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l M\ 


incorporating 

>polc! Farmer & Sonsrj 

igents. Valuers and Surveyors 
; . • Property and Plaftt ■■ ’ 

ntfon — Leeds — Birinmgham 



No. 27,462 


Wednesday January 18 1978 ** is P 





The Serf of 
Quality with 

MEEKANITE 

Flake & Nodular 
Iron Castings 

Vfare txwhfcai >nlet03ti» 
The Inicntarional 
Merhanite MtUl CO. 
Albeit Rt Nifu 
Soney. Tel: fciaaa 44;M 



CONTINENTAL SgUJNG W»c£i- AUSTMA Scfc.tS; 8gQUH fr-25; DENMARK Kr^.Sj FRANCE FrJ.fi: GStMANY OWL®; ITALY ISM: NETHERLANDS FI. 2.0; NORWAY KO.5: PORTUGAL Etc JO; SPAIN Pm.40: SWEDEN Kr.3.25: SWITZERLAND FrJJJ; EIRE ISp 


SUMMAJRV 


BUSINESS 






■ K ^.f 


* 


ish: 

EC 

iger 
t U K. 


iations for a European 
■ on fisheries . ' policy 
red to fie heading towards 
•ek at Brussels last night. 

ing for a united stand 
. t Britain , M. Antoine 
let. the Belgian president 
. EEC Council of Ministers 
d that a crisis was possible. 
. lier, Mr. John Silkin, Agri- 
e and Fisheries Min ister, 
repeated that Britain’s 
' ids for an exclusive 12-mile 
' zone and a ‘ 50-mile zone 
..ominant preference" were 
. imum on which there could 
compromise. 

m Hall the C.5. Forester 
?ported to have landed the 
- jingle catch by a British 
• jr after visiting Bear Island 
.he Norwegian coast. ■ At 
stone, worth £90,125, it 
...ES,000 short of a world 


least effort 

>ridge gap 

and Egypt last night began 
nal contacts aimed at seeing 
ie substantial differences 
. . ng them on progress to- 
a Middle East settlement 
e bridged. President Sadat 
ypt has gone into seclusion 
bree days before deciding 
ter to continue negotiations: 
and Page 3 

erillas kill two 
odesian chiefs 

African chiefs have been 
i and a British Roman 
r otic priest has been 
apped by black nationalist 
11 las in Rhodesia, it was 
id in Salisbury. Father 
nond Donovan. 50. was seized 
i the altar of. his. chuech 30 
s north of Salisbury. From : 
jio, Mozambique -based 
(Has claimed that 40 per 
nf Rