe 25 per cent, 
increase in toe value oF imports, 
including man-made staple and 
semi-processed wooL 


Post Office considering 
refunds on slow mail 


By Christopher Dunn 
THE BBC has been rebuked fc 


BY JOHN LLOYD 


im, bbl has been rebuked fon 
not giving enough advance warnA 
mg of criticisms in some of it* 
consumer-oriented broadcasts. I 
In four instances last yeail 
companies complained that theyi 
wer e not given enough advance 
notice or criticisms about them* 


The trade balance in man-made POST OFFICE executives are on proposals on the telecom- “ lv ®s ™ the sector, Sir Edmund 

staple, wool fabrics and carpets considering the introduction of munications side. It is planned ^ om Pton, chairman of toe BBC 

improved. But there was a a scheme under which customers to offer refunds for faulty equip Fr . 0 6tanimes Complaints Corn- 
falling off in man-made filament could c,alm * refund if they ment, and for Incorrect entries “ 1S81on said in its report for 

yarn, cotton yarn and man-made offered reasonable prooF that in the telephone directories. Bui lbe y ear ending March 31, last 

el. 1 e = thpir [pflprs nr narrele hart hppn Hiffinultip, nF apt a h I i.v. i.. w r year. 


follows revelations last year added over the next few months, block 206/7. Stockbrokers. Wpc| , 

• Mackenzie report that Elf Uj; 

-:- found oil or gas with its HnS 

i ff* II l fi well in the block, althotiff 

West Midlands smaller g^r-sra comort * 

companies do better the rig Pentagone S2 in a bloCk: 

FINANCIAL TIMES REPORTER SOB^wnresSon^whW^il^ 

NEARLY half the 251 medium plant investment are showing an £vere d ^which* 1 ' encourage? 
and smaller companies reporting encouraging upward trend, with Sw IL™ 
to toe West Midlands regional more companies confident of im *551! 

group of chambers of commerce proving profitability. . cl ??v y . at ,*P a .* offshore area 

received appreciably more orders But the chambers of commerce W “ IC “ bad previously given little 
in the Iasi quarter of last year and the CBI in similar surveys cause for °P“ mism - 
compared with the previous quar- agree that there will be rela- _ 


ier 


Trade deficit cut to £1.65bn 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE DEFICIT on visible trade 
fell £L.9bn. last year to £1.65bn n 
the smallest since 1972. 


A major part was played by 
toe £ 1 . 16 bn. decline to the 
deficit on oil trade though this 
understates the contribution of 
North Sea oiL Without this. 


the visible oil deficit-would have 
been even larger. 

Exports rose 27 per cent with 
volume up 8} per cent. This 
indicates a rise In toe U.K. 
share of world trade. 

Although toe rise in imports 
was smaller—at 17 per cent 


with volume up 6 per cent.— 
purchases from abroad of, 
finished manufactured goods 
increased rapidly. 

The terms of trade Index— 
the ratio of export to import 
prices—rose 2 per cent, last 
year following the recovery of 
sterling. 


Welsh steel 
investment 
go-ahead urged 


By Robin Reeves 
Welsh Corresoondent 


BALANCE OF TRADE 


Exports Imports ~ 
£m. seasonally adjusted! 


Exports Imports Terms of trade 

Volume seasonally adjusted 'Unadjusted 

1970=100 1970=100 


Oil balance 

.Cm, 


fibre fabrics. letters or parcels bad been difficulties of establishing blame ye ? r - ^ , 

- inadequately handled. This for loss or damage have meani . 111 vescigations by the commis-'lUjihnit * - . 

___ _ , _ would Include a refund on a first that there has not been the same Sl0 £ led to complaints being | j 

Wp Ch Cippi class letter which took several measure of accord in toe postal u Pheld in tore cases, involving V- 

” ,3, ' vv ’ 1 days to deliver. sector. washing machine guarantees- 

'.mmrtmnnt It Is also thought likely that Legal problems of establishing 0 ffered by Kristian Kirk Electric^’..-, 

mvebimeni a facility will be offered to responsibility remain, and it is of Gloucestershire; the eosmetics i ! 

customers whereby they can pay not certain whether toe council todustry; and GEC. ' 

rrfl_n|ipgff lirtrPfS a few pence to Insure a parcel will accept the Post Office pro- Sir Edmund said that there I .. 

autau uxgcu For up to £5. _ posals as being, sufficiently bad been other complaints in the 

By Robin Reeves thpcp ram nmrniqais will form ratocal. But the move by the past about toe BBC’s " consumer - 

^Correspondent thfmost iSSntial part of™ g"{ i^SolrdTffe^mS^ 8 fcv^ttofbvTh- J?** "" 

THE Government was yesterday blSm? a 'code orpractice 1 ^ 6 ^ 3 00r . ,enr j ( ce ** a slgnificani which shoppers coSplSned about^tifHj.j * 
urged to give toe go-ahead to De £? me n a , ~L u ^ - de £ artu, 2 fr0 ? P resem Practice specific goods arid Services. i, "”4! 

new investment projects in the f osl ,v® x ® CU m. v ^ d P not “Pcc* thai Last year, the commission. 

Welsh steel industry. P£?i lcl * p iu r? e ?n S !„ ibere will be large numbers of looked into seven programme 

Tbe Welsh Council, the body Users National Council to draw customers who will wish to write complaints. The commission also- . • i i- 
which acts as a Neddy for Wales, “ p .i u “ a . “?*■ a or B P hon ® call— said that it would like to deal • . 

recognised toe industry’s present ^ Uld .® t0 customer* gl*ms infor- involving both time and expense With complaints to any new'-- 
financial difficulties, but said it tht , 0,6 9p 0081 of a flrst ‘ broadcasting authorities which' 

was essential to press ahead with r J?! s P ^ a ° n i thJ *Mrenratinn* ni l u ao * mlsht be set U P after the Annafi 

new investment now to maintain k and , _ P?ey s ? e ^ as both a useful report on broadcasting, it would 

market competitiveness. wh,< * have lasted about eight safety valve for toe persistent link with the Independent 

The decision was also months, are expected to continue complalner, and as a relatively Broadens tine Authority rnm-'Tll'it * 

Sr PleM “ “’a jS>H.a| i . 


No damage 

Mr. Justice Phillips said that, 
in the interests of all the parties 
and justice generally, u this 
particular side issue should be 
buried and forgotten.” 

It did not appear that any 
damage bad been done and 
the employment appeal tribunal 
did not suppose that toe members 
of the industrial tribunal were 
going to let the Incident 
influence them for or against 
Mr. Tether. 

The industrial tribunal had 
acquitted Mr. Tether of intend¬ 
ing to do something improper, 
said the judge. It was a storm 
in a teacup which should bei 
allowed to blow out. [ 


1976 1st 
2nd 
3rd 
4th 


1977 1st 
2nd 
3rd 
4th 


Rosser. Council chairman, des- *“ c 

i cribed as “ great alarm " at the —-- 

employment prospects for Wales __ # 

in the 1980s and the need not to 17* AArtAVtlli 

Sates?® 1 ” of io ™ T - tem jLconomi 

atto'port TaS'M°’MS"plS BY PETER K'DDEU. ECONOMICS CORRESPONDENT 

is still awaiting toe Anal go- FURTHER SUPPORT from 

^Forecasts show that Welsh le,d ‘ n8 f ° r J‘. rg . e . 


i operation. 


Economist backs big tax cuts 


July 

August 

Sept. 

October 

Nov. 

Dec. 


“ st J u further SUPPORT from a varaped. with perhaos a ,v 2 t 

^Forecasts show that Walsh lead J n 8 economist for large tax ment that it could be revised cent rise of^aterifn^'nn alfnort 
workers will increase by 107,000 from" Mr Michael Posner' of year if' wages continued i ^ trade. 

between 1976 and 1990. . Sir moS Sto d a,0I1S . H - e ouUln e« a "umber of illufr 

With unemployment in Wales Gambrid se University. “tw SPstiS ^ h lwtIve P r °i«*tans for the U.K., 

running at over 90.000 and little Writing In the latest quarterly «i s « m ,I r . ge :. and ««>nomy on the assumption ofv 


•Si. •« 


” ‘uj in ndi« Thi* is ■hit 9 | a __ . ~ iur vi«c 

running at over 90.000 and little Writing In the latest quarterly |_‘ ar5e - ® nd economy on the assumption ofv 

hope of toe country’s major in- economic rtview of stockbrokers can contemniate it 5L S ^^ed budget measures, 

dustries taking on more workers ■ and A. Scnmgeour, Mr. Posner becausn 1 ^believe Principally Income lax cuts, and 

-the Port Talbot investment will argues that a fiscal stimulus of ***,,, 1 “ IS sr U un ^a«ped exchange rate 

mean fewer workers-the about £2ibn. should be both pos- l J tl i 0, n d nt fir ™ . 0n , basis, -toe eeonomy 


‘ Tht rail® of export prices to import price* 


Source: Department of frafe 


mean lewer workers—me suuuiu u« uuiu on wa o«B. if thnv will uasis, -me. economy 

Council decided to urge toe Gov- stole and consistent with toe cannol f then th e budge i £1 SSI 11 * 1 8r0w by around three per 

eroment to study the scope for borrowing requirement celling. no re nutiout and outnm 2S-V a year raJdfl,e of 

earlier retirement. longer He SUGgen, that- the target emSoSeift mu« anffe?' ' a " d Sun7».rS?" Sh 
holidays and a shorter working for the growth of sterling M3, Mr. Posner, who is a former SSSh" 1 ?!? d L- 

week, to meet the rising demand toe broadly defined money deputy chief economic advisor hffiher^^eoniSiifttiin in 

for Jobs. supply, may- be somewhat re- to the Treasury, expreMeS con* mSe , 











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TO 


financial Times Tuesday January 17 197* 



and POLITICS 




Steel losses of £ 520 m. expected 



denies failure to put 
vital facts before MPs 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 

A i .BRISK counter-attack was House was that Mr. Varley had 
mounted by Mr. Eric Varley, won on points. Although he 
Industry Secretary, when the came under attack from' some 
bitter controversy over the Labour backbenchers, several of 
British Steel Corporation's finan- them rallied to his support and 
ciaT losses boiled over in the argued that the mam. priority 
Commons yesterday now was to get on with the dusi- 

«v V5rlo „ '_. „ ness of restructuring BSC and 

Y ar I ey * enounced that sav i E p M many jobs as possible, 
losses of about £5 20 m. are now _- 


du§oT“the rar^n't 6 flJan^fil of Mi*. Varley. were fairly cauti- 
year. But. he fiercely denied in their u F“ cs ; h 
charges that he 'or Sir Charles intent on keeping the ^attack on 
Vlljiers. chairman of British a non-party bads, and did not 
Steel, had withheld vital informa- to alienate Labour back- 

tioxii from the Commons Select benchers. 

Committee on Nationalised A decision by the speaker, «r- 
Industries George Thomas, also brought 

._. . . . . . .. comfort to the embattled 

he maintained, the Mr.-Thomas said that 

fn^ aE a t| k fri /hi tt was not for him to rule whether 
forecasts for the a con t empt of the House had 

dE. or ^7°?‘ been committed by a failure to 

Mf. Varley took some sting produce - correspondence to a 
out£of the attack by saying that select Committee. It was, he 
he Vas quite willing to go hack a matter for the whole 
to me committee to give further House to decide. 

^“rany°S e nak£.g C ^e At the tame time the Speaker 
wofid mee t th e corn mi added, the Select Committee on 

aiUdmud for diSfo Procedure would be looking into 
all correspondence between'him- the question of a gunuM 
sell’and BSC during the crisis P° wer s to demand the produe- 
mo^tS of last year 8 tton of confidential documents, 

■She Industry Secretary re- Answering a private notice 
neswed that ih« question from Mr. BasseU Kerr 

3 fo e rma G ,°'S“ e S < La ^ Feltham), chairman of 

'SSLS* «! SS^jJKS tfSffi.'ft 

ssssjif.^.ndehiS'inttS Sato* continBency pro,isi ° n 

Conjmons was a matter for the 01 * aum - • . 

Leader of the House to decide, He emphasised that the esti- 
he said. mate was subject to consider- 

Mr. Varley conceded that his ®ble uncertainties, particularly 
Department had been told in in regard to sales, prices ana 
August last year that BSC was industrial relations, 
then forecasting a loss of £460m. 
for'the financial year. This is a 
particularly sore point with 
committee members as a loss of 
£48fim. was reported confident!- 
all/to the BSC Board on July 28. Sir Charles Vllhers in the way 
yet ■ JSir Charles Villiers said in he has reported to the JOepart- 
a statement on July 19 that he ment and given information to 
foresaw 1977-78 losses amounting the Department," he added, 
to between £150m.-£250m. “ A great deal of ■ damage is 

Aft the end of the exchanges being done by some-' members 
yesterday, the feeling in the of the House getting hysterical 


The Tories, although critical 


Confidence 


I have full confidence in' 


about the behaviour of British 
Steel Corporation. 

“ There is no doubt that BSC 
Is facing the most devastating- 
market conditions. However, 
steel companies throughout the 
world are facing these condi¬ 
tions. 

“ What we are looking at now, 
in consultation with the British 
Steel Corporation and the trade 
unions, is how we can put it 
right But we are not going to 
be panicked. We are not going 
to take arbitrary action." 

A statement would be made 
when the meetings were finished. 
These talks would be going on 
for several weeks, so the report 
to Parliament would not be 
made for some time. 

In later exchanges, there was 
a hint from Mr. Varley that Sir 
Charles Villiers would also be 
prepared to go before the com¬ 
mittee again. When this sugges¬ 
tion was put by Mr. John Kills 
(Lab.. Brigg and Scunthorpe), 
the Secretary of State said he 
'was 'willing to go to the com¬ 
mittee with anyone and talk 
about the problems of the 
■ industry. 

Mr. Kerr told Mr. Varley that 
in view of the disclosures in the 
Press, it was more than ever 
important for the committee to 
have access to all the informa¬ 
tion necessary for the proper 
fulfilment of its -functions. 

Mr. Varley replied that the 
BSC and the Government had 
fully observed the normal proce¬ 
dures in giving information to 
the committee and had not been 
discourteous to it. 

With some asperity, he 
recalled that he had gone to a 
hearing of the committee in 
April and, after being kept wait¬ 
ing for 25 minutes, had been told 
that Lt could not form a quorum. 
Later, he had submitted answers 
to written questions from the 
committee. 

• “None of these questions 
referred to the financial position 
of BSC," he insisted. 

He also stressed that at the 


last general election, the Labour 
Party had been committed to the 
report of Lord Beswtek which 
called for a freezing of jobs in 
the Corporation until final 
decisions were made about 
future plans. 

He maintained that bad he 
come to the Commons only 31 
mouths after the start of the 
financial year and made recom¬ 
mendations similar to those of 
the committee, he would have 
been severely criticised by 
Labour MPs. 

Sir Keith Joseph, shadow In¬ 
dustry Secretary, wanted to 
know if Mr. Varley would con¬ 
form to the committee's request 
and let it have the papers it bad 
asked for. There were Tory 
cheers when he said that the 
House could rely on the discre¬ 
tion of the committee in the light 
of possible confidentiality. 


Maintain 


The Minister retorted that 
when he. bad appeared before 
the committee on December 1, 
he had not been asked for the 
financial forecast of the Corpora¬ 
tion nor had he been asked to 
deliver papers. 

“I am perfectly willing to go 
hack to the Select Committee if 
it requires further evidence." he 
added. 

Mr. Tim Rented (C., Mid- 
Sussex), a member of the Select 
Committee, said that within four 
weeks of the forecast of a £SOm. 
loss, for BSC, the Government 
had known the Corporation was 
operating at an expected deficit 

of £350m. 

Mr. Varley, he said, had a duty 
to make these figures known, 
even if the committee bad not 
asked the specific question. 

Support for Mr. Varley came 
from Mr. John Mendelson (Lab., 
Penistone> who encouraged him 
to maintain his steady nerve and 
not to give way to the “panic- 
mongerihg" that was now going 
on against the industry. 


Callaghan 
sees big 
chance 
for trade 

•By Ivor Owen, Parianeirtary Staff 

WHILE POLITICAL and 
diplomatic Issues dominated the 
Prime Minister’s tour of 
southern Asia, important trade 
developments, mainly with India, 
could also flow from it, MPs 
learned yesterday. 

Mr. Callaghan was in buoyant 
mood when he reported on his 
16,000-mile journey, and he re¬ 
ceived congratulations from both 
sides of the House on his success. 

The Prime Minister again laid 
heavy emphasis on the fact that 
India is now the tenth largest 
industrial nation in the world 
and left nD doubt that he is 
determined to pursue the trade 
possibilities. 

Mr. Desai, the Indian Premier, 
had provided a list of specific 
items of capital equipment which 
India was interested in purchas¬ 
ing from Britain, and possible 
defence sales had also been dis¬ 
cussed. 

“ Businessmen whom I met 
especially in Bombay, were oF 
the opinion that this political 
visit would undoubtedly have a 
notable impact on trade,” he said. 

Mr. Callaghan referred to 
tractors, fishery trawlers, 
specialised machine tools and 
off-shore drilling equipment as 
some of the items which India 
was anxious to buy. if the condi 
tions were right 

In confirming* that Mr. Desai 
had undertaken to consider the 
possibility of Concorde being 
given permission to overfly India 
on the route to Singapore, Mr. 
Callaghan told the House that the 
Government would stand behind 
British Airways if substantial 
damage arose through sonic 
booms. 

Questioned about the situation 
in the Middle East and his meet¬ 
ing in Aswan with President 
Sadat. Mr. Callaghan strove to 
maintain an even balance in his 
comments. 

The Prime Minister stated: 
“There are very hard decisions 
for Israel to take here. I believe 
Israel will have to take those 
decisions. 


Cost of Assembly U.K. faces new demand 


g bargain—SNP 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


for Ulster withdrawal 


THE COST of the proposed 
Scottish Assembly would be 
minimal compared to the re¬ 
organised system of local govern¬ 
ment in Scotland, the Scottish 
National Party said yesterday. 

The party estimated the annual 
running cost of the assembly at 
£13ra-, or £2.60 per head of popu¬ 
lation. Mr. George Reid (SNP, 
Clackmannan) declared: “For 
that. 1 -we get our own Parliament 
in Scotland for the first time in 
over, 270 years. It's a bargain." 

Mrs. Isobel Lindsay, the party’s 
vice-chairman, said that the 
regional councils were costing 
£36m. a year to run. “They are 
bureaucratic, costly and totally 
inefficient” 

The councils would be “the 
first' piece of Westminster 
frippery " to he abolished by an 
SNP Government chosen through 
assembly elections, she added. 

Fire Labour MPs have joined 
an ^organisation to campaign 
against the Government's devolu¬ 


tion proposals in the referendum 
to be held in the autumn. Mr. 
Robin Cook (Edinburgh Cent) 
described the assembly as “an 
expensive albatross that is 
irrelevant to the real social and 
economic needs of the Scottish 
people." 

The other MPs are Mr. Tam 
Dalyell (West Lothian). Mr. Dick 
Bucbannan (Glasgow, Spring- 
burn), Mr. Peter Doig (Dundee 
West) and Mr. Robert Hughes 
(Aberdeen North). 

A Conservative MP, Mr. 
Malcolm Rifkind (Edinburgh 
Pentlands) said last night that 
there was now general agreement 
among opponents of the Govern¬ 
ment’s proposals that if Britain 
was to stop being a unitary state. 
with & central Government, it 
should move towards a federal 
structure. 

This would. be far more 
sensible and workable than the 
political and constitutional mess 
that was proposed, he declared. 


ifo controls on campaign cash 


TH1$!rE WTLL be no controls on 
spelling by organisations during 
the Revolution referendum cam¬ 
paigns, Mr. John Smith, Minister 
of State. Privy Council Office, 
saidLin the Commons yesterday. 

Hb told Mr. Dafydd Wlgley 
(Plaid Cymru, Caernarvon): 
“The Government has no pro¬ 
posals for controlling expendi¬ 


ture by campaigning organisa¬ 
tions during the referendum 
campaigns." Broadcasting autho¬ 
rities would be responsible far 
maintaining balance and im¬ 
partiality in their treatment of 
the subject 

Mr. Wigley said people in 
Wales were extremely worried 
that the result of the referendum 
would be bought by CBI money. 


BY GILES. MERRITT IN DUBLIN 

BRITAIN WAS again urged 
yesterday to declare.its intention 
of withdrawing from Northern 
Ireland at some future date. 

. The call by Dr. Tomas 
O. Fiaich, the • new Roman 
Catholic Archbishop of Armagh 
and Primate of All Ireland, fol¬ 
lows Irish Premier Mr. Jack 
Lynch’s controversial statement 
last week that Britain should now 
declare an interest in encourag¬ 
ing Irish unity. 

But the Primate also hinted 
that the Republic should drop the 
territorial claims of Ulster made 
in Its constitution, and said he 
favoured talks with the IRA 

In an interview published 
yesterday in the Irish Press, the 
Primate said: “ I' think the 
British should withdraw from 
Ireland. I believe in a declara¬ 
tion of intent" 

His comments triggered angry 
reaction from Ulster’s Unionists. 
Mr. Harry West, leader of the 
official Unionist Party, said it 
was “ appalling that the leader of 
such a very substantial religious 
group should enter into the 
political field to this extent" 

The Primate’s comments 
“ would only aggravate the situa¬ 
tion." he added. 

A prominent Catholic MP at 
Westminster, Mr. Simon Mahon, 
said that the Archbishop's re¬ 
marks “might be construed as 
giving comfort to people who 
are purveyors of murder on 
both sides of the argument in 
Northern Ireland." 


Mr. Mahon, Labour MP for 
Bootle, added: “I am sure that 
there are thousands of people 
who love Ireland who have been 
dismayed by these statements 
both by Mr. Lynch and the 
Primate." 

A spokesman for the Rev. Ian 
Paisley's Democratic Unionist 
Party -claimed that the Arch¬ 
bishop’s comments confirmed the 
view that “the aims of the Roman 
Catholic hierarchy and the Pro¬ 
visional IRA are one and the 
same.” 

In the interview, the Primate 
expressed' his regret that i. 
British declaration of intent to 


withdraw had not happened after 
the collapse of Stormont 

“There were Protestants look¬ 
ing around in frustration for a 
friendly band to grasp, and a 
declaration, coupled with sincere 
gestures from the South, would 
have done good. 

“ I do not see any long-term 
solutions for the northern prob¬ 
lem save in an all-Ireland con¬ 
text,” he added. 

The Archbishop's appointment 
to the Irish Primacy last August 
provoked a good.deal of Unionist 
criticism. But, until this week, 
he had remained largely silent on 
the Northern Ireland question. 


Appeal Court cancels 
Newham injunction 


BY PHILIP RAWSTORNE 

THE LEGAL battle over control 
of Newham North East Labour 
Party following the expulsion of 
Mr. Reg Prentice continued 
yesterday. 

Lord Denning, in the Appeal 
Court, cancelled an injunction 
which a Labour “ moderate ” 
group claimed would have 
prevented them opposing moves 
to amend the- local party’s con¬ 
stitution. 

Lord Denning said that the 
order, granted to the Labour 


Party national executive on 
Friday, appeared to interfere 
with the freedom of speech. 
“That is not a matter which we 
should support,” be added. 

Mr. Reg Underhill, Labour's 
national agent, said yesterday 
that- the order had been sought 
because of threats to declare a 
local meeting, called by the NEC, 
null and void. The meeting 
would go ahead as planned, he 
said. 



pell welcomes Skytrain success 


IVOR OWEN 

K 

BRITAIN’S AIRLINE operators 
will ijave to maintain maximum 
efficiency in the new era of lower 
air .fares, Mr. Edmund Dell, 
Trade Secretary, emphasised -in 
the Commons last night. 

Moving the second reading of 
the Civil Aviation Bill, he pro¬ 
voked mocking laughter From the 
Tory benches when he underlined 
the significant part played by Mr. 
F-rejgJie Laker’s Skyitrain in 
pioneering low-cost flights on the 

North Atlantic route. 

M si Dell said he welcomed Mr. 
Laker’s success and expressed 
gratitude for what "in the csr- 
cumsances ” had been hie 
generous' acknowledgement of 
the -assistance given by the 
Department of Trade in establish¬ 
ing fite service after the Court 
of Appeal judgment against 
the Department. 

Hetiforecast that airlines would 
face - mounting demands from 
travellers for lower fares, but 
warned that cuts in prices would 
have*jo be consistent with safety 
and airline economics. 

Mr.) Dell also praised *he 
Uxita#fTC of British Airways in 
reducing freight charges to the 
U-S. 

MnrDell said that the Govern- 
mentihad taken the decision in 
1976 ithat the burden of aviation 
security expenses would be trans¬ 
ferred from the taxpayer to the 
Industry. 

He rejected the suggestion 
that this decision was is breach 


of international obligations. The 
cost of aviation security had 
risen from £5m. in 1972-73 to 
£15m. in 1977-78 and an esti¬ 
mated £19m- next year. 

The current threat from 
terrorism was as high as it ever 
was. The fund would be financed 
by a levy on arriving passengers 
which the Government had 
already announced would be set 
at 80p for the year beginning 
next April 1. 

Mr. Dell said that under the 
Bill the Government would be 
able to direct airports to levy 
“noise-related charges " on noisy 
aircraft This would be an incen¬ 
tive to manufacturer« to provide 
quieter planes, and for airlines 
to use them. 

Hr. Cecil Parkinson, for the 
Opposition, said there were wel¬ 
come signs of a stiffening inter¬ 
national attitude towards 
hijackers. 

But there was growing pres¬ 
sure for sanctions against 
countries who refused to ratify 
the relevant International con¬ 
ventions. and who harboured 
hijackers. 

Mr. Parkinson criticised the 
way the levy was to be admin¬ 
istered. with 28 airports account¬ 
ing direct to central Government. 
This meant that an airline like 
British Airways would have to 
account separately to each of the 
28 airports. 

As there were 140 airlines; 
“one can just see the huge ad¬ 


ministrative burden being cre¬ 
ated." 

He described as “the most 
optimistic statement in the Bill” 
its effects on manpower—estima¬ 
ted at two extra staff. “ Whoever 
wrote that should write to More- 
cambe and Wise and Offer to con¬ 
tribute to their next Christmas 
show," he declared. 

Mr. Parkinson also criticised 
the way the funds were to be 
distributed. Why could not the 
Trade Department set standards 
of security, monitor them, and 
then allow the local authorities 
and airports to recover the costs 
from their own passengers? 

He. asked what prospects there 
were for revising internationally 
agreed airport charges so that 
these were chargeable at a rate 
which would give the Civil 
Aviation Authority a chance to 
break even financially. 

The Tories did not intend to 
oppose the Bill but they did In¬ 
tend to give it a very good going- 
over in the committee stage, he 
added. 

» JHr. Ivor Clemitson (Lab. 
Luton E.) said he would not- 
attack the Bill as a whole but 
would voice the serious concern 
of Luton Council about the 
implications for Luton Airport. 

The Government had said the 
cost of security measures would 
be paid by the passengers but 
there was nothing in the Bill 
specifically to that effect. 

- It might be that airports con¬ 


trolled by the British Airports 
Authority would pass the costs 
on to the passengers. But, if 
they did not where would this 
leave an airport like Luton? 

He was suspicious that the 
charge imposed on passengers 
using Luton would mean their 
subsidising other airports, par¬ 
ticularly Heathrow. 

For the liberals. Mr. John 
Pardoe claimed two successes 
for the Lib-Lab pact in what had 
been left out of the BUL 

His party had told the Govern¬ 
ment that proposals to prevent 
another airline “ doing a Laker " 
and competing on particular 

routes were unacceptable and a 
restriction on competition. It 
bad also objected to including a 
restriction on cheap ticket out¬ 
lets, sometimes referred to as 


“ bucket shops.” 

Mr. Pardoe declared: “I am in 
favour of bucket shops.” They 
Operated against the “ monstrous 
international monopoly" the air¬ 
lines had been able to establish. 

Mr. Pardoe said that airline 
passengers, by choosing a form of 
transport which was particularly 
prime to terrorism, caused a cost 
to the rest of society. 

Airline passengers were not 
among the . poorest transport 
passengers in the country. 

"It is extraordinary that poor 
people on supplementary benefit 
should he asked to subsidise my 
airline fare and my security," 
he added. 

The airlines were also “sub¬ 
sidised " by residents who lived 
□ear airports and who paid the 
environmental cost 


Air levy plea rejected 

BY LYNTON MdJUN, INDUSTRIAL STAFF 

MR. EDMUND DELL, secretary The committee argued that 
for trade has rejected a request “acts of violence, such as air- 
to withdraw the proposed craft hi-jacking, are directed 
security levy on airline passen- against governments,”* and that 
gers. security arrangements should be 

He told the Airline Users Com- their responsibility. 


mlttee, which requested a 
change to the Civil Aviation Bill. 


Airline passengers should not 
be singled out for financing 


that it was Government policy State security “which, in other 
that the aviation industry should respects, is financed out of t&xa- 
bear the cost of aviation security. tio n >” the committee added. 


V 


LABOUR 


Yorkshire miners 
vote for area 
productivity plan 


BY PAULINE CLARK, LABOUR STAFF 


A convincing majority of 
Yorkshire miners has voted for 
an area productivity scheme. It 
was confirmed yesterday by Mr. 
Arthur Scargill. The Yorkshire 
union president was leader of 
a militant campaign against pro¬ 
ductivity schemes in the months 
before last week's pithead ballot. 

The 63 per cent Yorkshire 
majority in favour of acceptance 
of incentive bonuses compared 
with the 77 per cent, vote against 
in the national ballot is likely 
to influence South Wales miners* 
leaders, who are expected to 
make a final decision on the issue 
later this week. 

It also should clinch the deci¬ 
sion for miners in Scotland. 

After last month's strike at 
the Solsgtrth colliery by miners 
in revolt against a delegate con¬ 
ference vote against incentive 
schemes, Scottish union leaders 
held “exploratory" talks with 
the National Coal Board last- 
week and are now expected 
shortly to reverse their previous 
decision at a further delegate 
conference. 

The outcome of the Yorkshire 
vote is thought to have been much 
swayed by the wording on the 
ballot paper, which asked 
miners: “ Do you wish to oppose 
an area incentive scheme and 
take industrial action, or accept 
an area incentive scheme?" 

It would certainly have served 
as a reminder of the 1974 strike, 
which led to the downfall of 
the Heath Government and 
posed the question of whether 
the miners would be prepared 
to do the same to the Labour 
Government 

Unlike the previous pit-head 
ballot the papers were not 
accompanied by any recom¬ 


mendation from Mr. Scargill and 

his area executive to vote no. 

However, in announcing ^ tne 
result Mr. Scargill said that the 
decision, would be implemented 
as soon as possible although he 
was still firmly against it. 

He said: “I have said re¬ 
peatedly that an incentive 
scheme - will result in more 
deaths, serious accidents ana 
industrial disease. 

“It will result I believe. In 
at least 30 pit closures over the 
next five years- It will mean an 
enormous increase in physical 
effort on the part of our mem¬ 
bers who receive bonus pay¬ 
ment” - ' ' . 

On his position as president 
of the Yorkshire area of the 
National Union of Mineworkers, 
Mr. Scargill said the democratic 
manner in which the decision 
had been reached confirmed his 
“ integrity and credibility" as 
leader. 

Yorkshire’s acceptance of an 
area Incentive scheme—in line 
with''the policy of the mine- 
workers' national executive— 
comes .'only two weeks ahead of 
the first round of talks on pay 
between the union's leaders and 
the National Coal Board. 

It is hoped that bonus 
schemes, which already have 
.'been widely accepted elsewhere 
in the mining industry, will 
defuse militancy in support of 
a £135-a-week claim. 

Tho union conference decision 
was to “ seek to achieve" this 
almost doubled increase on the 
present top basic rate-of £71.30 
a week. Some miners now -on 
bonus schemes are said by the 
coal board already to be receiv¬ 
ing about £135 with overtime 
pay as well. 



Chrysler U.K. offers 
incentive scheme 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


CHRYSLER UJy. has put forward 
a seif-financing incentive scheme 
which could add more than 10 
per cent to the pay of its 20,000 
workers. 


□pan) 
if a l 


prospect of a bonus scheme but 
stresses that payments are 
dependent on how quickly per¬ 
formance can be improved.- 

In spite of* militant moves 
from some plants, Chrysler em¬ 
ployees settled within the limits 
of the Government's Phase 2 pay 
policy from July 1 last year. 


Chrysler lost more than £20m. 
last year, in spite of a forecast 
in the planning agreement with 
the •Government of a £300,000 
profit 

Mr. Peter Griffiths, deputy 
managing director, says in a mes¬ 
sage to. shop stewards that the 
management is proposing an in¬ 
centive plan “which will reward 
every single employee for involv¬ 
ing, himself more deeply in the 
task of nursing the company bade 
to good health, and then making 
it prosper — for the future of 
us ail.” 


Car strikers at Halewood 
to discuss joint talks 


BY PHIUP BASSETT, LABOUR STAFF 


STRIKING BODY plant press 
shop workers 'at Ford’s Hale- 
wood car factory will hold a 
mass meeting in Liverpool to¬ 
day to hear the result of joint 
talks yesterday between nnlon 
officials, management and shop 
'stewards. - 

The strike by 1,000 workers 
over work schedules and prac¬ 
tices at the £110m. plant has 
stopped production of Ford 
Escorts an dcaused 8,000 men 
to be laid off since ft began last 
Tuesday. 

Ford said yesterday that 
3.800 Escorts with a showroom 
value of £9J>m. had been lost 
since the strike began, and 
that lost wages totalled 
£430.000. 

Officials of the Transport 
and General Workers' Union 


and .the Amalgamated Union 
of Engineering Workers and 
-British Leyland management 
' met officials from the Advisory, 
Conciliation and Arbitration 
Sendee for a third round of 
talks to try to settle the three- 
month old unofficial strike at 
Leyland’s car plant at Speke. 

Two thousand men are on 
strike over new work practices 
and 3,500 have been laid off. 

40. The Bolls-Royce manage¬ 
ment in Coventry warned shop 
floor workers that they could 
be suspended on Thursday 
unless they stopped various 
sanctions. 

The dispute is over pay 
demands and claims for fringe 
benefits which the company 
has said It could never approve. 


Communists confirm 
choice of Costello 

BY OUR LABOUR EDITOR 

THE COMMUNIST Party of 
Great Britain has confirmed the 
appointment of Mr. Mick Costello 
succession to Mr. Bert Ramelson. 
succession to Mr. Bert Mamelson. 

The post is one of the most 
important in the party. Com¬ 
munist influence in the trade 
union movement remains rela¬ 
tively strong while Its political 
impact and total membership 
continue to decline. 


Mr. Costello, who Is 41, spent 
some time.in Moscow as a child 
while his father was there as a 
New Zealand diplomat 

Mr, Ramelson, industrial 
organiser for well over 10 years, 
has reached retiring age; 

Mr. Mick McGahey, vice- 
president of the National Union 
of Mineworkers, has been re¬ 
elected chairman of the party. 



Fire Officer Paul King check*; 
equipment at London’s Fir*. 
Brigade headquarters - 

Firemen 

return 

smoothly 

By Our Labour Editor 

THE FIREMEN’S return to 
work yesterday went smoothly 
in most parts of the country; 
according to chief fire officers 
—in spite of an atmosphere 
of recrimination. 

In Derbyshire, 3S0 firemen re¬ 
ceived cheques for £100 pay 
advances, but the money must 
be repaid within four months. 
A similar offer has been made 
to Greater Manchester fire¬ 
men. 

Most brigades spent the day 
checking equipment. Some 
were back in action, relieving 
the troops, by the evening. . 
There were no reports of 
refusal to work with strike¬ 
breakers, but some firemen 
have been “ sent to Coven¬ 
try." In Hertfordshire, there 
was a call for disciplinary, 
action by the. Fire Brigaded 
"Union against strike-breakers. 
Mr. Dudley Bagge, local secre¬ 
tary -of the union, said that 
the men could be fined half the- 
wages they earned during the 
strike, or they might even be 
expelled from the union. 

In many areas local authorities 
are seeking recruits to replace 
men who resigned during the 
nine-week strike over pay. 

Talks begin 
to resolve 
BBC row 

By Qur Labour Staff 

TALKS BEGAN yesterday 
between local branches of the 
Association of Broadcasting Staff 
and the BBC to try to reach a 
settlement on the engineers' 
overtime dispute which disrupted 
BBC television programmes last 
week. ; 

No solution was reached after 
a day's negotiations, but the 
BBC and the Association agreed^ 
to hold five days of talks if neces- 
saiy and reach a decision by'-. 
Friday lunchtime. 

An aft-out strike was called fori 
at a mass meeting of- Association •" 
employees of the BBC after more 
than 500 engineers were sus¬ 
pended in a dispute over over-- 
time working. 

,. TJ 3 ® BBC agreed on Friday 
mat they should be reinstated so- 
that talks could begin. 

Dockers reject 
10% pay offer 

By Our Labour Staff 

TTTE 1,500 members of the - 
National Amalgamated Steve-- 
aores and Dockers Union in 
London’s enclosed docks appear 
to have rejected a pay offer of 
to per cent, on basic rates, with 
improvements in the existing? 
agreed tonnage’’ bonus scheme, 
although- there was no formal 

terday* their maSS meetin S ye®* 


^IEbie- 


More Swan Hunter pay talks 

BY NICK GARNETT, LABOUR STAFF 

MR. JOHN CHALMERS, general in the Polish order, howewr for « 

secretary of the Boilennakers’These were saved for l^n wWc? fe 
Amalgamation, is due to meet Hunter after the outfitting trades tS *5,.,^® negotiated, 

senior official, of British Ship- dropped their Vvlmonth over- B ,L“ t 

builders on Friday for further time ban. shipbuilding . 

talks aimed at sorting out the 'ph« 118 secon d reading- 

chronic pay problems affecting boileraakers decision was m .the Commons yesterday. The . 
Swan Hunter. S made yesterday in spite of an scheme is expected to provide ■ 

The talks were announced Chakl3ers ^at tnaximum redundancy payments 

‘sterdav as a ««« meetine nf flexibility arrangements £ 3^00-£4,000. 
ui'e Tyne company's 3.S00 bofler- JSjJ d JgJ B SS? d Bl !L C01,t, * a '^® S, A i5 e 1 white collar section 

makers endorsed a shop stewards' M on * e wl ?f lon ' 

decision to scrap their j ob ““Pony's P*y Problems. Engineering Workers, said yester- 

flexibility arrangements on . “ The continuing turbulent ^an threatened 

Thursday in protest at the station at the shipyard means b . y Stupbulld-- 

eroslon of pay differentials over we are not geeting a fifth of the £ n ° us t? e ?^Maoage* - 

the outfitting trades. orders we would like to," Mr. ** n °t 

The decision to end job Chalmers stud. - Ship- * 

changeability agreements - The decision will cost the toSSuSL® fo? •> 

whereby individual boilermakers boilennakere about £4 a week in an associato no V’ 

carry out a number of different flexlbilitypayraetrts.Ironically.it history ann no in V" 

trades—will increase the com- will push their wages below those shKildiw?." l 

pany’s operating costs and reduce of the outfitters, who received a TASS instructed its, members 
productivity. £5.40 “fair wages" award jua to cSnerete ’ «.. 

It is unlikely to affect the before Christmas. agaiSSt P SAIMA rad^towork‘ i V 

company’s ability to meet the The discrepancy will widen as normally during any overtime - 
deadlines set for the four ships the outfitters are due this month ban. ^ 



•*> 












Hnancial-r Times Tuesday January -17 1978 


LEGAL NOTICES 




j?* « bwt -n»ii^ CorngariY 

S( bS , « W ' 9*-'1 *.»n."t» be 

g§£ 3 #mss? -SftAfr 

f™*® ol the Wtodl n»4li> eo tutt. 

R. ie. FLOYD, UquWxtor. 

OATE& tfrfr lottrq ar -of-JtmtWY, 1576. 

Ko. 4820 of JOT8 

Ta U» BIGS. COURT OF JUSTICE 
E?*"**** Division Companies Cowl, la 

" ****** * «f berlemont * turner 

ISSrX V' 

NOTICE TS HEREBY GIVES. Out a 
J° r (fee Winding up of the above 
Canpaap tjy tee Higti court of 
fWftc c was on the > 4th dap of January 

*****«SLto'me m. cratS 

PKRKWS LIMITED wW 
--.-• =■ fat-attune *i Gobtree 

. JjpwuB Road, Ajietfoni. .ibid, 
tone. Kent. Umber Merchants, ud that 
sald-PyWon is directed lo be heart 
™ Coma BbiisK-n the Boral 
«r Justice, Strand, London. WCXA. 
<nj the 6di dap of Ffcbnraiy 193 *. 
SJT OtflilM or. Conti Hmtsrr' of dn 
Id Company - daslroos u • rapport or 
emc nnWiig of an Order, 'on. the 
Pootto&.iaay BPpear.it the time 
“•raw. in person or hy Us coonset. 
ttui porsKXe: and a- copy or the 
■ wffl hr fhnls&ed by .the noder- 
---to.aw creditor or oormSO«ory 
w ™ Company r ew iri ng aoett copy 
Pawma tt-Jf the regntoted chaise for 
W1HL 

BRABY '* "WALLER,' 

.-•ML Hind. Court. 

S rroat. Loudon. E.C.4. 
.-.Ret_-pTrTB. Tel: W-582 8 SU 1 

£oUdtm nir FedUoner. 

, T*OTK—Any person = who- Intends ' to 
ur oa the hearing of the nil Petition 
■erve on, or read by'post- to. Hu 

-MumtA notice In- writing of-his 

pte ntkai so to do. ne notice -most pints 
: I’.-ei 1 ^ “S? “P 4 *&**•* of the person, or. 

. *■: i a Him the name and address of the 
\ i^ ina and most be signed-.by tte-penon 
■ tiic,,. "■ arm. or bla or.teeir raMdtw Of uar 
nnart be served; or, if posted, must 
*ent by post In wrtRctem tigie to 
" K **■* above-tamed not later flan 
it In.die aOeraoOn aftee 
February 1 BI 8 . 


IX 




CJA 


RECRUITMENT CONSULTANTS 

35 New Broad Street) London EC2IV1 1NH 
Tel: 01*588 33RS or OV5SS 3576 
Telex No. SS737^ 



A demanding and challenging appointment calling far’a self-motivated entrepreneur able to create new business. 
A per man en t position with continuing career prospects in South America. - 


CHIEF EXECUTIVE—TRADING 

600,000— 850,000 cruzeiros p.a. 
SA0 PAOLO (£20,000—28,000 approx.) 

RECENTLY FORKED JOINT VENTURE TRADING COMPANY-—SUBSIDIARY OF WELL-SSTABLISHH) INTERNATIONAL GROUP 
Applications ire invited from candidates aged 34-K fluent in English and Portuguese, who have acquired at least 8 yean’ practical 
international, trading experience, at least 2 years of which should have been -pent in building up a successful trading company 
from the start, preferably in Brazil. Heading a small, team, the Chief Executive will be responsible far developing new business 
.ventures .initially in Brazil, but eventually elsewhere in South America, involving identification of pew trading opportunities and 
acquisition, prospects and appropriate implementation. This position will carry a substantial ’degree of autonomy and the 
successful- candidate will be highly numerate with a sound commercial Sense 'and entrepreneurial flair. It is likely that the 
successful candidate will already be well connected in Brazilian Government and business circles'. Initial'salary negotiable 600,000- 
850,000 cruzeiros (£20 t Q0Q-£28 l 000 approx.) + car, accommodation, retirement benefits, assistance with removal expenses. 
Applications in. strict confidence under reference GET3826/FT, to she Managing Director: 

CAMeuu^JOHNSTDN ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS) UNITED. 

35 NEW BROAD STREET. LONDON EQN 1NH . TEL: 01-588 ISO or 01-588 3575 . TELEX* W7J74 


*v Kin ay po»j 

I • "wen the abort 

I irem 


Petition 

s m°oti 


i»f 


on® Of »=8 : - 

In the HIGH' COURT OF JUSTICE 
aianeery Dtvfadon Coraranira Com. Id 
( I 1 1 Ill'll ft* Ma tter Of CALEDONIAN (TIMBER 
* VI ill II RESTORATIONS). fJMT TKn am bt the 
Matter of The Companies. Act. 1048. 

NOTICE IS HEREBY GIVEN, ibet jr 
Petitian for tee Winding up of tee above 
' Company by. fee High COtDt Of 
was on tee 4th day of January 
presented. to uw said Cam by 
BANtJELL . PERKINS 1 LOOTED whose 
Refdnerrt Office is sttute at Gobme 
Wharf, Fontaf. Road, Ayteaford. Maid- 
, , none. Kent. Timber Merchants; and that 

Ej.«. 'he s*W Petition is directed to be heard 
xfore the Com* - stttfns at the. Royal 
■ , . Coarts of Justice. Strand- London WC2A 

MX, on (he Bth My of February 1978, 
.and any creditor dc.-contributory. of tee' 
laid Company, desirous to mppon or 
. ODPOse.the making.of an - Order on the 
’. nid Petition may appear at .tee time, 
of bearing, in person or by his counsel, 
tor that purpose; and a copy of tee 
Petition wiU be famished by'the nnder- 
. ...ilgned to any .creditor or cqturftnnory 
' Of the said Company mndring such copy 
‘ .oa Payment of tee regulated charsr lor 
the same. ... 

BRABY & WALLER. ' . 

1/S. Hind Court. - - - 

Fleet Street. London. B.C.4. 

Bet- F.TTH. Tel: m*n B9U.- ■ 
SoUcllora for tee Petitioner. . 

.- * NOTE.—Any .person who -intends'. tn : 
'appear on tee hearing of tee said PeAion 
ansi serve on, .or send by post.to. (he 
■ - '.above-named nonce in -arrhlng of his 
intention so to do. The notice musi state 
tee name and address of the person, or. 
If a firm the name and address of the 
- firm and mum be signed by tee person’ 
. ..or Spa', or his or their solicitor IU aayl 
-and mast be served, or, if posted, must 
be sent by post in sufficient Bme to 
• -• reach tee abovemamed not later than 
..four o'docfc in tee afternoon of tee 
—3rd day of February 1978. » 


WHICH NEWSPAPER HAS 
WON THE QUEEN’S AWARD 
FOR EXPORT ACHIEVEMENT 
TWICE 

-TELE imANCIALIIMES 

The Financial Times is expanding its advertisement 
sales team again. We want additional people to 
represent t&e Financial Times In the UJC with 
opportunities; for^ overseas travel. 

No previous experience is necessary, “but pn interest 
in the problems of industrial advertising and 
marketing is essential, as is enthusiasm and ability 
to meet people at all levels in industry and commerce. 
Vacancies are-ait both senior and junior levels for 
people -in their late twenties and early - thir ties. 
Apply to Tony. Kippenberger—U.BL Advertisement 
Manager, Bracken House, 10 Cannon Street, London 
EC4P 4BY. Tel: 01-248 8000 Ext 510. 


U 


fVdtlon 

alksbeil 
; resolve 
tlC m"? 


: . Ns.'QMS of'1918- 

»■ To the HIGH COURT OF JTD5TECE 
Chancery Dhrnton Companies Court. Id tea 
. Matter of BBSTYLE MODELS LIMITED 
«nd Id tea Matter of The Companies 
'.Aet. lwa. 

NOTICE IS-HEREBY GIVEN, that a 
Petition for tee Winding ap of tee above 
named Company, by tee Kish Court of 
Josllcv was on tee Ste day of January 
■187 8, pr esented to Ihe said Conn by 
3. KERSEN OMJTED irhooe ragtstexed 
afflee Is si male at 95 Wlgmore Street. 
London VIA BAA, a Creditor of the 
above-named Company, and that tee —M 
.Petition U directed to be heart before 
Jk Coort alRing at the Royal Courts of 
Strand. London WC2A ILL. on 
,— — day of February 1978. sad any 
medlar or cont ri b ut ory of the' said 
Company desirous to su pport , or oppose 
lhe makhut at an Older on the ’aaJd 
Petition may appear at tee time of 
waring, in person w by his counsel, for 
%at purpose; and a copy of tee Petition 
sin he furaished.br tee undersigned'to 
my creditor or coturihnmty of tee said 
Company requiring such coot on payment 
H tee regulated charge ter the same. 
ASHLEY KALUS, 

TRAVELL * CO, 

* London Road, 

Somhcnd-on-Sea,. 

Essex. SSI 1QQ. 

Ref; DW/DBATO3. ■ . 

Tel: f971021 354455. 

Solldlors for tee Petitioner. 

NOTE.—Any person who ' intends to 
ippcar on tec bearing -of the *add Petition 
nust sene on, or send by.post to. tee 
ibote-uaraed notice tn writing of - his 
■ntenfloo so to do. The notice ipnst state 
tec name and address of tee person, or, 
■if a Oral ter name and address often 
Inn and most be signed by. the person 
x firm, or bis or their solid tor {if any) 
utd most be served, or. if posted, must 
W pent by post to sufficient time to 
.teach tec a bore-named not-later than 
Umr o'clock in tee afternoon of tee 
M day of February 1978. . 


STERLING BROKERS 

Experienced Commercial and Local 
Authority Brokers required to join an 
expanding Sterling Department 

.. Please.write or telephone in strict 
•-V*'*;; confidence to: 

- - \V. Laidler, F.CA. 

'•>; ’ Secretary 

- HA^-OW MEYER & CO. 

-Adelaide House 

Lcmdon Bridge, London EC4R 9EQ 
v Telephone: 01-623 6534 



COMMODITIES 


Senior CocoaTracfer 

An actively forward-looking trading house are seeking to 
meet the employment aspirations and salary requirements 
of one of the prime Cocoa traders on the London. Cocoa 
Markets^ The successful applicant will be responsible far 
ail the Company's Cocoa operations. Applicants must 
already be commanding a substantial Five Figure basic 
salary. 

Senior Bullion Dealer 

Our clients, well established Metals traders are seeking an 
experienced Senior Bunion or Precious Metals dealer. The 
right applicant must be currently active on either Market 
Age 30/35. Salary will consist of a Five Figure remuner¬ 
ation package. 


Above is a selection from our Senior Appointment Register. 
If you are interested in these or any other position in the 
Commodity Markets, please contact Ray ‘Wallhead or 
Robert'KimbelL - 


Charterhouse Appointments 
40 Bow Lane London F.C4 
Telephone 01*2361221 


Corporate Finance 


• A SENIOR executive is required for the corporate finance 
division in one of the principal British banks in the City. 
The division is rapidly expanding and career prospects arc 
excellent. 

• the role embraces: the preparation of capital reconstruction 
schemes; financial viability studies; loan control and recovery 
operations. 

• a chartered accountant is needed with a record of 
success in this field, within the profession or ■with a financial 
institution of high standing. 

• age around 30 . Terms are negotiable, based on a salary 
which is unlikely to be less titan £ 11,000 with the generous 
fringe benefits that a large City bank provides. 

Write in complete confidence 
to K. R. C. Slater as adviser to the bank. 


TYZACK & PARTNERS LTD 


IO HALLAM STREET 
12 CHARLOTTE SQUARE 


and 


LONDON WIN 6 DJ 
EDINBURGH EH2 4 DN 


COMPANY NOTICES 


60,000,000 European Composite Units 
EUROPEAN INVESTMENT BANK 
.' - . 8% Bonds of 1974, due 1*89 

Notice it hereby given dun. di* mswr w become 4ue agtirat coupon 
-no. 4 dated l&th January. 1»7* for tee above bonds h US$100.9672 per 
coupon or. In the cue of coopont in respect of v*Mcb valid selection of 
another currency of payment, hu been made. DM214.9328 per coupon. 

•• EUROPEAN INVESTMENT BANK 


GENERAL MANAGER 

fot r 

FOOD DISTRIBOtfali NETWORK 

MIDDLE EAST 

Superior salary and free family accommodation. 

To hear how you pin participate ac senior leva! in a major 
venture in Social Service for an International Consortium, would 
you kindly dial—any time, day or night—01-499 9fl^l. 


JUST LISTEN DO NOT SPEAK 


\ 


GOURMET 


“ Outstanding and Generous.” Guard¬ 
ian). 32 nines mans and Vineyard 
Illustrations. Write Tony Laltewalte. 
Bordeaux Direct. Aquitaine Hone. 
Ftmtarn Avenue. Sloush. mentioning 
Financial Times. 


PUBLIC NOTICES 


COUNTY OF SOUTH GLAMORGAN 


£2m. Mb Issued 17.1.78 at 5 S1/64% 
to ““t*™ re-4-78- Total applications 
19m. Total outstanding 2m- 


ART GALLERIES 


|)i». 

HI 


. COtNAGHITS. 14. Old 

Z* M- T*E VIENNA SEC- 

■till. Frinlt and Drawings . 

1 v„5*^00j and CHRISTMAS 
■ SSIftW 1 *??* 01 EngHsfi Watti-colours. 

f^l-®- ^ - ' 


Bond St™ W-1. 499 
SECESSION Jupend. 
Irawtngi 1897-1917 


9JO-6JJQ. Set 


*k%r S ' ;EXHIBITION OF FINE FA1NTNG5 by 
and European Art fata from i7DO- 


!rll> 


i*sst: 


5-B Qjrfc street. London. ' W.l. 
734 2626. Weekdays 10 - 6 . Sets. 


°Sf c ^:„P A h'd t ? ES - Albemarle Street. 

Piccadilly W.l. ANNUAL .End-of-Tear 
SPECIAL OFFERS at GREATLY MoUCeo 
PRICES- DELIGHTFUL . ORIGINAL 
PAINTINGS FOR PRESENTS from £30 
, to £3,000. 


T HE V ARKCTt GALLERY. 2. Albemarle 
Street. Pkxaamy, w.l. ExWtjttlon ol old 
^arJne mtllUre and martins and tnoo- 
granhlcaJ prints aryi wMlngi and skips 


models. 



CLASSIFIED 
ADVERTISEMENT 
RATES 

Simple 
Per niteiw 
tew cui. 

£ £• 

Cansoerclal ft Industrial 

Pnmertr . L3« 14.8ft- 

ResJdcnam Property Z.0B 8.80 

Appointments - 4J» MM, 

^ refWMA lnveatnient 
OWtttUnftw*. Corporation 
Loans. Production 
capacity, Buutiicmeg 
For Sal«/WaMcd 16.80 

■ Kflnration, Moiarg 
Contracts ft Traders. 
fa*OA Cantoning 42*. J3M 

Hotels ana Travel 2.3 iflio' 

Book Pnbbteers — 7.00 


Free 


1 available 


(Mlahmmi aln 48 cabana tnuj ■ 
OJS ptr Me alram an. son 
For renter dctaUs wrim tar 
Classified Advertisement 
Manager. 

• - FLnuclal Times. ' - 

10. Cannon Street, EC4P 4BY 


BR1SA AUTO-ESTRADAS OB - 
PORTUGAL SAJt-U 
COA ISJfOb.OOQ -BV% • T974I1989 • 

BR1SA. AUTO-ESTRADAS OEbpRTlL. 

AAL inifli fe reflibourser* jo e 

Merter 1*78. im 
i.OOOJ»on--d’«teii 9 »uons de l 
InternattonaL llbell# en EUA. aiTM. a 
fisb« 1974. 

A U suite d*a a tlrage au wrt. 
en prtseooe da Madame 
mousse, iHitssler de loftice, les inoo 
iwSStons d?EUA 1 JlOO—oomlnaf; 

porcant les rmmerow_ , ’ 

BSS * 7417 et 7419 4 75S7 
none mtrpeMes an rembour»m«rt wx 
tere- de- ra m ort l s se nieiit de la tranaie 
d« llEA 1 .WWJ 10 O—remboarsawe le- 
« Mvrler 1978. ■ _ . _ 

Ge» eblteations eo«t remboursablra m 
I pair. Mipwa u 6 laTJ-iJf ■ 

' sofvsntsattarMs. a nartlr da ««yrier 
1 197»._ date 4 JaqueUe elles ceeaeraht- 
de porter- HrtMtt- . \ 

. Les t banques suleawtes MgSPHL 
nfflhwiHuiM des dltefl oblloatlcin at 
-leBalanient des ln»rt» deftfant * la 
date du 5 Mrvrler 197B: 

CREDIT-LlDrernbOOrp ...- . 

CREDIT LYONNAIS—Parts' . . 
KREDtETBANK SA-.U^erebourpeoIre 

—Luxembourg 

COMMERZBANK A-G-—Frencfort 
BANQUE BRUXELLES-LAMBERT SA 
—Bruxelles 

AMSTERDAM-ROTTERDAM BANK' 
N.V«—Amite-dam v 

Mordant restsnt en cHMIen aeits 
ja S fevrlar 197B: . B|JA . 114KMWa ^. 

Luxembearae Te 12 r 
CREDIT J.YONNAIS-—LUXEMBOURG' 


J. LYONS A CO. LTD. : 

(CDRs) 

The nnderetmicd announce* this 
as> from lareaanr Hih 197ft . 

at Kft f- A uo aatk N.Y., 
Spubfrnt 172. Amsterdam - 
DW. Ca. No. \0 of the CDRs 

- 7^6 i Snv? SB9PRA. 

rasp. DF1SJ3.90 

(re. .period 7.15.77—1.14.78,. Mug 
i.45p per share). T«t “edit • 

- £--y*31 = DflsJl.77 per.CDR -4. 5ft 
shs. Tax credit £6JI=pni47,7a 
per CD* i 500 shs. Non-Britlte 
CDR-boWen trill not be entitled to 
receive die beneflt of tills imputed 
tax credit as long as the bx coo- ■ 
Tendon between their country sod 
the' U,K. has net been brought into . 
aaortance. ’with the Finance 'Act 
1972 of the United Kingdom, *■. 

. • Amsterdam.- 
I Itii-lahuafy. 1978. 

AMSTERDAM DEPOSITARY i . 

COMPANY N.V. 


THE ymUCOMC' PtMINDATIONlUMITEn 
Ui. S20.000.000 BU% BONOS 1907 


BOND DRAWING 


R* MiiBd won and aeepams- of 
The ‘ WetiCDme Poundation Limi ted f or tee 
Manclal year ended 27 H 1 Aug ust 1877 
will be avalleble for Inspection at -te« 
office* of-:Mecers. SlaiaMK-.aim 1 -May._ss 
BasfnabaJl -Street. London. EC2Y Sbft 
durino nw sonal fwtnm “S? _ a * * ny 
tweeiuav tSoturday exeeotedt amM Fabraary 
17th. 1S7B. 


CLUBS 


EVE. 189. Reseat Street. 734 SE7&'-A;h 
All-In Menu TTiree SpMacuUr 
M.1D4L -Izxs ud 1.M and 
Jgffnnv Howu eo notth A W obl 

■me OREATRAITWH STRIP 
Show u mldnlflht also at 1 ■ 

.MoK-Fii Cloaod Saturday*. 01-437. E4SS 


CITY OF OSLO 

" . .. 5%% Bonds of 1964 

S. G: WARBURG & CO. LTD., announce that the redemption instalment of U-S.$1,350.000 
due 15th- Februarv, 1978 has been met by purchases In the market to the nominal value of 
U.S.$£96.OO0 and by a drawing of Bonds to the nominal value of U.S.$T,Q54,000. . 

- The distinctive numbers of the Bonds, drawn in the presence of a Nctary Public are as 
follows:— • • 


• 1 
• 42 to 

74 to 
12260 to 
12391 to 
12472 to 
12564 

12707 to 
12838 
12906 to 
12979 to 
13071 to 

13207 

13466 . 

.13573 to 
13661 to 

13790 to 
13887 
13978tO 
14080 ' 
14185 
14259 to 
14340 to 
-3438710 
14482 
1451310 
14593 to 
14683tO 
14793 to 
14919 to 
14979 


2 

44 

76 

12269 

12400 

12496 

12565 

12612 

12725 

12842 

12910 

12981 

13080 

13163 

13208 

13314 

13467 

13517 

13589 

13669 

13751 

13792 

13904 

13988 

14081 

14186 

14264 

14344 

14393 

14483. 

14524 

14612 

1469*5 

14809 

14925 

14980 


7 

46 TO 
12210 

12406 to 
12502 to 
12582 to 
12618 to 

12844 to 
12920 to 

13101 
13165 to 
13231 to 
13323 to 

13520 to 
13592 
13687 to 
13754 to 
13805 to 
13905 
13985 

14104 to 

14213 to 
14270 to 
.14346 to 
14396 to 
14493 to 
14530 
14620 to 
14699 
' 14811 

14B97to 


15 

50 

12211 

12297 

12410- 

12522 

1258S: 

12632 

12759 

12850 

12922 

12983 

13104 

13172 

13235 

13327 

13474 

13542 

13595 

13689 

13763 

13810 

13908 

14024 

14107 

14215 

14285 

14352 

14404 

14495 

14531 

14630 

14700 

14812 

14933 

15000 


. 20 
52 

12329 to 
12431 
12524 to 
12587 to 
12634 to 
12770 to 
12863 to 
12955 to 
13008 TO 
13110 to 

13251 to 
13350 
13478 to 
13546 to 
13601 -to 
13717 to 
13765 to 


14044 
14116 to 
14218TO 
14287 

14430 to 
14497 to 
14535 to 
14645 to 
14705 to 
14815 to 
14943M 


28 

59 

12221 

12331 

12441 

12527 

12S92 

12636 

12772 

12867 

12957 

13017 

13115 

13177 

13253 

13351 

13481 

13650 

13620 

13719 

13767 

13815 

13909 

14045 

14132 

14227 

14288 

14356 

14436 

14499 

14540 

14649 

14709 

14817 

14950 


61 to 
12244 to 
12362 to 
12445 
12540 to 
125 94'to 
12641 to 
12801 to 
12876 to 
12959 to 
13021 

13181 to 
13280 to 
13375 
13492 to 
13555 


13769 
13826 to 
13919 to 
14047 to 
14134 to 
-14231 to 
14301 to 
14363 to 

14501 to 
14563 
14655 to 
14738 to 
1486310 
14962TO 


29 

66 . 

12231 

12366' 

12446 

12643 

12606 

12666 

12814 

12880 

12961 

13022 

13127 

13192 

13282 

13376 

13496 

13561 

13630 

13740 

13771 

13838 

13942 

14064 

14142 

14240. 

14304 

14368 

14439 

14504 

14564 

146S9 

14740 

14884 

14968 


35 TO 
68 to 
12254 
12378 to 
12450 
12566 to 
12609 
12676 to 
12S16M 
12886 to 
12971 to 

13156 to 
13198. to 
13285X0 
13422 to 
13512 to 

’13651 to 
13743 to 

13844 m 

14073 
14153 to 
14249 to 

14373M 

144S3to 

14582m 
14666 to 
14743ro 

14971 to 


-38 

72 

12255 

12380 

12453 

12559 

12611 

12682 

12823 

12900 

12973 

13025 

13159 

13201 

13303 

13428 

13515 

13564 

13653 

13749 

13776 

13872 

13971 

14077 

14157 

14255 

14332 

14381 

14457 

14511 

14588 

14667 

14764 

14916 

14S77 


On 15th February. 1973, there will become due and payable upon each Bond drawn for 
redemption, the principal amount thereof,, together with accrued interest to said date at the 
offic8of:— 

S. G. WARBURG & CO. LTD.. 

30, Gresham Street, London, EQ2P 2EB., 

or with one of the other paying agents named on the Bonds. 

' Interest will cease tp accrue on the Bonds called for redemption on and after 16th February, 
1973 and Bonds so presented tor payment must have attached all coupons maturing after that 
. date.-, ■ % 

Ud&$1,!500.000 nominal amount of Bonds remain outstanding after 15th February, 1978. 

■' -The following Bonds drawn for redemption on- the dates below have not as yet been 
presented for payment:— __ 

. 15th Feb m ary. T 975 

“ 12S3 tP 1285 1324- 7457 1488 to 1497 1546 7547 1568 1369 

1747 1873 1890tO 1892 2056 to 2065 2708 

• 15tfi February. 1976 

8520 8522 8635 to 8537 8949 3650 9500 

10155 10546 to 10649 10S61 10662 

15th February, 1977 1 

7242 to 7244 7283 - 7284 7307 to 7310 7324 

7480 7503 ' 7504 7517 to 7519 

7737 . 7584 7936 TO 7939 . 8239 .10876 

11685 1168S 11594 1*1723 „ 11990 


7236 to 7240 
7469 7470’ 

. 7683 to 7085 
-1-1543 11679- 


9765 10131 to 10138 


7444 

7593 

10877 


.30,Gresham Street. London, EC2? 2£B. 


t7th January, 1978 


I - 


Economic Adviser 


for a leading international bank at their large London office. 

• responsibility is to the Chief Executive for internal economic 
advice and guidance affecting banking activity/ including foreign, 
e x c h a ng e and international loans, as well as externally to customers. 

• it may prove possible to combine this full-time role with some 
outside research and reaching activity. 

• the requirement is for persuasive credentials as an economist, and 
for the capacity to stimulate and challenge through creative thought 
and commentary. 

• salary is negotiable, and* is unlikely to be less than 15 , 000 . 

’Write in complete confidence 
to A. Longland as adviser to the bank. 

TYZACK & PARTNERS LTD 

IO HALLAM STREET • , LONDON WIN 6 DJ 
12 CHARLOTTE SQUARE EDINBURGH EH2 4 DN 


INVESTMENT 

ANALYST £6,085 to £7,835 


The Electricity Council is the centre! co¬ 
ordinating body forthe electricity supply 
industry in England and Wales. 

The Investment-Branch has responsibility far 
theinvestment of funds ofthe industry's 
superannuation schemes totalling over £500 
million. 

Investment Analysts are responsible for 
keeping under constant review a sector of a 
substantial portfolio of equities, assessing 
company repents, incoming economic reports * 
and studies in depth of industries and 
companies. The man orwoman we are 
looking for will make recommendations for 


appropriate action, assist in the day to day 
administration of the total portfolio of 
investments, and prepare reports on a wide 
range of ancillary investment matters. 
Asound knowledge of economics and 
investment principles is essential. 

Please write in confidence giving details of 
career to date and salary quoting FT/4 by 
27th January to: 

Duncan Ross, 

Recruitment and Development Officer, 
The Electricity Council, 

30 Millbank, London SW1P4RD 


1 1 


V 


iiscmicrr/couHaL 


r 


Cash Management 



Holland 


A leading international organisation with 
headquarters in Amsterdam wishes to appolnta 
Cash Management Executive. Reporting to the 
Treasurer, the person appointed will be 
responsible for all cash management activities. 
This is a progressive position, offering 
immediate scope for development to a 
candidate, probably aged 25-35, with an 
educational background In economics, who is 
working In the Treasury Department of a 
multi-national corporation orwlth a bank: 
Applicants must be famSlar with exposure 


management and collection procedures: 
accountancy knowledge would be helpfuL 
Willingness to relocate in Amsterdam is 
essential. A competitive salary will be offered 
and will be negotiable depending on the 
personal qualifications and experience of the 
successful candidate. 

77ie identify of candidates will not be revealed to 
our <diant without prior permission. 
Applications, quoting Ref. ABBS2iFT, should 
indude details of age, experience and salary 
and be sent to: 


PA Management Consultants BV 

184 Kecer^rachL Amsterdam—Q Holland. Td: Amsterdam 23 6682 



a 





































































Steandal Times TuesSay Ifenoa^ P ^ 


|WTHro ARTHUR BENNETTAWITBISCHOEIBB 


HANDLING 


fP 


• TV AND RADIO 


|figh fidelity sound 
In home TV sets 


Sorting the 
parcels at 
Woolworth 


• COMPUTING 

Data on materials 


• COMPONENTS 

Transducer is safe 


AMERICAN' Telephone Sc Tele¬ 
graph has a new. transmission 
process that may bring high- 
fidelity sound to home TV sets 
equipped to receive it 
It will make possible emission 
of: sounds up 15,000 hen com¬ 
pared .with the current 5,000, 
s£ that people with TV sets will 
nye far . higher quality music 
apd speech reproduction. 

new process win also 
44 very substantial sav- 
to AT & T. Previously, it 
3d the video from TV net- 
rfcs to local stations over a 
sm of microwave towers, 
sound moved separately 
o|er AT & T wires. Under the 
new method, both the video and 
stftxnd will travel via microwave- 
towers. This releases the wires 



for long-distance telephone and. 
other communication services. 

TV networks, by law, already 
have had the capability of beam¬ 
ing out 15,000 hers, bat have 
not done so because something 
would be lost in transmission and 
reception. 

Only a nominal number of TV 
sets, of the highest price and 
quality, have speakers that can 
handle hi-fi sound. But people 
with separate hi-fl systems could, 
with a relatively inexpensive 
attachment, connect them with 
their TV sets and tie in with 
the newly available sound. 

AT & T also eventually plans 
to have two TV sound channels 
in its microwave-tower relay 
system. This would make it 
possible—if television makers 
provided the required hi-fi 
speakers—to have stereophonic 
sound. 


Intelligent receivers 


INCORPORATING micropro¬ 
cessor control Into HF radio 
receivers has enabled Philips not 
ottly to simplify control, but also 
to- provide such facilities as 
tuning-in to any frequency 
merely by pushbutton control; 
up/down sweeping; auto search; 
Instantaneous selection of pre¬ 
programmed frequencies, and 
Simple remote control over two- 
wire telephone lines. 

' Tuning, down to an accuracy of 
THz, Is by means of a keypad, 
a' tuning knob and "up” and 
* r down" buttons. Up to 10 fre¬ 
quencies can be tuned iu and 
stored in a non-volatile memory 
(RAM) for instant channel 


changes later; a pre-programmed 
channel change takes no more 
tban a few milliseconds. Tbe 
processor intelligence is concen¬ 
trated in a factory programmed 
read-only memory. The interface 
between tbe processor, tbe key¬ 
pad and the frequency synthe¬ 
sizer presents simple, addressable 
buffer inputs and latched out¬ 
puts. The remotely controlled 
version incorporates additional 
input and output ports to convey 
RF/AF meter readings and to 
cope with all the functions of 
the front-panel switches for IF 
filters, mode selection, etc. 

Philips Telecommunlcatie In¬ 
dustrie, POB 32, Hilversum, 
1301, Holland. 


FOUR NEW "regional tranship¬ 
ment centres being constructed 
for F, W. Woolworth aud Co. at 
Bristol; Radlett Herts; Warring¬ 
ton, Lancashire; .and Cumber¬ 
nauld in Scotland are each to 
have Honeywell Series 60 Level 
6 minicomputer systems to assist 
the distribution of goods to local 
stores. 

Shipments 4 under-the £275,000 
order will start this month and 
all four systems are expected to 
be fully operational by the 
middle of the year. 

Each will be responsible for 
controlling parcel-sort con¬ 
veyors 2 nd associated processing 
functions to enable incoming 
goods, received as consignments 
from suppliers or other tranship¬ 
ment centres, to he reconciled 
against goods despatched, or 
sorted for local distribution. 
Software for this activity will be 
written by Woolworth’s in Cobol 
(running under Honeywell’s 
GCOS 6)/ and will'support visual 
display units in transaction pro¬ 
cessing-' applications. Tranship¬ 
ment notes will be produced on 
floppy discs which will contain 
records of goods - loaded on 
vehicles for other transhipment 
centres. Despatch notes for 
local stores will be printed as a 
separate batch operation. 

Two sorts will be carried out, 
tbe first 'separating those parcels 
destined for other transhipment 
centres, and the second' sorting 
(by order of route) parcels 
destined for regional stores. Once 
fully operational, some 12,000 
parcels will be routed daily 
through each transhipment 
centre. 

The Honeywell system at each 
centre will include a Model 6/36 
computer, cartridge disk storage, 
line printer, diskette and visual 
display terminals. 

Farther details from HIS at 
Honeywell House. Great West 
Road. Brentford, Middlesex. 
01-568 9191. . 


MORE THAN ever bbfart, the 
production and nse of materials, 
be they chemicals,metals, 
minerals, glasses or .ceramics, 
need reliable criteria to judge 
stability, performance and 
energy balances. Such criteria 
can' confidently be defined by 
application of ' ’ chemical 
thermodynamics.. 

Until recently this was made 
more difficult, not only by the 
nature of the subject, but also by 
lack of readily available data in 
convenient form. Now, the 
National Physical Laboratory 
(NPL), has computer based data 
banks that greatly facilitate the 
availability of this information. 

The amount of stored informa¬ 
tion is relatively small—it is the 
facility for further calculation 
that enables the data to be sup- 

S lied in a form that cap readily 
e applied to practical problems. 

. Examples of problems that 
have been tackled are .corrosion 
in reactors, minimising energy 
input for minerals extraction, the 
performance of lamps, control of 
oxygen in copper and silver for 
electrical purposes, extraction of 


metals from saline water, con* 
lamination of alloys by their 
attack on refractories, and the 
use of refining agents iu glass 
melting. 

There are three data banks at 
NPL. Two of these, MTDATA 
and ALLOYDATA. dealing with 
inorganic and metallic substances 
and alloys, are fully operational 
The third, now under develop¬ 
ment. is concerned with vapour- 
liquid equilibria for mixtures 
containing organic compounds. 

The laboratory says that with 
very little training an operator 
using MTDATA can obtain in¬ 
formation in numerical and 
diagrammatic forms that. can 
readily be applied to practical 
problems. It is available to 
customers both by direct access 
from their own terminal, and by 
addressing problems through 
NPL staff. Guidance is given 
both on the use of the service 
and the interpretation of 
practical problems into chemical 
terms. 

Details from Dr. T. L Barry 
(division of chemical standards), 
NPL, Teddinglon. Middx., TW11 
0LW (01-977 3222). 


TEKFLO Is launching a new 
TF11 differential pressure trans¬ 
ducer at TEA Exhibition, March, 
1978. The TF11 is BASEEFA 
certified intrinsically safe and .is 
manufactured -by Tekflo to meet 
the specific needs of the petro¬ 
chemical industry, where 
standard 54-mm- pitched process 
connections are used and the 
pressure diaphragms are or all 
welded construction, suitable for 
dirty or viscous media. Fall 
static overload protection Is 
given. 

The transducer is virtually 
immune to static pressure varia¬ 


tion,-vibrations,. clectricalnoiaf 
and has lone distance truwaiis- 
sloh capability beforeiMPjMg 
tion. - System accuracies to 0^ 
per-cent full scale are available. 
. Complementing the TF»will 
be the full range of Tekflo 
variable reluctance transducew 
for flow, pressure and level This 
includes a new low cost Tekflo 
open channel flow system demon¬ 
stration incorporating an au- 
weWed construction transducer 
suitable for raw sewage, cotxo- 
'alve effluent, etc. 

■Ihkfio, Albany Road, Granby 
Industrial 

Dorset DT4 9TH. 63057 73256. 


Filtration St Separation 


Mi 

MAHilii’LJI'J ail lEUT- 




Em^i£i=i^’ T 'irv 


m 


pram industrial 

UKtfrisartPortycfan, 

MU Om HUM'S* 323000. 



• materials 

Solves an 
adhesive 
problem 


C( 


COMMUNICATIONS 


Checking the system 


Plan for U.K. marketing 


k. Manufactured by DU FONT 


NON CORRODABLE 

TEFLON 9 Shell and Tube Heat Exchangers 



* WILL NOT CORRODE - ONCER 

TOUGHEST CONDITIONS 

* PROVEN WORLDWIDE 

* LOW MAINTENANCE COST 

* NON STICK QUALITIES - 

PREVENT FOULING 

* HIGH THERMAL EFFICIENCY 

* UNITS ALWAYS AVAILABLE FOR 

PROMPT DESPATCH - 


Sold, serviced, and distributed by 

E. BRAUDE (LONDON) LTD., Iiberta House, Sandhurst, Camberiey, Surrey 
Tel: 0252 S76123 Telex: 858842 

AGAINST YOUR FUTURE REQUIREMENTS — CONSIDER THE FACTS 


Metals corrode — Teflon will not 


PACT describes a new mini-com¬ 
puter family by El bit of Israel. 
It includes Pact itself, a 
general purpose minicomputer 
Based system, with CRT ter¬ 
minals (running under a disc 
operating system); Keypact a 
data capture data entry pre-pro¬ 
cessor system; Dat&pact, a stand¬ 
alone, on-tine multi terminal 
system for the small business 
user; and Interpact, a distributed 
processing system based on one 
host computer with terminals 
doing some local processing. 

Unusually, Pact is appearing 
on the market almost without 
announcement, yet it is Elbit's 
first direct-to-market product for 
the commercial market, and 
much of Elbit's future hangs 
upon its success. 

Initially, Elbit started as a 
mini manufacturer, taut for some 
years past has been thought of 
primarily as the manufacturer of 
CDCs Cyber 17, a completely 
Israeli designed system of which 
probably twelve'or thirteen hun¬ 
dred have so far been sold. 

This year, Elbk will invest 
more than 52 m. In market 


development in three countries: 
France. West Germany, and the 
U.K. *1116 Pact family is initially 
being marketed to large commer¬ 
cial companies and systems 
houses, the last being essential 
if Elbit are to get the spread 
of applications software written 
that such a range of systems will 
require; the library must go 
beyond the standard packages as 
quickly as possible. 

In the IX Elbit which is just 
opening an office in Maidenhead 
will not initially be pushing 
Pact, but IBM-compatible ter¬ 
minals. It has been quietly sell¬ 
ing these in Europe for some 
time, there are about three or 
four hundred installed in 
Western Europe. 

It offers two. the DS 1920. TTY 
compatible, and tbe DS 377 an 
IBM 3277 Model 2 compatible 
terminal. Though not normally 
thought of as a terminal supplier. 
Elbit have in fact so far built 
over 6,00 0, most of which have 
been sold by CDC. the majority 
to the U.S. Current production 
rates seem to be around 100 a 
week. 


SIEMENS has designed a nlficant advantage over desktop 

compact test controller based computers with single-hne {.e-a. 
on microprocessor technology, (tight emitting diode) displays, 
thought to be the first compact the current instruction and nyj- 
unit dedicated to telecom- preceding instructions can .5? 
muni cations applications. Exist- viewed concurrently in nigu 
ing commercially available ambient light conditions, 
compact controllers are variants The display also incorporates 
of desk-top computers and are, program status flags to lnnicare 
Siemens says, of limited use for If a given test is within lit" 1 ™: 
tbe control of test equipment. For. hard copy records, aw 

Pegainat S2313 controller is in gjttMter/Une mrtrtr » DuUt 
effect - a self-contained control-into the base of the "“V. __ 
and evaluation svstem based on To. prevent inadvertent use or 
a freely programmable lfibit tampering during a test run. tne 
microcomputer. Mass program controller’s keyboard!!' lo^ ab “- 
storage is on a mini floppy disc For . simplified operation a 
with 50 k-words of storage capa- remote “pad is avaiianie, 
cits-. Programs and specific comprising 24 keys which m- 
control instructions are entered eludes a number of decucatea 
on a standard alphanumeric key- controLkevs for test system ana 
board. Program testing., and jprogram control, 
program execution can - be Siemens at Siemens Home, 
observed oh a six-line (40 Windmill Road. Sunbu^^ 
characters/tine) 61 x 28 mm. Thames, #HS> 

plasma displai'. This as a slg- Suhbtny (09327) Sana. 



INSTRUMENTS 


Ignores spurious signals 

__ _ __ r>T mmpnlnt 


High performance machine 


BURROUGHS Machines has a 
new model in the B 6800 aeries 
that offers multiprocessor 
efficiency to users at the entry- 
level of large-scale data process¬ 
ing. Tbe sew B 6817 system pro¬ 
vides a 50 per cent Increase iu 
throughput compared - to 
Burroughs B 6811 system,, and 
more than three times tbe per¬ 
formance of the entry level 
B 6800 systems. 

The B 6817 is object code com¬ 
patible with all other B 6000 and 
B7000 class systems. With 
Burroughs system software and 
instantly transferable user appli¬ 
cation. programs, users can move 
through Burroughs full range of 
large and. very large systems 
without reprogramming or re¬ 
compiling. The recently 
announced Attached Fortran 
Processor, or AFP. may also be 
used with tbe B 6817. 

The basic B 6817 has two cen¬ 
tral processors that operate at 


6.67 MHz each, two in put/output 

i»nanm ‘ 


processors with 20 channels In 
each, 786,432 bytes of Global 
memory, two maintenance pro¬ 
cessors and displays, and two 
operator consoles with dual dis¬ 
plays. It can be expanded to 
form a system with up to four 
central processors, four Input/ 
output processors, up to 
15.728,640 bytes of directly 
addressable memory, and up to 
16 data communications pro¬ 
cessors serving 4,096 separate 
lines. 

Deliveries are for the second 
quarter of 197S. 

An entry level B6S17 with 
2.2m. bytes of memory has a 
purchase price of £550.000 or 
£15,000 per month on a one-year 
lease. Three and five-year leases 
are also available. Field engi¬ 
neering service availability for 
24 hour/seven day coverage is 
included in the basic lease rates. 

More on 01-759 6522. 


PRECISE frequency setting, a high degree of screening keep- 
stabilised output and over 100 dB ing RF radiation very lw ina 
attenuation are offered by the- «naures that lowoutputsiin 
Philips PM 5326, a radio fre- the region of On microvolts can 
quency signal generator from be used with full confidence. 
Py e Unlearn. • Made for telecommunication. 

The output frequency extends radio and television development 
from HMMtHz to 125^MHz in laboratories and those involve^ 

AM/FM £ V d?™pec£Sn. senator ..Lo p^J four 

SSSTC WS&“S SSJfSeS 6 ! 

one part In 10.000. essential for amplifiers m FM receivers ana 

selectivity ana niter tests. AM/FM modulation by internal 

The output level is electron!- M external signals, fixed and 
rally stabilised for all ranges, variable markers and the use of 
eliminating resetting and the internal frequency counter 
need for meter reading. t0 c h ec k other oscillators. The 

A particular aspect of the generator measures 230 mm wide 
generator compared with others by 310 ram deep by 140 mm high 
is the special attention given to and weighs 6.5 kg. 
spurious RF radiation. A . Bye Unicam, York Street. Cam- 
“ double-box n construction gives bridge CB1 2PX. 0223 5S866. 


SHORT POT life often <*m* 
problems when twtK»rt, adhe¬ 
sives are used on assembly lir- 
or whin largo area* ere to 
bonded. 

This problem has.been 
by Degussa which ha* det 

a low-viscosity quick-- 

hardener for use with Ago®** 

polymerising adhesives. This la * 

“no-mix" process in wlrfen to* 
hardener Is applied as a IacquM 
to the surfaces to be banded, 
when a non-aticky film forms 
a Tew seconds. 

Parts prepared Jn this Way da 
not have to be bonded -imps*- - 
diatoly, but can be left fofc 
several hours without «jj 
decrease in the achlevabk 
strength. When the adhesive if 
applied, its monomer*, ditto It* 
the lacQucr film allowing th» 
peroxide curing initiator, con¬ 
tained in solution under the fllfC 
to start the curing process 
Degussa says this aHows the 
adhesive to be used almost liflL 
a one-component type. 

The lacquer 1* applied by 
brush, immersion or spray, caa 
be used ou porous materials, - 
including wood and ceramics, 
and can cure joints up to fiJSthm 
thick. . • 

This company baa also intro¬ 
duced a polycarbonic arid that 
stabilises the carbonate and sul¬ 
phate components In water 
hardness, and prevents precipi¬ 
tation of scaling substances. It- 
remains effective at up to 209 
deg.C. ' M , 

Details from Degussa. Poslfach 
2644, D 6000 Frankfurt am 
Main 1. West Germany. 


MACHINE TOOLS 


Punch for 
Poland 


PROCESSING 


A cooler cleaner 


ALTHOUGH MANY industrial 
spray washing machines for 
cleaning metal operate at 70 to 
85 deg. C.. and some close to 
boiling point, the latest alkaline 
cleaner from Pyrene Chemical 
Services is stated to operate 
efficiently at 25 to 35 deg. C., 
offering a saving in heating costs. 
It also needs lower pressure— 
17 psi instead of 30 psL 


Apart from providing an im¬ 
proved tarnish resistance, 
Pyrodean .. 99 will . remove 
moderate deposits of grease, oil 
and dirt from metal surfaces. 
Developed primarily for cleaning 
steel, it is also suitable for 
aluminium and zUtC. 

More from- the maker at 
Ridgeway, Iver, Bucks., SL0 9JJ 
(0753 651812), a Brant Chemicals 
International Group company. 


LATEST SHEET metal punching 
machine to be sold to Metal- 
export, Poland, by Pierce-All 
Manufacturing. Is a computer 
numerically controlled unit with 
a punching rapacity of 29 tom. 

It is capable of punching at 
nibbling through metal plate up 
to 6 nrni. thick, using a range of 
tools from an automatically' 
indexing turret. Programming 
can be either directly on the 
machine controller (housed jn 
one of the side tables to reduce! 
the floor space required) 0 £ 
a remote compiler called 
Loader Editor. 

Several programs, ft 
a day's production, ran u*;„ 
and the operator has ohly Jol ■ 
Insert and remove sheefc*£;taayL^ 
end of each cycle. 

The maker is at Buddiy^eii 
Avenue, Trading Estate,. SloUfih 
Berks., SL1 4NB (Slough 366G1>, 




WHICH EEC COUNTRY GIVES 


U.S. INDUSTRY THE HIGHEST RETURN 


.•V>- \ r : ; 

M- 

i-Ob A?V?r 




ON INVESTMENT 
COMMUNITY 


BEATING THE 




AVERAGE BY 250%? 


In detailed studies of the performance of American industry in Europe for 1975 and 1976, by 
the U.S. Government's Department of Commerce, Ireland emerges the clear winner. American 
manu&dtimg companies returned 29.5% on their Irish investments compared with a 12% average 

Ireland’s high figure of 29.5% contrasts dramatically with countries Eke Holland, Bdgmm, 
France and the U.K. None of these even reached the EEC average. 

Ireland's achievement was no fluke. This standard of performance is regularly achieved. It is a 
major reason why, of all the overseas investment in Ireland over the past 15 years, almost half is 
accounted for hy Amariram com panies . 

Ireland is not just a convenient way for U.S. firms to manufacture within the EEC’s tariff walls. 
Ireland is becoming a significant gateway into other markets in Europe, The Middle East and Africa. 

Also Insh foreign-exchange regulations fevour the free and mmestricted movement worldwide 
of tbe profits and capital gains reaSsed in the Republic. 


£J. „ 

c, 

„v 


V.. 


i \ . , 


INDUSTRIAL IRELAND-COME AND 


SEE HOW IT WORKS Europe's most dynamic industrial base is only 


- - . ~—-— — — ~.. —- —■ — — — 50 minutes.from London by ak- Any company 

with expansion m mind should get a first-hand pktire of tbe special advantages the Republic of Ireland offers. The bah 
Govenmienfs ImfastrfalDerelopiBent Aufltority wfflgfadly oiganise a personal presentation and writ to antytwwpar rin.hr 

interests: fectorv visits, frank discussions with overseas nKkistrialkfx rm**-. Imn Trt Tfn tand mn arim w i ■■■■» !« *- * 'g 


interests:______ 

whatever and whoever you want to see. 

The IDA is responsible for aS aspects of industrial development, metaling 
administration of the umque financial package which tbe government offers 
expanding, exporting industry. The ID A has helped over700overseas companies— 
almost 500 of them European-to establish factories. It is tbe only organisation 


: unions... 


your company would need to negotiate with. 




Confidential :To Hugh Alston. Director, IDA Ireland. 28 Bruton Street, Loudon W1X7DB. 
Telephone 01-499-6155. Tefcx Q51-2475L 


Please telephone tne with a view to discussing an hweauflem package to suit my company and a lamferisatkra ttqj to tahud, 


NAME. 


-POSITION. 


COMPANY. 


ADDRESS, 


\ 


.TELEPHONE. 


V 


V 


l Wi 


O0 




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Financial Times Tuesday Janttaxy l7 t978 


‘V>‘ M .SV !f > 

> '"'v$Sf> 


* ^at E!?i 

a ^iu‘siv e 

)r oh| eil i 


e Management Page 


Christine Moir explains why. Waterford Glass is diversifying, and 
liow it plans to avoid overtraining its managers’ skills 

Shattering conventional 


IS 


EDITED BY CHRISTOPHER LORENZ 



CONGLCfflffiRAraS axe out'of By thfrhegiimhis of the 1960s new factory on a 45-acre she satisfactory growth. However.' 
fashion to-day. The conventional the growth of the crystal opera- just outside Waterford. in 1974 borrowings soared, hit- 

wisdom In financial-circles at tion -was outstripping that of «„*„ :v OB tine 11B ner cent of share- 

3? * ??J? bblerB W 10 * ? 1966 .Waterford tinu^tf at an ave^e HaMeitf funds at a time when 

■ shouia sttdt to their lasts. Giro was floated off separately. ™ t ““ £ g » ye" witt earnings, which had actually 

i.. u b tree that part of the Ttxlay, the company employs only one hiccup in 1973 when dropped the previous year from 


_. • . - - .. 7 —- v v s-yi. - / uurj- VUC UltUUU U1 J.VIO WUCTU --*-- 1--- 

* f^u^smanses fro m th e fart 2,500 highly skilled craftsmen growth was a mere 7 per cent 2 -®*P P* r ^ 3are to i.9Sp. were 

-• ...raat mvesment aialysts 1 prefer on two modern sites and is by In.. 1976 pre-tax profits were just up again at 2J25p. 

°'SU«r ,m “ 0 ? ptonpaues, far the largest manufacturer of £6.75m. on a turnover of £80 m. All the fears about eon- 

, ?? * genuine fear that handcut lead, crystal in the and prospects for this year sug- glomerates immediately raised 

• diversification outside a com- world, .Nearly 90 per.cent of gest that turnover will hit thear heads. The focus of atten- 

■£? n3 y ongmal Area- or exper- J output is exported, main ly to JEiOOzn. and that .profits will be tion was toe Smith Group. There 

ase too often results in diluted the United-States, where Water- around £9m. had, after ah. been plenty of 

. -learnings. Too frequently, also, ford setis more than ah the 
. ; •• mana ge m e nt becomes remote other European manuf acturers 
from the different tentacles of combined. 


. toe group and fails to spot prdb- 
- v 'Lems in time. 

• : Such fears seem to Intensify 

v more successful the original 

rhperation has been. One case 
’J . / ..‘m point is Waterford Glass,- the 
'-‘>:Efirii group whose .interests 
• .*< now span retailing, garage and 
.. -yrar franchises, fine bone china 
•;;'xhd high quality printing;" but 
.. -.Whose core is the world-famous 
.‘ hand-made crystal- This has pro- 
v in duced an nninterrnpted profits 
'■ « ..growth over the . last quarter 
.- >century which has been aothing 
’ -Short of flamboyant 

The recent history of" the 
* crystal side amounts to the 
. i.. remaking of a myth. Waterford, 
tui ancient city on the south 
........coast of Ireland, had been a 

.'famous ’ centre for handout 
A ; v-.T-‘ crystal since the early 1700s, 
L-bot as a result of increasingly 
1 :: .-heavy export. duties levied on 
lead glass, tbe industry 
-..'dwindled and in 1851 production 
^'■'■ceased at Waterford. 


This latter period coincided 1 £ • c 

with a series of acquisitions, to expand anfo fine qual^y bone 
* * w H ^ chxna, and the interest m a 



beginning in 1870 with the pur¬ 
chase of the Aynsley China 

group in England In rapid f market skills, 

succession Waterford then _™ "* r™"* . 

bought a 60 per cent, stake in But motor 


seemed a reasonable extension 


the Switzer group, which owns ™ a different kettle of fish 
a chain of department stores m 

Ireland (House of Fraser owns acd Waterford s skills were m 5k .n . . h] , . . . 

the other 40 per cent) and a “p 0 *- tt operated m a field . Skilled glass blowers atone of the eight 

ffi^de. qUaUt7 ' Prtmer ’ J ° hn about. It^w2°a d sSlTtherefore, concentrate almost Waterford jealously preserves'): 
Hiade ' • - erate in its own right. What is m restructuring the where there is a good profit 

Then in 1974, the group put Waterford was unable to Group and getting the record: and where there is good 

* existing management sheet back on eating management 

teue conglomerate by spending thfi to i evel since Smith had the^tracks. The Smith purchase taught 

£4m. on the purchase of the been b P 0Ught fol3owin g tike sud- i 1 * this through a Waterford that it does not 



multipot furnaces at the Waterford factory. 


den death 
founder. 


Smith group, which has the 
Renault car franchise for the 
Republic; it also operates a 
chain of garages and a number _ 

of light engineering and motor I 
vehicle assembly subsidiaries. W J 

Glass making is still the core 


of its owner and £ ? nL .convertible preference have enough human reserves to 


rights issue and then by a one- put its own management into a 
for-three scrip issue. To-day new company unless a series of 
borrowings are back to under 60. accidents means that the rest 
per'cent. of shareholders’ funds of the group can be left to tick 
-^not exactly low, but support- over while attention is concen- 
Nonetheless, Waterford was ^t the same time, the trated on a new acquisition, 
convinced that the next level mtio of current assets to cur- Waterford was luckily in a 

rent liabilities, which had drop- natural breathing space at the 


of the group, of course, but con- , 

^Sn/MSoiC^^h Of the c S0Und * 1 22 OKU n-cu™! 

tromng organic growth of tne Smit h directors were coopted. ped t0 i^g in 1974 , is back to time Smith was bought, but 

new companies^ and further onto the main Waterford Board ji^ under two. such fortuitous circumstances 

acquisitions, will reduce itspre- and the next two years were.. These factors, coupled with a are unlikely to recur. • 

dominance. Waterford does not spent in close investigation of resumption in profit growth. Among other types of busi- 

give a divisional breakdown of *11 the tentacles of the -South began to allay some of the fears nesses Waterford has either 

For a century no glass was. its figures, but it seems likely group. The results included of-outside analysts. The Smith been shown or thought about, 

_ fc* 4 « u .u^«.“ade there: but with the Wat^rforrf’t dwrirman. 1iat the fiWe at Present withdrawal from some aspects group was obviously not drain- tableware comes high on the 

# ACHINETlfcmpetus of Independence .a Paddy McGrath produces about two-thirds of the of motor assembly, the comple- fog Waterford, so the combdna- list. Several silverware corn- 

small pilot factory was opened. " 7 profits on about a quarter of tion of the garage chain and the tion of the existing management panies have been offered to 

| J }ll . L i In 1951 it was incorporated in Total output is presold a year the group turnover. This means development of hire purchase and Waterford’s own investiga- Waterford, for instance, and 

3 Ulli.ll I Of the Irish Glass Bottle Company, in advance and waiting lists for last year, the other divi- services to support the Renault lions seemed to be the right turned down. There is some 

chaired by Joseph ' McGrath, individual pieces are as long as sioos together accounted for distribution division. one. Furthermore. Waterford thought that a hire purchase 


a single product, and to keep 
growing. These forces are by 
no means peculiar to Waterford 
alone: the same pressures lead 
to the creation of many other 
conglomerates. 

In Waterford's case the hand 
blown and hand-cut crystal— 
the jewel in its crown—con¬ 
tains a number of inherent risks. 
It is, for instance, entirely de¬ 
pendent or the good will of an 
unusually highly skilled work¬ 
force; not surprisingly labour 
costs account for 70 per cent 
of total costs. 


Multipot 


1-5. father of Waterford’s current two years. This level of market around £2.5m. pre-tax By chance the timing of the w ^ s ta^S toe right steps ro offshoot might be a useful 

S £ ’ iulIU chairman. Senator Paddy. Me- demand shows directly. in an un- Switzers and Snuth produc- purchase turned out to be.right ( ^ gesl the. acquisition. adjunct to the Smith car busi- 


chairman. Senator Paddy. Mo demand shows directly in an un- Switeers and Smith produc- purchase turned out to be right, the.acquisition. 

. .Grath, whose family is still the interrupted record of profit in S ,P erha P s .* 9 V. 0 -°'™„ a P i ® ce ' from toe point of view of Water- a /V^ lth the balance sheet re- 
' major shareholder. Craftsmen growth over the past 23 years. A ynsley contributing £50,000 or ford’s management resources, structured and a year of con- 
'.were brought over from Europe Between 1967 (the first year » Hinde chipping » The glass side was in the process ““^tion behind them, the 

■and local apprentices taken on after flotation) and T970 alone £200,000- r of recovering from the 1973- d^ectors are-now poised for an- 

■-under the direction of Mr. pre-tax . profits rosq.: from The company has always pro- hiccup and Switzer’s develop- °toer bout of acquisitions. Mr._„_ _ 

-Charles Badk, himself a glass-'£444,000 to ,£LSttL, tiotwith- fessed complete satisfaction ment was proceeding with the Kealy, the finance direc- take over the British distribu 

-.maker from Czechoslovakia, who standing a major, development with its acquisitions and claims help of House of Fraser. The tor > ^ aims toat there is nothing tors of Waterford Crystal, more 

■"is still on the Board. programme which centred on a that each of them is showing main Waterford Board could,, specific the company has its a tidying up operation than a 

eyd’on at the moment, but it is true acquisition. 


adjunct to the Smith car busi¬ 
ness. but so far there has been 
no concrete move In that direc¬ 
tion. Overseas acquisitions are 
also on the cards, but to date 
the only such move has been to 


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actively assessing possibilities. ^ gj e 
There is no set plan' as to the Waterford 


.answer to what 
will buy next is 
nebulous, the reasons why it 
is buying in the market are per¬ 
fectly clear. Quite simply it 
has had to diversify both to 
protect itself from the risk 
tbe image of tbe crystal which attached to being dependent on 


direction the company will 
move in next Boardroom 
policy is simply to buy only 
where there is an existing- 
quality image (in keeping with 


Expansion of crystal output 
is also restricted by labour 
factors. Real growth could only 
come about by the building of 
a new multipot furnace. The 
capital cost, about £lm„ matters 
much less than the fact that 
the company already employs 
2.200 workers in a town with a 
total population of 35,000. One 
new furnace would mean a, 12 
per cent increase in this work¬ 
force. 

Tn turn a new furnace would 
also increase output by about 
an eighth: one of the factors 
which must concern a producer 
of high quality consumer goods 
is in maintaining an element of 
scarcity value. Waterford can¬ 
not afford to flood its market 

At the same time it is 
already up against capacity with 
its current facilities. With total 
output pre-sold a year in 
advance, the company is well 


protected against a sudden drop 
in consnmer spending, but it 
has little room to take advan¬ 
tage of any sudden upswing. 
Factory stocks amount to only 
three days’ output. 

Finally, there arc currency 
fluctuations to be thought of. 
These arc of particular concern 
to a company which is so 
heavily involved in export. As 
it turns out, the purchase of 
Smith, because it is an importer, 
will this year help to even out 
some of the dollar deficit 
caused by the strengthening 
pound. According to Mr. Kealy. 
this has been one of the sig¬ 
nificant benefits of diversifica¬ 
tion. 

Another has been the lessons 
learnt from the Switzer acquisi¬ 
tion. Through Switzers. Water-i 
ford learned at close hand the’ 
requirements of retailing 
groups—to which its crystal ouri 
put is finally directed. Being 
involved in retailing has also 
taught Waterford the virtue ofi 
dose attention to cash flow, and: 
this is now being applies 
throughout the group. 

The particular advantage of 
Hinde is that its business 
independent of the consume*, 
industry fluctuations • whicM 
affect the other main divisions; 
so it provides a useful, if rela¬ 
tively small, defence against a 
downV’rn. ; 

Analysts may not like con-! 
glomerates, but so far Water-, 
ford seems to be showing that 
turning conglomerate can be 
an asset, both defensively ang 
in a positive sense. 






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14 

LOMBARD 


Strains in the 
U.S. banks 


BY ANTHONY HARRIS 


-GEOFFREY WOOD is an English 
economist who has become quite 
well known is the City: until 
recently* he was one of the 
authors of the Greenwell 
monetary bulletin, the market 
commentary that so often turns 
into a lecture for the Bank of 
England. Now he is on a year’s 
visit to the U.S., and in the 
bulletin of the Federal Reserve 
Bank of St Louis—the banking 
headquarters of pure monetarism 
—he shows that the Atlantic 
crossing has not changed his 
habits. He has written what 
seems to be a sharpish lecture to 
certain economic commentators; 
Irat by implication he is getting 
at the Fed itself. That will teach 
the system to be hospitable to 
Englishmen. 


Operations 


His title is M Do foreigners 
control the U.S. money supply ? ** 
which is answered with a strong 
negative, which makes rather odd 
reading hack here at home; for 
he seems to be looking at the 
wrong foreigners. The foreigners 
he has in mind are hankers in 
the Eurodoi'ar market—whn are 
often enough Americans anyway; 
and he shows that operations in 
the Eurodollar market which 
must always be based on deposits 
with U.S. banks, cannot increase 
the U.S. money supply in any 
fashion which the Fed cannot 
control. The credit in the market 
can always be traced to U.S. 
credit and the deposits simply 
change hands. 

This looks to me very much 
like the wrong answer to the 
wrong question. It is true 
enough that the Fed has the final 
say In the market; but it is not 
true that Eurodollar transactions 
do not enlarge the U.S. money 
supply. External demand does 
enable U.S. hanks to lend nearer 
to their limits. 


transactions can put the banks 
and the control system under 
strain; but when the borrowing 
reflects speculation against a 
weak currency, the position 
changes radically in a way which 
Ur. Wood does not seem to con¬ 
sider at all What happens when 
people borrow dollars to sell 
them to some other central hank 
—in other words, when other 
monetary authorities are inter¬ 
vening to support the dollar? Hr. 
Wood addresses only the ques¬ 
tion of what happens when the 
Bank of England, say. buys U.S. 
securities from a private U.S. 
bolder; and he shows, quite 
rightly, that this simply repa¬ 
triates the dollars that were sold 
in the first place, and does not 
enlarge the U.S. money supply. 

But the corollary which he 
does not mention u this: when, 
central banks buy securities 
from the US. authorities rather 
than from private holders the 
U.S. money supply goes down. 
In this very important sense, 
foreigners—central bankers, not 
Eurobankers—ore controlling 
the U.S. money supply. Essenti¬ 
ally they are buying up the 
dollars created by excessive 
lending and investing them in 
the U.S. Government securities 
the market does not want. 

The result is that excessive 
lending can go on without inflat¬ 
ing the U.S. money supply; and 
if the Fed allows its policies to 
be guided simply by money 
supply growth, without taking 
account of foreign intervention 
reducing the money supply, it 
will go on lending to member 
hanks to support yet more ex¬ 
cessive lending. 


Alarm 


Mr. Wood, In other words, 
seems to have fallen into the 
trap dug by monetarism for 
itself: he assumes that the bank¬ 
ing system is always fully lent 
Of course you have to believe 
this if you want to argue, as 
monetarists do, that the central 
bank has full control of the 
money supply through its control 
of high-powered money, or re¬ 
serve assets as we call them 
here. It isn’t true, all the same. 
The U.S. banks were quite re¬ 
cently in a very strong liquid 
position, with a loan-to-deposit 
ratio down 5 per cent from the 
1974 peak, and adequate free 
reserves. Now the loan ratio is 
right up again, and the banks 
are heavily borrowed from the 
Federal Reserve system. 

So far we can only conclude 
that foreign as well as domestic 


The result is that although the 
currency markets may look rela¬ 
tively orderly, and the money 
supply may appear to be well 
behaved, the banking system 
soon presents an appearance that 
has provoked the Bank Credit 
Analyst, a Canadian journal with 
a strong following in Wall Street, 
into paroxysms of alarm. It now 
forecasts not ooly a continued 
fall on Wall Street, but a credit 
crunch by mid-year. The reason, 
which is not clearly identified, 
is that the reserves of the 
American banking system have 
been draining across the oceans 
into the currency reserves of 
foreign central banks. As long 
as the central banks lend them 
back to the U.S. authorities, and 
the authorities lend them to 
member banks, everything looks 
fine except the ratios; but at 
some point the music stops. One 
can only hone with the Fed now 
giving explicit attention to ex¬ 
ternal factors, that It will stop 
before we all fall down. 


Fine 



is for 


Financial Times Tuesday Jammy 17 1878 



P 


WINTER-TIME la traditionally 
burgundy time, and so the first 
article here of the year is 
properly devoted to it. Those in 
Britain who favour red burgundy 
over other wines have never- 
been provided with the range of 
fine growths available to those 
who o;?t for claret; and for 
geographical as well as historical 
reasons this has always been the 
case. Bordeaux, accessible to the 
sea, was always able to export 
its wines more easily than land- 
girt Burgundy, and our three- 
hundred year rule of Gascony 
helped to maintain the connection 
ever after. Paris and northern 
France, on the other hand, relied 
on burgundy, often brought down 
the Seine, while bordeaux only 
ob tain ed a measure of accept¬ 
ance at the Court in the lath 
century. ■ , 

If one goes by Christie's cata¬ 
logues, stretching back more than 
200 years, burgundy occupied a 
very minor place in the saleroom 
compared with claret; and this 
was true right up to the Second 
World War, with such burgundy 
as offered being very much con¬ 
fined to village wines, such as 
Nuits St Georges and Beaune. 
And single-vineyard wines were 
scanty on most merchants’ retail 
lists. 

It would be wrong to deduce 
from this that claret has been or 
is generally preferred by wine 
drinkers in these islands. One 

ndy 
ways 


been more-expensive than hor- 
deaux, and there is not the 
enormous range in quality, 
quantity and price procurable in 
Bordeaux, from clawed-growths 
to basic bordeaux wage- The 
Cote d'Or produces only about 
300.000 hL a year of appellation 
controlee wine, a tenth of Bor¬ 
deaux output 

Until the AC laws were strictly 
applied here on our entering the 
Common Market in-1878.-a great 
deal of wine was shipped from 
Burgundy without appellation. 
Much was, shall we say, generic 
rather than authentic village 
wine, but those who knew their 
way about the Burgundy region, 
often bought for two-thirds or 
less of the AC price excellent, 
authentic wines surplus to the 
excessively strict official maxi¬ 
mum yields, which since 1974 
have been relaxed and increased. 
As Britain was the great market 
for such “ surpluses,** no longer 
able to secure entry here — 
though it would be naive to 
believe that in France they no 
longer exist — to us burgundy 
looks all the more expensive. 


the Hospices <Je Beaune auction 
in November they were much 
the largest foreign buyers. 
Further, as everywhere m 
France, there has been a marked 
rise in- consumers’ direct buy¬ 
ing. The merchants* association 
In Beaune is now engaged is 
trying to secure a reliable esti¬ 
mate of the scale of 'rente 
directe, but it is probably not 
less than 25 per cent of. the 
average production. Conse¬ 
quently there is less available 
for sale to the merchants. 

Moreover, there tend to be 
fewer successful vintages la Bur¬ 
gundy .than in Bordeaux. When 
they axe bad in the former’s 


having in many cases already 
disposed of the bulk of their *76s. 
So the no-mon-than-moderate 
*77s are already dearer than their 
superior predecessors, the best 
are already sold, and prices are 
continuing to rise. 

The likely consequence Is that 
those here in Britain who wish 
to secure a selection of the finer 
burgundies must accept the pat¬ 
tern of early purchase that is 
establishing itself for all vintage 
wines requiring maturing of * 
period of years. This is less easy 
with claret, for which there 
is an old tradition of offering 
young vintages for laying down, 
a practice now speeded up to the 


WINE 

BY EDMUND PEN Ni NG-ROWSELL 


f actor counting against bnrgux 
is that by and large It has alwi 


Unfortunately there is no 
prospect that this will change, 
unless It results from a sharp 
drop in the value of the franc 
in relation to sterling. Mean¬ 
while the neighbouring countries 
of . Belgium and Switzerland, 
whose thirst for fine burgundy 
has been matched by their buy¬ 
ing power, have been steadily 
increasing their purchases. At 


Continental climate they are 
usually very, very bad, especi¬ 
ally for the red wines. For 
example Burgundy did not share 
Bordeaux's good fortune In 1975, 
except in Cbablis, while 1973 and 
1974 were generally worse in 
Burgundy than in its rival. 

Accordingly, for one cause or 
another, there is usually far less 
back stock in Burgundy than in 
the Gironde, so that the mer¬ 
chants in the region these days 
have to buy, and often to sell, 
very quickly. Just now the trade 
there is very short of supplies. 


extent of offering “unseen** 
wines still lying in cask at the 
chateaux. These include both 
the 75 and 76 clarets, but for 
the *78 burgundies I am- aware 
of only one comprehensive selec¬ 
tion offered last spring, by 
Averys of Bristol. As most of the 
big groups have, at least for the 
present, foresworn buying vin¬ 
tage wines for maturing, con¬ 
sumers will have to rely on the 
smaller firms with necessarily 
limited resources for buying 
en primeur. 

Fortunately, however, there 


are still some good Cote d*Or 
wines of the 71 and 72 vintages 
available on lists. Thera arc 7w 
too. but for very short-term 
drinking. Few 74s have yet 
arrived, but they should wt be 
overlooked, though, as with all 
burgundies, it depends who 
made each particular wiue- Your 
wine merchant should know. If 
the rad 75s are poor, the Tfls 
are certainly the best since 71. 
and perhaps further back into 
the 1960s. Judging from tastings 
in Beaune and Is London, in the 
auctions where Louis Latour 
showed to the trade a wngjrf 
his red and white 76s, the wines 
are fruity, hat not very big or 
backward, and should develop 
reasonably quickly. The 70 
whites mav not he as good as 
the 73s. for the foraer are 
t ho ught to lack a little acidity 
and ' firmness, but they are 
certainly successful wines. 

What in particular to buy must 
depend on personal preferences 
and available resources, but 
better value among single-vine¬ 
yard wines is likely at the 
premier cm than grand level: 
Maxis- or Charm es-Cham oc rt I 
rather than Chambeitln, Vosne- 
Suchots rather than Romanee- 
St-Ylvant. Batard-Montrachet nor 
PUligny Combettes instead of 
Montrachet. now extremely 
expensive. 

"Then, rising prices have led 
many in the last few years to 
look more closely at the lesser 
Cote d’Or communes, such as 


Monthelle and AwwyJDumraj 
In the boom years of the earl, 
seventies, increased plantin 
took place in the villages fcte 
up in the Cotes, such as S 
Remain and. St. Aubin. wfcU, 
there are two new apprtlatiom 
Hautes-Cotes-de-Beaune ext 
HautesGotM-de-Nuits. AU the* 
wine* tend to be tighter th* 
those more in the “front lfce 
of the two district*. . 

Also attracting more attenkio: 
these days, and with it htghfi 
price*, are the Cote Chalonniit 
wines:' Glvry. Rutiy and ten 
curoy among the rads, and Ruftj 
Mercurey and Montagny amon 
the whites. The rads are light*; 
the whites less distinctive the; 
those of the Cote d’Or, jn 
nevertheless both nan be aft 
attractive, though normally fie 
long-livers. 

If the general me ssa ge it da 
more and more it pays to bn 
burgundy young, one canse fo 
satisfaction may be that it i 
much easier to forecast ft 
future of a burgundy tba&.rt- 
claret. No one. In or out o 
Bordeaux, really knows tow ft 
75 and 76 clarets will taro pu 
but a pretty good alumna 
may already be made of the 7 
burgundies. A second Ukg 
cause for satisfaction la tin 
even in these days of promise 
diminution of inflation, one 1 
unlikely later to regret what on 
has bought at fieaMpotfe 
prices which will then look rt 
marfcaMy cheap. 


Jonjo O’Neill could be on 

t 

another treble at Wetherby 


IT WOULD seem that Jonjo 
O’Neill has only to get astride 
horse In order to ensure 
victory, and the probability is 
that he will be among the 
winners again at Wetherby to¬ 
day. 

In division I of the Healaugh 
Novices Hurdle he partners 
Tudor Jig, a high-class performer 
on the flat provided that the 
ground is soft (he won the Tote 
Spring Handicap at Doncaster 


RACING 

BY DOMINIC WIGAN 


and the Northern Free Handicap 
at Newcastle in such conditions 
last spring and I shall be sur¬ 
prised if the combination is not 
successful this afternoon. 

Later, the season’s leading 
jockey under National Hunt 
Rules can complete a double in 
division II of the same event on 
Royal Legend, an easy winner 
at Tees&lde last month. 

And it is on the cards that- 
there will be two more—Foreign 
Field in the Wlke Handicap 


Chase and Greystoke Rambler In 
the Keswick Handicap Chase. 

Ice Plant, a useful performer 
over bardies, would only have 
to jump fences accurately in 
order to win the Collingbam 
Novices Chase for Captain 
Neville Crump's Middleham 
stables. 

At Wolverhampton, Great 
Brig, thougb by no means the 
best of Fred RimelTs collection 
of promising young jumpers, 
performed sufficiently well as 
runner-up to Toussaint at 
Cheltenham a fortnight ago to 
suggest that he ought to be cap¬ 
able of winning the Beseot 
Novices Chase. 

And in the absence of 


Mackelly, Beach Party, also from 
RimelTs emporium may fulfil 
promise by landing division .1 of 
the Bridgnorth Novices Hurdle. 

Sean, from John Webber’s well 
managed Banbury stable, is my 
idea of the winner of division 
II of that event 


WETHERBY 

1.30— lee Plant 
2.00—Foreign Field 

2 . 30 — Tudor Jlg*« 

3.00—Greystoke Rambler 
3^0—Royal Legend** 
WOLVERHAMPTON 

1.45— Beach Party* 

2.45— Great Brig 

3.45— Sean 


Boat show for Guernsey 


Boat Show Channel Islands, 
of Guernsey, is planning the first 
international boat show to be 
held in the area, using SL Peter 
Port’s new conference, exhibition 
and leisure centre at' Beau 
Sejour, and part of the Victoria 
Marina. 


The company expects to attract 
more than 100 exhibiting com 
ponies from the U.K., France, the 
Channel Islands, and farther 
afield. 

The show will take place from 
May 1 to 6. 




BBC 1 


t Indicates programme In black 
and white 


9.10 aon. For Schools, Colleges. 
12.45 pjn. News. 1.00 Pebble 
Mill 1.45 Ragtime. 2.00 You and 
Me. 2.14 For Schools, Colleges. 
3.25 Pobol y Cwm. 3.53 Regional 
News for England (except 
London). 3.55 Play School. 420 
Wally Gator. 425 Jackanory. 
4.40 Animal Magic. 5.05 John 
Craven’s NewsrouncL 5.10 The 
Magic Gorilla. 5.35 Fred Basset 
5.40 News. 


5,55 Nationwide (London and 
South-East only). 

6.20 Nationwide. 

8.50 One More Time (London 
and South-East only). 

7.20 The Oregon Trail. 

8JL0 The Good Old Days. 

9.00 News. 

9-25 Play For To-day. 

10.50 To-night 
11.30 The Engineers. 

1L55 Weather/Reg ional News. 
All Regions as BBC-1 except at 
the following times:— 

Wales — 2J2-2J7 p.m. For 
Schools, W54-20 Wales Today. 
MO .Heddiw. 7.15 Pobol Y Cwm 




F.T. CROSSWORD PUZZLE No. 3,569 



ACROSS 

1 One wbo mourns later about 
people (S) 

5 Crept surreptitiously to the 
north but was nicked (6) 

9 Tend to accept bet and 
appear occupied t8) 

10 Abdominal irregularity puts 
her in a mess (6) 

12 & 13 Final items 1 can re¬ 
order for this paper (9.5) 

14 Help lo make a wager Ml 

16 Submerged that which doctor 
possessed (7) 

19 A large article I left for ser¬ 
vant (7) 

21 Key part of bieycle frame 
(4) 

24 Deceive roguish leader in a 
moment (5 i 

25 Be seen In false-teeth for 
security (9) 

2? Catch part sent back to the 
north-east (6) 

28 Film cartoonist could make a 
man riot (S) 

29 Stop working and make 
mnney (6-t 

30 Tolerate Irishman and refuse 
to budge (5.8) 


6 The ideal number in 15 (6-3) 

7 Arrive on top of pit with ex 
plosive (4-4) 

8 The driver’s left port for 
sailors (4.4) 

11 Lump of earth left inside 
Ssh (4) 

15 Coloured sailor seen in card 
game (9) 

17 Dull hair used for part of 
bed m . 

18 Priest and T must appear In 
cathedral (Si 

20 Cover nothing in swimming- 
pool (4) 

21 Taxi I catch has more than 
one 18 (7) 

22 Public transport put up in a 
row (4-2) 

23 Animal with paws round 
vicar (6) 

26 No people take this name (5) 
Solution to Puzzle No. 3.568 


DOWN - 

1 Excuse the French gentle¬ 
man (3,3) 

2 Excavation yielding pottery 
with one name inside (6) 

3 Light fabric from man in 
Ontario (5) 

4 Poet, for example, in eastern 
catalogue (7; 



(senod) pennod 16. 7.45-8.10 Ask 
the Family. 1-55 News and 
Weather for Wales. 

SCOTLAND—5.35-6.20 pjn. Re- 
orting Scotland. 1L55 News and 
father for Scotland. 
NORTHERN IRELAND—253- 
3.55 pan. Northern Ireland News. 
S.55-&20 Scene Around Six. 6.50- 
720 Here’s Now. 11.55 News and 
Weather for Northern Ireland. 

ENGLAND—5.55-6.20 pjn. Look 
East (Norwich); Look North 
(Leeds, Manchester. Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol); South To¬ 
day (Southampton); Spotlight 
South West (Plymouth). 650-7-20 
East (Norwich^ In a Country 
Churchyard; Midlands (Birming¬ 
ham) Summer Diversions; North 
(Leeds) Young Music Makers; 
North East (Newcastle) Box 
Clever; North West (Manchester) 
A Good Sing by local choirs; 
South (Southampton) Hey Look 
... That’s Mel; South West (Ply¬ 
mouth) Peninsula; West (Bristol) 
Breakthrough. 


BBC 2 


11M 

243 


3.00 

340 

7.00 

7.05 

7.30 

840 


9,00 

uo 


10.25 

1045 

11.03 


_ Play School. 

van. Other People's Child¬ 
ren. 

Film as Evidence. 

The Living City. 

News on 2 Headlines. 
Propaganda With Facts. 
Newsday. 

International Pro-Celebrity 
Golf. 

Spike Milligan In Q7. .- 
Hussein—The Survivor 

King. 

In The Looking Glass. 

Late News on 2. 

The Old Grey Whistle Test. 


LONDON 


840 a.ih. Schools Programmes. 
12M The Wotsit From Whizz- 
Bang. 1240 p.m. Stepping Stones. 
1X30 Kitchen Garden. 1-00 News 
plus FT index. 1.20 Help! UO 
Crown Court. 2.00 After Noon. 
US The Stars Look Down, 

The Rolf Harris Show. 3-50 
Couples. 440 Get It Together. 4.45 


Magpie. 5.10 Sportscene. 

545 News. 

6.00 Thames at 6. 

645 Crossroads. 

7.00 B*ve Allen. 

740 The • Streets of San 
Frandsco. 

840 Rising Damp. 

9.00 Wilde Alliance. 

10.00 News. 

1040 The Children of Aberfan. 

1L15 Quincy. 

1240 ajn. Close: Karin Fern aid 
reads a poem about 
Christianity. 

AH IBA Regions as London 
except at the following tiims:— 

ANGLIA 

US PJB. AnstU News. 2-00 HooMpnrtp. 
Ut Tbe Electric Theatre Show. 5 J 5 
Emmerdale Farm. 6 jjo About Antfta 
Including Police Call. 748 Mortal’ On, 
1 U 5 Tbe Prlaooer. 12-15 mi. ChriftUim 
In Action. 

‘ ATV 

UO P.m. ATV Newwle*. 3-28 The 
Electric Theatre Show. 545 Mediterranean 
Vonrare. AM ATV Today. 749 Emmer- 
dale Farm. TJO Dave AHen. UO Cbarile'l 
Angels. 1145 GibbsvlHe. 

BORDER 

fU 8 pjn. Border Xews. ZOO Fosk- 
party. 348 Friends of Man. 545 Indoor 
League. MO Loofcarouod Tuesday. 7 M 
Eauncrdale Farm. 740 Dare Allen. 8-00 
Charlie’s Angels. 1145 BarotU. tUH 
a-m. Borders News Summary. 

CHANNEL 

748 pa. Channel Lunchtime Neva, and 
What’s On Where. 348 Wish Vot Were 
Here. 545 Tlw Fllmstones. fc.00 Beoart 
At Six. 740 Treasure Hunt. 740 S true is 

San Francisco. 8 J 0 Dave AJlon. 7840 
Channel Laic Netrj. n it west Side 
Medical. 1240 a.m. Comment a Ires el 
PretiMooa M ctcorolmrtQues. 

GRAMPIAN 

V- 2 * Ml. First Tbtng. 148 pjn. Gram. 
Wan News Headlines. 348 Women Only. 
545 . Wings 'n‘ Things. SAB Grampian 
Today. & 4 B Country Y ocas. 740 TUngiim- 
my#?. 1145 Reflections. XUS Police 

Woman. 

GRANADA 

UP pjn, mis is Your Rlstat. 34 » 
Mr. and Mr*. 548 This is Your TUptn. 
545 Crossroads. 8.00 Granada Jteports. 
840 Emmerdale Farm. U ..15 Play the 
Came—Smoker. Ito Wait Till Tour 
Father Gets Home. 

HTV 

1.28 p-m. Report West Headlines'. 145 
Report Wales Headlines. 2 AO Houpcparty, 


340 Tbe Electric Theatre Show. 345 
Sjnbad junior. 340 Crossroads, 8 A 0 
Report West. 845 Resort Wales. 848 
Emmerdale Pam- 7 JO The Btoptc 
Woman- IJO Cuckoo la tbe Kml U 45 
Executive Suite- __ 

HTV Cymrn/WulM-At HTV General 
Service except: L 2 PU 5 pjn. Penawdau 
Nswyddion j Dydd. 840 Y M«rd»* 
qias a Chlndwr. OMA Yr Arfogwry. 
808845 Y Dydd. 1745 Personal Report. 
7 WM 2 J 0 sum. Ce lebrit y Square*. 

HTV Woat—As HTV General Service 
except: 1484-30 mot. Report West Head¬ 
line*. 845448 Report West 

SCOTTISH 

145 pm- and Road Report 348 
Mr. and Mrs. 545 Professor KlcreL 548 
Crossroads. 540 Scotland Today. 848 
Wtaars Yoor Problem? 7 AO Emmerdale 
Farm- 748 Dave Alton. 140 Thingummy- 
itg—Jack McLaughlin. U 45 Late CaJL 
1140 Rush. 


SOUTHERN 


140 p.m. Soot hem News. 240 Honso- 
party. 348 Survfval Special: “Call of 
the Fish Eagle " 545 Betty Boop 549 
Crossroads. 540 Day By Day Including 
Sonthsport, 7 JO Emmerdale Farm. 740 
Dave Allen. 840 Charlie’s Angels. 1145 
Southern News Extra. 1145 The 
Practice. 


TYNE TEES 


848 a-m. The Good Word followed by 
North Ea»t News Headlines. 140 p.m. 
North East News and Lookanmod. 340 
The Odd Couple. 545 Friends of Man. 
840 Northern Life. 740 Emmerdale 
Farm. 748 Dave Alton. 840 Charlie's 
Angels. 1145 The Dame of Sark. 1245 
a-m. Epilogue. 


ULSTER 


148 p.m. Lunchtime. 348 Mr. and Mrs. 
4.18 Ulster News Headlines. 545 Friends 
of Man. 840 Ulster Television News 
8.05 Crossroads. 840 Bcpons. 740 
Emmerdale Farm. 748 Dave .Allen. 840 
Charlie's Angels. 1145 Pro-Celebrtty 
Snooker, followed by ’Bedtime. 


WESTWARD 


1247 pjn. Gas Honertnn's Birthdays. 
140 Westward News HeadUnra. 340 Wldi 
You Were Here. 545 The FJinuaones. 
640 Westward Diary. 740 Treasure Hunt. 
TJO Streets of San Frandsco. 848 Dave 
•Alton. 1048 westward Late News. 1145 
West Side MedicaL 1248 mm. Faith for 
Life. 


YORKSHIRE 


148 p.m. Calendar Xows. 348 House- 
pony. 545 Indoor League. 640 Calendar 
•‘Emiey- Moor and Belmont editions!. 
7.00 Emmerdale Farm 7«4 Dare Alton. 
848 Charlie's Angels. U 45 . Police 
Woman. 


247ni 


RADIO l 

(S 3 Stereophonic broadcast 
648 a. si. As Radio i. 74 ! Noel 
EtUnwids. 840 Simon Bates. 1141 Panl 
Burnett including 13.30 p.m. N’ewdieaL 
2.00 Rid Jensen. 4 J 1 Dave Lee Travis 
including 3.38 Xewritoat. 740 Folk 78 
fS. Holm Radio Z>. 843 As VHF. 1843 
John Peel fS>. 12 JM 2 J 5 a.m. . 4 1 Radio 


VHF Radios 1 and 2 : 840 a-m. With 
Radis 7 . including 1.53 pjn. Good Listen¬ 
ing. 8,82 Hqbcrt Gregg at Tbe London 
Theatre, pert 28 . 742 Among Ycmr 

souvenirs is«. 1042 with Radio 1 and 
1240-1245 a-m- With Radio 3 . 


RADIO 2 1 *5W“ and VHF 


840 a.m. News Summary. 842 Ray 
Moore with The Early Show IS) mdudiw 
fi .13 Pause Tor Thought. 742 Terry 
Vagan fSi foduding 3*7 Racing RUlieUQ 
and 3.43 Paltfc for Thought. M 4 ? Jimmy 
Young 'Si- 1245 p.m. Wassoncn' Walk. 
1243 PeW Murray’s Open House (S» In¬ 
cluding 1.-13 Spans Desk. 240 David 
Hamilton ISI including 3.43 and 3.15 Sports 
Desk. «J 8 Waggoners' Walk. 845 Sports 
Desk. 847 John Dunn iSi including 3.43 
Sports Desk. 845 Sporu Doric. 742 
Folk 78 rS>. 7 J 0 On The Ttatad Beat (S>. 
8.02 Soccer Special 'MCkHx only: 1484 kHz 
as VHF i. 940 Jains vHF. 945 Spans 
Desk. 1842 Bear tbe Record. 3040 
Prunella Scales says Be My Guust. 12.62 
Brian Matthew with The Late Show. 
IZ 8 B.I 245 oju. News. 


Interval Reading. 1248 p.m. Music for 
Voice and Harp. Dart 2 . 140 News. 1-85 
The Arts Worldwide. 148 Symphony Con¬ 
cert in Be rim part 1 CSV 240 Interval 
Reading. 245 Symphony Concert, -pan - 
240 BnethoveD Prom Bristol 15 ). 345 

A Little Light Music iSi. 845 uj Jteincry 
of John Clough ffl}. 545 Jazz Today on 
record? cSi. 5.85 Homeward Bound (Si. 
645 JVir-vs. 840 Homeward Bound (con- 
tinned'. 848 Lifelines; Work and Train¬ 
ing- 7 Jo Royal Liverpool Philharmonic 
Orchestra part 1 : Beethoven, BsrtoB (SI, 
845 A Self-PprtralL 145 Concert part 2 : 
Dvorak (Si. U 8 A Dialogue on tb« 
French Revolution hy Maurice Cranston. 
18.28 Leontyne Prion sore redigj 'Si. 
18.88 Haydn'and Beethoven piano recital 
(Si. 1145 News. 1 UUU 5 And Tonight's 
Sclmbert Song <S>. 


R ADIO 3 4Wm, Stereo &ITIF 


6-55 a-m. Weather. 748 News. 746 
Overturo (Si. 840 News. 845 Morale* 
Concert (S'- 140 News. 145 tUi Week’s 
Composer: Franck (S). 140 Academy of 
the BBC (S’- 1635 In Short (talk). HAS 
A Lair Moan Quartet <S>. 2345 Kndc 
tor Voice asd Harp HK 1 ( 6 ). 3 Z 40 


RADIO 4 

434m, 330m, 2&5m and vUf 
t Medium Wpvs wy 
6 .U a-m. Neva. I 4 T Farming Today. 
845 Up to the Hour, 842 (VHF) 
Regional News. 7.88 News. 748 Today. 
745 L’P lo dm Hour (coqUnoedl. 742 
'VHF) Regional News. 8.00 Neva. 840 
Today including news headlines, weather, 
papers, sport. M Yesterday in Partla- 
Ptortt. 548 News. $945 Tuesday Call. 
$1840 New, RMS Retmd Europe Qul*. 
1039 Pally Snnlee. ftto UnrnJna 
Story- HU! Nows. 0145 Thiriy-Mlnote 
Theatre. 0145 Pro Ole. 12.90 Nen-c. 
1242 p.m. Yon and Yoon. 124 * pawn 
island Discs. 0235 Weather, programme 
revs: VHP (except London and S.E.i 
Regional Neve. 148 The World At One. 
138 The Archers, to Woman's Hour it 
from 2 . 00 - including 240 - 3.02 News). ? 2 JS 
Listen with Mother. 340 Nart. 34 $ 
The Plefcwlrit Papers (Si. dj )0 News. 
445 Gardeners’ Question Tima. 845 
Story Time. 548 PM Reports. to 
Sarendlptax <S). tSSS Weather, aro- 


gramme news: iVHF* Regional News. 
8.88 News including Ftiuoctal Report- 
840 The Burklss Way. 74 # New. 745 
The Archers. 740 Time fnr Verse. TJO 
Royal Li»erpw.| Philharmonic Orchestra 
concert (as Radio Z) iSi. 945 Katetdo- 
scope. 939 Weather. 1040 The World 
Tonight. 18 J 0 The Enihnaiasn. U 4 Q A 
Book at Bedtime. 1145 The Financial 
World Tonight. 1238 Today in Portia 
ment. HAS News. 

Far Schools (vhf only): to a.tfe -2248 
Md 240-340 P-m. 

BBC Radio London 

206m and 94 J VHF 
8-88 a.m. As Radio 2 . 6 JD Rush Hour. 
949 Ne>s Extra. US London Urn. mas 
I n Tnvn. 1243 p.m. Call in. 243 288 
She*esse. 443 Home Run. 6 AB Look, 
Slop. Listen. 738 Ip TOKd <u ll.oa 
a.m.). 838 AU Thar Jaar 1043 Late 
Night London. 1248 -Clnsr: Aa Radio 2 . 

London Broadcasting 

' 261m and 07.3 VHF 

5.8O «jn. Morning Mukr. 840 A.K. 
nidi non-stop Dent, travel, sport, re¬ 
news. btformadon. U 43 Brian Hares. 
140 p.m. LBC Reports Intfuding George 
5 ^’*O'clock Call. L 80 After s^nui 
lac Gilchrist. . 940 -lJIQ 8.m. NlghUne. 

Capital Radio 

134 m sudBMYfff 

840 a.m. Graham Dene's Breatfan 
Show (Si. 940 aiiiimel Aspcl (Si. nn 
Mike Allen mtli Cash cm Delircry rgt. 
» 5 , (^m- Hager Scot! with his Three 
Tte [' f Sl - *40 Ijmdon Today 
ulib »vaa w#H 8 md Ppm Armstrong 
<S». 740 Adrian Lm's Open Line (S). 

We ■ V«r Mother 
Woukm t Like It (Si. U 4 p Tony Myao’s 
I 4 te a«rw (S». 240 ajn. Peter Young’s 
Kirin Plight (5). 


Breughel breaks record 


BY ANTONY THORNCROFT 


A VERY successful sale of Old 
Master paintings at Sotheby 
Parke Bernet in New York on 
Friday totalled £1.024,500 and 
set American records for ■ six 
artists. 

The most important was the 
£291,666 paid by the Swiss 
dealer David Koetser, bidding 
by telephone, for Flowers is a 
glass vase by Jan Breughel the 


Elder. Four times the estimate, 
tills was the highest ever price 
paid for a still life at auctions. 

Other records were the 
£35,526 for a still life by Abra¬ 
ham van Beyeren; £31,250 for 
a river landscape by Joost de 
Momper; £29,950 for a vase of 
flowers by Nicholas van Veren- 
dael; £14.583 for another still 
life by Floris van Schoolen; and 


£13,542 for yet another still lie 
of flower* and fruit, tills tin 
by Maris van Oostarwyck. 

Outside of the records, a-rit 
age wedding by Jan Stew 
realised £31.250 and a still Ilf 
by Pieter Claesz £26,042. Tw 
paintings by Jan van Goyen ndi 
for £24,740 and £13.750. a» 
skaters on a frozen river h 
Isaac Ostade fetched £23,449. 


APPOINTMENTS 




Marks & Spencer senior post I 


-ri 




Mr. Richard Greenbmy has 
been appointed a joint managing 
director- of MARKS AND 
SPENCER. Mr. Greenbury, who 
Joined the company as a maange- 
ment trainee and who has been 
en die Board for some yean, will 
be one of six joint managing 
directors. Sir Marcus SfelE.«the 
chairman. . and Mr. Michael 
Sacher, vice chairman, both serve 
ax Joint managing directors to¬ 
gether with Sir Derek Rayner, 
Mr. Brian Howard and Mr. Henry 
Lewis. 

★ 

Mr. C P. Cakebread, rice 
chairman of the KALAMAZOO 
GROUP, has retired from execu¬ 
tive duties but be remains on the 
Board as a non-executive diree-. 
tor. 

* 

Mr. Jbhn McNab, director of 
upper docks. PORT OF LONDON 
AUTHORITY, is to become joint 
director of manpower from 
February l and will work dosdy 
with Mr. John H. Gabony, direc¬ 
tor of manpower, who retires at 
the end of Jane. Mr. John N. 
Black, previously director of 
Tilbury, has been made director 
of docks. 

* 

Mr. W. H. Co ates has been 
appointed by HUMPHREYS AND 
GLASGOW as consultant on 
pbosphatic fertilisers. Until his 
retirement, Mr. Coates was chair¬ 
man of the agricultural sector of 
Albright and Wilson. 

★ 

Mr. Trtstao da Conha has 
joined LONDON AND CON¬ 
TINENTAL BANKERS as general 
manager, Latin America. He was 
previously with London Multi¬ 
national Bank. Mr. Manuel fiL de 
O&nbal bas moved to London 
and Continental Bankers, as area 
manager—Southern Europe, from 
Banco Totta and Acores. 


been appointed chief executive of 
the SALTER GROUP and 
managing director of George 
Salter and Company (part of tba 
Staveley Industries Group). Mr. 
Pblfip Bache relinquishes his 
positions as chairman and joint 
managing director of Saitera and 
becomes non-executive chairman. 
★ 

Mr. G. A. Rogers has been 
appointed to the new post of 
deputy financial director of tbe 
LONDON ELECTRICITY BOARD- 
tr 


Mr. Robert J. Middleton has 


Mr. Hi B. Derbyshire, managing 
directoi 1 - or the industrial division 
of the Fifth Cleveland sub group 
of GKN, bas been appointed 
chairman of GKN Farr Filtration. 
He replaces Mr, M. P. Rathbone, 
joint managing director of Firth 
Cleveland, who remains on tbe 
Board of GKN Farr Filtration. 

★ 

Hr. B. Bordeldn has been ap¬ 
pointed a director of Arcon 
Building.. Exports and Taylor 
Woodrow (Arcon), members of 
the TAYLOR WOODROW GROUP. 
* 

Mr. PWIlp A- Lalt has been ap¬ 
pointed a director an d cha irman 
of all companies in tbe STERLING 
GROUP ■ following the death 61 
Lord Plurenden. Mr. Lait is 
chairman and managing director 
of Philip Lait and Co. and is also 
on the Board of MF1 Furniture 
Centres. Lady Plurenden has 
joined all Boards in the Sterling 
Group. 

* 

Woods and Maslen has formed 
a subsidiary caHed WOODS AND 
MASLEN (U-K. INSURANCE 
BROKERS) to control and develop 
non-marine commercial insurance 
portfolios. Directors of the new 
concern are Mr. A. W. Higgins 
(chairman). Mr. R. C Woods, Mr. 
K. J. Monk (managing), Mr. M- R- 
Fox and Mr, R. A. Skinner. Mr. 


J. HoOewbresd Is assistant direr 
tor and Mr. G. N. Clark cornu!tan' 
* 

Mr. G- M. Watson has bee 
appointed a director of BOWMJEJ 
AND KIRKLAND (PLANT) aw 
continues as general managei 
The parent concern is J. D. Wfiti 
★ 

Mr. Richard Adkins hag Join* 
ARTHUR PRICE OF ENGLAN1 
as sates director. He was pre 
viously with Viners. 

* 

Mr. Ronald Lowe, fonBdri 
managing director of Go!a Sport; 
has become general manager o 
DUNLOP SPORTS COUPAN* 
Mr. David Sealey. who was mv 
keting director of Dunlop Sport 
wiU take up a new appointnm 
as projects manager tn Dunlop* 
International Sports Group. 

★ 

Mr- John Purdlram has bee 
appointed to the newly-create 
post of financial controller an 
secretary of the PRESS ASSOCM 
TOW. the national news agenc 
He has been the company's seen 
tary and chief accountant sine 
July 1968. 

Mr. Blake -Gmst has bee 
appointed managing director < 
Tower HH1 Developments an 
Victoria Trim Company, sobs 
diaries of C. T, BOWRING AN 
CO. 


MARIE CURIE 


Hor lift'! work enshrined in cht 
huraantarUn uncar mining, watfar* 
and rviuixh of tha Maria Curia 
Manorial Foundation, Will you pay 
tribute to bar memory by >up pore inf 
ganeromly with donation. In Mcmorlam 
Sift or baaqart. cflii vital need! 
DaacrtpCiv* laaffat of 111 it miqa* 
organisation available from 


Tho Secretary. 

124 sloahe Siam. London, swi 


NOTICE OF RJEDEMFriON 
To the Holders of 


Queensland Alumina Finance N.Y. 

m 


\% Collateral Trust Bonds Due 1986 

N V°!3E5J 6 * 1 *. puraj r ^ 10 provisions of the Queensland Mamina Rosneft 

*5 ° r f J-.W71, U.S. $600,000. principal amount rf the 

onhUrcb }, 1978, in ] icu of a redemption 





1C- Cl 2210 3926 6966 8180 

154 3331 4012 6022 8373 

250 2459 4014 6060 8349 

276 2543 4053 6U3 8448 

327 2881 4104 6117 8487 

38fi 3632 4184 6181 8573 

468 386 7 4326 6236 8647 
470 2734 4387 6242 8732 

550 2804 4450 6319 8784 

■ 705 2863 4647 6329 8840 
729 2889 4865 B4U 8919 

737 2912 4889 6438 9006 

740 3964 4763 6473 9007 
786 2969 4881 6556 9010 

879 3005 4993 8822 9071 

908 3040 4894 6687 9079 

964 3071 4928 G734 9164 

3002 3121 4993 6749 9256 
1039 3123 5082 6780 9273 
1110 3173 5140 6843 9293 
1230 3199 *323 6950 9315 
1293 3205 5300 6SS9 9344 
1363 32S3 8304 7061 9371 
1558 3381 3333 7104 9384 
1636 3380 5442 7204 9398 
1678 3404 8513 7310 9459 
1739 3438 6541 7409 9502 
1832 3474 5592 7427 9517 
1875 3548 G604 7307 8552 
1804 3850 5637 7817 9565 
1923 3637 B719 7857 9586 
1985 3732 5819 7937 9640 
2076 3771 5859 8021 6630 
2130 3778 5881 8079 SG93 
3214 3789 5947 8127 9766 
2309 3837 8949 8157 9799 


BONDS OF US. $1,000 EACH 


■9873 11466 13133 14861 
9913 11644’ 1 3173 14932 

9937 11569 13207 15004 

9949 11637 13275 15076 
9959 U714 13328 15118 

9074 11724 13345 15170 

S97S U77S 13419 15282 

9983 11845 13498 15272 

.9985 11892 13506 15298 

10008 11S35 13591 15342 

10011 11959 13812 15373 

10058 12020’ 13617 15406 
1 0089 -12063 13694 15477 
10077 12158 13718 15499 
J0106 12193 13725 25594 

10188 12216 13804 15639 

10248 12307 13839 35709 

10249 12321 13853 15746 
J 0323 12381 13926 16839 
10371 12434 14018 15886 

10439 12437 14037 15940 

10529 12490 14094 16032 
10802 12524 14113 16083 
10695 1 SOU 14125 16174 
10761 12808 14221 16205 
UB30 126B0 14285 16345 
10874 13730 14383 16365 
10919 12775 14388 16315 

11008 1277B 14433 18397 

11100 12804 14480 16417 

11148 12818 1+531 16481 

11184 12909 14681 16482 

11283 12963 14641 1GS33 
11307 12384 14685 16595 
11387 13038 14735 If— 
11460 13102 34813 ‘ 


IG699 18738 20957 21765 23103 24870 26490 28S2S 
Jf7« 18754 2097B 21793 23172 S 26953 28672 

ifliia SinS 28009 26830 28748 

TiSrf HffS 9 ? 1030 21809 23263 35049 26714 28838 
WJM 21056 21813 23330 25037 26796 2B86L 
16972 19177 21095 21838 23053 SSflSA 26891 28938 
17001 19191 21119 mutt 53303 gggj , £££55 

17133 lias IllM S£?S 251,4 283S& §}Q33 

IL 13263 31143 31893 23518 35318 37094 29158 

SJS S2IS 8? i P? li? 


15 Hal! 

Siii I 


^ 2i £2 aSS ggg SIS 

JJgSS 19770 21333 23090 2387a 25AM 27094 29600 
19845 31348 £2102 33809 3&S53 37591 
*3311 21349 33117 SsT? 297DS 27678 MTO 


1 ^ s ga isg g 7 ” gig 

jinti»+37 SSS iSft ss 3g 
SK ^ S8S irc! igf? sg S 

20724 216M ins 34627 K 
20786 -1667 22B28 34640 26289 28433 
jj™ 20846 21890 23893 34675 2B334 mS 
“*® 3 21713 22990 34766 26307 38483 
18127 20931 21747 33087 34863 26434 28649 

On .March 1,1978, the Bokida designated shove will become due imH m-u. « , 

rency of the United Slates of America as at the time of payment 4 all 

private debts. Said Bonds will i* paid, upon preaeiitaiion and ^*^4° lUt ^‘ 

appertaining Aereiostoaringafiertlwredeaiption date.ut tb^optim. of the^lSftr dWauflS 

officep of Mow Guapwity Trttot Smpaoy of New Yori? i^Bra^E 

rSSS^SjXiSZiS^ Mw 1 \ H ,r 2 V in t—** orsSS^^tlSSShi 

Iireembonrs SJL in Lwcemboutg. Payments ul Urn offices referred to in lb) abow 

ssyssu^ * * a *■"* * * **“ owoimt m SAssis 

Gmpons due Mar* 1, WjBsbould be detached and coUected in t].e nmal manuen. 
re^pSi. MflrCh h Jnlma AaUce33eta «» the Beads 


Dated: January 12,1978 


QUEENSLAND ALUMINA FINANCE NX 
5y W1IXIAMHOBBS, Afawawg Jfttttar 






YJS& 



1 1 
<• 






















































































r-Jr-.-l. 


' m **t * 



Financial- Times Tuesday January 17 1978 

layward Gallery 


15 



cord 


sensor 


./'• •;' by william packer 

- li 1 ? 0r s 061 * 11 *- to determine and sculpture, Edwardian dolls, post - 

-* s ft!tt» a«SS2 SiJSiSS" sha P e future. But the cards. 61m stills, dance mSc, . 

•, * mdre tU th« moment passed, and TaUins roof- yictorian engravings and illus- 

■ ; ecinafing body is inclined to top s^P^ony for factory sirens ' ■ ann ? nl apatomieg, 

. ■■■ * oi? X 15 «*» seemed taf a, iorlom aed C 

" Jtalisingly as any hologram, wistful conceit: his monument to Bosch, Breughel, Lewis Carroll' 

■■/St# JSS^SSl JJ* ** ““ was 

' tt TFJ* be built D *?g? 0ux an endlessly allusive and rtimu- 

■ . - d much 5 rS bSS ™ore Saje way with Europe. laUng confection of information 

■ • -hit&ntfoi ^ nJv * lo the hanhsurrealist order and idea. 

: ml. ,® aspect. •“SS* 2 .®“?" 0ur *tapl* ud closely direc- 

■ reverent and identifiable of ~?. re me * orab ^ writing itself te(J p rogreSs through the show. 

• 4 .? general advance towards the ™. e »rr historical internreta. “ d alfi0_ils gU* natuwlly lead 

‘nous business- of Surrealism. t : n „w-5S^»«^nS3T In “* to t0 distinguish between 

• . ./‘!i Hour longer view has changed Thi* rmmriT nf Dada and Surrealism, as one 

' that: recent- research has ™ con, ® eild ? f gives way insensibly to the other. 

. ^opened the matter- and tie S^tL Neitber °f 1416111 *«• ever tiroly 

.. .mptoma of Dada ban now be revolutionary., for they over- 

ocerned in what once would T»* e 2 t, iL?' ^°“5 de iber J turned or destroyed nothing; but 
to seemed the linlikeliest of „!?&*«? nSilre'ihle work ar^fhe the - v were both liberating move- 

. r -:l - Jw tients. a rash-here, a slight ments ‘ m *«ir and here, 

“■ :i •* .«r there: and they were break- perhaps, the essential difference 

■ 7 „■? out well before the condition rea i lties ‘ -^ 2 /^iiJL^.nhfr 4les - Dada fusing that label in 

- •...; - ; er received its name, In Zurich ma dftandan its widest sense) gave the artist 

1916. . . ency established betwem diverse se Vera , important freedoms, all 

, ^/Symbolists. Expressionists, and hitherto apparently nrecon- technical: a mass of new material 

- .Sst-Impressionists. Futurists, clI iPl B ??r„ wl S.' _«.«■■'«hiv,in„T, was ™ ad * available to him, 

‘‘ . iracists and Cubists - were inde ed anything at all, to be used 

■ • ( its carriers, most _ 0 f now filling the Hayward Gallery in aJU manner of-ways, in collage, 

"■'•r .''jm unknowingly; and. If its has nothing Like the same scope, construction, assemblage, photo- 

i s/^'aibation was extended, so its for^all that it is by any standard montage: after Cubism the image 
'.^bsequent spread'was to be cor- ® major historical enterprise, could be broken down and recon- 
... , ^-pondingly wide, leaving few dens® with material (the Pros-. stituted to expose . its many 
■'.'■-vlsts unaffected who did not P®ctive visitor would do well to facets to view simultaneously: 

'■ osciously disavow the. modern se * 8 ®ide several hours, or and in film, too, liberties could 
.... '^ivement.. The virus remains reconcile himself to more than now be taken with time and 
: ‘ ^tent to-day. a direct influence one visit, to do it Justice). It space. There was the freedom 

- • , ! *un the work even of mini- conforms to a loose chronology, to ouestion the nature of Art 
_ ylists and ConceptualistS- following through its own serpen- itself, a wry and teasing concep- 

11 Tt is nicely paradoxical that so tine course the various.'groups tualism: and . then the freedom 
’-reaching and insidious a of artists, ever changing and re- of th«» hand, freedom of action, 

ivement, a power not only in forming, as the scene' of their the Dadaist gesture, the auto- 

; lives of artists but affecting activity shifts from centre to nomy of the mark. Technicali- 

i whole of our culture.-Condi- centre, from Paris in.: 1912 to ties such as these quite apart 

hing our collective sensibility New York, Zurich. Berlin, Han- from the nuality of tbe work 

d commenting upon the kina over, Barcelona; Paris again, and *hev eneenderwi. hdn to explain 

world we have made for our- Brussels and London, and finally Dada’s continuing influence, 

i ves should once have seemed, to the present dispersion. Each with Surre alism however, the ort b° dox y from the heretic wilh of the past 30 years is poorly 

' • sr>an to the artists most deeply section is documented, and new freedom was never techni- sreat zeal. David Sylvester’s represented, and important issues 

7 - r - ^.icerned. so final, revolution- particularised by reviews, state- C al but rather imaginative and distinction, as between the left in the air. Surrealism may 

■ - wilfully nihilistic and ments. books; manifestoes and psvchological. to do with subject- Church of the early fathers and come to a natural end. but where 

1 - :; .<rtructive. ■' magazines: and the more.general matter rather than form. Asser- the ,ate £ established Church, is are the works to show the true 

• '* :- The times perhaps encouraged context is suggested by one of tivp literary and specific it has amusingly apt. Dada inheritance? Why do we 

; V -:h a view, at least during the the happiest featured of the show, al wavs been the most accessible . T b® pressure eases noticeably see; nothing of such artists as 

■' -r'- f>eat "War and its immediate tbe display cases discovered at of modernisms, and the most in ibe later sections of the show, Paolozzi, Richier. Davie, Hamil- 

- .'^'rolutionary aftermath, when intervals crammed .with a rich provocative the furthest manv perha £ s . because it really is ton; Bacon, Freud, Johns. Rau- 

• r!v Astern, Christian civilisation miscellany of stuff to read as we ever get with modern art: which beyond its proper schenberg. Warhol. Rivers, BaJ- 

. i : >med about to collapse, and like, direct influences iostling is quite far enough, thank you length, perhaps through a failure thus, Manzom, Klein, and on and 
• .i . <(•-_.* artist might reasonablv see it remote antecedents and contem- very much. Its apologists can be nerve on the part of the on, no Pop. no Mioimalism, no 
duty to Intervene, politically porary ephemera: primitive fiercely partisan, defending their organisers. In general the work toDceptuaJisra. no Carl Andre, 

- - ,. Kicnard Long nor Bob Law? It 

is never possible, of course, to 
iDelude everything; but to try to 
bring things up to date with a 
late Miro or two. a poor late 
Picasso and a good Magritte, 
without a hint of the subject's 
possible ramifications, is dis¬ 
appointingly narrow. Tt would 
have been better to stop at 1945. 

There are marvellous things to 

• n 0 V 6 rt-hslcss. despite these 

v I'irtiJy exhibition with the title being able to convey the essence a composition. The nurse can Hasselt In his informative note reservations ’ A room full of 
.embrandt and bis CeDtury" of a theme in a telling manner, act as an anchor of humanity, iu tbe catalogue that would make Magritte a wall of early 

'.i an irresistible appeal to Many of bis scenes are presented as she does in Shakespeare and an excellent handbook, observes j e Chirico Giacometti Miro 

• se with an unquenchable as if on stage: the protagonists Chekhov; a variant of this is that it was “ certainly a work in Grosz and Hannah Hoch 

— • >etite for seeing the works of rivet us in rather the same way provided by tbe wardress in its own right and not a study for passim,'each affords us moments 

. s great master and learning that we aTe captivated. by a Terence Rattigan’s Cause one of his pictures.” This draw- nQt « U8t of interest but of ex- 

, n .re about the artistic back- moment of theatrical intensity. Celebre.. iug is a reminder that Jongkind nnicite physical pleasure Man 

, ?-und of his period. The show Significantly. Roger Fry began Rembrandt achieves his effects was very much of a Dutchman: ^ ay to be one "of tbe 

.the Pierpont Morgan Library, to'abandon bis rigid concept of by combining different elements Van Gogh, too. ' g^ test of photographers 

w York, must be one of the formal analysis when. in/.Jater In his drawings—the use of a Two 0 f t|, e most exciting draw- 



100 Club, Oxford Street 


Georg Grosz: AKT 


ierpont Morgan Library, New York : 






The Age of Rembrandt 

by DENYS SUTTON, Editor of Apollo 


demands of their own song 
repertoire. I fear that my own 
taste has been corrupted by 

having beard Prey often on bis On Saturday January 21, at tion of the Rogues and Rascals: 
home ground: and his recital ou 8.00 p.m. there will be a literary Heathcotc Williams who wrote 
Sunday night, under the auspices cabaret at the 1CA Theatre, pre- AC/ DC. in a dramatic perform- 
of the Vocal Art Appreciation seated by Jay Landesman, pub- ance of bis play Hancock's Last 
Society, may have subverted lisher of Polytan trie Press and a Half Hour; Fran Landesman— 
others too. to judge by tbe re- former cabaret-theatre entre- American song writer singing and 
ception it had. It consisted preneur. The evening will be reciting from her forthcoming 
entirely of Balladen. that pecu- one of readings, songs and book of lyrics and verses Invade 
liarty Austro-German genre of dramatisations from the work of My Privacy; J. V. Stevenson—TV 
narrative songs — sometimes tbe writers he has published, critic and author of The Dotty 
jokey, sometimes melodramatic, with Landesman as the compere, in excerpts from his one-man 
generally short of tunes. Prey The writers participating are: show Dying In Style, a Decadent 
has a special affection for them Elizabeth Smart—author of By Entertainment; and Gideon Sams 

KStlS iSod? e “ ab6Ut " Rem ‘ s h u e £re2« ft tt C p°e“- S? A»»lf JB 

“ nlUfy i?D d u?S! br in nd Fry’s time, an mt^reta- SttStetlB ™"SS ^em- _ iformances (be Is surely a master from her new novel The Assnmp- Punk. _ 

both -have a 


Midnite Follies Orchestra 

by KEVIN HENRIQUES 

Memories — and echoes — of not really surprising as the of his own. "Midnite Follies." 
Harlem, particularly or the personnel was drawn from the Only the four-man rhvthm sec- 
Cotlon Club of the late 1920s best but not necessarily best- +i 0I . warranrpri criticism m-»iniv 
and -30s, were stirringly evoked known, players on the London “ ^ a ™“ d 1 

at the exciting debut on Friday jazz scene. for ,ts lumpy stodgmess. Per- 

of this exotically-named 13-piece Clarinettist and master oF the & a P s band’s forthcoming 

outfit which specialises in inter- penny-whistle. Will Hastie converts will gradually bring a 
preting the music of the bands soared and swooped in the style lighter, more relaxed feeling to 
of that era, notably Duke El ling- of Barney Bigard on “Rockin* this department 
ton. Fletcher Henderson and Cab in Rhythm ” and “ Saturday The orchestra also accom- 
Calloway. (To add an authentic Night Function” and was one panied Sweet Substitute, a per- 
historical touch, former Cotton of the three-man clarinet choir sonable close-harmony trio who 
Club singing star Adelaide Hall who evoked the steamy jungle immediately recalled the Bos- 
was listening appreciatively at mood of “ The Mooch." Multi- w,e11 and Andrews Sisters. These 
tbe front of the audience.) reedmen Johnny Barnes (lately thfee youngsters have a remark- 

The band is .the brainchild of of the Alex Welsh band) and *ble feeling for the 1920s-30s 
two of the country’s most enter- olav Vas were his two form id- period. While it was not sur¬ 
prising musicians: Keith N'icols, able colleagues. The trio of prising they sang “We’re in the 
piantst/trombooist and ragtime trumpets was equally impressive money,” “Heebie Jeebles” and 
protagonist, and Alan Cohen, with Alan-Elsdon (taking time “Runnin’ Wild" it was signifl- 
composer / arranger / saxist and from leading his own band), cant they included “ Big City 
unashamed Ellington devotee, the highly individual Digby Blues." a song of the now 
Both have written all the Fairweatber and Mick Collins neglected singer Annette Han- 
arrangemenls, none or which taking solos in their own per- shaw. This and other imagina- 
are slavish copies of the sonal style and not copying the live touches indicated this 
originals. Neither are they recorded originals. musicianly group have studied 

gimmicky distortions. Several of Keith Nicois inevitably had a the period and not simply 
the musicians assured me. solo piano spot (a James P. plucked out familiar standards 
though the music was not all Johnson number) and. apart 10 set on the nostalgia band- 
that easy to play. Any difficulty f directing thP band and W3 « on - They have made an LP 
was well concealed, however. rro “ mrcct, "S. the . Da " a 300 (Something Special, on the 
because tbe spirit, enthusiasm sometimes playing in the sax ueeca label) with the Midnite 
and quality of execution belied section. Alan Cohen contributed Follies Orchestra. It should be 
any serious problems. This was an Ellington-tinged composition worth buying. 

Wyndham’s 

Hermann Prey by david Murray 

Too much charm perhaps, and story-teller for children), and if Prey persona as was the Wolf- 
too beautiful a voice; in England a dozen ballads seemed short Goethe “ Rattenfanger,” a Pied 
these things do not recommend weight for an evening he made Piper with a specifically erotic 
a Lieder singer at any rate if he it up with shamelessly engaging magnetism. Tbe Gothic atmo- 
is not a soprano. Hermann accounts of four more, including sphere of Wolfs " Keuerreiter ” 
Prey’s honeyed baritone — the a grandly stirring “Die beiden and Schumann’s “Belsaznr"—a 
adjective springs to mind with Grenadieren " and the irresisti- piece which I have not heard so 
fatal promptness does not to ble “Hochzeitslied" of Loewe. persuasively enacted before— 
some Englisn ears sound serious Tbe official programme was steeped in Grausan/koit. 
enough. Never mind bis musical featured three sterner Loewe Prey is always keenly responsive 
intelligence his precise relish for ballads, with plenty of room for to his accompanist, who on this 
words, bis direct and vital rhyth- Prey’s loving impersonations: occasion was the sterling 
mic sense, or even the fact that the "hoary tale of “Archibald Geoffrey Parsons. In all the 
a great deal of Strauss and Wilf Douglas." a pure period-piece, songs, but most or all in Loewe 
—and Schubert—lies singularly can still have a moving and in “ Abscheid.’’ Wolf’s 
happily upon such a voice: its immediacy with such singing, delectable anti-critic squib, 
velvety middle range is simply Tbe opening Schubert group was Parsons matched his partner 
too seductive though it woes with scarcely hurt by a passing frog- with witty elegance and im- 
a rich and woody bass register in-the-throat, but it sounded a peccable timing. It seems to me 
and a ringing, virile top. ‘ bit respectful—Goethe's “ Der that Prey is in his splendid 

Tbe esteem which Prey enjoys Singer " was later eclipsed by prime now: it will be to our loss 
among German-speaking music- Wolfs setting of the same if we do not welcome him back 
lovers must derive from their ballad, as perfectly suited to the as often as possible, 
failure -to grasp the austere 


A literary cabaret 


have been held 


.... contents come from, the cot tiqn of a work of art that took- brand t .possesses a lapidary River Amstel; _ _ 

Jjtion of one m%n,~ Frits LUftt, into account its emotive Content almost epigrammatic quality in delicious impressionistic charac- 
vi, are now the property of the was apt to be frowned upon. But his drawings. One of the most i er .- In the former the quivering 
.-. ndation Custodi*, Paris. who could resist the way in striking in this exhibition is the touches of the chalk affords an 

• r'he approach to Dutch art of which Rembrandt suggests the Windmill - of a Btthoark, a illusion of life. Tbe artist has 

‘..-••Golden Age is constantly spiritual force emanating from romantic dr awing which conjures transmuted his obversation of 
-.-Jiging; for instance, it often Christ as He heals Peter’s up the spirit of the place as the scene into what could prove 
. d to be claimed that its mother-in-1 aif ? In its way, this Idyllically as do Claude's draw- to be a capriccio. 

iVacter corresponded to the is more “Christian” than any iuas of the Campagna. An exhibition of this tvnp 

yvinlst spirit but. as .Professor of the works in the Early Chris- Some Dutch artists were cap- contributes to ennnoisseurshin 
-rpmiir Slice pointed out, many tiao art exhibition at The Metro- tivated by the challenge of pw:.:L Knninnk* i«s nc^aiu- 

-■■•'“•ch artists were Catholics, politan Museum, New York. depicting the features of tlicir of exclusively - ^ tile 



Astonish; he had the gift or introducing this stock figure into Scene by Moonlight. Carlos van understandably so. The approach 

is similar to that of the master 
but little differences of emphasis 
be observed. Tbis double- 
d sheet remains a striking 

drawing in which the figures 

. . n»r Cl suggest the unleashing of mob 

AH hysteria. 

Mao.v remarkable drawings are 
found in this show, such 
Saenredam’s study of the 
organ in St. Bavo. or the interior 
St Cunera's Church at 
Rhenen. In these two drawings 

the subtle understanding of 

architecture has a lyrical charm. 

Recent research has brought 
back into favour the Dutch 
painters who went to Italy, and 
who have formed the subject 
of more than one exhibition or 
book. These Northerners were 
attracted by the tourist sights 
and also adored the warm sun¬ 
light; artists such as Breenbergh. 
Dujardin. and Van Wlnel were 
able to evoke the mood of the 
“ land where the lemon trees 
blossom." 

This impressive show wlU be 
shown at the Institut Neer- 
landais. rue de Lille, Paris, from 
March 1&-April 30. 





ENTERTAINMENT 

GUIDE 


-—-TImm HiHtw accapt ccrfeto cmdlt 
Vi by or it Ha bos aMco 

v 

COUStUM. Credit ants 01-240 S25B. 

Reservitloni D1-836. 3161 
ENGLISH NATIONAL OPERA 
Tonight a Fri. 7.30 Rlttoieno: Tom or. a 
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Thor. 7.30 last pert, or janatek'i From 
the House of the Dead. 104 Balcony 
«»n always a»a liable day oi pert. 


DRURY LANE. 01-836 8108. Eeerv NATIONAL THEATRE. 


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iGirdcncharse credit cards 036 6B03L 
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Tonignt 7.30 Ole Fledermaus. Tom or. 

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* Sat. mIO. La Fllle mal gardee. 

65 Amohl' seats ter all peris, on sale 
from 10am oa day ot peri. 


night 8.00 sharp. Matinee Wed. and 
Sat. 3.00. 

A CHORUS LINE „ 

■TfOTEO BEST MUSICAL OF 1976." 

DUCHESS. 836 8243. Mon. to Thuj. 
E*b»- 8.00. Frl„ Sat 6.15 and 9.00. 

OH! CALCUTTA! _ , 

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_ 8th SENSATIONAL YtAW 

DUKE OF YORK’S. CC. 01-836 Si22. 
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__ CC. 01-437 2610 

Walker’s Court. Brewer Street. W.l. 
Twice Nightly 8.1S and 10.1S. 
PAUL RAYMOND presents 
PENETRATION 

Alt troth: adventure In French pornP- 
graphv- "Goca-iooking men and women 
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sexual act." Evening News. You may 
drink and smoke In the auditorium. 


928 2252. SHAW. 


OLIVIER (open stager Ton't 7.30. Tomor. 

2J50 A 7.30 

THE PLOUGH AND THE STARS 
, ,, by Sean O'Casev. — 

LYTTELTON.(Proscenium ten): STRAND 


Evas. 7.30. 

AN INSPECTOR r *t,m 

by J. B. Priestley. 


01-388 1394a 


_ Today 10.30 am & 2.00 
SIR GAWAIN AND THE GREEN KNIGHT 
Tonight 7 45 

THE LADY FROM MAXIM'S 
by Feydeau trans. bv John Mortimer. 
T omo r. 745 The Guardsman 
CQTTE5LOE (small auditorium): 


s 01-B36 2660. Evenings 8.00. 
Mat Thur %£^*™gawj.30 A 8.30 

_WE'RE BRITISH 

THE WORLD'S GREATEST 
LAUGHTER MAKER 


Ton . A’ Tomor. "SloD HAli-i.FE by & 8 ^, lit 3 - 

Julian Mitchell. Ton-t 10.50 wn M * t - Tue ir-i#5v ™OKTlVr S *** , - 
^,"7 ERS .... A ™E TH MOU H ^i E p S 


. (all seats SOp lasts SO mins). 

Many excellent cheap seats all 3 theatre* 
dav of perL . Car park. Restaurant _ 
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OLD VIC _ 928 7616. 

PROSPECT AT THE OLO VIC 
Spring season jan. 15-March 25. In rep. 

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Tonight HAMLET 7JO 
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Sunday Jaza rock concert SVZYGV. 7.30. 

PALACE. 


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LONDON FESTIVAL BALLET 
_ THE NUTCRACKER 

Today ac-3 toeber Johnson 
Tonight . Jo Tcrabust-Bart. Last peris. 


FORTUNE. B36 2238. Em. B. Thur. 3. 
Sat. 5.0 and b.o. 

Muriel Pajrltnv as MISS MARPLE |« 
AGATHA CHRISTIE'S _ 
MURDER AT THE VICARAGE 
Third Great Year. 


SADLER'S WELLS Theatre Rosebery Ave. OARRJCK THEATRE 


EC1 837 1 672. Until Feb. 18 

D’OYLY CARTE OPERA 

In plbert A Solllvan. Evs. 7.30 
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' ,a 5IS«?£^? E,, '*5i N CE- Th « r - Fri. 

& Sat. FAT1EWX^ o Mp n . next HMS 


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EVS. 8.0. Wed. Mat. 3.0. Sat 5.1S & B.30 
JILL MARTIN. JULIA SUTTDN 
OAVIO FIRTH and ROBIN RAY 
In the 

"BRILLIANT MUSICAL 
ENTERTAINMENT.” People 
SIOE BY SIDE BY ,SONDHeJM 
“GO TWICE." Morley. Punch. 

”GO THREE TIMES.” S. Barnes. NYT. 


Mon.-Thur. 8.00. Fri.. Sat. 6.00 A 8.40. 

_ JESUS CHRIST SUPERSTAR 

FHOENIX _ 01-836 B611. 

Evgs. B.O. Mat. Wed. 3 d Sat Perl a. 
4.30 and B.OO. 

KEITH PENELOPE 

MICHELL KEITH 

NIGEL STOCK 

JUNE JAGO ROY DOTRICE 
In the Chichester Festival Theatre’* 

. production of 
THE APPLE CART 
_ bv Bernard Shaw 

“Oustandfng revival of buoyant ShaW” 
Dally Telrgraph _ 

Directed bv Patrick garland 

_ LAST 2 WEEKS _ 

PHOENIX. 01-836 8611. 


__the mousetrap 

WORLD'S LONGEST. EVER RUN 
26th YEAR 

■ 5F.THE TOWN. CC. 734 5051. 
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RAZZLE DAZZLE , 

and at 11 B.m. 
_ BUDDY GREC O 

™185S 7 . 

c “&Y5rSl , ‘ 

by Ron Hutchinson. 

6 * 8 JS- ^uWlLLE. 836 9988. Evgs. « a. 


T. ue S- 3 4S. Sets. 5 and B. 
Dinah Sheridan. Dulcle Gray, . 

Eleanor Summeroeld. James Grout I 

A MURDER IS ANNOUNCED 
™E NEWEST WHODUNNIT 

^ __ hV AGATHA CHRISTIE 

with another who. 
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5HL. Yet foal" with another 
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mvneriK. Felix Barker. Sc. News. 


w, _ __ GLOBE. CC. 01-437 1592. Evenings 8.15. 

ADELPHJ THEATRE. CC 01-836 7611. Sets. 6.0 and 8.40. Mat. Wed.- 3.0- 
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_LZi 




RembranJtt Windmill on a Bulwark _ 


izabeth Hall 


Soderstrom 

be eighth of the South Bank’s Norwegian—admirable language 
... ainly Schuherr”'series vas a .for .siogiug; as Flagstad aud 
• ? recital on Sunday by others before her knew so well. 

■ abeth Soderstrom and Martin Miss Soderstrom showed jus) why 
■ \ip—a first half of Schubert, “ 1 Jove thee " has remained uni- 
■t a-group .each'of Grieg and versally popular in a world ln- 
Swedish Sjogren. Miss Sod- curious about Grieg’s high stand; 

. rom. who Iras with a mini- ing as a song-writer, and cast the 
n of fuss or star pubricity usual enchantment with “Spring. 

. 'with anv; amount of talent. “The Princess." surely the same. 

iicianshfp“and genuine charm, poem set later by Delius (and not 
. ome one e! the most admired-in Grieg’s bands quite so haunt- 
laved sopranos of the day is,- ing). was worth hearing, but Tor 
London new kno^s, : an Irririst- musical interest was beaten by 
recitalist. • • . “ Twtf brown .eyes." 

. Inst the. unfamiliar . name of ?jL m ne ?hi y E^d fait 

’ X^rkmanship and 

'•t iSp uoSpS^d aiid agreeable fluency. Griegian in 

mood but less individual and bar-, 
zer^hroupht approach ^e monicaU y adventurous. His “la 

ridehroaSi - “ LieT^'der de " Schatteo neiner Lockeu" 1 

he St>ia l was not disgraced by memories 
?” and “ slffit.^She has of Wolf’s stronger treatment of 
1 t intllLinJ the same words. By some chance 
-• if^ thi ^compS * Programme-building Miss 

t ’ ntary^gift V ^ tt 

>■-' , 

IQlIlg. PtniSfl VSmOtSluSOlntG. ■-U ■ c—f hmrt mm- 

le nf her #*ntripfa in “ Die 63CD from ttft tUrW Win* 

3h? tor SK&’U": 

usm taptwise. - -r. f«p1, Sbo M 

a Griqg.the full Scandinavian p^y C d finely 'all evenings 
: >ur came tntQ the vm.re with excelled himself. 

{' shaded,* fluting rowelx of . RONALD CRICHTON 

. v 4 \ U ■-,v : -i'-CU:- A-i • •••: 


Wlgmore Hal! 

Julian Bream 

Why give two Wigmore Hall re- and the Britten, Rawsthorne’s 
cltals when- one Festival Hall Elegy sounded a pale, wan tittle 
recital would please three times sketch. With characteristic spon- 
as many' people for half the taneity. Bream- altered his pro- 
effort? -The question has prob- gramme considerably (1 suppose 
ably never occurred to Julian we were lucky to get one in 
Bream- (fortunately for his the firat’place), and .replaced a 
audiences): he clearly relishes £ a sanini Sonata with a Giuliani 
the intimacy with a packed, °'erture: trivia for trivia, prob- 
bushed house provided by the ab *y' al t 5 e Gmltani 
smaller hall, and will probably shorter. The cheers were 
enjoy himself just as much when loud l 0 D K- 
repeating his programme to- * * ' * 

^ he obviously did on EarIier in ^ day at WJg . 

Sunda y-. more Hall an Australia 

: - fn the Wigmore Hall, his countertenor. Hartley Newn- 
softest pianissimos and most ham, introduced himself in a 
subtle finances can float to tbe wide range of mmJlc, from tbe 
back of the hall without being troubador Marcabru to Monte- 
forced.; and Sunday’s - most verdl His is a Deller-type voice, 
ootable pleasures were all lyrical highly lyrical but a little self- 
‘-’three lovely Albeniz transcrip- consciously languorous; occa- 
tions, and .Britten’s recitative- sionally allusive in pitch, hot at 
laden Nocturnal (in which the all times richly warm in timbre 
final dissolve into Dowland’s —certainly a distinctive sound 
“Come,* heavy sleep;” -neither among English male- altos. He 
removes memories of the beauty was joined " by an excellent 
of Britten's own - writing, nor lutenist and theorbo ■ player, 
sounds merely sentimental, a rare Jona tha n Rubin, and the violists 
Teat among auch quotation-based Lucy Robinson and Sharyn 
pieces). . Wicks: they contributed an 

In some of the more purely infectiously jovial Spmgardo by 
virtuosic music. Bream sounded Dafca which (unless Its spread 
less wholly at ease though the ** carefully controlled) will soon 
contrasting moods of Richaid probably be Ufcjng us up-to-the- 
Rodney JBenneU’s Impromptus hour o® Kadin 4 
were crisply drawn—beside, this NICHOLAS KENYON 


ALESRY 836 3878. CpkJU card bkBS. 
836 3962 (ex. SatA Mon^Fri. 7.45. 
Thun. mats. 4.30. Sats. 4.30 *nd 8. 
A THOUSAND TIMES ‘WELCOME IS 
LIONEL' BART’S 

MIRACULOUS MUSICAL. Rtu Times. 
OLIVER 

“ ROY KUDO'S spiMtSd ntriormxnce." 
S. Tel. “ Talented JOAN TURNER.” D. 
Mall. - Cao+taJ fun ... the *ftow Is > 
delight.'’ D. TH. OLIVER • RETURNS 
THIUMFHANTLY. .. CONSIDER YOUR¬ 
SELF LUCKY TO RE ABLE TO SEE IT 
AGAIN.” D. Mirror. 

NOW BOOKING' THROUGH 1978. 


ALOWYCH. (Telephone blrev suspended). 

-Inf. .836 5332. 

ROYU. SHAKESPEARE COMPANY N 
• reoertoire 

TOrHqht 7.30 _ 

THE COMEDY OF . ERRORS 
■’Hilarious and brilliantly executed *. 

Thnev With! Jenson’s THE ALCHEMIST 
(Wed m. t> B. Thars-I BrechtT THE 
DAYS OF THE COMMUNE iFrl.. SjU HER MAJESTY’S 


until Jan. 28. Etss. 7.M. Mat. Sats. 
2.30. LEONARD RO 
IMMORTAL HAYDON- ” A StapendeuS 
vehicle tor Rossi ter . . . compelling 
and hugely entertaining.” Punch. 
HAYMARKCT. . 01-930 9832 

EW ' 2 ’”' °- ,S - 

BLOOM MA5SEY 

MICHAEL ALDRIDGE In 
ROSMERKOLM 

DIRECTED BY CLIFFORD WILLIAMS 
"A MURDER PLAY MORE EXCITING 
THAN ANY BY AGATHA CHRISTIE." 
. J. Baxter. D, Telegraph 

_ LAST WEEK. Must end Sat. 

HAYMARKET. .01-930 9832. 

Previews Jan. 24 (Charity) and Tar. 25. 
Opens Jan. 26. 7.00. Subs. evgs. o.oo. 
Mat. Wed 2-30. Sat. 5.0 and B.1S. 
INGRID BERGMAN 
- WENtrr HILLER 

DEREK DORIS FRANCK 

GODFREY HARE CUKA 


VICTORIA PALACE, 01-834 1317 

w * 0 . and sat. 2 . 2 ol 
■AML BRUSH'S NEW REVUE 
?SS2U 2®P M : BERT WEE DON 
« CB , USH . AN D STAR CO. 

A true family snow." d. T«L 
Last 2 weeks. 

W Fta^?ii 5 |!L,5£ nm */ Thaalre. 836 6608 

ss' ” 

"Sp^nd^iV ,manned b SSSi te 


ROSS 1 TER as THE " OVAL SHAKLSPEARE_. COMPANY In EMPIRE KOL^untll. FeO. 2%. 


RAUCOUSLY FUNNY 
1 Bth-centurv comedv 
WILD OATS 

Wild Oats Season finishes Jan, 28. Peter 
NlchoJ'i Award Wining Comedv 
PRIVATES ON PARADE peris, from 

_Fan. - 2 . _ 


LAVISH ICE PANTOMIME 
- HOMPTV DUMPTY 

Sneer sparkling spectacle,” D tm 
5t°3 SaVii Mato Weds." -riiSi. 
St* 3 .' SfiT Ae z -^cfDt° sa c t nh ?-/’ 5 s ^?: 

at doors. Enquiries 902 1234. SmcMui 
ear park. 


PRINCE OF WALES. CC. 01-930 8681. _ 

Mon. to Fri. 8. Sats. SJO and 8-«5. WINDMILL THEATRE 


in 


by N. C. Hunter 
NOW BOOKING 


BSC alto M THE WAREHOUSE (see under 
W1 and at- Plo-adilfv and Sa*ov Theatre*. 


AMBASSADORS. 01-836 T171. 

Evgs. 8-0. Mils. Toes. 3 Stt*. 5. 

SIOBHAN MrKIKNA 

as Sarah . Bernhardt In MEMOIR 
with WALL BUGGY _ 

■■ Parted. A song oi triumph." E- 


CC. 01-930 6606. 
Evgs. 8.00. Wed. and Sat. 3.00 and 8.00. 
GLYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
In TERENCE RATH GAN'S 
CAUSE CELEB RS 


Mats, Thursdxv at 3.00. 

" THE STAGE IS AGLOW " 

Dally Telegraph. 

RICHARD BECKINSALE 

.. I LOVE MY WIFE 

"HILARIOUS COMEDY MUSICAL - Sun. 
Directed by Gone 5alcs with ” Bountiful 
Invention and wlL” Financial Times. 
IN5TANT CONFIRMED CREDIT CARD 

_ BOOKINGS ON 01-930 0846 

QUEEN'S THEATRE; 01-734 1166. 

Evgs 8.0. SaL 5.0. B.30. Mac Wed. 3.0. 
ALEC GUINNESS In 

TH t OLO COUNTRY._• 

A New Plav by ALAN BENNETT 
Dir ected bv CLIFFORD WILLIAMS. 
BEST PLAY of THE YEAR 
nav» and Plavers London critics award- 
“One at the mott notable iheatr-car 
evenu in this country (or a good many 
years." B. LPrin. Sunday Time*:_ 


Twire Nigritiy "at~8.tW C and < 7o <S?'** 

- T *JP„» unprecedented llml» whar m 

7o^r^v°?.rt nb r Evg. NiwJ! 

you may drink and smoke m the 
Audlnrlum. 


_ Cf *d't card 
3692 (ex. Sat.). Man - 


APOLLO. 01-4X7 2553. Era*. 8.00. 
Mart. Thors. 3.00. Sat. 5.00 xnd B.OO. 
- DONALD StNDEN Is SUPERB." Now. 
SHUT TOUR EYES AND 
THINK-OF ENGLAND 
•’WICKEDLY FUNNY” Time*. 
-GREAT ENTERTAINMENT." NoW. 


WYNDHAM’S. 

booking* ess__ , a . , 

EWdng News 

AK l E a S ug^ u ER ^ 1 ^ w,th '. 

T ’ ^H^^ d »ant^’ P^ YNIS 1 

HU MAJEXnrS nB C M C 0 2 1 b -930 6606. ^ A,R CO?|S?!§ft ED . You may 


S.T. 


BRUCE FORSYTH drink and smoke in the auditorium. 

In Leslie BricuMO.* Anthon y Mw lHT REGENT. CC. 01-637 9862-3. 

M.. T.. W . and F. 8.00. Thurs. and 


ARTS THEATRE. - 01-836 *132. 

TOM STOPPARD'S 
DIRTY'LINEN 

•' Hilarious ... see tt." Sunday Time*. 

Monday to TBurMav 8.30 
Prtd»y »"d Saturday at 7.00 and 9.15. 


acTObiA- Chartno x Rd 01-437 6239 dr 
01-437 57ST or 01-734 4291. Nearest 
Th*— Tort-nban* Conn Road. Mon.-Thors. 
BOO. Fri. and Sat. B.OO and B.4S. 
„ - ELVIS ■■ 

Tttke^ Card 

Res fri In our fully-Udenscd Reriaurgni 


TRAVELLING MUSIC SHOW 
_ Prewows (ram March 16. __ 

KING’S ROAD' THEATRE. 352 76881 
Mon. to Thur* 9.0. Fn.;Sat. 7 JO. 9JQ. 
THE ROCKY HORROR SHOW 
NOW IN ITS SUl ROCKING YEAR 

LONDON PALLADIUM. CC. 437 7373 
•Evg*. 7-50. Mats. Wed*, ana Sat*. 2.4S- 
LllflTlD 25 0»L.. 

SALLY ANN HOWES 
and ANTHONY VALENTINE 
in The Fairy Tale Musical 
HANS ANDERSEN _ 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-734 8961. 


Ssl 6.15 and 8.45 
SEXUAL PERVERSITY IN CHICAGO - 
AND DUCK VARIATIONS 
_ . _ . by David Manet 

The talk Is dirty, the people are nice . . . 
You will have a good time. NV Dlv. Naw* 
Talented eroticism.- Dally Tel Student 
Stand-br Tvkcta available after 7.30 b.id. 
Ei-00. _ 

ROUHDHOUSI- 


V let or Hugo's LCS BURGRAVES 
Presented by Le Thaatrc des Quarters 
d’lvrv. 23 jan. at 7 p.m.. subs e**. 
until 28 Jan. at 8. 


CINEMAS 

A ^. , p^f« 2 ’^? ,t |3fR BKHLE 35 


STtolZ I ^ MrS LONDON P ALaD T uM.ee 01-437 7373: «"**■ tf™ 1 '* VV7Vi ffV*’ **"" 
liter snow—bQMr*M» in advance. OPENING MAY 2S Tnprs. at a. Jan 24 it 7. 


C Td^£m'couJ Rd-"wi. st 6 ir a? 8 : 

lW: 


ELVIS 

“ lidec"eu*.. bopeawng loot-stamring and 
heart thamninn " Observe r - 
“ ELVIS ’■ 


FOR A SUMMER SEASON 
THE TWO RONNIES 
BOOK NOW: Theatre and Agent). 


Sirin. 6-Sat. 5 and 8.30. 
World Premtece of 
LAUGHTER ! 

_ bv Peter Barnes . 
See also Theatre Upstairs. 


1: Last 
EVE 

3. 

Arte. Guthrie. 

STOCK (X). 

FiJT^HS ”r A . CE (AV Srn. Pert*. a. 0 o, 

MSbvNbA star iv-™- ^ 

3: BAST OF ELEPHANT 


ROYALTY. 


01 ^OS 5004 


*■ I was absolutely eanht up In It. carried LYRIC THEATRE. '01-437 3686. Evs. 8.0. 
along by JLjMmihVw Mr ,Bd 8 ' 50 

—' -SSBW*. 50"- w. j 2 Sl n ,n pi b^«ly t 

■■ ti—. — Tnusr !D 

OTr^d^^^N^^rF^IRELL. 

utHKt dancing ft ttle .lie*. Tbit "TOTAL TRIUMPH." Ev News. "AN __ 

’’ Elyf* ” I* marvaRBus,' 1 . Surn^y ExDresa. EVENT TO TREASURE." O. Mir.. "MAY SAVOY. CC 01-836 8888 EveninM .8.0. 

r.-u«.ahTrr ~nV7-wr ’ ^!^ IT FILL THE LYRIC FOR A HUNDRED M«tv Th - “ 

CA *i5 R ! D ^"H« ct S.J , 1 -5K 6506. Mm. to YEARS" Sunday Times. - 


« . ..e OF . P-™ant ROCK iaal 

Proas. 1.SS. 4.10. 6.2S, 1.40 Ifl w 

i ! (i V on 4l l^ f *’- Proas. i.D. 3 o. 5 s.o; 
,.D. 9.0. Late Show every night 11 p.m. 

E J rp " ln 0) fbo. “Frtjtajr CURZON. Curzon Street "w.l. m vm. 
S.30 and 8.45. Saturday 3.DO and 8.00. PaROON mon awIibc . ■ 

mmSSSi““a i£SEmbV&i 


BUBBLING BROWN SUGAR 
_ „ Best musical at 1977 

Tel. bteBS. accepted. Major credtt tetris. 


t - -. bubbkng French sSr^ilirk 

nVi- t.;* irom start to finish ^ 

Dally Mirror. The French have a word" 

lor't ■ - - Laughter"—Dally Matl. ProuL 
at 2.0 I not Sun.L 4.QS. 6.15 and saol. 


Thur. 8-00. Trl„ Sat. 5-45. __ 

__ IPI TOMBI MAYFAIR. . CC. _ 629 S03B. 

“ PULSATING MUSICAL." Evg. New*. OneiH Tues. Feb. 7 at 7.0. 

THIRD CREPT YEAR GORDON CHATER In 

Sett BrtejB 62JM and £5.00 THE ELOCUTION OF 

Dinner and too-ortee seat £7.75 Inc. BENJAMIN FRANK UN 

by Steve J. Spears 
Outrageously tunny ■ • Profoundly 
moving." Variety 
Previews from Feb. 1st. 


^ma^VES. SSSU&A& MATS STILL AVAILABLE ' 


Mats, Thur*. 3.00. Sat. 5 00. 8.30. 

NICKY HENf _ 

^^^^fffRD^ILl^MT*" FOR MANY P6RFS HURRY 

s4 L, .kW6 , 3!!iraw °™rbE^r s?*- 


and, Piccadilly. Thegfiet. Credit' Card 
bookings acreotad i.nst 4 Week*. Season 
_ends Feb, it. 


??2f EB yL„ Q l'^ w L ,*5»8 Evening* B.O. 
s **- Thus- 3.0. 

Winner n all lfl7S AvviNtt 

uvurr.l B a5J2BW , . ,h ? V «» r _LS^'.Tr* - SHAFTESBURY THEATRE 01-836 6596-7 

HVWELL BENNETT In Simon CRAY’S MERMAID. 248 7BS6- Rest. 248 2835. Evs. 8 00. Mat Thun. Z 30 SK. S.00 
. Mon.-Sat. 8.15. _Mat. Wed. A Sat. S.IO. °9- 

T, LRVr5 £1 50-E4.00. 

P*UL _JOM£S 


Sean may be booked, 
1.20. 4.30. 7.45. 


AVAILABLE 
(930 6TmT» ' 


ODEON. Marble Aren. (723 toiiTiJ 


LAST WEEK. -Mart rad Sat. 


CRITERION. " CC. . - -. 01-930 3216 

Evening* 5 3 00 

impeccable . t ^ffg er.” Sun Tlm-s. 

"HILARIOUSLY .FUNNY." N- a f World. 


DAVY JONES. MICKY DOLEN2 
la HARRY NEILSON'5 
THE POINT 

"a Oarer delightful sang* which linger 
• In the memorv ” D Express. 

•’ A winner on eeirts.” O. Mirror. 
Stalls rickets £r.2S. 63.50. Combined 
Oinner-Ttiratre ticket C3.93. 


A NEW ISthrCENniRY ROTK MUSICAL 
DRAKE 5 DREAM 

”M iy Merrv Refralm •- Evening News 
Bouncing vigour.- Eeen>na <«"«lir(S 
Saecraruisr Presentation.” Stage. 

Instant Credtt Card RrserWTIon* 


PRINCE CHARLES, Le*c, Sa. 437 jTt' 
SALON KITTY .)(». S». Peris. My. {Si;. 
Sun.. 2AS. 6.15 9 00. Late Mm |£r. 
4 Sat. 11 55. Seats bkbie. Lie 5 ? fij; 

wsYa&qhtfvsWhS* 

^SO^AIO. 740. Late Wm FtT^ 




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Financial Times • Tuesday. January 17 1978 


financialtimes 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Flnantimo, London PS4. Telex: *86341/3, 8*3897 
Telephone: 01-248 8000 


Tuesday January 17 1978 


Movement into 


surplus 


LAST YEAR ended up. as 
expected, with the balance of 
payments on current account in 
moderate surplus. In the first 
half of 1977 there was a deficit 
of £819m.. in the second hall 
(bearing in mind that invisible 
earnings for thp final quarter 
are still only estimated) a sur¬ 
plus of £B78m. The greater part 
of this improvement was due to 
the rapid increase In sup¬ 
plies of oil from the North 
Sea, but there was also a not¬ 
able improvement in exports of 
manufactured goods, due—over 
the year as a whole—more to 
higher volume of sales than to 
higher prices. The volume of 
manufactured exports rose, in 
fact, roughly twice as fast as 
that of world trade and the U.K. 
share of world trade moved up. 

North Sea oil will be contri¬ 
buting towards a healthy trade 
balance on an even larger scale 
during 397S and mnnrh-to-mnnrh 
fluctuations in the figures can 
he dismissed more readily than 
in the period of heavy deficit. 
The fact that the current sur¬ 
plus dropped from £2l7m. in 
November to only £65m. in 
December, for example, may be 
disappointing, but it seems to 
have been caused largely by- 
chance irregularities in the tim¬ 
ing of rrude oil imports. It is 
better to compare the fourth 
quarter with the third and note 
snme of the rhanses which took 
place towards the end of the 
year and will affect 1978. 


favourable to our own trade 
balance or the reverse. 

The continuing improvement 
in the visible trade balance >s 
welcome. However, the reasons 
for it provide some possible 
grounds for concern about the 
future. The U.K. terms of trade 
for example, were only slightl 
better over the year as a whole 
But in the fourth quarter 
thanks both to lower world 
prices for some raw materia! 
and the rise in the sterling ex 
change rate, they improved 
sharply; this may make it tliffi 
cult to continue increasing our 
share of world trade so fast. Be 
tween the third and fourth 
quarters, though there are 
special factors to be taken into 
account, there was a marked 
drop m the volume of exports. 
The volume of imports as a 
who’e was unchanged, bur that 
of finished manufactures con 
tinued to edge upwards. 


Retail sales 


Terms of trade 

The basic fact to emerge from 
this comparison is that the vis¬ 
ible trade balance moved from 
a £44m. deficit to a £38m. sur¬ 
plus between the two quarters, 
despite a sizeable loss of earn¬ 
ings in the latter from items 
which move erratically—North 
Sea installations. precious 
stones, ships and aircraft, and 
so on. There were strikes in 
the eastern ports of the U.S. 
during October and November. 
Although the end of these helps 
to explain the sharp .recovery 
in the volume of both exports 
and imports during December, 
it is not easy to tell whether the 
net effect of the strikes was 


Imports of raw materials and 
sc nu-manufactures have been 
held down so far—December's 
sharp rise in the latter was 
freakish and can be ignored— 
because of the stagnation of 
U.K. production. They can hi 
expected to begin rising as this 
recovers. But imports of 
finished . manufactures are 
already rising and the rise may 
accelerate with the further 
increase in capital investment 
expected and the growth - of 
consumer spending. 

This second factor is of key 
importance. The provisional 
estimate of retail sales for 
December shows an increase on 
the month of about 3 per cent 
This was no doubt largely due 
to the pensioners' bonus and the 
back-dated cut in income-tax: 
but the upward revision of the 
provisional figure for the pre¬ 
vious month and the increased 
demand for consumer credit 
had already suggested that con 
sumer expenditure might be 
about to rise again. If it con 
tinues to rise throughout 1978. 
as seems to be the Government's 
hope and intention, one result 
will almost certainly be a 
further increase—and perhaps 
a sharp one—in the volume of 
manufactured imports. 


Italy faces a 
new crisis 


IT IS tempting to conclude, 
from the collapse of the 
minority Christian Democrat 
government led by Giutio 
Andreotti, that Italy is once 
more facing a crude chnice be¬ 
tween Communism and Chris¬ 
tian Democracy. That certainly 
appears to be the conclusion 
which has been drawn by the 
U.S. Slate* Department, since it 
has issued an equally crude 
warning (at the end of last, 
week) against the dangers of 
Communist participation in 
Western European govern¬ 
ments. Yet if there is one les¬ 
son which Italy should have 
taught the outside world, 
especially over the past 18 
months, it is that Italian poli¬ 
ticians are singularly ingenious 
in evading crude choices. That 
lesson may well hold good for 
a while longer yet 


Participation 

It is certainly true that the 
Communist Party, which has 
helped keep the Christian 
Democrats in power since the 
elections of June, 1976, by 
oblique or tacit support, is now. 
for the first lime, demanding 
full participation in govern¬ 
ment: and it is the rejection of 
this demand which has caused 
the fall of the Government. 
But there all certainty stops. 

Sooner or later there may 
well have to be fresh general 
elections. But before that hap¬ 
pens, an attempt will inevitably 
be made to devise some new for¬ 
mula for establishing a viable 
government on the basis of 
existing parliamentary repre¬ 
sentation. Such a government 
could only be led by the Chris¬ 
tian Democrats, and the current 
expectation is that it may well 
be headed once again by Giulin 
Andreotti. Consultations with 
the leaders or the nlhcr political 
parties could well take some 
time. But while it is implausible 
to suppose that the Christian 
Democrats will now acquiesce 
in Communist demands for full 
participation, it is not implaus¬ 
ible to see t' 3 current crisis as 
providing the incentive Tor a 
re-neg<*iartnn of the policy pact 
between the governing Chris¬ 
tian Democrats and the opposi¬ 
tion parties. 

One interpretation of recent 
events is that the Communists, 
so far from genuinely seeking 
formal participation In govern- 
ment. really wish to dissociate 
themselves from the rahinet in 
circumstances nf serious econo¬ 


mic difficulty, hut this view is 
probably excessively cynical. 
Undoubtedly, it must be difficult 
for them to gain any electoral 
credit from being the apparently 
silent partners of a Government 
which has made murh more pro¬ 
gress in turning nmnd the bal¬ 
ance of payments than in curb 
mg inflation, and which can 
offer only moderate prospects of 
economic growth this year, and 
none of reduced unemployment. 
On the other hand, it is the 
unions which have emerged as 
the most vocal opposition to the 
Government's restrictive econo¬ 
mic policies. The Communist 
Party may well feel that it can 
gain some electoral credit if 
it uses the present crisis to 
extract stronger Government 
pledges to introduce job crea 
lion and job preservation 
measures. 

Tn any case, there is little 
reason to suppose that fresh 
elections would nccessarity 
benefit the Communists. On the 
contrary, some indications sug¬ 
gest that.-while a new balloi 
would accentuate the left-righr 
polarisation in Italy, the Christ¬ 
ian Democrats might well gain 
more than the Communists. For 
some rime the Communists have 
been acutely aware that a nar¬ 
row electoral victory could pre¬ 
cipitate the kind of disturbances 
that took place in Chile under 
Altendc. and ii is fnr that rea¬ 
son that they have been push 
in? gradually towards the con¬ 
cept of a comprnriiew x/nrtro. 
which means in effect a partner¬ 
ship with the Christian Demo 
crats. 


Antagonism 


They know that a minority 
Christian Democrat government 
cannot govern without negotiat¬ 
ing some kind of deal with 
them: blit they also know thai 
an election campaign van only 
accentuate the antagonism be¬ 
tween (hem and the Christian 
Democrats .which they wish to 
avoid. It is hard Jo see. there- 
fore, that new elections would 
at this stage he m the interest of 
the Communist Party . 

In these circumstances, it is 
also difficult to see that the State 
Department's crude warning 
against Communism was partial 
larly apposite, let alone con¬ 
structive. The Italian political 
system is peculiarly jdiiisyncra- 
tie, and only the extreme right 
inn: in Italy van really wcVom*' 
thi* kind of outside interfer¬ 
ence. 



Shades of trade union thinking on pay policy (Left to right): Mr. Moss Evans of the TGWU, Mr. David Basnett of the Manic (pal workers and TUC chairman, Mr. Frank Chappie of the 

Electricians, and Mr. Tom Jackso n of the Post Office workers. Mrs. Thatcher (right) has apparently bid to remove Incomes controls. 



to the drawing board 


with incomes policy 


BY CHRISTIAN TYLER, Labour Editor 


N O ONE is sure how seri¬ 
ously to take the recent 
public musing* of Mr. 
Denis Healey and other right 
wingers in the British Cabinet 
about the advantages of a per¬ 
manent policy or mechanism for 
determining wages. They are 
not. we are told. Intended to be 
the >>tart of a softeuing-up cam¬ 
paign to prepare the unions for 
Stage Four and beyond, 
although the Prime Minister 
veiled the most recent speeches 
before they were made. Nor. as 
far as is known, has there been 
any official discussion between 
Ministers and the TUC about 
the development of collective 
bargaining, although the Prime 
Minister may have touched on 
it in his informal contacts with 
TUC leaders. 

Meanwhile Mrs. Thatcher has 
stolen the show by offering, 
apparently, to remove pay con¬ 
trols entirely if she wins the 
election. Of the various Gov¬ 
ernment contributors to the 
theme, including Mr. Eric 
Varley. Mr. Denis Healey. 
Mr. William Rodgers and Mr. 
Joel Barnett. Mr. Healey has 
gone farthest, with his refer¬ 
ences to the central bargaining 
systems nf other European 
countries. All these utterances 
have had in common criticism 
of “Free collective bargaining".— 
and a certain shyness about say¬ 
ing what should take its place 
and should look like. 

Even Mr. Albert Booth, the 
Employment Secretary, the 
unions' stoutest ally in the 
Cabinet, now prefers to talk 
about “responsible" raiher 
than “free” collective bargain¬ 
ing. while from ihe other side 
of the fence Mr. David Basnett. 
TUC chairman, has re-opcned 
debate about how public service 
unions could strengthen their 
hand against the Government 
paymaster. 

These ministerial utterances 
show, first of all. that Mr. 
Callaghan's disciples are con¬ 
fident enough of the success 
of the current model—free 
collective bargaining provided 
no one takes more than 10 per 
cent.—to start thinking out 
loud .abnut future m-irteM. 
They show that it is nn lunger 
an offence tn chase sacred cows 
provided, of course, you don’t 
actually attack them; and Mr. 


Callaghan does not seem 
inclined to stop the sport. 

Perhaps there is also an ele¬ 
ment of relief. The social con¬ 
tract is, in many union leaders’ 
eyes, a dead duck. If that is 
so, then Labour Ministers are 
free to say things without TUC 
clearance. Mr. Callaghan him¬ 
self has begun a regime of plain 
speaking with the TUC—his 
speeches to the annual Congress 

and to the Labour Party con¬ 
ference showed that—and he 
has oFten privately reminded 
them of his right to "retire to 
his farm” if the unions with¬ 
draw their support for his 
economic strategy. 


Negotiating 

authority 


Again, the motive could be 
to test union reaction to sugges¬ 
tions that from now on wage 
bargaining bas to be different. 
Would the TUC. for instance, 
be able to agree pay “norms" 
at the centre without robbing 
the unions of all their negotiat¬ 
ing authority. Should the prob¬ 
lem of equity as between public 
and private sector employees be 
finally disposed by means of a 
special body. 

Free collective bargaining is 
r relative concept, as every 
union negotiator knows, and 
Governments always have a 
policy for their own employee*’ 
incomes even when they do not 
have an incomes policy (the 
polite name for wage restraint#. 
Furthermore, not many negoti¬ 
ators can remember what free 
collective bargaining really 
feels like, so persistent has 
Government intervention been 
in the last 15 or 20 years. 

What the unions are 
apparently being asked to con¬ 
sider is some kind of voluntary 
central agreement which would 
temper the subsequent bargain¬ 
ing process in the country. The 
purpose would presumably be 
to end once and for all the 
cycle of statutory, semi- 
statutory or voluntary controls 
over wage increases, and replace 
it wjth a permanent system 
that distributes the money avail¬ 
able for wage increases in a 
socially “fair’’ way. 

It is hard to distinguish the 


suggestions of the Labour 
Ministers from earlier ideas 
put forward by the Conserva¬ 
tive Party and by the CBL .For 
the Conservatives, Mr. James 
Prior has talked about a 
national forum at which the 
TUC with other parties would 
be able to assess the previous 
years economic record and 
make some projections for the 
following year. But now that 
Mrs. Margaret Thatcher has 
promised to end Government 
controls on employers and 
unions alike—she actually does 
talk about free collective 
bargaining—it remains to be 
seen how far the Conservatives 
develop their ideas for centra) 
pay guidelines. 

The CBI, after its first annual 
conference, is overhauling its 
own. similar, proposals. As Sir 
.John Methven. Director-General, 
made clear recently, the CBI's 
problem is to invent a 
mechanism that curbs workers’ 
expectations without becoming 
an agent of a Corporate State 
laying down pay " norms.” 

For all the discussion, it hap¬ 
pens to be a bad time for the 
Labour Government to try nut 
such ideas on the TUC. At its 
last meeting, the General 
Council came within an ace of 
declaring war on the Govern¬ 
ment’s present incomes limit. 
It was a quite unexpected split 
of 20-17 on a vote about the 
firemen which surprised Mr. 
Len Murray, general secretary, 
and those Whitehall officials 
who were basking in the warmth 
of the TUC's acquiescence. 
There was. for once, a lot of 
genuine anger (though one 
would not have guessed it from 
the official statement after- 
wards) and the Labour loyalists, 
what the Left call the Estab¬ 
lishment. only just scraped 
borne. 


formerly numbered among the 
Government's most, consistent 
defenders but now. he says, 
ready to fight it on wages, what-' 
ever the TUC does. 


** I think the Government is 
now guilty of reneging on a 
two-year deal with the TUC 
however good the reasons," he 
said. As a man who believes 
that incomes policies, even in 
Communist states, cannot defeat 
market forces, he says he would 
none the less be willing to talk 
about wages policies if the 
Government had not so dearly 
disregarded the TUC's commit¬ 
ment to a return to free collec¬ 
tive bargaining. Mr. Chappie's 
immediate aim is to secure for 
his electricity supply members 
who, he says, have made substan¬ 
tial productivity concessions, a 
return to a wage well above the 
average in industry. If the Gov¬ 
ernment can allow productivity 
payments for miners, they will 
have to do the same for the 
men in the power stations. “I 
would not be prepared to accept 
anything less than what is being 
paid to the miners—and we 
would want other things as 
well.” 


workers’ votes, we could begin servatWany electoral ammunV 
to see a TUC that, disillusioned tion. He. it. appears, will con- 
■with the social contract. Is much rinne to keep the TUC's public 
less readv to play ball with this responses as restrained as 
or any Government passible. He, is as aware now as 


This Is what Mr. Evans has to ___ 

“It have t0 break with a Labour 

workers m ^captrilist 5 ?ciSy— Government or risk losing the 
I mean that in the sense that «/ trade unionists. For 

there is privately-owned Indus-: 11 P 01 ? 1 * *£ ea 

try—should Have the right, to 

benefit if they make. a direct G ?!^ of „ TAS£ **'l* 1 ® Engineers^ 
contribution.That is what col- whJte-collM section, it has 
lective bargaining is for. I call P ro "Sbly been passed, 
it free, because it means that ' That pre-Christmas TUC vote 
the employers . and the. was a tonic to the Left But the 
employees are able to bargain **£1 largely due to the counler- 
about the price of the only cbm^ vailing influence of Mr. Hpeh 
modity the employee has to sell Scanlon, president of the Engin- 
—and that is his labour. If you.eers L lias failed to shake the 
take that away, you take away Labour loyalists, and it remains 
some of his freedom- --convinced that-the TUC, in spite 

“To suggest that we can'make its notional power under a 
a contribution in planning the Labour administration, is now 
economy is a nonsense. We had weaker than for many years, 
an agreement in the sixties to Some union leaders, like Mr. 
hold to 5 per cent, but the cost Tom Jackson of the Post Office 
of living went up by 17 per cent workers, actively dislike free 
No one in his right mind would collective bargaining:', others 
go through that process again-” think the present 10 per cent. 

policy is fair; others—even nn 
the Left—with craft differentials 
to protect, would be happy to 
secure the kind of arbitrated 
and guaranteed slot in the wage 
league that is being promised 
Union leaders* as well u the t 0 the firemen and the police. 
TUC officials now preparing the Even Mr ]oe cnnley aod Mr . 
annual economic, review and Uwrence Dily the Minere 

«™ looking tor longer-term pay 
to the fact that the social con- de ,| E f or -their industry. Mean- 

a? wi,iIe Hr - E* 5 ” 1 " has revived 
* he “““PS nf indexation and 
union co-ordination In 
gain.ha, .peen .forgotten, Thq public -sector. But 

sterling crisis and- the .weak-. u,*,. iudMdnal objectives do 

SlS? aot up to consent to 

znGnt persuaded the TXJG to r^ntvblispri wapp 

Met' fn?a wtxm^vear determination or. guidelines of 

SflaghaS's GoveSnt^oote by *** He * ley ' 

much more securer yet the TUC Ministers believe they have 
has made-little impression, on public-end ordinary trade 
some of - the big fundamental union members—on their side 
issues such as public expend!- toF incomes policy, certainly for 
ture, prices*, unemployment, and tte Ip J?er cent policy, 
reflation. / Mrs. - Thatcher, appears tn 

Mr. Len Murray himself, who - believe the opposite—or to 
has not worked as a union negb- beiteve, at least, that her anti- 
tiator but- who has a. dose -incomes policy -• stand will 
appreciation- of the economic Help her election chances. The 
and political realities, believes TUC is -in .no mood-to swallow 
that even if the Prime Minister’s such talk from the, Labour Gov- 
private threats. of resignation ernment—hut that does not 
have lew. force than formerly, mean it Is nor deeply suspicious 
the TUC must not give the Con- of the Conservatives’ intentions. 


he was last autumn that a point 


As for longer-term policy, 
Mr. Chappie says “ I don't think 
it is relevant because of the 
atmosphere. I don't think that 
people who believe in political 
freedom would want to embrace 
the implications—because it 
would need the force of law.” 


Fundamental 


issues 


Now ready 


to tight 


Fnr the Government perhaps 
the least comforting aspect of 
that vote was that the rebellion 
was fed by Mr. Moss Evans, 
shortly to become General Sec¬ 
retary of the Transport Workers, 
and included Mr. Frank 
Chappie, of the Electricians. 


Mr. Evans’ rejection of any 
interference In the traditional 
bargaining process is quite un¬ 
qualified, and that is an im¬ 
portant factor in the political 
equation.- At some point after 
he succeeds to the general sec¬ 
retaryship of the Transport 
Workers at the end of March, 
Mr. Evans will inherit Mr. Jack 
Jones’ other job—that of 
steersman to the TUC. For the 
moment the cap has passed 
to Mr. David Basnett. chairman 
of the TUC and general sec¬ 
retary of the General and 
Municipal Workers’ Union. Mr. 
Basnett is regarded as one of 
Che leaders of the TUC Estab¬ 
lishment—the sort of union 
leader whom Labour Prime 
Ministers remember in their 
prayers. If Mr. Evans exploits 
the power that will be conferred 
nn him as trustee oF 2m. 


MEN AND MATTERS 


High jinks 
Chez Houphouet 


No visiting head of a Repub¬ 
lican State could ever have had a 
more royal welcome than Presi¬ 
dent Giscard d’Estafng during 
his five-day official visit to the 
Ivory Coast. France, it seems, 
can do no wrong in the eyes of 
vnry Coast President. Felix 
Houphnuet-Boigny. who has 
huilt up the prosperity of his 
country, which now has one of 
the highest per capita GNPs in 
black Africa, thanks largely to 
French aid and high cocoa and 
coffee prices. 

As a mark of gratitude, the 
visionary sage ” of the Ivory 
Coast, as Giscard described him. 
nsured that the French Head 
f State would receive a wel- 
nine he would never forget. 
Huge, enthusiastic crowds lined 
the roads in Abidjan, the capi- 
lal. bur it was no easy matlpr 
tn repeat the performance in 
Hnuphniicl-Bnjgjjy's hij-Thplacr. 
famniissoitfcTo. It normally has 
population of around 30.0/10 
but thousands of bemused 
Ivorians were brought in From 
hundreds of miles around in 
armv lorries, buses and van« to 
make the occasion memorable. 

But Yamoussoukro itself was 
he real showpiece. Hacked out 
of virgin forest and savannah- 
tvpe vMi-tatinn. what Hou- 
ohnuei-Bnigny still insists on 
describing as a village. ha.« 
hoenme one oF the wonders of 
Africa and a shrine to the 
father” of the Ivory Coast. 
Several boulevards, as wide 
as the Champs Ely see?, stretch 
for miles to ibe bor>7on and 
most of them lead nowhere. 
They pass through a few neat 
housing estates, but what really 
trikes the' visitor is the two 
real marble palaces with hun- 
tlred* of acres nf private ground* 
and plantations, one of which i= 
Hoiiphniief's prirar* re*:drwe 

and ih** other a "zu«*at hnij'*e‘* 

for visiting dignitaries. Com¬ 


pleted only on the evp of tha 
French President's visit, these 
jungle palaces, one of which 
looks out on an artificial lake 
full of crocodiles, are oF truly 
Roman proportions, designed 
by the Paris-based Prix de Rome 
architect Olivier Clement 
Caeoub. 


Originally intended as a 
model village, which would 
offer agricultural workers the 
creature comforts of a big town 
and thus stop the drift from the 
land, Yamoussoukro has become 
Houphnuet-Boigny's personal 
folly, an incongruous memorial 
tn his peasant origin-—Chez- 
moi. Ivory Coast style. 


Hot space link 



make all prospective members 
of the House of Keys, the 
Island parliament, undergo an 
intelligence test 


The idea was sparked off after 
the last monthly meeting nf the 
House when, according to 
Simpson, many of the questions 
and answers “ reached rock 
bottom for naivete.” His sug¬ 
gestion is that those who failed 
to pass the test should have 
their names published in Manx 
newspapers to prevent their 
nomination. 


**ru? of the most lasting re¬ 
minders of the Cuban Missile 
crisis—the telegraphic “hot¬ 
line" «et up in 1963 between the 
White House and the Kremlin— 
has now gone extra-terrestrial. 

Th“ old land-line was replaced 

yesterday by a new satellite sys¬ 
tem which, in the word? of the 
.stale Department •"depends to a 
lesser degree on extensive ter¬ 
restrial microwave or cable re¬ 
lays and eliminate*' dependence 
on third country facilities.” In 
other words it is going to be 
impossible in future Tor a Fin¬ 
nish farmer to cut the hot-line 
with his plough, or Tor U.S. 
telephone workers to cut the 
wrong cable, or indeed for a 
manhole fire to set the alarm 
hells ringing—as happened to 
the old land link. 

Although used infrequently 
for lop level conversations the 
circuits are tested hourly—and 
what Russians and Americans 
say to each other on these oc¬ 
casions is almost as much a state 
s»*cret as the great men's words 
themselves. 


I'm out of practice J ** 


in send over “ sea scapes, land¬ 
scapes nr descriptions of 
animals.” He admitted to having 
learnt much about bats and 

foxes and to having read several 
passages from Dostoevsky. 

The Americans come back 
with chunks of Shakespeare, 
selections from novels like 
“ Hawaii" and extracts from 
popular periodicals—but they 
are careful to nmil anything 
with sexual connotations. Selec¬ 
tions from sports magazines are 
apparently popular—hut not 
sports scores. The golden rule 
is that messages must be unim¬ 
portant—but not frivolous. 


I cnuld not help wondering 
whether Simpson's suggestion 
had it been made earlier would 
not have snared the. U K. Gov¬ 
ernment the emharrassment it 
is currently undergoing at the 
European Court of Human 
Rights at Strasbourg The U.K. 
ix responsible for the island’s 
international relations and as 
such Is having to defend the 
island’s pnliev nf allowing hlrch- 
Inc as a legitimate form of 
judicial punishment. That's not 
very cerebral, after all. 


In the family? 


Postman’s knock 


'■■ftp do nor epud political, 
religious f»r military messages" 
.5*ui ->ne 1.' 5 milt*arv aide. But 
he added that the Russians liked 


Our man on the Isle of Man 
reports that Alderman Cyril 
Simpson, who is the local post¬ 
man and member of Douglas 
town council, is nnt satisfied 
with the cultural breadth and 
inlellizencp nf local politicians 
and is starting a campaign to 


Inter-Arab abuse .arising from 
President Sadat’s peace initia¬ 
tive has taken a new turn with 
Tripoli Radio of Libya now des¬ 
cribing him as “ Cohen of 
Egypt "—suggesting that he is 
a descendent of Aaron, brother 
of Mnses, and ‘berefore of good 
rabbinical stock. It accuses 
Sadat of “paving the way fnr 
the crossing of the Canal *o the 
^ of the Nile afler the 
Zionist settle millions of new 
settlers in Israel." Exodus in 
reverse or was it that he just 
got left behind ? In I&rseL 
meanwhile, it is popularly. be¬ 
lieved that Col Gaddafi's mother 
was a Berber Jewess from whom 
hr derives hjs good looks. So 
what's the fighting about? 


Observer 


LOTHIAN 


WE’VE AUOTTOOFFEft 
YOU’VE A LOT TO GAIN. 


The lotfoUn Region, [with Edinburgh at its heart, already 
has aforrriidable roil call of satisfied industrfeLcustomers. On 
industrial estates ownerffcy the Lothian Regional Council there 
are now 147 thriving cbmpariles Wlth^tf.QOQ employees, 

Outstandlngimong the reasons for the success of the 
Region's industrial estates is the quality of Lothian labour. The' 
playback we Vecelve from employers'leaves us.in no doubt that 
Lothian labour Is very highly regarded, indeed- . 

Our access to good road, air, rail and sea communications 
is rivalled only by-our access to.commercial money. Edinburgh 
is one of Europe’s’ foremost funding and investment centres. 

"For the businessman who can*t.wait we have immediately 
available 22 fully-serviced Industrial sites, 10 modern factories 
and 16 of the latest warehouses^ All ready for occupation -hove. 
Hy up and see us sometime. Sobrt. 
tf you want to know more before you takeoff, call us. 

Or write to: 

- R. I. .Shanks, Industrial Divetepment Man ager, 
- Lothian Region Development Authority 
.. ,J8 St Gifts Street, Edinburgh EH11PT. 



DIAL031-229 9292EXT3432. 



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17 




Knahcial Tunes’ Tuesday January 17 1978 

i. / '.T '■'.*» i *f • :&■».•■■*»■ 3«f» 


'I: 


After the Wytch Farm discovery in Dorset 

Oil’s mixed blessings 



iESIHSa 


BY ANTHONY MORETON, Regional Affairs Editor 




r-m 






JUST AFTER news of the bis 
oil strike by British Gas in 
Dorset filtered through at the 
start of this year, a woman 
phoned Ur. Alan Kenyon, the 
county's assistant planning 
< officer, from her Bournemouth 
home and asked how she could 
start prospecting in her back 
garden.' Some months earlier, 
Mr. Kenyon had.received rep¬ 
resentations -from Friends of 
the Earth, the ’ environmental 
, group, which was implacably 
against any prospecting on the 
isle of Purbeck, which contains 
the Dorset 2 nd. 

These diametrically opposed 

views are at the sub of an 
increasingly important issue— 
how much industrialisation 
should be allowed in areas of 
PI outstanding natural beauty. As 
the search for oil beneath our 
land is intensified it will affect 
other parts of the country, 
especially In Nottinghamshire 
and Lincolnshire. For now that 
oil has been found in large 
quantities beneath Dorset, it is 
almost certain to be found in 
commercially viable quantities 
elsewhere. 

The prospectorsr-and there 
are a lot of them, including BP. 
Shell. Candecca Resources, Ball 
and Collins, and Aftock Oil, as 
well as British Gas—want to 
extract ft because development 
costs are infinitesimal com¬ 
pared with those in the North 
Sea. The Wytch Farm Field, in 
Dorset, will probably cost £10zn. 
to develop, compared with as 
much as £500m. for a similar 
venture offshore. . 

But «t some point, the old 
conflict arises in land-based de- 
velopments between the need 
imv «tr» to produce . economic re- 
tark figure In a Dorset landscape: the rig on the WytchFarm sources on the one band, and 

No. 4 well rises 140 feet over part of Poole harbour. . the protection of the environ¬ 


ment on the Other, fior is the 
issue sew to Dorset The county, 
and particularly the Isle of Pur- 
beck. is rich in deposits of Port¬ 
land and other! stones and is 
fairly.' extensively worked for 
ball clay—an important con¬ 
stituent in the china industry— 
by English China Clay. . 

Angry locals 

This is the first time, however, 
that oil and the potential 
riches that accrue from it 
have turned up in a big 
way. ' The search for oil has 
been going on In Dorset for 
several years, stimulated by the 
North Sea discoveries. Berkeley 
Petroleum, an American con¬ 
cern, caused « great stir In the 
early 1870s when it prospected 
at Welcome Hill, near Bridport, 
in the west of the county. 
Angry locals were mollified only 
when the well was found to be 
dry and the company withdrew. 
British Petroleum also has a 
small output, about two lorry 
tankers a week, from wells at 
Kimmeridge, on the coast, and 
there is prospecting at Slo- 
borough, outside Wareham, on 
.Arne Point, facing Poole Har¬ 
bour, and in other parts of the 
county. Wytch Farm is in a 
different category to all these 
because it is big—bigger than 
Hamilton Brothers* Argyll field 
in the North Sea and probably 
about the size of Shell-Esso’s 
Auk field. 

The exploration at Wytch 
Farm is being undertaken by 
Gas Council .(Exploration), a 
wholly-owned subsidiary of 
British Gas and BP. Gas Coun¬ 
cil (Exploration)'s first Wytch 
Faru well, in December, 1973, 
confimed oil present at be-. 


tween 3.000 ft and 3,500 ft. At 
this point. GCE applied to 
Dorset County Council for per¬ 
mission to drill three further 
step-out wells to determine the 
size of the field. These were 
undertaken early in 1975 and as 
a result of its findings GCE told 
Dorset that the field could pro¬ 
duce approximately 4,000 bar¬ 
rels a day with an active life 
of between 15 and 20 years. 

On- the basis of these fore¬ 
casts, the operator sought per¬ 
mission to build a gathering 
station where the oil, water and 
gas would be separated, lay a 
pipeline from the gathering 
station to the railhead six miles 
away across the heath land, azid 
develop the existing railhead at 
Furzebrook—which caters for 
English China Clay's workings 
—to ship the oil out It was en¬ 
visaged that the railhead would 
handle eight trainloads of 
crude a week to 8 P*s Llandarcy 
refinery at Swansea. Then, a 
week before Christmas, the 
partnership found much more 
oil at a deeper level. How much 
more and how much deeper is 
not known, partly because oil 
companies are traditionally 
loath to part with Information 
before they have to. and partly 
because GCE has not finished 
evaluating the find. 

The drills are thought to have 
gone down to about 7,000 feet 
by now. and they are still going 
down: The potential recoverable 
figure may have gone up to 
10,000 barrels a day. What can 
be said is that the enlarged find 
could alter the whole basis of 
the relationship between Gas 
Council (Exploration) and the 
people of Dorset. The original 
submission was that the railhead 
should be able to shift up to 
6,000 barrels a day. But the dis¬ 


covery of more oil on the site 
clearly could alter these projec- 
- tions and this is worrying some 
people. Will the operator want 
to enlarge its gathering station, 
or the size of the pipeline, or 
the rail * -minal? No one 
knows, not even British Gas, 
which has yet to complete its 

sums. 

So far. GCE has been awarded 
high marks for the handling of 
the discovery. Although in a 
few quarters there is opposi¬ 
tion to prospecting for oil on 
principle, the corporation has. 
in its efforts to meet all poten¬ 
tial criticism and to protect the 
environment, been cited as a 
model of how a large concern 
should tackle a problem. 

It is not just the beauty of 
this part of Dorset that GCE has 

had to allow for. Wytch 

Farm is in an area designated 
as a site of special scientific 
interesL Miss Eve Dennis, the 
Nature Conservancy's assistant 
regional officer responsible for 
Dorset, points out that land in 
the county available for eco¬ 
logical uses is being seriously 
encroached upon. Some 600 
-acres a year on average have 
disappeared over the last 25 
years. "Ten more acres for a 
railhead does not sound much, 
but it is another little bit to¬ 
wards keeping the average up. 

"There are now only 15,000 
acres of heathlend left, com¬ 
pared with 25.000 in 1960. This 
is why we have been concerned 
not to lose any more of these 
special heathlands." The heath- 
lands are special .because the 
only other examples of them in 
the U.K. are in Hampshire and 
Surrey. The heath harbours a 
wide range of unusual flora and 
fauna: the marsh gentian: three 


different kinds of sundew, an 
insect-eating plant; the fir club- 
moss. There is the sand lizard 
and the smooth snake, the 
Dartford warbler among birds 
and the Insects are represented 
by the heath grasshopper and 
the bog bush cricket . In the 
long, hot summer of 1970 a fire 
destroyed two-thirds of the 
heath and did damage which 
will take up to ten years to resti¬ 
tute. The Nature Conservancy 
were therefore not happy either 
about losing more land or seeing 
the land disturbed to sink a 
pipeline from the gathering 
station to the railhead. 

It was won over, however, by 
the way in which Gas Council 
(Exploration) proposed to pro¬ 
tect the land. Where the pipes 
were to be laid It proposed lift¬ 
ing and storing the heath, cut¬ 
ting and storing the top soil 
and repeating the process with 
ihe sub-soil—then putting every¬ 
thing back in the correct order. 
In addition, the two bodies 
worked out a landscaping pro¬ 
ject which incorporated natural 
heathland plant species. Both 
parties were happy. GCE also 
went to great lengths to insure 
against any spillage flowing on 
to the heath or into Poole Har¬ 
bour. It agreed to find a process 
to avoid Darning the surplus gas, 
which will now be fed into the 
grid. 



Small rent 


Others have bees less en¬ 
thusiastic. Mr. James Ryder 
runs the Rempstone estate, 
along with his twin brother Ben¬ 
jamin, on which the oil has been 
found. He gets very little out 
of the discovery apart from a 
small rent, a disturbance 


FTNow offshore 
Ljnrlffinij concession* 


allowance and a grievance that 
his privacy Has been invaded. 

Oil exploration is governed by.- 
the Petroleum Production Act. 
of 1934, which effectively 
nationalised all the petroleum in 
the ground (had the lady in 
Bournemouth known of this Act, 
she might have been less 
eager to ring up the 
county planning office). Un¬ 
like a similar coal Act in 1938. 
which put £ 66 m. in a kitty to 
be shared among coal owners, 
the law gives nothing to people 
on whose land oil Is found. 

Wytch Farm, from which the 
field takes its name, is a farm 
run by a tenant of the Ryders, 
Mr. Walter Pitman. Only one 
well is on Wytch Farm land:' 
the other three so far drilled 
are on the Ryders' land. Mr. 
Pitman is little short of livid at 
the inconvenience caused and at 
one meeting with the operator's 
men pulled nut his chequebook 
and asked what was their price 
to go away. 

Mr. Ryder is aware, though, 
that the wider economic impli¬ 
cations of the discovery might 
transcend all these arguments— 
a conclusion that people like 
Miss Dennis and the Nature 
Conservancy have also reached. 
That they have been able to 
reach it has been largely due to 
the sympathetic approach of 
Gas Council (Exploration) to 
the important but often mis¬ 
understood and overlooked 
issue of protecting the environ¬ 
ment. 

So far, then, everyone at 
Wytch Farm field has come nut 
of a potentially difficult situa-. 
tion with credit. 


Letters to the Editor 


'ffoaciirinn export-led growth, such as Japan parliamentary time is available public concern. Ib particular the 

■ • ICttMU illg Halle and Germany. Unit labour costs —does not mean the kind of pro- PRS council's decision, after an 

i in export industries fail faster crastination that the phrase has 18-month constitutional review, 

llSinSCS than In industry generally, while so often meant In other con- to send the “ final" details of the 

° . the opposite is tbe case in coun- texts in the past proposed new voting system only 

' w Mr. B. Gould. MP tries like the United Kingdom N. A. de Berry. to “full and associate members*’ 

ir.—Peter Riddell is right to whose share of world trade has 70 Quern Victoria Street, EC.4. —a mere 44 per cent, of PRS 

•' jhasise (January 10) the diffi- declined substantially, v - members—only three days 


w Mr. B. Gould. MP 


ies of measuring the compe- Although the index of compeji- . before they were unplem 

'eness of British industry, tiveness—based on export prices [ jr»V CriTUXPl" on NoTember ?*• highlight 

re are indeed good reasons —is more reliable than roost Alu Jt o u 'o'' 1 . need lor Parliament to e 

arguing that tbe indices other indicators, since it concen- |" XJL ., , that adequate informatio 

ally relied upon by the Trea- trates on those goods being J11HGYS made available by director 

jr and reproduced in the table internationally traded, it loo is * merely to some, but to all 

ch accompanied the article defective because, as welt as From Mr. J. Eetile, bers of companies, 

ously understate the loss of being based on unit values, it Sir,—In r A Matter of Judg- Trevor Lyttleton- 

• ip.etiiivene 55 ; we have sub- takes no account of goods Which ment" (January 10) - Mr. Joe 33, Bryanston Square , W.l. 

ted over recent years. • have been priced out of export Rogaly refers to the insensitivity - 

■s the Department of Trade markets or of the substantial of the English in using slang -t* 

nits, average values are now tariff changes following EEC expressions to denote racial JT.vJ. DCDSlOIl 

be preferred to unit values membership. differences. r 


it, proposed new voting system only 

to “ full and associate members " 
io Street, E C.4. —a mere 44 per cent, of PRS 
—— members—only ■ three days 

before they were implemented 
inerpr on November 24. highlights the 

need lor Parliament to ensure 
' that adequate information is 
made available by directors not 
merely to some, but to all mem- 
lie* bers of companies. ; 

Matter of Judg- Trevor Lyttleton. 


which roost of the Indices 
based) as a measure of 


P.O. pension 
fund 


Term* of 
trade 


Import price* 
compebtfrenew 

114.5 . 

102.5 
100.1 

.*107.7 
. 100.5 


profiiabUftv 

108.1 

105.1 
105.5 
104.8 

100.1 


ing average values. 

spared to U.S., Germany, Japan, France and Italy. 



ro Gw 


i jiitive unit labour costs do of It is clear from this table that e v er rea j problems exist, 
(lie tell us something about the position is now worse, if not j % e 6 < j|£ 
l n tive rales of inflation, "they considerably worse, than it was 3 ^ StileboiE Gardens, W.4, 

. not a particularly gdod in 1972 when the balance of - 

cator of international com- trade in manufactures declined • ■ 

. . tiveness. This is because more rapidly than at any time TLp rraarl 
art prices and costs can and in our history. The course 00 1UC lUdU 
'..move at different rates and which the Bank of England is , . , . 1 

etiroes even in a different now set is likely 10 be even more flCIWOrK 
• •ction from those in roanu- disastrous. Frnm iho rhntr-mnn 

.-.uring industry as a whole.. Bryan Gould. ' . 


-.■■uring industry as a whole. 


countries 


enjoy House of Commons, S.W.l. -th. cerned should adopt. 

. ' . Leitch Committee on Assessing aDoroDriita To'a^nnMfrai 

this sector is generally accepted Trunk Roads has reached, that “hteb inv^v^makine ^wide 
as being healthy. But where there Is no evidence to justify involves making » vide 


From the Chairman. 

The Conservation Society. 


figure for a fund valuation. 
Would it not be possible for 
them to postulate both optimistic 
and pessimistic assumptions and 
to state the valuations resulting 
from each of them ? This infor¬ 
mation could then be supple¬ 
mented by a recommendation, 
based on tbeir forecast of the 
future, of tbe actual figure which 
tbe sponsors of tbe fund con- 


_ this sector is generally accepted Trunk Roads has reached, that 

JetiniDg a as being healthy But where there Is no evidence to justify itSSS- 

° does it leave ihe depositor? .. -the claim that major highways « nn * e ,- 

gnlr He'sees the word “bank" OB a contribute to regional economic times. 

• 'dUJk frontage: he is unlikely to know, policy, is vindication of an argu- 1 }° ,,/*' 

ifmtMita*. that, because the organisation ment which the Conservation ... „. 

' was formed outside the U.K.. the Soelety has long been putting in Plac *' * CI - 

1 Alexander Associates. word does not necessarily bave fte.teeth of counter-claims both 

r.—Following recent cor- t j, e same significance that it has,by the British Roads Federation P'vKiKltl All 

. ondence and articles In your for those registered in this and by the official transport plan- A-jAIUUIIII/U 

• ?C. it seems Important to take country. **5^ ... nKnmnc 

K .hle further, the matter of Miss Reid's article mentioned‘j.l'jiyjj iffiifiSto’aSflShS Cn3XgCS 
. definition of a "bank'; in some; 40 companies with From the Director. 

.is**' of the marmer in w bicb the th ® 1 necessary for eco- Exhibition 

! very much a certificate ! ^k^ow ^h.t tfj-nomic development. TbUhasled Organisers 

. 1 jejbffietahUfty -to the average ‘SKSSSS? serin? nrass ’ ve waste of investment Sir. — I refer to the report 

Mmiiir Ilriiiiiiilfi Margaret au ? 0Tlles -“PiUl' and * human resources hy your Midlands Correspondent 

- WSSrS A n ? e io*fi C - L th 5^i3SS2 *« have been used for on January 13 and in particular 
Jffi iiilrabjy painted a part pi Act. 19<6. Bui environmental purposes which >0 the paragraph where‘it is 

^S^^nSrhSSf^amn Pm* 1 # w0 * u il l . £ S rvn^ Wuld have h ad a much more stated that “The National Exhi- 

1 »e«Jiaif- P rofo «ad effect nn the wellbeing bition Centre is currently notify- 

^^^^^lo^the suhjeri well kDQw ing 49/UJv. institutions? •••• Until the Government can pro- 1»80. and-the fait there has been 

As Miss Reid suggested at tbe. vide solid evidence that increas- no outcry suggests its judgment 
^ , 4 end of her article. “ one must mg the road network above the of the market may be correct-" 

r# MPerbif the word 'bank (and wom j er ^ow effective legislation, present level is necessary for The fact is that NEC has pro- 

. r ^derivations) is restricted as even along tbe lines of the While'economic development of de- posed new charges, but on this 
as companies registered ln _ Paper would he in dealing with pressed regions we trust that occasion a straight comparison 
country are concerned, to all p 0 ^si b | e contingencies in this this argument will no longer be cannot be made between the 
roved Institutions. The - fh er e will always be put as . a justification Tor such proposed charges and the exist- 
.•*na of approval must operatore wh( j find ways of de- schemes. ing ones. A new element has 

iously Include established f raU( j ing ^ innocent and Dr. L. S. Taitz. been introduced into the “paek- 

. ^ itation which implicitly-ex- gullible, but this is no justifica-' tB. NeffierpTeen Road^ age deal" with exhibition 

le 6 ovewapjd growth. But ljon M j am siIre s he will agree, Sheffield, Yorfcshire. organisers relating to the opera- 

records for 1977 show that for f urt her delay in the reform . - tion of car parks at the Centre. 

fign banks with varying enV j sage <j i n the White Paper; it -J. . . This association is particularly 

fee? of recognition, have nQt eIoS9 every loophole,. TllCpInclirA fkf concerned on this score and is 

u«i 38 additional domestic bat there mast be few-observers A/laLIUMIlC UI currently giving the matter close 

aches in. the UJL during the banking scene who are consideration. 

X. Most of these are natnral convinced of the need for an lllTOrillflllOH Not until this Issue has been 

by . old ost* bl ished am along very much the sane-From Mr T LutUeton. resolved can a proper comparison 

one or two represent \dhitt Paner. ' UUm !*" „ be made between proposed and 


^ria of approval must operatore wh0 find ways of de- schemes, 
iously Include wiablished f raU dins the, .innocent and Dr. L. S. Taitz. 

~ Ration which implicitly-ex- o u iiib\e, but this is no justified IS. NeCheroreen Pood, 

Ies ovewapjd ^growth. But lj0Tli M { am 511re she will agree, Sheffield. Yorkshire. 

records for 1977 show that f or f UI ther delay in the reform - 

ago banks with vaiying envi5ag ed i n ihe White Paper: it . 

S Disclosure of 

SsJSSft Sr’n'A’S information. 

JTltiAn h«r . nlrl. 'flctffhliCrlPff ■ . *_ •. . _____ « __ „ _ . 


m 


by -old- established A „ aIOnK very much the same-From Mr T LutUeton. resolved can a proper comparison 

it,kVbut one or two represent ^ vhilte Paper. ci ~ ' UUm . . be made between proposed and 

Jwth rate? that maybe ,«m-_ - &r.—The recent correspond- existing charge? and It is there- 

i*rei! fast by any standards: There has been plenty of time ence between Sir. Freegard. fore regrettabiy premature tn 
jnre may-be rin cause .(Or. cum-‘for discussion . 7 ' We need' action general manager of the Perform- assume that there will be no 
ipt'ftere—certainly not on afly now and must hope that the Ing Right Society, and myself ourcry at the end of tbe exercise. 

the:competition-with Ulniatar.- .Of State** . rOcenf; rei 8 Bs ; . issues of corporate dis- G. A. M. Ritson. 
a pestle banks;- competition In promise- of action—as soon as -closure and democracy of wider 10, Manchester Square, W1 


GENERAL 

Isreeli-Egypt political commit¬ 
tee holds first meeting, Jerusalem. 

Resumption in Belgrade of East- 
West JolJow-up conference to 1975 
Helsinki summit. 

EEC Foreign Ministers meet, 
Brussels. 

EEC Fisheries Ministers' meet¬ 
ing continues, Brussels. 

European Parliament in session, 
Luxembourg. 

House of Lords returns from 
Christmas Recess. 

Power engineers' pay talks 
resume. 

High Court application by Shell 
and BP that action for damages 
against tbem by Lonrbo and its 
Mozambique/Rhodesia pipeline 
subsidiary be stayed. 


To-day’s Events 


Professor O. R. McGregor, 
chairman. Royal Commission on 
the Press (who was made a Life 
Peer in the New Year Honours), 
addresses the Media Society on 
the closed shop. National Liberal 
Club. S.W.1. 

London Chamber of Commerce 
Council meets. 69, -Cannon Street. 
E.C.4. 230 p.m. 

Test and County Cricket Board 
meeting at Lord's considers 
whether to appeal against High 
Court decision in “Kerry Packer" 
case. 

Final day of International 
Slipper Fair, Winter Gardens. 
Blackpool. 


PARLIAMENTARY BUSINESS 

House of Commons: Scotland 
Bill, committee. 

House of Lords: Refuse Disposal 
Bill, second reading. Local 
Gorermnent (Scotland) Bill, third 
reading. Theft Bill, second read¬ 
ing. State Immunity Bill, second 
reading. 

Select Committees: Select Com¬ 
mittee on Nationalised Industries 
meets and is expected to press 
the Government for more infor¬ 
mation on financial situation of 
British Steel Corporation. Expen¬ 
diture. Defence and External 
Affairs sub-committee. Subject: 
CPUS (Think Tank) review of 


overseas representation. Witness: 
Sir Kenneth Berrill, CPRS 
(3.30 pun.. Room 16). 

COMPANY RESULTS 
Gestetner Holdings (full year). 
Trident Television (full year). 
COMPANY MEETINGS 
Bass Charrington, Grosvenor 
House, W., 12. Bridport G undry, 
Bridport. Dorset, 11 . 55 . Leeds and 
District Dyers, Leeds, 12. 

OPERA 

Royal Opera production of Die 
Fledermaus. Covent Garden, 
W.G2, 7.30 p.m. 

English National Opera perform' 
Rigoietto. Coliseum Theatre, 
W.CL2, 7.30 p.m. 

D’Oyly Carte Company in The 
Pirates of Penzance, Sadler's, 
Wells Theatre. E.C.1, 730 p.m. 


the Indices Perhaps the most reliable In view of the English pen- fiinr] 
measure of indicator of trends In competi- chant for nicknames, denoting luuu 

_:_____— national or regional origin From the Director^ enend, 

Relative-r " inwr prh-e- ' KeUrtr. «port- (Paddy. Geordie), physical Royal Institute of Public 

•non prices mmpetitfrenMa orofliabuity characteristics (Ginger, Tiny*. Aammtstrxjtum. 

102.8 ' H4.5 108.1 professional work (copper, Sir,—In hi* article "P-O. pen- 

94.3 102.5 105.1 clippie) and vehicles (green sion deficiency means higher cost 

~ 94.4 . -100.1 105.5 goddesses),- it may well be that to consumer” (January 10), Eric 

97.2 / 107.7 - 104.8 ignorance or innocence can also Short states that the actuary has 

g2.5 .- 100.5 100.1 be ^e cause of our using valued the Post Office pension 

Imported words, apparently nick- fund assuming that real incomes 
104.75 in j 103.8 names,, which people from over* wUJ rise at 2 per cent per annum 

seas consider insulting. We are and that investments will pro- 
ourselves used to being called duce a real return of 4 per cent 
ies - limeys or poms by the Americans per annum. Earlier Lex had 

Germany, Japan, Frahce and Italy. and Australians respectively. stated (January 7) that the 

n in RXiraooiation of the latest OECD figures Th . e JtaMto and capacities of Government Actuary, in a pre- 


Umated, based on an extrapolation of the latest OECD figures .. " ^veromeni Actuary m a pre- 

and taking account of the rate* of exchange at the close on sumably similar valuation, had 

January 6. be considered when inter-ractaJ worked on the basis of a real 

timated harmony Is under discussion, return of only J per cent, per 

■ . ' ' 1 The. generally straightforward annum. As the deficiency on 

• r ~ „ . - . . , . ~ native British can. like any other tbe Post Office fund had 

Prt and export price tiveness is the index of terms people, be provoked into bad amounted to nearly £2bn. on the 
tififes. This is because unit of trade for manufactured goods, temper or ostracism by constant basis of tbeir actuary’s assump- 

ies .do not reflect the substan- which bastbe additional ad van* nagging or incessant exhortation, tions. I cannot help wondering 

change in.the pattern of our (age- that the figures are almost The immigrants themselves do what the deficiency would have 
;e since 1970. indices based immediately available. _ it is qqj nag m- exho rt us in this way. been if tbe Government Actuary 

iverage values dp give effect Interesting that (as the table nor are they boring or humour- bad undertaken tbe task, 

bis change and. show a much shows) this index confirms the j M8> It is for tbe race relations This leads me to inquire if it 
1 favourable position. - trend revealed-by other indices evangelists to ensure that their is necessary in the present com- 
9though the movements of when they are calculated on the efforts do not lead to unhappy puter age, and indeed desirable, 

live wholesale prices and of basis 'of average values. .- results and thereby add to what- for actuaries (0 provide only one 




1 t 1 p~ n ' ~ ■ 1 ^ 




Philip Luckett, UK Managing Director of Alberto-Colvet, 


"Our business is marketing, 
not motoring. To handle 
the transport etement we went 
to the experts-Camden? 


Philip Lu eke It's marketing operation is 
conn try-wide, highly competitive and demands a 
very high level of expertise. So that's where he 
invests his time and money. In brainpower not 
horsepower Not in the fleet of cars he needs to keep 
hisshowon theroad. 

Bnt in choosing the right people to set up and 
service his transport requirement he demands the 
same level of expertise as he does of his own team. 


The sort of professionalism that many contract hire 
and leasing companies would find it difficult to 
-match. 

But not Camden. Because, having handled all 
the financial arrangements for you, having worked 
out the best investment and tax savings, having 
stabilised your on-going costs and having delivered 
Ihe transport mix that exactly suits your require¬ 
ments we know we've put you on the right road. 

Because we've been down It many times before. 


ROAD SENSE. CUSTOM-BUILT BY CAMDEN. 

m CAMDEN 

1 MOTOR RENTALS LTD 

Htapy House. 69-79Lake Street 
Leighton Buzzard, Beds. LU78Sy 
■ Sfepftcne 052532700 























+COMMENT 


Allied Colloids up £0.27m. in first half 


ON TURNOVER of £H57nu 
against £8.7m. industrial chemi¬ 
cals manufacturers Allied Colloids 
Group lifted pre-tax profits from 
£2.09m. to £2.3Bm. for the half 
year to October 1, 1977. 

The directors state that since 
three-quarters of production is 
exported, profitability is being 
affected by the increasing 
strength in sterling. This, together 

with the depressed state of world 
trade, makes it very difficult to 
forecast the outcome for the Tull 
year.. On current information 
they say that profits are likely 

to be in ling with the record £5m. 
for 1976-77: 

On capital increased by a two- 
for-one scrip issue the interim 
dividend is steped up from an 
adjusted 0.51666p to 0577p net 
per 10p share—last year's final 
was an equivalent lp. 

Net profit, emerged as £1.2m. 
(fOJKftn.) after tax of £U£m. 


INDEX TO COMPANY HIGHLIGHTS 

Company 


Company 


Col. 

AIrfix 

19 

7 

Allied Colloids 

18 

1 

Akroyd & Smithers 

19 

2 

Best & May 

19 

8 

Braid Group 

18 

3 

Burton Group 

16 

7 

Gray Electronics 

18 

1 

Eastwood (j-B.) 

19 

1 

Everards 

18 

8 

Forward Trust 

19 

4 

Gt. Northern Inv. 

18 

6 

Guiness (A.) 

18 

7 


Page 


7_ Howard Shuttering _ 18 


1_ Kdsey Inds. .. 


19 


}_ Lloyds & Scottish 


1? 


L Meggitt Holdings 


18 


Pitman 


19_ 

ia* 


Reck- & Col man (A) 18 


or Scotland indirectly owns 29 per 
cent of Braid's equity and has 
• recently taken.* stake m Henly's 
Col, is unlikely to indicate any set- 
— 7 ” together on the. part of the dfc- 

_tributors. The bank takes such 

4 stakes lo tie-up financing arrange 
—7~ meats for leasing and HP and has 

_held a stake in Braid, and had 

Board representation, for around 
four, years.. At 43 ip the p-e of 
fi.l looks very reasonable bur (he 

yield is low at 4.9 pier cent, covered 
five limes. 


RTD 


19 


19 


Tomkituons 


19 


Wellcome Fndtn. 
Wellman 


19 


Eng; 


18 


comment 


Howard 
Shuttering 
slumps 


Wellman 

ahead 

mid-term 


expects 1978 to see a continua¬ 
tion of slow growth In economic TOFR , f . r 

activity in Australia, on the THERMAL AND mechanical 

assumption that external demand engineers, designers and manu- 

for Australian products is unlikely facturers, Wellman Engineering 

to add significant impetus to the Corporation reports taxable pro- 

economy. fits for . the half year to Sept* 

However, R and CA is strong ember 30 l977 ahead from 

in breadth of product portfolio, to 473 and direc . 

TradJng conditions in the world’s BUILDING TRADE contractors ^fuif^evSSSem 65 "SlriS tors’ forecast ’that full year's 

hSfe‘become more difflculfmwr Hovard Shuttering (Holdings) this background! and withalthe Profits will show an advance on 

the past six or seven mouths reports a slump in tmtable profits knowledge that the year has the record £1.4 lm. for 1976-./ 



Financial Times Tuesday January 17 1978 

Burton safe start 


to pick up 


noon. 


Sec Lex 


(although nowhere near as bad as 
those for bulk chemicals! and 
Allied Colloids' share price slipped 
lop yesterday to 70p on a lower- 
than-expected first-half profit 
increase of 13 per cent. Pre-tax 
margins are three points lower 
than a year ago and six points 
down on last year's second half. 
The group—which supplies chemi¬ 
cal additives to improve the 
efficiency of industrial and manu¬ 
facturing processes—appears to 
have gone alt out for volume 
increases in a tough market (with 
so many of the world's industries 
still in recession). Volume sales 
may be up as much as a quarter 
(turnover lip 29 per cent) with 
price increases during the period 
kept to a minimum. Pressure on 
margins, however, may be in¬ 
creasing as the effects of a 
stronger pound work through— 
w ith 75 per cent, of Colloids* sales 
generated overseas (and SO per 
cent, of this representing sales in 
the U.S.). On unchanged profits 
the group is on a p/e of 12.1 while 
the shares yield 3.7 per cent, 
compared with Hickson and Welch 
—which announced only a 7 per 
cent increase In second-half 
profits last Thursday (28 per cent 


for the six months to Ootober 31. 
1977. from £204,311 lo £114,012 on 
turnover of £L73m., against 
£1.35m. Profit for the whole of the 
1976-'77 year was a record 
£442,915. 

First half earnings are shown as 
2p (3.4p) per lOp share and the 
interim dividend is Increased to 
0.83p iQ.TTp) net—Last year's final 
was O.TSp. Mr. J. A. Howard, the 
chairman, has again waived bis 
rights to the dividend. 

Six months 


begun satisfactorily the directors year. 


believe the company is well placed At the AGM in-September the 


Say prosinL haliei,ge5 wWeh directors said that profits far the 


Freddie MaMjieJd 

Mr. George Duncan, chairman of Lloyds and Scottish, who 
reports that the group is in good shape and poised to take 
advantage of any opportunities that may arise. 


Reckitt and Colman owns 
per cent, of the tequity. 


69.7 


Turnover . 

Pro-tax profit 

Tax . 

Net profit . 

Dividend . 

Retained . 


1»T7 

£ 

1,733.994 

114,102 

59.000 

53.012 

13.436 

38.354 


UTS 
£ 

U»47.822 


£0.91m. peak 
at Braid 
Group 


first six months of the current 
year would be ahead of the first 
half of 1976-77. 

Stated earnings per 25p share 


DIVIDENDS ANNOUNCED 


and the interim dividend is in- — 

creased to l.lop (1.045p) net— •*. 

last year's final was Lip. The 

directors hope to recommend a . 7z X 

ramcimuin permitted final for the 

eferge, up from SSSLd'shSSiJi 



Date 

Corre- 

Total 

Current 

of sponding 

for 

payment 

payment 

div. 

year 

...int. .0.58 

Apr. 3 

0.52* 

— 

...inL 0 .S 6 

Mar. 8 

‘ 0.77 

— 

. 0.93 

Mar. 11 

054 

1.38 

..int 0.517 

Apr. 2 

0.5 


d inL 2 

Mar. -17 

__ 

— 

. 1.63 

— 

1.46 

3.27 

1 st ... 2.72 

Mar. 23 

2.37 

3.87 

...inL 0.S5 

Mar. 6 

0.77 

— 

. 02 

Apr. 4 

0.18 

0.4 

...inL Nil 

— 

0.65 

— 

. 1.43+ 

Apr. 2 

126 

229 

_..int. 1.15 

Mar. 10 

135 

—. 


■;:■ MR. LADlSLAS RR&dMV VA1SS5 &» 
- S -: torton Group M £ *“ £ 'SfejSSSR* 

v. Statement With arooumx in« * coverefl by Uw group peak 

fhS 'of 1 the latest ^ear schemes P». - «J. 

> ' SS5 co£ undertaken to make v «MWim 

» the current sales trenu annual payment* to Xhe Tnw* 
tinues. of £284,000 Tor a maximum 

For the first l* *pdn to yean <£lo4,000 for 13 year* 

27, 197S sales have been * per j 87B) 

cent above the twresponiting It |s ^ owking up a -fib 
period last year. If **““**«** dcf j ei) , fl0 - 0tt one of the tutu 
which have been s ° ld %which arose at the March 31. a- 
ate excluded, sales have risen u ^valuation, 
percent. : Apart from four boMing* r 

When announcing in December of two director* n 

the film., pre-tax loss for last another, only USF Nominees wj 
yezr Mr. Rice sowlAcH»idM | | 235.000 shares holds more Urn* 
sales increase for tne nrsr i* ( , cnti of perron Group 
weeks at only 3 per cent • Meeting, Leeds, February 
Burton's accounts show thara ‘'“"-““fc’ 
fanner director received 160.000 
in compensation during" the year. 

The director in question, Mr." J. u. 

Power, was chief executive of uw 
ntenswear division from July IB<4 
until March last year, and lert 
the group in August to become 
the new chier executive of the 
menawear company Chester 
Barrie. In addition to (he £60.000 
in compensation which he received 
for loss of office, Mr. Power has 
had £23.000 paid into the group s 

pension fund to improve his future BREWERS, maltsters. bottlers, 
benefits. . „ . drinks roamifncturera 

Pre-tax losses for the past two proprietors. Evened* Brcweu^. 
years now stand at £7.5m., but close company, repwts profit!4. 
attributable losses, including froni £ 325,000 to £394,000 forti 
extraordinary losses total £l7.lm. 33 weeks to September if IS 
-Accounts show that at the after tax of £473,000 Ktsjg 
balance date there was £2.B4nu 
current deficit compared with a 
£7£Sm. surplus last time, stem- 
mfrur mainlj" from the increase in 
creditors from £20.6m. to £26.07m.. £8.43m. to 
a £3L2m. rise in bank loans to shown to be 
£7,49m. and a reduction In slocks 
from £27Jm. to £2l.42m.. and 
debtors from ,£24.2m'. to £20.Im. 
offset by a sharp drop in over- 


Advance 

Everards 

Brewery 


Total 
last 
year 
152* 
2.73 
123 
1.32 
3B6 
233 .. 
3.45 
1.55 
0.35 
0.65 

2.14 

2.15 


after tax of £473,000 
£399.000 but including- profit^ 
£10.000 (£49,000) On prop« 

disposals. . . 

Turnover expanded f|*. 

£9.R7m. Earnings a 
ahead from I3h 
to lS^4p per £1 share and-f 
dividend total is lifted fo* 
2.926p to 3 268p net uieft a 8f 
of 1.6S4p. 


Policy at Arthur Guinnes 


"IN HIS ANNUAL statement Lord (£W.5tn0 rtttr ■toWng aMOurf- 1 
Iveagh. the chairman of Arthur ACT of ^An^(£0.im.rjtot^ 


S Gufmiess Son and Company, says dlately recoverable: to 



abisi fi n ished the year to September 30. a Jl^^. c ^ usljnen * Dividends shown pence per share net except where otherwise stated, make available to achieve worth- 26.9p (JUpj per 23p stock un 


Pitman 
near £lm. 
halftime 


full 


Publishers, printers and 


1977, ahead from £613,253 to a 
record £906.576. after £401.382 
against £235,262 at half-way. Turn¬ 
over for the year was up by £o.lm. 
to £25.65m. 

Earnings per 5p share are 
shown as 6.99p (4.08p) and the 
dividend is lifted to 1.37768p 
(l-23347p) with a 0.S4511p net 
final. 

There was an extraordinary 
surplus for the period on redemp- 
tion of debenture stock of £8.713 


yearl-on a p /e of 4.7 and lege proprietors Htauw a close , £7<698K ^ time there was also 


for previous years £7-533. 

The loss of £22,615 (£34.055) or 
the associated company follows 
the normal pattern of deliveries 
in India, the directors add. Sales 
and profit of Wellman Incandes¬ 
cent India for the full year are 
expected to be comparable with 
the previous year. 

During December. 1977. the 
group acquired certain assets and 
the business of British Furnaces, 
a subsidiary of Hanson Trust 


■ Equivalent after allowing for scrip 
increased by rights and/or acquisition issues. 


issue, f On 


116 companies, wound up 


yielding 3 per cent, at 535p. 


Small rise 
for 
so far 


Cray 


A MARGINAL rise in taxable 
earnings from £209.700 to £213.000 
was show'n by Cray Electronics 
for the six months to October 31, 
1977. Sales were up £0.43m. at 
£4.5m. 

Tax took £111.000 (£109.000) and 
earnings per lOp share came out 
lower at 1.03p (1.49p) on capital 
increased by rights issue. The 
net Interim dividend is raised to 
0.51 p (0.5p). Last time a final 
of 0B2p was paid from depressed 
profit of £442.000. 


company, lifted pre-tax profit 
from £894.000 to £997.000 for the 
six months to September 30, 

1977 on turnover ahead from 

£11,39m. to £12.05m. 

And the directors are confi¬ 
dent that they will be able to 
maintain the advance shown on ureui 
these figures for the remainder Extrawiluncredit"! s.tw 
of the vear. Last year profit was Making .... 435 . 10 s 

a recoru x.i —m. Retimed ... u; u* 

The first half result is atter 
interest of £302.000 (£318.000) 
and subject to tax of £365.000 
(£387.000). The interim dividend 
has already been reported. - 


Orders for the compulsory wind¬ 
ing up of 116 companies have 
been made by Mr. Justice Slade 
in the High Court They were: 
Balleodar Properties. Barker 
(Builders), 


a net profit on (he sale of /and # comment 
and buildings of £11.538. 

IW8-77 1973-75 

f I 

Tomover .. ..IS.848.07S 3UJMX12 

i Trading profit .. 806.375 

Exceptional debit . — 

Pro-ttx praftt . 996375 

Tax ...I. 4S«.iS6 

Net * profit . 426 ™ 


capital while increases in profits. after adjusting for minority M- 

Sincc i960 the group has been ests: a ? d . sip* 

-investing in brewing overseas and h old ers *1®Pt BraI * r '. 

also in some activities outside 19*« by £29m. to £iwm. 
brewing to give greater strength 
from a broader base. Lord 
Iveagh says that the group’s for- 
Jam mar Catering. Ararat Brothers tunes in 1976-</ illustrate the 
and Co.. Northern Provincial wisdom of this policy and the 
Investment Trust, Excel Screen" directors intend to continue to 
Process Supplies. C. E. Dormer, follow this road in tbe earning 
Brydes. Stradville. years. 

Polefield Entertainments. If governments recognise the 

. of profits growth. 


Increase by 
Meggitt to 
£190,866 


and Clarke (Builders), Cairn- -- -- . 

grange, Alberfield Investments, AJbero Parts, Avoswell Catering, desirability 


Considering the rough ride many 
capital plant manufacturers are 
experiencing halfway results from 
£*•*92 Wellman Engineering are 
encouraging. What helps is that 
tbe group is not over committed 
to the steel industry; and there 
has been fair demand from those 
companies buying replacement 
plant, or" overhauling existing 


M1.4S3 

251.818 

192*34 

rn.ee 

SI.DOS 
1«l B14 


♦AO»r deoreclauon, bank and short-lens plant rather than embarking on 
IniereaL dcbcniiire iwcreat. audit feej new developnienLS In capital pro- 


and expenses. 


Reckitt & 

Colman 

Australia 


Butley Investment Company, 

Chas. H. Bed rich and Co.. East 
Twickenham Nursing Home, 

Evason Electrical. 

GUt Edge Properties. Gordon 
Flemyng Productions, John 
O'Connor and Sons Contractors. 

John Slaitor and Co., Lady 
Margaret Nursing Home. Macmag 
Investments, Onray Properties. 

ScammeU Holdings, East Mid- . 

lands Messengers, KeLstrin, Beach- J. V. Maraud Engineering, 
line (Painting), Carerdean 
(North West), Deveney Damp- 
Proofing, Hainshire, Kentamonia 
Builders. 

Meccarose, irinderhouse, P.T. 

Cartwright (Building! Invest- 


Washwood Heath Plant, Vinyl the directors are sure they can 
Decorations, Frenville. Previile show that the somewhat dis- 
Furniture Co., Chapel Land, appointing result for 1976-77 Is 
Chapel Land Co. (London), but a pause before further in- 
Chapel Land Investments. vestments can mature profit- 

Sauncroft, Schloss Koenigsberg, ably. The chairman says that 


Gt. Northern 
Investment 
expands 


Gross revenue of 


grammes. Meanwhile, the group's 

• comment Iff ft JSTyJSfK f 2? P 

Braid^has^enorted orofl^Sni'ithout a half * WeUmari,s stockmarket 

dSucimlSSS5ri»Stt.LdiVThi ST 

19.3 Counter Inflation Act. Pre- lm p r0Tement jJ, p^-tax profits is ments, ’Rayband Caterers, Taxi 

sumably the 40 per cent jump in S!5r™ 1SSJJ- OxalT the 16 per and Self Drive Hire Co. Vaughan- 

tradmg profits reflects the fact East Investments. Delfdene, 

that Braid no longer needs to keep f r f n f In swim 

such a low profile as-well as the significant benefit c hff mP n M Pr -_. ci _ ri r . mn , t 

vpneral hiinvanrv of motor distri- acquisitions, such as berfco, sail . Shernfold Precision Compak- _. . _ 

bSS J^HSe vriShlirSK afeorbing setting up costs, and tors. Handlock, B. and W. Lang- ■£■««* J™® 

.. ..... _ STgJ. a? SSSfln Al Cl2s EsU°4”S.^on^splno ne^ re^oue rose firom 

swaasri r asga., kk 

riff y? sa" ,han ssa skXt *■ pure 


Turnover for the year to e 
Octoltor 1977 at machine 
manufacturers Meggitt Hold! 
was £lm. higher at £4.5Sm 
pre-tax profits show an advai 
from £155.592 to £100,866. 

Mr. J. D. Tyler, the cfwirra 
reports that Increased sales f 

West View Plant kire.'TSmdeQ while steady growth is the ideal, profits roupled with a hc^ 
Management Services, F. W. Bird, the facts or competitive business order book underline a suv 
CharJbury ■ Grove Investment* mean that progress cannot be 

Euroscrap. United Toiletries, steady, though a spread of busi- results from one company m 
Stonequeat, B.in aid Hocfe .nd-MB acUriUes should avoid would h 

* As'reported^oif*December U. K °“ d »»• h ' 1 

pre-tax profits for the year to ^ter tax of £103.928 (£77J 
September 24 1977 were just the anr ibutab1e balance is at 
■ahead from £39.31 ru. to £39.45m. from £77,69) to £88,938 and sh 
oo sales of £49S.85m. (£413.S8m.). earnings stand at 2.03p CIJ 
At the trading level brewing per 3p share The final divic' 
profits‘ 7611 from £31.26m. to 
129.17m’ but the fall was more 
Great lhan raad * U P by an increase in 


! t 
Idi 

i. n 


is Dip net for a 
(0.358925p) total costing 
(£15,183). 


0i 

£lfr> 


Northern Investment Trust 


a 


Reckitt and Colman Australia 
reports group sales of SA 137.4m. 


RESULTS IN BRIE 

ST AVERT ZI CO MALA AND CO H 
INGS (lumiturr wbok-Mkn and I- 
mem 


_ , November's five-week strike at . ... . 

cent. Convertible ^Subordinated company also announces a Vauxhall has bit sales in the cur- compared with around a 

T.. n Slock. 1973-98 intimated one-for-three scrip issue and a rent year and supplies are year ago. Tbe second half should .. . 

Loan Slock, 18.3-98. intimated dividen(J of n3 per cenL Sjdaiitiy «U1I below norm*]. Car turn out as usual two iWnh ot Propertiw. ^George^ Goodyear, retained balance 


non brewing profits to give 
total of £3SJ8m. (£36.16m.). 

Deferred tax has been provided 
on the basis used in recent years, 

hut the directors will consider dis- £ c £‘ TSSih 

continuing this provision as soon sewemiyr Mi. i«77. pre-ras 
c hmun in „ n as a definitive statement of stan- as.fia9 (iw.sap-mrtndina irankifi u 
°n„ isS dard accounting practice has been Q wfnm kMiMqa 

that r 
reflect 




Box 


_ group? 

had been adopted for 1976- dtvwmd. _ 

1977,’the approximate effect on owEHAWOwoHiwsoNir'ypi^i 
the accounts would have been to ^^muhsi^Timiover * 47=293 (£* 


25 p each at'the rate oTn.or storit already been paid. servicing should keep the group on a prospective p/e or 6fi and 

for two Ordinary shares. Mr. Ian Harper, the chairman, moving forward- That the Bank yield 7.6 per cent. 


This announcement appears as a matter of record only.' 


SONATRACH 


lVc*ductj(i.ri.-•Ic..Tra.^sport. la Transformation 

er is Commercialisation des Hydrocarbures • " 

son. Jordan and Harrison. Epsom 1 sterling 

Plant Hire. Calf Rearm® Inter- tJ ; C^niSatte 

national. Marlmain Heatine. ] o» «i<»TWBit* 

Interbank 

ImsI 

Ambority 

•letKWllB 

X**al Auth 
oegreisMe 
. tmiKlB 

hntiwB 

Rmur 

Drpmlti 

] Dihmudi 
C om^ny J market 

Deposit* j ilep«.lt 

] CllfflMe ) 

Trwmiuy BjuiJc JFlW 1 9 
Bills« Bills « | Alik 


Business and Technical Systems. n , e rDiabt 1 - 

Tardy and Pearce, Carbarine, 2 rt«ysnnrt«...' - 

. 7 itoy* or j 

i 4-6 ‘2 

?ili 

6 ir 6 U 
Ofis 6*8 

•sis 

BM~ 6 S« 

638 

65b 

61 .- 6 1 * 

6<4-61| 

65^61^ 
7 a, .a 

7l 4 <6^ 

632-6*4 

6 V 6 i s 

6 4 4-5/b 

7-61b 
7-6>a 

69b6 » 4 

612-654 

618-05* 

6 »4-6 »a 
6*8-614 

1" . 

6lc-65>| 613-613 
634 . 67*1 — 

- ; 614-618 

6 t* j 61* 

— r 6 

6 bg ; B'b 

85. ? 6 ft | 65t. 

s;* i 6 >s 6 - 

5 B- 6!4 I Btvoa . ^ 

- : at 6 1 B 

_ .j ■ j ~ 

U.S: $14,050,000 

Medium Term Loan 

, . Onpnwiolh. 5 61 V 6 I 4 

lARniNF Tim muoilis...: 6 ^-Big 

jnnUIHL. Tl.rw.nini.lhM 6 l S 6 * 

MATHESON ** " worl “- -. i*-?.* 

Nine month....; 6 y- 6 la 

JaHIn- M-' K »son Group, the fine vw. - j .6r» 6.4 

Far East trading and financial T^oy^m.;. - 


guaranteed by 


Banque Exierieure d'Algerie 


10 rinancc exports by 


United States Steel International, Inc. 


managed by y 


Bankers Trust International Limited 


and provided by 

Bankers Trust Company 
Continental Bank International 
European American Bank & Trust Company 
First Pennsylvania Bank, N. A. 


Agent 

Bankers Trust Company 


August, 1977 


Garage (London), 
ChanyC Cadil Co- Gardiner's Cor¬ 
ner Property Co., Nashville 
Properties, Churchgrove. Michael 
Rouse, Everett Masson and Furby 
(London), Joglea. 

Lander, John R. Lacklison (Con¬ 
tractors), Aro Company, Apex 
Medical Co.. Robert Fuest, Biavale 
Builders, Gibsobilt Property Main¬ 
tenance Co. (London). D. L. 
Jeffrey Chemicals, Lehman Wine 
Importers. 

Bulwell Plumbers and Building 
Merchants, Buyport. John A. Rae, 
Probert Haulage (Pontilanfraith). 


of 2.72p. 

Is ahead 

CO., £40^49 to £41^99. 

- ‘lie au,vuiiia wviuu uavc uecu .III ■«. l.m ..... » n NWmhur iti iQT’ 

The net asset value is given as reduce the tax charge from £ 11.490 before tax e<i.&w #4 

share. -£l8^m. (£18£n.) to £13.3m. Initrim dlvidond Sp net rsvnpi. 


132p (96p) per ordinary share. £18.3m. 


MONEY MARKET 


iall assistance 


Bank oT England Minimum note circulation. On the other cent., and eased to 5-5J per c 

Lending Rale 64 per cent, hand there was a slight net take- before rising to 6-64 per c 

(since January 6. 1978) up of- Treasury bills, the monthly but then falling to 4 per c 

__ . „ Day-to-day credit was in slightly adjustment of special deposits, and closing at around 5 per ci 

J. and P. Contractors (Kent). Day- short supply in the London money and repayment of the small Discount houses buying t 

tell Storage and Distribution market yesterday, and the autbori- amount lent to the' market on for three-month Treasury 

Network, Beaverdale Investment ties gave a small amount of Friday. eased slightly to 5jj?-5J3 per c 

Co.. Priestley and Moore (U.K.) assistance by buying Treasury Discount bouses paid 6-64 per but still remain slightly above 

Sales. Paramount Builders (Clap- bills from the discount houses. cent, for secured call loans in the trigger point tor a further cr 

ham). Government disbursements ex- early part, and closing balances Bank of England Minimum;L 

Daniels Belt any, Fenland ceeded revenue payments to tbe were taken at 5J-6 per cent ing Rate. 

Refrigeration Co. (Wisbech), Exchequer and the market was In the interbank market over- Rates In tbe table 

Osbaldeslon Taxicabs (London), also helped by a slight fall in the night loans ^opened at 6H4 per nominal In some cases 

Fanco. Rayford Estates. S«even- 


below 


Local aoiftorUlc* aod finance houses seven Hats’ notice, outers seven dars' flxed - LsnuMnm. m . „„„ ri Yir met 
* nominally three years 8J-B per real.: four ye are W -10 per cent.: fl Years 1 W i£2i 

burins rates for prime paper. Bnying raw for foor-mopth bank bins per eem^ hin^M 

Approximate selling rate tor one-month Treasury bills S»m per cent.: nra^nopthSi § m* 

roxtmaie selling rate for one-month hank bin* cs™. nm- n. nr ■xtxLxZxZr ViV* 1 'J pur CPI *‘- *«* thrce-tnoalb 5IJ« 


ance broking interests in the U.K. 

A now operating company. Jar- w buying rate* 
dine Malheson Insurance Brokers, 
has been established as the prln 
cipal trading company, based 
London. It will head five operat 

ing companies which wBl each be Treasury sills; a re rage tender rates of dtsoonir S Si 88 percent 
responsible for development mar¬ 
keting and general administration 
in specific insurance broking 
areas. A new headquarters is to 
be situated in the City of London, 
while administration will continue 
In Chelmsford, Essex. 


M-5MM 


OTHER INTEREST 
IN HARCROS 

Harrisons and Crosfield's bid 
for Harcros Investment Trust, in 
which it already has a 80.4 per 
cent, stake, may be stymied’ by the 
intervention of a group of asso¬ 
ciates which has been buying 
through the market. 

Purchases by James Caper and 
Dunkley Marshall last Friday have 
taken the combined interest of 
Rothschild Investment Trust. 
Hume Holdings and McLeod 
Russel up to lli) per cent, of the 
Harcros equity. The purchases On 
Friday were made at an average 
.price of S4p. as against the 82p 
which Harrisons and Crosfield is 
offering The associates are now 
reviewing their position. 


LOWLAND DRAPERY 

Lowland Drapery Holdings, 
through a subsidiary’- has reached 
agreement to acquire H. J. Coutts. 
a Glasgow-based gowns and 
mantles wholesaler, for £50.000 
cash. 


AGB 


SEKVTCES TO 1MANAGEMENT 

UNAUDITED RESULTS 


Turnover 
Proft before tax 
Taxation 
Pre-tit atter tax 

Profit attributable to Shareholders 
Dividends 
Retained earnings 
Earnings per share* 

'caicu&ted on 6,361,096mares 


6 months fo 
31 October 1977 
£4,807,322 
532,66i 
304,300 
228,361 
'222,051 
69,972 
152,079 
3.4%> 


6monihsto * 
31 Octcfcer 1976. i-± 
£3,489,271 "-•> 
380,176 - ' 
205,600 
174,576 
170,027 • ';7 
79.250 " 

. S0.Wm m- 
267p 


turnover up 38%. •Prc&bsfore tax up 40%. 
►The Chairman, Mr Beiraid Audley, ibra: 

Ln the second tail year to 30 April 1978. 


Individual 


AGB Resear 

bdusmai ,laikoi BesearA-Bouk Pu^ahag - f 





























Pinanci^;Times Tuesday January ‘ 17 1978- . 


sX9 


Meat trading side hits 
Eastwood in first half 


Wellcome’s near Encouraging signs for 


£5m. lift 


Lloyds & Scottish 




ual statement \ Driefonteia, Free State GeduJd. PRE-TAX PROFITS of drug group this business on a MU nder f 00 t- the SIGNIFICANT reduction in published base rate and fluctuates still feels the effects or contlnu- 
CMhnht,. 1 inrj\ BOARD MCCTIM fcft Vaal Reefs, Pcgsldent Brand. Presl- ’Wellcome Foundation were up ing. the chairman states. the cost or money and the demand at interest rates chanae. Though ous change in International econo- 

««-^ _ dent Steyn, West Driefoniein. from £41.4 lm. to £46.38m. on turn- lii the L.S.. the group’s largest for Instalment credit facilities are lower interest rates helped the mic policies TTiey add that the 

lm failed id maetthWestern Deep and Western Hold- ever ahead by 18. per cent, to subsidiary .also maintained its encouraging signs for the Iuture profitability of the croup's finance outlook for the year appears 
S'sSe ueriK 197 B 1"P' Dm""*-®*/ extended- £3ALSm. for the -year ended market Position, insofar as it is outlook of the Lloyds and Scottish companies, “the main contribu- satisfactory, 

e to £77ihn «nni»«Mt «*♦*; tew-ta the duiw «f-wa*W«iaE din- to other stocks. August 27.197". the third largest company in the finance house group, Mr. George tion came from a substantial Attention has been devoted to 

etui “ par “ W1U1 d-nds. officim indications «a nm avail- Mocken and Lazarus, which was Mr A » > h . ■ rH th- ,.»»!*. U.S. in terms of the number of Duncan, the chairman, says in his growth in tfa e volume of the P°Hcy of cutting dependence 

rnnnrti nnotoiw '■ f ble ,, whfituT div 1 d«^ xotmjv^ are taken over by Akroyd rather more mnn ‘iivsin hiAnn^Tni Vfat«S2n t prescriptions written. The group's annual statement. business." on borrowed funds. The debt/ 

foporuonately, the greater Unertna or ttoafc oat tta* ralxJiriBtwis than a sear a"o nreviousW dealt IS 4 ”' - " ,fl annual statement . h _ " Up adds however that there » «*.**«» - 1 ;- k.e hAa. I,,, 

*. of the shortfall in profits, shown t*iov in m maloly on last ™ih LS2 that all .regions of the group con- com^oy ^cre occupies a very »*^.bo^ever, tnat Lnere is 

...^i i. ,l.—H nurtt in south African gold miqing tribute d in the uIpk mmimp significant placo m the market, he considerable uncertainty about 

Sss-ta *M e™th»^fttMM'SrSSliraSS Jie „ . ■ _ 

was concluded outside the UK Activities in a number of other economic environment as a whole 
The improvement in trading, he countries continued to do well L j^ mcu a ,. r ’ “T 1 . the de ? r !5, of 
says, dries i Srtei and tbe directors believe that 

ments • In exchange rates, tbe there wnll be developing markets ta 

effect of which in this respect in South East Asia. These terri- fHSSi?*®,J* £!!?!; JLJL.2" 
was negligible. tories will be receiving particular jSSPth- ° 

“We are optimistic about the attention. Mr. Shepperd says. P 

future but a beneficial one will Mr. Shepperd .says that research P *S> JJL *.£!!?* 

come, only by sustained applies- and development 
tion at all levels in ail. the .various group required an 
functions of the group. Anything fiftm. and he expla 

trading IbH _wffl jiot-attract continuing ri»n? nor merely Uu* — ^ cuairman savs tnat me Dank OVCr ten yea ^ t0 financc 


U| v puvi UOfl at J/fUilU). 

• l S? rt tr * din s ®p m * ” 8 to-day • snares out naa given this up sc 

when; inwrims: .amber- Du, Cw«s months previously, inmid-1876, 
•emely difficult market condi- (Farmshen;) Property Eacurlv imvau 
! .8 led to a reduction in both tnm. „ • . 

“toctm ^ i - M - Ji? 0 " 8 " 1 cwk ' 

directors consider the per- future dates 

nance to be satisfactory under 1 »t«-***>:— 

•Inn circumstances- Betm Bros,__ . Ftb. 9 

B. . . **JJ} c * t,on of profit- BrfbL 1 Jan! w 

I \ fin.. ,ity for the year cannot be FW»r tAlberti .. Jan. ts 

‘ T v | til'ifO* they say. owing to the uu- vitt^ivx -- 

«l||ainty regarding egg prices. aSfw’ 

Kr,,., 'ever, feedstuffs and poultry -- 

*>I t Wfh 1 vrkxs «“> now be fbrecart - 


Jan. 20 
' Jan. IS 


Melody 
Mills falls 
at midway 


Airfix plan 
to push 
expansion 


equity ratio has been reduced by 
the sale of the investment in- 
Swan Ryan International an¬ 
nounced in October. 1977. How¬ 
ever the continuing substantial 
debt requirements have led (he 
directors to decide that the pay¬ 
ment of an interim dividend 

would hot be prudem. 

They will review the situation 
with regard to the final dividend 


_ . - _ -- • -— Mivid .... 1 in. so ' nWf. - adverse 

0wenre,r --1? conditions in the first' three growth," he adds. 

inc margins aCy, M ca ^ xaK9X SSK™r£)"{JCdiwfl«iX“^ S ®o«ths taxable profit at wallpaper Exports roue by over 

, IS5rDfcc«S^ LllSI manufacturers Melody Mills «nt to f73m. for tbe year__ ,_ 

• I ,«^i^ Uy ^L estl,lia JS “ Slipped from £25MM» to £172,000 have come about, the chairman auParities. 

* 10 gg K pn ees would result for the half-year to September 30, says, from efforts made 10 find TTie proceeds 

■iveraii profits for the second -— - -- * ■ 



inflaflMan.' Presmres common to inCreaM , 10 £2Sm n is not required Sjjtal esDraditOnand further The metal finishing activities 
■M per all costs, but because of the grow- t0 ac hie 7 g any Immediate policy expansion of its netirities traded well and showed a .Mod 

ar and ins. pressures from regulatory objectives but will “proride a Mr Raloh Ehrmann ehalnuan trend in the domestic l-.K. 


desirable degree of flexibility in an^mmiagln^ director, My-^'the "Wket and the Rroup distribution 

::i.fErt balWteS? SKS 1 a proflt ^ some ^2™-’ against £2.77m. Capital Investment amounted to arraneed dunng the year, are rose by *2.9m. to £l7Am. in the of tlw £2.7m. rich ts Issue in July. T h ® croup generator manufoc- 

’ ‘•-Si- s -niSSSLi iSFiE Sears ^0 owos the Sdfridges H °I v ' e 7 er . the directors «y that £2im. during the year, of which generallv available for deolorment year to end-September. The most 19713 . mean that ihe group is in turin « un J l ls producing satifac- 
K maunamea inev ex ^ Oxford Street - " profit for the full-year should flOm. was In the UJC. The new within the group. Net assets have significant change in the balance 3 position to exploit noeninas and ,or y results, members arc told 

eaceed the £574,089 reported for tablerting building at the com- now risen to £15im. and total sheet, the chairman says. Mas an opportunities both identified and a7,d * hp r ,0,en l Jal ^° r (bis com- 

1976/77.- pany’s production site at Dartford carMtal emnloved to £2t3m. increase of £70m. in the insial- potential without recourse to pany remains good. 

Stated earnings per 25p share was completed at a cost of over Ad shares are owned bv the ment debtors, reflecting the sub- sources of additional finance, 
for the six months were 45p £5m.. It embodies the latest tech- WnIP-nmo Trustees who apply all stantial growth in the amount of jj r . Ehrmann says the group 

(6.9p). After tax of £89.000 nology and has the ability to pro- distributions to the supnort of instalment credit written during is now looking Tor further expan- 

(£131.000) the ^uet_ balance came duce more than 2,000m. tablets a medicnl and allied research the year. _ . sion of its non-toy Interests, where 


gins are maintained they ex- 
profits for. the year .to store 


last year’s record 


\n 


"iir Giif 


-roach 
8m. 

irst half pre-tax profits were 
ck after interest and manage 
•it expenses of £L19m. (£ 1.1 m ). 

■ h tax . taking £342,000 
33,000). Earnings per dp share 
given as llJ5p (I8.08p>. The 
jfim dividend of 1-S0p net „ 

I in December is now - followed and_ 

a second Interim of 2p. For in South 
i-77 an interim of l-2fiftp was shares 
wed by a final- of 2.30ap. 


out at £83,000 (£120^00). 


Akroyd to 
trade in 

Kaffirs „ . 

« Spencer Clark 

“TWffStf«SaS sh g ht downturn 

le big- jobber. Smith BrojL, £303 T39 


year. 


throughout rhe world.- . Commenting on the new reguja- profits are currently approaching 

In December 1976 the a-mm-s A former director received J 1 ®” 3 being introduced under the £ini.. and of its overaoas toy 
“ £29 000 pavment in connection Consumer Credit Act. the activity. 

was with his retirement. chairman_says that although some His aim in to achieve a 30-50 


lire.?- iiwa. 7 « degree of regulation is desirable, spilt on activities. “We are now 
hits.,. iB73.«« th0 complexity of - - --- 


only one ^—,. 

See Lex ' ' deals in these shares. 

The possibility of Akroyd'* move 


(ears spends 
2m. in 
Oxford St 


new foot and 
vaccine plant in Brazil 

j5S^a^ s hcd r rfa < ?S t ^SSfe I l ”»« "w* legislation looking for" further development 

Sfffl ^ ta associated industrie8 -" 

n it . companies moved into newly n“ '.Z.'.'.. '.'. 21 ^ beau^onS 1 ^wither^ die 

Despite ^second. baLOncrease built premises and currently - ^SST . » & SSS SSSSSfjSffSSS. 


Best and 

Mav well 

•/ 

up halfway 


/ was recorded in the recent annual r P „m eim™ t^ahie "S* pre T JS ® s ] and currently cr ^ 1 --. 

statement hw tho chairman. Mr £ro, 5. *l»iO§5 to HSL739 taxable under construction is a veterinary . 

h«n Profit of Spencer Clark Metal entomology laboratory at iP'SSS® 1 .. 

pr ompte d by of tocre asicg Brt ‘ b ““ ”* * ■*—' - : 


Berkhamsted and a physical nivWbwf 

mg the GovernmeDtls~ recent lumow 110 from £4 lm to The results of the U.K. opera- awefc vbLjbbwm 
ears Holdings ha* purchased, abolition of the 25 .per cent. the directors say that it ^pn demonstrate that tbe policy £!**£ 8t,m ,Mlue 

iniTTPTtnPl* T^niitrAmAtlT *■__ . ■- - » .lx. nf m hnnnlioof nnri bnnnnv> "r”. 


'S-fS will be justified. 

3 b« **6 welcomes the reduction in 

in 026 ik.isp interest rates in recent months, 
im.wr 7c.ui but points out that it will have 
^ a'in 311 on future earn bigs 

?O.BM 


RTD ahead 
but omits 
interim 


INCLUDING the results or Kent 
Electrical Wholesale, which was 
acquired on June 30. 1977. pre-tax 
profits of Best and May rose from 
Jl 92,SD0 to £13S"J0 for the half 
.rear to October 31, 1977, on turn¬ 
over ahead from £lJ3m. to 
£2.S7m. 

After tax of £82.285 compared 
set with £48^0 earnings arc shovn 


mgh its subsidiary British surrender requirement. ■ “ appears to have stabilised at this of rationalisation and keener on sale of 7mboiu >v sraniaeL out,* takes deposits on' a spread cstIioo 1 * 1 for 0 the 

e Corporation, four under- A spokesman for Akroyd said higher level." They add that cer- attitudes tn marketing is placing *oa translation of axed assets. - - 

■*s of shop, showroom and last night: “ We hope that the tain areas of tbe business con- 


show encouraging 


Forward Trust profits 
advance by 42% 


! k premises together with a withdrawal of the 25'per cent tinue to 
tI/ 1 * lease ^ the whole for 2,000 surrender rule will create more prospects. 

’i t for some & m. These adjoin domestic interest In Kaffir shares a final dividend of 1.43p net 

M . -shop Sears already leases on and that more of the:m*rket in per 20p share, as forecast, com- 
(.‘(tii'll is, comer of Oxford Street and them will return to London.' 1 pared with 120p, lifts tbe total to 
, l> id Street where it trades aa Akroyd will begin dealing in 2,39p (2.14p). 

4 I tlfl Oii 5kas" which is worth some April in the shares of-some 15 of Tax took £170,007 (£167.575) » 

wl ".OlMl t. - .. the leading gold -Tmoducers. leaving a net profit down from FORWARD TRUST, the instalment sector and industrial investment!" 

he total investment is stated to including Buffelsfontein, East £145,110 to £133,732. ' credit subsidiary of Midland Bank, Mr. Cave adds that the company 

reports pre-tax profit increased is actively pursuing the pro- 
by 42 per cent, from just under gramme under which it is assess- 
HOm. to £14_23m_ for the year ing. together with other members 
ended October 31, 1977. of tbe Midland group, the pros- 

Mr_ John Cave, the chairman, pects for extending its interests 
reports that the increase stemmed internationally. These are ex- 


,, — - Electro platers, generating - - -— . 

- rather than an immediate impact manufacturers, etc, RTD Group to hove risen from L\22p in 3 37p 

li'i ,ods iM.au on profits. The group, he points lifted profits from £121.000 to per lOp share and the interim 

___J for the half year to dividend is lifted from 0.774p to 

of maturities so that the benefit August 31. 1977 before tax of 0.8645p net. Last year's total was 

of a fall in short-term money £86,000 (£66,000). Sales were 2.7252p and pre-tax profits came 

costs is not immediately apparent, ahead from £227m. to £3.I3m. to a record £247,778. 

At the same time, he says, a The directors say the economic The company operates as 
significant proportion of its lend- environment has improved some- slockists and distributors of 
lug business is now linked to a what in stability but the group electrical equipment and plant. 


World Value of the Pound 


The table below gives the latest available 
ts of exchange for the pound a^nipp* varin-ts • 
reliefes on' January Iff, 1978. In some 
ee rates are.nominal. Market tates are the 
rage of buying and selling rates except where 
y are shown to be otherwise. In some case 4 * 
rfcet rates have been calculated from those of 
eign currencies to, which, ibey are tied. 

' Exchange ip the ILK. and most of • the 
entries listed is officially controlled and the-, 
es shown should not be taken as being _ 
dlcabie to any particular transaction without 
erence to an authorised dealer. 

. .. Abbreviations: (S) memberof-the sterling 
. k 1 other than Scheduled Territories; ik) : 


Scheduled Territory; (o) official rate; (F) free 
rater-(T) tourist rate; (nc.) non-commercial 
rata; (n.a.) not available: (A) approximate rate, 
no direct quotation available; (sg) selling rate. 
(bg);.buyiug rate; (nom.) nominal; (ex/C) 
exchange certificates rate; (P) based on U-S 
dollar parities and going sterling dollar rate; 
(Bk). bankers’ rate: (Bas) basic rate; (cm) 
commercial rate; (cn) convertible rate; (fn> 
financial rate. 

Sharp fluctuations have been seen lafely 
- In the foreign exchange market., Rates In the 
,-jabJe. .'lplow are not-In all,cages closing cates, 
, on the dates, shown. 


RESULTS'^. 


Place and Local Bnii 


|A3Uo 


sruu. 



. '* 1,1 lianistan 4i gl»ni 
lula..._.. Uuk 

_. Omar ■ 

i Trench I'rmnc 
iSmntRta pwdi 
ow • K»«n» . 

Ipim «i._ U Iiinw*an I 
. pnMna. Ar. Hmo PHw Ka 
•' irmJU (Su AiulmltanS 
lnt.Mq» H ■'•chlllinj! 
t PiKtUa- 

■ittimwiA "»• Uoliar 
8'siVnhlS T»wi 
rtnu nit Ulnar 
'•MU* la... I*M«" 

ailnr iSl MarfauW* »tt 

H. Pnjp- ■ 

_..■C.V.A.'fmw:. „ 

uda. f - 

.Inillan Unpw 

via.. Bolivian HCfcO I 

iwan> tS)- Pum J 

*.i .......... Criweir. Jt 

IrRlniptfji U J4.S | 

icKStl.Umud 6 

(aria-.—. U*v 

na.......... Kjm 

nnU.,... UvNitdl franc 


79JI 
\ OW.flHA) 

t 04. 
7.886*8 
8.078 
16M5 



asnir 
w 

1.89808 
28 JB 
77 JO 
1.0285 
Z7.B28 e) 

0-785 ■ 

1B5.4B 

8.887 ., 

riem JS.f/i] Hwmbb^*-u;. Jortat 

XeeikndtHi... t, Kww 

Inrt. Uup#e 

■fnrkwaUa—. -UiqitKb. 

lrau-...i..Obi 

Iraq........Iraq Ulnar 

I dan Kop (ku Inili £ 
buwl IwaelJC ■ 

ttaly........— Un 

i»i>rv Unau... CJ.A.Franc 
Jamaica R>i„ JamatealWauM 

Japan.. Yen 

J or Ian iBU-i JoRbrn t»nar 
iuamnnehea. KM 
Kenya heova Sbiliinq 
Korea (X(bi_ Woo 
Kona (tttbU.. Won 
Kuwait CSi— hua-alt Umar 


«(Uii 85.48 

• 5J87 . 

4888a " 

- IJR85? 
18.7488 Mi) 
88.57 

1.587T1 - 
80-82 
U2tB 
4.506 _ 

um 

12.7587 

172,106 


wro'nBpU-F.A. True', ( 
ida Canmnan f | 
UT U.„„. Sjawiab foaut* I 
j-fenli* I. Lain? V Kacudu-’ 
inanlB.(S)Uav. I. 6 ‘ 

HW..U.F.A. Vmnc 
1...-C.P.Pl. Trane ’ 


4CM| 
2.1110 
186.15 . 
mi: 
1.60708 
4688* 
UP* 

a r . 

w.kraminM Yuan l -64*68 

ml*t».-t. IVk. 

nwa roa.U.K,A, Fnum- 
•atS , lie)..L'J'.A. rraoc 

a Km.Cohm . 

»•.CuiMti Pen 

... 


fPj 78J5 
■ m&t 
i- - 465*4 . 
j 15.6851 
j' 1.1685 
! B.7M75 

• I (tiimilUB 

■Jiainrak. Kamila (m-128.48 

• ■ * i ((T|17.S6 

mark.Uenlib Krone 11.076 

'«IL.K'.f | 8TOi ul 

nuns m;_ b. - ai i»W» 6JI1T7 
no. Hep-- Oominleap PewU " 1L8285 


adOT...... Suera 

W... bjurpiiu £ 


r i&M 

-i hVi8S.se 

'•lUji.TH 
; nil us* 
6pi«-Mhwrian Birr' Wi 8,89667 


*1 OuinM.l'CnMB 

clsiHl Ii. i.huhteM ie.c:- 

rfa.Uoniab bione ■ 

•1*. (a... fl.il» I 

*nrt........ MnrUKn 1 

rcr.. fraud] Franc 

.'mn M-C.I'.A. Innu ; 
aiiuiaa— Loral Franc 1 

franc ! 


:\N 


. \ V 16- 1 ion (ij.i... Uatew 

^f|> i, rLWouirt 


F'rtnu 


155.45 
14 • 

tuor* 

I.B7B48 
7.74 
8.0?6 
485^4. 
8.875 > 

lW.fllT 

4M% . 

4 


Value.o* 

£St«rlnur 


Utpumn.^ | u, uuchnuc 

OhiuiB 

O'jhrnltnr |Kv Ollwiar £ • 
lJiibert.Ia..AAua>. UoUar 
ilreera_^..._ Unu+unn 
Orem I and Daahli Kroner 
Grftn>ia <S) m V. Caribhwn 8 
[fuiylMoopt'-.. local PVanc 

Onam..CJ. 6 

Owitemaia.K, Qucs*ai 
Qalnea Hnp.^ Si|y. 
liulnaiBiinoR 

Guvan> OS) —Uayanwo f . 
Haiti—Gemote 
Bov ima* Kep Lempiia 
H<uuKms>(b)H.K. 6 


4.0825 

2.18UW) 
1.88 
1.69806 
68.813 
11076 
841177 
8.076 
1.8286 ' 
1.8286 
40.4184- 
77.7764 
4.91768 
B.84® ’ 
2.68 
B-BS 
Cfcnmi 72.87 
iiltt;) iTrAkfl 
, 4294 

1 15-74l»’»|r| 
B00.BU6J 

<A 1154 " 

0.8708*76 
1.00 
50.424 
1687*. 

4522 
B. 41061 
dRA 

O.M7«@ 
2214 
16.41S76 
5-W«j 
964JO 
0.668 


Laos-—-. Kip PK Pb* 

LebumoLain new £- I 

ientbo_C^Afnoui Kaad 

Utwia.. Lilxrwn » 

Libra.. Libyan Ulnar 

Ltedii'riHU]... tialwFranu . ] 

tjjjutemboqilB. Iaix fraoe ( 

Macao-Huec* 

Uutdra. Pprtnjj’wBacudo 
MalaRaaj- Kd. 3tU Plane . I 

Malawi <£■- .> K«ttcba , 

Malayita «U. IllUurl! I 

Umdlrc IMS** MmSuprc \ 

Mali .«f,.Mad Pjane 

Uaiui IM ...... Uait«e£ 

llaninlqun... Local Vmno 

Uauintanla.—UURiili'a: . 

Uaumiiii iSi M. Uuw 

JltKlui. UuMlI I'Mu 

Slmuelfin._.-..l. ! .F-A- Pierw 

U.nmco.-..'French f'tauc 

.Uouqnlia .I'ugn5 ' ■ 

Uuniaerrat..... K, 6 

Mumyn..Dirham 

Knraml4que. «■«- Awe** 

Star* la- . Sij»i. Duller 

\<4»r. Nntaieae Knpee 

■NriUeUAqd^.DuiMcr 
Sett.Anl'lw.-Aniiman imM 

Now Uahridoa i Uyj»r 

X.AtaiantKsi NJt. Uolfair 
.Nkbjuct*..... u»nU4» 

KiKOr Up..L.t'.A. Franc 

VSt..., Xatra 

Noreay ^.. .. fimq. Krone 

ymMJWKM-.V RtaJ Omani 
- *14 » 0W-— »■ ■ ■ - 

t y)H«Tjn —- Pfe*i. Kopee 
Panama R . tri'lwa 

r«nuaN£iitt*1 Kina 


665.7 . 
6.74311 
! 1.67894 

I 1J285 
iipj 0.87892 

3.802b 

65.40 

8.65688 
- 7748 
458.3* 
1.67076- 
4.6656 
7.57801 
B07.S 
0.76145 ' 
9.075 
90.BB771... 
1244501 
43.77.. 
4563*' 
8.075 

Oi0.225I’I) 
6.21177 ' 
B.lldad 
62.18S 


1. 

24.18825 
4.56ii "v 
5.452615 . 
146.6887 . 
1.69806 - 
1.69135“ '■ 

.15:69 . 

458*» - 
T.182580(«e) 
9416 

0.6661 


19.»(ia). 

t.SSBS 

1.4116 I 


Place and Local Unit' 


Value o' 

£ Starting 


Paraguay_Guarani - J 241.18 

P*pr» DJTp... | 

Of Toman ($) S. Yemen Dinar fA) 0.66868 


Pe»n.„^..Sol 

Phillpptnte.- Pb. Pmo . 

Pb lagH- -— Holy 


PcaeTvacado 

PortTtawr.... Timor Kacudo.—1 
PrineripB Iale. Pgw Eacndo 
Pn«tomn_.Dj4.S - 
Qatar SL-— Qatar Kynl 
ttendoD. 

llo de la-French Franc 

Ubodeaia,.— UhodestanS 


|«xc{A]248J0 

14J140I 

1.89159 
1 (Cm >37.88 
j (T16140 

■ 7740 
7740 
77.50 
1.9285 
7.61 


ftomanl* _....'I4u _ . i 

KNarnia._Unonda Fraoc. 

BuChriab^ 

- pher <S)— S. Caribbean S 

StTffiSfiU — Bt Helena £ 

Ht. Lnda (Si H, Caribbean $ 

StPtow-ILP^. Prams 

SKViaoenijS) U. Caribbean 9 
Salvador E|.„ Coion 
damn |Amu L’js. S 
San Marino... Italian Lira ' 

Sen Tome—_ Pese, Kacoio 
Saudi AnMa Uyat 

.... C S Jl. Fiwio 

—-si. Rupee 

6ieirl«'ne(a) Leone i 

bingapen (5)b|nfiapnraS 1 

sowimm IetS> AnatriaUaaJ 
aomaUXep-. ttomewjUng 1 
«^Aftfe«SL Band , 

Xerrtlorfeai* S. A. Hand | 

Spain - Peseta ! 

ojhu Porta in . 

■North Airiea Peseta , 

S« Zanka iS.tS. L. Hiipeo J 

WJdan Up...^. ^utu £ ■ 

thirinaan-S. tilidor 

2iwsra!land IS.) UKuvem 

oiratCD__ >. Kmh 

Swttaertaiirt - Swiss Franc 

brria-..Syria £ 

Taiwan.New Taiwan 6 

Tanzania(5>-.Tan- Shilling 
-Thai Mud—.... Haht 

Toga Kp__... L'.f-A. Franc 

Twqta Je, ihu. Pa'anga 
Trfmda.i <Si...Trin. A Tebago I 
Tuniaia„—'— Tunisian Dinar 
Turkey™:......Turkiih Lira 

Turiia&CTs — UjS.h 
TotalO—Anatralian S 
KgaaSatSi... Lv. Shituac 

L r W- .Stale*-,- l«-A Dollar 

Vr^jcay Urngn^ PmoJ, 
Liil.A'bhnils. U-A JL Dirham ) 741 


9.071; 
147859 
fcmifi.72 
fajciT 28.47 
17646 

541177 

1.0 

641177 

4555* 

541177 

444 

14256 

1.6871b 

77.50 

S.BT 

4533* 

1145 

24 

4405 

1.88B05 

(5)13.15991 

147584 

147594 

165.46 


158.45 

28901 

(Ai 8.67 IN 
5.462915 
1.87884 
-'8.8976 
34036 
(AJ746859 • 
(Pi78.289 
1634 
58.855 
465i* 
14896 
4.6284 
0.771isg) 
54.78 
1.9285' 
1.58609 
15.171 
14286 


njfcWL_Hrohie 

tipper Votta-.CTA Franc 
Varjoag—■— Italian Lire 
Venteoalc..... BoUrar 

VietaanitNtbi Dong 

Ylejoira{Srti) Piastre 
YUgiiHl.UA t; A Up I Mr 


1.S07 
' ! 4955* 
j 1.687* 

1 64B» 
li [0)4-78996 




Sqnou Ifi) danwsh tala 

TttfefellUvai 
YugeeJaria-.- Sew Y IHaar 

_i.,...Xauy 

ihMKnai-lm 


iT'4.6618 
546776(sg| 
14286 

1.16076 

8.72Un) 
a5.2464% 
1488712 
1.4260 


lm inn ut the Krcncti community to Africa- tanner Is 
un ot French - West Africa or French Botttvriiti Africa. 
(uiKn per tmond^ - 

•he uotsum baa replaced ibe CPA franc, The nvhaiqw 
fa* «inde *1. a rata of CFA PrsJ'h) oua mw ot tha 

me otmujcy, 

^Mrs and lasaa now DJIbouiL 

3-?ncral ram or mi ami him cmarig 9.6SOT- 

ilh Mtmsollan ruarifc haa Mely been reported tn SOM 

>T an offkslaJ eoranWFClal rale of 04S3 Bueelan rotfbiee. 


rte NorthVMtMweeo dens at 04*5 roublea and tpc 

Aonh teiM.jp « fl.Mn rodbiw, wttb the 00 line) 

Bonding at 748 nrabtep ibq ceoptfing rolatkmsups cwW 

i^iSfSE 1 fPTta ® ^ £t *' 89 g=4J 8 

“ Bate la dm Trutafer purinv fecnTroUed), 

*r Ra:e it now bsced On 3 Barbados * to the dollar. - 
£l Now one aflBdtd ran. ■ 

is iwticr ttMera imtOduced Aaro 2a. non at fur export*. 
non-rtsenlML Jtopora and . tourism. Bate for essemisl 
imporU L735S. - 


Thomas 

COOK Bankers 



Tomkinsons looking for 
increased activity 


ESSi ^aawaaaars ts.r/.s. nt - "■—*“■ 10 ^ “■* 

sa^ft.'Wiss.a 

ficures of abmit £24^m for new an the past vear’s operations. d,ar y Ludlow Carpet from a conditions in contract rumiBhinit dividend in respect of the diree- 

vSSStA ffiScf^ 1 43 Mr°Cave S$ SSttfSS^ &*»*" * 3 Pr0fit in ^ ESmFi JSZ 

cent, higher than in the previous default on borrowings are now at '^st year. . . . commercial and overseas activi- a^ised. IXH. Uroy Leins oenc- 

vear reflprthtu the enmnanv’s their' lirweat levels ever “The ”*«* the re-OTRantsHUOH of the tlCh. ; ,aa „ B. K. Peppiait, 

SSwIne JSre „! an K S ouaSfy S our lending ai tufted division and the introdue- Its product range was Increased beneBcta 40 MH); T F Jones. 

Kket • ^ SuS by the accounts fo tlon ° r successful new ranges, to include carpet tiles and luxury beneficial 40,noo : T. F. F. Nison 

a? chairman arpues that the T^SThaa heou weUSSined .1'r.cton. jay LuJlpw .rti . nlJ new quaime* Faetortas prated « 4 "“' ^ 

results were satisfactory In a year and Obis we attribute in part to vc " lure and a “‘ 5t «d ^ na ' 

when government controls on the business selection techniques J^JSWESL^nLn C 5°*^ lhe ,? r S? uc ! offer ^ ^ 

hire-purchase terms for consumer .we .have- adopted over the Iasi “J “““ga Jc>* wfinal result, directors say. ' A ™J? rf ho3f%i^iiJf n lh^« 

finance continued unchanged and-two to three year*.”. in« P nF d nfR^P Tbe Board of Tomkinsops is 58y,00 ° silfflres 

when for most of the* period, the He also draws attention to the in proposing to change the com- tB fZ|Pf, r Prnn „ WA . 

Bank of England controls on ex- progress made by the company’s « n ^,™« n «^SH?^ d ; n lXP raiS.rf^ pany's name to Tomkins Carpets Havhnf 1 «u!i^ Sd ?no 

panston under the so-called foint opSatio^ inclJdinglu {B^iSr5Ml.TSSS “I- 10 tn V& r ^ «* d SS BrSbenS^owneSTf 

-corset "were in force. association with Hat Since the JoinSiSTfeiWfo n£ tlcSSri? l ™ d ! nK adnltie* oF three subsi- JSsbT (S tSS 3 S r 

He notes that about two-thirds end of the year a joint credit com- S ^ 7 diaries to the parent Mr. K. R. Sner Sdavs^E l} ) ' s 

of the group’s turnover was with pany has been formed with J. It j, -mJintiy launching a G- Tomkmson, chairman, says in Warner H. E 2 Warner and 

industrial and commercial con- Hepworth, the multiple tailors, to ma j or new ran^eVhlch has been ? lettcr t0 shareholders announc- j oc Warner directors jointly 

cents, commenting that this was provide credit facilities for the Market SteS?hld in cinfonctfoS in »f *he February 7 EGM that c oId on Sum 6 Sw "P 

consistent with official emphasis purch.sie of meanswear in Hep- gu re suppliers, directors the directors have been discussing shares between *>Sd and 2flo 

upon assistance to the corporate worth's chain of 330 shops. ^"thS reSJrt wUh SSS J. ow to brinc togelher the activi- s. Sr “id 7.730 “ P - 

In the year to October 1, 1977, *™ ".=“?? Kidderminster Mte for shares at 28Jp on January 6. 
XT' 1 "II pre-tax profit of Tomkins on im- time and have decided that Vaux Breweries—A. Nicholson 

IV AlCAV CP lie 111AFA proved from £239,647 to £252.430. “'J 1 ™ company is the nght has sold 10.000 shares out of his 

XVWIovT £9 vJUk> UXl/1 v The loss contributed by Ludlow holding of 30^S4 at 393p because 

. m , included the writing off of large Accotmrs snow a £0Jam. In- 0 f commitments to his now farm- 

/\yt f 'Atlfinanf overseas debts and yarn stocks, / £0 - 54j p- decrease) in net ing business. 

Ul 1 The company’s performance lm- tiouid funds for the year, and at Himslet (Holdings) — John 

- • ^ M .. .... proved in the second half and balance date net current assets Brook on December 1 had an 

Of total manufacturing sales of advanced to £1^9m. (£l.B5m.) on stocks WG re reduced, and the new were £2-49m. (£2^7m.). interest in 102,943 shares (Sj79 

£X&25m., against £8.8Lra-, achieved sales of £16,S6m. (£t2.15m.)—a-s management is confident it will Substantial interests in the per cenL). 

hy Kelsey Industries during 1976- reported on December 7. Tbe net again contribute to the group's company are Mis* M. R. Tomkin- Estate Dntics Investment Trust 

1977 the percentage going to Con- total dividend is raised to a maxi- well being. son. 253.252 shares. E. F. Tom- —Commercial Union Assurance 

tinental Europe expanded from mum permitted ; 353475p ... The Axminster operations offset kiiwson. 166.402, Britannic As.sur- holds L044.989 shares (6.66 per 
28 to 32 per cent Total U.K. (2.89623p). - ' •' the fall in home demand by lifting ance Co. 160,000 and Lloyd's Life cent.) following acquisition of 

exports and overseas sales now At year end- working capital exports to £3m. and traded profit- Assurance 200.000. . . 28.324 shares on January 5. 

account for more than half the was up £79JL2ai (£L538. *60) and ably. But directors expect market Meeting, Kidderminster, Feb- Lev**—Ray beck sold 200.000 
group's turnover, Mr. John Moss, there was a. bank .overdraft of conditions to remain difficult until ruary 7 at noon. ' shares on January 11 reducing 

the chairman, tells members. £S57.020 (nil). Capital expenditure inflation is under control and con- - its holding to less than 3 per cent. 

The percentage of manufactur- commitments .' amounted to suzner buying confidence returns, cn * 7 ?r ctutc Matthew Hall and Co. — The 

ing sales in the home market was £200.000 (172.800), and a further The spinning company made a ■J'JAnc MAKtb H. A. Holliday D(*cretionary 

down from 51 to 49 per cent, in £185,500 (£283.100): had been substantial contribution from Johnwn and \ Firih Brown— {jtfllemenT of which SI. J. Holli- 

North and Sonth America the authorised -but nut’ contracted. yam sales and the sale of surplus P - H. Ling, d-irectnr, has aenuireri d H y, director, is a 'trustee has 

figure was maintained at nine per A new warehouse on a site assets. External'sales erew to 2S a further 3^60 shares. He is :H*o dn'nosed of 100.000 shares leaving 

cent- but for other areas it adjoining Ybe existing factories ner cent, of production and Ihe the beneficiary qf a trust which priding at SWn.WM). 

declined from 12 lo ten per cent. r>nd nffirfs at Wood •7.sn«» -F.ud. forward order, oosltlon is encour- has acquired 8,940. Turner Curaon—J. H. Carter. 

in addition to orerseas rlsits by Hpmci Tfamnsieari. has been orm- aging. A £0 3m. extension nf Jcnks and Cabell—Anglo Jndo- director, sold 25.000 shares on 

directors and executives, par- n»rt ?nd. is nroving ‘its wm-th; operations which lifted capacity nesian CorporUlon Is iniere.TlBd January 11 at Up. 

ticipatiou in many trade exhibi- narriculariy p* ja'.ffpishpil 


lions throughout the world is «*"rc for export shlphipnts. Mr 
beprinning to bear Truit. he says. pay*. 

Fnr the year lo Seotember 30. greeting. HemeJ: Hempstead, on 
1977,' group taxable proflt February 7 at. 11 (Un, 


APPROACH TO S. Pea redo imd"-Son; held ".5 per 

R. & A. G. CROSSLAND re ^&^&& T6 ' s sliEh , 

The share price of R. and A. G. increase In prOrtax profits foe the 
Crosslaud, the manufacturer of first haH-of W7T at £264.000. 
commercial light finings, metal' _ ..... 

pressings and assemblies, moved T DnAr 

ahead by B*p yesterday to 3£{p TEiNriOIV BROS-- 
following ihe news tbai the group The offers- ‘by Palmer - and 
had received an approach, Harvey foe Lepnon Bros, have 
“ which may or may not lead to been declared.'unconditional and 
an offer being marie." Share- remain open, 
holders aro tokl that a further . Acceptances'have been received 
announcement will be made as in respeef W -MF/gTS Ordinary 
soon as possible. (0621 per-cent,) and 113.163 

The last report and accounts Preference snares (76.83 per cent. 

for Grassland, winch is valued in for which the offer wusjttade). 
the market after the latest rise The balance of the Ordinary 
at £ 2 . 931 -, Showed that the largest ttjjl be acquired compulsorily, 
single outside holder was Astra and the balance: of Preference 
Industrial Group wttb 26-M per will be acquired co'mpulsDriiy if 
cent, of the equity.' Minden sufficient-- .acceptances - are 
Investment Trust, controlled by receired- 



HilJ Samuel & Co. Limited announce that 
with effect from Tuesday, January. .17th, 
1978, their Base Rate for lending will be 
reduced from 7 per. cent, to 6| per cent 
>per annum. 

Interest payable under tbe Bank's Demand 
Deposit Schemes on sums of £500 up to 
£100.000 wtII be at the rate of 4 per cent., 
per annum. Interest Tates for larger amounts 
will be quoted on application. 

Hill Samuel &CaLimited 
100 Wood Street 
London EC2P 2AJ 
Telephone: 01-628 80XX 


HS 



Compagnie Financiere 
de fa Deutsche Bank AG 

Societe Anonyme, Luxembourg 

wholly-owned subsidiary of DeutscheBank AG, Frankfurt (Main) 

Euro currency loans 
deposit dealing • bond trading 

Commercial Register LuxttnbourgB 9164 . ■ ■ 

25, Boulevard Royal ; RO* Box: 586 ■ Luxembourg 
Telephone: 464411 -Telex: 2748 ■ Cable: deutschbanklux 


Financial Highlights 
- in millions of US-DoHars • 


as per the end of the 
financial year (September 30) 
1976/77 1975/76 1974/75 


Balance Sheet Total 

loans to and Deposits 
with Banks 

Loans and Advances to 
Customers 
Credit Volume 
Capital and Reserves 
Profit for the Financial Year 


5,175 

4,900 

3,978 

1,491 

2,072 

1,426 

3,238 

2,327 

2,353 

3,909 

2,797 

2,712 

114 

74 

41 

14 

19 

16 


After allocation of the year's net profit capital and reserves now 
amount to about US $ 128 million. 



















r*. 


2a 


AH of tb8se securities having been sold, this announcement appears as a matter of record ©niy. 


New Issue / January, 1978 



US. $250,000,000 

Province of Ontario 


Ontario 


(Canada) 


Principal and interest payable in The City of New York in 
lawful money of the United States of America. 


Thirty Year 8 %% Debentures Due January 5,2008 


Salomon Brothers Wood Gundy Incorporated 

McLeod, Young, Weir, Incorporated 


The First Boston Corporation 


A. E. Ames & Co. 

Incorporated 

Bache Halsey Stuart Shields 

Incorporated 


M errill Lynch, Pierce, Fenner & Smith 

Incorporated 

Dominion Securities Inc. 


Bell, Gouinlock & Company 

Incorpo rate d 


Bums Fry and Timmins Inc. 
Goldman, Sachs & Co. 


Dillon, Read & Co. Inc. 


Blyth Eastman Dillon & Co. 

Incorporated 

Drexel Burnham Lambert 

Incorporated 

E. F. Hutton & Company Inc. 


Hombiower, Weeks, Noyes & Trask 

Incorporated 

Kidder, Peabody & Co. Lazard Freres & Co. Lehman Brothers Loeb Rhoades & Co. Inc. 

Incorporated Incorporated 

Nesbitt Thomson Securities, Inc. Paine, Webber, Jackson & Curtis 

In co r po r ate d 

Smith Barney, Harris Vpham & Co. UBS-DB Corporation 

Incorporated 

White, Weld & Co. Dean Witter & Co. 

Incorporated 

Midland Doherty Inc. 


Richardson Securities, inc. 


Warburg Paribas Becker 

Incorporated 


Greenshieids & Co Inc 


Incorporated 

Pitfieid, Mackay & Co., Inc. 



Good December quarter 
for Harmony 


. ■ Financial Times Tuesday. '' 

ASA bu v *^^‘ 
the best 



BY KENNETH MARSTON, MINING EDITOR 


THE OUTSTANDING December 
quarterly report from the Barlow 
Band group's South African gold 
and uranium producers is pro¬ 
vided by the Harmony mine. After 
the September quarter setback 
which followed zn underground 
fire and a lower gold ore glode. 
Harmony's working surplus has 
advanced in line with a higher 
gold price, a better ore grade and, 
importantly, a doubted revenue 
from uranium. 

- Higher gold prices, however, 
have not made a great deal of 
difference to the other mines in 
the group. Blyvoor, for example, 
has suffered a fall in both produc¬ 
tion and gold ore grade as a result 
of the severe pressure burst nm 
September 2 (an explosion of 
fragmented rock brought about by 
the huge pressures at depth) 
coupled with the absence of 
uranium sales in die latest period. 

The marginal gold producers, 
Durban Deep and East Band 
Proprietary, have again made a 
loss and thus continued to lean 
upon State assistance. The group’s 
latest quarterly working profits 
are summarised in the following 
table. 

Dec. Sept. Jana 

otr. qtr. otr. 

BMC RDO» ROfiO 

Blyvoor_ 7582 7,073 

Dnrban Deep_1.484 use *2,848 

E_ Rand Pty. _ 1.43S **SM *2.984 

Harmony _ 8.120 2517 3,948 


the resumption of normal opera¬ 
tions as soon as market condi¬ 
tions permit.” 

Falconbridge complained of-the 
“continuing weakness in world 
metal markets and the excessive 
build-up of ferronickel inventory.” 
This year the group expects to 
produce between 45m. and 50m. 
Ibs of nickel, but at the end of 
the September quarter last year 
its stocks were 47m. lb&- 


U.S. producers 
call for tariff 


' Lots before Slate iid. 


FALCONBRIDGE 
CUTS BACK 
IN DOMINICA 


The Canadian nickel producer, 
Filconbrldge, is laying off more 

than 500 employees at its 

Dominican Republic subsidiary as 
part of the substantial cutback 
in operations which has already 
lead to "widespread redundancies 
at its Ontario facilities. 

The workforce remaining in 
Dominica will be about 1^0 
people. A company statement 
said: " The facilities will be main¬ 
tained in a state of readiness for 


US. COPPER producers will later 
this mouth petition the Inter¬ 
national Trade Commission for 
the imposition of a tariff in-order 
to seek relief from what they 
can “subsidised imports.” . 

The petition is part of an effort 
being made by the industry So 
compensate for its dedining com¬ 
petitiveness and was disclosed 
during a speech made in Phoenix, 
Arizona, by Mr. George Munroe, 
chairman of Phelps Dodge, one 
of the industry leaders. 

“ Our chief competitors are 
foreign Governments who decline 
to conduct themselves by the 
economic rules that apply to ns,” 
be said. His particular concent 
was the effect of environmental 
regulations which accounted he 
said for at least 10 cents per 
pound of copper. 

“ Ten cents of added cost on a 
product selling for 63 cents is a 
very substantial burden,” stated 
Mr. Monroe. Foreign competitors 
ignored the environmental con¬ 
siderations which the US. indus¬ 
try was—required to observe. 

Mr. Munroe gave his support to 
proposals for the U.S. Govern¬ 
ment to sell part of its tin stock¬ 
pile and build up its copper 
stockpile, and to bills before Con¬ 
gress for an environmental 
equalisation tariff of 10 cents a 
pound of copper, tfe also sought 
changes in the Arizona tax struc¬ 
ture which Imposed “ a dis¬ 


criminatory burden on the copper 
industry.” , 

Of the total taxes .pa«l to 

aSg°fpc b r y ciS. Sated toproflj 

industry was profitable « not 
** The copper industry docs DOT 
seek any tax favours. Mjmly Mte 
S be treated the »me way as 
other industrial or commercial 
enterprises,” he added. 

Two major Arizona copper 
mines have been shut down and 
thenumber of miners outof work 
bathe state is about 8,000. Lost 
year U-S. copper production was 
Sper cent lower than in. 1976. a 
year in which the industry 
worked at only some 80 per cent 
of capacity. 


AFTON OUTPUT 
BUILDS UP 

Production from the new Alton 
copper complex in British 
Columbia has been building up 
following first output from the 
concentrator last month. Tnc 
mine, subject to a financial recon¬ 
struction plan now under discus¬ 
sion, is owned by Afton Mines and 
Teds Corporation as equal holders. 

In the first week of this year 
7,400 tons of ore per day were 
being processed at a grade of 
0.91 per cent, copper. The ore 
treated so far has been mainly 
from the top bench of the open 
pit. 

Mr. R. E. Hallbauer, the manag¬ 
ing director, said, “ It is expected 
that recoveries . will Improve to 
projected iereis now that mining 
of the top bench is complete and 
twig has been confirmed by the 
fact that recovery averaged BQJ 
per cent, on January 9.” 



Rand Mines Limited 


A Member of the Barlow Rand Group 


Gold Mining and Colliery Company Reports 
for the Quarter ended 31st December 1977 


(All Companies incorporated in the Republic of South Africa) 

Office of the Secretaries of the undermentioned companies in the United Kingdom: 40, Holbom Viaduct London EC1P 1AJ. 


HARMONY GOLD MINING 
COMPANY LIMITED 


BLYVOORUITZICHT GOLD MINING 
COMPANY, LIMITED 


EAST RAND PROPRIETARY MINES, 
LIMITED 


ISSUCD CAPITAL.' 442 MS IN 26 SIM 650 SHARES Of 50 CENTS EACH 
REPORT OF THE DIRECTORS FOR THE QUARTER EM 

Quarter 


OPERATING RESULTS—ALL 
PRODUCTS 

Ore rallied ttl: .. 

Gold produced (kg*. 

Yield fa'll: . 

Uranism 

PuId treated Itfc . 

Oxide produced rkgk . 

Concentrate recovered It) 

S Hptmric Add produced CO 
Total Revenue »R,'t milled): . 

Total Caste (RJt milled): ... 

Tota) Front iRi’t nulled it .. 
FI NAN CIAL RESULTS—All 
—-TOTALS IN ROOD'S 
Revenue—Gold. Silver and Osralridiom 
^Uranium. Fyrlte and SuJnfturlc 


X1.1Z.1977 
1 58S OOO 
7S7S 
4.78 


1 14SOOO 
123 679 
0.113 


19 820 
30 451 


23.28 

Ml 


Total revenue 
Costs . 


R4S 653 
R38BOS 


Working profit .. 

Sundry revenue (net). 


R8 744 
R38S 


Rteflt Befo re taxation and State's share 

Of Drunt .... 

Ta xation and State's share -of orofiu 
lover pf ovisiofii . 


R9 129 


Profit after taxation and State’s sftare 
ot profit ... 


Capital expenditure 

Dividends . 

Loan Levies .. 


F 50 CENTS EACH 

1 31 ST DECEMBER. 1977. 

Quarter 

e*n>e«i 

30.9.77 

1 676 000 

7.950 

4.74 

6 Months 
euduti 
31.12.1977 
3 261 OOO 
13 528 
4.76 

1 211 000 
133141 
0.110 

2 356 000 
262 820 
0.112 

21 094 

36 373 
21.30 
20.45 
0.85 

41 714 
66 824 
24.95 
21.83 
3.12 

R3D 917 

1187 070 

R4 785 

R14 285 

R35 702 
R34 281 

RSI 355 
R71 190 

Rl 421 
R796 

RIO 165 
Rl 181 

R2 217 

R11 348 

R(3) 

R503 

R2 220 

RIO 843 

R3 592 

R7 922 


ISSUED CAPITAL.' R6 OOO OOO IN 24 OOO OOO SHARES OF 
REFORT OF THE DIRECTORS FOR THE QUARTER ENDED 
OPERATING RESULTS Quarter 

ended 

GoW 

Ore milled <(V . 

Gold produced i»0)t 

Yield <gjtK . 

Revenue (R|t milledi: 

Cost (Hit milled): 

Profit tRrt milled): 

Revenue (Rood's): ... 

Cost (ROOO’st . 

Profit iRoao'ar 
Uranium Oxide 

PuId treated (tx . 

Oxide produced (tSR . 

Yield Ocoiu: . 

FINANCIAL RESULTS (ROOT'S) 

Working Profit: Gold . 

Working profttMlossi: Uranium oxide 

Sundry revenue met). 

Profit before taxation and State’s sham 

of profit . 

Taxation and State's sftare or profits .. 


25 CENTS EACH 
31 ST DECEMBER, 1977. 


.1* 


Xl.12.1977 
405 OOO 
4 3S13 
10.74 
51 AS 
3!J4 
18.14 
20 850 
13 503 
7347 


Quarter 
ended 
30.9.1977 
460 OOO 
5 SOI .2 
- 11.96 

46.71 
29.T8 
17.53 
21 486 
13 424 
8062 


6 hionto: 
ended 
31.12.1977 
86S OOO 
9 8525 
. 1139 
48.94 
31.13 
.17.81 
42 336 
26 927 
15 409 


ISSUED CAPITAL: R3 960 007 IN SHARES OF Rl. 
REPORT OF TOE DIRECTORS FOR TOE QUARTER 
OPERATING RESULTS 


00 EACH 
ENDED 31ST 


4TT 8S6 
66 32S 
0.161 


417 321 
69 356 
0.166 


829177 
1X5 887 
0.164 


R7 347 
RI5G9I 


R8 062 
R«569i 
R4B0 


R15409 
Rfl 138) 
RS04 


Gold 

Ore milled it):.. 

GtHd produced »kg>: . 

Yield CB.-W . . .. 

Revenue CRlt .milled): . 

cost iR t milled': .. .. 

Profit GOMI iR ; t milted): ...... 

R krone* (R000-a):.. 

Cost 'ROOD';i- . 

Profit'docii IROOO si: . 

FINANCIAL RESULTS OtOOO's) 
Working orofitflmnv Gold . . . . 

Sundry reronueKnet) . .. 

State Aislstance claimed . 


e nded 
31.12.1977 


DECEMBER. 1977. 

Q uart er 

ended 

305.77 


448 000 
2 83L9 
603 
3037 
33.60 
(3.33) 
13563 
IS 054 
II 4911 


471 000 
2 911.1 
6.18 
24.OS 
29.73 
(5.881 
11 327 
14 004 
(2 677) 


RI1 491) 
R65 
R3 391 


Rl2 6771 
R73 
R2 832 


R7 202 
R2 713 


R7 973 
R2 764 


R15 173 
R5 477 


Profit before taxation and State's share of 

profit .- .... .... 

Taxation and State's share of profits ........ 


R226 


Profit after taxation and State’s Pan 
ot profit . . ... 

Capital expenditure . 

Dividend declared. 

Loan levies .. 


R4 489 


•9 898 


Profit after taxation and State's share of 
profit . 


R2Z8 


R7 200 
R330 


R2 364 
R— 
R343 


R4 190 
•7 200 
R673 


~ Capital expenditure 


DEVELOPMENT 


Quarter ended 31.12.1977 
2 583 Pietros 


DEVELOPMENT 


Quarter ended 31.12.1977 
4 694 metres 


Quarter ended 30.9.1977 
4 140 metres 


R6 721 


R6 721 
R67 


Quarter e nd e d 31.12.1977 
7 337 metres 
Advanced 
on Roof 
Horizon 

Reete Metres 

Baaal . 497 

Leader - 1 S16 

Totals and Averaoes: 

Quarter ended 

31.12.7977 2 0 3 

Quarter ended 

30.9.1977 - 2 051 


DEVELOPMENT 


Quarter ended 30.9.1977 
7 501 metres 


Reefs 
Main Reef 
Carbon Leader 
Quarter ended 
30.9.1977 
Main Reef .. 
Carbon Leader 


•reiwp'iwu 

on 

Horizon 

Sampled 

Gold 

ValM 

Uranium 

Value 

Channel 

Width Gold 

Uranium 

Metres 

Mwres 

g« 

koit 

Cm era.oJt 

cm.icon 

57 

30 

5.9 

0.137 

. 73 77 

1.78 

62 

SO 

137 A 

1-379 

17 2 332 

23.44 • 

26 

18 

7.8 

. 0.265 

12 94 

LIS 

120 

42 . 

170 J 

0.826 

16 2 724 

T3.21 


Reefs 

South .. 

Composite .... 

Main . 

Main Reef Leader .. 

Totals and Averaoes: 

Quarter ended 31.12.1977 
Quarter ended 30.9.1977 


Advanced 
on Reef 

Horizon Sampled 
Metres Metres 
86 9 5 

33 36 

162 108 

69 60 


Qnarter ended 30.9.1977 

2 185 metres 


350 

322 


297 

282 


Sampled 

Metros 

390 

1 374 

Gold 

Value 

«!t 

12.5 

6.4 

Uranium 

Value 

o!s76 

0.216 

Channel 

Width 

em 

102 

95 

Gold 
_ wn.grt 

1 275 
611 

Uranium 

cm.kg/t 

3B.30 

20.50 

1 764 

7.8 

OOS3 

97 

758 

24^3 

1 842 

7.5 

0.258 

108 

797 

27.38 

CAPITAL EXPENDITURE 
s tor caMtal expenditure amounting to 

Rl 698 000. The 


DIVIDEND 

Dividend No. 64 of 30 cents per share was declared on i9th December. 1977 
payable on or about 3rd February. 1978 to shareholders registered oo 30th December. 
1977. 


Thu or* reserves have been re-estimated as foUows>— 


CAPITAL EXPENDITURE 

There ere commitments for capital expenditure amounting to Rl 675 000. The 
estimated total capital expenditure for the remainder of the current financial roar is 
R6.4 million. 


Available 
Not available 
Total .... . 


Tom 
714 ooo 
680 000 
1 374 000 


GOIO 

Channel 

Gold 

Value 

W'dth 

git 

cm 

cm. art 


■147 

620 

22.1 

107 

2 360 

7.8 

89 

694 

8.6 

25 

216 

8.1 

96 

776 

6.0 

' 91 

543 

L 1977 



Gold 

Staoe 

Gold 

Value 

Width 

an 

cm 

cmglt 

12.4 

1322 

1 633 

12.6 

144.3 

1 824 

1LS 

137.7 

1 720 


gold price of R4 194 per kilogram (approximately U.S. *150 per fine ounce 
Ri m u.S. 31.151 compared with RJ 634 per kilogram tapproxjmatetv U.S. S130 Per 
fine ounce) In the previous year. 


estimated total capital expend Kora for the remainder of the current financial year Is 
R7.0 million. 


GCNERA- 

There were 70 working days In the quarter ended 31st December. 1977. as 
compared with 71 working days In the previous quarter. 

For and on behalf of the board. 
D. T. WATT (Chairman) L 
R. J. J, FOURIE r Directors 

9th January. 1978. 


GENERAL 

0> Both production a»d grade for the quarter were adversely affected by lire 
severe pressure burst which occ u rred towards the bottom of the 82 East longwall 
on 2nd September. 1977. 

00 There were no sales of uranium during the quarter and the total product Ion was 
stockpiled. 

Oil) There were 70 working days In the quarter ended 3 1 st December. 7977 compared 
with 71 days In the previous quarter. 

For and on behalf of the board. 
D. T. WATT (Chairman) I 
O- D. WATERMAN S 

9th January. 1978 * 


pi tectort 


DIVIO NO 

No dividend was declared tor the half vear to 31St December. 1977. 

CAPITAL EXPENDITURE 

Thera are commitments tor capital expenditure amounting to R292 OOO. 

GENERAL 

There were 89 working days hi the quarter ended 31st December. 1977 as 
compared with 71 working days In the previous quarter. . __ _ 

Cumulative drawings against the Special State loan facility totalled R3.1 million 
as at 31st December. 1977. _ , . . „ J . 

For and on behalf ot the board. 
D. T. WATT (Chairman) 

D. D. WATERMAN 

9th January. 1978. 


Directors 


DURBAN ROODEPOORT DEEP, 
LIMITED 


ISSUED CAPITAL: R2 325 000 IN SHARES OF Rl -OO EACH 
REPORT OF THE DIRECTORS FOR THE QUARTER ENDED 31ST DECEMBER. 1977. 


OPERATING RESULTS 


Gold- 

Ore milled Kk . 

Gold produced (kg>: .. 

Yield 10 'tv... 

Revenue (R’t milled): 
Cost CR-t milled)- .... 
PreftL’iLoss) iR't milled 
Revenue IROOO'si ... . 

Cost IROOO’SI . ...... 

Profit ifloui IROOO El! 


51.12.1977 
512 000 

I 849-3 
. 561 

1730 

2040 

(3.70) 
8 8SS 
10 44a 

II S89> 


Quarter 
ended 
30.9.1977 
531 OOO 
1 948-5 
3.67 
14-27 
19.49 
(5.221 
7S77 
10 347 
<2 770) 


Pvrlte 

Pyrltx co n centrate sold It): 
FINANCIAL RESULTS (ROOQ’a) 
Working prafiLllossi—Gold 


6992 


8 715 


Sundry revenue (neti . 
State Assistance claimed 


Ml 5891 
R84 
RSI 
R2 235 


M2.770) 
Rl 10 
R64 
Rl 922 


Prcfit'doMi before taxation and State's sh» 

of profit ... ■ . . 

Taxation and State’s share of profit. 


R771 


M574I 
R— 


Profi&Ooss) after taxation and State's share 
of profit .. • 


Capital ' expenditure 


Quarter *«ded si .12.1*77 
5 537 metres 


DEVELOPMENT 


Advanced 
on Reef 
Horizon 

Metros 
1 488 
165 
62 


Quarter ended 304.1977 
5 444 metre* 


Sampled 
Metre 
1 209 
126 
30 


Gold 

Value 


I? 


21.9 

2.7 


Rflafs 
KnMMflW 
South 
Main 

Totals and-- -- . _ 

Quarter ended 31.12.1977 .... '71£ 

Quarter ended 30.9.1977 . 1 397 m 4 ___ 

ORE RESERVES AT 315T DECEMBER. 1977 
The ore reserves have been ra-estl mated as follows:— 


Channel 

Width 

cm 

105 

16 

181 


Gold 
cm.git 
533 
351 
496 


1 365 
1 233 


5.3 

5.0 


98 

101 


521 

509 


WELGEDACHT EXPLORATION 
COMPANY, LIMITED 


WiTBANK COLLIERY, LIMITED 


ISSUED CAPITAL: R4 090 813 IN SHARES OF 45 CENTS EACH 
REPORT OF THE DIRECTORS FOR THE QUARTER ENDED SI ST DECEMBER. 
1S77 ON TOE OPERATIONS OF THE COMPANY AND ITS WHOLLY-OWNED 
SUBSIDIARY 


ISSUED CAPITAL: R12 376 S60 IN ORDINARY SHARES OF R2 EACH 


REPORT OF TOE DIRECTORS FOR THE QUARTER ENDED 31 ST DECEMBER. 
1977 ON THE OPERATIONS OF TOE COMPANY AND ITS WHOLLY-OWNED 
SUBSIDIARIES. 


OPERATING RESULTS 


Tons sold—metric 


Working profit c ent* par ton 


FINANCIAL RESULTS IROOO t) 

Working profit .. 

Net railway revenue ... 

Net sundry r e venue. 


PROFIT BEFORE TAXATION 


Taxation 


PROFIT AFTER TAXATION 


Quarter 

ended 

31.12.1977 

491 047 

Quarter 
ended 
30S.1977 
539 729 

224.1 

281^ 

RMOl 

Rl 520 




611 . 

Rl 349 

• R2 142 

536 

329 

RBI 3 

Rl 813 ' 

R306 ' 

R643 

42 

Rl 9 « 


OPERATING RESULTS 


Ton* sold ■ .metric . 

working uroftt cents per ton .... 
FINANCIAL RESULTS IROOO’s) 

Working profit . 

Nat sundry revenue (expenditure) 


Qa 
ended 
Xl.12.1977 
1 713 S17 
525.6 


Quarter 

ended 

30.9.1977 
1 697 B57 
405.9 


A8 971 
128) 


R6 891 
1 2 56 


PROFIT 8EF0RE TAXATION 
Taxation . 


R8 943 


PROFIT AFTER TAXATION 


Capital expenditure . 

Drill log and Exploration (Included 

in sundry revenue ... . 

CAPITAL EXPENDITURE 

There are commitments tor capital expenditure amounting to RJ 567 000. 
The estimated total capital expenditure for the remainder ot the current 
financial year is R3 OOO 000. 

GENERAL 

The profitability tor the quarter ms mainly been afiected b> a reduced 
demand In the Inland market and to a lesser extern by slightly reduced 
despatches to the export market Working costa Have continued le Increasa- 

Fer and on behalf of the board. 
A. A. SEALEY (Chairman! ■ 

R. D. BARLOW [ 

9th January, 1978. 


Capital expenditure. 

Exploration expenditure—Included 
In net sundry revrnufc lexpendi- 

ture) .. 

Dividend Paid . 


R11S 

R) 886 


CAPITAL EXPENDITURE 

There are commitments for capital expenditure amounting to R77 326 000. 
A further R19 013 000 capital expenditure has been authorised bv Uie directors 
but ha* npt yet' been contracted included In these amounts is capital 
expendttire. tor Duvha Colliery extending over the ecrlod to 1985. The 
estimated total capital expenditure for the remainder of the current financial 
vear Is R24 3Z6 OOO. 


For and on behalf of the board. 

Directors 


Director* go, January. 1978. 


A. A. SEALEY [Chairman) 
ft. D. BARLOW 


Slope 

width 

cm 

170-6 

138.9 

155.9 


Gold 
cm.ofi 
1 307 
1 238 
1 275 


Gold 

value 

TOM Hit 

Available ... SSS b‘I 

Not available .I.'.I 871000 8.'z 

tw m rrimM it 'j'lit December, 1977 were Calculated on the basis of a 
gold price of R4193 per kilogram lapproxlmateW U.S- Si 50 per hM ounce at 
RliSTVtlt compared with R3 634 per Mtofiram fjpenwImawJr U_S. 5130 per fine 

“"“■rhi" IftcreMel^tfiTtormaoe in the - NOT AVAILABLE" category .from 47 ooo 
Ian year to 3*° 000 this year Is mainly due to a revaluation of blocks In a abaft 
S"irTree as a result of a detailed hirostigatton into ita value Potential. 

DIVIDEND _ _ 

No dividend was declared tor the half-year to 31st December. 1977, 

CAPITAL- EXPENDITURE 

There are commi tm en ts tor capital expenditure amounting to R37 OOO. 

GENERAL 

<!» As at 31st December. 1977 » WUI at R2A ntinion bad been drawn walnut tfm 

(II) There a «^70 0 woriiIng dir* In the quarter ended 31st December. 1977 compared 
with 71 days In the previous quarter. 

_ For and on bun all of the board. 
D. T. WATT (Chairman) , n 
N A. HONNET l 0,reao " 

1978 


GENERAL NOTES 


1 1 . Gold d evelop me nt values quoted herein um i ac o n t a ct ual results of sampiteg, no attowanre having been nude ter any adJaatmeots whkfii may be 
when estim ating ore reserves at the cod ot the respective ftndal yen. 


2. AU baa DON Spares era cabled to eadK. 


Copies oj these quarterly reports are obtainable from die United Kingdom Registrars and Transfer Agents, 
Ckarter Consolidated Limited. P.O- Box No. 102 , Charter House, Par* Street. Ashford, Kent TN24 8EQ 


9th January. 


RENONG TIN DRDG. 

Renong tin Dredging Is estab¬ 
lishing a branch register in Singa¬ 
pore from February 1, in addition 
to its existing branch register in 
Malaysia. 


ntANSA'QjANnC 
rinuq to , he Ibe^jMtn _ 
behind tin dimUffg price w 
which gained *3J» to «?&*&, jP 
ounce yetterdty. They J 
from ta«elcmu ot the US. t „ J ' 
coupled with utteeriUntim n. •> 
ing the oourm vf Uht coth 
economy and thgy ar£’ 
reflected in the . tmrag . - 
demand for Kn*errwaf7 
coins and sham oTihe Cah ■ 
gold producer*. ...... 

Inevitably, this begging-ai 
U.S. economic f8»« bagreq . 
over Into thg South African 
share market 

side rat Ions have hrtt dunu 

at much lower lewis than, j, 
cases ol the Canadian gdftt 

The major wMtb laid-'- 
Investment U» South Africa* 
is asja, a Jobannasburtk , 
trust that wss croted - 
investors bach m n58L Ita 
portfolio Is continuouaSr * 
review and tln» give* u gg) - 
u.S. thinkin g on South A<- 
gold share investment. t 

The message that eoowd | ° 
from the ASA annual icjwi - 
the year to November SO fr . . 
“quality" stocks an thff 
target and holdings - «*•- 
marginal mine*—which stfe 
gain most from rising b ■' 
prices—are m ini ma l, 

.Thus the major invast 
which accounts for 13.6 per 
of ASA assets Is the high . - 
and low cost gold producer 
Driefonteln. Next comet 
sister company. West Driefi . 

110.7 per cent) which brtr. .- 
{he uranium element' So 
does Veal Reefs (105 per ee ; 

A favoured finance bold 
Transvaal Consolidated Lat 
Eitploration (7£ per 
followed by WinkeDuuk (7. . 
cent) and, each rating at. 
cent, investment of assets!, 
vaal and St. Helmut Final . 

Been accounts for 4j$ per 
of ASA funds. 

Recent movements In tin 
portfolio include reduetto* 
the holdings of BJyveor 
Doornfonteln and hrcrftUL- 
thotse of Kloof and BandfS- - 
On December 8. ASA net. . 
taking investments at Job. 
burg share prices, were «q.. 

Si9.05 (currently JE8.88) per 
The shares were £14] in L . 
yesterday. 



-4* 


Rise in Scotch exports 


Financial Timex Reporter 

SCOTCH WHISKY exports in- 
1977 will probably be only 
slightly up on the previous year 
In volume but well ahead in 
value, it can be judged now 
statistics for November have 
been released by Customs and 
Excise. 

The volume of Scotch shipped 
was only 2 per cent, up after 11 
months at 85m. gallons but the 
value was 17.4 per cent, ahead at 
£463m. This is a 6 per cent, 
rise on the total for the whole 
of 1976. £438.7m. 

The problem in the world's 
biggest market for Scotch, the 




U.S, are illustrated bJr j 
figures which show that 
11 -month period the vohtt 
exports was down 4 per 




to 29m. gallons and the > 

up nearly 2 per cent at Atftirn ‘3 j ^ } 11 

The second-largest ot-*’-** 'f -•* 
market, Japan, saw the vi 
increase by more than' V 
cent to S.8m. gallons am- 
value rise by 18-5 per ctt t 
just under £40m. 

France remains the 
largest export market ant 
volume of Scotch shipped 
the 11 months was 12 per , . 

up at 4m. gallons and the ; ; 1 

advanced 32 per cent, to f2 


Subsidy ‘worrying the world’ 


TROUBLED nationalised in¬ 
dustries like British Steel which 
received huge government sub¬ 
sidies could come under pressure 
from governments throughout the 
world to drop them in the drive 
for ftee trade. Mr. Frank. Well, 
assistant secretary to the U.S. 
Department of Commerce, said in 
London yesterday, when he 
opened a computer exhibition at 
the U.S. Trade-Centre. 


" This means not just ref 
tariff barriers on imported 
and cutting out many a 
disguised barriers which 
grown up in recent yean 
said. a> With British Staek- 
government is subsidising - 
and causing compr 
problems throughout the.; 
We want to get rid of tbesl • 
of unfair competition.” . 


Ihe ttetaie Motion M 


Report for the year ended 27 August 19‘ 

1976-7 1975-6. 


< «*» 


Capiat employed 

£215,400.000 

. £180.800, 

Group Sales 

£341,800.000 

£290,200." 

Profit before tax 

£46,400.000 

£41.400, 

Profit after tax and before 
exeraoHlnary items 

£21.900.000 

£19.800: 

Expenditure on research 
and development 

£29,000.000 

£23,100,. 


4 


“ group sales were £342 million. an mersiW . 

or 18 «, on the previous year," says 

Mr. A. J. Shepperd, Chairman of The Wellcom* * 

Foundation Limited, in his annual review. 

Group profits before taxation increased from • 

£-41; million to £46? million and net atcributablfi- »*g.- 

profits from £20 million to £21 \ million. ** * I * ■ I )S 

Exports from the United Kingdom at 
£73 million show an increase of more than 44% 
on the previous year and a growth of 66% in . • . 
the last two years. This improvement has come , 
about from efforts made to find new diiclet* for. - 
our products which have shown a high level of 
acceptability in established markets. 


Governments all over the world are reluctant 
and s!ow w grant increases in the price of ' - 
ethical medicines. Almost by definition this 
permits cost inflation to overtake price inflation. 
in a number of countries, the acknowledgement c 
coumflation is so inadequate that mattins are . 
under constant attack. 


,„ C A P t ra -. , ." Vest, T* nt withih thc firoup amounted 

25 , 1 « ""J- We atwch 8 rc « importance » 

capita! expenditure within the United Kingdom.. 
Th- absorbed £10 million in the last year. A 
tne same time we must maintain and improve ou 

assets in overseas territories. 

* he / e V. a - privat « | y Placed loan was '. 
“ . £he United States by bur American 
pr ? c l wds this loan. S21* mUlh 
®L n, rt ^ ava, lahle for deployment within th® 
5ici P reur gr °. u P * net a »ets have now risen to 
£2J5 mlllioa and th€ 5001 Ckpital employed to . 


Thejmproyement in trading does not stem fror 
ln 8* rate*, the effect of whld 


movements in exchange races 
in this respect was negligible. 

about the future but a . 

ubnoSi' 0ne,w ' f “me by t su»t»in«l 

SSET at J UI levcts in 4,1 the varteus 
functions In the group.” . 

inMmS? 1 ?* Foundation Limited h *n 
8 roup of pharmaceutteai and 
United r^ H U pan,c ? with hea«iqu»n:*n In the 
Berthe will of • 
bv th(» y Ve,,Come . all distribution* rec*bred 

sUiZSSX? l ho are th “ »»* shareholder* 

— IZ by th8m »the support of medical. „ 

Wellcome hospital* 


: ( 5ij 



































^ JaBnai 7 17. 1978 

- • v r ?f f* TAKgOVER 

r ^U 1 hj£ : «?4iii/»X7' move 


21 





own exports 


-IubWftpOMmT 

■■ . _ . 7 • _ 

in' -Sj^ran. HoMiag*, 
■ ■^^.iwpended la Novem- 
• t33ft could-atm trading 
..iSt ripntb 1 :** toe ®qnlva- 

B ryeB under half that 
That. In Wl» the ctm- 
'•4 *0 be'drawn from a long 
»“ ^wetp'^coniplfcated docu- 
S^hed"tt^tne -end of last 
• ‘W --Eplccre’s pro- 

" jf ftol* a private 
dtaga, 

of^ thfer latest chap* 
tireV qrirktta history 
M^the ittuuncr of 1976. 

OQQtrol of 
rump of Sir 
■ ^tow»wAr-~ ance mighty 
1 v Lm JPfMdrobef of that year, 
WfteiSSdwe an option 
• :-, A«r-6BUi**«if the capital of 
Ratiomatic 
, ojsdoiuh-adddi had up Its 
’ jwflwped to be a 
:i»w .gear box 

-hid only cost 

‘-SCOOP, dpt there ts nothing 
■• . 'S5c .lla*J®t Tikes better 
• ..-jp small - company with a 
. - Snieurtfa shares ware' far 
'-‘itV. ftp;‘beat, performers 
•--•.atfifcet: during i»7B. end- 
' >Y=S««r with a rise of over 
;i>h---ewrt: at 34}p. At that 
. "r ft -vas vahjett at fl.Bm.— 
• 1^*2 i ■ f&r 'ft- - small hotels/ 
7" Japt group which was then 
,' ’ rTariteeyr and. which had net 
mdef 000,000. 

' . ^Bia -atorj was too good to 
last Jane; the Board— 
a .rr^uttd by Sea's chairman— 
- 1 iw-^V report 7 cUstinK serious 
^.'sdn :,14» .potential of the 
. .. TtKL.' Surprisingly enough, 
'• li^-d wteearet on the share 
, b-rDMimber, a further re- 
• v . • w»; or less wrote off the 
a Commercial proposition. 
•‘ X'jjr that time, mereer talks 
_ • -■•- -Bder way vrtfe. Slea, and 
•• itV shares had been sue- 
' i The deal now turns out 
T.frtoe farm of s share bid 
• .'ittfm. for Slea—and this is 
.toe complications 9tarL 
. shares, It is argued, 

. . -/nidessly over priced at the 
suspension. So the 
_ ;tske no account of the 
«-valuation of the business 
vember. Instead, they have 
orked out on the basis of 
ittye contributions of assets 


'ZF'tos* of die two com- 
P^es to the enlarged group. 

P^, C0 “ plicatB tbe inue further, 
cpimire is proposing a one for two 

^ n «n: iaSU ?' “ Proposing 

to offer its 57 percent holding 

2Lj pleus T 10 tot tatter's inde¬ 
pendent shareholders and to its 
own employees at 5p per share 
-e s^e which would raise about 
£180,000 cash. 

The 35p suspension price Is 
equivalent to 12.9 per share after 
allowing for the scrip and the full 
acceptance of the extra - Ordinary 
shares being offered by Slea. But 
rf disgruntled Epicure- share¬ 
holders refuse to put up the c- u 
for the extra shares, then \ - 
equivalent price is over 20p per 
share. . 

Against this, Epicure’s shares 
have been valued at just 7p each 
in the transaction with Slea. which 
will leave Sica's controlling share¬ 
holders with 65 per cent of the 
enlarged group. 

On paper, this may seem fair 
enough, and Griudlay Brandts— 
which, is . advising Epicure’s in¬ 
dependent directors—support the 
terms. After .all, Stas will be 
contributing about 90 per . cent 
of the forecast profits of the en¬ 
larged group and 75 per cent of 
th« net assets. 

However, these sums are based 
on profits of 1225,000 from Slea, 
compared with an admittedly 
depressed figure of just £11.000 
in 1976-77. They also take in a 
substantial boost to Slea's net 
worth, which has arisen .from a 
property sale after its ‘last : year- 
end. Anyway, it is open to 
question whether Epicure, should 
be valued on the same basis as a 
group like Slea—which is a Widely 
diversified holding company 
taking in paint contracting,' road 
surfacing, joinery manufacturing 
and property Investment 

This will be something to raise 
at Epicure’s extraordinary meet¬ 
ing next month, where Sea will 
not be voting its shares. If every¬ 
thing goes through, dealings are 
scheduled to restart in mid- 
February. Unless the group can 
retain the local following Which 
took the shares up to .such giddy 
heights in the paid, it .is hard to 
see the shares in their new form 
standing at much more than 5p 
each. ' . 


IS AND DEALS 




flu 



. i ■ 

jirbaim acquisition 
(pay 3.6466p net 

lira Lawson,. the Leeds. £721,000, but yesterday's directors’ 
ngineering and.packaging statement must- throw some 
.-yesterday announced the doubt over whether this level .has 
h of W. Westwood and been sustained in the secondix^f,} 

private Kent company * .:■? 

-'■y xn the manufacture of ' NEWMAN INDS. 7 * 

rice^is fffiwfwtdch has • Newman Industrie* has sold two 
eed by the issue of-URn. «* companies, for cash. The 
Unary shares. Tins rpre- F«««ta gU used to. reduce 
B upr cent of the new bank indebtedness. Crystal Ware 
. it capitali ' (Hereford) has been sold to GJ>. 

U ilfWi same time Fairbairn has Headings, the plastic ^oducte 
’' 1 be opportunity to lift its division of Arthur Guinness, and 
Staid to 2.6466P nrt Court Works has been sold to 
i> for a total tor the Interpace Corporation of New 
..I68p (552515P gross). ‘ - __ , 

'permission has been The consideration amounts In 
aggregate to some Elm., of which 
is also promising £900,000 has been received to date, 
pier cent lift in the This consideration is subject to 
1 (for which it does marginal adjustments, 
feed Treaury permission In 1976, tile two companies con- 
tyldend restraint ends in tributed approximately £70,000 to 
ton after a 4p rise in the the Newman Group’s pre-tax 
Jterterday to 59p following profits from combined assets of 
m, the 1978 dividend of approximately £857,000. 
gross yields over 12 per The effect of the two disposals,' 
taken together with the ellmtoa- 
dWdend moves have tion of these companies’ bank 
1 attention from fee some- borrowings, is to reduce group 
Ish ■ profits prospects borrowings by some £1-75 m. 
yestezdaye statement, 

Ibed difficult trading CORAL LEISURE 

ins and continued reduced 
, . 1 oxr the engineering side. On behalf, of Coral Leisure 
'- bg throughout 1978. Group, Jeffrey Rothner and Co^ of 
e same time the expanded Regents Park, N.W, the entertain- 
7 range is expected to core meat and leisure property special- 
r-towards increasing sales has acquired the Invicta 
;ted there wiH. of course. Bingo Club, Chatham, Kent, for a 
w year contribution from figure in excess of £200,000. 

"WL. For the year ended 

S’S«*e ICL PURCHASE 

Oats of £257,000. Net _ _ 

t. jBa> m at that date Owing to an agency error, 
ing a surplus of £241,000 Saturday’s edition of the ETnan- 
fram a professional reval- cial Times announced that Mr- 
‘ - of the properties A. L. C. Humphreys, a director of 

..fed to £596,000. ICL. -had acquired 350,000 

ir profits for the sis Ordinary shares. The figure 
to June at Fairbairn were should have been 350 shares. 

RG confirms U.S. talks 


Won Robinson Group, the 
paper and packaging 
yesterday oonflrmedjfcat 
n talks with an American 
ig company with a view 
ig the UA group, 
arget is Tower Products, 
s based in IUiDois and 
es in flexible packaging 
medflcai industry. NO 
I the talks are yet known 
i parties have agreed to 
.lotbw. statement..wtthln 

is a public but unquoted 
whose shares are soM 
. e counter." Recent deal- 
e been around the $* 
eh values, the company 
fnjMffl,}. 

statement from the 
company, released 
said that the offer 
"ould be substaiktiaUy 
irrent market price. 

• DRC refused to confina 
ing that “ over the 
share- price deals are 
' . > guide to a company's 
tor’s directors, however, 
strong position since 
■oi between a third and 
> the Shares. 

as been intending W 
i flexible packaging side 
h it has a substantial 
... •' a the UJC and Europe— 
r" tone. A spokesman said 
feat fee U.S. was one 
. obvious markets for 


* C.ONCRETE 
iLKS 

> Concrete Machinery, 
irer. of coutractors 
d equipment, disclosed 
tha$. it was engaged, in 
-v& jsith an, as. yet un- 
• arty,' which could lead 

*• *r.for Its"‘capttaL Liner’s 

1 » 8p to S8p after the 


announcement, capitalising the 
group at £3.S5m. 

A spokesman for Liner said 
that although it was unlikely 
that an announcement would be 
made over . the next couple of 
days “ ft is hoped that a statement 
is made before the end of the 
week." • 

Ferguson Industrial Holdings, 
whose Interests range from bund¬ 
ing and plumbing merchants to 
axchtteotml - and marine Iron¬ 
mongery, holds 29.9 per cent of 
Liner’s . equity. But yesterday 
Ferguson was not prepared to 
comment. 

In liner’s last balance sheet, 

tor the year ended September 4. 
2976, there were net assets per: 
.Share, .excluding intangibles, of 
21.8p. Early last month prelimi¬ 
nary results from the group for 
the year ended September 3, 1977 
showed that pre-tax profits were 
£66,532 lower at £638320, giving 
earnings per share of just over 
5P- 

FREDK. EVANS 
SUSPENDED 

Dealings in the shares of 
Frederick W. Evans, .manufac¬ 
turers of high precision thermo¬ 
setting and thermo-ulastic mould- 
tags, were suspended yesterday 
at the request of the company 
pending a farther announcement 
over a possible take-over bid for 
the company. The suspension 
price was 28p. a level which places 
a value on the company of around. 
-£784sO0O. 

For the year ended Sept¬ 
ember SO, 1977, Evans made pro- 
. tax profits of £820,402, against just 
Under £ 200,000 ta the previous 
year. Mr. R. W. Evans, the chair¬ 
man.-told shareholders in.- hw 
annual statement .that fee Board 
looked to fee future * wrth great 
confidence." 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS are recommended to take appropriate professional advice before entering into commitments 


Sole agent/licensee 

World novelty-world patent 

We are looking for a serious working 
partner with substantial capital to 
manage and safeguard our interests 
in Great Britain. 

The patent which offers excellent 
prospects and profit potential has 
been thoroughly tested and put into 
production by one of the largest 
Groups in Scandinavia. It is used 
especially within the building 
industry and related trades. 

Transference of the licence rights 
for Great Britain or for specific 
industries and areas will also be of 
interest 

Kindly write to us about your prospects 
and background. Your application, 
which will, of course, be treated as 
strictly confidential, should be sent to 

J. Qviste, attorney, 

0stergade,17,2nd floor, 

DK-1100 Copenhagen K, 

Denmark. 


BUILDING COMPANY 

(GROUNDWORK/FORMWORK SUB-CONTRACTOR) 

TOR SALE' £350,000 

Turnover £750,000. Net Profit* exceed £70.000 p.e. Fim-chi* Plane S 
Machinery £200,000. Excellent connecdsm and workforce. EsabGsbed 15 
years, London area. This company, enjoys an excellent reputation in this 

S vtknlar field. Reason for talc; owner emigrztlpg. The' present director- 
b under is prepared to stay on as long 31 necaasiry to arrange smooth take-ovor. 
Only principals need apply to company's Accountants. 

Write Box G.12S1, Financial Timet. 10. Cannon Street. EC4P 4&Y. 


SALVAGE/MOORING 

and uiMersea pipeline maintenance 
vessel. 484 tons/177ft. tony. On.lift 
51 cons mter. hows and has. 12.000 
cubic ft. hold capacity. Fitted modem 
dtcomprexion-chamber■ extensive crew 
'space with 'iocooMiadanon for dhreo. 
Recant Lloyd's Certificate Panamanian 
fiat- Lying Mediterranean. 

Price £70,800. 

Write Box C.1232, Financial TfiPea, 
fO. Cannoh Street. ECXP 487. 


EXPERIENCED 

PROPERTY 

DEVELOPERS 

require partner to complete financing 
for excellent London residential 
development. Approximately 740,000 
required spread ovor .about.one year. 
Good minimum datum guaranteed or 
half share of profit,, whichever h 
greatest. Active participation welcomed 
vrith view to future expansion but not 
essential. 

Write Box G. T 255, Financial Timet. 
10. Cannon Street, EC4P 4BT. 


CARDIFF BASED COMPANY 

5 mins. M4 junction 

bavinf 6,000 sq. ft. spare space 
in modem'factory, desires 

DISTRIBUTION/FACTORING 
.PROPOSITIONS 

Write Box G.1245, Financial 
Times,.IQ, Cannon Street, 

. ' EC4P -4BY. 


EDUCATIONAL 
PURUShER/CONSULT ANT 

with -dominant share of rapidly expand¬ 
ing and -profitable specialist eecur 
teekt £20.000 finance for expansion 
.(smaller mime considered). Substantial 
stake, offered. Full Information pro- 
' vMad ta bods Me principals. 
Write Box G-1249, Financial Times, 
fO. Gwnen Street. EC4P 4BT. 


. £250,000 TO 

.INVEST 

Bubnantii). Private Group stoking 
.erohs of diversification invites found 
lu««tmem proposab of any alze up 
to £250,000. 

AB pntpoaMnn . will bo carefully 
— considered in confidence. 

■ Write tox G.1233, Financial Times. 
...10, Cannon Street. BC4P 4BT. 


FLUORESCENT LIGHTING 

A toss making company manu- 
facturing ballasts in fee Irish 
..Republic for fluorescent light 
fittings is for sale at-a reasonable 
.price. . 

Write Box G,7243, Financial 
„ ■ Times, 10, Cannon Street, 
EC4P 4BY. 


EXPRESS CARRIERS 
FORWARDING 
CARRIES 

Ewrem carriers with six depots and 
-Beet of Vehicles. Separate forwarding 
badness. BOTH FOP. SALE. 

Pleas* Telephone: 051-227 4242 
__ -Reference: RJE 


LUTON 

FULLY EQUIPPED 
CLOTHING FACTORY 

Two centraHy Situated fully equipped 
works. Units of «,50D and 5,SCO sq. 
- -ft. aelf<omained with offices. 

FOR SALE 

Full detoflx write Box G.I25L 
Fioanciof Times, 

10. Cannon Street, EC4F 4 BT. 


FOR SALE 

PRIVATELY OWNED PUBLIC 

AQUARIUM AND MARINE . 

ENTERTAINMENT COMPLEX • 
fit very popular South Coast resort. 
Prime waterside position. Long lease 
available. Room for expansion. Good 
cash re ram*. Seasonal or partoeasonaJ 
business. Available for 197B Summer 
season. 

Write Box G.123S. Financial Timet. 

10. Cannon Street, £C4 P 4B7. 


JEWELLERY BDSIRESS 
FOR SALE 
N.W. LONDON 

High profits—substantial turn¬ 
over—long lease—low rent- 
multiple position. £20,DM plus 
5A.V. 

Write Box G.1259. Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 


NEW PRODUCTS 
FROM U.S.A, 

Gown I taut, resident U5A, offers 
services In product search, 1 learning, 
commerdai intBliigenee and marfcoc 
research; specialising in diversification, 
new business opportunities. 

Write Box G.12S0. Financial Timet. 
10. Comma Street, London EC4 P 4BY. 


. . RISK CAPITAL 

Retired industrial M.D. hu sub¬ 
stantial financial backing to help 
■Aiali entrepreneurs whh new 
venrureL recoveries, expansion. 
Full particulars to Box G.1239, 
Financial Times, 10, Cannon 
Street, EC4P 4BY. 


FUNDS AVAILABLE FOR SHOP 
PROPERTY LEASE-BACKS 
Existing and Prospective 
Commission paid to Introducing 

Agents 

B. Seitler. Esq, F.CA. 
Retail Property Investments Ltd. 
47 Perer Street. Manchester 
M2 fiAU. Tel: 061-834 2S10. 


UJtGE LI (SUM GROUP, main 

Wbllg aouw. anm finance for exoao- 
: ! ~ on - WpoW consider equity oardclBa- 
tipn. Write Bex G.12S3. Finaneui 
; -7 1 ®**. to. Cannon Street. EC4P XBY. 
FftCTORINfi. IKVOICC O IS COUNTING 
■ • f-f-fc t aMora f aeuwea to Client* rwc<Jv 
. iiir*- *&***' MJL-. P.tA.. 3 Tudor 
Koww, Wevbridse 47&8Z. 

[*”«*»!: «CATKBOARD& SUM Bear- 
•fl**. oukJc grow? -Min. order_SD. 


. From* et st 5- 


- -Kean nriofia. v< _ 

LiecMemtiVn Com- 

gFA.««gaSd Jf iqi Pfot ra meaai m«hk- 


FOR SALE 

Well-rataMiahed South of England tar. 
vice company ancillary to bn net 
dependent on tile fortvn** Of the 
build lug industry, and operating SUM 
1945. Now producing net profit before 
tax of £50.090. 

' Pnuntlaf perchaxerx plane write 
Box C.I247. Financial Timet. 

10. Cannon Street, BCdP dflT. 


TAX LOSS FOR SALK- Wopartv Dmreh w - 
meat Company. Agreed tax W G12.365. 
price £3.000 o.n.o. Please enaalre ta 
p. Moeser. Cm., Messrs, Ctemmeace 
Hoar Cummlnes. Remionf Chamber*. 
53 Market Plate. RomtonL Inn. HM1 
SAB. Tel; Romford *4121- 
NlGJLRlA—JOINT VENTURES. BuUtflng 
Construction. Pharmacentleal Goode 

Electrical Cooiooncirts—Almost ewsv 

Type of Manufacturing- 7*1 01-959 7083. 
INVESTMENT BROKERS reculretl Id halo 
promote folly secured. Investment Plan 
oderfna t» to. 15% return. .Good 

assts^gaategsL f 

flic. Bradford 1. W. YorMblro. 


Enance 

forGiowiog 

Ccaiqjames 

I f >T)u arc a shareholder in an established and 

growing company and you, or your company, 

require between i’50,000 and ^(XWjOOO tor anv 
purpose, ring David Wills, Giarterhouse Development 
Investing in medium size companies ns 
minorit\’ shareholders has been our exclusive- 
business tor over fortj' years. We are prepared to 
consider new investments in both quoted and 
unquoted companies currently matting over 
£50,000 per annum pre tax profits. 


i 


CHARTERHOUSE 

Charterhouse Development, 1 Paternoster Row. St Pauls. 
London EC4M 7DH. Telephone OI- 2-18 ?(>.». 


PUBLIC COMPANY 

wishes to acquire 
BUSINESS WITH POTENTIAL 
Existing management could be retained. 
All replies treated in strict confidence. 
Please apply to: 

Box G.1219, Financial Times, 

10, Cannon Street, EC4P 4BY. 


BUIfiBS/NtHER HERCHJUilS 

required by major public company. Either 
individual companies or small groups considered- 
Details in confidence to Box G.1241, Financial 
Times, 10, Cannon Street, EG4P 4BY. 


GENEVA 

Service as our Buetoess. 

• Law and Taxation, 

• Mailbox, 'telephone and 
telex services. 

DTraaslations and secre¬ 
tarial services. 

• Formation, domlcdliaAiqn. 
and administraldoia of 

. Swiss and foreign com¬ 
panies. 

Bottom Ativtaarv Service 
J rue WaiTO- r atia. UM Gtwn 

Td: 36 OS 40. Telex: 53S42 


POOL TABLES 

FOR SALE 

ON BUSY LOCATIONS IN 
LONDON AND THE 
HOME COUNTIES 
Takings up to £80 per week 
• per. table, 

AND rrs . . . CASH 
Price: £8.500 
for lots of 10. 

Ffcai* or write — 

UNICORN POOL, 

243 Regent Street, 
London WIR 8PN. 
01-870 4299 (24 hours) 


FOR DISPOSAL ' 

Axon of Mull *pocUliu4 engineering 
project (South Quit). Final product 
very attractive admfcilty/coiiuner- 
tielly. Inventory Include*, approximately 
six years' stock* basic item, consider¬ 
able spares, exclusive designs, plans, 
patterns.' etc. Premises, labour and 
supervision optional. Price range 
£200,000/£250.000. Principal retiring 
dm illness. Ta mover possible for 
competent party, £1m. year phis. 

Write Bex G.1Z37, Financial Timet. 

10. Cannon Street, BC4P 4BT. 


WEST END 
OFFICE SERVICES 

PRESTIGE ADDRESS 
TELEPHONE ANSWERING 
TELEX 

OFFICES (SHORT TERM). 
SECRETARIAL SERVK23 
PHOTOCOPYING ETC. 

Telephone: 01-580 5818/V 


EXCELLENT 

OPPORTUNITY 

w venture into a new expanding 
market- Would auEt progressiva com¬ 
pany with Jink* In the building industry 
and export market. £15,000 + royalty 
baled on turnover. Principal* only. 
Write Box C.lIJi, Financial Times, 
to. Canaan Street, EC4P ♦ BY. 


FROZEN MEALS 

For 5N« to West Midlands 
as going concern. Fully-equipped fang* 
IfUchaM ranoty for preparation of 
frozen to tab. Blast and storage 
freezer*, cooking equipment tec. Total 
5.000 «■ ft- T/tnrer £150.000 pjk 
with spate for submtnlai Ipcmse. 

Write Box C.1246. Financial Timet. 

10. Cannon Street, EC4P 4BT. 


AGENT REQUIRED 
in London area to handle a 
complete range of 
WATER TREATMENT 
EQUIPMENT 
Reply tut— 

ANDEKON WATER EQUIPMENT 
UMITBJ. 

Coktieiter todotcriel Estate, Gdkfwster 
Avenue. Cardiff. Tell 0222 ‘4P2S4S 


We wish to acquire 
SMALL COMPANY 
at part of our 1978 

diversification programme 
Our achievement! over tae past two 
year* convince us that we have the 
necessary resource* to succeed with 
a small acquisition. 

Reptics will be treated In strict 
confidence. 

Write Bex G.123B, Financial Timet. 

10. Cannon Street. EC4P 4BY. 


INTERESTED IN THE 
NORTH AMERICAN MARKET? 

(J.fL.-owned ligM engineering lacsory 
■based in Dallas. Texas, ha* capacity 
for raanufactura/tiiembly of addioonei 
products. Office/accounting/ ware hom¬ 
ing faciiitle* alio available. Inquiries 
welcomed - from European companies 
interested In ettabliibing a U-S.A. 
manufoenring/distribution base. 

Write Box G.f>72. Financial Time*. 

10. Cannon Street. EC4P 4&Y. 


ATTENTION WHOLESALERS, 
WAREHOUSES, 
MAILING FIRMS! 


Swiss 


ogent/lmporter rvoulr 
SURPLUS STOCK 


anvlall non-food, non-text Ik products 
for. quick sale to retail trade In Swlt- 
cerfindlGei-manv. OfiVrs with f-o-b. 
Swiss border to Roland Ludi do OuWell 
AC. Puetfaclt. CH-gaoi St. Gallen. 
Switzerland. 


PRIVATE INVESTOR SOUGHT 

Substantial capital is required ta 
Increase oar racks of a rare 
commodity with a lure market. 

We offer an excellent return, guaran¬ 
teed security and withdrawal facilities 
within a reasonable period. 

Write Box G.1223. Financial Time*. 
10. Cannon Street, EC4f 437. 


EQUITY OR 
LOAN CAPITAL 

Required for email expanding Betiding 
Company n» Lincolnshire area. Good 
order bra* with signed future eon- 
tracts. S hortage of Working Capital 
retarding prognesa. 

Repltae to: 

R DALTObB. Soltckon. 

!, Ba.ro Hill. Stamford. Lines. 


LIMITED COMPANY 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE . 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. Qtv Road. E.CI 
0T-42S 5434/5/7241. WJ4 


row SAlA—BS wroetttoii Vtttp Drills. 
OSera jnrK^- Jlrito and detain. Eclipse 
Min. *“£££* Rod. Rochdale tA 3ZM. 
gXFXRIENCp MCTUM BUYER! 
Hesearehw Centery. ex leed- 

**" t 'liSJ&r * gMffM tc.on retained/ 
comnnstiontaati. Rnaentfon facifitns. 
De/idy Easton. Mean Close. Tadwortn. 
surre y. _• 

LOAN BEBW. noMeured and secured. Soft 
m- small 
“licettan. Immp* 

situated . «gpe_Bnd ran gwwMrlal scr- 


F3B4. 

Street 


i*Wgpsr«rR3 


SCOTTISH 
HOTEL COMPANY 
(rotiremenc sak) 

High profits mainly from sum hotels 
in prime city and town site*. Audited 
figures. Offei* around £750,000. * 
Write Box G.1134, Financial Timet, 
10. Comm Street, £C4F 467. 


Executive Remuneration 

Fringe benefits, tax havens, company cars, overseas earnings, 
pensions. Just a few facets of executive remuneration, a subject 
not a million mites avray from fee hearts of directors and 
managers. Yet, who, other than the over-stressed nouveau-pauvre 
executive himsglt bothers to cake the subject seriously ? You'll 
find the answer in a specimen issue of Th» Tax & Insurance 
Letter, which, month-by-month, manages to provide a steady 
yet digestible scream of information and advice on virtually 

every topic bearing on fee vital subject of u net-maximisation ** 
for the tax-threatened executive. To appreciate fee quality and 
special flavour of this justly esteemed publication, you need so 
examine a copy. For details of FREE TRIAL Offer, write to: 

Tax and Insurance Letter, Dept. ITU, 

13 Golden Square, London W.l. 

Or phone 01-597 7337 (24 hour answering service) 


Sell in U.S.A. 

An aggressive and successful Organisation, well established in 
the tobacco and confectionery trade, wish manufacturing 
facilities in the U.K.. France. Belgium and Holland, has recently 
opened a subsidiary marketing Organisation in Los Angeles, 
as a base for its sales on the North American continent. This 
Organisation, which operates full warehouse and despatch 
facilities, backed by effective sales management. Is prepared 
to consider the representation of a limited number of products 
of high quality and potential. 

Please write in first instance to the 
Managing Director. Box G.I229. 

Financial Times, 10. Cannon Street. EC4P 4BY. 


ARE YO USEEKING NEW CUSTOMERS? 

Team of top Sales Executives with access at alt levels, are at your 
disposal to get your company large volume, long term contracts 
with the motor, domestic electrical and other consumer durable 
industries. If you manufacture a good, competitive product, have a 

good quality control department and want to expand NOW _ 

either in the U.K. or Europe—contact: 

PETER J. GARRIN1 & ASSOCIATES LIMITED 

130a Burnt Oak Broadway, Edgware, Middlesex. 

Tel: 01-952 &*2& - Telex: 923598 


TOP MANAGEMENT BANKERS 

OPPORTUNITY OF A LIFETIME 

If you are at the top and will retire in 5 years or less, there is a 
nice niche you'll love when you retire. Exciting financial consulting 
in a friendly small company. 

Requires a modest investment. 

All replies in strictest confidence 
Write Box G:I240. Financial Times, 

10, Cannon Street, EC4P 4BY. 


GROUND FLOOR PREMISES 

North Manchester 
aprox. 20,500 sq.ft. 

LEASE 
FOR SALE 

with magnificent executive suite 
and office block—separate entrance. 
Sprinklered and burglar alarm. 
Heating—toilet—canteen facilities 
lighting and STRONG FLOORS. 

Suitable foT CLOTHING 
WAREHOUSE or ENGINEERING 
Company 


rent £ 1,750 

Madrims — 


PLUS 

pJL PREMIUM 

— Bandfaiive* — • Tablos 
and Shotting — Available. 

* Write Box G.I228, Financial Times, 
10, Cannon Street, EC4P 4BY. 


PREMISES REQUIRED 
PROPOSITION 

New manufacturing business re¬ 
quires premises of approxi¬ 
mately 10/15.000 sq. ft. within 
50 mile radius of S.W. London 
(Lease or Purchase). Alter¬ 
natively will consider back to 
back proposition or take over 
of ailing business with suitable 
premises. 

Write Bax G. 1244,-Financial Timet, 
10. Cannon Street. EC4P 4BY. 


MODERN HOTEL/ 
RESTAURANFCOHFERENCE 
COMPLEX 

in a main road location hi 
the Inner Home Counties 

100 n.u Class rooms with bat*. Con. 
ferencc/function facilities for op- to 
500. Restaurant seating for 400. 

Parking for I8B cars. 
Furnished, fitted and equipped to the 
highest standard and turning over in 
excess, of £725,000 p.a. with aver 
80 % occupancy. 

An outstanding proposition at 
£950.000 COMPLETE 
Principal* on/jr please apply Box 
Financial Times, 10, Cannon 
Street. BC4P 4BT. 


PARTICIPATION 

REQUIRED 

Ex-maneging director of company 
within ■will-known quoted group smu 
invoWsment hi a medium-sized maim- 
fatturing or marketing company in the 
London area. Good knowledge of 
French, German and 5pani*h, with 
established business contacts in Canada. 
Spain & the USA. Some capital 
available if required. 

Write Box G.1242, Financial Timet, 
•10. Cannon Street, EGOP 4BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy, save up to 40 p.c 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-841 2265 


mm KONG 

Singapore & surrounding 
growth areas 
TRADING. ACQUISITIONS 
OR JOINT VENTURES 
Write Box G.I252, Financial Timas. 
10. Cannon Street, £C4P 4BV. 


LOAN AND INVESTMENT 
OPPORTUNITIES 

We ire involved in a number of 
attractive and rewarding projects, 
ranging in itzt {according to financial 
requirement) from £50.000 to 
£20,000,000. Basis of provision either 
fully secured loan or loan plus equity 
arrangement. Please principals only, no 
In urmedl tries: 

Write Box G. 1243. -Financial Times. 
10, Cannon Street, EC4P 4BY. 


PLANT AND 
MACHINERY 


HAMMY—ISLE OF MAN• FHEEHbLD 
HOTEL. Tne moss dignified and imorna- 
tl«t .Hotel In Uie Norn of Ida island, 
sot to ha Bit! grounds -of eporw. 3 
acres, with panoramic slews along 
Ramsey Bay eMfcflno, and to the hills 
to tnc South. Tins Hotel has bean iNted 
bv A-A. ■■ being In an outstanding 
position. It has 69 modem bodroom*, 
two bare open. t» genoral public. Dining 
Roam. Ballroom. Lounge*, well eaulpoed 
Kitchens, etc. A separate building has 
. S sratl bedrooms, laundry, woruhio. 
etc. £200.000 Is the price rewired tor 

the Freehold pad Ingoing of }h*S fully 

cq tipped- and eperuiQB Hotel, For 
toffogf —JdotaBe awtiV to: CHRYSTAL 

BROTHERS. STOTT A KERRUISH. 
Chartered Surveyors, 9a wring Rood. 
Rvnsev, tsto of Man. Tet: OS24 B1223G 
a Dims). 


POWER PLANT 

FOR SALE EX POWER STATION 
Selection of plant examples:— 

TURBO-ALTERNATOR 

by Parsons 

30 mW 13,000 v 50 t/i 
complete with condenser* etc. 

• C. W. PUMP & MOTOR 

.vertical set by Mather B Platt. 
42'739?' 20.500 gpm to 40 ft. 2-ipeod 
motor 490 B 590. ram 500 hp. 
PHONE CHESTERFIELD (0244/ 58745 
'or write Box G.1254, Ffnoncfuf Times, 
10. Can non Street, EC4P 4 BY. 


COMPANIES FORMED 

Expc>iiy tpecdily. throughout die 
wn-‘d ~<smpxre our prices. 

ENGLAND . £89 

ISLE OF MAN . £98.44 

GUERNSEY .:_ £250 

LIBERIA . Ui$870 

5£L£u1 COMPANY FORMA!ION 

1. Athol Street. Douglas. I.O.M. 
Tel: Douglas (0624) 23718 
Telex: 623554 


VENTURE CAPITAL 
AVAILABLE 

Minimum package £800.000 for new 
or expansion prelects. Brief details 
only marked CONFIDENTIAL in first 
instance. Principals only, to 
EURO-CAPITAL FUNDS ASSOCIATES 
Box G.1256. Financial Times. 

JO. Cannon Street, EC4P 4BY. 


SUPPLIES FOR 
LABORATORIES 

Finance and marketing available for 
manufacturers of small equipment and 
sundries used in laboratories. 
DetoUs to Box G.1257, FirwncW 
71nrei, fO, Cannon 5tmt. EC<P 4BY. 


Cl A WEEK for ECZ address or nbone 
iwmwo. Combined rales 4- triifcx niuf» 
£3 a vfoefc. Message Minders Inter¬ 
national. 42-45. New Broad tow. 
Lorden ECaM iqy. 01-628 0398 TeiS 
BO 117Z5, 


Business and 

Investment 

Opportunities 

Every Tuesday and TTiursday 

Rate:£16 persinglecolumn centimetre.Minimum 
3 centimetres. Forfurttier information contact- 
Frands PhiUips,Finandal Times, 10 Cannon Street 
EC4P 4BY.Telex*885033. 

01-2488000, Ext 456. 


Vu~ 


r*\ 


































22 


Financial Times Tuesday January 17 ^978 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 


St. Gobain unit selling 


& 


AMERICAN NEWS 


50,000 woodland acres 


Equipment 
sales lift 


Progress at Chase Manhattan 


BY DAVID CURRY 


PARIS, Jan. 16. 


LA CELLULOSE da Pin, the 
paper-making subsidiary of Saint- 
Gobain-Pont-a-Moussoa, is nego¬ 
tiating to sell more than 60.000 
acres of timber-bearing land to 
help cover losses and finance 
investment. The sale is likely to 
bring in between Frs-200m. and 
Frs550m. 

Together with the Increase in 
capital from FrsJ16m. to 
Frs590m. which is likely to be 
approved by Saint-Gobain in the 
next few weeks, this will mean a 
total of Frs575m. to Frs.400m. in 
new money far La Cellulose du 
Pin. 

The decision to sell the forest 
land has been taken following 
the collapse of Government- 
sponsored moves to reorganise 
the French paper industry In the 
interest of the balance of pay¬ 
ments. Saint-Gobain responded 
to this breakdown by deciding to 
tackle the losses within its own 
group partly by shutting down 
inefficient operations and partly 
by providing new capital. 

An unnamed French group, 
believed to have the ultlmare 
backing of quasi-Govemment 
finance. Is negotiating to pur¬ 
chase the land. La Cellulose is to 
retain management of the land 
and will continue to take timber 
from it by agreement although 
the area in question—le domaine 
de la Saussouze—accounts for 


onlv 2 or 3 per cent of its annual 
timber needs. In some respects. 


timber needs. In some respects, 
as a result the deal has certain 
aspects of a sale and lease-back 
arrangement 

La Cellulose du Pin itself 
ended 1970 in deficit to the 
tune of Frs.87.2ttL, and this loss 
will be only slightly trimmed in 
1977. In addition its fully-owned 
subsidiary. Papeteries de Con- 
dat added a further Frs£4m. 
In losses while Papeterie de la 
Seine, also a subsidiary, chipped 
in with a Frs.l5m. shortfall, 
taking the consolidated loss 
beyond Frs_150m. 

La Cellulose Itself produces 
mainly packaging material. Its 
main plant at Facture, near 
Bordeaux, has a capacity of 900 
tonnes of kraft a day, putting 
It among the biggest units in 
the world league. Roquefort in 
the Landes, is already virtually 
certain to close and it looks as 
if either Begles or Tartas may 
fallow suit 

Papeteries de Condat produces 
mainly high gloss paper used 
m magazines. It has suffered 
from severe depression m its 
highly cyclical market the 
problem of bringing new 
equipment on stream, and some 
difficulty in dealing with the 
fibre structure of the soft woods 
it uses. 

The capital increase will see 


Saint-Gobain's stake in. La 
Cellulose rise from just below 
60 per cent, to between 75 and 
80 per cent, since the other 
main shareholder. Price 1, is un¬ 
likely to follow suit for more 
than a symbolic amount 

At the end of last year, it 
became clear that tbe Govern¬ 
ment’s Ideas for reorganising, the 
paper-making industry had 
failed to win the support of the 
companies Involved. It had 
been hoped to bring together 
La Cellulose and La Rochette 
Cenpa (owned by Paribas and 
St. Regis) but Saint-Gobain 
apparently baulked at the Idea 
of doubling the Tarascon plant 
of La Rochette to 200,000 tonnes 
of pulp a year. 

Moves to take Condat into a 
group covering white paper, 
together with Begbin paper¬ 
making interests La Chapelle 
Darblay and Aussedat also failed 
partly because of doubt over the 
scope for increasing capacity. 

Saint-Gobain has not excluded 
a return to tbe restructuring 
game after its own papermaking 
interest have been brought back 
into profitability. It is talking 
about association with a French 
or North American group to 
achieve world size. It does not 
rule out a formula taking La 
Cellulose du Pin out of the 
group altogether. 


IBM profits 
by 13.4% 


BY STEWART FLEMING 


NEW YO&K. 3 , 


By John Wyli 


Aid for French steelmakers 


BY OUR OWN CORRESPONDENT 


PARIS, Jan. 16. 


USINOR and Satilor, the two 
leading French steelmakers, 
are to receive a further 
Fr&oOOm. from the State to 
enable them to continue the 
effort of modernisation agreed 
with the Government last year. 

Last year the State pnmped 
Frs.L3bn. into the two com¬ 
panies, of which around 
FrsAOOm. went to Sacilor which 
has the more severe problem 
of obsolescence in Its factories 
which are concentrated in the 
traditional steel area of 
Lorraine In north east France. 
The new tranche of money, 
divided roughly equally be¬ 
tween the two concerns, will 


come, like the earlier amounts, 
from the official FDES Eco¬ 
nomic and Social Development 
Fund whose loans carry an 
interest rate normally 1 per 
cent below market rates. 

Last spring the Government 
announced a Frs-12bn. rescue 
programme for the steel indus¬ 
try, geared to the modernisa¬ 
tion of equipment and a reduc¬ 
tion of 16,000 lo employment 
by the end of 1979. 

Although the companies 
themselves undertook to make 
a financial effort and tbe 
European Coal and Steel Com¬ 
munity and European Invest¬ 
ment Bank were both cited as 
sources of foods, the main 


contribution was recognised as 
having to come from Govern¬ 
ment sources. 

The severe losses of 1976 
which helped provoke the crisis 
eon tinned in 1977. Uslnor lost 
Frs.L22bn. in 1975 and 
Frs. 154b n. in 1976 and will 
have exceeded that figure In 
1977. Sacilor’s consolidated 
net 1975 loss was FrsX48bn. 
and it has warned that 1977 
will have been no better. 

The French Government sees 
its efforts to modernise the 
national industry as being 
intimately linked with a Com¬ 
mon Market effort to tackle 
the problem of “disorganisa¬ 
tion ” of the steel market 


Aga takes over 
Frigoscandia 


[EUROBONDS 


By John Walker 

STOCKHOLM, Jan. 16. 
AGA THE Swedish industrial 
gas, heat engineering and weld¬ 
ing concern, has signed an agree¬ 
ment with Malmros, the south 
Swedish shipping group, to take 
over Malmros’ subsidiary com¬ 
pany Frigoscandia for an un¬ 
disclosed sum, Aga reports. 

Frigoscandia is one of the 
leading cold storage concerns in 
the U.K. and on the Continent. 
It has 2.400 employees of whom 
about S00 are in Sweden. Sales 
last year are forecast to amount 
to Kr.600m. 


Problems over EIB offer 


BY MARY CAMPBELL 


THE DOLLAR sector of the 
market in general was quiet 
yesterday. Most interest was fixed 
on the European Investment 
Bank’s offering which effectively 
started trading since it was the 
first day on which the lead 
manager. Union Bank of Switzer¬ 
land (Securities), was quoting 
prices for it. However, little 
business was done. 


Brown Boveri 


gets control 


THE BROWN Boveri group is 
to acquire a majority stake in 
Babcock-Brown Boveri Reaktor 
GmbH, of Mannheim, a German 
manufacturer of nuclear steam 
supply systems. Hitherto, 74 per 
cent of the company’s capital 
was held by the Babcock and 
Wilcox Company, of New York 
—the object last year of a bid 
battle won by J. Ray McDermott 
—and 26 per cent, by Brown. 
Boveri and Cia. AG, of Mann¬ 
heim. I 


The main reason for this was 
that In trading the bonds, UBS 
adopted an unusual approach. It 
would buy bonds only from 
members of tbe underwriting or 
selling group and then only up 
to the limit of the individual 
institution's allotment On this 
basis it was prepared to boy 
bonds back at 97 (it was selling 
them at 98). 

The rest of the market took 
these limitations to mean that 
UBS would be keeping a note 
of which houses sold back the 
bonds they had been allotted for 
the purposes of future issues— 
in other words, they were afraid 
that the UBS would not offer to 
sell them bonds in other issues 
if they sold back the EIB bonds 
they bad subscribed for. 


The UBS said that it did not! 
trade a single EIB bond yester-j 
day. 

The fact that the UBS was 
quoting 97/8 for the bonds 
limited dealings elsewhere in 
the market where -the price was 
quoted from 96} bid upwards. 

There was a -considerable 
undercurrent of .dissatisfaction in 
the market yesterday at the way 
UBS was handling its trading of 
the EIB issue. 

Dealers felt that it was the] 
business of tbe lead manager to 
make a market in the bonds 
without the blackmail which they 
felt was implied by the limita¬ 
tion of its purchases to the 
amount each house had been 
allotted. 

Usually in the case of unpopu¬ 
lar issues, dealers who have sub¬ 
scribed for bonds sell bade to 
the lead manager, via a third 
party not in the selling group: 
In this way the lead manager 
does not know who is trying to 
get rid of bonds he has been 
allotted. 

From the. investor’s point ofi 
view, the situation is very un¬ 
satisfactory since he is showing 
a book loss of 2 } points. ! 


•_ NEW YORK, Jan. 16. 

PARTICULARLY buoyant sales 
of its data processing equipment 
has helped carry International 
Business Machines’ profits to a 
13.4 per cent, increase in 1977 
oven the year before. 

Equipment sales have been 
showing impressive increases 
since 1970—and IBM’s S7.09bn. 
total last year was 19 per cent, 
higher than the year before. This 
meant that sales rose from 37 per 
cent to 39J3 per cent, as a pro¬ 
portion of total revenue with the 
balancing 3LL043bn. of 60.7 per 
cent, provided from rentals and 
services. 

Net earnings for the year 
amounted to S2.719bn. .compared 
to S2-398bn. the year before. 
Gross income was 518.133bn. com¬ 
pared, to 3165 bn- an 11.2 per 
cent increase. IBM’s earnings 
per share rose 14J3 per cent 
from 315.94 to S1&30, giving a 
current p/e of around 14.5. 

. In his statement. IBM’s chair¬ 
man, Mr. Frank Cary, said that 
the decline in the value of the 
dollar bad yielded a foreign 
currency exchange, gain of S64m- 
which more than offset earlier 
exchange losses and helped pro¬ 
duce a net gain for the year of 
328m. 

Mr. Cary added that the high 
worldwide sales of data proces¬ 
sing equipment had continued 
throughout tbe fourth quarter of 
1977, and this had resulted in a 
record total for the year. He 
did not expect this strong rate 
□f sales growth to continue 
through into 1978, and if it does 
not period to period earnings 
comparisons will not be as 
favourable as they were in 1977, 
he said. 

In the fourth quarter, IBM’s 
gross income was $5.033bn.. com¬ 
pared to S4 -51Sbn., and its net 
income S797.4m^ 18.3 per cent up 
on the previous year’s 3673.9m. 

The new computers introduced 
by the company over the last 
12 months, models 3031, 3032 and 
3033, have been extremely well 
received, and IBM is thought to 
have a backlog of orders which 
is greater than the total number 
of models installed of the super¬ 
seded computers. Delivery dates 
on model 3033 now extend to 
1980, and Dr ex el Burnham Lam¬ 
bert the New York brokers, are 
predicting S20.51 earnings per 
share in 1978—and . even better 
in 1979. Drexel Burnham is also 
speculating that IBM will raise 
its dividend from $10.0 to $11.40 
per share, and will split its stock 
to bring the price down below 
S100 a share. The enrrent price 
is in the region of 3286 


THE STEADILY imp rov in g 
trend apparent earlier this year 
in the profits of Chase Manhattan, 
the third largest U.S. bank, has 
been carried through into. its 
fourth quarter results which nave 
increased by 32 per cent on a 
per share basis. 

Tbe Bank, which has one of 
the worst hit in 1975 and 1976 
by loan losses on property 
investments, reported to-day that 
earnings before securities tran¬ 
sactions totalled 3362m. com¬ 
pared with $25.7m. a year ago. 
Earnings per share in the quar¬ 
ter were 5L06 compared with SO 
cents. 

For the year as a whole the 
Bank's net income before securi¬ 
ties transactions was S1232m. 
compared with SIOJ.Zol, an 
increase of 17.7 per cent,- one 
of the biggest rises yet reported 
in the banking sector. Earnings 
per share For the year are 33.71. 
against S3.63 before securities 
transactions. 

Last week two other large 
New York banks, J. P. Morgan 
York City banks has been 
gains of 7.7 per cent, and 14 per 
cent, for the year. Although the 
Chase increase is larger, this in 
part reflects a marked decline in 
loan loss provisions. These fell 
from 83102m. in 1976 to 3215 
in 1977. 

Elsewhere some of the factors 
affecting other New York City 
banks were also evident in the 
Chase figures. Thus, like Morgan. 
Chase cited higher overseas earn¬ 
ings as a factor behind the rise 
and one which helped to offset 
a decline in domestic interest 
income. 

New len ding by money centre 
banks such as the major New 
York City banks has been 
sluggish again in 1977. There, 
has also been a narrowing of 
the spread between the cost of 
Funds to the banks and the 
interest the banks have been 
charging their customers. 


maturity. The 925 per cent agreement that the MjiSSf 
bonds will be issued In a maxi- division made with LTV in 197U. 
mum amount of SCSOObl and will At that time LTV promised not 
be eligible beginning February to make any major acquisition 
1, for purchase by the Bank’s for 10 yeans without approval 
purchase fund. . from the Department or a 

Proceeds of the offering will Federal Court 
be used to redeem SC356m. of 

February 6 ]* 1978.^ Global Natural 

The Bank of Canada aequlsi- j . _ 

tlon will replace its holdings'o(' flOGS DCLlCT 
SC152m. of Government bonds „«> vr ™»r cant, 

maturing February L 1978, and AN INCREASE of 27 per cent 

will 1 » applied tmi* a itdafr ft P?S. re !g*. u<i .SSffJi S 
don in the 1 ml of Its foreign -ft* 1 , 97 L SHHU rZZr pS. 
currency assets .centred as a nr SSfa p£ 

suit of temporary swap trans- to income is ex¬ 
actions with, the exchange fund ghowa ^substantial 

account The Department of petted to show a 


gagers, speciality metals 
stereo equipment 
It also has major insur 
co-operations through Argo 
Insurance which operates in " 
property and casualty field: 
which in turn baa subst* 
holdings in other ILS- compi 
including Litton Indus! 
Curtiss-Wright and Walter R - 
The poor performance of J 
naat earlier this year whe 
reported losses of 36m. in 
second quarter whs an impm 
factor in the decline in * 
dyne's second quarter earn 


Finance is due to release details lart ye^ the 

of the amounts of each maturity %££ 3 dnttSrome 


Greyhound ht 
for Verex * 


Lykes makes 


JLR amounts oi eacn maninty —™ ^£ 5 * net income 

Krtfae first half of S2.6ra. 

' . ' The full year’s sales figure in- 

T ,VkP<* IH9KPQ eludes 35.3m. from sales of gas 

Xjj ACj UlARCa an ,j oi |_ xh e groups Canadian 

mnmor swica subsidiary has agreed to buy up 

merger Cose certain interests in 16 producing 

LYKES CORPORATION has .oil wells and ten producing gas- 
based ■ its plea for Justice fields and also 

Department approval for the explored prospects of Petro-Lewis 
proposed merger with LTV .Corporation m Canada tor 

Corporation on the grounds that ap ?'? 3CIU,a t® ly -T i ^Pi-r tmnt «hn 
its steel making business is to Shipments of WTO from tta 

all intents and purposes a fail- Sj“g* »“ 

,es - otmwylM wFjTjS? 

SSSSr ■'SrareMSSS If Sf 

£d Tube Company with LTV*rLj“J* n ? c ^ fSrecST^ 
Jones, and Laughtin Steel. Cor-/ 9 ^ *^ve° ue “ toreC8SC - 
poration. In a memorandum to . , ■» 


VEREX CORPORATION sal 
received a proposal front ( 
hound Corporation =to icq 
Verex for 325 a share cash 
each of Verex*s 3.4m. carer 
outstanding shares, valuing 
bid at about SSJtau rej 
Reuter from Madison. 

Verex, which recently chat 
Its name from CM I Invest! 
Corporation, said in a stater, 
it is exploring the posalbUit 
its acquisition with other xb 
corporations. . 


Monsanto am 


Sohio suits 


Canadian bond 


raises $C900m. 


THE LATEST offer of bonds 
from the Canadian Government 
is to be a four tranche issne 
raising SC900m_ The four issues 
range from two year notes to 
bonds dated 1997 at maturity. 

Coupons range from 74 per 
cent to 9}. per cent and Issue 
yields start at 7.95 per cent, for 
the shortest paper moving up¬ 
wards through 84 per cent, and 
8.86 per cent.—for the bonds 
dated 1983 to 1988 respectively 
—and culminating at 9.47 per 
cent for the 1997 issue. 

The Bank of Canada will 
acquire a minimum of '3C350m. 
of the new bonds and this acquisi¬ 
tion will be open on maturity 
except that the total will include 
at least - SC75to. of the 1997 


porauon. in a memorandum to. _ j 

the Justice Department’s anti- I plpnVTlft ffOOfl 
trust division, the two corpora- A vivtaj uv fevvi* 

tions claim that the merger will - foil rill DliartAl* 
create “a more efficient steel lUUlUI iJUdUCI 
operation better able to compete after A YEAR of volatile earn- 
with larger and more favourably lnffS reports, the fourth quarter 
situated domestic and foreign of Teledyne, the widely 

P™? ucers ‘ , , diversified conglomerate, have 

The merged unit would be the su^ed in the fourth quarter lift 
United States’ third or fourth jng ne t profits for 1977 to 3194m., 
largest steel company and an increase of 41 per .cent., 
Lykes’ attempt to win Justice re parts Stewart Fleming from 
Department approval on “fall- New York, 
ing company ” grounds is not 1 Teledyne's fourth quarter earn- 
totally unexpected. Its decisionper share of 355S (against 
to close Youngstown Sheet and 53 . 04 ) are well ahead of tbe fore- 
Tuhe’s Campbell works last easts which some Wall Street 
autumn gave added strength to analysts have been making. Earn- 
the industry’s demand for ings per share for the year of 
action against imports. More $1623 (against S10-63) are also 
than 5.000 jobs are affected by above some analysts’ forecasts, 
the decision and the Justice part of the explanation lies in 
Department has been told that a change of accounting. The com- 
the future.of another 1,000-Jobs pany says that for 1977 it has 
is uncertain. . adopted equity accounting 

Lykes* appeal to the Justice methods for certain investments 
Department was bolstered by Its of its unconsolidated subsidiaries, 
statement last Friday that- it mainly insurance operations, and 
expects to report a 3195m. loss this has resulted in an 88 cents a 
for 1977. share increase in 1977 net income 

The company said that with- and a 16 cents a share increase 
out a sale of assets it could in 1976 net income, 
experience ’'severe" cash Teledyne, which js 115th in 
shortages this year, but that the the list of largest U.S. industrial 
LTV merger would greatly ease companies according to Fortune 
tbe need to sell assets. magazine, had sales revenues 

Another hurdle that the pro- last year of 82.21m.' (1976 
posed merger has to overcome Sl.Sbn.)., Its products cover 
at the Justice Department Is an microcomputers, shower mas- 


Standard Oil Co. (Ohio). 
Monsanto Co., said in sept 
announcements they will t 
lenge in the Court of Appeal! 
Occupational Safety and Hi 

a j _iwnutolfiAvi A 


emergency temporary staifi 
for worker exposure^’ 
acrylonitrile. 

Both companies said r 
expect other producers to 
in the suit. 

The action to sharply ret 
worker exposure to aerytonit 
a suspected cancer-causing 
stance widely used in the us. 
facture of manmade fit 
synthetic rubber and plas 
was taken by OSHA oat 
yesterday. 

Agencies . 


\ bunk 


Pillsbury deal 
with Cook Ind 


PILLSBURY COMPANY. •. 
foods and restaurants grt 
states that it has signed an ag. 
raent in principle to buy tt 
of . the grain merebandh 
assets of Cook Industries Inc. 
an undisclosed amount. 

Included are a major ex; 
grain. elevator at Rcuei 
Louisiana, seven interior eic 
tors at Dension and Hart! 
Indiana; Heloisc. Tenues 
Dorena, Missouri and Chillharf 
Henry and East Peoria, IHlp? 
See results table. ,; 


U.S. QUARTERLIES 


MEREDITH CORP. 


COOK INDUSTRIES INC. 


BANK OF NEW YORK 


FIRST. PENNSYLVANIA 


NCNB 


Second Quarter 1VT7 

Revenue ...... 72.0m. 

Net Profits ... 3.797m. 
Net Per Share 1.34 


Six Months 

Revenue . 137.0m. 

Net Profits ... 7.18Sra. 
Net Per Share 2J4 


1976 Second Quarter 1979 19TT' ' FwirUi Quarter 1977 UM 

S S S S S 

585m. Revenue . 32.9m. 83.5m. Net Profits. 8.9m. 9m. 

3527m Net loss.3.4m. loss 717,000 Net Per Share 3-49 150 

. 1.05 Net Per Share loss 054 loss 051 Net Share dil... 152 152 

Shi Months Ywr . 

113.7m. Revenue . 117.2m. 135.4m. Net Profits. 315m. 32m. 

6.818m. Net Profits.14.5m. loss 145m. Net Per Share 551 554 

252 Net Per Share -353 loss 356 Net Share dil... 459 4.30 


Foorth Q Barter 1977 191* F mirth Quarter 

. h S . 

Net profits ... 6.175m. 4872m. Net Profits^..... 
Net Per Share 0.47 0.37 Net Per Share 


F mirth Quarter 1977 Vtf 

S 1 

Net Profits. 6 .Sm. 5., 

Net Per Share 0.41 

Tear 

Net Profits. 235m. 20 


Net Profits ... 27.6m. 21.1m. Net Per Share 


Net Per Share 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


i REDMAN INBS. 


CONTINENTAL BANK 
(PHILADELPHIA) 


Fourth. Quarter 


JiLA INVI 
-JOMPAN 


TMrd Quarter, 


AH these securities have been sold. This announcement an Dears es a matter of record only. 


STRAIGHTS 

Alcan Australia 84PC 1939 

AMEV Sac 1W7 .. 

Australia Si pc 1*93- 

Australian M. & S. 9tpc V3 
Barclays Bank 8>p< 1992... 
Bowaler 51pc 1992 .... 
Con. N. Railway 8Epc 1S36 
Credit National 84pc UH8 

Demur* 84pc 7984 - 

ECS 9pc 1915 _ 

ECS SIpc 1997 -- 

EIB 8Jpc 1993-- 

KMJ 4»JW 7989 __ 

Ericsson 8}pc 1939 __— 

ESSO Spc OSS NOT_ 

GL Lakes Paper 37PC 1984 
ELunersley 94pc 1993 .... 

Hydro-Qnebee 9 pc 1993 _ 

ICT Si PC 1937 ... 

ISE Canada 94pc 1986 .. . 
Macmillan Bloedel 9pc 1993 


Mlchelln 8ftc 7SS3 -. 

Montreal Urban Sipc 1981 
New Brunswick Sue 1934 


New Bruns. Pror. 3!ne W 1914 


New Zealand Sipc 1988 
Nordic Tot. B ank Tlpc 1984 
Norsk Hydro 7»pe 1983 

Norway Tlpc 1982 - 

Ontario Hydro 8pc 1987 _ 
Slnser 81 pc 1992 -. 

S. Of Scot. Elec. Sipc 1981 
Sweden riTdom) 73oc I9W 
Swedten State Co. 73pc 1982 
Telnet Bipc 19S4 ... — 

rienoeco 7Jpo 1987 May — 
voBswasea Tine 1987 — 


BM Offer 

Midland 1932 Spc_1074 1011 

Midland 1987 7U K pc W4 - 981 

ORB 198S 34pc _ 991 991 

SNCF 1989 6Uupc . W 984 

Stndd. and ChrtnL "W 6toc 88! 991 

was. and Glynn 1984 7pc 991 894 

Source: White Weld Securities. 


Revenue ..... 


mtt vn . Ne ^ profits . 

' .V ■ Net Per Share 
475m. 29.7m. Tear 


I Net Profits.1.4m. loss394,000 Net Profits. 12.6m. 11 


This advertisement appears as a matter of record only. 


NEW ISSUE 



.December, 1977. 


Maase? Ferpwon 94pc 1991 Mil 


LANDSVIRKJUN 


(THE NATIONAL POWER COMPANY) 

Reykjavik, Iceland 


Mlebdln 9jpc 1988 . 1091 

Midland Ini. Fin. Sipc 1992 97- 

Natnl. Coal Bd. Spc 1987 931 

Natal. Wstnrtnscr. Spc 1988 1031 

NinritanKOand 9po 1989 . 9fiJ 

Names Ram. Bask 84pc "93 951 

Norplw 8Spc 1983 .. 90 

Norsk Hydro S4PC 1992 95 

Otio Bpc 1988 .. 994 

Pons Autonomes Upc 1991 9S| 

Prat. Quebec 9oc 1995 05t 

Prov. Saatcatch. 9}pc lOSfl 984 
Beed Interna tlonal &pc 1987 M 

HHM Spc 199C . 94 

Selection Trust Sipc 1989 _ 914 
5k and. Eostdlda Spc 3381— 99* 

SKF 8nc 19R7 .. 921' 

Sweden fK'donii Sip^ 1987 941 
United Biscuits Spc 1989 _ 971 

Volvo Spc 1987 Mart* _ 93 


STERLING NOHDS 

Conruulds 9Jpc 1989 - 98 

ECS 95pc 1989_ TW4 

STB 91 pc 1993 ... ._ BSJ 

Finance tor Ind. Sipc 1987 98 

“Tsons .lOhtt 1987 - 89 ■ 

Total 00 Wnc 1984 - 98 


DM BONDS 

Austria Upc 1985 —— 

BKCK 7pc 1987 __ 

Denmark Gtpe. 1983 

RIB ype 1884 -- 

Grand Met. 7pc 1984 - 

HTdro-Otutec Sip- 1987 ... 

ICI Gjpc 1987 .. 

Montreal Tpc 1987 - 

Norma Gas 7pc 1989 — 
Norsk Hydro €}pc 1989 ^ 

Norway 51 pc 1982 _ 

Shell SJpc 1999 _ 

Spain Mpc 1984- .. 

Sweden SJpc 1984 - 

World Bank Sipc 1987 . 


NOTES 

Australia 71 pc 1934 _ 944- 

Bell Canada Tlpc 1987 .... 931 

Br. Columbia Hyd. 73pc *SS 934 
Can. Fac. Sipc 19S4__ 994 


Dow Chfmrical Spc 1938 

ECS 7}pc 1983 _ 

ECS UPC 1889 _ 

EEC 71 PC 1983 - 

EEC Tlpc 1984 _ 


A Company jointly owned by the Republic of Iceland and 
the City of Reykjavik 


Pit upc 1954 _. 984 


Goto vert en 71 pc 1982 
Roctanns Spc 1983 . 


FLOATING RATE NOTES - 
Bank Of Tokyo 1984 713 k PC 

3FCB 1984 Tpc_ 

BNP 1983 Stpc__ 

CCK 1383 tec - 

CGMF 1984 «t3»pc _ 

Credit an* rah 1884 Tlpc. 

Credit Lyonnais 1982 Sipc 
DC Bank 1982 7i3i 6 PC . 
GZB 1991 7ipc ... 
liUL Wstnmstr. 7 Bm pc 

Lloyds 1983 7}pc ... 

LTCB 1982 Sjjpc_ 


CONVERTIBLES 
American Express 41pc *87 
Ashland Spc 1998 ..j.. 

Babcock & Wilcox Sipc *97 
Beatrice Foods 44pc 1992 
Beatrice Foods 4|pc 1992 
Beecham 84pc 1892 „. .. 

Borden Spc 1991 —.. 

Broadway Hale 41 pc 1987 

Carnadoo 4pc 1987._L 

Chevron tec 1988 -... 

Dart 4jpc 1987 _;._ 

Eastman Kodak (4pc 1988 
Economic Labs. 44pc 1987 

Firestone Spc 1988 .. 

Ford tec 1988 _ 

General Electric 44pc 1887 

Gillette 4 tpc W87 . 

Gould spc war .. 

Gulf and Western Spc 1B88 

Harris Spc 1992 _ 

Honeywell tee 1988 - 

ICI Sloe 1992 - 

IN A fl pc 1997 __ 

Incbcape stpc 1992 ...— 

ITT 44nc 1987 : __ 

iusco 6pc 1992 . .. 

Komatsu 7|pc 799# - 

J Ray McDermott 4»pc *87 

Matsushita 84pc 19M _ 

Mitsui 74PC OM _ 

J. P Moreau -Upc 1987 ... 

.Nabisco Sipc .1888_ 

Owens rninols 4»pc 1987 _ 
J. C. Pemey 4Soc 1997 

■levton 4Jpe 1987 _ 

Reynolds Metals 5pc 1988 
KandvDc Bipc 1988 

Sperry Band 4k>c 1987 _ 

Squibb 4>PC 1987 
Texaco 41 pc 1988 

Tnrtiiba Mpc 1992 . 

Union Carbide 44pc 1982 ... 
Warner Lambert 44 pc 1987 
Warner -Lambert 44pc 1988 

Xerox ape WS8. 

Sauna: Kidder. Peabody 


7BJ 804 

88 90 

93 94 

93 93 

tOB . IK 
961 991 

984 1094 

72. -74 

78 78 

1134 1154 

79 81 

32 84 

• 77 7B 

79 81 

794 814 

79 81 

74 . 78 

108 118 

74' 78 

132 134 

34 68 

9» 304 

914 954 

1944 1051 

734 754 

1044 1054 

1914 102f 

1S44 1504 

1194 1304 

1061 1061 

944 981 

98 100 

1124 114} 

74 76 

107 JOB 

814 834 

1024 194 

81 S3 

741 784 

76 78 

98 99 

88 90 

77 79 

714 731 

7fi 78 

Securities. 


CmprcsQ Oacionc 
d€ Cdulosos, s.a 


U.S. $6,000,000 

Loan Facility 


Managed by 


Crcx 


20 OOO OOO Swiss Francs 
5% Bonds 1977-1989 


Wobaco Investments Limited 


ST. JOHN INTERNATIONAL, INC. 


• i. # 

i ::r 


Guaranteed by the Republic of Iceland and the City of Reykjavik 


Provided by? 


RANK VON ERNST & CIE AG 


takes pleasure in announcing * 
the election of its new Chairman 


HANDELSBANK N.W. 

BANQUE PRIV6E S.A. 
SCHWEiZERISCHE HYPOTHEKEN- 
UND HANDELSBANK 
BANCA DELLA SVIZZERA ITALIANA 


BANCA DEL GOTTARDO 
LA ROCHE & CO. 

BANQUE DE PARIS ET DES 
PAYS-BAS (SUISSE)'S.A. 


ROBERT ELLSWORTH 
formerly 

Deputy Secretary of Defense 
U.S. Ambassador to NATO 


Aargauische Hypotheken- und 

Handelsbank 
Bank in Goreau 
Bank in Menziken 
Bank vom Llnthgebiet 
Banque Boroande 


Banque Vaudoise de Cnidit 
Basel iandschaftliche Hypothekenbank 
EKO Hypothekar- und Handelsbank. 
First Chicago S.A. 

Luzemer Landbank AG 


Banque Nalionaie de Paris 
First National Bank of Oregon 
Irving Trust Company- 
Mercantile Trust Company N.A. 
Northland Bank, Calgary, Canada 
World Banking Corporation 


M- 


Agent: 


OCEAN TRANSPORTATION 


WASHINGTON' 


NEW YORK 


BRUSSELS 


World Banking Corporation . . 

Limited, Nassau 



December 19 






























23 







j Flnandal[Times Tnesday January 17 1978 



INTERNATIONAL financial and company news 


^Credit Suisse chairman 
attacks U.S. authorities 


Mural 


iHi 


( 


for \ 


Rood 

I Her 


• r jowi wicks 

rRONG attack on the VS. 
Ittfory authorities, especially 
Securities and Exchange 
.'mission, was launched yes- 
- iy by. the head of one of 
.ierland’s largest banks, 
“ it Suisse. 

; .pital flows into the TJ.S.are 
■ I rendered more, difficult by 
. \rent American neglect of 
-- xi stance of foreign securities 
Dr. Oswald. Aeppli, cfaair- 
of Credit Suisse, said in a 
h to the Swiss-American 
iber of Commerce. At a 
when the, U.S. balance of 
t'Lents was cansing concern 
. there and abroad, this was 
.. ticularly troublesome," 
...Aeppli. 

■/ere was growing concern at 
.' tendency of certain regula- 
. ■. authorities in the UjS.. 
Vr iaUy. the SEC, to make 
• . - dean laws. ■ and practices 

e-cable beyond the country's 
,. :;, iers. Dr. Aeppli claimed 
'unwillingness of the SEC 
• ■ 'I’annulate its intentions and 
alley in abstract rules and 
‘ libandon . its ca se-by-case 
lach " was particularly un- 
« . actory for Europeans. He 
\Intv,.. 1 of what he called the 
, ''‘ndSpissian.'s aggressive lnten- 
Stvki., an d its threats and intimi- 
‘-*'"11111 Ops. which In many cases 
• ^. 'no relation to the facts. 

■i.;.'. l 'sre was. no doubt,. said 
. .-‘li, that the SEC was to-day 

, ..." V s need that a broad assertion 
‘. 1 'irisdiction ..in international 


securities transactions was neces¬ 
sary to achieve the goals of the 
.U.S. securities laws: “However," 
- be added, “ I wonder whether the 
SEC realises that other nations 
.have different legal conceptions 
and- might therefore disagree on 
the "desirability of a worldwide 
application of the U.S. securities 
laws." 

■ The Credit - Suisse Chairman 
said he felt the needs and 
realities of foreign nations were 
■insufficiently considered by 
American courts and administra¬ 
tive authorities. “ Not all citizens 
of countries with less comprehen¬ 
sive securities regulations are 
criminals, not aU corporations 
which do not meet the American 
disclosure- standards are fake 
enterprises, and not every trans¬ 
action which has .the. slightest 
connection with the US. should 
automatically be deemed - a 
matter of American concern," he 
said: 

Dr. Aeppli said that a giant 
step towards overall jurisdiction 
of the American courts had been 
taken last year in the case “ SEC 
versus Kasser." The Commission 
did. not claim that the alleged 
fraudulent activities had had any 
effect in the U.S.—the securities 
were not traded on any US. 
stock exchange, and* ho sale was 
made .to.an American resident 
or citizen—but the court found 
that the federal securities laws 
granted jurisdiction in trans¬ 
national securities oases where 


at least some activity designed 
to further a- fraudulent scheme 
occurred within the’U.S. This 
derision would not allow the 
SEC to pursue cases which had 
no impact on domestic investors 
Or domestic securities markets. 

He also drew attention to the 
problem arising where, by 
following orders of a VS. court, 
a foreign_party was compelled 
to violate its domestic law and 
was thus caught between two 
conflicting jurisdictions. Deri 
sions like that in the well-known 
“ interhandel" case, in which 
the U-S. Supreme Court quashed 
a discovery order against a Swiss 
company to the extent that it 
violated Swiss law, seemed to be 
getting more and more neglected. 

Dr. Aeppli quoted a judgement 
recently given against Arthur 
Andersen and Co. here, in which 
it was stated: “Foreign law may 
not control local law. It cannot 
Invalidate an order which local 
law authorises. The -court is not 
impressed by the defendant’s 
contention that international 
comity prevents a domestic court 
from ordering action which 
violates foreign law. If the prob¬ 
lem involves a breach of friendly 
relations between two nations, 
the matter should be brought 
to the attention of those officers 
and agencies of the U.S. charged 
with the conduct of foreign 
affairs.** Reading such a state¬ 
ment, one could not help being 
worried, said Dr. Aeppli. _ 


J.S. banks 9 foreign lending 


’ JUftEK MARTIN, US. EDITOR 


, >R U.S. banks had $I64bn. 
...'sanding Jn foreign loans at 
liddle of last year, aecord- 
■." . ?- - s a new survey issued here 

• : -ifterhoon by the. three prin- 
- .banking regulatory 

. ■ - :-ies. ..... 

this global sum, S6&5bn_, or 
. 42 per cent!, was accounted 
y loans made in the Group 
Ten major industrialised 
fries, plus Switzerland, the 
I IlnllllPmaiorlty representing inter- 
M "fh f len “ 1 ^ g o{ 8&ort torm'dure- 

., ins to non-oil developing 

• rles amounted to about 

with $22bn. going to two 
: lies, ■ Brazil ($10.Bbn.) and 

• :o ($11.3bn.). . 

exporting . countries 
' -nted for just over $12bn. In 
, with Venezuela, with over 

- o.. outstanding, easily the 
st recipient. Other 
oped countries outside the 
p of Ten had about $17bn. 

- anding. while loans to 
r'-rn Europe were, worth just 
■> $6bh. 

• " • j survey .attempts tfi ; df aw.‘ 
inclusion from the data it 
nts. which is being made 
; for the first time. The 
ion - is ' to make' what Is 
j as the “ country exposure 
a semi-annual exercise. 


with the results being published 
some four months after the 
banks have provided the 
authorities with the relevant 
information. 

There were'widespread fears 
two years ago, which have: yet 
to 'be entirely dispelled, of the 
over-exposure of some U.S. 
banks in certain foreign coun¬ 
tries. The survey does not name 
-individual banks, but it does 
provide country-bypountiy data, 
together with crude figures on 
the maturities of .the outstand¬ 
ing, loans and a public/prlvate 
Sector break down,. 

There do not appear: to he 
many surprises in the country 
figures. The large Brazilian and 
Mexican exposures have by now 
.become pretty well ' known. 
Among other countries, which 
have experienced repayment 
problems, Peru is shown lb have 
Sl.fltbn.' in * U-S. bank . loans. 
SLSbn. representing claims' on 
the Peruvian public sector. 

UJS. banks loans to ■ Turkey 
ampunted to nearly,.Sl^bp^ltb 
over Slbit.'lh loans .maturing in 
one year or less. The Zaire debt 
to U.S. banks was 283m., almost 
aH of It in the jmblic sector. 

The breakdown of the type of 
customer receiving U.S. bank 
loans showed $63bn. going to the 


WASHINGTON, Jan. 16. 

private non-bank sector, $59bn. 
In placements with banks, and 
$42bn. to the foreign public 
sector. 

Globally, about 6$ per ’ cent, 
of foreign loans were of short 
term—one year or less—but with 
the industrialised countries and 
off-shore banking centres account¬ 
ing for the bulk of this. For 
most other group of countries, 
short term claims accounted for 
about one half of the total. 

The survey was produced by 
the Federal . Reserve, the 
Comptroller of the Currency and 
the Federal Deposit Insurance 
Corporation, and covers loans 
made by 119 U.S. hanks with 
assets of Slbn. or more from 
either their U.S. or foreign 
offices. 


.iV.Astfto; 


ADELA INVESTMENT 
COMPANY S. A. 


en 

C€ 

•SO fltf? 

elulosos- 

HiciftV 


U.S. $25,000,000 Floating Rate Notes 1983 

itice is given pursuant to Condition 4(e) of the 
'snns and Conditions of the above-mentioned 
ites that the Rate of Interest (as therein defined) 
x the interest Period (as therein defined) from 
th January. 1978 to 11th. July, 1978 is at the 
mual rate of 9J%. The U.S.; dollar amount to 
lich the holders of Coupon no. 5 will be entitled 
i duly presenting the same for payment will be 
S.$45R8, subject to such amendments thereto 
r appropriate alternative, arrangements by way 
adjustment) which, we may make, without 
rther notice, in the. event of an extension or 
ortening of the above-mentioned Interest Period. 

. Bank of America. New York 
, (Principal Paying Agent) 

lUary 17,1978 


Saudis to buy stake in 
British bank’s branches 

SAUDI ARABIA’S Government 
approved a recommendlation to 
buy a majority share in the 
^audi brancbe& : qf the-Hongkong 
and -Shanghai Banking Corpora¬ 
tion subsidiary, British Bank of 
the Middle East, reports Reuter 
from Jeddah. 

This was announced by In¬ 
formation Minister, Mohammed 
Abdo Yamani, after a Cabinet 
meetii^. The recommendation, 
by the Ministry of Economy, 
stipulates the transformation of 
tile branches into a Saudi bank¬ 
ing establishment owned jointly 
by Saudi Arabia’s private sector 
and the Bank. 


AUSTRALIAN NEWS 



threatens 


BY JAMES FORTH 
UNLESS LIQUIDITY of the 
trading banka improves, the 
monetary authorities will prob¬ 
ably be forced to introduce sup¬ 
port measures during the June 
quarter period of heavy tax pay¬ 
ments, the chairman of the 
Australian and New Zealand 
Banking Group, Sir Ian 
McLennan, told shareholders to¬ 
day at the annual meeting, the 
first since he became chairman 
is October. He also announced 
details of a one-for-four scrip 
issue. 

Referring to liquidity. Sir Ian 
said that it was important that 
sufficient liquidity was available 
to ensure that competition for 
funds did not produce renewed 
escalation in. interest rates. It 
seemed that downward influences 
on rates in Australia were likely 
to predominate in 1978, but the 
continuation of balance of pay¬ 
ments uncertainties and/or ex¬ 
cessively slow growth in the 
money supply could limit the 
scope for significant redactions 
from present levels. 

It was of some concern that 
the volume of mooey grew at a 
seasonally adjusted annual rate 
of only 5 per cent, in the four 
months to October, which was 
considerably below the range of 
8 per cent, to 10 per cent, 
forecast for 1977-78 in the 
Federal Budget This restrained 
growth had also slowed the 
growth of trading bank deposits, 
and trading bank liquidity was 
therefore unseasonably tight 
Sir Ian told the meeting that 
an intensification of wage re¬ 
straint was needed to reduced 
the. Inflation rate. The major 
cause of Australia’s inflation 
problem had been wage pay¬ 
ments the economy could not 
afford. “Undoubtedly the major 
economic objective should be to 
further reduce the inflation rate 
and lift the relatively low rate 


of economic growth," he added. 
Sir lah said the group’s opera¬ 
tions to date in 1977-78 were 
satisfactory and although econo¬ 
mic conditions in Australia and 
New Zealand were difficult, the 
Board was confident of improved 

results. 

He announced a one-for-four 
scrip issue to holders registered 
on March 3. The issue will in¬ 
crease. issued capital from 
$A72.1m- to SA90.lm. The total 
dividend for 1977-78 is expected 
to be at least IS cents a share, 
which would be equivalent to 
the 20 cents a share paid in 
1976-77. 

The ANZ’s authorised capital 
will he increased by 25m. $A1 
shares to 125m. The issue will 
be-made by capitalising part of 
tiie share premium reserve. 
After the issue there will be 
34.9m. unissued shares, but there 
is no prerent intention to issue 
any ' of these shares and the 
Board will not issue any shares 
without the approval of a gene¬ 
ral meeting which would affect 
the control of the bank or in¬ 
volve a substantial change In the 
nature of the business. 

CIG looks for 
improvement 

COMMONWEALTH Industrial 
Gases lAd. chairman, Sir Kenneth 
Humphreys, said the company 
hopes the market will improve 
and that it wall be able to 
increase profits this year, 
Reuter reports from Sydney. 

Mr. Humphreys said in the 
annual report that be believes 
the company, which is owned 
59 per cent, by BOC Inter¬ 
national Ltd., wHl at least main¬ 
tain last year's level of profit¬ 
ability. 

Unaudited consolidated net 
operating profit was $A13.72m. 


for {be year ended September 
30, 1977. 

There are now teoatlve signs 
the level of economic activity in 
Australia is beginning to rise, 
following stagnant growth during 
much of 1977, Mr. Humphreys 
declared. 

Australia's underlying rate of 
inflation is under 10 per cent 
per annum and a further reduc¬ 
tion is expected in 1978, he 
added. 

Kiwi plans to 


diversify 


KTWI INTERNATIONAL, the 
household products manufac¬ 
turer. is looking to diversify and 
is holding negotiations to make 
purchases in several countries, 
the chairman. Sir Thomas 
Ramsay, told shareholders to-day 


SYDNEY, Jan. IB. 

at the annual meeting in 
Melbourne. 

He said that an announcement 
would be made when these nego¬ 
tiations were finalised- 

The various companies in the 
.group were confident of main¬ 
taining increased levels of sales 
and profitability, and new 
products had been launched in 
the various markets in which 
Kiwi operated. 

The results for the first three 
months of 1977-78 were ahead 
of budget, both in sales and 
profitability. The recent trend 
of the U.S. dollar had the effect 
of reducing the group’s profits 
when converted to Australian 
dollars, but the results were still 
ahead of the same period of last 
year. 

At the meeting the nominal 
value of Kiwi’s shares was split 
from SA1.00 shares to 50 cent 
units. 


Electric appliances sales hopes 


SANYO ELECTRIC Company 
and Sharp Corporation, the 
Japanese electric appliances 
concerns, hope to increase tbeir 
sales in the current year by Iff 
per cent from a year earlier, 
and cover losses in export in¬ 
come caused by the yen’s rise, 
and sluggish sales in the domes¬ 
tic market. 

Mr. Kaoru Iue. president of 
Sanyo Electric said that he 
hoped to increase by 10 per cent., 
to about Y580bn^ from Y532.1bn. 
in the previous year, to Novem¬ 
ber 3. 

Mr. Iue said that his company 
planned to establish a tape re¬ 
corder and the other audio 
systems production factory in 
Taiwan this year, mainly to cope 
with the yen’s rise. 

He also said that Sanyo -would 


ret up a sales firm for electronic 
watches in Japan in March. 

Sanyo plans, in addition, to set 
up a colour television produc¬ 
tion plan in Europe this year. 

Officials of Sanyo declined to 
give detailed comment on it, but 
suggest that final arrangements 
will be made in a month or so. 

Meanwhile. Mr. Akira Saeki, 
president of Sharp Corporation, 
said that he hoped that March 
31 year sales would increase by 
10 per cent, to Y330bn^ from 
Y2S5.046bn. last year. 

Mr. Saeki said that Sharp 
planned to cover slumping 
domestic demand by strengthen¬ 
ing the industrial appliance sec¬ 
tor, in such fields as desk-top 
electronic calculators and 
microwave ovens. 

AP-DJ 


Japanese 
banks urge 
creation of 
CD market 

TOKYO. Jan. 16. 

IN PRESSING for central hank 
permission to issue certificated 
Of deposit, the major commercial 
banks in Japan appear to be 
touching off a conflict with the 
securities industry. 

AP-Dow Jones reports that 
Japanese institutional investors 
have been placing funds in the 
bond market ratber than in term 
deposits, and banks are eager to 
win back this lost business. 

Executives of the 13 major 
commercial banks plan to gather 
this month to discuss details of 
their proposals. In foreign 
markets, Japanese banks have 
issued CDs since September 
1972. And since Iasi April, they 
have issued floating-rate CDs in 
Eurodollars. 

An official of a leading securi¬ 
ties house said characteristics 
of CDs are quite similar to 
securities, so the introduction 
would have an influence on the 
secondary market of Bonds and 
Debentures. 

He said it isn’t known whether 
securities firms could handle 
CDs in tbe secondary market, 
as they do in the U.S. “If we 
aren't allowed to handle them, 
we should think of issuing com¬ 
mercial paper," he said. He also 
forecast that smaller hanks will 
oppose the large banks' plans. 

Last month, Sumitomo bank 
submitted to the Finance Ministry 
a plan far offering CDs with a 
term of less than one year and 
floating interest rates. A bank 
official said short-term CDs 
would “forestall conflicts” with 
bonds issued by trusts and other 
hanks. He also contended that 
the introduction of CDs in 
Japan would held lower interest 
rales. 


THE PHILIPPINE 
INVESTMENT COMPANY S.A. 

Net Asset Value as of 
December 31st 1977 
- U.S. 89.43 

Listed utxemboart Stock gxchjnge 
Asetin 

Basque GMnle da Luxembourg 
Investment Bankers; 

• MasDa PadBc Securities S.A. - 


AUTHORS WANTED 
BY N.Y. PUBLISHER 

Leading book DubUaber nek* maou- 
serbux of aO trues: action. non-flrtKm. 
Dowry, scftotarty and raUtrious works, 
etc. New author* welcomed- Send 
for free booklet, PN-J. Vantwe Praaa. 
ro w. 34 St. New York 10081. 


This amwncsmenl appears as a matter qf record only. ‘ December 19,-1977. 

US$50,000,000 

Credit National 

Guaranteed by 

The Republic of France 

, Five Year Loan 


Arranged bj 

First Boston (Europe) 




hfanagtdemdjtmmdcdb? 

Basque Enropeenne de. Credit (BEQ - 
Midland Bank limited 

The Mftsni Trnst and Banking Company limited 
. Societe Graerale 

Societe Generate de Banqne SA. 

AgfaiBank:. '/ 

... . . Societe Generate 



A people-oriented family of companies 

CASCADE 

GROUP 


in Western Canada 


The strength of the Cascade Group lies in our interlocking operations. 

Led by Cascade Development Corporation Ltd., five divisions of companies 
make up this unique group. Our portfolio is diversified, with building 
development and construction, development financing, leisure time 
activities and insurance as typical areas of involvement And our portfolio 
is expanding. With the acquisition of The Sovereign General Insurance 
Company and The Sovereign Life Assurance Company, we now offer a 
greater range of insurance products, including the only Alberta-based 
surety underwriting service. 

You'll find us engage^ in spheres that range from multi-million dollar 
commercial complexes to am international franchise of waxworks museums. 
But as a group we forim a cohesive, progress-minded, corporate entity. 

Out growth alone testifies to our innovative, success-pattern management. 
Nineteen years ago, we started as a small building firm. Now? 

Most of our development projects 
top-the $30 million mark. 


The Family Life Assurance Group 
has assets worth $220 million and 
ranks as one of Canada’s largest 
insurance companies 

We have well over $ million in 

assets invested throughout a variety 
of specialized fields. We build,-own 
and manage office towers, shopping 
centres, housing developments, 
recreational, commercial and in¬ 
dustrial facilities. 





The Cascade Group is one of Canada’s fastest growing organizations, 
based In one of Canada’s.fastest growing cities - Calgary, Alberta, In the 
expanding Western Canadian marketpiace. we’re emerging as a 
cornerstone of financial growth. 


CASCADE DEVELOPMENT CORPORATION LTD. 
CASCADE BUILDERS LIMITED 
INLAND FINANCIAL COMPANY LTD. 

FAMILY LIFE ASSURANCE GROUP 
MERRETT MANAGEMENT LTD. 

LEISURE TIME GROUP 

And a spectrum of associated companies 


HEAD OFFICE: CALGARY, ALBERTA, CANADA. 

Suite 2506, Sun Oil Building, 500 - 4th Avenue S.W., 
Calgary, Alberta T2P 2V6 - Phone (403} 265-7914 



. * *■ 


V. 















24 


Financial Times Tuesday January 173^78. 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN EXCHANGES 



Off 4 on dollar and economic concern 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, Jan. 16. 


:— ,—r. - - r y * u ‘« ovuuii »«■ «>*uumauduuu on uiucs regiswrea a oewuie vj i.ji respond 

atlon P us k*d stocks on energy, tax and Inflation prob* at 1,006.1 at noon, white Oils and letters, 
vvafl Street broadly lower in lems, as well as the dollar, in Gas lost 5.2 to 1.353.1 and Banks - . 

further slow trading to-day. President Carter’s State of the 0.8S to 229.27. but finid* t Banks specialising m mortgage 


The Dow Jones Industrial Unio ° message on Thursday. 

Average ended 3.89 weaking at International Busines Machines 

< d.74 and the NYSE All Common dosed 1$ up at $267* and Teledyne PARIS—-Market tended easier 

Index declined 17 cents to S49.40. cllmhed 3i to S61J. both after partly reflecting concern over 


Gold* v. *7*"*'* jn mortice 

advanced 204 to L.4M.1 and b , u f 1Iie ^ w ^ re prominency higher, 
pi^^dded 0JJ3 at S?1Q although the three major Corn- 

Papers added at 92.10. men til Ranks were Iiute changed. 


while losses outnumbered rises by reporting a sharply higher fourth- tack of cohesion between 
900 to 456. Turnover amounted quarter earnings. French Right-wing parties. 


, unease investors will also be looking yesterday following a moderate GERMANY—A firmer bias pre- dlson 12 to L140, and Snia Viseosa 
* 6 r ,th ?■ <he do,Jar a 1 ” 1 for some Indication of positKe trade. The Toronto Composite vailed. helped bv investor 6 to L399, but Fat shed 5 to 
r a !?_? en “ 1I, 5 energy and action by the Administration on Index registered a decline of 1.9 response to prime Bourse news- L3.S95. 

L “ ‘ “ Bonds were active but finished 

with narrow irregular movements. 

BONG KONG—Stocks picked up 
across the board in active trading, 
on a revival of local buying 

sier. Chemicals recorded'advaiicesTo dealerS DWiBK "• 

the D312.50, as In BASF, but Motors “F?. on3e ^' 
the were up to DM4.10 lower, su in 

- --- . Daimler Benz. Siemens 2 dded 

:{®« Veres. formerly CHI Invest- BSN Gervais Danone lost 14 to DM250 th Eiectrirals. 

-last Friday s total of 18.01m. meat, jumped 10; to $23' in Frs.366. Carre four 13 to Frs.L2S2- PuWic Bond prices were mixed. 

Analysts said that investors will response to Greyhound Corpora- Moet Hennessey 9 to Frs.351. and with mov emen ts to DM 020 in 

be watching for indications of «»“* *° ^ 311 the L’Oreal 32 to Frs.4S3. Afriqne either direction after negligible CTUtt apiw 

decisions to be taken at the shares at $2n each, while the latter Ocndentale. in contrast, put on net intervention by the regulating sained 30 »oSHK 3525 and 

Federal Resene Board’s open unchanged at S12’.> 4.5 to FrsJ22.5. authorities. ForeiJnMar? Loans WhSock uSicn fSm to 

marRet committee meeting United Guaranty, on announc- BRUSSELS—Higher for choice were steady on a small turnover. SHK2J0 

darned m “,? h “8 that foulr-quarter insurance following a light business. VIENNA—Mixed with a slightly Elsewhere. China Light added 

., wH . he volume was up 50 per cent, from Solvay rose 80 to BJrsJZ5S0 on firmer bias, but selling pressure 20 cents at SHKl930and New 

penalised to support the dollar, a year ago. moved ahead 2} to announcing an agreement with in Kabel and Drahtleft a fall of World 4 cents afSHKL34. 

They also commented, in con- S14i- Belgian glassmakers. 10 points. Perlmooser met demand JOHANNESBURG—Gold shares 

~S! 5y conferen £ es AM1C gained 1J at $131—a com- Vieffle Montague advanced 44 to an ^ow™ A %S3 6 - r na .. «®e firmer following the higher 
fail to reach some agreement this pan* officials.could give no reason B-Fra.1,520 and Electrobel 60 to _~_GcneraLIy London Sang, but trading — 


Among Blue Chips. Hong Kong 
Bank and Jardlue Matbcson rose 
30 cents each to 5HKJ6-50 and 
SHKIL10 respectively, white Bong 
Kong Land, SHK6.45, and Swire 
Pacific. SHK5.20. improved 13 




MONDArS ACTIVE STOCKS 

Change leum 


was 

to 


Vcrejr 


traded 

Stocks 

344.000 


price 

dosing 


dar 


-102 


Vow Glenn cat 
Konnccoii Cop: 


Tctedyne 


Contra] Data 


miuo 

3<: 

_ 

1 

213.700 

3s; 

— 

i 

I73.1P0 

Ki 

— 


173.910 

3Si 

+ 

w 

1 

1G7.3M 

I3J 


• 

A 

137JOO 

Sli 

-te 

Sr 

14SJM' 

1(11 

— 

1 

138 400 

ill 

4- 

1 

msJ uo 

13# 

— 



week before meeting in public 
session, that will put further pres¬ 
sure on the dollar and, m turn, on 
ihe stock market. 


COPENHAGEN 

for the stock's activity. B-Frs.6J.10, but Cockerfll declined Pn>Tms " quieL Heavyweights rose up 

Alcoa lost H to $42 and Petro- 15 to BfrsMQ and La Royale _ 100 cents. 

um and Resources were down «> to BJrsjJSO. more ^ahtecnrr^f 1 ir^rke? Financial Minings, however. 

25WS3I- , j . AMSTERDAM - Stock prices SSSs mStte“gS? a^SSe mostly easier, while Dje Beers 

PRICES also declined ini quiet were inclined to harden, although firmer after moderate activity. onded 3 cents down at Ra.<a. after 
fading on the American SE, the trading was quiet awaiting the utilities advanced on vield enn- 
Amex mder losing 0^9 to 120^5. Government's policy statement yie l, ,f?P T 

Volume 1^3m. shares (1.71m.). Hoogovens rose FIsJ^0 among clSiS ^5 to^wFreAOlf^Sd ™ Coppers, and Manganese issue 
^^Dutch Internationals, bat Philips SSte 20 to SwJSjSa 10 Samancor put on 20 cents to 
shed FL0.20, wide Unilever were Domestic Bonds were'a shade 
unchanged at FlsJ20JQ. harder, while Foreign Bonds 

Elsewhere. Van Ommeren added moved irregularly. 

Fls-0-SO, KLM F1S.L80. and Brjen- MILAN. — 3>Cxed after thin 
korf Fls.1.70, but Amro Bank trading, with the expected 
declined FIs. 1.00 and Nationale Andreotti Gove rnm ent’s resigna¬ 
tion malting no impact. 


OTHER MARKETS 


Canada easier 

Canadian Stock Markets showed Nedertanden FIs. 1.10. 
a ■ downward tendency at mid-day State Loans improved. 


Indices 


K.Y.S.E. ALL C0XX0R 


Risa and Falls 

• lu, IS Jan. 15 -fu. 12 


NEW YORK —DOW JOKES 


Jan. | Jan. 
16 13 


Jao. ; Jan. : 
12 I 11 i 


1977-78 


Hijb ■ Lon 


Jan. 

IS 


Jan. 

fj 


Jan. 

12 


Jan. 

11 


Jan. 

10 


Jan. 

a 


1977-iS tSinceoampiUcioa 


<8.4tt *i&7, 48.8 


48^2 67JJ ‘ 49.40 

i i4<L77t >iI6|T(7S> 


Klgfi | Low j High I Low 


IrHusLnal... 771.74 77B.7I 778.16-775.80 781.5^ 784^6' 398.76 , 771.74 1061.70 41.22 

, * I .‘3/1/77» !(16/L78.iU/1i73) <2/1:32; 

H'msB'nda* 83.75 89.63 99.70. 89.89-, M.16i 90.15 05^7 ; 88.69 |_;_ 
i . ' I * c (?'9i 

Tnuupoit.... 207.68 319.17 207^4 MI 6 . 68 ] 2IB.74! 206.61 246^4 ! 135.60 279^3 19.25 

; ■ ; : <2510) (7i2(69i; (S/7j53) 

1'Ulinw. 1QB.JG 106.651106.48 106.60 107X4 107.60, 118.67 ! 104X7 165 jS2 10JB 

1 «2Bi2, ! <2a&i ,204*691 p8/4»42» 

Tmiingvol 1 

OM'i r , 18,760 18.0 JO 25.750, 22^80' 26.19fl. 27.S9B ~ | ‘ 


* Basis of index changed from Ausnst 54. 




Jan. 13 

Jan. 6 

I Dee. 30 

! Tear affo ■ approx.■ 


D 

5.93 

1 5.80 

! 5.53 

! 4.21 

STANDARD AND POORS 




Jan. :Jan. 1 
10 ! 9 i 

hiii-'i<5 

; 2 >in>-e Lutniubu n 

• i« : 

13 I 

12 . 11 | 

Hifffa i I*jw ■ High | Low 

; lartuumsl* 08.44 

{l-om&wite 89.45 

$8.74 

SS.S? 

S8J3, 98.7c 

89.82 89.74 

83.27 Sa-Bfij 
90.17 90.6? 

11BJ92 “ I 154,b4 • 8.62 

(i/l.Tfi (16/1/73, (llfl/75v (30.6/32) 
107.80 -j.-m j 1S.0S , 4.40 

iS/l/Tfl Ili>/l/i8l!(llil/i3i <1l6io2». 



Jan. 11 

! Jan. 4 

j Ura-. 22 

j Tearaffo lapprox.i 

ln> 1 . lira. rieM “ 


l 5.18 

! 4.96 

! 4A0 

j 3.77 

lad. I' E IUl it. 


8.65 

, 9.02 

i 9.13 

J 11-21 

Inne Guvt. Bun -1 tleid 

8.19 

• 8.04 

8.02 

SD 1 


XONTRXAL 


1977-78 



| 16 | 13 j 12 I n | 

High | 

Lou^ 

lodtutnal 
- Combiner/ 

i 166.18- 168-Sa; 167J5 167.16; 188-47 <17 fS) j 
j 173-Jflj 175.41: I73A& 78F-S6 0*1/77) 

158.02 i^/IO) 
185.60 ifc. 10 ) 

TORONTO Composite- 1W4J)‘ IMB.Oj 1006^ 1806^ 

1087.4 (19/7) I 

B61.0 «36.l Ji 

JOHAKHRSBORG 

Gobi 

loduozrt&lM 

i 1 . ! . 1 

; 2103. 208.8 21M . 203.6 1 
! 2I1A 277 J! 27U ; 272.0 | 

214.7 (17/10' ! 
274.4 (4/1/78} , 

1S9.4 fift.m 
769. ( <C.4i 

" ■ ; J*n. ; 

19 1 

Prer- 1977-78 il777-78 
iou> ‘ High : Lew 

1 Jan. | Pre- ^377-79 :Bn-i 8 
16 [ vioua 1 HlgL Lnw 


R3A0. 

Tins were little tested, while 
Industrials were narrowly mixed. 

TOKYO—Market was closed 
yesterday for a national holiday. 

AUSTRALIA—Prices eased back 
from a firm start after early 

^^“19^2379. Monte- 

- a rather mixed appearance at the 
dose. 

BHP, SA3.40, and Bank of NSW, 
SA5J0, after touching SA5JJ6, 
were both unaltered on balance, 
although ANZ, aided by the bonus 
issue, recorded an advance of 15 
cents at $A3Jj. 3Iyer. in Stores, 
ended 5 cents down at $A1£5. 

Among Mining issues, Utah re¬ 
ceded 15 cents to SA3.2Q and Coal 
amt Allied 5 cents to SA3.50, but 
Pan continental gained 10 cents 
more to S.V1L90 and Central 
Norseman were similarly higher 
at $.47.70. Firm Oils had Ampoi 
Exploration 2 cents harder at 
9AL27. 


Issues ended 

Rues_ 

Fells_ 

Unchanged-| 

New _ 

Sew Lowe_| 


1389 I33B 

45B : 747 

960! 60S 
453 486 

4 - 

93’ - 


1334 

745 

S94 

495 

13 

86 


Ansti-alia 484.70.463.73 I 479.43.4UUSD 
{•3/1/72, (16,2j 
91.14 90.63 99.12 90^3 

! 1(10/1/7? (12/UTS 

96^0: 96.36 : UJiJSZ \ 96^4 
) : tm ,(28/11) 

62.4 62.6 ‘ —' 


Spain 


W '/ - 


197.01 


Belgium <:<: 
Denmark!**) 


Sweden fc 343B5 343.24 


Switerl'di/)! 2395 ;29&2 


100.0G; 96ie 

(31/12) «e.ns 

416J& i StpJJS 
(32l6, '(el, 111 
318-f : 22U.3 
! (ll/lOi .5,3) 


ctn 


80.1c 800.4 


5S.4 ; 4J.b 
)(7.'l/77>< (10,6i 
,'813^'| 71/Lb 
j (17/lIv (10,5) 

1 93.2 ! 75.6 
. (4/ci | (29W 

Hoag Xmu£ 3S9.71 385 . 44 ,42b.1T 1 383.44 


SernunyCti 
HoUami (iii 


a>.7- 80 J 


Italy tlij; .56.43 ; 66JA 
Japan 
Singapore 


(an (o 


^&,i/77W22/12> 
’ o <4.601390^3 i 360.49 
\ i £9/91 -(94/11) 
263.17 263.70 1263.02 <242.28 
, i (28<3» , (3pj 


Indices and Oase dates (all base values 
100 except NYSE All Common— 50 
Standards ami Poors — W and Toronto 
390-1,660. the last named based on 1975,. 
1 Excluding bonds. 1400 industrials. 
9 400 lads.. 40 Utilities. 49 Finance and 
fTTisi l.rtiSt M Traassort. m>Sydney AM Ord. 
7 s 't «l!> Belsian SE 81/12/65. Copenhagen 

io.i 11 = SE (tti Paris Boars* L56L 


<t:> Commeixbank Dec.. 1353. (IS) Amster¬ 
dam. Indnstrial 1970. (tDHana Sens 
Bank 31/7/M. MOao 2/1/73. (a) Tokyo 
New SE 4/1/88. <b) Straus Tbnea 1966. 

(ci Closed, (d) Madrid SE Sl/lim. (e) 
Stockholm Indnstrial 1/1/56. t/i Swiss 
Bank Corn. 31/12/58. «a) Unavailable. 


OVERSEAS SHARE INFORMATION 


Investment premium based on 
S2.60 per £—CT2% (68%) 


NEW YORK 




J*n. 

12 


J*n. 

15 


.Vt4x*b Lohs. 

Ail-ire«».^nipU ... 
Aetna Lite £ Cab- 

Ait Pmdirl* . 

Airco. 

Al.wn.\lumintuni 

ALt». 

Alleyheny Lull., 
Alleaheor P-wei 
AillH L'fKnni-ail-J 
Allied stores...... 

Allb Chalmen...; 

AJIAX -.I 

Amends Hefc-... i 
Atnvr. Airline... • 
Amer. Hisu-/«.... 
Amor. Unwdca*!. 

Amer. Un.— 

Amcr. Cvauanitil 
Amer. Elo-. 1’im. 
Amer. ta.|rtV.r... 
A MW.H» >nie Pmi 
Amer. Me<tH-s(... 
- Amer. )lui«>rx... 
Amei. Nat. U at... 
Amer. dhui-uml. 
Amer. A'irci>..... 
Arm-r, Tel. X Tot. 

Aimirt.. 

AMK. 

A XI P.. 

A in|c\. 

Ari.:Jr.-r Hi.'KIIIk. 
AnheUN.-i Bwli.- 

Ann v^lecl. 

A.S.A. 

A -aniins Uii. 


Amivn. 

A-illao.1 Ull. 

An. Uii-Imeiil.... 

A in, ■ Data Piu.... 
A VC. 

AMI. 

Avon I'n-lutlv.... 
Hail Ga-. Hle>i.— 
Hank Aiuenes.... 
Kanhers I'r. .V.Y. 

Ktrtn I’li. 

Hauler Imicih’l.. 
HciUI.t Fi*pi.... 
He -toilDl.-iienioti' 
Hell .V H.>n ell. — 

Uen-ti* . 

Heiiuuet Cnns'B' 
Heitiictiein -Sleet. 
Hii-.-k A IhRfkcr... 

.. 

Bnise Uawaric.. 

IV n-leu. 

Kin: tTamer. 

Hranill Inl. 

K,sA.-en "A* . 

Htislo. Xlier*. 

Hrii. Pel. A DU.. . 
Hrivkiriif Gla-v-. 

Hmmtvii.4i. 

Wuevnia Kne. 

Build. 

Hiih’ra WsiL’h. . 

Hurtioait'O Nthn 

Burnaielia.• 

LamfJieJI Snip— 
Lartadlau PselhCj 
Lnnal Uandulpb..; 

LAtiiaUiio.I 

Carrier It Oenersll 
Carter Hawley. I 
l sterplllerTnuxaj 

i. Be.—' 

CeLuttaeCuvu—| 
Couirai itd.W....i 

Certain teed.. 

Owna ALrcntt 
Chnae tlaabfttun, 
C'uemLtU Hk. NY1 
Cnesebrcfa Pumi .1 
Ciiesa|eiryBtein...| 
L'btcsao Bridge..-I 
Chmotalloy.....—[ 

L'lntvsler...—.] 

Gtnctama_..■ 

CToc. 31ilaawu—l 

C'iiJcor[>..._...) 

Cities iservu^—i 
City Investing...! 

CttsCola... .1 

Colgate Palm ....- 
L'ullEna AikmMi..! 

Columbia Gas.t 

CoiuniMa Piet—[ 
Cora.insCool Am 
Comb/wf tail Eng.. 
Combusnon Kq.._ 
l 'lu'Wtli Mlsun. 
i WvtbOII llel ' 
Grimm. SueHte... 
C'oi n jait ers»;ie»Kf 

CooSa?. 

C.m- Ediwm X.Y. 

t r-nval h'o».at«.. 

tV iok’I Nat. liar.. 

’ uliaUDier Itaner 
t •illt/neoial l«rp. 

«.-. , PtlOvP«l till.. 
i 'mnbenL.il Tel”. 
C"otnl Pjaia...... 

Cacpsr IndtiL-.Hii 


51 
13-a 
SSiz 

23 

331A 

24 
42 
18-E 

19* 

375., . 
19i| 
23 i a 
34/6 

25 
10 * 
40?g 
37-a 
365s 
245a 
235 4 
53i» 

26.S 

165., - 
3j : . . 

44iq . 
325 b 
30U : 
56-4 , 
29 

16jb 1 

2659 . 
10 
27aa 
181: 
26->* 
221 ) 
8*s?l 
1458 ■ 
29'; ; 
45'* 
26i? ; 
9G. : 
161, : 
45.0 
25»a 
20?a : 
34 J ; , ; 
ZBlp 

34 sa 1 

22j6 , 

32 

145a 

34i£ 

2 -'j 

2 u-e 

14 U 
25 1 3 : 
2 n !« . 
291-j , 

26 <g 1 
10 

315s < 
15jp | 

281* i 

I4ia 

1B7 6 

317b . 
51a 
39 W , 
68 - 
32 

ia>a ■ 
10’* 1 
285 b : 
12 Jb I 
17Tb . 

621g | 

46i« , 
3958 I 
16i« I 

20 l 
29 lj I 

27 3| ] 
392* ; 
207a 
32i a 1 
43 
145« 

13‘B 
2 U 1 
17Sfl | 

21 j 

48 ! 

11>8 
357 B 
20 <s I 

10Sa ! 

28U 

133, 

15 i e j 
33 Jb 
18 
275» 

312 
307a 
Uii 
20 J 8 
245b 
23 i 2 
39 Vs 
22.8 
32 i 
2 ftii 
15 
25U 
4CJ* I 


50 j« 

14 

33ie 

23 

63 

241* 

43', 

19 

*7*1 
I9ia 
235a 
84i, 
25ta 
105, 
40-»4 
377j 
37U 
24a. 
23 > a 

33 7, 
27 
171, 

3=8 
441* 
33'a 
30 
69 

29 U 
16=8 
261 , 
101 , 
2T., 
187j 
26's 

22 ig 

9 la 

14 

30 
45 
26 >‘b 
10 
16‘B 
45y a 
25=4 
205 t 

34 )* 
281, 
345* 
22 « 
321 3 
141* 

35 In 

25* 

201 3 
14 In 

25*8 

235, 

Z9*a 

271 j 

13 
315* 

ISsa 

29 i* 
J4»j 
191* 
32lg 

39 
86 5 ( 

S' 
10 - 1 * 
287, 
121 e 
17T 8 
621 3 
47 
391 e 
IS* 
201 * 
29I S 
2?7g 
3912 
21 lg 

317 S 

431* 

14 l e 
13ls 

3 

1816 

Sits 

48«s 

115* 
351b 
20 l B 
1096 
281 * 
14tn 

15i g 
351* 
18-Sa 
27 Ts 

2 ln 

5056 

a»* 
20 * 
241 g 
24 
40i* 
■131; 
517.: 
267* 
li 

r*!- 

«lia 


Suc-k 


Jan. 

12 


Jan. 

16 


6t»-k 


Jan. 

16 


Jan. 

13 


Lorain^ blsMc...* 
CPC Int’n’tiuuai, 

Cntne .■ 

Cracker Xat. 


Cn.wii4etlertiacti : 
; Cummiu^ UnjtiDe 
i Curt-Wn^hi.; 


475, 

45 

243* 

231* 

S' 

187* 


47; b 
44 »a 
25 


195a 


223* 

34 

243* 

237a 

SI* 

18 

16U 

203* 

Ilia 


Dana.I 

Don. Iw 1 wtnes.j 

Deere-...] 

Del Monte_ 

Ueltooft.. 

Cientapl.v Inter... 

Deuwis Eluent... 
Diamond tjharo rk 

Dictaphone-‘ 

. DlgiLal iinaip-...; 441g 

{Disney itTa/t) — J 35 

jDm-crCorpn-- 38 

J Cbornkwi—I 25ta 

Urarwer-.401* 

Du Pont.109U 

Dynui Iqitustrierj 12 la 

Eaeta Picher_ ‘ 13 U 

East Airliner.! 61* 

haul man Kodak..' 

Ealou.^ 


Johns ilannlle... 
Johnson Johmani 
[ lolinroa Gout ml.: 
231? ; JoyManulactur’i;' 

325s : IGilartCorp.i 

351* j KaiserAHimrnfDij 
Kaiser I nduatriea; 

1 Kaiserh'teai-..; 

j Kay- 1 

henneroCU.. 

. Kerr .. 

KnMe Waiter_: 

Kimberley Clark.) 
Kifpers.-- 

IIHU..W-., 

Kruger Co..j 

Levi Straoa*. 

LbbyUw.Eood—! 


481* 

331* 


225a 
341* 
241 3 
241* 
5'a 
18U 
16 'b 
27 l s 
12 l a 
435* 
SSL* 
385J 
25 J« 
41M 
109 
125, 
1ST- 

481= 

331* 


2 at, .- 

695b . 
2553 
313. ; 
255g I 
29 

4b » ; 
24«a ; 

« 67 ® 

251* 

45»* | 
273* 
39.-8 ) 
22 In < 

i 

253b 
277« 1 
263b i 


283b 

695* 

2558 

3Ua 

254 

285* 

41* 

f 

245* 

45i 8 

87 b* 
397 5 
22 s* 

431* 
253* 
27 ia 
26i* 


Stock 


Jan. 

16 


Jan. 

13 


Revlon.„..i 

Reynold) Meiala.i 

KeyaoHj K.J. 

Kiih’aon Merrell.; 
Kockwell Inter 
Uohrn ft Haas. 


41 
29 r e 

543* 
22 
29ia 
28 ta 


4U* 
301* 
66 a* 
217s 
291, 
293* 


Koval Union.: 


BUS-.—. 


E. li. A G. 

Kt l*aao Nat. I5*« 

Klim. 

Kinemm Klet-mc' 

Kmer.i Air Pr'j;bt| 

kmlwr l ....J 

E.M.I.i 

I Knselhnni.I 

' K,nurl__ 1 

BillVI .[ 

Kairublld Canieraj 
Pe*l. Dept. (ftnrcN 
Pireatuue Tlre.-.j 
Hs4. Nat. Boefun. 

Eievi Van.. 

I-'ilui note_ 

Klurlda rower....! 

Pluur.. | 


161* ■ 
13i« ! 
261 * 
33 
38U 
29'* ! 

31 * ; 

251* ! 
265* | 
i93«: 
441 b 
23 

3 7 ; 

143* : 
S3 7* | 
174b | 
185b j 

SUB 

33 


165* 
iai 2 
26 
33 >3 
371* 
29i* 

24.8 

27 

20i« 

441* 

235* 

371* 

14v a 

24/« 

171* 

19 

315e 

33>s 


[ify>eK Group -..1 

Lilly (Bill..| 

Litton loiliuL....; 
Luckiieert Airar'n} 
I Lone Star lode—j 
! Loan (aland Ltd. 

I l.aiiMana Land... 

Lubriaol- 

Lucky Sbnes. 

, L'kesY'uo^st'vrn! 

MacMillan.' 

Umcy It. H _ 

Mm Hanover.—' 

Mai wo. 

Marathon Uii. 

Marine Midland. 
Marshall Field... 


27 

371* 

145b 

133* 

181* 

l«i* 

215* 

33i a 

133, 

3*8 

10»* 

36.\ 

31«* 

363a 

433* 

121 * 

29lj 


287, 

37i, 

141* 

135a 

187* 

IS/* 

215* 

341* 

131* 

6 

10'S 

367 8 

3112 

361* 

431* 

12*8 

291* 


JtaMLog.^.I 

Cyder system....- 
Saleway Mom...; 
St. Joe Minerals4 
St. Kegts Paper—.j 
Santa Fe Inda.— | 
Saul Invest.-.-..: 

Saxon 1 [Ml. 

Schlit* Hrewfafi. 

•Tchlumticryer-^- 

501.—.. 

5«*t IS per-! 

5covil Mrc..l 

d.-udt' Duor Vest] 


56 ! 

1212 ; 
1138 
137* 
37is 
28i*; 
293a ! 
345« ; 
4 » 

4b« i 
103* j 
661* 
173* | 
13S* j 
203* 
61* 


66 

121 * 

111 * 

134* 

39i a 

281* 

30 

351* 

4 

45* 

103* 

663* 

18 

136* 

205* 

63* 


F. ll.C. 

Fortl Motor.. 

Furaniiwt Uck....! 

r.<tiu<\....' 

- Franklin U mi—; 
Frce|«wl Mineral 

Fnieluui. : 

Kat|iM lodu*rri<wj 

U.A.F—.i 

Uannotc.I 

ticn-Vmer. In —..I 

G. A.T..V—. 

Uen.Cable.[ 

Gen. Dynamics- 41 »* 
Geo. Electrics— 461* 
General Foods-..; 
General Mill*—.. 
Goneml Moiora-J 
lieu. Pub. L Ell....) 

Geiu signal..... 

Gen. Tel. Elea-.! 

Gen. Tyre..: 

Guneseu. 

Ueugw t** c i t i c .i 


2112 

415* 

175* 

273* 

„ 7e « 

20 

243* 

8ae 

IUb 

35 

9 

2538 

1178 


215, 

415* 

1758 

281, 

7I 2 

201 * 

245* 

858 


. May Dupe. Stores; 

MCA.. 

McDermott., 

McDonnell Donai 
Mi<iian Hill-,.... 

Mwziorex . . 

Merck.-. 

Merrill Lynch... j 
Mesa Petroleum. 

MOM... 

Hum SUii*l,Uif. 

MiiWi I'orp...._ 

Montantn.. 

Muiyan J. P—^ 

Motorvta. 

Mnrpbv On-, 


291* 
273* 
683* 
203a 
26 
291* 
23 Is 
41s 
24ts 


Geu.y Oil..—..■ 163 a* 


GllleUe.._:_I 237* 

Goodrich K.F_J 191* 

i J ixriy car Tire. -. ] 165* 

Gould—-®*15' 

Grace W. li-! 

C.t-Atlau PacTeaj 
Grt. North Iron..' 

Grey bound.I 

ivtilf ft Western...! 

Gull OIL-.I 

Haliburton—.... 

Hanna Minins— 
HamlschicRcr—. I 
Harris (kvpn..—.1 

Hein* H. J7. _: 

HeuUen.-. 1 

Hewlett Packard 
Holiday Inna...— 

Hntnminke. .. 

Honeywell.- 

Boov w.— 

Hoap Cnri* Amer-! 
Houston Nit. tiari 
Kuiit(Pb..\.)Ctunf 

Hutton (H.P.C_I 

I.C. ImliMCriei-.- 

INA.— 

lii"*raol](aad_; 

I a lx ml St«T..j 

Insik-q....! 


111* 
35 
9'* 
25i a 
117* 
415* 
461 S 
29'. b 
28 
set* 

205* 

261* 

29ti 

231* 

41* 

2438 

164 


Jtarpb 

3imax...| 

.Vsk-oCberuuixL..' 
-Variuoal Can_ 


241* 
347b , 
513* , 
25 I 
173. : 
267* : 
641 2 • 
i4i* ; 
363, , 
265* ■ 
465* i 
593* ; 
513* 
4112 i 
35T»* ; 
34 • 

467, j 
261* ■' 
is : 


24ia 

351* 

52 

25 
17S* 
273* 
543* 
143, 
365* 
263* 
463* 
697 0 
613* 
413* 
353* 
341* 
47 

26 
154 


Sea Container*...: 

I Seagram-- 

> Searle lSJI. 1 —; 

hewra llntbuck_i 

SKUCU..._I 

Shell Oil.i 

Sbein’ra ospnrt-. , 

%mi..— 

SlijnaieConL..— 
Simplicity PjU-,1 

Stuaer. 

Smith Kline_; 

So/ilrao__J 

Southdown.. 

Sont Jiej-nCxJ. Kd. 

Sod hern Co.. 

Sthii. A*C Ke«...' 
Southern Pacific.! 
Southern Kail way, 


273* 
26Ga 
75* 
243* 
123* 
111 * 
26 ti 
693* 
36 ; 

153* 
411| 
34Jfl 
24i 8 | 

693* ' 

J 41 " I 

393a 

435a 

115* | 
223* i 

2639 

His 

12i a J 

233* | 
371* 
631* 
38 Li 
13 


241 8 
193* 
163* 
275* 

265* 
75} 
243* 
125* 
111 * 
S5i a 
60 
355* 
15/ a 
411* 
344 
24U 
69 1 » 
141* 
39Jg 
431 8 
113* 
23U 

253* 

215s 

22J S 

23Ji 

37ts 

635* 

3812 

131a 


XaU DiatUlera..... 
.Nil Service bid.' 
National Steel....' 
Aatotuas.> 

suu. .; 

Neptune Imp—...! 
New hogtaod Kl.l 

New Kn^Und Tel- 

Niagara Mohawk' 
Ntaanra »hare... 
N. 1 ~ IndibArtea. 
AunuhiA Western 
North .NtUhas...: 
Ntoti nuuw Pwt. 
Atliwest Airlines' 
Ntbweat H*Ucorf'' 
Norton Simon.—, 
OcchleatR* Petrol 
Ucilvy Mather-.' 

Unio Kdison. 

uhu.; 


201, ; 
13 t a 
515* 
363. . 
571* ; 
143* | 
215* j 

> r , 
10Sg ! 
165a ' 
27 lo ■ 
375* , 
261* ! 
235# 
214, 
20 
KOt* 
S75* , 
19V, | 
16 i 


205* 
13l a 
3168 
37l 8 
3758 
14 V* 
22 
347* 
151* 
103* 
16aa 
271* 
373, 
26i* 

23>b 

221 * 

19 

SO 

38 

191b 

16la 


2 is* , 

203, 

121 S i 
26 • 
351* , 

28ti i 

39 . 

291| 
351* '■ 
in*: 
193* j 
47U ’ 
l?a ! 
18 

2S7 b ■ 
171* , 
303* j 
335* 
483* j 


211 * 
207 a 
12>s 
257, 
35M 
283* 
391* 
291* 
35i a 

114* 
197, 
465* 
!?« 
181* 
253* 
171* 
30 
331* 
48 Lg 


Sombtaod. 

S'n’t Butthuw 
a perry Hotch—| 

Sperry KancL. 

ftqafb... ! 

Standard Grand* 
Std .Oil Calitornia 
Std. Oil Indiana. 

Std. Utl Ubrl,*. 

Stauff Chemical.. 

Startioa: Drug_| 

Studehaker-_, 

Sun Co—.—j 

Stmdatnnd_ 

’S>-ntex.——.| 

I Techuti-e.kir.-_ 
Tektraolx-.-...—. 
l'eledyne. 

reitt. 

Teueeo-- 


23 

241, 

161* 

361* 

221* 


221 , , 

24ia 1 

16U | 

35 i a i 

22i* ;-- 

253* I ZSi* 
34 %b : 355* 
44 ■ 441* 

65i* ' 651* 
S57s { 353s 
1358 • 135a 
441* : 4458 
393* . 40 
324* ; 223* 
IBs* ; is ia 
94, 95* 

34 : 24i« 

613* : 57.-8 
*3* j 24* 
28i« j 28ia 


-43- 

Wjoiwd k i.- 


J an. 

16 


Jan. 

13 


... __ 18U ! 181* 

£sir-w-.I oa I 07, 

Shras...1 447 8 | 45 

Zepeu—.i 183* i 19 

Zenith Radio .— 1 131* -. 155* 

D-S.Treaa 4* ISHQj t93fi t96S* 
L'N.Tree*4jg7b.-7t- tBli* j t816* 
C.S. 90 Day biils.| 6.45J [6.432 


CANADA 


ftbltlbi Paper—.i 

A^uiao Baffle-‘ 

ftlesnAlmn inmw) 
Ahtoma Steel—. 
Aebenos-—..... 
Hank of Moncreel 
ttuucfi ova Scotia 
Haste Resources. 
Hail Telephone— 
How Valley luda^ 


101* |. 

26ia : 
141* s 
V»4* 
171* 
185* ! 
7 1 

53 | 

201* I 


101 * 

6*» 

263* 

14i* 

B9la 

17la 

187* 

7la 

831* 

211 * 


HP Canada_.. 

Hrascan ——__i _ . _ 

Hrinco...j 13.25 

fttlffary Power__ 36 

Canada Cement... 9ia 
C«nada ATW Land I 101* 
Ga*t IiupUcLCiun 23i» 
Canada Induat..... flBls 

Gen. PkcWc-.( I6ia 

Gen. Pacific ist..' 176j 


16i* ; 16i* 
141* 143a 

* aE 1 -}3J5 

36 


Gau. Super Oil....: 63 U 
GarifftffO'Keefe.,1 3.10 


UawnUr Asbestoa.; 87j -j 


95, 

10i a 

233* 

X8Ss 

166* 

171* 

633* 

3.10 

.«»■ 


221* i 
601* 
20* | 


j Overseas Ship.....; 

J Ow-enaUteuiiu—! 

Uwen* Illinois_i 

Parittc Gat—.I 

CanAmWorMAir{ 51* 

Parker JttanoiAiu 

Peatwly lai_ 

Pen. Pw-ft L*._ 

Pennej’ J.C-..._. 

I'emunli_ 

Peoples Dniff.I 

People* Ga*__ 

Pepak«.. 


214b 

20 

221 * 

34 

27»a 

7i B 

333* 

253* 


23 

61 ig 

204* 

231: 

205b 

214b 

s 

2148 
204b 
22ie 
S5i b 
28 
71 S 
337* 
254* 


8 1 
26U 

18k 

703* 

30 

193* 1 

36t s : 

234 | 

47 

335* j 
13 <2 I 
1958 ' 
351 8 I 


Inlet coni taerayi 7tg 

IH.M___267.5 

IntL PfaiTuuriL..— : 211* 
Inti. HarveaEer—l 
Inti. Mm ftGhew. 
lull. M,iltit»>t»l»- 

incu. — 1 

lull. I'kper— —I 

I ill. Ucutliter. 1 

Ini. Ie'. V Td— 

Invent.— 

£*»■■ Pe«i. 

IG lniemaii* , nal; 

Jim Walter..—--I 


XBIt 
393* 
214 
I6i a 
39 
261? 
6 In 

297* 

Us 

56* 

J 1 it 

ZBia 


^ 7,a 

26b 

21 

237, 

39 * 

ai; t 

151* 

39 1 * 

261* 


I’eridn Elmer._l 

Pet- 

Pitre r_ 1 

('help* Dodge—..: 
PiiUadeiptabi Kle .1 
Philip Morris— 
Phillip* PtftraTm' 

PiMhiiy_' 

Pitney Howe*_j 

L*ttlston_——' 

L'leoaev LW ADKi 


173* 
33 
26S* 
20 
191* 
561* 
27 
37 lg 
18S, 
S3 
163, 


30 -, 
LU 
28-? 
LIT. 

39 


l\,Ui r*ikl.—...I 

Putudac Klee—..; 
PPL, Industries... 
Hnsler Usuni-ic.. 
Pul' Stumbled— 

Pol mull.. 

Pures .. 

t^usherf hils. . ..I 

l/tfl-l IniBrirtB.., 

Kan be:n . ; 

BCA.• 

Uepubiic Steel—| 


241* 

151a 

261. 

ai 

22*0 

24 

15.3 

221a 


leaoro Petrol eu tu f 

lencv.... 

| Tetaagu I r. 

Texas Itutnu.i 

Texas Oil ft Gas..., 

Texas Utilttte«_.. 

lime Inc... 

Times Mima-._! 

Timken.....—__J 

Trane.- - 

Tranaame ri ca—| 
Tramnu——.—I 

lnu» Uoloo-.; 

Trausway los’ml{ 23 
Trans World Air— J lOsg 

Travel (era_ 

Tri Coczlaenaal... 

T. H.W_ 

3Uth Century Foxj 

UAL... 

CARGO.. 

LGl_ 

COP_ 

Unilever__ 

Unilever XV.| 

Union Hanclwp_ 

L'nko Outede.... 

Union Commerce 
Union Oil Calif... 

Union I'adOe_ 

j UrnmyaJ—_ 

1 United Grand* 

j Uoiteii Coqv- 

1 US. Gencurp._. 

! US. Gjpsnm..—. 
j L'3. Shoe— 

US. Steel_ 

U. ToehnuLuctriu. 
f 2 ! b UV I mi lorries—. 

18.* {-Virginia Bla-I.... 

_ | Walgreen—. 

167j j Wanier-Gt>inin,i J 
IVnmer-Laiuiten. 


183, 
331* 
265* 
20 
19 l a 
56 
274 


243. i Waste-Man'meni 17lj 
15 4 tVelb-tifsi-. ■ 244 


28 Ba 

193* 
296* 
213* 
203* 
193* 
21 
141* 
39 lg 
b£l* 
124 
380* 
6J* 
45 a* 
464 
75a 
74 
104 
293* 
213* 

22 >2 

3Qi B 

534 
181* 
Id i 6 
364 
30 




29l; 
231* . 
234 j 


16 4 
Sb3, 
bl* 
224 
25 
In l« 
234 
si? 
29.H 
ZXfc 
227 S 


Dr^li-ru Bajuurji 
IVesieni -V. Amer 
Weatern L'niim..., 
j lVrrtin-itoe Ela l : 

! Mcbiata..j 

| W*>erhai:user .... ; 

W»rtrl|**a . 

1 V 0 i;e 1 . 4 . 3 , |nrt..; 

niilianiLrr.i 

Wiaconaia bled-I 


304 
234 
lb 4 
174 

263* 
244 
if On 

soil 

1K1-. 

291, 


8 

364 

1868 

697* 

303* 

194 

364 

234 

47 

334 

134 

203b 

543* 

223g 

107b 

284 

203* 

285* 

213* 

203* 

194 

214 

141* 

40 

634 

124 

39* 

63* 

474 

46 

73, 

7*8 

10*8 

301* 

2 li a 

224 

304 

35 

184 

14 

17 

294 

254 

174 

245a 

30 

245* 

Ibi* 

174 

2613 
25J* 

214 

20-'s 

18m 

297b 


Chleltfcln_ ; 

Com loro.i 

Cons Bathurst-..] 
Gooaumei* Gea.-. 1 
Goaeka tteaoume*: 

Coacam Rich_. 

Deoison Mine*...; 

Dome Mines_ 1 

Dome Petroleum 
Donunioo HridwJ 

DottrCar__; _.. 

Da poet.—...___i 112 

ftdcuu'TC Nickel! 184 
Pcsd Motor Can. J 


194 | 
2738 I 

211ft- 

164 

2“ I 

623* I 
76 I 

543* 

f2 2 
345* 


MOTES: Overseas prices shown below 
exclude S premium. Belfuu dividends 
are alter withholdind tax. 

6 DM30 dcoom. unless otherwise stated. 
V PtasjCO dennm. unless otherwise stated. 
JL Kr .100 denom. mdess otberwtse staled. 
6 Frxoao denom. and Bearer shares 
unless otherwise suted. ? Yen 50 denom. 
unless otherwise itaL-d. s Price al Haw 
of suspension, a Florins, b Schillings, 
c Cents, d Dividend alter bending rights 
and/or scrip issue, c Per share, t Francs, 
o Gross, dir. T». li Assumed dividend a/tcr 
scrip and'or rights issue. ftARer local 


taxes, m ”1 tax rrae. n Francs: including 
L'nilac <flv. p Nam. a Share spItL s Dlv. 
and yield exclnde special payment, t Indi¬ 
cated div. tt Unofficial trading, p Minority 
holders arfly v Merger pending. “ Asked. 

Bid. 5 Traded. ' Seller. ; Assumed, 
xr Ex rights, xd Ex dividend. xe Ex 
scrip Issue, xa Ex alL a interim since 
increased. 


Gold higher 


GOLD MARKET 



OeM BoUV-i 

trend. 

rfcpdHiM H l — [ 



-a: 


Aug Sep Oct Now Dec Jan 


Sw.Frs. 1:9725 in terms of the Swiss 
franc, compared with SwJFrs. 

1.9737$ previously. 

The dollar's trade-weighted _ 

average depreciation since the 
Washington Currency Agreement, CURRENCY RATES 
as calculated by Morgan Guaranty 


IfrencttYTJ 

FRANC 


»rL. !»■>* ■■ r m. bra 

S WU w iw—Wt 

i I i -lid 


19781' 


& 


Gold gained S2; to ctose at marking n^o-,—H7»-J7S4 »l?»4.nii 

SI75-175J yesterday, the highest Sterling closed at SI-5375'15295, — 11754 - 1744 [siTliaT)' 

level since April 3, 1375. Trading a fall of 40 points on the day. Mornfagfts'ajfiiJ*-**.' •’ 

was moderate with a general 
buying interest encountering a 
reluctance to sell. Movements of 
the dollar in the foreign exchange 
market wore not thought to have 
influenced demand for the_metaL 
The dollar showed little "change 
overall against major currencies, 
with occasional flurries of activity 
followed by long quiet periods. 

News that Saudi Arabia intends 
to continue accepting dollar pay¬ 
ments for oil helped the UJ5. 
currency in early trading, but 
market reaction was not dramatic. 

The dollar finished at DM2J225 


idEMMiM) 

Afl«n'nB**M*74.9p 
[(£90.434) 

GnM C rtn — 1 


I(£2»fl9» 
Okl 14- 

,0364 


Oolrt Coin*. 

(laienuUTiy/: 

KntgpmraL.'f &9Q4-US : . 

i£934'943*> 


-~^S?A3&, 


OU Sovr’ew *611 

,(J36i 

880 Eftfflt* ... «56 



ssaaw 


FOREIGN EXCHANGES 


JWn. 18 


of New York, widened slightly to 
4.79 per cent from 4.77 per cent. 

Sterling’s trade-weighted index, 
on Bank of England figures, rose 


1 special 

I Itatwmg J 

. January lb : 


Daft Of 
tew nt 

Janrmry lb" 


0.628870 

1^1309 

1.55270 

18.4784 

39.8500 


to 653 from 653. after standing SStSSSShtwII 

at 653 at noon and 653 in early ctoadian. 

trading. The pound was slightly Aiwris well.... 
weaker against the dollar, how- jwa»n Trane., 
ever, following publication of the £bmS 

U.K. December trade figures, oSSSnEr S li*™ 
showing the first visible deficit Fraach iraw-| s.71062 
since July. This resulted in a um.... I 
markrag down of sterling hv ' 

dealers, rather than, any heavy 
selling. The figures were generally Bwodub kraoe 
regarded as exceptional, and- not iranr.... 1 


1061.15 


6.24741 

97.8454 

5.66452 

2.39707 


0-635290 

1.22363 

1.34571 

18.6094 

40.1964 

7.03824 

2.59785 

2.77200 

5.76341 

107 L43 

295.453 

6.29766 

98.6475 

5.71539 

2.41456 



D>dIl 




CfaM 


^atUBT '■ 

9 ltJk-tl.ll 

_S OI-4.1U 

l.utmn.I li ttJB-77.7B _ 

Madrid.! 0 U&JO-tMJtfHUUil 

Mibm_! IMS' LMfi-I.OM | 1 .*W*-U 


i5S-5 

sss 


(h|n.< 

Haris.. 1 

SJU(.-Ul0lU..I 
Tokyo........ 1 

71(00*.....' 

/lunch.I 


S 

81; 

B 

4<« : 


1106-9.111 


UM* 

490-470 


LIMP 

tJt-U 


fiiitj MJ5.-S9J6 

1*3 8-HW.t8i t SJIM4 


t Rates (Ural arc for mmxtfhlt trt 
Futance tram: B3J863.B0. 


EXCHANGE CROSS-RATES 


OTHCK WUUURS 


"KHT 


Haris..221.64-2.16 

Brussels.. J 16.4540 

Londuo. 

ArmAdara-i 106.72-77 
Zurich.52.768-991 


4.7015-7 

32-79-8* 


Brussels \ LoMon ptSfifai iurteS” 


Jan. 16 j|Si3ai|Snr S5E 

Frankfort ..I — j2.U80-12Cd 6.(80-478 1 4jm0S9 | ftL63-73IwSS 

Now York <7.13-18 ( — » 2L26^S 3J493O5SnJ32d-h350 «J3-27 f oO.TO-751 


KiftaaBatw- 

AKeautth.. 1186.16-.45 \rffBBUnaj1W4 
Australia... 1.8SB6-1-7086 \U*tr»....,| 

Brazil.I 60.83-31.02 Helffium.. 

Finland. .J 7 . 73 - 7.10 Braril,, 


14333-062 I 9-074-09* 1207.77-8 Zb 236J»50 
6 J 6 J 8 — l 6330-39 j 1«.«S62 

, WJ7-08 633045 j - *36-37 

2J63E-OT 4&045066 GJQ2&-75 *36i1>o72h! - 

13675-9695) *1.791-881 5J9W.00P O.S003-S0SO87J28-196 


Ca S in Toronto U3Ti cHeS^USSuiii centn. 
^Canadian 8 in New York s= 81.0002 conta. 1—5. S in Hihm 87430330. 
Steriisg In llUen 168930-1630.50- 


EURO-CURRENCY INTEREST RATES 


3iuuubis, h i omnuiHU m 

, Orwo*..taJBB-HJOOfCuwla... 1 IM B . •? \ 

Jg? sasi isw issru^as Jl 

t Kuwait.... 0.545-03*4 GermanyJiJM 1., I \ i 

t\VBarffc 63.JMi.4fi flre»c_..J 7U 11 ■'' • 

U*.itc-i6b ibinffiaJuNMigtflimr-12641 

N. ZcataoiU.B82S-13014Japan... IM .j «M - 
Saudi A rati 6.6S-&72 -Nethert'ntV. 4164' 
SioffaprabJ 4.43643IB i.Vnmy ~„lJM 
!<. -Vfnos.Jl.6610-1.6860 Tort<iffal_ MM 

r.K.| Si«ln....J uw 

Canada.^..- Saltr’tand' 67*4 

t'SL. !UJ5-'Lftt. 

U.si. itnii., 90.91-80.87 Vugralatal (TfJ 


Jan. IB j Sterling 

Candian 

Dollar 

OB. Dollar 

Untcb 
Guild or 

Mnu 

bane 

W.Qernaa 

marie 

(Short term.... 

6 I 4 - 6 S* 

6-7 

65,-7 

463-478 


213 - 26 , 

7 days notice. 

6 I 4 - 66 , 

63,-75, 

67,-7 i B 

468-47, 

pftr-4 

Bft-a:* 

Montli—. 

63*-6J* 

65*-7 

7-74 

46e-4 t B 

5S-4 

84-8<a 

Three months. 


678-74 

788-76, 

458-478 


23*-27 3 

Six months... 

6ij-7 

fti- 7ft 

763-77, 

4&8-47B 

HiHi 

278-3)8 

Oueytar-. 

7l»*7l2 

7 

73,-8 

4-4-5 

IfirAk 

Slft-54 


Rate fflvea fbr ArsenthiK ta ft free n 


FORWARD RATES 


(ine'mnath i force rmsxi 


New YotL,9.10-038 o. dm jO.574J.47 e; 
MuntreaU! 0.05- 0.15 v. <Ua i0.254L35r. 
AimtMnui' 11 '. i"tit-par Slj-lJj e. pi 
Bruwi!i, l .'3-15 r. dig " 


Euro-French deposit rales: two-day 8J-9 per cent.: seven-day 9W1 per cent. Cop’nhffn.tS-IBcwedw 
one-month 1 BM 0 J per cent.: three-month UM2£ per ceaL: six-month 131-131 per Fnuikum [X->4- 3 * W- ktn 
cent.: one year 13V-13] per cent. Llsbna.6a-16b «*. tlis 

Uma-tcrm Eurodollar deposits: two years 9144 per cent.: three years SMI par 
ceor.: four years Si-Si per cent.: five ream SMJ per cent. oSn!.^SSlSSn 

The fallowing nominal rales were quoted for London dollar certificates of deposit: Pans."'Z-3,-4-* c. <|u 

ooe-month 7.10-730 per cent.: three-month 7.23-7.33 per cent: six-month 733-7.65 r-WklTlm 4-6 ore nis 
per cent: one-year 730-7.98 per «dl Vtonna... ,|7-X7 qrudt* 

“ Rates are nominal doaiiv rates. Zurich.!2ip-l»s pm 


120-30 n. dis 
13 3 J 30} cn 

sasuis 


j410BlUc< 
158-68 Hiftdl 
pJ8la-30io» 
rx«MJjtd 
:16*-18inn» 


1 * 4 -44* r.pw 


Short-term rates are call for stertbw. U.S. doilan and Canadian dollars: two Six-moatb forward dollar B.83432c t 
days* notice for suilders and Swiss francs. 12 -month l jd-lJCOc do. 


GERMANY ♦ 


Jan. 16 


Prices 

Dm. 


Div.iYkL 

% ! % 


akg--- 

AlUanx Versudi—■ 

uanv_—— 

BASF.- 


Bayer. 

Bayer. Hypo- 1 

Bayer. Vereiasbki 
Cihnlnr-Ned.wrt» 

Uommerzbftnb-• 

Goari Gamml ..... 

Daimler Ben/-- 

Defftisra-- 

D pnrng - ,ir-1‘ 

Deutauho Bank _. 
Drewiner Bank... 
Dye*erbofl Zemt- 
Guteboftninff— 
Ha pac Lloyd— 

Harpener-. 

Hoecbs*.__—...; 

Hoeach-- 1 

Bonen-1 

Kali und Sale —- 

KarWariL..-- 

Kanthol ■ . ..... 
Kiocfcoer Dm BXH 

KHll_ 


Krnpp. 

Linde.. 


933,+0.61 - 
480 ;+l t,18 

227.0—1.5 I 20 
138.1'+23 17 

134.3+2.2 16 
293^+5 20 

313xr-: 20 

146 >6 - 

222.5. -0.4' 18 

773+2B — 

316.0-4.1 19 
271.5 +2.5 18 
151.5+031 14 
307.5+a5’ 20 
246.0 +031 20 

154.5. _I 4 

210 (+1 j 12 

116.0-13} 12 
240 -4.5 1 j9 

1263+2.4 16 
433-0.5! 4 

128 +1 i .20 

1523—2.0! 9 
332 !+l i 20 
212 !+Z I 20 

89 i._ 

172 +1 

1003- 

237 !+l 


13 

4.4 
63 
6.0 

3.4 
3.1 


3.9 


3.1 
33 
4.6 

3.2 
4.1 
13 
23 

. 5.8 
I 3.8 
! 6-4 
14.5 
33 
23 
3.0 
4.8 


toicto ^ 


Jan. li 


Aaahl Qiaaa_ 

Canon-...._ 

Casta. 


•Prices 

Tea 


tl llilMIt . . . 

Dal MgfKu Print 


Fuji 

Hitachi _ 

Honda Moura—! 

House Pood 

C. I lob - 

I M-l'olwio.—.. 

J 

J3J^_..J . 

Kaosal Klerc.PwJl.100 

Komatau^_285 

Kubota...i .273 


315 

436 

562 

390 

528 

500 

189 

480 

875 

235 

1360 

493 

2,670 


-1 
+ 13 
+ 17 
Mi-- 
+3 
+8 
+3 
+ 84 
+ 6 
-2 


12 


16 


L^'tU^anU^'ijbj 1,520^—20 ; 20 
Lofthanra__ 1123!-1 7 


MAN.. 

jtfrinnpTnroi rm_ 

iieuitew--; 

Muocbeaer Knck.| 

Nerkermann__ 

PreoKsaffDia 100 
ttbwn M eat filets^ 

O'.heriog_i 

Scam..1 

2 »urt Zorker—~.j 
rbyeaea A.G..—J 

Vans_ .J] 

VKBa...-. 

Veroin ft West Bij 
Voikswaffen..^. 


204 . 

164.51+13 

240.0—03 

480 - 

121.51+0.5 

iaas;+i3 

207.21—0.8 

266.0;+0.5 

297.0+23 

25331+3.5 

119.7I+0.7 

1773+23 

1173+03 

895 .—l 

218.a—03 


3.5 


Kyoto Ceramic 

Ma t ana hu a lod_. 

ill teu tjiahi Bank _ 
MliaaWshlHwv^ 
Mitaabnbt Corp^ 

Mitsui ft Go_ 

M iinkoihi . , t , 

Nippon Denso—11,050 
Nippon SbtnpaoJ 554- 
Nlaaan Uokbo— 699 
Ptoneer--11.380 


2,390 

090 

280 

145 

408 

326 

515 


cfcayoPtectrio—. 
dekiaol Prtdab— 
5bueido _ 


298 
980 
985 
i;S60 
255 
, 269 
.) 3.480 

., 114 

— 0 ! to kio Marine.—! 603 


dony__ 

Taisbo Marini 


—• l Thkeda ChenueaL 

ft', TDK.. 


+ or 


, +S 
[—20 
klO 
+6 
+3 
+60 
+22 
+ 1 
+7 


ms: 

% 


rw: 

% 


23 

1.4 

23 

23 

1.7 

1.6 

3.2 

1-9 

2.0 

2.6 


AU5TRAUA 


Jan. 16 


ACMTLffibeent)... 
Actor- Anstralia,„., 


Amp _ 

Ainpol Pctroletnn—_ 

Assoc. Mioerala_„„.l 


Assoc. Pulp Pftper SI_ 

Amoc-Cou. Indnatrias._1 

_Atwt. Foundation tawiL.! 

1.2 | A3.!.._- 


13 | 1.3 j Audir 


—3 

+74 


+2 

+20 

f-2 

20 


f ej in- 


63 

3.9 

3.7 

2.7 
3.4 

i 4.6 
4.0, 

5.8 
3.4 


Tokjo Kiect fWr|l.l50 

lokyo Sanyo-, 225 

Tokyo 6 blbaora—| 123 

Toray... 125 

Eovota Motor_| 770 


+30 

+80 

1-1 

+7 

+20 

+4 

+3 

—10 


+ 2 
+6 
+22 


10 

IB 

15 

35 

20 

10 

12 

13 

14 

20 

15 
12 

16 
48 
12 
30 
20 
40 
11 
15 
30 
10 
11 

8 

12 

10 

10 

20 


- Au&u Oil ft Gas._ 

43 I HHie Metal lnd_ 

3.2 > BousalnvUte Copper-_ 

2.7 ( £2**° S ** 1 

□ H So ot h . . _. 


0.7 


1.7 

13 

4.1 
1.6 
23 
13 
0.7 

1.1 
1.1 

1.7 
33 
13 
1.0 
1.1 
2.2j 
23 
1 
4.4 
1.1 
33 

8.7 
4.1 
4.0 
1.3 


Carlton Dotted Brewery.... 
C.J.Golsa___ 1 


USE (SD. 


Coo*. Goldfiafds As 

Coueiner(3i)- 


Craudnc Ktermto 

Caataln Australia_ 

^tttopKubheriJli.. 


Kkler S mith. 


EJS. (hdnatries_ 

Ono. Property Xrtnt- 

Hooker™- 

loll 


Si'iassns 


Source NIMro SecttritJes Tttkyo 


10 I 3-3 


801* 


19 s * 
271i 
2 Ha 
261* 

Z l > 

77a 

621* 

751* 

6578 

122 

14ii 

12i 8 

17J* 

801* 


AMSTERDAM 




Prtoo 

1 *4»or :Dtv.iTId. 

Jan. 16 ! 

Fla. 

~ J - 1 « 


Oenslar_.......... 

Uiaoi VeCwnoie.* 
OulfOU Canada...! 
Hawker did. (JanI 

Hoi linger-1 

U»m» Oil 
Hudson Bay Modi 
H udson Bav— 
Hudson Dili Gw 

LLO_• 

Imasoo.. 

loco.- 


257 S 

12S, 

283* 

291* 

391* 

161 , 

IBS* 

44 

173* 

281a 

193, 

177, 


2558 

12a* 

281* 

6 

t29l* 

40 

161, 

s* 

175, 

287,' 

197, 

173, 


IndaL.... 


inland NauGas., 
las' pP.vPi neLinei 
Kalaer Basumeeaj 
Damn’BFiiUxnx; 
Uu»s LOm. -b',. 
Mc'mtiru IlloedlJ 
, Maawy Kerzuaon 
McIntyre PurpuK 

MooeeCorpo.- 

Nonuda Mines...! 
Notcen Knervy- i 
Nlbn.TeJe«>oi_J 
Nonas OU ft QgJ 
Dakwoot Petr’nJ 
Pacific Copper ill 


Sag 

103* 

ii* 

71* 

I3.SS 

161 , 

15 

223* 

291* 

223* 

26 
141| 
4.35 
2.05 


81* 

103* 

1SS* 

IdL* 

73, 

t3.55 

17 

151* 

231 a 

291c 

223* 

16lg 

261* 

14k 

4.70 

2.12 


PkcsfioPetroletun 
Fkw.Ua. Ket'm 

ft 


ftoplea Dept 
riaeeGaaft Utl.. 
H»BSrttCT g l o|l |B| 
HowerCorponit'ii 

Price-__ 

tjurbec.dturffeun 

tons® Oil- 

Head Shaw._ 

Wo Alfforo-..™. 
BovalBK.pfUaa. 
Koyai Ire**-., 


385, 

317s 

15 

4.20 

031 

20ift 

10i 8 

103B 

1.47 

267, 

87, 

85 

256, 

1 BU 


391, 
32 
tl5 
430 
0.93 
201 * 
101 , 
102 * 
1.49 
271* 
9 
T2& 
25S* 
161, 


Ahold I PL -• 

A too <FL2C)—...I 
Alffenn «nk(PU00i 

Arneu. (FLlOl-■ 

Amn .1 HanklFl JSJl! 
Bijeakort (Pl3Q..r 
bok»'Ww*’m(Fi.lti | 
Bub hu -Tetterwde 
Elrena-(PL2h.-. 
Koala N. V.Beareri 
tinroComTtf Pi.lC- 
O ictBroradesfF. Kt 


93.5 


*70 

25 

121 


120.5+1 
653—U.3 
247 | + 6 
122.51 + 03 I 323! 

61 ..19 4.®, 5.7 

40.5 +0.3 ( 22/5.4 


4.9 


+ L0! 24 
23.4)+0.2 | — 

324.0!-L&22. , 

74.3j+0.3 lA«44| 6.9 
66 J—1.0; 22i 
84.0 + 1.7; 23 


6.9 


BRUSSELS/LUXEMBOURG 


Jan. 16 


Arbed__ 

Hq.h rT.tsmh 

be4ort.'‘K”„ 


Price 

Pra. 


2300 


..... 1.486 

_11.780 

C.U JL Cement™; 1.198 

CockeriU^._I 360 

KHK 6 ---|2345 


Blact rebel- 46 .HO 


Pabriqne Nat-j2.415 


HjttH.lond- 8 , 


5.8 

7.7 

1.7 

4.7 


BeJoeken (FLftfiu 101.94 +1.8 j 14 ! 3.4 


HooKwvena(FtZO^i 
Hooter 1). flMOC) 
IMG. Holland.j 

KLM(HKO)- 

lot. Muller (120/, 
Naanten (FliOi™ 
NalM ed I tu3 r L.i0t 
NedCredBk (Flil 


27.0i+lJB llQ-tti 7.6 
24.6>+Q.l | 12 | 4.9 
15.8.—Q.2 | 10 
1253 +1_8 
39.l!—03 
36.5'._. 


993-1.1 kftj 


49.1-—03- 


.VetLMJ<lBk(TllbC| 1803>d>-Q3'l 


Dee (PI3A_ 

Van Omni 
Phkbaed<FI-20)—I 
Philips (PLKh—.i 
LjjaschVerFI. 10ft 
bobeeo (PLbOl—J 
ttomco (FUOl— 
BoreotoiPiJiai..- 
Koy xifJnr/^i (PT_?P| 
6iaVro ft nrg_ Ti r ,~ ~ ~ 1 
StevmGrn(FL 20 )l 

Tokyo PaeHidaS. 
UmleTOr (F130)... 
v llri ngKHi (nti.pl 
WaattaadALHuik 


—I 1523'-I.V34 


137.31+0.8 
40-5;—03 
26JV-03 
64.5;+0.7 


1663 

1153 

129.71 

12731 


6.3 


93 

2.7 

4.7 
83 
63 
43 

6.8 
10.4 
6.1 


A253. 7.6 
5 I 2.1 
3.S 


ASU 


+ 0.1 
+03 
+ 0.1 

+0.4__ 

8583—6.21 19 

146.6'- 27tj 

883'—0.1 30 

120.1;-.ASL 8 ! 

453'_ 20 

407 1+73 32 


■J1.S35 

1310 



,6.310 
Im. Hoyale Belse 46.160 
Han fioidxaff™. J2.500 

PetroCma__15,620 

Sic Gen Hanqiie .'2.695 
See Geo Belffiqo^ 1.686 

5oCna...Z™_ 2345 

Solvay-12.380 


Tract loo Kl eel- 
UCB 


2396 
,1.004 
Un. Mitt. (lflOl _. 732 


was. AMU !•!(• 

Vtellle Mratt*gae|l.B 20 


1 

j + oe 

dir. : 

Fra. ,YKL 
Net] % 

L_ 

__ 

_ 

(—14 

60 

4 J2 

-IS 

112 

6.3 

+ 6 

90 

7.6 

-15 

— 


+5 

177 

2J3 

+60 

430 

7.1 


170 

7.0 

-15 

130 

7.1 

+8 

80 

6.6 

—5 

160 

6.0 

+15 

142 

7.9 

—10 

265 

3.8 

-50 

306 

3? PH 

5.9 
3 .2 

+5 

174 

4D 

+30 

189 

7.1 

+ 5 

135 

7.2 


205 

7.0 

*■80 

-vatn 

a.a 

+25 

162 

6.8 

+4 



+6 

60 

ils 

+44 

10 O 

6.8 


SWITZERLAND 


7.9 

73 

3.7 

03 

7.0 

1.1 

53 


COPENHAGEN * 


doeptrcRcsouiTM SI 4 I 8 

- 22k ; 83 

Shell Canada^_! 151 , 16 


81* 


Sherrill G_ MluerJ 
6voena U.G _; 

dimfaoaa.. 1 

nteetca Ottada... 
Stw|i lluck I rr*D_.' 
Texaco (.'* tarta.... 
loraalo Dom.b» . 
ItwisLanPtpeLa 
IVsua MountOih 

Comi-..' 

Union (ias..i 

W^ifcer Hiram... 

West Oa« rnt« . 

.- 


15Tb 
4.80 
24‘1 
430 
231, 
2.43 
564 


4.65 

241, 

4.55 

23 

T2.41 

36i* 


Ida* I 16<3 
Mi* : 14:, 
81, ' 83* 

till i TlU 
10 It) 
281* . 285a 
33 ; 63 

244 ! !«■»* 


• Aaieiitaii. * Rid. i Asked. 
! Traded, f Kew »ncft- 


Jan. 16 


AnJ ss .11 

Uurm'vtrWjua _ 

Danake Hank.._, 

But Aalarii? 0o_. 

?erJjTyBn€rSer^ l ' 

Kor.Pspir_ 

Hand eMhank _ 

G Jt’Ui'n HjSrflOj 
h'Wrt Kabel 
fHMUna 


Price 

Kroner 


Div. 


Pnvacbenk 

Piorin«hsn b. 1 

A 46 . Berendaen.! 
anperiba._ 


1394r_4 

430 +1 

1291*1—1* 

2414M* 

1154]_ 

345 _ 

791*;—1 3 
133 1-1* 
2513*1-14 

254 >—4 
BB L-2 
136 ^t* 
14341-5 1 * 
367 [—1 
18712-1* 


m 


7.1 
3.50 
B.5 
5.0 
11.3 
3.5 

10.1 
83 
43 
4.7 


8.1 

7.7 

33 

6.4 


ndoatrie*— » 

Jonea (David) - 

Mct&lS Kiplnnirinp 

AUMHoJdtac._ 

Wyn Mmpo ihn n__ 

Hetre- 


N ic hnl as IntenuuonaL ....- 1 
North Hrofceo H’dinffaftOc:! 
Oakbridffe. 1 


Oil Search- 


Ptoneer Co ncre t e — 


ttacjuu ft Colntan_ 

H- C. SWffh.. 


acsxthiand Min i n a . .1 

locftb <6b-1 


Waltons- 


Wewera Mining (OOcenu).' 

WOcrfWOTtfas---| 


Auat.* 


tO.75 

+O.0S 

*0.80 


tEJM 

■w* « 

tl.27 

+0-02 

*0.79 


20.88 

-0-0* 

*1.00 


21.78 

-oil 

*0.98 

-0.02 

f 1.55 

■a M . 

*0.37 

+ 0.01 

to.aa 

_ 

*0D4 

+B-01 

• *1.06 

+tU)1 

t5.40 


*0.95 

• ■S.M 

♦ L88 

+0A3 

*1.86 

- 0.01 

*2D8 

-OJH 

*2.53 

+0J13 

22.10 

4L0Z 

«R5- 

+0.05 

*1.30 


tl*34 

+0A1 

tO-96 

w^aaa 

*1-90 

|lhtp 

*2.18 

« iilf 

*1-42 

4wn 

*2^0 


*a77 

+041 

t2.0 


10JZ9 

_ 

*1.32 


*1.02 

♦ 0.01 

*0.18 

... ... 

*1.73 

-001 

tl-85 

-0.05 

*2.15 


*OJI3 

...... 

TLIO 

-0-01 

*1.68 

+0.05 

tao9 


*1.43 

4UH 

t3.35 


tO. 78 

•-a — 

10.20 

ML01 

*1.78 


tO .94 

- 

(lit 


*1.61 



OSLO 


Jan. 16 


j+ orl Oiv.j^ 
Kroner | — % 


Hetffeo Hank- 

itorregsanL__ 

CrodlttanL_..„ 
Koamoft... 
Krodluraaron.— 
JionkHydrokx^C' 
Setxybraad_ 

*00 ' . 10 

61 Uais- 4 
114 +1 : 11 

310 1 + 7.5 ! 20 
m :-i ; 11 

189.0!. 12 

«^6i.1 9 

BRAZIL 

Jan. 16 

Cnu j — |Cror 


tlOOiTY 


H: 


Auesiia. 


Banco UtazU BP. 
BelgoMinramU 
Doom OP,_ 
Lojas Amer. 
Mannesman 
Pwrota™ PP-. 

Pirelli UP_ 

nuuzaOrusUH 
Vaia ttlo Doc* P. 



L43 

4.10 

64 

0.97 

2.75 

60 

339 

1.BB 

45 

70 


+0.8a:0.12 [ 
Meatus* 
[—ojk'q.12 !; 


U .0.14 ;1 

1+0.10 8.20 i 
+0.0fil0.18 :f 
*0.1B|0.10 L- 


llolii 

+ 0.0010.23 . 
4-0.0* 0.13 li 


VoL 114.4m. Shares 483m. 
Some: Mo de Janeiro SE. 


JOHANNESBURG 

MINES 

January 16 

Anglo American Con 0. ... 

East Driefomeln _ _ 

EUbnre ... 

Harmony ,"„7_ ” 
KJnross 


Kloof ... 


— I RustetflMus Platumm 


Gold Fields SA ..... 22.50 

Onion Corporation- 4.75 - 

5.75 —t. 
5.00 .+4 

&30 '.+4 



- 23.73 

—. 1830 

-- 1530 

-- 4J4 

- 433 

_ *3660 

1 HoWinga — -p»Q -w 


PARIS 


Western Deep 


1130 




Pnw 

+ or 

Div. 

Tkl 

Jan. lfl 

Fra. 


% 

% 

; Ahitnimiim 

1.280 

-5 

6 

10 

22 

2.3 

CibaGeiffT(Pr.lOQf 

1.100 

+5 

—5 

3.2 

2.0 

Da «-Certs _ 

880 

+5 

22 

2.5 

Da Hep- 

619 

+9 

22 


Credit Sutsae— _ 

2.225 

+ 15 

16 

15 

3.6 

Klectrowao_ 

1,600 

+20 


Ptoeher((J«xve)_ 
Bosnian ftXtttki 

720 

86 . 000 ) 

+250) 

6 

650 

3.5 

0.6 

Da (strut/ 1 )— 

8.600 

_ 

65 

0.7 

Imariood K..._ 

3.325 


20 

3.0 

Jetmall (Fr J00)_. 

1.460 

+ 10 

20 

1.4 

hestie (F c. 100 )— 

3,630 

+20 

" 8 fi.{ 

2.4 

Do. Ueg.- 

8.820 

+ 10 

* 8 ft R 

3.9 

Oariikon- 

2,650 

+ 105 

14 

5 US 

Pirelli SIPJUQQ. 

£W 

+5 

15 

5.8 

daodoz. tPr. *0).. 

4,010 

+35 

26 

1.6 

Da PartOns_ 

480 

+5 

26 


SchlndierUtaFlOC 

305 


9 

1 6 

SuUre (CtvJMGG. 

375 


14 

3.7 

»wt«lr(PJWi._ 

806 

+6 

B.57 

3.8 

Swiss Bank(F.100 
owlra (ttaF^SO).. 

426 

5,075 

—3 
+ 175 

10 

4 

2.3 

2.0 

iSarteb Ine_,_ _ 

11.300 

+75 

40 

3.1 

1-8 


_Gmh... 

Osrrefesir-! 1.282 

U.OA__ 

CJJ.AJcateL™ 

Cte Ha nc s lre ..__ 

ClobZlerUter..... 

Credit Com Fr*e*. 
Creoeoe Loire-.... 

Pm^ie7^.^ r -,........ 

Pr-HKtoles-.- 

Goo.Ooddentale 

I metal --- 

Jacques BareL™, 
laiarge. ™——. 


r^ytrand__ 

Mnieraw Pteoix.. 

M lobelia 

Sloes Heaneaqy^.l 
Mouttnex 
Pftrtba 


MILAN 


Jan. 18 


Price 


+ urlDlv;Yu: 
— UN ® 


VIENNA 


-Ian. If 


Price . +■ <ir 


Uit-l. 1 . 


Anic—.™.l 120.0o!+ 2 J 5 I [ _ 

uaaiutr..[ 359 1—1 1 — ; _ 

Fiat.1.895 |-5 j ISO 7,9 

l fc + Pnv..: 1.500 :. 15U'|0 0 


PetJgeoMhtroeo- 

Putin In . . 

Hadio Technique. 

ttefante__ 

hhoce Fouieo-._ 


Memwaaique™] 


Uainor. 


INDUSTRIALS 

AEa ____ .... .. )123 

Anklo-Atner. Indnstrial — 830 

Barlow Hand - - 3 .60 

CNA Investments.. tL33 

Currie Finance . * 0.50 

De Beers Industrial_VS. 6 ) 

gfiftars Consnlidated lav. tLK 

fc.Otars Stores _+M no 

EverReady SA __ L« 



Federa/c VoIltBheleftSln(£r tl 63 

Greatortnans Stores .- tL-W 

Guaroian Asatrance (SA) 1 jso 

LTA ..._ L 73 

Rodw » y .- »■« 

OK Bazaara_ _ tsjgO 

Premier MflUns__ ft pa 

Micinrla Cement ... +X33 

Protea Boldlnss UPf 

Rand Mines Properties' -. 12.83' 

ncmimaiitlt Grtrao __ 3^0 

Kirco -- arc 

Saw HtHtUnca ........_ i.*j 


.. 1.SA 


SAPP1_J™’.. 

CjG. Smith Sugar_ 7.09 

MITV _ Qjfi 

S.V Bretvnries _^.‘ 1 ..™ 1J3 

^cr Oaa and NatL Mis. AM 

Cnwc ___ ltl l _ m 


+: 


Securities Band Discount 


SPAIN « 

January 13 

Asi and_ 

Banco Bilbao 


STOCKHOLM 


Jan. 16 


Aim LrallgKrhd 

ASHaOu-JOi_J 

AuaaOnpcoi KrJ* 

dlUceud- 

bofan_ 

(kido_ 


Price 

Krone 


■-reuiunsiui_ 1 

l^ritnutter. 

■jeieixx....^_j 

•Sen peril.• 

Nexi Daimler...- 
7 eu Hesnroii. 


350 . 

266 : + & 
579ct'+3 . 
95 +2 

190 -I 
E26 . 


FiBilrier...• S8 —2 

Imi-.-emenii.. 9.680 ,-^20 200 2 1 

iMisMer... . lua.B^O.5 ~_ 

:—1 Mwllntwiii*.3a 510 + 260 1400 3.9 

Lli j 2.9 ! 140 '-12 ' — ■ _ 

c9 3 J \ i.inveili Prlv. 730 --3 

W | »«W*V.. 1.979 19 lIO S.bf^ibpAll^.:; 

~ ! PnWh »pft. 096 ,_a ao. 8.0 j Un-Wit ’KKnC- 

Slue Viirnu. 599 . + 6 


Uaiiuiosa-,.| 

rjeetflux *btK JL! 
KrteanrinKrA. 
Lacih -B’„....../ 

Faffenta.... 

firanjjea ..[ 

\laraivu~.I 

Mn Ikdi Homely. ■ 

taihlvib AJL..„. ) 

-.K.F. ■tfKri-.... 


•7 3.7 
14 1 6.3 


I ildetoiiTn ...., 

Vrjfotkr. eOi.: 


170 

153 

94 

121 

76 

106 

365 

201 

126 

132 

218 

80 

48 

272 

210 

64 

207 

69 

\3S 

87 


4«r 


+2 
+ 1 
-OA 
+3 
+ 0.6 
+ 1 


l.o'"' 


111 
'*1 
IT 1 

. -LS 
f 1 


Dlv.jlTKL 
Kr. i T- 


5.6 

a 

6 

6 

46.9! 


3.2 

3.5 

6.1 

6.1 

9.1 


Banco AUamko (UMO) 

Banco Central_ 

Banco Exterior _ 

Banco General . 

ganto Granada (uno) 

«W Hlaoano. 

IliSS I SLF aL <1J00> 

“■ lnd- Mcdiierraneo _ 

Bama Punular . 

Boom Sanuodor ( 2 so) 
Banco UrquUo (1.0OB)_ 
Banco viacay*_ r~ 

BftllCO Ztrapmmn 
BankuiiteB^T” ‘T" 
Banns AQd&htda __“ 

B»b«e* wflcox ™^. 

Drasadin' 


inmobanif 

g- L Angouesa, _ 

. , _ = , groan o l n zinc 
4 ] 3.8] ExpL jtjo Tlnto —™ 

Fetaa (1 DOQI __ 

renoxa a.eoot___ 

Gal. Pmnarirai ____ 

“<!» volawuex i4Bu) 



18 

10 

6^ 

6 

a 


5.3 
5.0 

4.4 
4.8 


5-9 i 


Htdrnln 


8 ,J0.J 


tS 
t3 
• + 1 
—2 

70 ,+a.s 


Ibeffluero '' 

_ ^ Uhrr* .... ... 

14j/j 6.6 i BeumdJS 

8 1 7.fi P^'mhher .... 

6J 1 9 . 7 : .. 

5.0fi! 3.6 • 5 jrr, ° Papalera- 

i * c „ ' Sritacr .. 

Snactraa 


4& 

8 

5 


6^j 

fg ■ Tronic*" 


_ , , , Itmtcnch. 

iiK;aSffWr==: 

1 


392 


108 


4L58 

-ft 1 

TUB 

M. 

103 

- 2 ■ 

105 

m - 

75 

+ 1 * 

Bk.50 

+ 0 . 

M 

- 5 •» 

M 

_. 

141 

— 

IN' 

+ r- 

' 75 . 

+ i ’ 

» 


US 

- r 

05.75 

4- ft 

lift 

—■ 

m . 


« 

■F ft ■#. 


C 0j(, 







1 















-Knandal-Times Tuesday January 17 1978 




•■tti.. 

* ‘-S 


»top -green 
; move, 
’■VIPs urged 

Our Consumer Affairs 
•rrespondent 

; • WERE urged yesterday by 
■. ps representing consumers 
food manufacturers to- resist 
■ immediate devaluation of 
'.groin pound.” 
od producers and consumers 
no such move should be 
’■ »-d except as a bargaining 
: "ter in ihe .campaign to 
."-j about fundamental 
, •;' ges in the structure of the 
i^./non Agricultural Policy. 

Conservatives plan to call 
.vote on devaluation In the 
.xnon s next week. 

a joint statement, repre¬ 
sses of 18. British consumer 
lisations called on the 
■rnmenl to oppose any pro- 
s to devalue the “green 
.d " unless this was afccom- 
, ■ ,’d by a guarantee of lower 
"->rt prices. - 

iy also rejected the Cott- 
i on's proposals for increases 
ie prices of commodities 
-■» are already in surplus. 

. dairy- products, sugar and 
.:y. • . 

.* same line wa6 taken by 
A-organisations representing 
•..processors—the Cake and 
A it ‘ Alliance, the Cocoa, 
•• - date and Confectionery 
- ice. and the Pood Manufac- 
i’ Federation.- An 4nm& 
devaluation of-the “green 
they said. - would be 
iptionaHy untimely ” in 
': of the need to reduce the 
* of inflation and contain 
ire for wage Increases. 


3a pact t alks 

art in June 

pur Commodities Staff 

MPTS TO 'formulate an 
a liana! : tea pact are to 

- this summer following a 
linary five-day meeting in 

■ a. The UJM. Committee 
'rade and Development 
j.-.TAD) convened the 
“a meetidg as part of the 
ated ; programme for 
'sing - commodity prices.. 
the meeting leading tea 
ing and importing conn- 
agreed that they must 
every effort to negotiate 
reement to regulate Inter- 
aJ trade in tea as shoo, 
ffilble. - • 
a.result, an international 
.• f experts will meet in 
& in -June to discuss 
: * >f an eventual pact- 

- it -depth study of ihe tea 
—t .’s being prepared jointly 

! i ecretariats of UNCTAD 
■e U.N. Food and AgricuJ- 
. Organisation (FAO). Its 
ations will he considered 
■~i experts who will report 
econtf meeting in October. 


D RAW MATERIALS 


Holland seeks action on 
U.K. potato import ban 


BY CHARLES BATCHELOR 

HOLLAND has asked the Com¬ 
mon Market Commission to lift 
the British Government's ban on 
imports of potatoes. The Foreign 
Ministry In The Hague said it 
protested to the-Commission on 
January 12 bnt that it' had not 
yet bad any reaction. 

The Dutcb,_wh6 are the largest 
exporters of potatoes in the EEC, 
are particularly incensed at the 
British measure. The Dutch pro¬ 
test in Brussels came after the 
Potato Marketing Board in the 
Hague sent a telegram to Alfons 
van der Stee, the Minister of 
Agriculture. 

-The British ban has also been 
brought to the attention of the 
Dutch Parliament. The ban con¬ 
travenes EEC regulations on free 
trade and also the conditions for 
British admission to the Com¬ 
munity, the Dutch Agriculture 
Ministry said. 

Holland exported- 199.000 
tonnes, of’ main crop .(“old") 
potatoes to the ILK. in the 1976- 
1977 selling season, or more than 
20 per cent, of its total exports. 
^Exports to Britain in the. pre¬ 
vious season were 285-000. tonnes 
out of a tdtal of 790.000. ■ 

The. ILK. permitted the import 
of maincrop potatoes from- July 
1975 to July 1977 to bring down 


the high prices which resulted 
fTom poor harvests. Since July 
last year, only early potato im¬ 
ports have been allowed. 

The return to normal harvests 
within the EEC after two bad 
years and an expansion of the 
area sown in Holland means 
Dutch potato growers are more 
dependent on exports than ever, 

Dr. E. Van^Beukering. chairmah 

of the Marketing Board, said in 
a New Year message. 

Free trade 

Christopher Parkes adds: The 
British Government rejects the 
Dutch charges that it has broken 
the EEC rules on free trade. The 
Ministry of Agriculture claims 
that Article 60(2) of the Treaty 
of Accession gives the Govern¬ 
ment the right. In the absence 
of a Community marketing 
regime for potatoes, to continue 
with the normal procedures of 
any existing national regime. 

An import ban is a regular 
feature of the British marketing 
year. The Ministry decided to 
retain the ban late last year in 
an attempt to bolster the confi¬ 
dence of potato producers who 
bad flooded the -market with 


AMSTERDAM, Jan. 16. 

supplies. Fearing imprts from 
Holland. France, and elsewhere 
in the new year they had rushed 
to sell their crops, glutted the 
market and pushed prices down 
to uneconomic levels. 

However, neither the ban nor 
a month of support buying last 
autumn had any discernible 
effect on marketing or prices. 

In a fresh bid to stabilise the 
trade and push prices up again 
the Ministry of Agriculture 
announced yesterday that it had 
agreed, following an appeal last 
week from the Potato Marketing 
Board, to start support buying 
again. . 

The PHB, which already holds 
more than 500,000 tonnes from 
its last intervention in the 
market, and has started selling 
those at less than half current 
prices for feeding to animals, 
said it could take in another Im. 
tonnes if necessary. 

However, support buying on 
sucb a scale is not thought to be 
necessary. The PUB still feels 
that the true surplus of potatoes 
is no more than 150.000 tonnes. 

Any other supplies bought in 
will probably be stored and then 
released back on the normal food 
market later In the season. 


Lead falls on Asarco settlement 


New dollar 
market 
for coffee 

By Thir Commodities Staff 
DEALERS REPORTED “good 
Inlerest" In the new dollar- 
based London Arabics coffee 
contract when it started trad¬ 
ing yesterday. But the business 
was confined to local traders 
with U-S. and Continental 
operators remaining on the 
sidelines. 

The first trade was at $222.30 
per 56 kilos for April delivery; 
slightly above present prices 
for physical coffee. By the 
dose of business 211 lots of 
250 bags had changed hands. 

London trade sources said 
they, are hopeful that the new 
market will succeed where 
several earlier London Arabics 
contacts have failed. The dollar 
quotation per 50 kilos and 250- 
bag lot size mean that the 

contract is directly comparable 
with existing Arabics markets 
they said. 

Interest in the London mar¬ 
ket may also be encouraged by 
the disenchantment of U-S. 
operators with the New York 
market because of increasing 
interference by (he Commodity 
Futures Trading Commission. 

. Prices rose on the London 
Robnsta coffee market with the 
March position climbing £45.5 
to G.842.5 a tonne. Dealers 
said there were no new funda¬ 
mental developments affecting 
sentiment and the rise was due 
mainly to lack of selling. 


BY’JOHN EDWARDS, COMMODITIES EDITOR 


LEAD PRICES fell shafply on 
the London Metal Exchange 
yesterday following confirmation 
that workers at Asarco^' lead- 
zinc plants had reached tentative 
agreement on a new three-year 
labour contract 
Casb lead closed £7J5 down at 


£351.75 a tonne following specu¬ 
lative profit-taking and selling. 
Zinc values were forced lower in 
sympathy, with the ca sh p rice 
declining by £3.5. to £270.5 a 
tonne. 

Tin prices also lost ground. 
Standard grade cash tin fell by 


Zinc output cuts urged 


BY -OUR COMMODITIES EDITOR 


.. BROAD hint • that . zinc 
producers should cut output still 
further in 1978 was delivered by 
the Internationa] Lead and Zinc 
Study group yesterday. ; 

• A meeting of the group’s 
standing committee in London 
expressed its • concern at the 
“ continuing . serious - • interna¬ 
tional situation in zinc.” In 
particular it noted that there 
bad been a decline in world zinc 
metal consumption daring 1977 
without a decrease in world pro¬ 
duction. 

Member governments of the 
Study Group were, therefore, 
asked to review their production 
and consumption forecasts for 
zinc in 1978. 


The Study Group, which repre¬ 
sents lead-zinc exporting and 
importing countries, warned at 
its annual meeting last Septem¬ 
ber in Geneva that over-supply 
of zinc bad built surplus stocks 
up to an unprecedented level of 
12m. tonnes. It was decided to 
review tbe situation again in 
January. 

As feared demand, has re¬ 
mained below production levels 
despite tbe very depressed price 
levels. The European producer 
price was cut twice in 1977 from 
$795 to $600 a tonne, and has 
been effectively “ devalued ” 
further since by tbe fall In tbe 
dollar. 


£82.5 to £6,222J> a tonne, moving 
below the three-months quotation 
which closed £71 down at 
£6226.50. 

The market was depressed by 
a lower trend in Malaysian tin 
prices over the week-end. which 
brought out stop-loss speculative 
selling once prices moved lower. 
Three months was forced below 
£6200 at one stage before rally¬ 
ing on some covering of previous 
sales. 

Copper too came under 
pressure, after opening on a firm 
note. Casb wirebars closed £3 
down at £658.75 a tonne, but 
ibere is apprehension tbat a 
further fall in New York could 
unleash a burst of stop-i 06 s 
selling. 

As expected copper stocks 
held in LME warehouses rose 
by 850 tonnes to a record total 
of 641,325 tonnes. Lead stocks 
were also up by 100 to 66,675 
tonnes. Tin stocks fell by 80 - to 
4,355 tonnes and zinc by 25 to 
64,025 tonnes. LME silver hold¬ 
ings increased by 560,000 to 
20250,000 ounces. 

• The strike at Cerro Copper 
products’ 42,000 ton-per-year 
secondary copper refinery and 
tube mill at East St Louis, 
Illinois, ended last night 


West German 
grinding of 
cocoa ahead 

By Our Commodities Staff 
COCOA PRICES on tbe London 
futures market moved lower yes¬ 
terday, despite tbe announcement 
of a bigger-than-expected rise in 
West German grindings during 
the final quarter of 1977. West 
German October/December cocoa 
bean consumption had been fore¬ 
cast at unchanged to 5 per cent 
higher compared with the 1976 
fourth quarter but the figure 
announced by the German Con¬ 
fectionery Industry Association 
was up 6.7 per cent at 41,187 
tonnes. Tbe total for the whole 
of 1977 was 142,293 tonnes, 12 
per cent higher than in 1976. 

The' announcement had no 
lasting effect on London market 
sentiment although it may have 
delayed the . downward move 
which developed in the afternoon 
taking the May position down 
£325 to £1578 a tonne. Dealers 
attributed the decline to heavy 
selling by a leading trade bouse, 
possibly reflecting buying of 
Ivory Coast cocoa. 

The U.K. Ministry of Agricul¬ 
ture said U.K. grinding figures 
for the fourth quarter of 1977 
would not be publfsbed this 
week. : 


EEC FISH REGIME 


Danes like existing 
fisheries policy 


BY HILARY BARNES IN COPENHAGEN 


TWO-THIRDS of the fish caught 
in EEC North Sea waters come 
from the British zone, but only 
about a third of the catch from 
this zone is made by British 
vessels. Denmark has one of the 
largest fishing fleets and fishing 
industries in the EEC, but 
catches almost two thirds of the 
fish in other people's North Sea 
waters—mainly British. 

This is tbe basic fact which 
has made Denmark and Britain 
the chief antagonists when it 
comes to trying to arrive at 
agreement on an EEC fisheries 
policy. 

Tbe basic point is complicated 
by several others. The ‘UJL 
catch is mainly for human con¬ 
sumption. but Denmark has 
developed a large fishmeal indus¬ 
try—which exports a high pro¬ 
portion of its output and also 
sustains large mink and poultry 
industries at home. Over SO per 
cent, of the Danish fish catch Is 
not suitable for human consump¬ 
tion. 

While the U.K. has tradition¬ 
ally bad a large distant water 
fleet, now prevented from fishing 
in many areas to which it used 
to have access, the Danish fleet 
has only a handful of vessels for 
distant water fishing and most of 
its operations are in the North 
Sea. tbe Baltic and the.-Skaegerak 
and Kattegat. 

In short. Denmark has a strong 
interest in the preservation of 
the principle of the EEC fisheries 
policy laid down shortly before 
the Six became the Nine—a 
policy based on equal access for 
Community vessels to all Com¬ 


munity waters and fisbing on 
equal terms for national and 
other Community vessels. Tbe 
UJC has an equally strong 
interest in a revision of Com¬ 
munity policy to give its fisher¬ 
men a bigger share of the catch 
in its own waters, partly to com¬ 
pensate for loss of distant water 
fishing and also to cut back on 
industrial fishing so as to 
improve the yield of prime fish. 

There are about 15,000 Danish 
fishermen of whom about 11.700 
are permanently employed. The 
total salt-water catch is about 
2.8m. tons, of which 300,000 tons 
is for human consumption. 
Exports of fish and fish products 
total about 650.000 tons. Tbe 
industry produces about 330,000 
tons of fishmeal. 95,000 ions of 
fish oil. 125.000 tons of fillets and 
42.000 tons of bcrmcllcally-sealed 
processed products (such as 
frozen fish fingers). 

The total value of the Danish 
catc-h in 1976 was about Kr l.Tbn. 
/£152m.) and exports of fish and 
fish products were worth about 
Kr.3.1bn. (£279m.> or 5 per cent, 
of Denmark’s lota] exports. The 
value of the catch In 1977 was 
at least 25 per cent higher than 
in 1976. but the yield in tons 
was down by 2 per cent- accord¬ 
ing to provisional estimates. 

Last year was in Fact a very 
good year for the fishermen and 
a reasonable year for the process¬ 
ing industry. Problems were 
caused by catch failures for 
specific species. particularly 
herring, subject to a North Sea 
ban for half the year, which put 
workers out of jobs in the North 


Jutland ports of Shagen and 
Hirtshals. 

Tbe processing industry (con¬ 
sumer fish) also suffered because 
the high prices meant that more 
raw fish was exported. 

The Danes are adamant that 
they cannot accept the British 
proposal for a “ dominant prefer¬ 
ence zone” between 12 and 50 
miles. This, said Mr. Svend 
Jakobsen. the Fisheries Minister, 
would award the U.K. property 
rights to all the fish in its waters 
and is in direct conflict with 
EEC policy. An acceptable solu¬ 
tion for the Danes means that 
the U.K. would have to translate 
its dominant preference ideas 
into quota proposals. 

The Danes are prepared to 
make concessions, said Mr. 
Jakobsen. This means in effect 
that thhey are prepared to accept 
restrictions cm industrial fishing 
if it is damaging to the prime 
fish catch and stocks. “But at 
some point ihe negative effect 
on consumer fish is so small that 
it is unreasonable to stop indus¬ 
trial fishing,” he said. 

A case in point is the pout 
box ban. which stopped a Danish 
fishery worth about Kr.l50m. to 
save a haddock fishery worth 
about Kr.3ro. Britain, ol course, 
would not accept these Danish 
figures. It depends how the 
calculation is made. 

Nor are the Danes willing to 
cut their industrial catch if it 
is merely going to benefit other 
countries. 9aid Mr. Jaknbscn. 
And he noted that a new 50.000 
tons a year fishmeal plant was 
being established at Aberdeen. 


City institutions ‘will buy more farms’ 


BY CHRISTOPHER PARKES 

FINANCIAL institutions, whose 
interest in farm land is-being 
presently' investigated on the 
orders of the Minister of Agricul¬ 
ture. are increasing their hold¬ 
ings more rapidly than any other 
institutional buyer. ' And, 
according to a report* just pub¬ 
lished by the Centre for Agricul¬ 
tural Strategy at Reading 
University, they seem likely to 
go on buying more land in tbe 
future. 

Public and semi-public institu¬ 
tions now own about 11 per 
cent, of all freehold farming and 
forest land in the UJv 

The insurance companies, 
pension funds and property unit 
trust, on the other hand, own 


only a tiny fraction—150.000 
hectares—of the country’s total 
of 21m. hectares of farms and 
forests. 

Central Government depart¬ 
ments—including the Minister of 
Agriculture—held the titles to 
377,00 hectares, or five times as 
much. Local authorities own 
357,000 hectares, and even the 
Crown, with 167,000 hectares, 
owns more than financial institu¬ 
tions. 

The authors say there is no 
cause for concern about the in¬ 
crease in institutional land 
ownership. “Indeed, there may 
be some real advantages if it 
leads to increased investment in 
agriculture,” they comment. 


But there is still a great 
shortage of information about 
land ownership in Britain and 
the extent to which the different 
types of landlord look after the 
land and develop holdings. 

This makes the formulation of 
“ sensible and soundly-based ” 
policies affecting farm structure 
virtually impossible. And for this 
reason, the authors claim, ‘the 
social consequences and effects 
on agricultural productivity of 
different forms of land tenure” 
need to be examined urgently. 

•Landowner*Wp bp pubHr and srmf- 
pubhr (ratiftt turns (n [Ae United Kingdom, 
£1.75. post tree. Centre tor Aonruttnral 
stttdu, Vntocnini at Reading, Earhv 
Gale, RemUaa RGB 2AT. 




MMODITY MARKET REPORTS 

SE METALS 


AND PRICES 


tbe . kerb a[ I570J. Turnover. 26.059 SO. High Grade, casb £8535. Kerb: 
wanes. - Standard, three mamba £6.215. ia. 85. 

ER—Lower oo the London Metal t Amalgamated Metal Ttadifig reported £8.208. £5,190. Si. so. *5. 90. 96. 18.209, IB. 
:e. initially Influenced by. tbe 10 morning .Ban wirebars traded 
s of tbe lead market. Liquid a Mon «'*»& tb«e'months £875. 74.73. 
lomlng rings took the price, down 7 3 » /<- Cathodes, 

opening of £878 >o £872.5. before month* £883. Kerb: wirebars. three 


JUTE 


COFFEB 




, Dperun* oi MrO w wre.s. uciore —TTT “STS 4r ;,« . .. Utah Gnd» £ 

• emerged to eitwse an advance to m ootba £ « 74 . 743 . 75. MA Alicrooon: °i £ 240.5 

. lew level* could not bold amt wftfc Wirebars. shreu months HIS. 72.5. 73. ' brfw-o 

73.5. Cathodes,- cash £549.5. three months- 
£582. . Kerb: - Wirebars. three’ months 
£872.5. 73. 71, 79.5, 75. 

TIN—Easier with forward metal start-_ 

ins lower at Iflioe following the decline 
in the East over the week-end. The price H 

traded down to IL21S before buying KJS v-isT 

emerged, but in the afternoon the fall 22 ****-■ ~ .I 1 - January—... 

° n LEAD—Weaker on Ions Inundation and - 

S’LEhS «oP-lom wfflng as the market absorbed “V- 

Kwb ** the news of a tentative agreement In the July. 

ntrnover 3 ,i 7 i tonnes. Asarco .labour negotiations. Although September. 

Morning:. Standard, cash £8.240. 50. 45, forward metal was £383-£33g pre-market It November . 

three months 0 . 238 . SO. 15. 30, 35. 30. 40.- fell to ISSS in the rings before trade January 

33. . Kerb: Standard, .three months £8.240. covering brought about a recovery to 058 
45, £0. 45. Afternoon: Standard, casb on the 


. | a.m. 

-1 ilfll -iml , 

+ or 

f pan. 

[ Unofficial 

t+or 

| £ 

A 

£ . 

£ 

* 6BO-.5 j 

-5 

666.5-9 

-3 

..673-.B-46-2.aSl 

I 672.8-3 

- 2.8 

t,. 660.5 j 

b 3 1 

•— 

— 

- , -| M9 .50 

-2.76' 

649.6 

-X 

- 1 663 .3 ; 

-2 1 

662-.S 

-a 

■ij 630 

- 2.6 

. — 




' 6D-6Z.3 


•ssler In 1 

he afternoon. London 

■rtween, £67; 

1 and £579. closing on 


TIN 

a.m. 

i+"ar 

P-m. 

t+<* 

Official 


Unofficial 


Hlffh Sra 
Cash- 

do £ 
6240-3 1 

£ 

-73 

£ 

6220-30 

£ 

—80 

a months. 

6240 5 

—B0 

6250-40 

—80 

beuiejD't. 

Standard 

6243 

—76 

—. 


Oran,. 

6240 

-75 

6220-5 

U 2.5 

6 months.. 

6235-40 

-70 

6226-8 

—71 

Seulomt. 

6246 

—76 


„i M , 

Mrails K_ 

151700 

-11 

— 


New Icrlt 



•536.00 

-I3i 


rnfPlTU nfL nU <85.25. nil. nil. nUi; Own wheat 

LUrriX __ —117.54. nO, nfl. nil 017.54. nil. nil. ofll; 

Robugtu were steady throughout tbe Bje—74.80, nA NL RO -tTLOO. Bfl, np DUNDEE—Finn bat no prices quoted, 

day in mostly otdet conditions, reports “5^ ^“B- nil <77J5, iM, Calcutta goods tinner. Quotations c. and L 

nil. trill: Oats—<8.56. Ml. nU. oil 188.34, 
n£L nil, nils; Mala (other .than hybrid 
for seeding)—78.86. nil. nil. nfl (74.88. nil, 
niL nlli: Buckwheat—AH nH (all nUi; 

Millet—72.44, nn, ML nil 171.78, nil. nil 
nUi; Grain sarahom—79JII, nil. nfl, nil 
1 TS-Si nil. oil, nlli. 

Floor levies: Wheat ar mixed Wheat and 
rye near—130.84 (131.847: Rye ftssr—114J7 
<114.277. 


PRICE CHANGES 


Dexel Burnham Lambert. Dealers said 
the steadiness was atuibntabJe principally 
to dealer shon-coverins which hit off 
some stop-lan buying. The marker dosed 
at the highs up to £68 above Friday’s 
dose. 


Yesterday's 

Close 


£ per tonne 


+ OT 


Bust nee 
Done 


U.K. for Jan. shipment: lt-aunoe 40-incb 
£10.28. TJ-oqqct £7J| per 100 yards: Feb. 
£10.38 and £7.87: March £19.51 and £7 94. 
"B" twills £80.41. £30.98 and £81.50 lor the 
respective shipment periods. Yams and 
doth* quiet bat prices firm. 

VEGETABLE OILS 


Prices 

stated. 


par 1011119 mien otherwise 


Jan. 12| 
1PTO 


Ket&ls 
Ain minium 
Free Market (eWl 


\2020 2025 !+5L5 
1842 1843 :+4*£ 

1786 1769 ,+415 
1718 1720 +55.0! 

1580 1685 +H.O; 
1630-1660'+HLO| — 
1620-1660 +57.5 


LONDON SOYABEAN OIL—Tbe market 

nrinnm was alighllj Brener reflecting steady , 

K I J KKr'.K markets, reports Grosveoor Commodities. CoppercashW.] 

. done: Jan. 307-294. Feb. 295-382. Mar. 3 months do. do. 
EASIER opening on the Lmdon physical aag.282, Apr. 278-3R, May 274-271. Jun. Cash Cathode..U 


morale® Kerb. 


00 


2025 1978 

1769 1740 gykg- jyi IM^ M lgw leveh aP d 77i.n1. Jnl.' SMn"' Am. WMO* SsoT. 3 mnntbadol 

1724-17W 37L1IW71. Sales. nU. Ootd.Thy re. 2175.179 

1688-1970 ■« I r XS /t 5L?* t LONDON PALM OIL. Close; Jan. un- Lead Gash.-.£351.76! 

price wn 504 cents a kOo (buyer, Feb 279 .ofl. 38 O.OO. Mar. 370.00- S month*...[£567-25 


_• Feb.L 


lex Limited 01-351 3466. 
ool Road, London SW10 OHS. 


May cocoa 1574-1583- 


World Commodity 
Report 


1 . If your business interests demand 
?ular information on any of the 
grid’s commodities, just clip your 
.siness card to this advertisement and 
rum it to the address bHow: we will 
.id you a sample copy. 


ndto:- 

bscriptions Dept (^CR), 
lancial Times Ltd., Bracken House, 
Cannon Street, London EC4P 4BY* 


.. 1: 


NT AND 
2HINERY 


:ei SALE! FORK LIFT TRUCKS, 
f over 100 UHd leading make*, 
.ail tracks have bean through 
Mnno,. men painted & algo- 
. BO’k or our trucks are gtted 
* seats, -tym and 12 rott bat- 
W are ready W «o » rrprit 
.Civ. Bay now at ridiculously 
« while stocks last. Send tor 
now. Trade a report enuutriar 
'Urge reduction on bulk pore. 
-BlrniTnflbaat Fork U« Truck 
n* Ret., sutler. B'haui B8 tDU,. 
r327 5344 or 021-328 1705. 
370S2. -- 


PERSONAL 


IS YOUR HOUSE TOO LARGE? Your hotiac 
. can be beaut Kiri ly urea it vod -gift « 
to the National C rarity (Help the Aged) 
J.One portion will - Da modernised tree 
at cost to. yen (usually setf-cotitalnatil 
tor your e*n or year surviving amuse's 
. hsb for Ufa—free pf mob retea. reternai 
repair*., other portions converted for 
- retired peoote. Please writ* without 
obligati on to, Th* Secretary Help the 
. Asefl Homing Appeal. Roam FY1C 76 
Dover Street. London. W.l. 


ONDON COMMODITY CHARTS 


-ligh/Low/CIwe figures 
evwy Friday night, 
d to Friday's close, 
send me details. 

*• cheque for £B5JB 
irge for non-U.K. _ . 

0 ... 

wton Street, Cambridge 


Name 


Address —... 




Telephone! 5*251 


2d e £tih W ,j£io^ 8.499 <2,051» lots of 5 tonnes. 

ICO Indicator prices (or Jan. 13 tU-S. 

from £339-23675 10 i close on the KnS 0 ! 

£355. Turnover 1VW loaoes. Arablcas 207.75 ( 208.50 1 : unwashed 

Arab Iras 219.00 (samei: other mUd 


easier in (he afternoon, tbe once sagged 


i.K«n 


an. |+ 01 
Official — 


P-m. 1 + or Arablcas 209.88 I209.M); RobnsUS 179.00 TT! j tn'mea g3 
Unofficial — (same). Daily average 192.92 il04.00>. j■'“s,., : 

---— LONDON ARABICS COFFEE—On (he Ort-Dec ' 

, , . — _ . __ first day of the new London Arabics j.n.v, 

.J531.26-.7SOB.I8i 351.5-2 1-7-75 market Interest was moderate and local “ 



Feb 
AUrcb 


J month,., 
dott'lm'ni 

y.Y.SpnLi 


356.6-7 J—13 | 357- 
351.75 )-1L7E| — 

- I ." *384 


SSU°r r; 70 "7“ mlere81 W* AurJne 57.2fl-57.5fl 

537-.0 b7./S dealers were most prominent on both u 7 ILSfl M 

1 . rides of the market, report! Dre«J Born- ££-Dre 


‘32413 I_ 


ham lArabcn. Values fluctuated « 
times quite dramatically as (be market 


54.B5-54.1n 


280.00. Apr. 260.00-270.00. May 280.00-270.90. Nickel. — 

June 260.90-27.00. July 2B0.9fl-27B.00. Aug. Fra* Marfcdt .lfll.7H.fl 

280.90-270.00. Sep. 290.00-270.00. Sales, nfl. 


+ OT 


Month 


_5960-70 

|—3.0 K686 
1-2.5 *701-26 
-1.01£675.5 
82.2S|—2.0 [1^90.25 
4-2.75jsiE0.B7B 
7.75^371.25 
I—6.7Sj£376J5 


FlatUium tmy os..£96 


MEAT/VEGETABLES Quicksilver (7fllb!).-fl 130.3 1] 


SMITMFIELD—i Prices in pence per hilvrr Troy us-258.6p 

poBud)—Beer: Scotch Wiled rides 46.6 ro 3 month#.-—. 262.50 

48.5. Eire Undquartcrs ®.0 to 60.0, ton- Tin fhsb..££.222.5 

quarters 32.0 to 34.0. 3 ni/ml !»-■■-..... - £6^226.Bj—7 1 -Oj£6.710 

p 168-78 


_ 51 -S' equitable level Dealer, said Sales: 290 1398) lots of 15 tonnes and 16 

three month.a. 1 534, 54. M.s, 55, ^ jbongtu the we! of intemt - 

■ 55.5. 58, _ S 3 J, 55.75, 56, 5S-9. fHcOBfu^Rg, 


49.70-60.09, 60.00 
50.7B-50A0: 51.00-50.70 

!M!tK Veri; Dntcb hinds sod ends 90.9 to Wolfiani22JUb.4clfir55.17S 

54.6o-64.10, 54.25-54.10 gjj zinc cub..'£270.5 

56.BtW.B5i W.7U-55.0S Uamb: Kngllsb aSuB~ 56.0 TO S 8 .fi. 5 DKffllh*™._.—£277.21 

medium 47.9 to 54.6. heavy 38.6 to 46.0. Produoera--—!| 6 QO 

Scotch medium 47A to 34.9. heavy 38.0 to 
46.6: Imported frozen: NZ PL 44.6 to 47.6. 

PH 42.5 to 43.9, YLs 45JI to 45£. 

EngUah. under 190 lbs 37.9 to . 


57.I5-67J25] 57JSB 

58.6039^0; 68.7649.80 

S0J5-80.16 68.15 


Feb. 


. _. - - ^ ibuyers' were: Spot 48.5c <4B.75>: 

aumtits BS1.UA. 58, 57. prices (in order buyer, seller, tmstocssl 49.-4? 148,25): March- 49.4p (49J5). 
-AfWVMn: Cash 05* (hrre mauthsasSA (s per 50 Ulosi; April 225.00-25^5: 30.OA - ttr , . n 

, 2'*n«a fc 2 : twwths BS7. 57.5, 67, 23.M: June 210 . 00 - 11 . 2 S: I4.0fld6.75: A dr. SUGAR 

5J. 203.75-03-95: 06 0041 50: Oct. I|4^-Ni6; u 

•ZINC- E a ste r although trading remained 9S.D0-M.S0: Dec. 183.00-83.00: 85.00 only; LONDON DAILY PRICE for raw sugar 


Sales: 290 13»> lots of is tonnes and ia iTi nZ. Unseed Crndelri 

at 5 tonnes. Physical dosing prices 33,0 10 40 ' 0, U0 ' ,CT n * PalmBUUym. 


8S.I to 38d. 

MEAT COMMISSION—Average fabrtOCk 
prices at representative markets week 
ending January 14 . GB—Cattle 5B.29p per 586(18 
kgJ.w. (+0J»): U.K^—Sheep iST.Bp per 
kg^st.d.C-w. (-2J): G, 


fl565p 

£601 

5260 

8507. 


.£88.5 


+ 2.9 
+2.0 
+ 3.4 
+ 3.7 
-B2J 


-5-6 


£94.86 
fll2b-M 
251.Bp 
255.6p 
£6,850 


BC296.75 
5lp303.i| 
seoor 


+ 2.0 


8550 

8587 

$258 

$497 


In- a - narrow range. Forward metal Feb. 175.0-82.90 ontraded. -— — —- - __, 

started tower to the rings at £27S and of260b«ga. me 2h. BaKlr d4Uy Frt« lrlu ‘ 

thereafter held between 074 and £377. "fi 13 

Uke lead, there was buying at tbe lower rni |]\JC Prices remained within the recent 

levels: The dose on the Kerb was £J7B. UKAIfYo .narrow tradln* range, reports C. 

Tnnwver 2.409 t on n es. GRAIN FUTURES—(CAFTAi—The mar- c f anli x °*'- 

ket opened unchanged to 10 higher bat Sugar 
there was a wealth of profit-taker* and Prof. rTeaindayU Frpvtera* 


SaW 2U lots Dli (same' a tonne df Itrr Jan.-Feb. ship- kgiw. t-Ml. England and Wa 

---■-“—-* Cattle numbers up 12.6 Per cenL. average 

price a.S5p (+ 9 . 451 ; Sheep nambers 
down 841 per cent.; average price 127.4p 
t-Z.Tr, Pis numbers up 8J per cent. 


" zuio. 

Ol&cUl 

+ 

p.m. 

Unofficial 

+J*C 


£ 

£ 

£ 

£ 

Gash 

2694B-.5 

-6.I2S 

270-1 

-84 

jmonthi. 

276JS-6 

-4.7B 

277-.B 

-l.tt 

d'mBnc„ 

269 A 

-B45 

L —~ 


Prm-West 

' _ 


30^-31 

...... 


Morning: Cash £289.25, three mombs 
£375, 74, 74J, 75. 78. 77, 76. 75.5. 78.-755. 
78. Kerb: Three months £275.5. After¬ 
noon: Three months £277, 78.5. 78. 78^5. 
755. T7. . KerUi Three months £277, 76. 

Cento per pound. T On . previous 
unofficial dose, MM per PlcuL 

SILVER 

SByer was fixed S.4 p an ounce higher 


In Comm. 

(htn conditions they closed np to TD Conn- 
lower tor old crop wheat. Old crop barley 
remained about steady and dosed be¬ 
tween $-25 tower. New crops were steady u . 
and dosed unchanged to 15 tower, reports rr~r > ~ 1 
mi May— 

Aug— 


average price 57 Jp (—0-8)- s co t an ■— 
Cattle numbers op 51.1 per cent-, average 
price 58J5P (+6-28*: Sheep numbers up 
285 per cent., average price I27.4p 
(+85); Pig numbers up 8L6 per cenL, 
average price 80.Sp (+15*. 


Copra Phillip._— 

Soyabean (P.8.)_ 

63B7.5y 

. 

5390 

SSSOw 

P 1.0 

>243 

Brains 

Barley KBC_ 

t 

........ 

I 

Borne Futures... 
Muitt —. 

£704 

-O.D6 

£70.45 

Fnaob No.3 Am 
Wheat 

£88 - 

+ 0-5 

£95.76 

No. 1 Bed Spring 
No 2. HardWinter 

£84.5 

t 

— 

£89.6 

BnglSsh Milling. 

•235.50m 


£9145 


•THE* 

31 "nth 

17 

Yesterday's 

close 

+ or 

BA 

Yesrwday'a 

close 

JtLEY 

-for 

Jan. 

Mar. 

iJ-y 

Sept. 

Nor. 

82.80 

84,00 

86.85 

82.40 

04.60 

-04D 

-O.ffi 

-a7o 

70.90 

72.40 

74.63 

76J95 

79.25 

—OJB 
-OJfi 
\-03b 

r-O-86 

—0.1B 

Bustoeas done—Wheat: Jan. 8L7flie4&: 
March 5449-6145; May S54fl58.3S; Sept. 


Dec.— 


£ per tonne • prices at representative markets on 

119.95-10.76 118.40-1950119.76-1850 January 19. GB-Cattle SVSlp per kg. 
ia.lS-25.2B 12&.49-2&5Q t2&.7b-24JB »W I + D.41/: U.K^-SUe« 12L6P per kg. 

128.45-25^0128.49-28.45 12055-27.45 «t- dew (—M>: CB-PIp 57Jp per kg. ■ i'" ''' 

IE 1.2&-8150.131.05-51.10 15150-50.65 h» «+flJ). E nglyd Md Wales-Canle " 

lM,D0-54.15llsa.5fl-i5 75 is* sa-si « numbers down 2.7 per cent., average . 

147AO-57.80)l57J5-57i8167.BO-57!28 
140.30-45.76,140^5-40.78 149.50 . : 7 ;' 


Sales- 1.139 (2JS) lots of 2 lonnes, orict 37JP l +8.4). Scetfand—Catlie 
Tate and Lylo nx-refinery price for nombers down fix per cent, average price 

__a I-I- ..wth. ____ _ 4m Cfl Tfln 4-L.A Ml- uhnan nltmKero rtrawn II V 


Cocos Shipment_ 

£1.765 

I-J9.25 


Future May.. 

Coffee Futures—. 

£1.579 

-52.5 

£1.522 

Maivb. 

£1442J 

+ 45 .B 1 

£1,578.3 

Cotton *A’ (odes... 

64.05c 

+0.3 

59.4c 

Jute U ABC........ 

6437 

S437 

Uubber kilo.. 

48.5p 

-OJ& 

46.2Bp 

gujg&r (Krw). 

£112 


£106 

Wool!Ops Ms kilo... 

267p 

— 

272p 


pig numbers dawn 1L1 per cent, average f “ 
Indies- Price 61.2? t+1.6). 

COVENT GARDEN tin Merllag per 

__ _ _ __ ickage unless otherwise stated 1 — 

Sales. 140. daily Price 8.85 CSJSl: 'iMO averaga Imported produce: Orangra—spanla: 


lutwantlonal 
lor prices iU.8. 


rents per' pound lob 


m Feb. p Ju.-Feb. 
s Feb.-Mkr. a Peb.-ApriL. 
g Jan.-Marrtt. x Per Um. 


r Dec.-Keb. 
to March. 


NaveBnaS 3.0fli20, 
Greek: 130T Jaffa: 
approx. 


Navels 

3.SM.85: 


Z-O8-2J0: 

Cyprus: 


rmarkat yesterday, at SS8^o. U.S. cent &20&.40; Nov. 84,4064.70. _ 

equivalents of the fixing leveto were: Bartajr: Jan. nil; March 72.35-72.86; May 8J6 18.31). 

spot 4flBc, up TJCJ three-mwah S07.4C, 74.B&-74J0: Sept. 76.90 Only; Nov. ISIS- - - - 

im 7 S: ato+noStt SKA Sales. 57 tots. SOYABEAN MEAL 0 ’* to * w ’ r F‘ !# . B4 <? 0a 3 -2? 

a-RWBto 7 . 90 . T temuS IMPORTED-Wtesl; CWBS No. 1 i« WI/uiwmi,RML Moroccan: iM. Lentous—Italian-. MV 

opened at i 4 fl 7 f- 4 BSc) and Per eonL Jan 84^0, Feb. and March 84JS Tbe market ®P™ed £1J0 down to Une 126 360-3.60: Cyprus: 3-30-4.50. Grapefruh 

• TUtxnr. u.s. Dart Norm era spring No. with Chicago. Values gradually drifted -Cyprus: 15 kuw 146-169. 29 him 3.09- 

1 14 per cent Jan. 61 JO. Feb. 82.00. lower with light selling meeting unto 
Match 52 JS 6 tran sh l pt iie n t East 0 Coast, buying jmercaL reports SNW Commodities. 

Australian 


INDICES 


(dOBed at 2S8>anp (4MS-501C). 



+ «> 


fli 



h. M.B. f-f- or U5. Hard 'Winter unaitoied. 

— wheat unnamed. EEC wheat unquoied. 

Mala: U-SYFreneh Jan." 98.00. Feb. and 
March 100.06 iranshlpmcnt East Coast, 
S. African grades unquoted. 

Barley: Unquoted. 


y TiS’ y,|+ 


pstiOBne 


mouths^ j 
B months. 


259.05p 
+5.7' aea.ofip 
+8.71 - • 

♦r.9 - • 


+ 4.2 


tiuslnesi 

Dane 


LME—Tnnwver U4 (531 ton of 16,606 
ounces. -Morning: Three months 262^, 
11 18. 2.7. *g. i Kerbs: Three months 
261 3-2- AfteruooiR Throe mombs 282.T, 
3-1 -?» 12. 3j. U u. Kerbs: Three 
n»dtt»30,,ll 16 , 1 ■ 


COCOA 


February —11158-118 -^3.49111100.12.00 

April.—lUHJHi- 8 '—2-90i1T5.5fl.TO.ia 

MARK LANE—The market was firm June-im«M14—lao 110.00 

daring me morning but sellers were to Auric*-2.15 1 111J»-1B.M 

evtdonce later. Onto reducing values. October —....ll09.9IMfl.fl;—fcjo 111.00 

Close: MHltop wfcea»-Feb. London ”-— * -1 

March S37&0: Apti+May-JuiK 

Dentanhle wbar—Feb. £7930: March 
£MJO: Aprll-May-Juae £34.50. Barley— 

Feb. m.2S\ Harris £74.25; April-Ma5Slune 
£7126. 

kgca—A venge ex-fann spot prices for 
week ending Thursday January 11 Other Badtc. 
mtlltag wtmat-SJ. 96.66, But 88.80. 

E. Midlands 87.70. NJE. 87.00. CJC 88.19. 

Change -80. Tonnage 3.090 Feed 


TUNW. WLWCf **••«•■! iwareww- 11 |.UU 

£95.59; December.... I08JHM-D.4^ — 

H90.6a. Februar y. I M39-113'—oig 
"— L Sales: 67 <42'’ tots is lOO tawiS: 

WOOL FUTURES 

LOHDON—Dull and fca tare Jess, ~ report* 
(Pence per kfloj 


Long. llquiaailtBi in dun ccbdlttoBS mt bariay—5.S. B ID. S.V7. 70j». v«w 59 . 10 , GmwyWool 

raou ease to dose weakly at the day's b. Midlands 8938. V.. Midlands 88J0, - 

NJS. 79J9, S.V. 68.89, Scotland 71 JO, UJD. 

6936. Carnage +96. Tonnage 94^97. 


tows, reports GUI and Duffus. 


COCOA 

reatwdpy’i 

Close 

80 JS Cnlr't 


11 
1! 
It 

1677,9-78.0 

163B.B-37JI 

__ 

1456A80.0 

Msceh—. 

H7fljfl7DA 

Msy-- - 

tl44WJ«.fl 


+ « 


Done 


March stilling wheat (bread* 


f n A lYtn n teng a 73-80 ( A 

hS5 wheat 77.79, feed barley 7249. 


Auatroltan :Y««day 
Qrouy Woolj CWe* 

f « 

Bustnaw 

Dw» 

March-1235.940.0 



Slav.-™-. 2J5.WB.0 

rrr, . 


July_gS4.fl57.0 

_" _ 


October-'258.8-48 JO 

_ IB1 


December _.'21i W2.0' 

' 


Marob_'24 tL046J) 



Sfayu_Tt 2.0-47.0 


-- _ 

July.242.IM7.B 

—■- 

— 


349: Jaffa: 30 Mo* J-89-340. 

Spania: approx. 48-lb 5.96. Clamastiues— 
Moroccan: 3.00-340: Spania : 3,00. 

Sotsumas—Spaola: 140-150. Applet— 
FreBCh: 40-lb Cranny .smith fljV-TJO, 
Golden Delicious 5.4M40; 20-lb 71119 
Granny Smith 340-L99, Golden Delldotts 
140029. Stark Crimson 349. jtffiaMa 
padc,- per pound, Golden DeUciOtta 0.16- 
9.15: Italian; Golden Delictou 0J2; 
Danish: Per pound Spartans 0.12; U4.: 
Red Dclidons B. 00840; 

EugUsb Produce: Potatoes—Per 56-to. 
Whiles-Beds 1.20-L50. Laituce—Per 11 
Indoor L26-1.48. Ca b h a p a P er 1-bag 
Primn 6.76. Cauunoo nrs Pe r u. Rent 
1.00. Seutroots—PK 28-lb 946. Carrots— 
Per bag 38-lb 64fl0.n. Onians—per 56-lb 
1.00-L48. Celery—Prepack 18/32a 340. 
naked Ids 940, 16s L30. Suedes—Per 
tug. Devon 049. Apples—Per pound, 
Derby a.lflO.12. Cox’s 0.19-9.34, Bromleys 
040-045. Pom*—Per pound. Conferonee 
6.14-047. cornice BUM.is. Spraats—Per 
pound 9.D5. Parsnips—Per zs-a 0404)40. 
Turutos— Per 38-Ib 0.71. Rhubarb—Per 
pound 646. 

* 

GRIMSBY FISH—Suppty Mr and 
demand Mr. Price* per stone at ship’s 
side nnprocesndJ: Shelf cod H40-S4S; 
codUaga O40-5LN; Urge haddock 14.40- 
£5.00: medium haddock J34ML2IK small 
haddock £3401240; large plaice £340 
oTder I4J >- .medium plaice X3.5Of4.D0; best 


financial times 


Jon. lfi| Jan. 13j Mouth ’agoj 

Y«ar age 

234.80 (236J7 j 

I 239.49 1 

258.08 

(Base: jnl: 

r -L 1932=100) 


REUTER’S 


TaSTS^ 

Jan. lijkootti ago 

Tear ago 

2425.7 

1424.71 1417J) 

1601.0 


(Base: September 18. 1831=100) 

DOW JONES 


Do* 

Jones 

“JiHT“ 
16 

Jan. 

13 

IdontW Tear 

ago sgo 

Spot — 

Futures 

349.36 

1338.68 

330.20 

339.62 

356.43'384.49 
324.891378.17 


(Average 1914^546=100) 

MOODY’S 


Moody’s j 

Jan. 

16 

Jan. Month 
13 ago 

far 

ago 

Sole ConuntvS 

3SB.7 

898.26 

383.61 

876.5 


. Sales: 3.4XB-(1441) lota xtf. IS tonnes. 

Ma rwuttoaal Cmoa ' Oigadnttou (U4. 
eems per pound)—Dady price for Jan. U: 
IM40 n«L0S). indicator Prices Ju. it- 
Iflday average UflJB ; (1904U*. SUay 
average 24Z43 a<L52). . 


B. Suffoto 7940. KJS. Scotland 7248. ___ __ 

The U.K. utOnetarr cod&dem for tha SYDNEY GMffASY—One do __ 

week beginning Ja nu a ry *J wfil. re mala borer. acQer, bustoeas. sales)—Mien small - plaice 04013.79: Ahmed dngflffii 
unchanged. nmrKt-March 316.7-3874: 3384X04: (large) £7.06, medium iS.00; lemon soles 

EEC IMPORT LEVIES—The fODWriK *“ '* -- *. 

levies and prentiunu are effective for . 

January 17: In order, current levy ulus 354.A3SS.4; 

Tfebl. March and April premiums. In 3S84: U. .—_ --- 

Hutto of Account per tome (wtib previous 7. May W Mwf *454-346.91 J, 


Cotton— uwrpeei. Soot and sup- 


ctmrKWMarm mu ltb tn ihuaci u,w> uinuuiu lemou iwpv nanr ■miummi mm . *- - z 

in. May M344M.C S445Al34flfjS M-90.ET46: rocMA £2L26-I349: reds £1-50- g^L'Hg tonn es.-repo rto 

K oSWssSf Mthciijo. ^ raWSL^SSSF 

2SLMSM; 28. Dec. 3SB.Q-3&2; ★ ShSa Ri iU ttKtO p in anceL 

£ b s^sT b ?.srassasra S3? ® sswss & wssJfSS 


US. Markets 


Soyabeans 
grains and 
copper slip 

NEW YORK, Jan. 16. 
ALTHOUGH GOLD advanced, soyabeans, 
soyabean meal and soyabean oil all leU 
sharply, panly as a result of technical 
market factors In Chocago. Neu-s of the 
record 1)4. main- harvest depressed 
wheat as well as feed grains. Copper' 
was weaker la all forward positions.' 
Cocoa fell in line wnh (he movement In' 
London, ow staff reports. 

Carea—March 143.15 1 144.10 1 . May 13145 
(132.06). uly 136.36. Sept. 13X65. Dee. 
120.45. March 117.53, May 118.16 KIIB. 
Sales, 828. 

CsOte—"C" Contract: March an.Ofl. 

261.58 1198.05). May 187.l»-18>.25 1164.23). - 
lily I7B.65-I78.9fl. Sew. in.50-lJ2.59, Dec. 
159.00, March 152.S0-163.00. May unquoted. 
Sales. 355 lots. 

Copper-Jan. 58.50 (59.40i. Fed. 5R.76 
159.69), Much 59.10, Mar 60.00, July 
61.00. Sept. 62.00. Dec. 63.48, Jan. 83.96, 
March 64.80, May 85.70. July 86.60, Sept. 
67.50 setts. Sales. 4.700 lots. 

Caftan—NO. 2: March S54S-U.34 (55.97). 
May 56.4fl5fl.45 1 58.591. Juy 57 56-67.66, . 
DO. S6.B6-58.B1*. Dec. 59.00. March 59.SA 

54.96, May 60.4fl6fl.S8. Sales. 315,600 bales. 
•Cold—Jan. ITS.GO 1174.90*. Feb. 176.28 

(17540*. March 177.40. April 178.70. Jnno 
18140, Aug. 163.60. Oct. 13640. Dec. 188.90, 
Peb. 191.60, April 194.30. June 197.10. Aug. 

199.96. Oct. 282.79 sens. Sales. 7.332 IMS.- 

t lunl Ch i cago loose 20.50 (26.23). New 
York prime steam 21.25 traded. 

ZMalxE—March 222-222* (2331*. May 

281-227 (228), July 2281-229, Sept. 229. Dec. 
2301-231, March 238. 

SPIatlnum—April 201 40-202.00 ( 201 . 00 ), 
July205.7tL29S.90 (294.76), Oct. 209.50-205.88, 
Jan. 213.40-213.80, April 21740-217.49. Sales. 
835 lom. 

SSUrer—Jan. 498.10 (493.76). Feb. 489.90 ' 
(500.20). March 503.10, May 508.00. July 
51548. Sepr. 52X70, Dec. 53440. Jan. 537.(0). 
March 544.96. May 552.06. July 55940. 
Sept. 568 40 sens. Sales. 9.000 lots. Handy 
and Harman spot bullion 498.59 (489.56). 

Soyabeans—Jan. 5795 (5931). March SS8. . 
587* (8011). May 593-394. July 5091-000, . 
Aug. 585-599, Sept. 550, Nov. 575-574, Jut, . 
581. 

USoyabcM Meal—Jan. 156.50 (1S140), 
March lj7.0d-lS7.Sfl uei.70), Mar 160.20, 
Joly 18340. Aug. 16440-163.50, Sept 16140- 
101.30, Oct. 159.00-159.50. Dee. lCt.flfl 
16140. 

Smrabaaa Oll-Jan. 2fl.Rfl20.78 (£1.2X1, 
March 20.93-30.95 (2149). May 21.08-21 03. 
July 21.15. Aug.'Sl.lfla.10, Sept 20.70. 
OCL 28.10-20.15, Dec. 26.05. Jan. 20.60- 
29.16. 

Sugar-No. II: March 8.31-9.33 ( 9441 . 
May 9.n-9.7£ (9.771. July 9.9S-9 94, Sept 
10.14-10.15. OCL 16.25-10.26. Jan. 1045 
aom., March 16.89-1045, May 11.03-11.06. 
SalM. 1.8^ 

■H*—5SS.Ofl569.O0 asked (SeO.SO affitefi). 
•■Wheat—Much 268-372 (rni). May 
275476 128311, July 281-281 Sept. 287-587*. 
Dee. 298. March 307. 

WINNIPEG, Jan. U. tt Ry*—Mar 
1M48 J10S.60), July 106.90 asked (106.48), 
OH. 107.60 nom.. Nov. 1M.D0 nom. 

npats—May 7B.60 (78.00 bid). July 
JS^i asked (7546 triced), Oct 73 80 asked. 

ISartey—May 7740 (78.00). July 76.18 
asked (78.60 srired), 0«. 75.10 asked. 

{{Fiaxsowl—May m.M (213.60 Md). 
July 214.46 asked (M640 asked), Oct! 
213.19 asked. Nov. 220,06 ariend. 

wheat—SCWRS U.E per CenL protein 
content df St. Lawrence 3931. 

All cents per pound cx-wmrebouse 
unless otbervlie stated. 39 per troy 
ounce—IDS ounce lots. tOticago loose 
Is par 100 lbs—Dent, of Ag. prices pre¬ 
vious day. Prime Steam f o b. NY bulk 
tank care, t Cents per 56 lb. bushel ez- 
varchoiue. S.DOO bushel lots. (u per . 
troy nance for 00 ounce units of 99.9 per 
cenL purity delivered NY. t Cents per 
trap ounce ex-wurehome. il New >*b** 
contract to Ss a short ton for bulk Ion * 
of 108 short tons delivered f.o.b. cars 
Chicago, Toledo. St. Lams and . Abon. 

** Cents per 09 lb. bushel to n«re 
tt Cents per 24 lb. bushel, n Cents Per- - • 
48 to. bushel ex-warehouse. #5 Gents per-- 
SO to. bushel, ex-warehouse. 1 .O 00 bushel 
lets. 


V 

















2(5 




financial Times Tuesday. January .iT f 3g$:-, 



PORT 


Long gilts unsettled by disappointing trade returns 

Leading equities neglected and index falls 6.7 to 474.2 


Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings tions Dealings Day 
Jan. 3 Jan.12 Jan.13 Jan. 24 
Jan. 16 Jan. 26 Jan. 27 Feb. 7 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 

* M New time " dealing* mar take place 
Irani ?J0 un. twe businut days earlier 

Stock markets made a 
disappointing start to the new 
Account yesterday with buyers 
preferring to stay an the sidelines 
ahead of this week’s economic 
indicators. Long-dated British 
Funds, already uncertain ahead 
of the December trade returns, 
turned down in inter-office busi¬ 
ness on figures which were well 
below expectations. Loose stock 
was about ail day in short-dated 
maturities, mainly reflecting tight 
money conditions, and widespread 
falls to j in this area were 
responsible for a loss in the 
Government Securities index of 
0.07 to 77.48, or L10 down on 
its January 3 level. Some nervous¬ 
ness was also being felt about the 
money supply figures due to be 
announced on Thursday. 

Leading equities were also dull 
aH day in the continued absence 
oF buyers. The volume of busi¬ 
ness slackened as measured by 
official markings of 6.474 as com¬ 
pared with the week-ago 6368, 
and the FT 30-share index closed 
with a fall of 6-7 at 4743, its 
lowest since December 19. 

Some outstanding features, 
both good and bad, again centred 
on second-line stocks which were 
reflecting actual and potential 
bids and trading statements. Rises 
and falls in FT-quoted equities 
were evenly matched, although 
the broad-based FT-Actuaries 
indices generally eased with the 
three main measures all falling 
by about one per cent 

A rise of 43 to 143.4 in the Gold 
Mines index was helped by firm 
bullion, up $2} at 8175} an ounce, 
and by a further improvement In 
the investment currency 
premium. 

Gilts volatile 

A volatile day in British Funds 
culminated with a distinctly dull 
trend in dealings after the official 
close. Separate ways were estab¬ 
lished immediately at the opening 
with the longer maturities extend¬ 
ing Friday's upturn, often by 
but the shorts easing on money 
tightness and an adequate stock 
supply situation. Apprehensions 
regarding the December trade 
returns subsequently brought the 
loncs back but the losses, which 
approached J net among high- 
coupon stocks, were regained just 
before the announcement of last 
month's trade balance. This dis¬ 
appointed and led to an immediate 
lowering of half-point at the 
longer end, but cheap buyers 
appeared and quotations reverted 
to Friday's list levels before re¬ 
acting finally in the late trading. 


Rallies m the shorts were almost 
non-existent and the tone here 
was especially dull with falls 
extending to 5 being apparent in 
the after-hours' business. Cor¬ 
porations resisted the easiness and 
gained i in places, while Southern 
Rhodesian bonds marked time 
despite favourable comment on 
the current peace talks. 

The presence of buyers, particu¬ 
larly on institutional account, was 
more noticeable yesterday than 
for some time past in the invest¬ 
ment currency market and with 
sellers reluctant the premium 
recovered further to close a net 
1} points higher at 69J per cent 
Yseterday’s SE conversion factor 
was 0.7953 (U3031). 

Anz firm 

The major clearing Banks 
drifted lower with the general 
trend. Lloyds lost 5 at 285p as 
did Barclays at 337p. Among 
overseas issues, ANZ moved up S 
to 245p on the capital proposals 
and accompanying dividend fore¬ 
cast. 

Insurances failed to attract 
much business and subsequently 
reacted. General Accident finally 
lost 6 to 23Op as did Guardian 
Royal Exchange to 244p, while 
Royals gave up 9 at 403p and 
Sun Alliance 14 at 580p: 

Breweries showed modest falls 
after a light trade. Allied finished 
1J easier at S3p xd, and Bass 
Charrington 2 down at 15Qp. 
Elsewhere, Distillers came back 5 
to 165p following Press comment 
on the company's marketing 
plans. Amalgamated Distilled 
Products, however. Improved 3 to 
39p on Press comment. 

Liner Concrete Machinery stood 
out in Buildings with a jump of 
7 to 37p following news of the 
bid approach. Manders, at 93p, 
recorded a Press-inspired 
improvement of 3, while Ellis and 
Everard were similarly dearer at 
97p. Howard Shuttering, on' the 
other hand, fell 6 to 26p on the 
first-half profits setback, while 
Magnet and Southerns cheapened 
3 to IMp ahead of to-morrow's 
interim figures. international 
Timber shed 4 to 127p as did 
Riebard Costain .to 264p. 

The disappointing first-half 
profits and the chairman's gloomy 
remarks about second-half pros¬ 
pects prompted a sharp fall in 
Allied Colloids, which closed 13 
down at 70p. Elsewhere in 
Chemicals. IC1 touched 332p 
before ending 6 lower on balance 
at 334p. 

Thorn ease afresh 

Still reflecting the profits warn¬ 
ing, Thorn Electrical remained an 
uneasy market and gave up 4 
more at 334p. Other leading Elec¬ 
tricals to' give around included 
GEC, a similar amount cheaper 
at 262p, BAIL 3 lower at 177p, and 
Plessey. 2 off at S9p. Elsewhere. 


JR, and A G. Crossland featured 
with a jump of 9} to 36 Jp in 
response to the bid approach. 
Other bright spots included H. 
Wigfail. up ID at 163p, and Elec¬ 
tronic Machine, which finned 2 
to 23p. On the other band. Decea 
fell 17 to 483p in a restricted mar¬ 
ket, while Electrocomponents, 
339p, and Dale Electronic, 151p. 
shed 7 and 4 respectively. 

Afternoon details of the en¬ 
couraging retail sales figures for 
December cushioned tbe falls in 
leading Stores. Mothercare dosed 
4 off at l78p and Gussies A gave 
up a similar amount at 29Qpxd, 
while UDS cheapened 2* to SSp 
and Marks and Spencer 2 to 132p. 
Elsewhere, Allied Retailers 
receded 6 to I79p ahead of to- 


ing tbe interim results. Among 
Shipbuilders, Vosper moved up 4 
to I54p on renewed compensation 
hopes. 

J. B. Eastwood became a pro* 
minent dull feature in Foods, fall¬ 
ing 7 to 99p on the poor interim 
statement British Sugar, a firm 
market of late, eased 25 to 475p. 
wbile R own tree Mackintosh, 4QSp, 
and Bernard Matthews, 142p, lost 

4 and 5 respectively, Spillers, at 
31 jp, gave up 1] of Friday's Press- 
inspired gain of 2. while losses of 

5 were seen in Linfood, 155p. and 
Hillards. 223p. British Vending 
contrasted with a rise of 2J to 
33p with the help of Press men¬ 
tion. Associated Fisheries moved 
up 3 to 61p bn hopes that Britain 
will be allocated a larger slice of 


240 


220h 


200 |— 


180 


160 


140 1 



MAY JUN JUL AUG SEP OCT NOV DEC JAN 


morrow's interim .results. Martin 
the Newsagent, however, rose 
that much to 234p. Among Shoes. 
Strong and Fisher relinquished 4 
at 60p. 

Apart from John Brown, which 
finned 5 to 239p on Press mention 
ahead of the interim results, due 
shortly, the Engineering leaders 
were inclined easier. Tabes gave 
up 4 at 3S2p and GKN were a few 
pence lower at 265p. Elsewhere, 
Bla key's hardened a penny more 
to 43p compared with the proposed 
bid of 4ip cash per share from 
Centreway Securities, but adverse 
Press mention left Spear. and 
Jackson 2 cheaper at 118p. Brown 
and Tawse were favoured at 98p, 
up 4, while similar improvements 
were seen in Pegler Hattersley, 
170p, and Wolseley Hughes, 192p. 
Alcan Aluminium (U.K.) 9 per 
cent Convertible rose 23 points 
to £139 following the much 
improved results, dividend fore¬ 
cast and conversion details. By 
way of contrast. Adwest came on 
offer at 264p, down 6. Green's 
Economisers, 80 p, and Simon 
Engineering, 205p, fell 4 and 5 
respectively, while WeOman ended 
J easier at 49p. after alp, follow- 


the EEC fish resources. Other 
firm spots included J. Bibby. 4 
belter at 218p, and Bluebird Con¬ 
fectionery. up 6 more- to 159p. 

Brent Walker were active and 3 
higher, at 41 p following revived 
speculative interest. 


ICL good 


Miscellaneous Industrial leaders 
were near the day's lowest follow¬ 
ing tbe disappointing December 
trade figures. Turner and Newall, 
199p, Metal Box. 302p, and Reckltt 
and Column, 419p, all closed 8 
lower, while Beecham shed 7 to 
645p and Unilever 6 to 520p. Glaxo 
cheapened 5 to 5S5p and Rank 
Organisation were 4 off at 260p; 
the latter’s preliminary results 
are due next Monday. Elsewhere, 
ICL were contrastingly noticeable 
for a gain of 14 to 26Sp, after 
27 Op, on investment buying 
following an encouraging Press 
on the group's annual report. 
European Ferries were firm at 
U&p, up 4, reflecting comment 
about tiie planned £20m. Thames- 
side office development project, 
while Wilkinson Match, ar 202p, 
recorded a Press-Inspired im¬ 
provement of 5. A strong market 


last week on bid approaches, 
London Pavilion moved up 30 
more lo 390p on news that Mr. 
Victor Sandetaon had bid 350p 
per share. Fairbairn Lawson 
added 4 at 59p alter acquisition 
details, Harris Lehns were 5 
dearer at 62p and Robert McBride 
gained 20 to 350p in a thin mar¬ 
ket. Renwkh added 3 at 44p, but 
Madame Tnssands cheapened 2$ 
to 59jp as hopes faded of a higher 
offer from AW. Centreway 
Securities were quoted ex-scrip, at 
183p, to the new II per cent. 

Preference Issue: the latter 
opened at 99jp and closed at 
101 Jp. 

Dealings were resumed yester¬ 
day in Pride and Clarke follow¬ 
ing (he offer from Incheape; the 
shares opened at 322p and closed 
at 5l5p after a fair turnover, com¬ 
pared with tbe, pre-suspension 
level of 267p and Inch cape's cash 
alternative offer of 525p a share. 
P and C’s 4.9 per cent. Cumulative 
Preference shares were marked 
up 13 to SOp, while Incheape 
closed 3 cheaper at 382p. Turner 
Manufacturing, at 97p, recouped 
2 of Friday's reaction of 7 which 
followed the results. Braid moved 
up 3} to 43jp on the increased 
earnings, while Press comment 
was reflected in both T. Cnwle, 

2 up at 45p, and Associated 
Engineering. 2j harder at 124p. 
Heron Motor hardened 2 to 95p 
in front of to-morrow's interim 
figures, while other firm spots 
took in Dowiy. 4 better at 171p, 
and Adams and Gibbon, 6 to the 
good at SSp. Lucas Industries, 
however, contrasted with a fall 
of 7 to 263p in line with other 
leading shares. 

Weak recently on the down¬ 
grading of the Claymore and 
Piper North Sea oil reserves. 
Thomson remained unsettled and 
fell a further 19 lo 625p. Daily 
Mail A receded 3 more to 330p 
in sympathy. In Paper/Printings. 
Mills and Allen International rose 
7 to 122p in response lo renewed 
speculative support. 

Oils quiet 

Activity in the Oil leaders 
lessened considerably with British 
Petroleum, 808p, and Shell, 508p, 
retreating 6 and 7 respectively. 
Royal Dutch, however, improved 
l to £36i helped by dollar pre¬ 
mium influences. Revived specu¬ 
lative demand raised Siebens 
(U.K.) S to 298p, but Oil Explora¬ 
tion remained a poor market and 
cave up that amount at 268p. 
Overseas issues were noteworthy 
for a fresh rise of j to £15} in 
Ranger OiL 

Property leaders gave ground 
and tbe easier trend continued in 
the late dealings. Land Securities 
ended 4 lower at 220p and MEPC 

3 cheaper at I27p, while English 
.recorded a fall of 11 at 43p. Else¬ 
where, iVfidhnrst Whites 
responded to favourable week¬ 
end Press mention with a rise of 


a penny to 35Jp.' Regalias, too, 
were in demand again ahead of 
Friday’s annual results and put 
on 2 further to 15p. McKay 
Securities moved up 5 more to 
lS5p. while Dorrington improved 
afresh to 619 on speculative 
demand before settling at 59Jp for 
a net rise of Z. Carrington, 94p, 
and Falrriew Estates, 106p, rose 
3 apiece. In contrast. Great 
Portland drifted back 4 to 320p 
and Stock Conversion eased.: a 
few pence to Z58p, 

BET Deferred. 6 off at lOBp, 
were exceptionally doll in lack¬ 
lustre Investment Trusts; - the 
interim figures are due on Thurs¬ 
day. Financials were notable- only 
for a reaction of 5 to 9flp in 
Kafcuxi after the interim figures. 

In Shippings, Furness Withy 
reacted S to 342p but Walter Rxtn- 
riman edged up 3 to 109p on yield 
considerations. 

Textiles had two principal 
contrasting movements in RKT, 
up 3 at Tip, and John Bright, 3 
cheaper at 39p. 

London Sumatra stood out in 
Plantations with a rise of 9 to 89p 
on small buying in a thin market, 
but Guthrie declined 6 to 2Xlp' 
with the equity leaders. 

Financials were again featured 
by tbe strength of Gold Fields, 
which touched 198p, prior to 
closing 5 better on balance at 
197p; shares in the group's. 49 
per cent, owned GFSA climbed a 
half-point more to £11|. In addi¬ 
tion to the recent upward trend 
in both bullion and Gold' shares 
continuing bid speculation was 
again reported. 

Favourable Press comment 
lifted Platinums. Boston burg 
were 4 higher at 75p as recent 
heavy selling from overseas dried 
up. 1 . Bishopsgate hardened 2 to 

68p. 

Rio TInto-Zinc weakened 6 more 
to 174p following chartist selling 
and the general dullness of UJ&. 
equities. 

Golds move ahead 

South African Golds pushed 
ahead strongly reflecting the con¬ 
tinuing buoyancy of the bullion 
price, which closed $2.73 higher 
at $175,375 per ounce—its best 
dosing level since April 3, 1975. 

Shares regained all and more 
of the losses sustained on Friday 
with the Gold Mines index 4.3 
better at 143.4. Turnover was by 
no means heavy but persistent 
local Interest was followed by a 
good U.S. demand In late trading 
and prices dosed at the day’s best 
levels. 

Among heavyweights Rand- 
font ein stood out with, a gain at 
£31$, while others to show strong 
rises included Free State Geduid, 

2 better ah £13 and West Drte* 
fontein, J firmer at £175. 

In front of the latest batch of 
December working profits—those 
of the Barlow Rand group—. 
Blyvoor rose 14 to 305p and 
Harmony 11 to 357p. 


financial times stock indices 

-I J *a I i*fl* 


floraouiwot Seofc 
rue*! lotcraM—Mi 
tudnrtrt*! Ordinary —j 
Gold MtnwL—. 

Old. Dlv. Stott 
tiuning* r ttjffuinnj 
P/B U&Uo (net] ft)*— 

Dealing* marked—■_ 

Bqolty Hummer £n>— 
bfrglty'&«*»* “* 


77.48 77-6G 77.W 

__ mm' an n 


am 7tj», 77.M' TJ5* 

,3 boj»: bq.uo! w-od *ua\ dut 

J 4M.fi! 479.4j 4B7Jl! 48*5 «Mi. >74,4 

148.4| 1MJ' V lfifi-8 ;ilMt.UU 

B.B0: B-Bfij »■« 4,0$ 

17.031 l6-7»j tUI '-UIB JB44 

8.381 M8| «*« • 0-Mi 

o,fi»! ».87Bj -•.war 6,o« 

_ I -80.48; 78JS 89-89} 9855 «*», *45 

_ j i4.«W 1 4.087 14.899 -118 ^41 ,»5»l \t fiU 


Nt» 


Jto ajn. 4W.S. » am«M M } +»• * 

* spjsLinu. * 

utnaiUi'V.'H, SB ActivilT Jolr-De*. MO- 


HIGHS AND _ 

Inoa CohiiJUUm , 


s.e. Acrmm 


1977(78 


High 


70 AB 

{MW 
fiuA Int..-; «L87 


Oo»t. 


I (ft 1(73) 


Ind. Old-- S49j? 

| (M/9) 

OoiA Mine*. 



High 


197.4 

(S/l/M) 

. 100.4 

649.9 

(14,’ftT/) 


low 


49.18 

50.63 

<3;l)7M 

4S.*» 

(808/00) 


JnL to. 


1 174 JS ‘ 96.1 ! 449.3 j 43.6 
■ (18/101 i (l® 1 »ES('£’/7bV(2S/10» , 71» 


j 160,0 

t ladiMiMC-J 9B4.3 
1 Snerul»t(m...f 41A 
; total*- 1474 

i nut-KiiM'M 

; |R,(wuwni.J 809.0 
Spo-ai*tli«..J 48 . 6 . 
1 Tcw«-«.1U.0 


i fltf. 


OPTIONS TRADED 


dealing dates 

First Last Last For 

Deal- Deal- Dedara- Settle- 

Ings logs lion meat 

Jan. 11 Jan. 23 Apr. 13 Apr. 25 
Jan. 24 Feb. 6 Apr. 27 May 10 
Feb. 7 Feb.20 Nayil May23 

For rate indications, see end oj 
Share Information Service 
Monev was given for the call 
of G. R. Dawes. GEC, Grand 
Metropolitan, ICI, Celtic Haven, 


Coral Leisure, P 4 0 „ 
Thomson Organisation, Ji 
european Prop erty, Marks 
Spencer, U.K. Property, 
ment Securities, Onne I 

meats. Energy Services,_ 

British Land, British SypL 
Debenhams, T. Cowie, Hi 
Lovell and Burton A. Puts « 
done in Burton A and Tricettix . 
while doubles were arranged,’ 
Vole Catto, Ex call bur Jewatk 
and British Land. 


NEW HIGHS AND LOWS FOR 1977/78 


The rowowlna MCirrttln owned in the 
Share information 5orylco wjM MT 
ansieeo new HJohs and Lews for 1977-7B. 

NEW HIGHS (59) 

BIERS <11 

Amain. D'st- Prod*. 

BUILDINGS <41 

Countrvskfe ‘ ' F.F.A. Construction 

Ellis & Everard Jarvis ij J 

CHEMICALS (1) 

Wvsu 

DRAPERY 4 STORES 111 

** tne " ELECTRICALS (2) 

Cross land <R SAG.) WhHail iH.) * 
ENGINUKING IB) 

Alcan 9pc Conv. jackson (J.AH.SJ 

BaUev (C. H.» Ward iT. W.* 

Same Cons. West Broin. Sprlns 

Blakev's Wottelov-HoBhci 

Brawn A Tawse 

FOODS 13) 

tibbr (J.) British Vend Ins 

HI■»bird Coni. 

INDUSTRIALS <13l 


TEXTILES <41 
Corah R **■*• 

,s -’ 

Karcras , | ^ eRS]1AS TRADE RS |1» 
Nigerian to ^ 

London Sumatra ^ ^ 

Lanina 


NEW LOWS (9) 




AMERICANS <» 

Continental Oil Xonici 

TRW Inc. CHEMICALS «» 

NW ' I ‘ KY< SOUTM AFRICANS (11 

Primrose __ 

TRUSTS (1> 

U.S. Trust Fund 

OVERSEAS TRADERS (11 
BotihWkk m»oci M|iw (#j 

Patino N.V Cons Id. Murchison i -a 


Talbex 
The Time* Veneer 
Western Board Mins 
W'mnstr. Cntrv. Pros. 
Wills <G.» 

Wood lA.) 


French (Thos.) 

ICL 

McBride iR.» 

Monument Secs. 

Neil A Snencer 
Plastic Con-micflon 
Rowan A Boden 

MOTORS 1101 

Kwlk-Fit Hnron Motor 

Adams & Gibbon * Do. lOpc Conv. 
Alexanders J«suoj 

Braid Grooo Pride A CUrhe 

Cowie (T.) P-rmold, iW. J.l 

NEWSPAPERS 11) 

Utd. Newspaper, 

PROPERTY (Cf 

Control Sees. McKay Secs. 

Dorrlnoton Raolan Prop. 

Falrvlew Ests. Regallan Props. 


RISES AND FALL 1 
YESTERDAY • 


■rillsii Funds 
Carpoi* Dam. 

Faralso Bonds 
InduttHals 

Financial and Prnp. 

Oita .. 

P l a n ta Uo o s . . 

Mines . 

Recant Issues . 

Tela Is . 


and 


Up Down 9i 
- 29 


11 
217 
54 
? 
k 
« 

12 
454 


2 

294 * 

in ; 

i 

5 ' 

14 • 

fi • 
530 U 


BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 

Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of Ihe Far East. These are: 

AUSTRALIA NEW ZEALAND, INDONESIA, 

THE PHILIPPINES, THAILAND, MALAYSIA, 
SINGAPORE, HONG KONG, JAPAN and 
SOUTH KOREA 

Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks; the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions; merchant banking; 
investment banking; official and semi-official institutions; export 
finance; the money markets, the capital markets; and a summary 
of all short, medium and long-term sources of funds. 

Limp bound, 340 A4 size pages. ISBN O 902998 17 X 
Price £26.00 in the UJC $52.00 outside the U.K. 

Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4BY 
Registered in England No. 227590. 


FINANCIALHMES 

BRACKEN HOUSE, HI. CANNON STREET. LONIKIN EC4P 4BY 
Telex: Editorial 886341/2, 883897 Advertisemems: R85033 Telegrams: fin anti mo, London PS4 

Telephone: 91-248 XDOO 

For Share Index and Business News Summary In London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026. 

INTERNATIONAL AND BRITISH OFFICES .__ 


EDITORIAL OFFICES 

Birmingham: Oeorge House, George Road. 

Telex 338650 Tel: 023-454 0922 
Bonn: Presshaus 11/104 Heossallee 2-10 
Telex 8869542 Tel: 210039 
Brussels: 39 Rue Uunle. 

Telex 23283 Tel: 512-8037 
Cairo.- P.O. Box 2040. 

Tel: 938510 

Dublin: 8 Filzwillism Square. 

Teles 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4120 
frankfL.-t: Tm Sachsen lager 13. 

Telex 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 838-7645 
Madrid: Esprondceda 32, Madrid 3. 

Tel; 441 6772 ____ 

ADVERTISEMENT OFFICES 

Birmingham: George Hou se, G eorge Road. 
Telex 338650 Tel: 011-454 0922 
Edinburgh: 37 George Street 
Telex 72484 Tel: 031 226 41» 

Frankfort: fm SachsenJager 13. 

THex 16263 Tel: 554667 _ . 

Leeds: Permanent House, The Headrow. 
Tel: 0532 454969 _ 


Manchester: Queens House. Queen Street 
Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: (212) 541 4625 
Paris: 36 Rue du Seatier. 75002. 

Telex 220044 Tel. 236.5743. 

Rome: Via della Mereedc 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Sicqska Dagbladet, Raalambn- 
vagen 7. Telex 17603 Teh 50 60 88 
Tehran: P.O. Box H-IS79. 

Telex 212634 Tel: 68269K 
Tokyo: 8th Floor. Nihon Keizal Shimhun 
Building. 1-9-5 Otemaebi. Chlyoda-ku. 

Telex J 27KM Tel: 241 2920 
Washington: Second Floor. 1325 E. Street, 
N.W„ Washington D.G 20004 
Telex 440225 Tel:.(202) 347 8676 __ 


Manchester: Queens House, Queen Street 
Telex 666813. Tel: 061-834 9381 
New York: 75 Rockefeller PLua, N.Y. 10019- 
Telex 423025 Tel: (212) 489 8300 
Paris: 36 Rue do Sender, 75002. 

Telex 220044 Tel: 236.86.01 
Tokyo: Kasahara Bnlldbig. 1-6-10 Uchlkanda, 
Chryoda-ku. Telex J27104 Teh 398 4050 


.SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls wwldwjde or On regular subscription 
from Sulwcriptlon Department. Flnanaal Times. I^mdon. 


ACTIVE STOCKS 

No. 


Denomina- 

Of 

Closing 

Change 

1977-78 

1977-71 

Stock • 

tiqn 

marks price (p) 

on day 

high 

low 

icr . 

£1 

II 

334 

“ 6 

446 

325 

Shell Transport.. 

25p 

U 

508 

- 7 

635 

454 

Allied Colloids ... 

10p 

9 

70 

-15 

1001 

45* 

Beecham . 

25p 

9 

645 

- 7 

693 

372 

BATs Defd. . 

25p 

S 

227 

“ 1 

260 

202 

BP . 

£1 

‘ 8 

80S • 

— 6 

966 

776 

EMI . 

50p 

•• S 

177 

- 3 

254 

170 

GEC . 

•25p 

8 

262 

“ 4 

284 

163 

Metal Box . 

£1 

8 

302 , 

- 8 

364 

246 

Reed Inti. . 

£1 

S: 

138 

— 

233 

118 

Wigfail (H.) . 

25p 

. 8 

• 163 

+ 10 

163 

94 

Cons. Gold Fields 

25 p 

. 7 

197 

+ 5 

224 

137 

RTZ . 

25p 

7 

174 

- 6 

247 

173 

Racal Electronics 

25p 

• 7 

206 

“ 1 

270 

US 

Thorn Electrical... 

25p 

7 

354 

“ 4 

448 

196 


FT—ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of ActuanY 

, . • . - m 

and the Faculty of Actuaries 


RECENT ISSUES 


EQUITIES 


InNJC 

Price 

m : 


53 


S | £ 

'ilia 


1977/8 


Stock 


ifisk 


1 


High Ujw 


r.l\ - 1*70 ; SS& KHGO (HU_& 3 .. 
F.P. BD /1 | 125 j 109 Farm® (6.W.).., 

f.p. ' 87.1 ! aaig as 4 .m.i—. 


,;060 i + 6 j «&■ : — . 3.6; — 
.183 ; .....! 47.56, 2.5! 9.3’ 7.0 
4 59 I— l s I -r*.? D 8 7i 8.5' 6.3 


FIXED INTEREST STOCKS 



C = 

ST 

3 -5 

si* 

1977/8 

_ 

u!£_ 

5|- 

High | Loir 


5tock 




+■ .11 


3/a j 
25/1 
27/1 I 
5/3 | 


£sMU?iE50 
£100 I K.P 
£100 1 F.l* 

1.-99 |£60 
eUwi'P.H. 

iiovi) F.r. 

SIOJ P.H. 

910U 1210 
21 Ju r.p. 
tiou 

£1JU P.F 
lt£ 9 V F.P. 
a99li t.r. 
L-VBleiroO. 

- I h'.K [ — 
- - I F.l*. 27,1 
£9914 F.P. i - 
£99 U> £10 [ — 

1 r.P. 1 6.1 


oav«i 

108 


4Ul3}Mth nix, iveb. 
Ill 


29(3 

■r - 


9714 UutUfr If* 1966 ..... 

1 I *> [Central a Sfaeeraoort 10 $ Una. la. 1 %L.. 

6II4I o 7 i 2 fOnunpian Wet-1* 13SS _ 

M 1 t/rlgiBounawnr Variable IWk...... 

11*614'low N«le* I 9 H--- 

Sbbl 4 ; On. v% Lieu. 19 UL.-.... 

Lbip 1 U14 Kennnevon Jt Lbei>«a 113 % tfWfl.. 

U»ij, J97 0 Uol Uo. VnrtaMc *198... 

100 *)l Z |lieetl!. Vambit l»fe.____ 

luu 1 IOji s LeLesliW Variable _ 


M. ; 101 i a | IOOIj'Hi-i K«n Water 1% 1852.... 

— | »tf:J4! yi*i iSurak Hyilru /£% I 3 ».. 

bd | im s at. Heiena 19ab... 

597 In 39 b lbbar Inv. Flo. k,V. Jii'SGiiar. NutM I 99 j 

101 / 1 dbb'sliu Ktimiturt* ID® V'mim. Pruf........_ 

!lO 0 ,i .lOOrL ITameaMe Variable 1983 .. 

! 105 8 I I0i a | Do lOia-^ Ued-«4Ji ..... 

| lui| . iu?| jY'-rfc Tr»i ,-i 10% I'm... 


'10012/ __ 

54 1 + I4 
10114 + 14 

OL. I . 

6114;-*-I4 

V*SI*| -- 

t96i4j—I 
'b96Ul—1 

14 Sj, . 

iuut«l __ 

'Ivo 1 _.... 
1 IL . 

lour!.. 

S971* 1 . 

897 1+I4 

101ft)- 

lOOla+rfe 

lOta! 

1106 | . 



44 

RIGHTS” 

OFFERS 



ln?l»e = 3 1 

Laue-I 

Ueiiuac. 

| 1977/8 j • 


LHaIIIC 
Price ! 

fra: 


• 1 

1 Hmh ' I**' i 


u! ] 



nil 

V.F- 

F.P. 

III! 

ml 


95 
2i 
50 
42 
180 
lVI I m> 
12it. nti 
OV ; F.P 
6# I F.P- 
10 1 nil 
158 I EUl 
„V>./S oi< 
1712) P.P. 
66 | all 
ail 

j F.P. 
1 nil 
P.P, 
' P.P 


3 If 1 : 24/2 
iln-12.2 1 1 


6/1 


32 

Ij 

10 

164 

40 


10/5 

, 23,1' J7.-2 
24-2 10-3 1 
■ 15/1; 10/2 
[ 24/1 6/2 

IsHile #7.1: 
! 8/1 10/2! 
I 1/2 - 1 
26/1 9/3] 

I 17/2 3 3i 

123/12 lB/l! 

i l0 i l ! ~ 

lo.i< 

19/11 
IB/I4 


3/3| 
7 li 
1E/2I 
18.1! 

i I i -'7-11 


22jun Arllnetnn ll-l-.r. 

37 ; AiUt'Urunajn Onn.'rv . 

74 • 00 'Oai,<et«rm... 

toi.ni: cpm.Oin-Mv Bnjr.... 

321? i^Mi.-Conmi. U&tvlt «l An-»m>w.... 

K l ** luiiuairta __ 

•tmn, •|pMi4to»«rin k Bar«t«~:... 

hi - 34 J (ilKbum Pirtli Mn«l|. 

M | 71 - IKennin.- Mn»n» . 

27 t MD’ Xpm'tmUJC. loteroaKonal^. 

2 &iho Miurlitan... 

r^vov! ♦3pw:.1*u>«la. Bk. oi Aualrn!»*»., 

•iaij. -4 ;Ph« .hi W t. . . . 

17pm’ • 16pm Pivedy (\jrrei).-. 

7pmj& , 4|>niiK.<J.F....- 

itj i t- IMC- iuii Ul-^iWttv. .. 

inm] Him Miirta (ftw.). ...—. 

■yj 1 ■■Si lUt-i. i i(.-ntliii-.,... 

45 1 J*- cJ mniffl. 


.’ 26. 


IP;:::::: 

74 ,»5 

15j>ni . 

431nil 4-1 
I8j.ni 1 .... 
>4^™ •—»4 

78 ; ’“!!! 

27|hii Uj 
24pui;+ l 
46 um [ ....... 

42 1 ...... 

lBpoii_ 

7 pm + 1 

86 | . 

2|im: +1* 

288 i-1 
41 -1 


RtnBDClfilKm date uinallr last da? tor djyJlnc free of stamp liny. bFlaures 
based on prospectus estimate, p Assumed dividend and Yield, u Forecast dlvMend- 
cover based on prevlons pear's earnings r Dividend and vield based on prospectus 
or Old or affinal estimates tor 197S. q Gross r Figures assumed. ; Cover allows 
far conversion ol stores not now ranking for dividend or ranking onlj tor restricted 
dividends. 1 Placing price to public, pt Pence unless otherwise indicated. 11ssued 
by tender. 9 Offered in holders of Ordinary stores as a " rigtui" •• Rights 
bp way o( caplUlisailon. rt Mlnnnum lender pncc. . ?S Rcintrodih-ed. 11 Isna-o 
In connection with reorganisation merger or lake-over. . M (niroductiofi. 3 Issued 
10 'tormer Preference holders. - ■ Anoonenr lotion (or (ubp-oaid>. # Provisional 
or narUr-naW allotment led era, * with warrants. 


EQUITY GROUPS 
GROUPS ft SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 


CAPITAL COODSflTB)_ 

Bn riding Materials^ _ 

Contracting. Constnietion 0B)_ 
Electricals (15) ___ 


Engineering Contractor^ 13) - - , 

Mechanical Engineer!ng{72)___] 

Metals and Metal Fonaiag(17)_ 

CONSUMER GOODS 
(DUHABLB531__ 


LL Electronics, Radio TV (15)^ 
Household Goods (12)_ 


51_ 

61 

62 

63 

64 

65 

66 
ffl 
68 
69 
70_ 
71 
■61 
91_ 
99 


Udtos ond Dfstribut(ms(26). 
CONSUMES GOODS 

(N0N4MJBABLEX176)_ 

Breweries (14)__ 

Hines and Spirit (6). 


EnteitainmenL Catering (18). 

Food. Manufacturing flffl__ 

Food Retailing 06). 


Newspapers. Publishing (13). 
Packaging and Paper (15) 

Stores (38)_ 

Textiles (25)__ 

Tobaccos (3)_ 


Toys and Games (61 — 
OTHER GROUPS (97). 
Chemicals (20)__ 


Pharmaceutical Products (7)_ 

Office Equipment (8)_ 

Shipping 110)_ 

Miscellaneous (54)_ 


INDUSTRIAL GROUP (4MB 


Oils (41. 


MM SHAKE INDEX 


FINANCIAL GROUP HM). 

Banks >6)——_ 

Discount Houses (10)- 

Hire Purchase (Si_ 


Insurance l Life) (10)_ 

Insurance (Composite) (7). 

Insurance Brokers(10;_ 

Merchant Banin (14) .. 

Property (31)_ 

Miscellaneous (71_ 


Mon., Jan. 16 , 1978 


Index 

No. 


20753 

189.82 

33453 

444.70 

29251 

163.87 

Z6U3 


189.25 

224.80 

183.05 


13651 

19750 

21851 


23752 
257>28 
193.96 
198.67 
333.17 
330.98 
18858 
17355 
219.61 
104.79 
18952 
249.10 
25150 


131.65 


473*2 

201.74 


20355 


45456 


224.84 


17253 

198.00 

217J47 

16756 

142.95 

13459 


32250 


Investment Trusts (SO).. 
Mining Finance (4)_ 


Overseas Traders (IB)....— 


ALL-SHAKE INDEX ( 6731 . 


83.12 
24754 
199 J5 


190.66 

90.60 

276.46 


20951 



EM. 

BUbJbB 

Vldd% 

(Max.) 

Carp. 

TtaW 

Gross 

Div. 

Yield’S 
(ACT 
St 34%) 

Bat 
P/E 
Ratio 
INeU 
Corp. 
Til SB. 

%~ 

-0.7 

17.08 

5.63 

921 

-L0 

1623 

556 

8.81 

-0.6 

1733 

3.79 

839 

-IJ 

14.99 

3.97 

9.60 

-05 

20.04 

6.40 

633 

-03 

17.82 

636 

800 

-0.4 

1954 

8.77 

6.77 

-0.7 

17.62 

4.91 

* 828 

-L0 

15-68 

3.(6 

921 

-L0 

17J22 

6.48 

7.94 

-0.2 

20.74 

6.47 

722 

-13 

15.67 

5.78 

922 

-L7 

14.91 

6-06 

10.04 

-M 

1736 

5.81 

874 

-0.6 

33.% 

655 

10.93 

-LI 

2056 

5.47 

7.00 

-0.6 

13.64 

454 

10.67 

-L7 

9.80 

3.75 

1533 

-LI 

2035 

835 

734 

-L5 

1034 

433 

1537 

—03 

20.06 

7.64 

632 

—L2 

22.00 

8.20 

6.06 

+ 13 

19.70 

5.67 

6.79 

—L2 

1651 

5.78 

825 

-L6 

19.84 

6.72 

731 

-LI 

10.93 

3.93 

1L74 

-13 

1734 

436 

7.63 

+03 

20.79 

6.18 

5.70 

-L0 

1557 

638 

930 


Fri. 
Jan. 
13 . 


Index 

No. 


-15 


—1.0 


—13. 


-15 

-13 

+0.4 

-L0 

-L9 

-25 

-L6 

- 05 - 

- 1.0 

-03 

- 0.8 

-0.8 

-05 


-LI 


1651 


24.89 

1130 

1337 

2.78 

2337 


3.26 

17.21 

17.44 


5.48 

5.09 

535 

759 

4.65 

550 

5.98 

434 

5.64 

Z76 

752 


450 

6.47 

650 


5.43 


854 


633 

1353 

1133 

6752 

5.99 


30.70 

6.76 

7.27 


208.99 

1U.U 

336.59 

449.78 
295.06 
16457 
16L75 

190.61 
22751 

182.83 
116.(0 

199.83 
222.32 
24357 
258.75 
196.10 

199.78 
338.89 
13230 
19122 
17467 
22230 
103.40 
191.23 
2S3.06 

254.61 
13334 

472.62 


459.05 


TliunL 

Jan. 

12 


Index 

No. 


210.04 

194.04 

339.17 

45LQ6 

296.13 

16435 

HO 77 

19303 

23L24 

183.49 

117.44 

20029 

22053 

239.73 

258.86 

197.84 

198.99 

344.02 

13226 


22724 


174.74 

280.66 

21657 

169.46 

14556 

137.72 

327.73 
83.62 
250.40 
10931 


19223 

9L34 

27733 


2U.65 


19L91 

174.84 

224.89 

102.69 

292.16 

25450 

2S626 

13L22 

47253 


4583# 


Wed. 

Jan. 

11 


Index 

No. 


21139 

195.12 

340.18 

458.42 

29834 

164.73 

163.01 

193.97 

232.71 

182.77 

117.81 


20252 

22839 

24450 

26258 

199.09 

207.72 

35352 

133.12 

19231 

274.09 

225.88 


228.0Q 


174.91 
200.14 
216.09 
17055 
14579 
13835 
32837 

0431 

249.92 
109.68 


193.06 

90.91 

278.64 


21227 


10142 

193.42 

257.66 

25931 

13108 

472.18 


46130 


’ton. 

Jan. 

10 


Index 

No. 


21126 

195.76 

3^2.86 

45556 

299.12 

164.83 

162.60 

192.93 

23056 

18334 

117.66 

20L73 

2Z7J6 

243.52 


259.98 

198.69 

28758 

35232 


22958 


176.06 

20257 

218.70 

16851 

146.64 

139.91 

328.94 

8430 

249.34 

109.62 


192.13 

9136 

27853 


21350 


13337 
19L75 
172.83 
222.94 
100.78 
H2J6 
255.72 
25939 
129 J65 
472J9 


464.64 


lac 



22952 


174.86 

190.62 

220.41 

165.90 

146.75 

138.75 
339.49 

84J8 

249.84 

118.11 


193.72 

92.43 

am 


21343 I U 


FIXED INTEREST PRICE INDICES 


British Government j 

Mon. 

Jan. 

16 

Day's j 
chance 

xd adj. 
To-day 

xdadj. 

1077 
to date 

1 

n 

Under5yean>._-_ 

10939 

124.44 

-02S 

+002 

.804 

032 

033 

032 



4 

Irredeemables_ 

147.07 



037 

030 

.5 

AH stocks_ 

12L30 

-0.08 

029 

032 


FIXED INTEREST ■ 
YIELDS 

Br. Govt' Av. Gross Red. 


Medium 5 

Coupons 15 
_25_ 

High 5. 
Coupons -15 
25 

Irredeemables. 


10.08 
1136 

1142 _ 

1124'j ; HIM] 


IB 
16 
• 17 


20-yr. Red..Deb. ft Loans (IS) 
Investment Trust Profs. (15) 
Coral, and indl. Prefs. CJ0) 



Tliur*. | Wod, 
Jnn. I J«n. 
IS j U 


&3.19 J 62.08 
37.58 j 57.71 
78.34! 78.B0 


Tu«. 

Jan. 

10 

Hum lay 
•Taa. 
a - 

Friday 

Jin. 

' -6 . 

Thunk'IIS 

63.43 

5757 

78.53 

63.31 

6757 

79.91 

63.31 

5759 

77,71 

: .fi758j.'.4 

. 7759 I 6’ 

J. 


t RcdemptiM nd tavn r««-d. to** «■*» wrt valuu and custhnat ebsouss uc publbitod'In'siarf. 

SIS' «™ iram a, Pubitatara, o* Plnuda ^ BrX^ 

Lfltidvii. ECA price Up t by■ pm 22s> 









































27 



SlBandal Tinjes Tuesday Jaauaiy 17.1978 


AUTHORISED UNIT TRUSTS 


7 Unit Tot. Mgn. Ltd. (a) (*) ' Mlmfi Trtut-Cbutbmed ■ * • 
alehouse RtLAylasbuiy. «»wi .PwfcariooaL._K78I .*tt.9«d-L5! 







■ Capitol..: . 

• . interne.— 

-.intTrtFlU 

t Hambro GronpV (n) (i) .. 

■ » Hie, Hutton, PnfftWMxt Em. 

Hfil or Brentwood (COTT) aim® 

.4 Funds - 

.H-Ml 

:• ± Fund_fcj 

‘Inc_365 

M lnd. Dev. 313 

.'AptuU_MS 

" »Fund_102J 

jAcr.Fd... .fll5J 

,'■ Foods 

• •. tWFd_ 

come_ 

. .lnrj(__ 

trail Find* 

Unri 

• America,— 

. Fund.___ 

* it Fundi 

ra'sFd-w*.. 
r. Co’*Fd..W0.9 

C.tySltt-fe J 

^n.ACrdly._&8 
k* Earnings BU 
Smlr.CoX~l2W5 

MB Unit Trnst Managers Ltd. 

.. church St ECSMfiAA 036331 

■ an U.T.__ 145.7 ■ 49.0J -051 «7 

. / usher Unit MgmL Oft. LidL 

. . SL.EC2V7J*. 01-0230370. Capital 

' aihly Fond .|U5J> I73Jj _| Ud Ipeme 


PnemySutn - 
Shield— 



Status Change_ 

U*dvSn«gj_-—- 

The British Life Office LMLV (a) 
RBllBncf Hfie. Tunbridge WeHa.KL088233271 

■ -wa ig 

BL DUkhmd’ .1 ..._.Uo - 47.* .....1 8J5 

*Prie*» Jan. It Is" Pit defSnS <W Jon. 10. 

Brawn Shipley & Co. LULf 
Mugr* Founder* CL. EC2 

B5 Units Jan. 9_12345 

DO. (Afr.) Jan.0 SsJ 


Gartmore Fund Managers f (aMg) 

2. SL Mai? Arc. EC3A BBP. 

Ii lAmorican TSL ,I2L* 

British Tat lAcc.i-pe 1 


Commodity Share „g30J 
la Fta End. Trust.. STs 


High Income IK._ 

Income Pltud..S* 
I«a. Agencies-11257 


■9 


Perpetual Unit Trnst MagnStV (a) 
01-2839531 4#H«r1SLBe>Jcy onThsmea M0I26W6 
Z33to-6.1I 187 P’pctiMkiGp.Gth.—PU 40.701 ■—I 

53 8| -03( 148 

m3 -07| UZ Piccadilly Unit T. Mgre. LtiLV laWb) 
Wardfte Use, 50a Loudon Wall EC2 


1S.S34I 


IHUBl 




130 

■JO 

6.71 

300 


EltnlKHH. 
Small Ca'sFd- 


teUntL Tst lAeeJ 
Gibbs (Antony) Unit TsL Mgs. Ltd. 
33> Blcznfldd SL ECSM7TJL 01 JOB* 111 

<a>A.G. Income* 1*0J *3 


P31 

_.2 

ft! 


O1-00DB92O {^SSSC 


Print* Fund-J63 

Aceumltr. Fund-- U.7 
Tor hnolq g* PmrtL. 595 

American Fund” .. 228 


353 -03 
410 -03 
531 ...... 

SUN -9J 
48J -01 

■ffi* 


0.00 

Uu 

?■“ 

13 

3 00 
3.10 


Oceanic Traits (a) < 


S9=H JJ3 



SSiteg-^ra. BJU Practleal Co. Ltd,? &HO 

/r«U » * 44 Bloomsbury fhtWC LA 5RA 014838003 

„„ U»hn)f Practical Jm. I)_1J39JI U7«_| 4.M 

25 TI. London Wall, B.Ci 01-30888® AepWLUnhl_pSu ...4 <U9 

SJldrJan.B_PSSJ 3328)_( 2.01 

Bo. Aeeum. Unit_£W9.9 15B.H.j 2JB 

Krai deoHug day Ju. 20. 

Grievesoa Matu^anent Co. lid. —-bt--—. 

HGrrahamSt^BCSPZDS. 01-0064433 


7.46 



Peiformaacc- 

ISSSEsncrl 


Canada Life Unit Tst. Mnsrp- Ltd-V 

3J High St. PoOcra Bar.Bnrta. 

Cto.Gcnlat_-06.1 

Do.Can. Accu w -... gs.? 

Uo.Inc.Dia__ 

Da Inc. Aeeum- 



B^gm.Jaa. 11 
lAecunj. DnitB)__ 

ngt.itvjm.aZ 
(Accum. Units). 
Sndeav.Jan.iO 

. . . (Aeeum. Units)_ 

P. Bar 51132 Cmcliatr.Jao.13— 

Jg efMfe 

J |0 (Accuto. Units) 



Provincial Life Drv. Co. LULf 
222. BiabOfUgato, E.CJSL D1-247BS32 

ftolifleUnite-171^ 7^^ 3« 

PrudL Unit TsL Htagrs.f (a}(bXc) 

Hoi born Ban, SCTN2KV. 01-408633 

PndeaUA]_pMJ 121.81 -1<H 09 

OnOter Management Co. Ud.f 
The Stk. KichasCe. BC2W1HP. 01-8004171 

QuadrantCcn.Fd..000.4 11L4I „,.J 310 

Quodnui Incoma-[121.9 1».M4 7JB 


Cape! (James) MngL LtdV 

IpOOld Broad Sc, tCZS 1BQ 


.'' hunt Secttrities Ltd. (aHc) 

, coJL London BOtRlBY 01-2SSE381 


:Ri 

4. Kent doaBiif Jan. 


Prices on Jan. 4. Nsxt OoaUnf Jan. 18. 



^tiOSS 


icomoFd... 112.7 

c. Fund_W.y 

a. Units) Mi 

#-dr»LUiaJ 54* 
Kl FUnd_. g.4 


1! 


traded 


a Units]— . . 

Fund-_, XJL0 

Iky Fundg 516 
.L'nitsW—Z2J 
trdrwOT.rtt 
■Op.Fd.tT 1M 

. 'Und-507 

Hi 

.i. 'Fund....'_534 

u ■J.UiUUj-— ».4 
I 1 '... Cth>d H 134JI 
I i”.n fc intl.FU. Mi 
*■ Wdncl.Uuj 16.4 
J':'-.. i Fd.—_63.4 

'll i-iMoii Tbea. tfWad. tThun. 
• I.;-:- ,1 dlga.—Doe. B. **Oec. 15. ‘ 

,,l i | i- l 


1. 


1. 




fS33:d IS 


203-0.41 

se3"::: 

■ «.7i3 ^02i 

m3 -b3 


-oJj 

_-,.7j -OS 
17.H -0.4} 


1020 

in 


CarUnl Unit Fd Mgr*. JM.9 (aKe) 
Ull&ura House, N*wc«*tl«- u pon -Tyns. 31105 

CarMoJ-.Ml * 67^ —..I 448 

DP.Aemm.Units-177.0 7?jd .. «48 

Do. High Yield. M)J 4*3^. 7.77 

DO-Accum. (Jnk* .1*9.6 52J| ._-J 7.77 

Next dealing data Jan. in 


Gunfiaa Royal Ex.- Unit Mgn. Ltd Reliance Unit Mgn. LtdV 
Royal Exchange, EC3P3DN. 01J28M11 RelUnceHrc.. Tunbnds* Wells. KL MC2 22271 

0X^86010 ^G^ardhlUTlt-IOtJ 09.4) -0.71 «5 g98«M>5» .. 

™ ~;4 4B} Henderson Adninisti»tiOH(aKi) - S3| .: 

Raylel£h -?^! ? 227300 Ridgefield Management Ltd, 

(gAu«nU iaa-_ —JjJ *g^ 1* PO Box410. BanhHso, Hanchstr. 0S1338B521 


5.05 
4 02 
402 


[stteaBi 


SJIt 

It 

sa 

33 

M6 
4.13 
US 
: ISO 
240 


Charterhouse Jtphrif 

1, PdmiMltrBow.ECl ■ 
CJ. lnmrnjrt-|. u pH n 

Aeeum. Units_ 732 

CJ.Incmnc.__ ju 

CJ. Bum FinE32 

Aeeum. Units _26.8 

CJ.Fd.Jnv. Tst— HA 

Aeeum. unit*_ 

Prlaej Jan. LL 


B7J 

Ntot d e a fijig 




.glHigh Income_g7J 

(gHne.4 Assets.^. W4 

itUntmulenl_ w>3 

JglNlh. Amerlesn _ Ml9 

01-3403809 JE-J™ Jaa.13_[ 75A 


Jan. 


Si) 

3*3 

7.95 

3« 

33 

344 



Rldgeaeid bn. UT.M.0 
Ridgefield Income. (S'o 


»S5|:::: j 


18 




XOft Chieftain Trnst Manager. Ltd*aXg) ^c^raaTr^l 


ICC«b«.__ 

Cabot Extra Inc._(.... _ 

•For tax raempt fundi 
Bill Samuel Unit Tst. Hgrs.f (s) 
45 Beech SL, EC3P2LX 
(hi British Trait— 
taiinl1Tru»i„— 
lg) Dollar Trust 


Rthebld. Jk Lwnds. Mgn. (a) 

St Swilhfu Lane, Ldn- BCA 01-8M43M 
New Cl Exempt—JUM . I2&.0J _....[ 3.60 
Price on Doc. li Next dealing Jan. 16. 

Rowan Unit Trust Mhgt. Ltd. 

Cttr-Cat* H>e, Fimbnry Sq, ZCa. O1-60S10M 


30/31 Queen St, BC4R1BR. 
American-- kuU.0 


5i . 


and lows 


•. 1 ny Unit Tst. Mgs. Ltd.? (aXe) JffiSiSSmi; 

('L- Ji HoTborn, WC1V7N1. 01-8310333. Basic Rrarco. 

Rjiti- y Fund-177.* 825^ . i L« 

mu Jan. A Next aub- day Jan. 18. 

: - ! j l]-«ys Unicorn Ltd UiXgMic) 

■’- ;l 'h I^.iiHo.252RomfordRd-ET. 01-5345544 
' l America.. 07 A 2071 -0JJ 257 

—-LACC _ 5U , 57.1 O-LT 

«.Jac-t23 4pn -WO? ___ 

ttal-63-5 &8J -t)J 4.47 

— 10*0 110.4 -05 ' 

ie.. 27.9 30J) -0.3 .... 

5S.0 *2.7 -03 5J2 

___gj K.4 -0J 5J82 

■in.joral- 29.9 32J -0J 603 



Rowan Am. Jan. 12. 
Rowan Bee. Jan. 17. 
Row«o Hr. Jan. 12.. 

(Aeeum. Unita)„_ 

RwnJIrln. Jan. ]&_ 
(Aeeum. Unltaj-.— 



2.18 

V5, 

7.10 

325 

325 


Royal TsL Can. Fd Mgn. Ltd. 

M, JenojTi gtrwd, S.W.I. 01-SS9S2S2 

MzdtiS 

Prices at Jan. lOToxt dealing Jan. 31. 


*wth Aec. 394 

mm Tit-SI* 

•r-.’.A'naTri—134.9 

m at Dee. 3). Next aub. 


■"'■"'■'SSfecKi, 

'.ffpdwidc Truat 0.9 


FdJtnc 

'll; um._ 



Save St Prosper Group 
4. Great St. Helens. London BC3P SEP 
83-73 Queen SL. Edinburgh EH2 8NX 
Dealing to: DK554 8899 or 031-230 7351 
Save St Prosper Securities LtdV 
latoraadaBtf Pvada 

agS z= rj3 

UnJv. Growth——157.* 


B- 



01-SU2D32. (hi Income Trait™ ,_ 

■" ts ©sjffas&gi 

4W InteLP (aKg) 

IS. Christopher Street. E.CJ. 01JM7TM3 

CtmfederaUon Ponds Mgt JUdP fa) intoL lav. Fund_Jtf-O »7id-U2| A50 

»pumc«TLane,TOAlHS OI^KOBE Key Fond Managers Ltd. (atfg) 

Growth Pond-|4ftX *X2\ —4 AM as, Milk SL, EGZVA37- - 01-0067070, 

Cosmopolitan Fnxid Managcn. S5?S!5Kft=£^"PR ■ 

CopUwUAva. LondonBC2R TJX 828B322 fKrf&ranrtFd- M*. 

c .Mhnii7j.-aMi-H.4B fete£M:gi 
Crescent Unit TsL Mgn- LML (*)(g) KeyasaliOo-aW-Su «7l-oJl * 

4 MelrUle Crea, Kdinbnrth a. <01-2264831 Klein wort Benson Unit ManagerSf 

Crescent Growth _ [26.9 2S.« -«JJ 415 70, Fbnchurch SL, E.CA 01-6238000 

—W* gJj+tU A50 O UnitPdLine._BC7 JLX I 445 

at*. Higt O aL —kij 7-M *ICB. UoitFtLAr_pOT.7 112J( ..._. - 

CreaReservex__W.9 , 4ZJB|.—-0L3I 4JS _ _ _ _ „ r \~ , UK Equity—--1432 

_ L St C Unit Tract Management LhLV Orawn ynow 
Discrettaunr Unlt.Pand Managers The Stock Erhuge. EC2N ISP. 01-600 2000 auope 
>«»«= { gg&K -__g« ^.-1 jg ^ 

Lawson Secs. LpL VfaNO 


3.48 

)K 

215 


hoMtaf bnw Fuad 

High-Yield_{54J 

no taswat Paada 
High Return — |g.s 


5M-BJ1 65* 


C7 Jri( -0 Jj 


47J| 


746 

7.8f 


Disc Income_ 


5J5 


4441-051 446 


V,. a Brothers & Co. Ltd-V taMx) OM Jewry, K3 

1 ■ ten bull Sl. E.C3. 01-988 2830 Crcff Wlncbrater-081 

Xext aub. dar Jm. 





A 91 
3.91 


13-d 

Seatblts Securities Ltd?' 


445 

294 

3M 

Ml 

7D 


KM 


J150J 1643) 

V V Mnd M,ri ¥4d * JWBOn S***- ^ WW Cooumxlity 

E. F. Winchester I™W*U1 es George St. Edinburgh EH2aid OU-aasOMl &ter*y - 

01-6062167 urmw Malarial* Q2I 35M _ J 7.75 Financial Soca.—.i 

__ = — 13.7J-r44J 7 .n gAceum. Units)_ 75 * -Ml ...._| 7.75 BKb-Mlnimum Fu4< 

Gt-Winch er 0'«cai)146 2*J>| -OJJ 538 *Groft-thFund_ _ 524 57.0) -O >25 5n)nrt IntnmnL_[2137 

. . *i Aeeum. Units)_‘SJJ - 62JJ -U1 >35 Select Income_ 

Emson & Ondley T*L Mngmgt. Lid VESi^JF**- S3 H — 

„ 20, Arllnsu* SL, S.W.L 01-4M755I §3 ™1 «* 

psgate Progressive MgmL Co.V Emaon Dudley THL^ciu 7JJJ 416 ^Hlgh Yleid7_„ WJ S3_1425 Seotbiu 

-muatc. ECJ - 01-5888200 "tAccum. Unitj) „ 67J _ 7211-1 UJ5 

T^Jan.io-0*5.0 I76.W.I 343 KflaUas Secs. Ltdp(a)(g) -• D«*i- «<«»■ •The*- ttlfcd. ftbun. -Rri. 

:."*Jaa.10—.095.9 264H I 343 41 Blahaoagate, EC2 01 rE 88 2851 Legal gc General'Tyndall FlDUlV Scot. Ex, G£h"4._D995 

Procraanre.-.-JM.7 *llj -0.4T 4J7 12CanyugeRoad.BriatoL —027332SU Jk 7 ^ ",J, TT 

MAJmnr, .BL2 JM) —J 4.0 *Pri 0 B at Dae. 28. Next mb, day Jm- U. 

_ (Actnun. Uaito—._B94 72fl 4.w ScUedngBr Trust Mngrs. Ltd. (aKz) 

Fuad Mana«enWa)(c) - ___ tomxporS TM6«t huw 

(0306)06441 

iZj+O 


■t - v.’Man.lO- 
(■■Jan.lO— 

... vim. Jan.__ 

jJan.4_0733 __ .. 

m iext sub. day Jan. 17. **Jnn. 



3.7* 
*60 
A27 

206.9) _I 232 

"T4I -J 6J* 


tlHamSLEC4RBAR 

' '^ S5i. ioc-t—^ 8 

Actt- g54 9 . 


) I 'Kgifc 

Inll.Acc.t... 


W 



Equity A Law Un. Tr. M.V (aHbKO 

AmcnhaaiRd. High Wycombe. .---04M33277 

01-6234981 Equity*Law-J 62.9 iOJI-*.*) A24 Lfwinc A l tm i n lftr atlCn Ltd. _ 1 < 0 ,SonthStreet,Dorking. 

__. ■ ., „ . ... V, 2 Duka SL, London WIM0JP. 01-4800901 Am. Exempt*_-111. 9 

Pr sm ilngtpn Unit Mgt Ltd. 00 LcaiHiL_gta tsj) -iu 5^2 _ Ka 

5-7,Ireland Yard.ZG4B5DH. - (B-U8SC71 LeoAccum.__f7L* 60.4) -0J) 451 Exempt )9gb Yld.*)254 


a Jan. 11/12. Deallnf *Tuct twad. 

»nia Trust Manageneat(aMg) 

«WjjUBuUdlni» ld^Ji-W^- Pixbam End. Dorttay,' 
.EC2M5QL 0M3SWTWM7B p W .^ia..teL7 

Do. Aeeum.—.. ,p3J 


Capital T*L— 

Income TsL- 

JM. Growth Fd.. 

Do, Aeeum.__ 

Friends’ PlrovdL Unit Tr. Mgrs-P 


IARF ISI 



671 

Hnd_1 

idity- 

r .— 

Is 

ncofDe.^.__ 

£1 

4*1 Sect, j_ 

General—... 

1 

pTmirth- 

SSteresT. 

gh'iec' 

i 

Sir.. 

imertean— 

ii 


7U -0J 
53J -03 
5&Sx -03 
73.1 +0J 
«.1 -83 

itti -#.03 

i7.3 ::::: 
723a -16 
1013* +84 

4Ua 
39 3 401 
■17 -0 2 
326>i -0.1 


20-4rq 


-0J] 


5*i 

S3D G-T- Unit Manager* Ltd* 

iS IL Flnabuiy Clxoui EC2M7DD 
j-S g® Capi Ine..—— 

o!tJ nc.Vd. Uu—. 

? ” G.T.TTjS. it Gan — 

G.T, Japan 4t Gen — 1 


Lloyds Bt Unit TsL Mngrs. Ltdf (■> 

Reslariur'i DepL. Goring-hy-Sea, u Income Did--40.9 

WmthTns, Wert Sussex- 01-6231288 Ine. 10* WdrwL—. H.6 

First(BslaedJ._1*9.7 53.4-0.4) 4X - 

- - ^.4 • 724 -fl J 42S tan*. Unite - DA 

4 522 -03 351 J***** I g dera—. 

12 62J -OJ 399 HUYleltf__ Z7.6 

793 85.4 -0J *00 PreLAG ihTrust- 237 

|uC* U4.fi -03 A00 P™PfrtjSbmns__. gL 

*22 -&J 7.54 SpertaisltTht-w. D6 

*14 -0.1 734 UJC. Grth.‘AceuBLF3S 


iT.lnfl . 

G.T. FourYdtFd_. 


fG. & A. Trust fa) (g) 
3. Rayleigh Rd, Brentwood 
CAA.-ttU 



~; 



mj .229.9 

■rir< 

1275 , LS3J 
103 8 U0 4 

'-o-V-i 

548 SIS 



Do.rAccumJ_ 

__ Second (C«pJ.. 

0063033 Do. (Aeeum.).,. 
b*f 432 Third On come) 

432 Do.LAceumJ_ 

- - Fourth CExIncJ_. 

Do (Aeeum.)_ —[_ . . 

01-0788131 Lloyd's Life Unit W. Mngrs. Ltd. 

340 72-80. Gatehouse RxL. Aylesbury- 02883041 

l« Equity Ac cum. —JM3.1 1513)-1 4JB 

230 M & G GftwpP (yXcXz) 

Ufl Tbrae Quyt. Toww BUL KC3R 8BQ. 01876 4880 

, ill '_See alio Stock Exchange DfmHpjts. 

730 


UJL Grth. Dot_fl93 


Nest sub. Jan. 25. 


ZIJ 

26.2 _ 

31.1 +0.3, 

443a -0.3j 

■ 43.4n +03 
253 —0J 

H^i! 

253 .— 

»J 

273 -Oj 
22.4 
ZU 


m 

■1* 


431 

9JS 

932 

334 

4.43 

445 

031 

2130 

204 

270 

523 

523 


JL Henry Schroder Wagg A Co. Ltd.? 

D1-CM03434I 


■lao.Cheepnide. EC2. 
QupimlJan.10.—)9U 
lAecuBp ..tnfcs 


American, 
(Aeeum, Unit 
Australasian 
(Accom Unite) 


(0777)227300 Commodity-- 
i n ii a as FAccuul Units) 


3S2J-0J) 43* 



- CLTVE INVESTMENTS LIMITED 

, oval Exchange Ave.. London EC3V SLU. Tel.: 01-283 1101 
>x Guide as at 11th January, 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital.-. . . 134.97 

Clive Fixed -Interest Income .;. 127.53 


CORAL INDEX: Owe 472477 


INSURANCE BASE RATES 

•t Property Growth ..:... 8 $% 

Cannon .Assurance .45% 

t Address shown under IntitnncQ smJ Property Bond Table. 


BASE LENDING RATES 


.-/*> 
i« 
i* - 


5.N. Bank .— 6 J% 

led Irish Banka Ltd. 8 J% 
.lerican Express Bk. S4% 

‘tro Bank.61% 

•■P Bank Ltd. 6 i% 

ory Aosbacher . 8 j% 

■; ico de Bilbao . 6 )% 

- ik of Credit & Cmcc.D 61% 

’ik of Cyprus. 6 *% 

• ik of N.S.W. 6 }% 

,.ique Beige Lt(U. 6 J% 

'. ique du Rhone 

. days Bank . 

■, nett Christie Lid.... 

;,nrar Holdings Ltd. 

.t- Bank of Mid: East 
•. wn Shipley .......... 

iada Permanent AFI 
J .;»ltoI C & C Fin. Ltd. 

v«r Ltd... 

■' .ta* Holdings.— 

.‘rterhouse Japbet... 

1 ;E. Coates . 

■\ solida ted Credits ... 
“'iperative Bank .... 

-inthian Securities..-. 

■?*dit Lyonnais. 

*7 Cyprus Popular Bk. 

>'ican Lawrie J.:.f 

- 1 * II Trust . 63% 

r lllsh TranseonL i.. 6 % 
e?»t London Secs. ... 61% 
f it Nat. Fin. Corpd. 9 % 
Vit Nat Secs. Ltd. ... 8 % 

I’-ony Gihbe.. 64% 

■<*de Durrant. Trust... 7i% 
\«yhound Guaranty... 61% 

tdlays Bank,.t 6 i% 

; :iness Mahon.. 6 J % 


C. H.oare & Co.t 63% 

Julian S. Hodge . 7}% 

Hongkong A Shanghai 63% 
Industrial Bk. of Scot 7 % 

Keyser UUmann . 6 J% 

Knowsl^r & Co. Ltd.... 9 % 

Lloyds Bank . 6 *% 

London <Sc European ... 83% 
London Mercantile ... .61% 

Midland Bank . 63% 

i Samuel Montagu . 61% 

I Morgan Grenfell . 63% 

National Westminster 6 }% 
Norwich General Trust 61% 
P. S. Ref son & Co. ... 63% 
Rossminster Accepfcs 61% 
Royal Bk Canada Trust 63% 
Schleslnger Limited ... 7 % 

E. S. Schwab . S3% 

Security Trust Co. Ltd. 71% 

Shenley Trust. 91% 

.Standard Chartered ... 63% 

Trade Dev. Bank . 61% 

Trustee Savings Bank 63% 
Twentieth Century Bk. 73% 
United Bank of Kuwait 63% 

Wfciteaway Laidlaw ... 7 % 

WilUams 4: Glyn’s ... 63% 
Yorkshire Bank .. ; 6 J% 

■ Members of the AecraUns Houses 
OenaniRM. 

* 7-day deposits s%, i-raoath deposits 
3)ti. 

t r-day depostTB on sum* of XtO.m' 
and under 5 %, no to ns ,000 31% 
and over £29.000 4}%. 

t Call -deposlu over n.OSO 3%. 

| Demand deposits 43%. 
f Rate aim anoties to Sterling lnd. 

Secs. 

I.lbros Bank ......... 6 *% g 7 ^, deposlu 34 %. Rates far Term 

.('Samuel ..B 63 % DepMlw over 0,000 negMJable. 


7 % 

63% 

81% 

7}% - 

63% 

63% 

61% 

9 %. 
7 % 

S % 
63% 
71% 
7*% 
63% 
61% 
61% 
6J% 


Oil war that never ends 

Wc British area jKacefhl pcopfe.'Whea awar is 
over we like to consign it to the histoiy books - and 
forget it. ' . 

But for some the wars live otu The disabled from 
both World Wars and from lesser campaigns, now all 
too easily forgotten; the widows, the orphans and the 
children -for them their war lives on, every day and. 
all day. 

In many cases, of course, there is help from a 
*4 pension. But there is a Jimit to what any Government 
" ! Department can do. 

This is whercArtriy Benevolence steps m. With 
understanding. With a sense of urgency., .and with 
practical, financial hdp. . 

To us it is a privilege to hdp these brave mea-aod 
women, too. Pleasovill you help us to do more ? We 

must pot let our soldiers dovm, . 

The Army Benevolent Fund 

for soldiers, ex-soldiers and th(«rfamihes m distress ' 

• Dept. FT, Duko of York’s 3ffl^LobdonSW34SP . 



(Aeeum. Units)- 

Compound Ciowth.M.9 
CoiP-anlQn GrowthJ470 

Dividend—.- - 

CAreum. Units). 

Boropnan, __ 

(Aeeum. Units)... 

Extra YleW- 

(Aceun. Unite). 
FarEaBtewi—. 

(Aeeum. Units)_ 

rood erf lav. Trts.. 

Caecum Units). 

(Aeeum. Unite). 

Japan Inconm _ 

^Accttm Unite)- 

(Aeeum. Units). 

Ml dtsnd 

(Aeeum. UnlW.L___ 

Racoveiy-{77.0 

(Aeeum Units)(773 

Second Cm. --(15*.* 

.Unite)_B73 



Unite) 
apcrisDied Fumds 


=BH 


S|:Si 

2*73 -i 3. 

82 . 0 a( 

2 KS-LH 
mol-o3 


(Aeeum}- . _ 

InctXQe W10__t7SB 

CAecum. Unite)_259.0 

GaparajJwi.il. 77J 
tArcnm. Unite)— 952 

Europe Jan. 12_1*2 

(Aeeum. Units)_28J 

’Pte‘CtayDac.80— lTLf 
■Spaeffcx.Jaa.II_ ZM-6 
■RKfwexy Jan41—pB2S 
•For tax < 


40.4 +01 1,92 

40.1 -f-02 242 
412 _... 222 
4U 282 
*7J . 524 

,7U -0.1 524 

1842 -ft* 321 
582 +02 42* 

U7.1 -0J 7.94 

nrt -Bj 7.w 

3.70 

■82 —02 S23 

sa ^ sg 

43J 327 

612 -03 428 

73.4 -02 4J0 
16*20 -I.C 

2531 -12 591 

104.7a -02 822 

170.3-82 822 

S 97 41 lS Security Selection Ltd. 

l»2ra-0H 422 14-19, Lincoln's Inn Fields, WCZ. 

Unvl Gth Til Are—© A 
UmdGthTKlne_ BD.7 


100.4ai .. 

ms .. 

^ :: 

OOJa .. 
99.1 .. 
27i „ 
302 .. 
1772 „ 
7233 ^ 
1884 


—I o* 
■ U 1 

ASZ 
3A7 
3.47 

180 
180 
385 
3A9 

4JM 


pt Cnadi only 

Scottish Eqnltable Fad. Mgt*. Ud .0 
28 St Andrew* Sq^ Edinburgh 081-5300101 

Income Unite-B0.7 SCO) „_J 520 

Aeeum. UWts-(56.9 M8| —4 5.0 

Dealing day Wednesday. 

Sebag Unit Tst. Managers Ltd-V («1 
TO Bax 311. Beklbxy- Hra, E.C4. 01280SOOO 

{abacCapita] Pd.-En.2 34.SI-0 J1 3A2 

Sabaf IncomeFH..(29.7 3U] -02| 


7.92 


*-« 


BK. 


_ 

(Aeeum.Unite)—.. 

Chari bond Jan. 10-, .. 
CharibLJan. 10_0472 


1189 


JH£I 




— 


S3S 

a 

■» 

42* 

6 JJ 

W-S 

728 


01-031 

JHd 


3.74 

3.74 


Stewart Unit Tit. Managers Ltd. (a) 

40. Charlotte Sq, Edinburgh. 031-2283271 


Standard Unite_B2.4 55L7I_J ISO 

Aeeum. Unite-6*4 Ul) ...J — 

Withdrawal Unite ^)02 46.9| _Z) — 

Stewart Brttteh Capital Fund 
•Standard —IP 1 - 7 1 - 

Aeeum. Unite_P412 UL 






—321 5.95 


Son Alliance Fund Hagt. ltd. 
SunAHlmteaRse,HonhapL 040364141 

&p2Sq.T»U»n_l 1 _f£2«J0 2UJMJ .._j 4M 


(Aeeum. Unite).._^ 

F«os. Ex. Jan. 16_(122S 

Mannlife Manag e ment. Ltd. 

StGaorce’s Way, Stavaoaca. 043856101 fThe Family Fd—|872 9251+0. 

QrowQ,Unite-^pljl 54J| ITS 

Mayflpwer Management Oft. Ltd. 

14118 Graduun Sl_ ECZV7AU. 01-6068000 

Jesa&fcB? wtrd » 

Hertnny Fniid Manager! Ltd. 

30,Czo*hamSt;EC3PZEB. 01-8M4S95 

J4etr.Gen.jM.il.. 



fa^UtUmn — 

Mere.lntiJan.ll_, 

AcemUte.Jan.H_ 

M*re3MtDee.2ft_ 

Aeeum.QtaJPec.2B. 

Midland Bank Group 
Unit Trnst Manager* Ltd-V (a) 


Target TsL Mngr*. LttLV (aKg) 

31, Graham St, BC3. Drallnfiw 02863041 
Turpt Commodity. [M.4 
TUrfrt Financial— 588 

Target Equity—-_3*2 

TurgefEx. Jan.ll_ JW5 
•Do. Ace. United.— g72 
Target GOt Fund— 1224 
Target Growth_290 

DoTtelnv. 1 Unite „ »2. 

Target Tnv. ——- 2SJ 
-lWHAfti Jan. 11 _ )S57 


Cqyne Growth PU. _ P82 


« 


431 -id 
3S8a -04 
2172 
287.1 

Tii^ 

23.9 

2 M . 

» - 


112| —OJ). 489 


434 
4.43 
627 
5.95 
5.95 
380 
4241 
LM 
131 
3851 
420 
1877 
»■» 


l House. Silver Strat, Head. _ Target TsL Mgr*. (Scotland) (aXb) 

SI 3RD.. Teh 07427BB42 J8l Athol Crescent, Edin.3. <Bt-22B0B2UZ 


r*Cen..W2 



16.7 -0J| 
34 * -02] 
3*7 


Do. Aeeum. 
High Yield 


25 Art 

52 « -O . g 
5fl.7| ~o3 
40,J +0TI 

i5f 

113.71 


Target Eagle— 

Tergal TOSae- r 

Extra in oome Fd—J 


TB’ 


146 

587 

982 


Do. Ae<mm.——fcli 

Equity Exempt*_0078 

£te,Aeeum*.--JIB 78 .. — 

'Price*-at Dee. 30. Next dealing Jan. U. 
Mhister Fund Manners Lid. 
MfaM«Hi*iArtburSLECA U-flStfiSO 

gasstsdH h 

MLA Unit Trust MgemnL Ltd. 


Trades Union Unit TsL ManagersV 

300, Wood Street, &H2. 01-0288011 

*89 TOUT Jan. 3._pL3 548) .„.J 4. 

30 a Transatlantic and Gol Sees. Ce.V 

an 91-00 New London M. Cbdnuford D3U 01651 


Barbican Jan. 12—.(7*9 

(Aeeum Unite)_U4A 

Burb^Ura.Dee.28. ELS 

BuekmJan.12_7*2 

lAccum Unite]_H7 

ColemroJan. )3_— 1202 
(Aeeum Unite) 142.0 

CtunridJan. 11_ 

(Acnim UnitB), 
Glea.Jan.10_ 

[Actum. Unite). 


OldQueenStreet,SW1HSJG-_Ol-BMTSa MartbwoJimlO 


MatnaT Unit Tratt Managcnf (a)(f> 

Copthall Ave_EC2R98tt. 01-604 4803 
SoC.PlUk— [ ... 

National had Commercial 

SJ-St. Andrew Square, Edinburgh 017-666 0181 

sasKtriss st |—j ts 

Cue Dec. 20 _Gm! U*3_J 32ft 

lAenm Unite)_G568 • fi£«_] 320 

National Provident lav. Mngrs. Iid.V 
*8. Craeeeltujtb St, SC3P2HH ' U-0S349M 
XJM.Olh.Uu.Trt—146,1 492al 3A3 

OccmUtm*—90 ..._J 385 
XPIVratTriirt_B»2 120.5 320 

(Aerum, Unite)**—fi 200 X27.M_J 320 

”Price* on Dee; SO. Next deeling Jan. 38 
1 . 'Price* Jan. A Next dealing Jan. UL 
NMUul WertnbMierVW 

nSJi TBJs —03t J?n 

W SS=tl Si 

38.4 -oa *32 
732 -M 4.7Z 


/no Gwth. Jan. J 0 _ *8.7 

(Aeeum Unite)-592 

Van’HYJan.iO_718 

VMgTteeJsa.il- 07 

(Aeeum. Unite)_442 

WlekmorJaa-lX.— M2 
(Aeeum.Unite) ..IW.9 
WlcfcDtv.Ju.lS—K62 
Dp, Aeeum. ——173.0 

Tyndall Manager* Ltd.* 

586 ISLCanjnge Road. Bristol. 



03713ZE41 


lMom*Jan.ll. 
(Aeeum Unite). 
Cap-Jan. IL. 



Fttrifalloiav.RL— 

NEL Trust Manager* Ltd.? (aKg) 

MlKoo Court, Dorking. Surrey. 

tSSSSassi-Bi S3 ^3 S 

New Court Fand Manager* Ltd. fg) 
T2«.Grteh«j»e7M,AyJeri>utS’- DBWBM 1 

iitai Is 

N.aintenaLiBe-RM 73.ri +O 222 

N. C. hiteraaL Acc.. ptJ ^73.7] 222 


(Accmn. Unite._ 

btnx Dec _ 

(Aeeum. Unite);_ 

CsByngeJaa. 12— 
(Aeeum Unite). 

LoL Bun. Jan. 11_ 
(Aeeum Unite)— 
ScoLCap. Jan. U— 

(Aeeum. unit*)_ 

eeot btc. Jan, Il_ 
learfan well Gimj 
C apital Growth, 

Do, Aeeum... 

Extra Xnc. Growth— 

&232W 

Do.Aeeum... .. 

High Inc Priority- 

»«seiaaffi?- 



TSB Unit Trusts ( 7 ) 

ZL Chaniry Way. Andover. Haste 


Dedhtga fa.OaS* BM32-3 


(B046SU8 



'iSemm, 


fLc.Smid.FA— |MU ^2384).-0 Al 421 (W Do. Aeeum-|7*A 

Norwich Union Imsatnnce Giwap (b> Ulster BankV (a) 
P-0. Box4, xerwieh. NB13NG. 060322300 Waring Street. Beltert. 
GraupTrt.Fd.—(3432 - 3612J - 2 J( ATS (bJOkterGrawth 1 . [yn 
Teati Trait Manager* Ltd. (eHgXrt 
3M&UatHdIhera.WClV?EB 01-4098441 
Peed Growth - 2UI-62I 461 

Aeeumiha. - K&t gaS-l.a «81 

f£iiKiiSiL=;|i ■ ^31 a 

LAca«nunit*)—(4M :.4*2i-ff^ 430 
PdU««n Unite Admin. Ltd. (fXt) 


.023285331 
40.9) -02\ 449 

Unit Tnut Accotmt A MgmL Ltd. 

King William SC KXR BAR 01-6334061 


Siruunfain St.-lianrhurter 
PdkaaUate._;p92 


Wider Grawth Fnnd 

KiugWIlB*mSt2SC4R BAR 


iMsrartetMzz ga 


■ 01-0334031 

as 33 is 


OFFSHORE AND OVERSEAS FUNDS 


{Cml ) I y? it * d Fidelity MgmL & Bes. (Bd«0 Ltd. 

EertfcLBtl-TrtJCI) IUB.0 132.0) ..._J SJS 
Next aub. Jan. as. 

Australian Selection Fond NY 
VariteiOMJKtUnittra, tie Irish Young b 
OuthwalM, 127. Kent St. Sydney. 

US$1 Start* --—.^-51X -1-1 — 

. Net unt value Jan. 3 

Basque Bruxelles Lambert 

2. Rue 6e te Regone* B 1000 Brussels 
RepteFnmlLF—[1,944 2,004] +3| 


Fidelity Am Asa. 
Fidelity lot. Fund 
Fidelity Pae. Fd— 
Fidelity WndFd... 
Fidelity St«r Fda... 
SenwAilntnl.)— 
Senes B 1 PaetfteL 
Seriea D iAblaiai 


SVS1986 

SU.S17.fi5 

S3 

11261 


Kemp-Gee Management Jersey Ltd. 

1 .Cbariox Cross. Si Heller,Jersey 093473741 

Kemp-Gce CatfuI.IM, • 89 U.)~. 

KemM>e Income K.7 lii J 8.70 


Keyselex Magt Jersey Ltd. 

TO Bn 90. St HeUer. Jme*. (Enqtn-606 7070) 

Fooiclex-IFrUU UU!) -31) 3.180 

Kejvdexlnrt.£s*« *3 “ 

Keyialex Europe—Kj.77 42M 

JspnGth. Fund ,...|U4.B3 lUR 
Xeyielra Japan ,...k7« 817) 


821 


-4 - 


Bk. of Louden ft S. America Lid. Fleming Japan Fund SA. 

4060, Quart) victoria St, EC4 • 01-830Z) 13 ™ Notra-tiame, Ummbmtrr 
Atexaader Fund._.[ 5US601 j ri Flmg.Jan.il.—| SUH34.S3 J 

Net aawt value Jan. 1 1 Free World Fund Lt(L 

Barclays Unicorn InL {Cb. Is.) Ltd. JT 11 , 

1. Charing Own. 5U Heller, Jr*p. 053473741 ***■*> -1 SUS164.93 1 - - 

:d HS C - T - —mtm* Ltd. Ldn. Agu. 


First Viking Commodity Trusts 

0524 4^ B Lda t A«te^h^bif 1 4 Co. Wd.j Ga&tAuetl'Cap.—f OM.04 |.Vd07| 

39, Pall Ua]|, London SWI75JH- 01-^7657 

KOSKfeK n13 ::::J S fg-JSS 1 k 


478 

3.97 



7.0* 


1 Thomai Street. Deuslaa. 
GUI Fund 1 Jraieyr^S™. 


Gilt Trot Q.O.M.). ..lULM 12179) 
leiL Gen. Sera. Til 
F tertSterltni... 

Flirt Inti- 


Save A P rosper International 

Dealing to: 

3TBnadSL.SLneUar.Jmw 0934-30901 
UjS. Pel larrtraete lulled Fpwb 
pUr.Fid.ini ~t_..1934 112a 

Internal erf_1*13 U 

Far Eaiteni't.. . 0189 34.1 
North American-; 02 «9 m 

Sepro-i-pV511«! Ut 

flterHna-dcaamlnalrd FUnda 
Ctanne] Capital* '.1213 3 224 fed - 4 ) 2 J 1.78 

— Channel lalaiutee fi44* 152*3+1.8 419 

— Cooumniity—* ,. 1240 UOfl . — 

“ SLFM.Int— 1 ... 11227 129.3. 10JI 

Prteci on -Jon. 10 —Jan 4 . -—Jin. 13 . 
tWecfcly Dealt no. 

Schlesinger International Mngt. Ltd. 

-i-.!•£? «!.La Motto SL.SL Heller, Jeray. 03347358% 

-p«o 


JS*’3S=.| = 


fiAOL_ 

GUt Fd .. .. —. 

lull Fd Jersey. 

Intni.Fd.Lxmbrc 



__ ____ __ _ Eurinvm. Ldl F. 

•Subject to fee and withbeiding luti aU^^L^aMlS*’ L4mrf0 " aC= ' Otiertpayloe.-.— 


Klein wort Benson Limited Schroder life Group 

ao.FenchuithSt.EC 3 oi-oamo E »«rpii«Hotiie 1 PnrtMBcwth. 


*S 8 


070927733 


Do. Aeeum. 


J*!-. 11 - °- “"J sreetrasariSSsW.-iB.^. 

1 ThomaiSLiPougUt.IJJL 08344886 Anchor*B’Unite_805177 B8Z1 __I 200 

UnJcorn Aurt. Ext (37-? 3 IM —I SM Anchor InLFd-fftsjj* 3»4_| IS 

240 G.T. Benandi ltd 

Bk. ot Rarnntda, Front SL. Naalte. Bnute 

BerlTPBC F.-1 *37.17 I .....J 12.08 

G.T.tFd.-bussa -us) an 


Do, Ault, M) By-228 

Do.<Wr.PKlfle— 55.0 

Da. IntL Income — 


KBFurXnilFd_ 

SBlntl. FUntf __ 

KB Japan FUnd—. 
BLB. U S. Gwth. Fd 

Signet Bermuda_ 

•IWOodKDMi. . 


"\amJP 

u, 


820 


510 71 

[lS.U TS 4 - 5j0| 




-0 oil 


4.48 Interaaiteeal Fend* 

AZJ CEquity...-11013 10T.1) 

4-23 lEqulW—....._|U3.1 1203 

1.47 (FliMlmuest_bflll UO1 

1.19 jnxed Interest.. __)l028 1087 

B,b4 EMiumed__U213 129 C 

SHanaged-- B07.7 1X4.5 


•KB set as Loud on paying asents only- 


JL07 

190 


J. Henry Schroder Wagg A Co, Ltd. 

190, Cbea pride. E.C.2. 01-9684000 


3JO 


Biihopsgate Commodity Ser. Lid.' ba. h™, k™. 

P.O, Box«, Dou*) «», I-D-M. WS»V230n G.T, Alia F. _5YS721 MB .... J '2.61 

mB£ExA I "-I - G.T.BondFund_SUSHWl IS 


Lloyds Bk. (CJ.i VjT Mgrs. 

P.O. Boa 180. St. Heller. Jersey. 0534 27301 fiariin 
Uoyd*TUO ku ..^2 _496l.-74.3i 3.B3 Japan 


Next dealing date 70b. IS. 


Cheap S Jan 12..- SUEU62 
TraGsar Dec 31 —. SUS10174 >466 

Asian Fd Jan.0_R.’SHN UP . 

igFnd -IAL7S 112 ... 

Fd.Jao. U. . R.-SSM ilk .... 


:u 


S73 

520 


I-li¬ 

nt ’5)0 and —£ 1 . 00 . 


C0, S5as 8 i5sid 


Bridge Management LttL 

P.O. Box 90S. Grand Cayman. 
jrhaaU Jul B~—. | Y12847 


G. T. Mnnagement (Jersey) Ltd. Lloyd* International MgmnL S-A. 

ReyriT^Hrt.,<fal_amherte.St._HeHer.Jeriey CK TUJl 


Jm. 


G.T. Aaia Sterling.. |a088 J113|_| 

Bank d( Bermuda (Gufruey) LbL 
31-X3. Le Pallet. Guernsey. MSl-aiEflB 

Barry Pie Stria._pw.00 - 

Anchor Gilt Edxe .fOB 90 
f-T«t-- 


UoydateL Growth 
LleydrlnV Income. 


23 :d 


280 

*30 


0.94 AnchorbUiy.T«L.|228 


■ 2(084f .1 1.44 

rad 1 ** 


Britannia Tst Mngmt. (Cl) Ltd. 

SO Bath St, St Heller, J eraey. 

Growth invert-Eg.i 34 J 

jSKrXn«®jT«l'.W4 x81 

isdfr. 

Value Jan. 13. Next dealing Jan. 2S. 

Butterfield Management Co. Ltd. 

P.O. Bex 194, Hamilton, Bormudn. 

IS£SMi“JiS i?S::ri iS 

Frieea at Dec. 11 Next mb. day Jan. B. 


3, St. Italy Axe. London. EC3. 

M-uniu Gartmre Fund Most. (Far Eaat] Ud. 

ism ,wa Hutcbteon Hae. 10 Karceurt Rd. HJCone 
'—I rS HKAPae.D.Trt.-BHKUW IMg — J 13A 

.J H8 Japan Fd..-.HHauld i 

i *8® N. American TcL—busuo 1 
Xml, Bend Fund_pusnat U> 


1.44 MAG Group 

Three Quay*. Tower HDI EOR 0BQ. 01-40B 4SB8 

Atlantic Ex. lan.lQttuaxT L7U .t — 

Ex. Jan. i 1—JKIJS1B LM ... J — 

_Ex. Jan. 11 .... BVrt3S IBM.1 — 

01-3)3 333! Island-fl09.i 21*t(-0 4 9385 


0334736a 

151 


Gartmore Invest. Ltd. Ldn. Agfa. Aujge*Jmi.li.-- 6 jai 3 


1 Aeeum Unite) 


IU3.0 


1U.W -0.7) 1385 


GartmaM Investment MUt Ltd. 
P.O. Bex 32. DooElaa. loM. 
International Inc. .3218 
Do. Growth.-Q48 


0034*3911 

JH=I« 


Samuel Montagu Ma- Agts. 

114. Old Broad St.ECi 01 

Apollo Fd Jan.ll_ ISFH620 

JapfestDra 3I_.WUCIW 

tl7Grp.Dee si_use* 

117 Jersey Dee. 31.. 

H7JrsyO'ieMDei4 



Capital International SJL. 

37 rue Notre-Dame. UwabouK. 

Capital InL Fund.. | SVS1323 |-08D| — 

Charterhouse Japhet 
1. Paternoster Row. EC4 



Hambro Pacific Fund MgmL Ltd. 

3110, Connaught Centre, Hong Kong 

Far Eaat Jan. ]]_»J7 «»1.1 — 

Japan Fond - puSLO SDJ . J — 

Hambros (Guernsey) LtdJ 
Hambro Food Mgn. (C.I.) Ltd. 

F.D. Box 00. Gueraaer 0481-30521 

-W79(— 3 .90 

01-348 soon Ini. KqnPy—-toS9.7S 1UH 130 

+OJBI 171 tut.Sanriugs 1 A __fajsif) 10 ..... ISO Neeit Ltd. 

MUU 3.71 latSsrtnxx-B'._•“ 

*m Prices on Jan. 1 

* 1 * 


Murray. Johnstone (Inv. Adviser) 
181. Hope St. Glasgow,C2. 

•Hope SL Pd .. 

•Murray Fund 


Singer & Fried]ander Ldn. Agents 

20. Cannon Sl. ECA 01-5489040 

Detafonds .IDMZM1 27M*BJffl 719 

Tokyo Th. Dec. 29... j SUS298* ™ .TTJ 204 

Sorinvest (Jersey) Ltd. (x) 

P O. Boa 98. Sl Hellar. Jersey. 

American lnd Tit .1*19 *121*003 IS 

j c 5KS2^-:^ "M'n = 

Surlsvest Trust Managers Ltd. (x) 

48. Athol Street. Douglu. loN 0054 239)4 
The SUirr Trust _N90 10111 +1« - 

Richmond Bend 97. Jl9J 2 2U4I-13) 979 

Do Ei-ergrcvn-. fo9» 2S2.o|*17( 7.99 

TSB Unit Trust Managers (C.X.) Ltd. 
Bagatelle Rd., Sl Sarieur, Jersey. 09M7MM 

Jersey Fund - MS UM .... I 4U 

Guernsey Fung—(443 4**3 .-I 418 

Prices on Jan. It. Next sub. day Jan. 18. 
Toks-o Pacific Holdings N.V. 

Inti ml* Management Co. N V., Curacao. 

NAV par sharo Jan. 9 S17S4007 


St-Giasscw ct 04i«iwn Tokyo Pacific Hldgs. (Seaboard) N.V. 

Fund _j SUS988 I — I«lmls Uaoagenwnt Co N.V. Curacao. 

. -NAV Dec, 31. NAV per share Jan. 0. SUSS81. 


Negit &A. 

10a Boulevard ltoyal. Luxembourg 
NAV Jan. B— -.| SUS9.74 1 j — 


Tyndall Group - 053437331 

Hamilton. Bermuda, a SL Heller, Jersey. 


U5U0 in|:....) 2J0 
Next dealing Jan. 18 


CornhiH Ins. (Guernsey) Ltd. 

?<0. Bex ISI, &L Peter Feet. Guernsey 

lDOri.XUn.Fd.-PA3.0 1778]_4 — 

Delta Group 

P.O. Box 3011 Nassau, r 

Delta lpv.Ju.10_.pl81 1871 _4 — 

Dentscher Investment-Tmst 
Pestfaebmn Blabargaase 6-io SOOO Fnafcfurt. 

Dreyfus Intercontinental Inv. Fi 

P.O. Bra 173712, Nassau. Bahamag. 

avjuU -Jmaite mm. 4 _ 


Henderson Baring Fund Mgrs. Ltd. 
L92 PD- Bex M723. Nassau. Bahamas 
Japan Fd- 
Prices OO Ju 1L 

HiO-Sanmcl 

8 UeFehm SL. 

GuenmayTK.-|U18 1*18) -Uj 387 

Hill Samuel Overseas Fund S-A. 

37. Roe Notxn-Damc. Luxembourg 

|SUS1£83 ns*7q+084| - 


Bank of Bermuda Bldgs.. Hamilton. Brad*. 

NAV Dec. 30-j £383 I-1 — 


Old Court Fund Mngrs. Ltd. 



OverseasJaa.ll... n’5499 IMrt 

(Accom. Units)-RSUI lit 

TASOCJan.il-IUS7H 131 

3-way InL Dec 3S.„ svaZ-tTS 2US 

TOFSLJaa.ll- UM *5B 

(Aeeum. Shares)_C9.H 10.13 

TASorjan.il...7*0 • ISJ 

(Aeeum. Shares. 7*5 80.5 

Jersey Fd. Jan. 11... 191.0 MI* 
(KmJ.Arr Uts.»... 2*08 17*4 

36331 CUt Jan. 11 ... 1160 1U2 

231 (Accom. Shares*_142.0 144.1 

*- — U2.fi 


*80 


*00 


7.00 

1810 


Old Court Commodity FtL Mgrs. Ltd. 

P.O. Box 58, St Julian's CL Guernsey 04B) 26741 

Or. Cosn«toTtL*„. [125.4 132.91 ..j 1.71 

O.C. plir Cm. T«__]Sj* .2*M - 


Into^mud fticlflc Inv. Mngt Ltd. UfiSMAi 

TO Bax 6337, 56. Pitt BL Sydney. AusL 
Javelin Equity TsL.1S184 Ifirf _ 

JJC.T. Managers [Jersey) Ltd. 


Phoenix International 

PO Box 77, SL Peter Port, Guernsey. 

~ WH.4 - 


PO Bex 104. Royal TsL Hau. JencyOSM 27441 Intoi^Dollar Fuad^tllJS282 

JerseyExtnri.Trt [)»» 13081 . ] _ 

, as at Dec. 30 . Next sub. day ju 3L Propert y Growth Oversea* Ltd. 


Jrsy. Mu Dec.S_.n258 
Utd. Intel. Mngmnt (C.I.) Ltd. 

14. Mulcaster Street, SL Heller, Jersey. 
U-LB.Fiind-1 3US1O0 | .... | *26 

United Statee TsL Inti. Adv. Co. 

14, Rue Aldrtngar. Luxembourg. 

U.S.Trt.lav.Fnd.„| 5US9.60 I..| 6.9* 

Nat aaaet value Ju 13. 

& G. Warburg * Co. Ltd. 

30, Gresham Street, EC2. 01-6004950 

Cn.Bd.Jan.13.—,...] 

KnoyJnt. Jan. 13. 

Gr.SL5FtiDec.31. 

Mercury Ebd.Fd. 

Warburg Invest. Mngt. Jrsy. Ltd. 


HTOOLEC2. 01-000493 

8-1 5US9.lt I.f _ 

.13— SUE1585 I *0031 — 

Pel rlnW IB 543 !^ ZM ~ 


Emson A Dudley TsLMgLJny.Ltd. Jardrne Fleming A Co, Ltd. 

P.O.Box73,SL Heliar. Jeney. 0634*0301 46tb Floor, Connausht Centro. Hoag Kong 

EDiCT_J126.4 1288|.J — 


F. It C. MgmL Ltd. Inv. Adviser* 
1 0|La *prence Founteey HULEC4R 0BA. 

CeaUdJan.4-1 JUS44* I.| — 


JanUneErtn.TsL_.| SHKUJM 
Jardine J^a. Fd.jH SHK25L7U 

Jacriliw&EJL-( SOS11SO 

Jardine Phip.TsL-1 SUS10.40ri 

JanUnaFlwn.rnt T.| XHK&ISrt . .. 

NAV Dee. 30. •Bqulvalent JUSK.'/B. 
Next sub. Ju 16. 


3.45 

180 


36 IrUfa Town, Gibraltar. (Gib) 6106 j. Charing Cress, Sl Heller. Jsy. Cl 003471741 

VS. Dollar Pud _| 5US90.M j.j — CMFUd.Dec.S 8 -_]SUSUil Ul 


Sterling Fund ■ 


02981 


HI Royal Trust (Cl) Fd. Mgt. Ltd. 

XU P.O. Box 1M. Reya] Tri. Hie-, Janer-OSM 77441 

R.T. lnTL Fd-BUSUM 1.4H-02S 3.H 

R.T. Inti. (Jsy.) FkL. wl 15] 3.21 

Prices at Ju UNaxt dealing Feb. IS 



CMIl2d.Der.29_, 

Metals TsL Dac. 15 .f 

^CTlSjuU— fa.W 98 

World Wide Growth Management^. 

10a. Boulevard Royal, Luxembourg. 
Worldwide Gth Fd] SUS12J9 |*O071 — 


INSURANCE, PROPERTY, BONDS 


Abbey Life Assurance Co. Ltd. Credit A Cammeree Insurance M A G GronpV 
1-3 St Paul's Churchyard. BCL 01-348 BUI 120. Regent St, London WIRSFg 01-4307081 Throe Quays, Team- RID BC3B SBQ 01-6M 4385 

CJcCMngAFd-p2L0 13081 — Per* Pension—.-. B038 

Crusader Insurance Co. Ltd. Craw.Doporit-™... ms 

Vincula House.TewerPt.EC3. 0irt»803I - U7 - 1 . 

SgST&fe&aia’iW _ 

L Thread neediest, EC3L 01-9881212 Bunreatn lBond -. »A 

Bag)ell«d.UTriw_W8 5L7|-0^ 589 IS* 

Equity ft Law Life Ass. Soc. Ltd.? aL^SiFd.Bd.*.. 788 

Amend*am Reid, Etigh Wycombe 0«4 33377 M;*,- « J 

Equity Fd,--087.1. Ill 7)-081 - Fti- Bd.*- C.4 

Property Fd.-pL4 10*.7j —.7] — ,a gJ , rUBA --P ,J 


35.4 
198 

Property Fd...1388 

Property Act_144.4 

Selective Fund—— 84.4 
Convertible Fund.. 127.4 
VHenraPund— UU 

Pens. Property_1*18 

Pens. Selective-793 

Pens, Security-1338 

Pans- Managed— 189.7 

Pm*. Equity_15*0 

VlWFd.Sar. 4 _. 1195 

VMan.Fd.Set4— 1288 

UfaMMyFd.Sar.4-W5 


ices on *Ju 



Scottish Widows’ Group 
P0 Box902, Edinburgh EH105BU. 031-6330000 
InvPty-Series 1-199.9 99.31. 

— Inv. Ply. Series 5— 945 91M 

— Iov-Caah.Jan.13—. 1*1 30LB 

— RxUtTrJu4—1385 14*3 

— llfd.Pan.Ju 11— 247,9 25*3 


VBqnlty Fd. ACC- 

VFlxed Int-Acc.— 
VCtd. M one* FiL-Ae. . 
VIutLMuP&Aetn. 


Fixed Interest F._ 

—„ _ . _ ZEo *4 Solniisl Z Merehantlnvertow Aaaurancef 

i’siuatians^roiBaiiy Tun* General Portfolio Life Ins. C. Ltd.? c*yrdu 

BO Bartholomew CL, Waltham Cross. 

^ _ Parti olio Fund-1 12*2 1..) — 

01-437 3982 Portfolio Capital —[4L4 434 —-I — 

Gresham Life Asa. Soc. Ltd. gwByBW— 

2 Prince Ot Wales Rd.. B'moutb. 0202 7870H *- 

CJ. GUI Fund-01*0 12081 ..—I - EqulK PnttelZ 

Growth ft See. Life Ass. Soc. Ltd-V Cenv!^p 1 Pana. 


Prices at Ju M. 

Albuny Life Auunuoe Co. Ltd. 


WSJ 

3M5 



1456 

...a.. 


UlJ 

iMn , 


Mil 




N .„ 


1178 

Mae— 

2055 

215.1 

.eat.. 

172. 

■>TjB 



BTti" 

-lt „ 


BiTjlT 1 

. 

U8J 

Vj 

„„„ 

h«.7 




PreeLPamAec--. 

M'pfe InvJ*mu4cc- 

AMEV Life Assurance Ltd-V 


~ ln , Conv.Pap.Fd- 

WX3197I Money MrfcLB.- 

Mor. lav. Mu FdU 
Kar.lov. Pty.Bd. 


— Weir Bant BrajMJo-ThjuDet, Berks. Tel 34284 Mon Mta - 


32*7 

14*0 

103.8 

1428 

589 

147.0 

1X35 

167.4 
13*2 

287.4 


Solar life Assurance limited 

107 Cheaps kde. BCZV 8DU. 01-6000471. 

Solsr Managed S -.02*3 133.01 -0JI — 

Solar Property S— 1845 UOJ . — 

Solar Equity S-1558 1*1-2 -18 — 

SolarFxtL uiLS—1218 127J -08 — 

Solar Cash S-99,7 104.1 .... — 

_ SoisrUanaOed P__ 12*1 152.8 -Oj — 

"**7_Solar Pi- er^r P— 1045 110 ( .... — 

01-6600171 Solsr Equity P.-1538 1*18 -13 — 

8oJarFxd.InLP— 12*9 1275 -OJ _ 

Solar Cash P-165 284J ...... — 


Jan. IX 


Flexible Finance... 
Land bank Sees— 
Landbank Sc*. Ace. 
G. *S. Super Fd.—. 

Guardian Soya) 


0863 
56l 58 
IU23 117 
€9-0*7 
Kwhiaga 


m 


NEL Feuslous Ltd. 

Hilton Court, Docldni, Surrey. 
NefinBQ.Cap.__]79fc 8*‘ 

NeJ« Eq. Aeeum. ..(1165 11* 

Nelex Money Cap... His *5 

Regal Exchange, MCA 01-2837107 Nelex Mon. AccJMJ *7. 

Property Bonds—R57.4 U3.H .—| _ Next suh. day Jsn. 

^ Hambro Life Assnrance Limited V 
7 Old Park Lane, London, Wl 


9911 



Sun AD lance Fond MangmL Ltd. 

Son Alliance Housa. Horsham. M0364141 

ExpiMJaLJul 1-1058.9 16*71 .„..| _ 

XnLBn.Jan.IO-1 tlO.OO |.| _' 

Sim AD lance Linked Llfo Ins. Ltd. 
Sun Alliance Houm. Horsham 0403641*1 

Equity Fund MM 1 U14 

Fixed Interest Fd_ 

Property Fuad- 

International Fd. 

Deposit Fund 
Managed Fund — 


M5 

1034 

-0.4 

071 

203.1 


15.7 

ELD 

V 


95.3 

P4.B 

100.2 


91.3 

- 0.1 


AMEV Managed 

AMEV Mgd- -B'-[1015 

AMEV Money Fd.-0038 
AMEV MgdJ’BnJFdam.7 
AMEV Msd.Pen.'BWJ 
Fieri plan---[99-4 


^*8.08! - 
$2 


Ftxed InL Pep 

Equity -- 

Property. 


0235 

1*7.6 

ins 


Managed Cop-03*5 

Managed Acc-BM.9 

Overseas,,.——(ll*3 


0235 


Arrow Life Assurance autSdwrt 

» Uxbridge Rued. Wll O1-74D03U pSj5SePCu_D2*2 

i2«BS.a«£:K z 

Barclays Life Asa nr. Co. Ltd. 


2S2 Romford RlL, E.7 
Bare Lsy bonds*_.111*3 



GatEdgPensAce._M5 

Do. Initial-07-4 

Money Pens. Ace.-11*1. . 
Do. Initial... 


. Wl _ 

•Current unit value Jen. 


01-3345544 
124.41 _.J 
3145 -OJ 68 
120.1 -02 — 
1 D 2 J ...... 

LUU -0-4 
1022 + 0.1 
103.7 

1624 

1017 . 

U25 .... 

1028 

lots . 

16. 


PCn. Prop. Arc. — 2475 

Pern. Hu Cap- 2945 

Pen. Mu Ace.- 2595 

Pen. Gilt Edg-CapL. 1303 
Pen. GUt Edg. Aec.. 1351 

Pen. BA Cap.-1213 

Pen. B5. Ace.-13*8 


UM . 

17*3 .... 
15L7 _ 
1405 _.. 
172.fi _ 

l»j 

35ZJ +*3| 

SR4i 

215.4 -0.4 
2710 -01 
137.2 +18 
1425-Ul) 
3273 
142.fi 


. „ New Court Property Fund Mngrs. Ltd. 

01-4080031 SL Swithlns Lane, London, EC* 01-0314390 Sun Life of Canada (U.K.) Ltd. 


N.CLPr.F.DK.30.-11148 121.41 ^ — 

Next suh. day March 31. 


2.3.4. Coeltepur 5L. SWl Y SBH 

Maple LLCrth_I 1972 

NPI Pensions Management Ltd. g^LrgSfc Si 

48.CnceehurohSt_EC3P3HR. 01-6234200 PrtwLPnTPd._| 202.4 

Managed Fund-fl5U 157.4{.| — 

Prices Dec. to. Next dealing Feb. 1. 

Norwich Union Insurance Group 

PQ Be* 4. Norwich NR 1 SNG. 000323200 


01-8305400 


ManajwdFUnd 
Equity Ftind— 

Property Fund.,_ 

Fixed tot. Fund — 
Deposit Fund 
Nor. Unit-Jan. 13 . J 


3458 


2BS.9 

1*27.1 
12*5 

10L7 107.01 

IH 2055 mi 


214.91 -o.fi] — Man. Fund Ine. 


Target Life Assurance Co. Ltd. 

Tarxct House. Gatahouaa M- Aylasbnro. 
Bucks. ArleshturtinMi: 


-21 


OT^-OJj 


Aylesbury (0 


3041 


+M 


Property Series A- 9*4 
Managed Units 1545 
Managed Series A. WJ 
MaaatwdSerieaC.. »A 
01-0331288 Money Unite.UU 

1 1 _ Money Series 4-95.7 

I—■* FteedInt.Ser.A_ 148 

Canada Lite Assurance Co. ^5:31* a£™ iaj 

245 High SU FKters Bar. Herts. Mar 91122 Pns.Gtd.Cap.—_]1048 
Gnh.Fd.pec.3-—j 3» j — Pw.Gtd.Arc... 


Hearts of Oak Benefit Society «... „ 

Euston Road, London. Nwi 01-3CT ooxo PtMienw Assurance Co. Lid. 

Hearts of Dak_p7J 3581 .1 - 4-*KlnsWnMa»St-EC4P4HR. 

VH1U Samuel Life Assur. Ltd. wraim ai» leaij-081 - 

NLATwr.. Addtacomba Rd, Cray 0I-6S6 4399 Sb-r!kay 71,7 real ""I H 
♦Propert y Unite —1142.4 “ 1 


Beehive Life AiSttr. C* Ud.V 

71. Lombard SUEC3. 

Black Horae Bd-1 mil 


Betmt.Fod.Dec. 6. 



Mao- Fund Acc,„. 

Prop Fd.Inc.-1028 ...... 

Prop- Fd Aec- 12*0 

Prop. FtL Inv- *9.0 

Fteed InL Fd. Inc. 1105 UAL 

Dcn.Fd.Aee.Ine... 7*9 U2J 

Ref. Plan Ae. Pen. -171.5 77.7 

*43 

___1282 

ReLPlullan.Cap...JU3J 119.4 

GUt PanAcc_0395 147J 

GUfPoaCap -p4.1 14Lt 


_ n Ac. Pen. -|71.5 

mjembm BetPlanCap-Pen.... 59.1 

O1-GM0S7S RoUnanManAee... 12L1 


ZZ. 

Imperial Life Ass. Co. of Canada 

Cannon Assurance Ltd.V , 71255 

.OlympicWy„WemWeyHASONB 015028678 SSFd.isai 3 _Ej ZZi Z 

Equity Units-)Q*3l _ |-o(M| _ 1 


Prop. Equity ft Life Ass. Co.V _ . , . #I ,. .. _ _ 

110 . Craoferd Street.W 1 H 2 AS. 01-4800637 Transinternational Life Ins. Co. Ltd. 

MSUklVeo-M,—I 1513 I_I _ 2BreamBld«s^EC41KV. 01-4099487 

Do. gquliy Bd._-.__l JBL4 [—J — Tulip Invert. Fd_ [135.4 142 J 

Da Pk. Hay. Bd. FkU 15*2 l—.] — Tulip M.ntriFd.R088 1145 

Property Growth Assur. Co. Ltd.¥ Mm rant cap'!Ei 4 & 1201 

Leon House,Croydon.CMlLU 01-6800006 Man.Pen. Fd. Ace. .[1202 12*5 


130.19 

Prop.hond/E*«c_ 02.71 
B*L BdJKxooAJnll. 02.72 
Deponil Bund—.— 1093 
Equity Arena_U* 

Property Accmn. _ 0855 

Uncd. Accnm-]U30 

2nd Equity - ■ . — M.7 
2Dd Property—— 108 

jndManaitwJ-14.7 

2nd Deposit-952 

2nd Gilt-- W-4 

2ndjq PenaJAea. M.J 
*_ 'Acr.. im 

ted Hid. Pona/Aee $5,9 


i 


,2J3 -ofl 

1Dl7 . 
1008 , 
1008 . . 

UL0 _ 

9*9 -0.4f 
105.1 . 
ML5 -OJJ 
1015 „ 
1604 ,. 
395 .. 
Ml .. 

Current tfaln* JnouyUL 



Property Fund..H 
Property Fund (A).. 
AfrtcuBural rund. 
Aerie. Fuad (A)~. 
ASmyKaLFund— 
Abbey Nat. Pd. IA)J 
Inrostm«tt Fmd_| 
Invastment FiLtAl.! 

Equity Fund_ 

Equity Fund (A) _ 

Money Fund 


Unit Linked _ 

Menaced l^nfl - 

SOOOI :ZZ\ - M^Fund tA)^- 

Irish life Assurance Co. Ltd. cSSdFSSdZ: 

1L Finsbury Square. BC2. 01-6388253 GlltEdgad Fd. (AL. 

SSSKSb^K S3 zd i 10 

RSBt&lJB »a= JSVSHOT* 

King ft Shaxson TM VAUWeetberCap. 

SSMS-pxrw mm^rr Bv/I&E 

lawgiMitw Life Assurance Co. Ltd. Man, Puna. Cap, mj 
LanitaajnBi.lIolmbrookDr.NW* 01-303 S2J1 


Capital Ufa AssunnceV 
Cgnbten Hon* Cbapti Ash Wtea 

Key Invert Fd—- I 16283 

sr— --—* 10*67 


FrspPwa.Cgp.Uis, 
Biteg- Soc. Pen. UlJ 
BdtSoe.Cap.UL- 




31 


jSi 

S*7 

S i 




Trident Life Assurance Co. Ltd-V 

Renilada House. Gloucester 045230541 


— Ms united 


11201 


Gtd-Mgd ._-11522 

E^Sg/A^mcra';:: ns 

ILK. Equity Fund... 1041 

HighYield._149.9 

Gilt Edged_12*7 

Money—.- r - 1202 

Internationa]_- 921 

Fiaeal.--- 1211 

Growth Cap._127.8 

Growth Acc._UOJ 

Pens-Mngd. Cap— U3.4 
Pons. Mncd. Ace, — 11*1 
Pena.GtoJ3ap.Cap- UKL2 
PenAGU.Dep.Aec.. 1025 
Pena. Ppty. Cap— 1895 

Pana. PbTAro-1122 

THU Bond-- 39 .7 

•DndL GJ Bond _f 10*1 . - 

*Caah value for UilO premiu m . 


127.3 
UI 2 
1315 
011 

1111 -03) _ 
1492 
1342 
12*7 
«J 
13*7 

135.1 

137.1 
1212 

123.1 
10*2 
10*7 
11*1 
1185 

J7.7 


Charterhouse Magna Gp.V 
16, Cbequert Sq„ Uxbridge UB9 INE 
ChrfhuB teerzy _I®2 37.01 _ 

CtaxthM. Bonoy-— 212 30 ® . 

Chrthac. Managed, »B 40 n .. 

Cbritao. Equ»7—1** • 3*3 _ 

Magna Bid. Soc.™ 12**T1„ 
Magna Hanarad— UJ.t {„ 


Langtaam'A* Flan._ 

«SftaW=rf*. 

U 022 B 5 U Legal ft General (Unit Assur.} Ltd. Provincial Life AnnxtBce Co. Ltd. 

1 1 _ Klngswood Houae, Eingswood. Tod worth. 222, BlalHHMBale. E.CJL 

IrJ- 


Cash Initial-1153 

Do. Acctsm. 15.7 

._Equity InltUl—_ U5J 

SS18I Do. Aeeum._115.7 

Fixed Initial_1145 

So- Aeeum. .. U5S 

Managed Initial— 1154 

X>0. Aeeum. —— 11*8 


— Prop e rty Initial. 

— Do. Aeeum.- 


m 


loot + 0.1 — 
mi + 0.1 - 

1214 —OJ 
1214 -0.4 
12*7 +0.7 
12U 44M 
1ZL5 +08] 

m .1 

UOJ 

1004 


3-Way Dec. 22-, 

Equity Dec. 22- 

Bund Dec. 22._ 

01-2176983 Propmtypee^a— 
Deposil0ec.22._-, 
3-way Pen. pec. 23 
O'sena Inv^ Dec. 22_ 
Un.Pn-3WJaii.3_ 

Prudential Pensions Limited^ 

Holbora Ban-EClN 2NH. 

EquhJPd. Dec. 31._Jf23.07 2451 

FmLIuL D«c. 21__(S939 Jr^ 1 


Mil Fund 20 -0273 


Tyndall Asnmucc/Pen&ionsV 
18, Canynje Road. Brlrtri 037233311 

120.0 
152.4 
1682 
1802 

jas 


.Do. Equity Jan.lZI 

in , 1111 m.-, Do-Sand Jan. 3-_ 

01-4050222 JR,, frep.Jen.3_ 


20*5 

1 MJ 

515 


City of Westminster Assur. Soc- Ltd. 

RlngrteadHotae. * WhUahone Road. 

Croydoo. CBOWA 


Pint Units 
Propel ty Unite-- 




Legal a Genera] (Unit 
Exempt Cult Ialt. „«.J 

03 -604 SOS* EMMptEqtyTTnin J5.0 

317.21 .J — Do.Aeeum.--—-- K.0 

55.4 — Eaearpt Fixed I nit 95.0 

Da. A «un. , ■ cp fl 

City of Westminster Ass. Co. Ltd. Exempt Mngd. lnlt «4 

5SS“ SSffiSM* 

■ESEBOfcBfc 
JSSKStef BS m 
S’ 

PULA Fund .---J. 17*5 17l9f _L..| — 

^ ~ , ?s5£5r d ta ra B, ~ 


Cemmercial Uhlan Group 
Bt. Beien'c. 1 . Undaataft. EC* 

Variable AitAnUtaJ 
Do. Annuity UU„1 


10051 —J 
1«.I ...J 
100.0 _.J - 
10*0 —.4 
lfio.o 
100.0 
UOJ 

100.1 

UOJ ._.J 

Do Aeeum. .'-_)95.6. 1M5| 

Life Assur. Cft. of Pennsylvania 

39-42 New Bond St- Wl7 0RQ. 01-483 

LACOP Unite.-|UU 1M4| .—4 - 

Lloyds Bk. Unit Tit Ungrs. LW- 

71. Lombard St, 5CS. 01-0231288 

—11048 XHjq .....J 7.41 


D1-423MZX 


060222271 

.I - 


Prop. F. Dae. 31.. 

Bellanee Mutual 
Tunbridge Wella. Kent 
ReL Prop-Bda.-1 192.1 { 

Royal Insurance Group - 

New Hall Place, Liverpool. 0012274422 

Royal Shield Fd. _[U34 1*0.71 .| — 

Save ft Pr w per Granpv 


Vanbrngh Life Assurance? 

41-43 Maddox Sl, Ldn. W1K HA 01490409 


MangJKlFtf.- 

140.4 

intnl. Fund— 

Fixed Intent Fd— 

KJ 

172.6 

SSEFSxi—” 

1X5.1 


147.1 

-DJ 

2331 

-1.7 

678 

+ 0 .( 

1 U .1 

-04 

1421 


122.1 

.. 


Welfare Insurance Co. Ltd-V 



53.43 

17.10 


01-2837300 

1=1 = 

Confederation Ufe Xaftomnce Co. 

50, Chancery Law«.WC2A lRR. 

VEqelw Fund-- 

RSSStS^. 

H 

BM 
3724 


Ufe Assnrance 

12 Leadenhall Su EC3M 7L& 
lOt. Gth. Jan.0—U008S 
OpC5Prp.Jan.12_ 1224 12SJ 

Opc5Eqiy.Jan.i2_ 2204 in: 

OpC.3Hy.Jan.12_ 1594 ■ ujj 

Opt S Utm/J jn>83- 1428 141.1 .. 

Opt9DepLJn.lX.UM 12S.1t_ 



030357333 

For Star irate, toeen roftr to tIw LeidM ft 
MancbeMer Group. 


Managed Fen. Fd-_ 
P j uyai T j rPcn- Fd— 

VPTOtoctad in. FoLf 


O 1 - 2 * 2 ” 82 London Indemnity ftGhl. Ini. Co. Ltd. Sgasy&ttri 

aiupl • 103 -"3 r IBS*TheFocboiy,Reading563011, totOTJw.ll_j 

pox -_73.il :;:4 _ Sa-SSJ - 


4. GtStHeleo't Ladn-, KC3P SEP. 01-5M E8BB ^ , 

BaL Inv. FtL __1175 ™«-im — MOBdymaaw Fd. _1 URLI 

Property Fi--M2.4 

GJHFd._-122.9 

'-120.9 

1918 

racists 

. W4 __ 

p ^fe'S3ga. if 

Schroder Life Gronpv. 

EntnrprUa Houae. Pwumoirth. 

iSi§;£S£t?cz; 

EaaSSy 3 Jan.JI__ 


Windsor Life Assur. Co. Ltd.' 

1 High Street. Wlndaer. windier 08144 

Ufa Inv. Plena-IU.4 

Fufart«u3Md.Gth(a), 1 
FuntreAHrtGtlrfbi. • 4. 

Ret And. Pens. £27.75 

n«t Inv. Growth.. 10*4 


Windsor den 

m 1 


Mrr-Si 

Fixad Interest—U45 


Corn hill Insurance Co. Ltd. f &rawt nra 

3 XOanlriU.&C& ' • ' O14B69410 

9Sa68s&'.W=}- 


KASCvtSc.Jan.il. 
Mgid. (Tlx) Jan. H, 


— 

The London ft Mancbexter Ast. Gp.V " 

TtaeLaa*.Folkraloaa,Kent 090687333 KoShJJm.iL,— 

Dapoatt Jan.U 


rffl 


Inv. Treat Ftatto— 
Poverty Fond_ 


2146 

...... 

laur- 

«... 

174 

M1H1 

3448 

• #»a. 

2883 


.1295 


7U 



Property J»D-11 
Preperte3Jm81_! 
BGPnTCp, janj 1 _ 
B5Pn.Aec-Jan.ll_l 
MttPb.Cp. Jao.U_.h9M 
MltPn-Aee. Jan.ll- pififi 


l 



070027733 


NOTES 


Price* donee include $ Drank 

Indleauwl *•■ and are in neneei _ 

Indicated. Yields % (hows in lut eolomaj 
aUowfwelllwwteg«ipanMM OBvedpricra 
Include all expenaae. b Today a nrif*as, 
e YleW baaed on offer price. £ Eatl^te£ 
■ Tedureopeniraprlea. ifetribrim Irrm 
of UK- trarop Periodic ixemiiini inmrone* 
plant a SfcM® gssmwa innranen. 

s/assasiSmsKSBX 

aQ expenaet H botfahi throug>. manirnri 
* Precious dayti prfea. VNet H l*x ra 
roalliad capital satna unless indicated by a 
gOnenssOT gross, a Suspended, * Yield 
. bdore J eraey tea. 1 Xn-iubdhlaiistL 






























































































. J* 


Lpl 


' I 


Financial Times Tuesday January 17 1578 


28 


FOR YOUR COMPANY- 


CASH FLOW 
GUARANTEED 



corrtact-B. D. Kay 

INTERNATIONAL FACTORS KJD 

□ran Honsa, Naw Englanrf Road. 
Brighton BN! 4GX Tot (0273) 86780 
Birmingham. Cut HI Leads. 

London. MumAmk 


HOTELS—Continued 


FT SHARE INFORMATION SERVICE 


AMERICANS—Continued BUILDING INDUSTRY—Cont DRAPERY AND STORES-Cont ENGINEERING—Continued 


♦^BRITISH FUNDS 


1977-78 I 
High Lot! 


Stack 


It b] TWd 

i - jlnt| Bed. 


“Shorts ” (lives up to Five Tears) 

8.% 
102* 


rreasnrT 
TreasuryI 
ExdLSpc 
Treasury: 



84% Efeetrie 
B7>* Treasmy 


Treasury (%><:■ 
Treasury 3%pc77OTB 
Fowling 9«pc IMOttJ 
Exchtspierl3pc 19»fd 
Treasury ll%pcl981$t!] 
Treasury 3%pclM-8L. 
Treasury !P, pc 

Exch-S^pc HBl_ 

Stefa. 9*2pc 1981_ 

_ ExdL&CiaBl_ 

W, Treat Variable-81 
%U Exefa.]26pcttMM 



71% Treasury!! 

101% treason’ll 
95% Treas Vartab 
93% Treasury 8 s * pc "81- 
93% lExch.S'apclSa— 


102 % 


, 5.03 
110.97 
315 
441 
10.07 

3.66 
8 00 
927 
370 
549 

1191 

10.91 

323 

9.67 
825 
9.48 
3.42 
6.62 

1159 

8.64 

321 

1225 


6.65 

8.64 

927 


5.88 

520 

5.72 

6.99 

5.94 

654; 

7.84 

606 

7.83 

8.29 

599 

726 

927 

9.40 
665 

9.41 

9.47 
9.44 
692 

7.48 

926 
9.M 
717 
9.74 
7.46 
922 

927 



Five to Fifteen Tears 

82d| 


81% [EreLSpcTS 
95% Treasury 12pcl963tt_ 
"*% Treasury fl%pc "83 


5% Funding froc 

3% Treasury 7\pc ■■P 

9% Transport 3pe 98-88_ 

3% Treasury toe'8633—i 
■O 7teMury%rJ*a#J 
61% TrcasDiy8t.8I«W__! 
88% Treasury llipcUBjl. 
53% Fading 5%pc-87JgOT 
$6% Treasury 12V‘SMI 

89% Treasury lOpe 1 992_ 

89% lExdtl&pcYZteite 


105% 
11% 

Over Fifteen Tears 


9b 


8% 

67%ri 

74% 

113% 


3.65 
10.90 
928 
6.22 
8.89 
7.64 
8.75 
4.45 
, 685 
1142 
9.40 
HU 
792 
1148 
10.69 
11.45 


7.22 
9.48 
928 
7.96 
927 
828 
9 25 
728 
8.72 
10.91 
999, 
1103 
9.41 
1117 
10.91 
1125 



m 

& 

22% 

T 

468 

33% 

» 

1 

27% 

If 

22 

990p 


B 


11411£114 (£88 Akemens FUOO 
825p95 J3M AnSHarwya. 


87% 

tt05 

,03% 

1195 

£100 

1170 


&6B 
195 
£25% 

363 
£165 
27 
210 
m 

jg. 

4b 

•s “ 

g?* 

£103 
83 


88% [ 75% (5pc Stock 97-82. 


^CORPORATION LOANS 


100 

94 

107 

112 

102 % 

94 

3® 

l|/. 

85% 

79 

79 

fk 

100 

107% 


82 

81% 

93 

95% 

85% 

76% 

*>% 

79% 


9 


BjnnTum 
Bristol 7%pc 

(LLC12%pc 

Dal2%Kl683_ 

HasBowJ% ‘8082- 

He feSy eTMO_ 


75 


70% 

60% 


20 

76% 

84% 

90% 


Da&pcbred- 




'wp.ffjpeTMB- 
JJaM,pcw5s 




Do5«fflc77^1. 
Do 5%pc‘82-84- 
DaSJjpcBWL 
Do«Spc-8591- 
Da3pcT0AiL 


Middx. 5%pc 1880- 

Nw*atfle9*nc1M0- 
Wanrick 12%% 1S80— 


If* 


106% 

■f 

ll%tt 


101 % 

29%d 


mi 


74xd 
77 h) 
26 
93% 


+% 


+% 


927 

824 

1174 

1159 

922 

5.64 

M 

12.08 

6.49 

B 

5.95 

628 

7.47 

>23 

1174 


9.66 

925 

1029 

10.61 

9.97 
858 

6.97 
9.74 


12% 

126 


\1UU 

ao% 

P411 


636 

9-81 


7.84 

827 

9.87 

1601 


8.69 

9.45 

9.79 


COMMONWEALTH & AFRICAN LOANS 


100 % 

96 

gg» 

98% 

.96% 

■89 

94 

69 

92 


88% 

79% 


86% 

81% 

66 

85 

31 

47 


**Aust5>4>e 15-78. 
•*Do.5%pcTT-80—_ 
*’Da.5%pc2M2— 
«N-Z.4pcK7MB_ 
"Da. toe 7680. 

”Do.7%pc‘8M( 


Sth. Africa 9%pc9£8L. 
St fa . B h ra L 2%pc *85-70 
DaOpcTML_ 


100 % 

97%rt 


4r 


69 

91 


i-l 


525 
523 
636 
421 
627 
1662 
1029 


693 

8.65 

4.45 

724 

8.99 

9.80 

1229 


LOANS 

Public Board and Ind. 


66 

95 
33% 

116 

96 
100 


44 

S? 2 

101 

77 

84 


Asric MLSpCSMO 
AkfiU 10%pc "8M4 . 
"MetWtr.3prB , _ 

IU.5JLC.9pel662- 

Do. without Warrants- 
Ultramar 7pcT5-78 


Financial 


64xd 

9<W 

33% 

108 

93% 

100 


+% 


723 

1127 

922 

8.44 

9.77 

7.14 


10.48 

1190 

18.99 

720 

1125 

920 


107 

111 % 

116 

85% 

5$ 

99% 

100 % 

73 

71% 

84% 

83% 


94 

98 

T 

s* 

5 

51% 

57 2 

59% 


"FF11 


r •81- 


Do. Mpc.._ 

Da HpcfQ- 

1CFC £pe Deb.‘9082. 

Do.5%pcDb. ’81-84- 

Da 10%pcUnsla.'8B- 


iDo. LI pc Uns.Ln. 88— 
Oo.llipcCmln.'W- 
|Do. TVipcAHeb. T»-82_ 
Da T%pcA Db. "91-84— 
DaPpc-A' ’91-84 


DaBipcLa 3&87- 


107U 

109 

112d 

F 1 

96%sl 

9®%tt 

99<ri 

’W 

83 

76% nl 


+% 


+% 


+1 


1225 

1321 

1229 

16.76 

17.84 

1QJJ8 

,1117 

1178 

1022 

10.66 

1126 

n.6o 


1927 
11001 
1125 
10.601 
1020 
1120 
1125 
1180 
1145 
1160 
11.80 
12.05 


FOREIGN BONDS & RAILS 


1977-7B 
High Lot 

15 


9 

98 

355 

60 

58 

44 

42 

77 


287 

79 

165 

75 

599 , 
DH85J 
94 


32 
, 95 

46 

38 

48 

g 2 

*3 

S94 


62 


Staek 


Antofagasta HLy._ 

Da5pcPret_ 

Chilean Mixed— 
(German YDg.4%pc. 

|Greck7pc.4ss.- 

Do fine X Slab. Asl_ 
Do 4pc Mired Aat- 

Hnng.'atAss- 

I led and 6%pe *83-88 
Ireland T%pe-8143 
Dps-%peai-se— 

faaSat 

PemAKjpe- 

JS.G1 ffjpclSOO_ 

ITurin9pc 1S91- 


DM7lfrnrin6%pel981_ 


Uruguay 3%pc_ 


Price 

£ 


191 

% 

255 

46 

46 

42 

42 

75sd 


265 

79d 

160 

75 

597% 

“W 


U.5. S It DU prices exclude 


Dtr.% 

Gres 


B— 

ii 

% 

4 

4% 


Sed. 

TleU 


0.86 


n .73 

(672 
(4.77 
,687 
q 1025 
10.48 
11.41 


9.05 

189 

827 

923 

9.90 

4.00 


inv. $ premium 


AMERICANS 


i?n-7s 
High Lot 

13 I ASA. 


58 AMFSSCour.W- 

122 Anas 51.___ 

121% American Express. 
90lp Amer.Metfitud— 

873p Asamlne- 

128% Bate total Cera SI- 
12% Barnes Grp. S®;— 

123 BendixCwp. 6— 
13 Beth-StedUm 


620 p 


42% ^mOT^sCorp.» 


28% fcFC-ft- 


Staek 


CartunmdmaSLSO 

32% Catepilbrl- 

17% Chase MTitn 5125- 
13% ChesehnuDbSl_ 

ChnslerSffr- 

CitiewpH- 

f C«yInv.SL25- 

DoCm.Prf.Bn_ 

Colgate-P.Sl__ 

n Coftlnds.n- 

15% Com Illlnras J10 l_ 

17 Cart. Oil EL_Z_ 

20% Crown ZdLS- 

19% Csrtler-HanmerSS. 

DauGnpL- 

22 EaioaClT>.5tt50_ 

17% Barak. ... 

28% ExxonD 


944p Firestone Tire I— 

11% First Chicago S5_ 

20% Fluor Core. S%_ 

26% Ford Hoofs_ 

16% GATX- 

29% JCra.Elea22%.- 


15% GDktte 
28 Rod^w 
750p Button EF.. 

171 LBJLCofaSS 

34 Ingwsdl-RS_ 

fi30p EntSJrteaa 6Cou.E 
705p LU.iittan^ionaHl 
18% |Sai«rAU%_ 


14% 

60% 


& 


Hi 


H. 




1-% 


Die. 

Gross 

Crr 

80c 


5% 


S1.75 

__ 

SL40 

_ 

24c 


50c 

_ 

64c 

_ 

90c 

_ 

Ml 


40c 

_ 

60c 

_ 

S1.UU 


5200 

_ 

saw 

__ 

♦SL24 
5180 

— 

$? 70 

M- 

84c 


SLOO 


SL06 

4100 

— 

5? 


91.00 


$275 

_ 

511? 

omm 

51.40 


SL90 

_ 

Si? 

— 

s?.oo 


51.84 


$3.00 


SLU 

_OT 

96c 


9170 


S3JZ0 


5250 

_ 

SL60 

_ 

51.50 

_ 

51.90 

_ 

ffib 

— 

$2.80 

_ 

25c 

_ 

90s 


5L40 

— 


3.1 

(67 

4.4 

a 1 

32 

12 

3.9 

5.6 
4 2 
3-6 

3.6 
12 

3.7 


1977-78 
High Lev 


# 

I 

16% 

10% 

l«i 

247p 


9 

18% 

& 

21% 

I 


Stack 


Uanf.Hu.U5S720 
Morgan (JP> US$15 
tatuSIna Ik.$L 
Owcns-DL $2,129.— 
Quaker Oats CSS5. 
Raiancefil2S- _ _ 
Hep N.Y. Corp.S - 

ReaardS5 _ 

Rkhdsn.-Mnfl51% 

SmHB.F.151_ 

SbeBOflSl- 

Singer ISIID—_ 
Spm y Band $020- 
TSWidc-SI 1 *- 
rezmeco. 


II 


15% 

& 

14%X 

2Mt 


jpaintoLStLOl-SJ 

rtesorePLOSttlffj.l 

[Texaco S625 1 

mmelnc.. 


e Sl_ i 

s. 

__ 

%— 

— 

jAaousinc-UK_ 

jZapauCorp.23e_ 

S£- list Premium 2S%% (based on JUSLS325 per £)| 


WlW 

60c 

SL12 

SLU 

52.00 

10% 

5UJ0 

52 

SUO 

, ^ 
I$L80 

20c 
$1.40 
I $L60 

ss 


1I77*<8 
High Lot 


Staek 


Conversion factor 0.7953 (0.8031) 


CANADIANS 


CT7-78 
High lev 


*13 

177* 


10% BUbrindS— 
10,1 Bk-NovaSeotiaSl. 
3W* Befl Canada 25c„ 

11% Bow VaDeyl_ 

825p RnwffnJ 

13% CanJsm&t.S_ 

940p CuLPadficSS_ 


26% Da toe Deb. £100- 

16% lotfdaiCnJ 


Stack 


320n Hewtar Sid.C mlJ- 
16% HoDiogere^H 
935p Hudroo>B*l 
21% HBiB.Osial 
H% ImperifiOlfl 

30% lnco __ 

Mm Ini. NslG«*$l_ 




Place Gas 
Bio _ _ 

EoytdfiLCan. S2_ 

. Seagram CaCSl— 
955p Ior.Deon.Hk.5L_ 
840p(Tnns. Can. Pipe 3Pjc 


1+ an Dh. 

1 Grea 


*% 


92c 

$4.08, 

10d 

sxra 

SW4 

80c 

4% 

51.06 

40c 

JL94 

65c 

SL76 

86.4c 

SL60 

80c- 

SLOO 

86.4c 


&E. List Premium 25%% (based au $2-1234 per £) 


BANKS AND HIRE PURCHASE 


1877-78 

ffigh law 


032 lANZJAl. 


080 


J365 mtN2.W.SA2_ 


Bank Scotland El 
Bankers N. YAW. 

Barrios £1_ 

__ Brawn ShJpkyD— 1 
225 IcaterByaoU— 

*S5aat 

ICom'rbkMOO*. 


12221 

228B 

115 


gi 

52 

&77 

£99 

65 

•247 

80 

300 

485 

290 

100 

f430 

£24% 

74 


Allied fridi_ 

ArtathnotL£l_, 
Bmk Amer. SL565J 
|Bk.lrdand£l_ 

, Da l0pcCoov._ 
]Bk.Lemm ttl— 
iBkLeund (UKKl 


04% 

£U% 

55 

T 

% 

% 

7 

128 

U55 

14 

53 

1150 

1140 

73 

1400 

1223 

,54% 

1102 

21 

jl 

86 

1245 

£64% 

205 

210 

173 

57 


»5 

14 


Stack 


AkranderaD-El 


Canutbian 10p— 
Cred. France F75 
DaweslG.B .1 _ 

F.C Finance_ 

FirstNatlto— 
Da Writs. 7583 
Fraser Ans. 10p_ 
Gerrard NainL— 

Gibbs iA^_ 

C3HettBnȣl_ 
Goode irtMzy-Sp 

Oindlaif t . ■ 

GmnoeasPeii_ 

nambros _ 

fffill Samuel_ 

DaWamnt*_ 
HtwigShng B sn 

Jessd Toynbee- 

Joseph CLeo)£l_ 
KeyserUUmann. 
EnaLShax20p. 
Qeunrort BJ. „ 

Lloyds El- 

iMansoc Fin. 20p. 
MercmySecs— 

DaW%83«l! 
DalANBm. 
[Mimter Assets _ 
NaLBtAnsLSAt. 


Nat Com &p— 
Nat West a— 
Schroder*£]— 
SeccanbeMCEl. 
„ Smith St Anb— 

(293 StamfdChaitfl. 
Trade Dm. SUB. 
Union Due £1— 
DJ1T 


Price - 


a 


-i 


hi 


-5 


+2 


- 

. Zt>2 
.. 0967% 


-1 




+2% 


+3 


-5 T12.82j 


+ 2 




Cr 


YTd 

Gris PfE 


2^ 




4lU 


4-9l 


14 


7^1 




7-Oj 33 461 


ii - 


a 


Ozojl 


FdhtotUOp 

Da'A’lOp_ 

Fed. Land & Bid. 
FoiasSntBulftiJ 


KandsPtelOp. . 14 +% I — I _ l — 


CtaodsHlEill^-] 
iFYeKhSe. 
ktoDnOEdBr.5p_ 
GibteffdvAlOp, 
19 Blecss'l&jIOpJ 
34 &ossopW *J-_ 
37 KTeh Cooper 20p- 

BeDdersmO.Wj-1 
HewlenStlflp- 
! Da7pcCbnv._ 
.Herod ffm.50p_ 
{ Higgs jfc Bi n- 

|DaE^^H 
[Howard StattlOp 


tD.C. 


3Gp- 

aichmeiL 


iDstucfc 

PnLTunber_ 


Jarvis 

T prmlnri tAflan 
ftai^BchdsSOp- 

JoaesEdwUOF 

aatfCLPJlto-. 

Lafarge SAF300 

Lafarge Or*.-1 

J*lnf tjobnj “A". 
Lstemaia — 
LswreocefW.)— 
Leech fWm.; 3^5- 
Leyland Pa int— 
lifleyFJ.C^ 
Liner C-Mcfal^) 
London Bri^— 
LovriKY.J^H 
McNefll&OTpIl 
HamaiSthns_J 
28% Mamnson-Dennyt 
1 36 Handera(ffldgl_i 




Marshalls 

pv6HaBeO_ 


MeiriUeD-iW.. 
Merer (Moot L}_ 
JffltaT—— 
wnigr istan) 10p- 

Wntegacrete_ 

M Mod.1 
23% Honk-. 

44 HowfemO)- 

45 NewaithiD£l__ 
52 NawestHoJst— 
105% N'ott. Brick 50p_. 
21% OnneDess. 18p- 
62 Parker 7tober_ 
64 PboenizTbriw 


[PochinS- 


gawti ngBroa_ 


BedkndHI-_ 

B-eh-dsWaniOpI 
BobsuAdlartL. 
Bnwlinson IOpJ.I 
RoycoaonpC— 

RnberoS-_ 

H?P.Cesnefit| 


27% Streeters lOp— 
IB SammerslOlCj— 
127 Tarmac Shi-. - 
(244 Taricsr Woodrow. 
1176 TdbnryCtgE L — 
76 Travis 4 Arnold. 
139 TumelBSOp— 

34 DBM&trap_ 

Verbs Stone lllp. 
Vlhroplajtf—_ 
Wa rdiOdgs -lOp. 
Warrington. 

WjrisSake_ 

Westfarick Prods. 
WettenBros— 



Price ! - 


*1 


-2 


+3 


-1 


-2 


-1 


-2 


-1 


-2 


-1 


+1 


+1 


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♦dug 

ItdlSfl 

72.031 


1.7] 1X5 81 
L71L5 LI 
17 8110-9 


d334 


1611.4 86 
27 6.9 
3.0 73 7.0 
72 9.5 7 2 
35 67l 65 
24 102 61 
07 105 ZU 

3-1 fl-i 5-2 

4.8 61 5.2 
1210.6124 
33 9.1 51 
23 82 81 
4.0 3.9 9.4 



611 29 L4 
1810.4 62 
.18 7.9108 
35 111 26 
45 3.3 95 
4L6 29 215 

Llioi 7A 

Si S:S £o 

41 4.8 75 

(. liU 

28 bM L6 


22101 68 
61 26 9.6 
2210.9 65 
7 2 38 5.6 
28 5.9 9.4 
U 8.7 0561 

*4 loiffi 

^512.7 2^8 

I?* 

31 32 7-9 7.1 




105 


CHEMICALS, PLASTICS 


[ASZO. 


3# 

5.0l 56(246 
18/ 


Albright WHsm- 
AMna ta lnd s — 
AlfitaPOciWp— 

; AlTdCoiloW&p. 

. Andwr Chert. — 

15% BalI(W.Wj- 

£40% Bays'AG. D9LS0. 

1122 Blagdeo Nooks. 
91 Brent CheaaH^) 
20 BritBenmilto. 
" BritT«Prd.lOp 

BnrreflSp- 

Cartes C^rilOp-l 
Catalin 


S - I £10? 

.55 78 


Hire Purchase, etc. 


«% 


15% C*aie% L . .... 
(£56 05 CteB’creftlOO-f 
— Credit Data] 

57 fliQdsk; 

17 - 
11 KmateKete .1 
59 PrmT ' 

16% Stria Credit lOp. 
^ SoraalG.) lOp_ 


15 

(120 

46 

12% 

tin 


\~h 


1-1 


+2%J 


jWagmiRnance-l 


h203, 

Q12%| 




♦3.95 

L7 


M 


&* 31 


t4J2 2lj 6.91ZL9 


211 6.71 


231 661 


130.7 


tfU 


BEERS, WINES AND SPIRITS 


,57% (Allied Brews.—I 


.towLDistftJOp- 

BassChai’gtoa- 

BeflArfl«r50p_ 

BrihavenBrewrij. 

Boddinatocs- 

cBrew's— 


Border! _ 

town (Hatthewi 
Budde^BBrew.. 
Bdme(HJ.>— 
Buitonwuod.— 

, . Qty Loo. Del- 

60 OarfcJMatlhew). 
120 Dtatdlen5to— 
■" HHi(Bktara)5n_ 

Glfnlite- ZZ 

Gordon (LJ1 to- 
Gough Broaajp- 
(keennllWhWey 

(fraeueKtog. 
Guinness—. . 

RJghl'dMstap- 

Invergordno-1 

Irish Distillers—I 
Macallan. (3ei—I 
Mwiandn. 


VauzEL 


gOl 

Kso 


Whitbread‘A’ I 

Wob. Dudley_ 

YottBgBreWA'JOjil 


-5 


+2%l 


-3 


-1 


3.93 

L25 

484 

t4.78 


(3.91 

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\m 

vi 

581 

654 

112 

b4.02 


«20 7510.71 
— 10 . 

32 4.9 95 
61 3217.0 


27 42151 

15 671L9 
22 55123 

27 58 95 

28 75 73 
51 31 9.6 

16 62151 
35 61 76 
3.1 6.0 8.1 
12 9.413.1 
8.0 12113 


18| 9.0j 95 I 

45^5 
5.8 


^8| 

3.0 32(I151| 

h 22 2^7 

06 65428 
20 7.4104 

25 3.8166 
16 4.0 23.4 
24 62101 

26 60 9.7 
3.0 4.4 118 
58 2913.9 


QbaCgrTMiLa 
Daff&unmDH. 
Daa,%Cnr82/95 
43% CbalrieCbem— 

49 Coates Bros- 

45 Da'A’NV- 

12 CoryffltsacelSp. 

43 CrodalntlOp— 

8% Crystalateto'— 

43 EnalonPteiiO-. 

Farm Feed- 

Federated Ol— 

FIsonsEl- 

Halstead ajlto 
Hksn.Wcfeh50p. 
BoechstDMB— 

Oil DoFjLWWI^laJai^d 
\32S top. gem £1-1 334.1 

39% Do 5%Pl£J 
42% InLPaW— 
a% LankroCb«a_ 

B4 Lqntetod5.50pJ 
]£22% Norsk-H-KriLl 

r 42 HysclOp- 

73 RmsorewmlOp 
HentokfllOp— 

Reverter 


|150 SeoLAg.Ind.Q- 
74 StewartPiasQcs- 
, 12% WanfletBar.llOp 
42 BfillOTsFraiSlp. 
105 Wotomholme— 
85 Yorks Q*ms __ 


+2 


-15 


-2 


t0.92 


-i 


-i%i« 


-6 


-1 



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55 7.4 
4.7 43 75 

4.7 4.4 73 

3.7 4.6 9JJ 
3.71 52 78 

y 63 « 

u f 

HSH 

3.7 £j(92) 

L8J, 

£8.9 — 
311 M 61 



1106 45 

24105 

25 3515.4 
29 98 58 
15 88116 
55 33 88- 

HSg 

HHM 


CINEMAS, THEATRES AND TV \% 


47% Anglia TV "A"— 
69% A®. Trie.‘A*-- 
18 Grampisa'A'lOp 
33 Green Group lOp 
10% HVrdW(ftto- 

47 HTVNJV- 

BO LWTA-, 

55 BediLTYPreLElJ 
23% ScOtt-tn'-A-lDpT 
31 RidVCV'A'Up- 
55 UlsterTY'A-’- 
15 WearadTV kOp— 


89 

107 

35 

55 

21 

114 

no 

73 

58 

55 

57 

25% 


hi 


m 


96.6 

619 

6.04 

b279 
3 .93 
165 


3.61 653 66 
U 8.7 7 6 

F F ll 

shb 

^ 55 5.0 
26 77 75 

♦™t» 


171 


ilOJl 


DRAPERY AND STORES 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


IS 

1 

294 

130 

277 

36 

M 

35 

52 


4.9)128 


f 2 

59 

67 

77 

71 

87 

29 

51 

61% 

39 


4.7(183 


185 

26 

28 

45% 

64 

128 

38 

334 

36 

70 

99 

73 

1169 

,105 

250 

S3 

97 

75 

22% 

78 


46 Aberdeen C«£_ 
74 AbertbawCem_ 
7% Allied Rant lOp. 
3712 ArndtageShnc. 
|153 AJ.Cementa_ 

104 BPBSSs.'5to_! 
21 Baraerid^Brfc. 
7. 83%Benito~ 

23 Batatoidgelto. 

15 Beechwoodlto- 
10 Ben&eUftLtp 
29% BattordV-iop- 
27 Bee Bros. 2jp_ 
38 Btoektesaip— 

38 BiundeUPerta- 

39 Ereedcnlime— 

16 Brit Dredging—1 

24 Brown Asa. 2Dpt 
37% Brownlee— 

13 B^aatHhto. 

63 Beni«t*H_.... 
130 BtntBoataaCL- 

17 C.BobeyA'iop- 
16 Cri'ateriaOBH 
16% Can St*nu— 

40 Camm-- 

54 CettstBMditoeaj 

CanbeaGp-lOp 

CtotalnB- 

Camfryatoe— 
dossier Bids— 
CroGduD,)2to_ 
CrooehGroopw- 

DewiG.!-,- 

DwgtosBaM.lL 
[103 D’ntaeoa.sop 

25 EconaiOp- 

64 EU»6ErezanL. 


13 

132 

9 

43 

22 

23 

64 

35 


F.PA ConflD 
Fairdongh Cons. 


1+1 


+1 


+1 


+1 


+1 


0J6 

4.19 

5if, 

ihlS 


3.6 72 5.9 

3.7 5.9 69 
U 8 2 4.1 
12 930251 
14 4.912.9 
22 21 24.9 
46 4.4 7.4 

3.7 7.E 53 

3.1 9.4 53 
2810.2 43 
2012.6 62 

— 5.7 ■ 

4.4 46 7.4 

1.1 78 t.4 

2.7 6.1 9.4 
3-9 7.9 102 

— L9 

53 } 

2.8 63 86 

2.1 8.2 8.0 

9.9 23 63 
33 83 S3 
2310.0 63 

2.7 7.4 7.7 
73 3 2 33 
L710.6 78 
2.0 53153 

12 6.4(8.61 
93 10 8.0 159 
38 0.7 586 348 
0.9 93 (28J) 

17 5.7 98 

33 51 83 

3.7 4.7 88 
53 4.6 63 

3.4 73 53 

34 8.4 43 
U 8.017.9 

13 9.8 93 
13 7.7102 
27[ 53 78 


lAQIed BetaO lOp 
An bgDjpl to- 
rggaseotem 

Andktroniclto- 
BatarisSmlto! 
Beattie tfi'A’— 

BeutaSslto-, 

BftBD&COD.a0pJ 

BoerdnaaSOSp 

BofacaT extto— 

Brit Home Strx . 
BrowntN}20o— 
Bunco Gm SOp- 
Da-A’NVSOp- 

CaDtan‘A'30p„ 

CasteiSJUp— 
Church — - 
Corah. Bog. 12%iL 
Cope Sports lOp. 
Coniefi Dress Sp. 

Courts 'A 1 - 

Curry*—;—-— 

Cmtoraag!£lOp- 

Debenhana_ 

DewtfntlOp— 

DrimsRwtolOp 


HtaBK : 


Empire Stcra— 1 

Execotaaop--- 
FaWaleTetSp 
Da'A'to—_ 
Fine Art DrtS. 5p 

FordftTfirOlOp- 
Fanmarterlto- 
FortcBros——..1 
PreeflanOarOJ 
Grifer(AJJ20p| 
Goldberg A--J 
Goodn*n&i5p- 
Grattanware_ 
(XCniTersaJ— 

HeadsmtSp-J 

HrariawsAiop. 

Boose c( Fraser-1 


179 

T 

39 

35 
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92 
29 
19 
12% 
12 
50 

210 

31 

128 

118 

28 

43 

194 

87 

S3 

10 

102 

2U 

14% 

104 

58 

157 

25 

18% 

175 

35% 

36 
25 

b 

132 

85 

286 

35 

64 

11 

342 

298af 

29W 

T 

S 

168 


-% 




20 

62 

120 

134 


+% 


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-1 


-2 


-3 


-2 


-2 


+1 


-1 




-1 


+1 


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d7.92 

dl-95 

& 

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103 

104 
0.98 

tm 

aa 

15 

13 

2.04 

196 

«87 

«.94 

dgQ.48 

432 

0.46 

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118 

♦175 

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106 

106 


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$J5 

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171 67{ 86 
28 73 58 

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12 t B-7 

tl 35^3 

22 5.6113 
0,4 8.4 417 

a^i# 

13114 8.4 
- 18 - 

— 19 — 
12 no (96* 
43 6-9 5.1 

7.7 14 03 

42 51 71 
73 0.9Z7.7 

48 4i 7.0 
48 30108 

— 48 — - 
14 7.6 m 

r « 0 It It 

mmi 

26 4213.9 

_163 

19108'52 

1910.7 4.9 
14 6810.6 
U M3138 

HfrB 

43 19113 
191U 7.2 
14 98114 
3310 3 4.7 

23 5.7103 
33 3.8138 
33 3.9116 

tS 3.f 5.0 

&3I 


m v 


t3Z%7S 
High Lot 


66 

13% 

44 

,157 

£20 

£20 

M 

126 

15 

173 

244 

305 

n 

eo 

54 

210 

117 

86 

S’ 

42 

4 

71 

37 

98 
27 

20 

268 

ff 

16a 

140 

131 

15 

2S 

128 

99 
29 

1Z7 

67 

40 

103 

102 

60 

91 

i 

& 


Stack 


43 [House <tfLerose-| 
5 Esfik&QMto.. 

29 LathesPtatofflp 

,29% Lee Cooper- 

WO Uberij- 

[425 ftJB&Ttebtol 

30 LmcroftSJQ»_ 

31 XFIVhtmciBp 

5 MaptoSta- 

96 Storks fcSpeaw 
98% MartisXews— 
102 HenaesiJ.*^^- 

6 SOrhzfliJ.iOP— 
70 ^rdSteaLKp. 

35 Starts Biiker— 
101% SJntheraareito- 1 
48 NSSNewstOp 

44 Owen Owes— 

16 PandsetBUto- 
11 iPasvjouflFL.:— 1 
18 Prcts Store* Up 

3 PaCrPKfcwp-- 

30% PreedyrAlfred;- 

5% BssarTestSp- 

17% Bameralto- 

36 Hajbecklto— 
23 Seatficnt5o__ 

32 BeedAustm-A' 
15% BhUaODfcfilto- 

4 Husmto- 

,8% SiF Stores 

18% DaSSSPLl^ 1 
DU Samuel®‘A’ 
10% SriiocaatSp- 
3 StananlS' - 


tucJhT.E'.V . 
feaUy A&fa-. 

(SstnsBtelUp. 



V^aOto—! 


27 Items Fish. lOp-j 
27 {Wades“A’20p—1 
32 - - 


tekerttej 

IDaN.V.OT 

warn* iDpSHi 
46% Waring AGHtowl 
ill ffeenreafo— 
15 Wharf lEH10pf- 
l« wakBsnWte&J 
48% 


Price 


+ «d 

Net 


ffiU 

m 


-2 


-% 




-% 




-2 


td3.92 


386 

66 

t4.26 


t424 

t26 

urn 


dLOO 


12.85 
0.63 , 
thO.58 
73.03 
flM 


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bL98 

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164 


d£L87 


487 

a 

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dZIS 

281 

h323 


144 

487 

481 


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CfflGrtlW 


281 


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216 
3,4 7^ 68 
98 23 33 
8.7 53 7.7 
8.7 7.7 

23 9.3 7.0 
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211 3^153 


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jJl 3.7 315 

[ltf-2 


51 61 
53 7.7 a6i 
126 0.9 9.6 
15 66123 
12 62 7.7 
3.7 45 98 
0810.0 (25J) 


29 43(128 
431 73 53 


4.4 1819.7 
16 6.0158 
26 20 30.6 

11 88153 

12 6.5 183 
8.7 2.0 88 

13 8.412.7 
02133 
48 5.6 66 
29 6.4 82 
35 83 58 
46 3.4 75 

lfll0.4 9.7 
Z3l08 6.7 
l3 9.4 Ufi 


ELECTRICAL AND RADIO 


142 

66 

40 

51 

137 

151 

50 

66 

87 

23 
162 
129 

35 

115 

24 
44 
36% 

162 


585 033 


f 2 

S’ 


a 


560 
17 
11% 

B 

lgr 2 
2sSr 

036 
365 
24% 

122 
14% 

210 
242 
90 
106 
254 

8? 

» 

90 

215 _ 

198 (130 


162 

45 

£88 

202 

£64 

£10% 

112 

108 

n7 

77 

114 

270 

93 

54 

295 

860 

40 

43 

42 

142 

448 

59 

101 

293 

118 

56% 

19' 

136 

163 


56 

42 

22 

B* 

86 

34 

35 
41 

14 

91 

13 

15 
17 
62% 


AB.Efcdromc_ 
Allied InsnlattK* 

ss&x 

BZCC50p_I 

BSE Up- 1 

BesifcKaylOp—, 
BuetharpelOp—' 
Brocks lfc- 


B ibp-, 
fc: 


D eri t nin Up_ 

toewtorst'A'lto 


£102 

88 

14 

45 

ui 

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(263 

ft 

52 

44 


Duwifii«6V.to- 2 

Dreamtond lOp- ♦ 

DuWlteSp- 1 

SSCKIrr_ 17 

DaB%%Conv.'81 £202%!- 


32% 

90 

Z7 

£61 

117 

£51 

no 

47 

46 


„3S 

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63 

n 28 

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17 

81 

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92 

56 
29 
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94 


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Da'A’Zto_ 



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ffighbrodEiaCp. 
toaa St roud M 

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ptomandELaDp., 

PfthnBmmtec- 



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r*a*A’ . 

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BotrfkxGB-lOp 
ScfadalGHUl 
SanyCaY50__ 
Sound Wffsu-to- 
rdehsanSp— 
Da‘A'N(?Sp— 
Trie Rentals— 

Thorn Beet- 

Tb'rpeF.W.lDpf 

UntfechlOp_ 

DtdScknuGc — 


Ward & Geld_ 

W est ing bouse— 


Whitworth EL5p 
WhlesatePtg.atp-1 
hngtonraj —? 


1-1 


+1 


1-2 14-67 


+1 




73 


2.91 731 
84 93 

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4J 831 38 
23 53 
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9.9 33' 

23 6.7 
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48 28\ 

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30 
28 
U 

33 3.4 
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131 68 - 
13 11.7 10.4 
28 6.7125 

18 73 
20 75 
13 8.8 
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, 21 7.9 
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65 20 



6.4 


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67 

96 
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IS 

209 
18 
127 
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76 
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65 

m 

da 

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100 

250 

S 

172 
38 

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261 
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"Srw 


ENGINEERING 
MACHINE TOOLS 


no 


230 

115 


286 

039 

76 

•57 

138 

5? 

124 

6 

29 

21 

98 

99 
174 


60 

I 

29 

52 

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113 

50 

55 

52% 

49 

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18 

9 

70 

92 

43 
24 

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44 

178 

34 

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90 

61 

40 

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17 
118 

98 

261 

134 

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89 

68 

62 

28 

46 

48 
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95 

175 

115 

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34 
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18 
57 
43 

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81 

17 

28 

298 

26 

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II 

108 

107 

9 


5 2 

70 

53 


lAdwesrfflrop— 
[Alcan toe Cnr._ 
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ArrroreHMs.—I 
Anflin games) - 
Atojs* 


45 

50 

22 

17 

14 

ff 

23 

22 

2 


Babcock AW— 
Balky (C, EL— 
BatePert^I 
Barrfortfrato — 
BanroCaatato- 
BartonASaus—I 
Beantedlto—1 
BcrMriLeaofiO 
BevanO)J,}5p—I 
arnadQ^^t.| 

BTuHftJIetltol 
BlaebridBodge. 
Blskasr^^H 


a 


51 

44 

24 
30 
11 

45 
74 
98 
65 
22 
29 
38 

5 2 

28 

42 

76 

n« 

9 

7 

S 

25 

* 

8 

10 


B on se rEn g 20p- 
BodtonWmUm. 
Brahan MU ilto- 
Braithwaite£l _ 
Bniway lOp- 

B'houseDud.lOpi 

BriitoJ Channel- 
British Northrop 


■a 


45 

a 

(105 

63 

, 25 
1103 

S3 

52 

55 

«% 

6 

33 

41% 


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Da'A'. 


BronraCaitoJ, 
Bronx Eng. I0p_ 

Brtx&eTool-1 

Bratfash’dP.Sto-[ 
Brows ATasn-i 
J&own JetasU—I 

BbBoaghjto — 1 

BatHefisPro fl ... 
■ESeidHvy_l 




CtokuScoSto. 
®oni(Ch)£fil 
C^m(A )20p—-1 

CrareeDtrieKto— 
CookW.SheLS^J 
Coojw(FWlflpJ 
Cooper InoilDp. 
CamamfiaOp-l 
Cro nit e Gro up— 

Crown Home_,1 

Cnnanba 78/9i_ 
IDanksGowertoo. 
lDartBrthim.5p_ 

b'iSiia 


prison Up, 
fo oltaUn&T 

Demil.sJE.lto- 

^^50p— 

^S»10p. 

DuctOa Seric __ 

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Eng. Card doth- 
fmlaftutras— 
Mural 


Firth (Onito-I 
Ffruditveata_I 

FrikesOotafto 
Ftaprii lads_| 

(ansuato— 


56 


-2 


+% 


+3 


h235 
12.971 
1d3M 
160.751 




+3 




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-2 


+3%f.' 


282 


-1 


+% 


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421 4.2] 

43 33 
31 3-112.91*133 
3J 43 9.9| 96 
43 5.7 72 
£63 

bL4|!L3 8.4 
33^ 73 53 
4.4j 63 43 
iS 73 (7.4) 


33) 8 2i 


0.6 12.7 213 

2.9 73 7.1 

3.9 8J 4J 
25 83 7 2 
29 52 83 
33 7 2 50 
07 0.0(43 
4.4 67 57 
73 63 53 
33 63 73 
33 95 4.4 

22 9.4 73 

tl 113 £2 

23 97 7.7 
0.911214.7 

SAIL 

LI 7J1L4 

22 85 83 

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93 3.9 42 
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23 9.4 73 
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U H £0 


H S 3 1 


“dp 1 


3.0 611 85 
35 E7 5,0 
33 83 53 
23 7.1103 


asa 

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% 

>» 

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IP 

92 

369 

28 

no 

99 

206 

1 

214 

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B 

30 

101 

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f 

126 


51 
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74 
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28 

J* 

"B 

71 


65 

76 

24ij 

64 

37 




if 

8 

2 

& 

41 

44 

8 




8 

32 

24 

70 

242 

% 


127 


f 

• SS 

148 

50 


8 


% 

9 

64 


GartsuEK.lto-1 
GeaBsEadJto^- 

—_105% 
G<rtnJefcB«t-sJ 188 
&ah'mWood Sto MBOT 

GrasgaKiOTj. 1 
GrwjrfjaukWp-l 
Green'sEcsa—; 
GEKO- 

ggs&a 




92 

a 

133 

27 
52 

29 
38 
15 

42 
37% 

» 

2B 

30 
46% 

w 

64 

26 

44 

43 

28 

I? 2 

18 

64 

*2 


BOTte3KL_^i 

UiQASirith_ 

HopkinscitBSto- 

atnarfSadty- 

EtowdenGroap- 

iBontMoieropto 1 


Stack 


HiUiteSDp—_ 


IntComtaBtion-l 

1 sa 

I JmdCperlto. 
Johnson A ftm. 
JmesGronpttp. 
Jones Shipman _ 
Ewiktorai2to-~l 

Laird _1 

L*kefcEnf5__J 
Line I Perry) %. I 
|LeerArihnri%l 
L^sFomames-' 

[linyd (FImi 

CS5SS 

UtttooAMhfl’d. 

Martootir 2 to— 

McHtchmcSrra. I 


MidlaadlQS!5pl 
SflninjScp. 10p-; 

Hnk®2to_' 


16 (N ewamfeUp. 
MMNewmanltota- 
brtnan’sThialDp. 
iNcKtOuCW.EJto 



Ratcli£Es(GEl_ 
Record Rkigway. I 
|Z7% R'dron ffnan Itn 
E14 Renohlil—— 
■39% Rkhar^riLefc. 
136 Rn±^nWS.JtoJ 
37 BobraaonrUioa) 

180 Rotorklto_ 

40 SmdnOTKByjffJ 
Il6 Snillea(10p>6- 
116% Sente fitfTUp 

4Z% Seek- 

125 ShakegfteJ.Sa. 


25 

t| 

7 

no 

27 

“i 

40 

(162 

93 

45 


Shaw Frauds 20pJ 


.24 

tno 


20 

12 

38 

144 

51 

72 

69 

82 

Z& 


SmnW8 

0OOGrqgi_^B 
Smith fwhiUto- 

Spear A Jackson. 

Spencer Qk20p,i 
Spacer Gesrt5pJ 

Spinn-S*n»_I 

Sporajerlais— 
Staririte20p— 
SraveteMta 

I Stow-rtstt- 

Sykes (Heorr)— 

Sfeii 

44% recaJemit- 

rite Tcl Aim. Ito - 

IbyssenDtnlO—. 

Tomkins F.E to- 

Triplex Fdries- 
7abeI nTEsto.£l- 


rnack lW-A.no. 
IftrLEng-glOp— 
Utd-OTuslOp- 
md-Wlre&uBp. 

VkkereQ- 

\TrfnrProttac£s 
W.GI 


WadbrnSta- 

Wagon IwfnstrtL 
Walter (CAW.1_ 


«% w™5§tiop-! 


20 W^wkk&ig.ap 

14 We^sAasoclOp 
72 WeirOoup-— 
31% WrilitwnBig'g- 

15 a=5^4i 


Wttrn-EransZBp—l 
lffbessoe__— 

WhflWHj - fftsa 5p 
WWtehoase50p- 

WHiams(Wii_ 
WTms&James- 
Wod Elect Tools 
WoisPy Hnebes- 
WTjwrilFtfF.lto 
WoodlS-WjSto- 
26' WViSsul2te 
30 [YoungA'stnA y 


Me. I - 


hi 


»dhU3 ? 


-2 


-2 


-1 


+%. 


+% 


-2 


+% 


P 

i.ii 67 

72.98 

Vi 

dZD 
74.B2 
tO 78 
tO 78 
64.76 

iW 

1.88 

534 

4.95 

0.4 

,MM-E 

V 

Ii? 

At 

iJ3 

Ilf 

gL68 


-1 


+1 


-1 


4 




+1 


+4 


Icwiaim 



430 , 

SP 

rhlv\ 

76.44 

5.8 , 
dh0.68: 

1.9 
t3.72 
WL99 
74.6 
22b 
3.65 

0.7 

c329 

f[7.98 


4213.2 

8 1 W 

2.4} 89 6.1 
141 * 
.71116 72 
25 6.8 73 
ZB 50107 

2.5 7.3. 

28 4.9 53 
LO 110132 
B52 29100 
39 E4 4.7 
3.7 8.7 47 
L810.4 6.6 
LO B8ilM> 

5.9 3.5 10.9 

UillB 

2.8 9.6 
7.7 7.9 
Z6ln.6 <4.41 

1.9 5.8133 
3.0 6.0 83 
3.2 4.6 031 
4.0 5.1 5.4 
13 9.2 13.1 
3.4 7.0 4.9 

J 9.6 * 
11.7 * 

- 82 K 
2 . 410.7 £1 

31 8.0 6.1 
3.1 85 5.7 
2.7L93! 62 

fs 

881 32 4.0 
2M 53113 
3-71 8.5 49 

li L 

J 1-7 

K 23 M3 
21 93 73 
23 9.6 7.0 
1310.9105 
22 8.0 83 
35 5.4 7.4 
22 8.0 8.6 
63 23 9.9 
5.7 2.7 63 
3.4 7.4 43 
3.8 6.£ 6.4 


3.6 6.4 6.7 

2310.4 7.1 
2.710.0 63 

QIC 
14 10310.4 

2.6 B.6 65 
93 B5 
8.8 75 
93 0 

4.1 45 

8.2 A 
45 40 

17 105 (6« 

3.4 93 4 8 
21117 63 
45 7.4 55 

7.7 25 50 

17 93 8.1 
27111 5.0 
25 7.4 7.4 

20 9.7 7.6 
3.4 57 55 
2.4135 4.9 

24 52 9.6 
4.0 5.2 7.0 
33 7-8j 63 

■ 7.4 

tMh 

281 5.3Q0.1 

3.7] 55 75 
4.ffl 45 55 
33 4.8 95 

l 3 Al 

5.0 63 
54103 
5.1 
7.6 
I.0J 82 

H H ?:! 

ii ? 9i 8 

25 9.2 57 
23n.7 5.1 

4.9 7.1 4.4 
35 5.4 8.0 

2010.7 7.6 

3.6 72 59 

21 9.0 7.9 
53 7.8 3.7 

♦ 10.4 
33 4.4 
16113 
4.2 63 5.6 
3.4 6.4 52 
25 59 8.6 
55 75 43 

L'li S.4 

3.9 7.7 5.0 

24 73 59 

* 2.8 * 
4.0 54 53 
45 53 5.7 

7.7 1510.7 
32 53 57 
29 9.9 53 
24122 52 
17103 83 

18 7.4116 


FOOD, GROCERIES, ETC. 


64% (Alpine Soft DlOpJ 
57 Ara.BuantSDpJ 
47ig AsE.BritFds.to 

(141 AmDairtes- 

35 Ah. Fisheries 
14% Aram Group 5p- 

46 Banks (Skiney Cl 
Barker AD. to- 


^^Siling_ 


Bassett 1 Geo)_ 

Battes York Up 

BejamlOp_ 

MhyuTja_ 
Biteop'sStores- 
Da*A B N/Vg_ 
Bluebird Coro 
Brit Sugar £1 
BrttVfflKfglOp- 

38h BrookeBond_ 

28 Carr's lCIlipg_ 

Clifford Dairies _ 

Da-A-N/V_ 

CaRens20p- 
Da-A-Mp 
Danish Ben.‘ATI 
Eastwood iJBI5p—i 

Edw , daLoc.C.i5p—] 

g ^taw£5] 

6% |fi5ber(AJ5p— 


^2B 

&00 

55 

14 

74 

47 


64 

43 

I 


J8 

038 


47% FHcb Lwril top- 

U Fteshbake3p_ 

13 Glass Glover 5p- 
28 Goldrei Foocard. 

18% Hariew-ffsPato. 

40 ffiKh@te4J.50pU 
89 ffiESSitol— 1 
39 Hinton (A.) lOp— 
J28% KraftSLSO-- 

[123 KwikSarelOp- 

LennonsGp.tOp. 
linfood 

Lockwoods- 

Lovril(GFl_ 
Low(Wm,120p 

stannews (BL— 
Meat Traded 

_ 

10p- 

Horrtfo(W.)to. 

NanfaemFoods- 
NnrdinPtlOp_ 
Panto (P.)10 ul_ 
Pori Farms lOp_ 

TS Robertson Foods 
200 RowntrseiL50p. 

|133 SaforiHUyO.)i_ 

32 Sonmmai_ 

25% SpOfcK___ 

25 SqoRTriH%12LaJ 
86 Starts(Josepli)_ 
|18B TBieAWeB— 
94 T3>¥MrRaL2Dp 

33% TescoSp_ 

42 Uni gstte_. 


United Bisculls.- 
Watsmi Phlp. 10p 
Wheatsheaf_ 1 148 


320 

86 

61*1 

238 

61 

W* 

200x3 

94 

149 

70 

67 

216 

185 

145 

159 

475 

S3 

46 

54- 

44 

42 

35 

78 

75 
120 

99 

35 j 

76 
12% 
59 
19% 

24 
49 
56 
59 

225 

-S3 

£23% 

205 

3S 

IS 

M5 

25 
120 
105 
142 

88 

98 

30 

195 

1124 


-1 


102 

23 

415 

354 

U 

46% 

143 

408 

180 

55 

P 

175 

206 

118 

«d 

S5t» 

160 

ts 


-Bh 

£^8 

JH 

<13.6 


4.1 82 90 
23 42 95 
4.6 52 AO 
19.4 0315.7 
82 32 AO 

4.6 4.7 72 

3.7 72 5.8 


+1%I< 


W33.ll 
hl.45 

dfil 


-5 |blB-7lf 


-1 


L53 


3.» 


-2 


§ 69 
.38 
.26 

Bar 5 

M 8.49 

dfl.66 




-4 


:i lzi 


-2 


3 


-2 


329 

% 

[® 71 

2.79 

138 

332 

tLL99 

[td528| 

8f 

b5J8 

t221 

t7J 


^714.2 6.6 
33 52 l63l 
L9 72113 
4.0 33 83 
4.1 4.2 9.0 
85 1.9 92 
8.5 25 7.2 
45 4.4 62 
53 6.0 53 
45 23.16.0 
33 93 3.8 
20 70 9.7 
33 9.1 35 
30 62 73 

3.4 75 5.9 
13 7.4133 
13 7.6126 

4.4 7.6 26 
63 6.1 27 


7J 50 3.7 
2B 1 37 
L4 7.713.6 
2fl 9.4 7.9 




231 7.0 9.6 
20| 75 7.7 
8210.4 
2810.4 53 
5.6 3.0 6.4 

42 4.8 7.8 
23 4.6 9.4 
3.0 3.815.6 
20 6.511.7 
22 63(631 

43 4.9 6.9 


26 6.9 63 
2411.1 S9 
4.4 8.9 3.9 
13125 93 
4.4 4.7 72 

0.4 um 

5.8 16160 

S-7 251?2 
23.103 7.0 
53 33 8.9 
0.4] - I DAB 


blO 10.81 77 
3.2 5.516.4) 

4.8 2.8 U1 
3.0 4.610.9 
27 93 60 

1713.4 6.6 
22 5.9118 
69 31 7J 
H 8.8 4.0 
30 6.6 7.6 
3.0 53 9.4 
2.1 9.0 7.4 
30 5.110 0 

2.8 5.2 10.7 

3.4 70 B.l 


HOTELS AND CATERERS 


41 


Q6>2 

50 

IIS 

178 

109 

83 

215 

68 


12 Adda Id Up— 
£13% BordtfmiQO. 
24 Brett Walks Gp. 
70% Qtj Hotels S)e_ 
82 DaVcreHotefil 
_« G»«lMet5to- 


£76% Da tOpeCtavAM £121 


75 'iKmssaJraiUeB 

89 [Udhrokelto_ 

17% (LelinroGeo.lto4 


36 

£14 

41 

96 

170 

106 


75 

197 


+% 


+5 


-1 


-2 


td051 

® ,s 

u3.9 


21 

29]1L2 7.4 
Dig 4215.0 
2K 62 8.B 


W«fl 14 31310 


25 6.110.9 
iUK%| 6.1 (8.6 _ 
"" 1.0 8.2 27.4 
3.0 5.4 9.4 
35 5.615.9 


HTCS 
Mt bar 


IP 1 
192 
30 
52 
46 
82 

71 

& 

■ 3 ^ 

240 


33 


12 

100 


mChalKtaUp 


Sany^A 1 


18 featoslRwl 


9 ito — 
coUto^ 
atato. 


SwasSnahd. . 
Trustrt Kate—, 
WneEhta'-YHp-j 
WbroWilto— 


fries 


IB 

187 

L 

1* 

u% 

240 


+ " 



122 

85 

73 

42 

25»j 

62 

56 
49*2 
46 
22 

282 

85 
40 
62 
33 
13% 

197 

68 

'83% 

291 

-168 

27 

208 

73 

54 

103 

192 

693 

14% 

31 

57 
56 

164 

86 
56 
40 

29 
123 
132 

70 

30 
186 
157 
244 

ST* 

223 

90 

75 

112 

18 

172 

»% 

72 

50 

39 


76 

32 

41 

IB 

11 

41 

26 

18 

17 

11 

■ ana 

1 

9 

* 

39 

nf," 

JA 

n« 

. » 

V 

h #i 

(122 

60 

26 

24 

10 
67 
70 

S 

s 

U5 

07 

060 

60 

58 

45% 

10 

D04 

29 


89 

715 


5" 


55 

123 

a 

19 

40 

74 

33 

132 

120 

82 

62 

135 

76 

96 

169 

166 

37 

69% 

54 

^2 

s 

22% 

70 

78 

137 

130 

30 


£104 

20 

18% 

f 

66 

|£ £ 

,55" 

1176 
. 64% 

Bg 

39 
60 

& 

, 90 

& 

1 

47 

44 

78 

,9 

a 

U3% 

.96 

27 

104 
62 
36% 

1142 

105 
41 

30 

40 
46 

ill 

% 

427 

190 

, 69 
190 
96 

,9 

22 

86 

100 

56 
24 
19 

57 
36 
96 

161 

ESI 

59 

82 

S 7?* 

9 

196 
10012 
143 * 
21% 
5l 
155 

67 

73 

(148 

415 

92 

124 

31 
218 
132 

63 

24 

£2Z% 

270 

448 

24 
75 
10% 
44% 

356 

34 

16 

79% 

500 

43 

32 
136 

25 

£30% 

247% 

72 

95 

38 


AAR _—-- 
MBIBciteriu. 
UMWOTBW ltol 
.vhbe?Ud----- 
Abmtvnbtlto 

Airiktlnds-Sto 
Allied (on to— 
Alfred Wymw-. 

.UpwHl&to 1 

AnmL fodustb. - 
ABULSstaliCU. 

toce LriaoeSp- 
, Ass. Spa 

lAnstiaFl 
Aron Rubber □- 
IBBA Group 
[BOCIntnL 
STB 


palnliWraj£L— 

l£35&'pte| 

ItenwHettsml 
ISathkltettaDd., 
teeatson Clark— 

Benoma.-- 

Beristonb—— 
Berwick Tlnipo^ 
Bestah e D — 
Kddle HMn.— 

B1HbsiU.U 0H 
Black Arrow 


■a mi 

E£ll5‘AMto-J 

townftHawteJ 

bo«(teiryj50p. 



SritCtaeT.B 

jatllranKJ 

I Brit Steel® 


Brittains. 

■Brook aBr.lto- 
Brooks wmaip- 
BrownBov Kettl 
BnintoiraiMnssL 

BureoDcsn- ! 

Bonrisneto_I 

Boras AsdrtWp.-l 


Cusm 
Ctmrni 

Cnpel_ 

CoplanPrri.il 
Caroranslnt: . 
Car to) Irak— 
Cawoods-—_— 
Criesrionlnd-to 

Central Mlg. Up-. 

Cent Sheered. 5pJ 


ChaadiluPh. . 

Change Wucs lip, 

DnCnr.CanJtMpJ 

■fhristie-T.lOp— 

ChrisUesIntlOp 

ChubhSto_ 

Clarke (Clement) 

Cole HULL._ 

CmptnWehbSp. 

Cmrt.Grp.SL_, 

ContStafaon'yWpJ 

Cope Allman 5p- 

CopyderlOp_ 

Coral Ltklto- 

Cosalt 


24 


I 

21 

40 

H40 

9 

f 

14 

37 


119 


53% 

42 

15 

65 

24% 

& 

9 
20 
12 
25 
28 
47% 
&37 
, 70 

225 

126 

32 

52% 

30 

23 
36 

401 

32 
12 
40 

46 

40 
28 
14 

7 

14 

22 

loo 

*g 

45 

34% 

41 
5 

20 

55 

* 

11 

33 
76 
18 
57 

34 
71 
185 

24 
55 
17 
74 
62 

47 
9* 


&% 

A 

18 

44 

s 
„ 6 
M9 

13M 

20 

19% 

48^ 

14 

512% 

160 

37% 

60 

18 




c ^= 


jCowaodeB^. 
k>ean(J.)50p— 

lEssa 

IDarewU as.)—| 

DcURMteHV 

Dintoe Heel 5p— 
ffipksnalnro-™ 

Dtfeon Park Ito | 

Dora HWgs. 1 to-L 
Dover CorpOSfiJI 
Downs SnrgT. 1W 
Drake&SCTdl_-| 

DnteKhmlOP 1 
DunbeeComlOpi 
Dnxalonlan 20p- 
iDn^elnLBp- 

[ Dwek <^onp to^ | 

Emp U'-AJ.)—I 


RC Cases 10p_ 
Eaxtero Prod. 50p~ 


(Elbief to—- 

Elecolfc-, 

Sect tnn See 

HliottFb-ra.lOpJ 

EtaonABobtalnnl 
ElswlcklTperte 
&nhartCarp.pB 
Empress Serr.Kip J 
Eng-AOtestol 
Eng.rtunaaaysl 
Espenma, L2%p_ 
Enh, Femea___ 
Erode HldgiSOp 

Ewer George lOp I 

Eitel^HH 


FririubuLtma 
Feeder 10p__- 
FennerO.B.)— 
Ferguson lraL_ 

Fenenan2to — 

Findlaj-(AJLL_ 

stlelOp- 

(Tttzwiltan_ 

JFlesriloC. AW.- 

.m 

IFoseeo 


+ % 


+% 112-7? 


055 


-2 


-7 




pri 


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|thL94| 


+1 


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+% 


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12“ 

2 a 6.71 

32 6.4 
38 48 


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1- 


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PCI 


l+% 


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U 53 

a mz 

22 68ft . U 
2a Lfi . - 

3.1 W 
2.7 68} 

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1*17 llfR 




hi 


[FriedlaralDrt_ 

feAgdwailL. 
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jGoHrmeffids- 

laanmian Hdgs.. 

Granada'A'.- 

Grtpperrodslto. 
GrovebenGp. to. 
HaUiBSrigfLto- 
Ralmalto- 

Hmilboniel%_ 
HaniiaexCp,2$c. 
Hanson Trarf — 
lDofftfeCnv8W3 
Haromtij»p_ 

Hams(Pb.'2to- * 

Harris A SWdcc_ 
Hawkins ATlpsoa- 

Haallnto-_—- I 

Hay ftwnnaa) Up 
Ites Wharf Q_, ■ 
HepwonhCnoL, 
Hestrir _^te 

n^: 1 . 

mollis Bros._ 

Nl Lloyd la. lOp. 

iUwerW.. 

H<mrmMdis.to 
Ho5kfruAB2to' 
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HyiUB(L6J.lto 
LC. Iadtsartesl- 

infill lak lOp- 


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+1 


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4.47 

279 , 
110071 


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33 4.4 * 

43 53 j 

431 tt*\. 
42 2.7 

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3.02 

3.99 


initial Serrtet*_ 
iBttx-Qtyata—, 
JamesUriffiL,-. 
tewiathAMp- 
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lenttqae__ I 

Johnson A Banes. 
JobnjooClnrt— 
Johjso&MthF.D 
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Ui 


'n r ^ Financial Tines TuesdayJajmary 17 1078 
, INT>USTR^ 


29 


awt 





1 »'* i'!. 


89 


U 


64 



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130 


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4.7 4J 6.7 

II 46 U 6 

imI S3 

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45 13 

afiH : 

65 

13} U 12.41 
1« 5JJ 53 


HH 

HWi Lew 

662 ten 

116 63 

MS 591 
170 115 
£31>, 08 
310 194 


INSURANCE—Continued 

MS 


PROPERTY-^Continued 


Sack 

StaMbwB 
Sun Life5p—„ 
Taisholfer EDH 
Trede tetemmy 
torelcoS153_ 

m&nber_ 


Prtee 


580 

1-74 

105 

r -2 

686 

+6 

165 


-5 

275 

-5 


JHMI 

ffigh Lew 


MOTORS, AIRCRAFT TRADES 


ft 


Rotors and Cy cles 





+i 


18 Ul 85| 7JJ 


S3 7$2 


Commercial Vehicles 



75 111 pMkTrttoH^ 


\-h 


1-3 


03 

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031 



1W4712 


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05 43 45.6 
111.9 £6.9 - 
26 63 7.8 

aaa 

26 TO Is 

36 63 7.1 


7.ji4.ra 

4J 

33 46J 

15 M 

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13.0 72*?j 

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YASUDA 

TRUST AND BANKING 

Undc^a-an^;0!-S26'57S.t 

, 'H#*dCHfia«:TcA<yo 


MINES—Continued 

CENTRAL AFRICAN 
n*. 




^Bwb«U». 

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Da 8 %Ptfl_ 

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Price 

190 


135 

78 

40 

12 


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10 

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165 

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900 

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OVERSEAS TRADERS 


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12. ^3051*8 

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110 22 

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AmalNtgcns_ 

AyerHitamSMI 

Beraitllo.. 

BeriuntaiSMl_ 

Genor_ 

GoMtBwelS.'p.. 

GopeOTCons 

Hon*aoas__ 

Idris I Dp . 

Jantir 12 >a>- 

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TINS 


Malay Predstas SMI J 

PMrimfeji'lOp~ 
PetaBMnuZ__' 
Saint man_ 


South Kind_ 

Sth* Malayan SMI, 

Sangei Bed SMI_ 

Supreme Corp. SMI 

fSSSSiSB- 

rrooohSU_J 


30 

240 

46 

200 

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10 

250 

130 

11 

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450 

280 

42 

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COPPER 

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M 5.0 


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47 


Price I - 


& 


LdmStrmatr* top. 


TEAS 

India as A Bangladesh 


-1 


+1 


♦9 


MISCELLANEOUS 

7 ? 


Burma MiaetlDvp. 
Colby Mines SCI Z 
Cma March. V0c_ 

NortheataCH_ 

R.T2. 


! Sabina Ink C51__ 

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TetadyMtuml' lOp J 
fiuhmCMiLCJl— 


230 

250 

174 

35 

850 

45 

127 


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25 


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mi 

3.4 


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US: 


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2S 


UL?. 


BfK 


23.41 

all 


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1 35 ■ 


Sri Lanka 


150 | 59 iLnsm! 


150 |+2 1363 116} 3.7 


Africa 


M 22.4 
6516.0 
6515.9 


[2355 

766 


MINES 

CENTRAL RAND 



246 _ 

331 +8 

BP 3 


17.0 Si 

id 4.4 336 
11L45 302 

mm 

IS 416 

4.9 36.0 
36 370 


EASTERN RAND 


14.9 382 

aJi76 

Ithi 


42 


55 

9 

M 

1 

33 

380 


66 

+1 

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15 

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— 



CVIcm othervtw ladlcOM. prteca ud net dtrUtMta ate hi 
peace and JlMlmflwi arc 2Sp. Embaited p rtoj eirula ita 
rattea aad corcn are Uwd an Weal ananal npanaaad aecooBta 
aaA. where poeafhle, wa apdawd on MU'^eariy neon*. IYEa eie 
calca laWd an the hash ef net dhtribailaa: bracketed Ojrtirre 
IntUcate 10 per ceto. or mere dOtetrnce K odmUM an -all* 
diairihattoB. Cntn are bind n — w dlatrOmthm. 

1W4» arr baaed an middle prime, arc craw. adJnRcd to ACT a« 
it, par reat and allew lor value ef declared dletrihathaw and 
rijOUa. Becnrttiea with deu—taHena other than eterUa« an 
■parted Inclusive af the lamumi del tar proaiam. 

Eteri lad denecalaalied e ee ur i tla* which Indtute luiw t iiak 
dollar premium. 

“Tap" Suck. 

Highs ead U>wi marked thus hare been adjusted to aOow 
tor rights issues lor cash. 

Interim dace Increased or resumed. 

Interim since reduced, passed or deferred. 

It Tax-free to ooa-residtmts no application. 

Pi auras or report awaited. 

Unlisted security. 

Price si rime ef suspension. 

Indicated dividend alter pending scrip and/or rights !s*aaf 
cover relates to previous dividend or foxftcast 
|*» proa of Stamp Doty. 

Merger bid or reorganisation tu pcocreac. 

Not comparable. 

Same Interim: reduced final and/or reduced narringa 
liuHealed. 

Forecast dividend, cover m Mralitg* updated by latest 
interim lUuenwnL 

cover allows for eonvurtop ef shares net now nuddag for 
dividends or nuking only for restricted dividend. 

Cover doe* not allow for shares which may also rank for 
dividend at a foturs date. No P<E ratio usually provided. 
Esdading a final dividend declaration. 

Regional price. 

No par value. 

■ Tax free, b Flpoeshsaed On prospectus or other Official 
estimate, c Cents, rt DtvMend rale paid or payable on pan 
of capital; rover based on dividend on full rsjrttaL 
o Rede mp tion yield. I Flat yield g Assumed dividend and 
yield, b Assumed divideod and yield after scrip blue. 

J Payment from capital sources, k Kenya, m Interim hJ( 
than previous utaL n Rights woo Pending 
based on preliminary Howes r AuatnUua ctnrmicy. 
s Dividend and yield exclude a apodal payment, t Indicated 
dividend: cover relates to previous dividend. P'E ratio based 
on latest annual earnings, a Forecast dividend, cover based 
on previous year's earnings, v Tax free up to 3Dp In the L 
w Yield allows fbr currency clause, y Dividend and yield 
based on merger term*. * t Dividend and yield Include a 
payment. Cover doe* not apply to special payment. 
A Net dividend and yield. B Preference dividend passed or 
deferred. C Ca nad ia n . D Cover and IbE ratio axeluda profits 
of D.K aerospace subsidiaries. E Issue price T Dividend 
and yield based on prospectus or other official estimates for 
1977-7*1 6 Assumed dividend and yield after pending scrip 
and/or rights issue. B Dividend and yield based on 
pruspeetns or other official estima t e* (or 1970-77. K Flgarne 
baaed on prospectus or other official nsMmates for 107k 
U Dividend and yield baaed on prospe ct us or other official 
estimates for 1B7B N Dividend and yield based on pnorooct u i 
or other official estimates for 1078. p Dividend and yield 
baaed m prospectus or other off]rial estimates for 1977. 

Q Grata T Figures assumed. U No significant Corporation 
I Tax payable. Z Dividend total to date. H Yield based on 
assumption Treasury BJU Rate Hays unchanged until maturity 
of slock. 


I Abbreviation*: riaa dividend; we* scrip Issue; a-« 
all: d ex capital distribution. 


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1 Relative Strength ▼ 

Wgrengfa fa tbe difference between a cood 
and a bad mvestiaeaL We supply relative 
stra>OTi darts for Britain's leading companies. 
p«q ail th e other price information accessary for 
successful iiAvauneof. 

Write or telephone for a free sample. 

, aM CHART ANALYSIS LIMITED 
194^00 BUbopirate. London. EC2M 4Mt 
_ TotiO W*3 4474 


FINANCIAL TIMES 



Weatherall 


Tuesday January 17 197S 


London Leeds Paris Nice Frankfurt 


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Retail spending up 
sharply last month 


BY ELINOR GOODMAN AND PETER RIDDELL 


THE volume of spendinc in 
shops rose sharply last month 
tn the highest level since the 
beginning of 1876. even after 
taking account of the usual 
seasonal impact of Christmas. 

This is the first real confirma¬ 
tion of the long-awaited rise in 
demand and activity in the 
economy, it is expected tn 
accelerate during the first half 
of this year as wage increases 
come through and the rate of 
price inflation declines. 

The Department oF Trade said 
yesterday the volume oF retail 
sales last month was 109.5 (1971 
= 100. seasonally adjusted), up 
3.2 per cent, compared with 
November and 1.1 per cent, 
higher than a year earlier. 

detween October and Decem¬ 
ber the volume of sales was 
about i per cent, higher than m 
the previous three months. Last 
year as a whole the volume of 
sales fell about 2 per cent, com¬ 
pared with 1976. 

The department said the rise 
last month was “ partly due to 
the tax-free bonus for pension¬ 
ers and the effect or the back¬ 
dated reduction in income tax.’* 

Most retailers found Christ¬ 
mas buying started later than 
usual 3nd did not really take off 
until the final two weeks. 

The Retail Distributors Asso¬ 
ciation. which monitors the sales 
nf most of the national store 
groups, said that in the week 


RETAIL SALES VOLUME 

1971 — 100, seasonally adjusted 

1974 1st 

1073 

2nd 

107.4 

3rd 

108.9 

4th 

1083 

1977 1st 

JOS.O 

2nd 

103.9 

3rd 

1063 

4:h 

7073* 

September 

106.2 

October 1 

105.4 

November 

104.1 

December 

709-5* 

* provisional 


Source: Dcpcrimenf of Trotfe 


before Christinas—which in¬ 
cluded a full six days’ trading 
for most shops—sales were 36 
per cent, up on the week before 
Christmas in 1976. This followed 
a period in which sales bad been 
slightlv down in real terms on 
1976. 

Reports from the trade yester¬ 
day suggested that the December 
volume increase has been at 
(east partly maintained in the 
first two weeks of January. 

The clearance sales generally 
seem to have gone well, with 
the provincial stores continuing 
to show larger sales increases 
than in the West End. 

The mini-Budget of December 
1976 distorts comparisons since. 


some consumers bought the type 
of items which they normally 
buy in the clearance sales in 
November and early December 
1976 in anticipation of an in¬ 
crease in VAT. This meant some 
groups had disappointing clear¬ 
ance sales in January last year. 

Tbe feeling in th e trade seems 
>o be that business might slacken 
again once the clearance sales 
are over and (hat there might 
be a “ pause ” until May. 

Most economists expect a rise 
in retail sales volume of 3-5 per 
cent, in real terms this year com¬ 
pared with last year. This should 
be enough to take trade up to. 
or slightly above, the 1973 peak. 

The main boost is expected 
to come between the early spring 
and autumn. There could be a 
decline in the rate of increase 
by the end of the year. 

A slight slackening in the 
overall rate of economic growth 
in about a year’s time is ten¬ 
tatively suggested by the Central 
Statistical Office longer leading 
indicator or the business cycle 
which was published yesterday. 
This fell in December for the 
second month running. 

The index of shorter leading 
indicators—looking about six 
months ahead—also declined 
slightly in December, but like 
the longer leading index it i? 
at a higher level than through¬ 
out most of last year. 


Leyland unions 
seek meeting 
with Callaghan 

BY ALAN PIKE. LABOUR CORRESPONDENT 


THE LEX COLUMN 


to 




lift the market 


Italy starts selection of 
premier-designate 


BY DOMINICK J. COYLE 

PRESIDENT GIOVANNI LEONE 
is to start a series of consulta¬ 
tions with top party leaders here 
to-morrow before naming a new 
Prime Minister-designate for 
Italy following the formal resig¬ 
nation to-day of Signor Giullo 
Andreotti’s minority Christian 
Democrat Government. These 
consultation $ are expected to end 
on Thursday. 

Signor Andreotti. whose Gov¬ 
ernment continues in office in a 
caretaker capacity, remains the 
most likely Christian Democrat 
leader to be called on by the 
President to try to form a new 
administration. 

In that event, he will open 
negotiations immediately with 
the opposition parties, and prin¬ 
cipally with the Communists, to 
see if he can put together a new 
governing formula for Italy. 

The present political crisis, 
which has been simmering since 
hefore Christmas, was brought 


ROME. Jan. 16. 


SENIOR SHOP stewards last 
□igbt called for an early meeting 
with the Prime Minister and Mr. 
Eric Varley, Industry Secretary, 
after discussing tbe future of 
Leylaud Cars with Mr. Michael 
Edwardes. da airman of British 
Leyland. 

An expected meeting between 
Mr. Callaghan and Mr. Edwardes 
will not take place this week 
because of tbe Prime Minister's 
pressure of business This 
means the shop stewards may 
be able to put their point of view 
first. 

It is expected that Mr. 
Edwardes will outline his propo¬ 
sals for Leyland to the Prime 
Minister before there is any for¬ 
mal announcement of changes. 

The announcement is likely to 
come by February 1. when the 
new British Leyland chairman 
will go to Birmingham to make 
a “ full statement " to union offi¬ 
cials and management represen¬ 
tatives. 

Yesterday M r . Edwardes had 
separate meetings with national 
union officials and the shop 
steward representatives on the 
company's Cars Council. 

No official statemeni was 
issued but the trade union 
officials left Mr. Edwarde^s 
Piccadilly office convinced that 
the reported break-up of Leyland 
Cars into smaller sections was 
likely to go ahead. 

Mr. John Rowan, national 
officer of TASS, the technical, 
administrative and supervisory 
-ectian of the Amalgamated 
Union of Engineering Workers, 
-aid afterwards the meeting had 
confirmed his fears of a “carve- 
■ip and piecemeal slaughter of 
'^yland Cars.” 

Mr. Edwardes’s recipe for 
success was to go back to the 
concept of separate companies in 


the cars division—“the very 
structure whi*>h failed so 
abysmally in 1974." 

Mr. Edwardes's proposals 
came as something of a shock to 
trade union leaders who bad 
“worked and fought for three 
years “ to make the Ryder plan 
for Leylaud a reality, he said. 

Union leaders are anxious 
about the future of the hard- 
fought plan for company-wide 
bargaining in Leyland Cars if a 
centralised approach is no longer 
to be encouraged. Mr. Hugh Scan¬ 
lon. president of the Amalga¬ 
mated Union of Engineering 
Workers, said last week that 
there must be no going back on 
agreements which had been 
reached. 


Impression 


The question of redundancies 
apparently did not arise in detail 
during - yesterday’s discussions. 
Mr. Grenville Hawley, national 
automotive secretary of tbe 
Transport and General Workers 
Union, said afterwards that the 
trade union side had “ accepted 
nothing " on this issue. 

Figues ranging from 12.000 to 
30.000 have been mentioned re¬ 
cently. Some union officials at 
yesterday's meetings formed the 
impression that Mr. Edwardes' 
thinking was nearer to the lower 
figure. 

At the meeting with national 
union officials Mr. Edwardes 
came under angry attack for the 
way in which apparent proposals 
for Ley land's future have been 
announced in newspapers with¬ 
out trade union consultation. 

He apologised for this after 
being told that he could not ex¬ 
pect co-operation if unions were 
in doubt over what was being 
proposed. 


on by Communist demands for 
their inclusion directly in 
Government here for the first 
time in 30 years. 

This has been rejected by the 
Christian Democrat leadership, 
but it seems inevitable that any 
new Government formed with¬ 
out a new general election must 
increase the political influence 
of the Communists. 

None of the main political 
parties is anxious to go to the 
country only 18 months after the 
last and inconclusive general 
election in mid-1976. but such 
a recourse is almost certain ir 
tbe Communists do not agree 
to lower their demands. 

Signor Andreotti has expressed 
some optimism that there is still 
“a margin for negotiations." a 
reference, it is thought here, to 
the possibility of concluding a 
revised and more specific all- 
Party (excluding only the neo- 


BY JAMES BARTHOLOMEW 


Development plans spark 
bids for London Pavilion 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


SECRET plans to redevelop the 
London Pavilion cinema site in 
Piccadilly Circus have sparked 
two takeover bids for Ihe 
cinema's operating company. 

The redevelopment, to be dis¬ 
cussed soon with the site free¬ 
holder, the Greater London 
Council, would create a shop¬ 
ping and cinema complex worth 
over £29m. 

The first bid, from an un¬ 
named concern, offered 300p a 
share for the company. The 
mystery bidder has now turned 
out to be Electricity Supply 
Nominees, the electricity indus¬ 
try’s pension fund and owner of 
the adjoining Trocadero site. 

Yesterday, Mr. Victor Sandle- 
son, the stockbroker, who has 
just under 3 per cent, of London 
Pavilion's shares, announced a 
350p-a-shar e bid for the group 
on his own behalf. The offer. 


made through stockbrokers Rowe 
Rudd, values London Pavilion at 
£445.000. 

Both offers have been dis¬ 
missed by London Pavilion's 
management which controls 
around 60 per ivnL of the shares. 

Mr. Toby Rowland, chairman, 
said yesterday that the Board 
and its advisors. County Bank, 
were " not entertaining a bid." 
The recent market price nf bis 
stock bore out this decision. 

The company's shares started 
the year at 140p and closed yes¬ 
terday at 390p. 

Mr. Sandleson. commenting on 
" one of the fastest rejections 
ever.” said that the “ ball is now 
in the company’s court: they 
ought to give shareholders some 
idea of what the company is 
really worth." 

He said his 350p-a-share bid 
might be “only a starting shot." 


Fascists) agreement on economic 
and social policies which tbe 

Communists might support t 1 * A-d A 

directly in Parliament while lllPhPQIlD 1Y1 +111 /lTI 

staying outside the Government AHV'fl.M V'tt-IJ f 111 aUJLvJ* / 111« 
as such. •■F 

Contrary to some official fears, 

the latest political crisis was not Tfe • J £\ 1 • J 

reflected to-day on the official rriflP I A lTI!l 

foreign exchange market, where A Jl lUv V>lUi lYt' Ulll 

the lira rate against the U.S. 
dollar improved fractionally at 

the fixing to S74.75. BY jAMES BARTHOLOMEW 

Business was described as 

Italy 1 'was in "the^a^kefsellin^ [NCHCAPE. the international and Clarke shares finished the 
some dollars trader. turns out to be bidder day at 515p. 

However, on the parallel, or for the motor distributor. Pride The directors of Pride and 

black, market, the lira continued Jr larI i e - . whlch . h “ r . eco “ m f" d £ e ° ffer 

in *iidP and nnw stands at a dis- franchise for importing Toyota With their Families, thev have 
iount of some S pe? cenL in lie cars. The agreed offer in either irrevocably undertaken to'accept 
tnnnsn nn«p in enitn nf itaiv cash ° r shares, is worth £10.im. in respect of their 45.4 per cent. 
Jusi ha ”ng S reported its best Mr. Edward Heath, deputy stake. As trusts also controlled 

balance of payments for a decade chairman of Inchuape. said yes- by the family are likely to 

and its first surplus last year * erda - v lJ was P^P ared r accept, the takeover seems bound 

since 1971- 10 ^old lhe hot P ° tat0 10 through. 

Editorial Comment Page IB ^ pan ^ se £? r 10 , P° rts because he Pride and Clarke has estimated 

toouzhi , th * re was room for that preulaJC profits for ^ year 

everyone in the U.K. car market. t0 September 30. 1977. amounted 
lnchcape wanted to establish a t0 £i. 57in ., compared to £ 0 . 5 m. 

balanced b.K. motor business. in 1975 . 75 . The improvement 
having already ootained a major was j ue t() recovery in ster- 
dealership in Leyland cars jj ng< whose weakness had pre- 
tbrough its recently acquired viously squeezed profit margins, 
subsidiary. Mann Egerton. volume improvements, and cost 
Toyota is the fifth largest car sa vin*»s. 

importer in Britain—one of tbe -r. __ 

few overseas markets where it JJf; A ; SjjJjJJJ 

is outsold by Datsun. reQre ” chairman after the 

...... .. _ -—, The terms of the offer are the 


The stock market entered the 
New Year in an optimistic mood. 
January is often a good month 
for equities, since it coincides 
with a seasonal peak in institu¬ 
tional cash flow. Over the past 
three years, for example, the FT 
Industrial Ordinary share index 
has risen by between 11 per 
cent, and 47 per cent daring 
January and investors were 
gearing themselves up' for 
another good performance this 
time round, especially since the 
stream of economic news, was 
expected to be good. 

So far, however, the market 
has failed to live up to expecta¬ 
tions. Equities have fallen by 
over 20 points in the past six 
trading days and the FT Govern¬ 
ment Securities Index is one and 
a half points lower so far this 
year despite a half point art in 
MLR. There seem to be two 
explanations for this sorry per¬ 
formance. First, institutions 
appear to be more strapped for 
casb than some investors’ 
thought: some institutions even 
went into overdraft towards the 
end of last year to buy into the 
gilt-edged market. More im¬ 
portant. however, instead of 
good news, the market is having 
to digest a stream of disappoint¬ 
ing economic statistics. Yester¬ 
day. for instance, saw the publi¬ 
cation of the first U.K. visible 
trade deficit since last July and 
the composite index of longer 
leading economic indicators fell 
for the second month running. 

The trade deficit is being 
treated as an aberration and 
the decline in the index of lead¬ 
ing economic indicators prim¬ 
arily reflects last November's 
j two point rise in MLR. Even 
so, yesterday’s disappointing 
news comes hard on the heels 
of a surprising jump in elegible 
liabilities in December, another 
rise in U.S. interest rates, and 
the unexpected announcement 
of a new long tap last week.’ 
Against this background, the 
equity market can still move 
ahead but a lot will depend on 
how fast the institution's 
liquidity recovers. This January, 
there is no rush to buy. 

Alcan (U.K.) 

The scene is set for the list¬ 
ing some time in the early sum¬ 
mer of the Ordinary shares of 
Alcan Aluminium (U.K.), at 
present wholly owned by the 
parent, but with some £8-5m. 
nominal of a listed Convertible 
in issue. Yesterday Alcan 
(U.K.) announced a gross 15p 


Index fell 6.7 to 474.2 



Aug Sep Oct Nov Dec Jan 


a share dividend for 1977 which 
gives Convertible holders a 
.strong incentive to convert at 
tbe next opportunity in May, 
given that the 15p' payout Is ex¬ 
pected to be maintained for 
1978: the equivalent return on 
the loan stock is only 9p. The 
price of the Convertible has 
been moving ahead in recent 
weeks, and yesterday's early 
warnings of the dividend and 
the results—pre-tax profits for 
1977 are estimated at £24 im. 
against just under £ 10 m.—left 
the quotation £23 higher at 
£139 (equivalent to 139p per 
share for the Ordinary). 

The company is fulfilling a 
1969 prospectus pledge to “ use 
its best endeavours" to obtain 
a listing for the Ordinary 
shares, and the eagerness of the 
Stock Exchange to. welcome 
another large company to the 
ranks can be judged by its 
agreement that as little as 5 per 
cent, of tbe equity need be held 
by outside shareholders (at 
least 250 in number) for the 
listing to be granted. Full con¬ 
version would bring about a 
20 per cent public minority. 
This unusually low 5 per cent 
limit appears to reflect the fact 
that Alcan (U.K) has duly 
served an apprenticeship nf 
eight years, complying with 
Yellow Book requirements while 
the Convertible has been listed. 
A ample introduction is all that 
will how-be necessary.. 

As for the likely price. 139p 
could be a little, on the low 
side, for the yield would be 
10.8 per cent and the .p/e pttrtx 
ably : under 5. Bnt then the 
company has recorded losses 
twice fat the past six- years, 
while -its figures are exception¬ 


ally hard hit by current cost 
accounting—which trimmed its 
£14.7m. historical cost pre-tax 
profits for January-Jone 1977 to 
£2.6m.. admittedly without a 
gearing adjustment 

Eastwood 

Higher poultry feed costs and 
sluggish conditions in meat 
trading are the main factors 
behind J. B. Eastwood’s £ljm. 
drop in interim pre-tax profits, 
which emerge at'just over £3m. 
The broiler business, which 
accounts far about 30 per cent, 
of the profits and a quarter of 
the sales, showed a profit 
decline of the order of at least 
fim., thanks to an escalation in 
meal prices. However, feed 
costs have . since collapsed 
enabling -Eastwood to buy for¬ 
ward and protect itself from 
fluctuations in the second half. 

Proportionately, the greater 
part of the profits shortfall 
came from the meat trading area 
where the decline was of the 
order of £$m. on a reduced 
turnover. The extra production 
from the egg modernisation 
programme will only start tn 
show through in tbe second half, 
so everything depends on what 
happens to egg prices between 
now and the end of March. The 
usual post-Christmas drop in 
the egg price has not yet 
materialised. If it holds off. 
Eastwood should end up with 
full-year profits of about £Sm.. 
against £8.8m. last year. 

This puts the shares on a 
prospective p/e of over 6. fully 
taxed, although .Eastwood at 
present pays only ACT. The 
shares fell 7p yesterday to 99p. 
but there may be some comfort 
for shareholders if the companv 
brings forward its 197S-79 divi¬ 
dend payment if the controls 
end this summer. 

Burton 

In the space of less than six 
weeks since Burton Group 
announced its preliminar ’ 
results the “A" shares l; 
jumped by as much as 4Tf 
cent to llSp. But there is 
new in the full report to j£ e 
such a re-rating, although, 
book net worth is confirmed 
S36p -a share. A sales ga ; £ 

11 per cent in the first 17 vi 
of- the current year. adji- v 
for activities closed or * 
s&T appears to be lagging "P. 
tibn. Some action pretty 
on the bid front is need'*.' 
the recent enthusiasm is t^ 
s ustain ed ' 


‘Continued from Page 


Steel 


| Mr Varley. in a scathing attack few overseas markets where it 
[on tbe committee's report, said is outsold by Datsun. 


BY CHRISTOPHER PARKS 


’Weather. 


COLD. Wintry showers 
London, E. Anglia, E-, N.E- S.E. 
England 

Ram or snow, becoming 
brighter with scattered showers. 
Wind variable, light, becoming 
moderate, N.W. Max. 3C (37Fi. 
Cent. $- England. Midlands, 
Channel Isles. Wales. N.W., S.W. 
Cent. N. England 
Bright intervals. ‘catlerpti 
wintry showers. Wind X.W.. 
moderat*?. Max. 4C (39F). 

Isle of Man. S.W. Scotland. Glas¬ 
gow, Cent. Highlands. Moray 


BUSINESS CENTRES 


Aiitfidiii. 

.Mtv-ns 

Bahrain 

Sanatoria 

Bmrut 

Belfast 

Belgrade 

BorHa 

Bnnahm. 

Bristol 

Brussels 

Budapest 

R Aires 

r alro 

Cardiff 

rmcaao 

Colosn- 

Copnha^ti 

Public 
Edirbur^h 
r ranHurt 
I'r-ncia 

ria.'.:ow 
Hcl'inH 
H Kons 
,t«* Hijra 
tilfbon 
Lord 


Y'day | 
mld-dav' 

*C "Fj 

C 1 Luxemb s 
F n . 55: Madrid 
S Ifi Si I Mancbstr. 
F S *6 Melbourne 
F W SI lMilan 
C 3 371 Montreal 
5 6 Oj Moscow 

S 5 37 Munich 
C 2 3*' Newcastle 
R 2 *. New YorF 
F 4 39 ICalo 
C I 34 j Pans 
S 31 g* i Perth 
S IS 13 Praaoe 
Or 2 36 Bcrtiacib 
IS RlodcJ'o 
C. 4 .7) Rome 
S - : Slnaapor. 

C 1 r,7 Stockholm 

r 3 37 S«ra»hrs. 
r is Svdm :’ 

C •'M Tehran 

r 4 M TelAitv 
c t 3S ToLjti 
f w j# Tnmnin 
c ^ 77 Vienna 
C i? 54 ‘ tvaraw 
C S 41 Zurich 


Yday 
mid-dni 
-C *K 
S 2 -W 
C J 36 
H o 32 
C IS M 
r « « 
S-12 10 
F -6 IS 
KB -3 27 
C 3 37 
S -4 24 
Sn * 35 
C 4 34 
r 22 72 
C I 34 
S -I 23 
C 7fl «l» 
F M .17 
S S fl 
S I '-I 
S 4 t» 

R 72 r? 

S I 4« 

t is s: 
r s 47 
■5-10 M 

r. -I vi 
5 i J 

C -I 30 


Flrih, N.E. Scotland. Orkney. 

Wintry showers, bright inter¬ 
vals. Wind N.W.. moderate. 
Max 2C (36F i. 

Borders, Edinburgh. Dundee. 
Aberdeen 

Sleet or snow ai first, becom¬ 
ing brighter with showers. Wind 
N.E.. moderate, becoming N. 
Max. 3C (37Ft. 

Argyll. N.W. Scotland. N. Ireland 
Wintry shnwers, drier laler. 
Wind N.W.. moderate. Max. 
Outlook: Wintry showers. 

Forecast — lo mid-February: 
Mostly dry and mild with some 
cold spells, especially around 
middle of period. Mean tempera¬ 
tures above average except in 
Midlands. E. Anglia. S.E. 


HOLIDAY RESORTS 


Ajacuo S 
A liters S 
Biarrtiz F 
Rliddnol R 
BflMonux S 
Boulogne C 
Casablnra, R 
Cap<* Toun C 
Corlu f 

Unbro-- ink B 
K.VO I- 

I’loruw: S 
Fun.-hal P 
tlibral'ar * 
K 

TnnshPi. n F 

!n«"m-s«L r 

I. -Jf Man P 

I -: ^nlinl !• 


V! 33 1 Jerscy 
!."■ 39 ■ Las Pirns. 

» If-1 Locarwi 

“. 271 Majorca 

7 45[Malaga 

1 39 Malta 
12 54 Nairobi 
21 751 Naples 
IF «3 | \ lec 
H TCj.XlCTK.lJ 
i: .irupnrta 

• 45 fthu(lt> 

•i 37 Salrhurc 
i . ii Talic n.-r 

t -Teiicrile 

.' > TunK 

. ” : Viii'nni 

* * I Venter 

- r- 


c—Hjnnr K art C—CimMi 1 R- 

Dr—Pnei' Fs—t»s 3n- 
Tb— Thundw. 


that if the Government bad; The terms of the offer are the 
;made similar proposals for i equivalent of £5 j> 5 cash for each 
! closures and redundancies on the-Pride and Clarke Ordinary 
[basis of the first four months of 1 share, or 144 Inebeape shares for j“Jf 

ihe financial year. MPs on the j every 100 Pride and Clarke. At JPL. th :f 

! committee would have been J Inchcape’s closing price of 362p about £lra. is likely to be 

: among the first critics. last night, the «hare alternative so,a- 

I Tbe Government would not be » s worth 5^1 p per snare. Pride News .Analysis, Page 7 
! rushed into “panic measures” 

| because some MPs bad become ’ 

IKS'"—' Meat eating going down 

| Consultations between the ° 

!STBT^ , !Sajr^a ! to level of mid- 1950 s 

J continue to find a rational and' UUU 

humane solution to the industr>'’5l 

problems. Members of the Com-J BY CHRISTOPHER PARKS 
f mons committee were not the 

i only ones with an interest in BRITON’S WILL probably eat increase in beef exports—mainly 
I the industry s future, he said : [ e2 ; S nieat this year than at any to France—from S5.000 tonnes 
! „; v ’ since the mid-1950s. They last year to 115.000 tdnnes in 

■ v,,ch:,e, Leader of | t.-ould viell he paying S to 9 per 1978. Imports from Ireland were 

: s * 10 .'y et * ni ’ »ign: cen i. more for u than in 1977. expected to fall. 

on the issue. ioTspite of 9 fuTthe? i lh ® Mme r,se as last y ® ar ‘ Pork P r « d n lJc p on W0 “ ld 4 ! n u HP 
demands. Those forecasts came yesterday from 640.000 tonnes to 570,000 

Tbe Government also "am*»d- From lhe SIpal an d Livestock tonnes. Output of bacon and 
further relief from the Commons i Commission, the statutory body ham is also expected to drop, by 
pressure* by the Speaker’- re- •'rim-h monitors the meat market almost 10 per cent, to 200.000 
fusal to rule that failure to i m the U.K. Behind them, it said, tonnes. 

provide papers requested by the' ? or f continued depression Mr Johnstone claimed that 
committee was a contempt of' in the British livestock industry u |jij e the average retail price of 
Pa ^i* aI 'J 1 eT,t - •’ and faJ,i ng imports a ll commodities in Britain had 

The Commons Pmcedure Com-- “Rarely in recent years has gone up 97 percent, in the five 
m 11 now proposes to examine there been such a mood of years since Britain joined the 
tnc whole question of select despondency on our livestock Common Market, meat prices bad 
committee powers, and ihe signs farms. Mr. Wally Johnstone, risen only 70 per cent, 
are that rhe present issue will : chairman of ih e ‘ Commission. «j n Ee neral livestock Dro- 
be subsumed into the eenem! ■ said in I onrion j m senera 1 , ‘ uvwwch pro- 

inquirv 5aia 1 - t,n aon. ducers can look forward to 

-—- improved gross margins. 

■ More lamb Slaughterhouse throughput will 

r Tn , probably be reduced, but wbole- 

uontinuea irom rage 1 ■■ Damage hai been caused to j a [ e meat prices should firm up 

processing and manufacturing somewhat. 

A |nnn .businesses by very difficult “Retailers are likely to sell 

/ AI Ld 11 ! trading conditions, and that will less red meat, but prices should 

. , • not be easy to repair.” be firmer. Consumers may buy a 

in P iSmvrtr? M-nT"*'' p0 =’ i,bly Unveiling the Commission’s little less meat but pay higher 

Mr rwnn . annual report. Mr. Hilary Marks, prices. r ^ 

Mr. Elton 9 aid tlidi tne L .fa ie ; econnmiat said that meal Th e mam causes of the reduc- 

hetn consumption thU, vear would be tion in meat eating are steeply 
through a bad time with_a very on i v 3 . 5 i m . TO nno=! compared rising prices and the rapid in- 
low return over the last lo years, -..-ith rhe J innnoc last vear crease since the war in the range 

Although demand had expanded This is som ^ lower of protein foods available to tbe 

^ D,pan1 ^ had than consumption in 1973 . when every-day shopper, 

increased capacity even faster. , Britain ioined TrFC and The increase in meat prices 

However, the shock of 1974/75 almost certainly thp inwest'fleure cited b i’ Mc - Johnstone, averag- 
had at last brought home the' * SdiSS in S 70 P er «nL in five years, 
lesson of over-capacity and he controls 1 would be much greater but for 

expected conditions to improve.. Qniy i'n the sheen industry. Mr. the heavy consumption of cheap 
Apart from anything else, the Marks *a«d. cat production broiler chickens The pnee of 

cost of buildin? new plant couid expected to -o uo during 197S conventional butchers meat has 
no! be justified at current meial Output of mutton and lamb increased much more, 
prices. should in.TPKi. Lm Tin non Protein is now available in 

Mr. Elton sard lha» Alcan. \«*tSSS£ io a sS3Si lonTes.” 0,000 »■"/ r « rms 
common «uh the aiumimum. Beef pr.idueiion nould proh- mp at- and most experts forecast 
industry as a whole in the U.K. ably fal! 2.5 per .;o n r to 9K5.non even S reatCl “ reductions in con- 
! was opposed i? lhe cr«a«ion of tonne*. The effect on the home sumption over the next 10 years. - 
a London MeUl Exchange marke- market ?nd retail prices would S tp P Green £ move, aFs urged. 

: ifi® njetaL j be worsened by aa expected Page 25 




Continued from Page 1 

Alcan 


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■ ■ ■ where the staff are— 
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br (to g lim mi ji Tunas Ltd, Bracken House. Cannon Sweat. London EMP. 4©Y. 
* O The FlnsneUl Ttmg Ltd.. ian 


-Ifyou move, you'll want 

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JUULL We can tell you about 

—— —J housing availability 

and prices throughout 
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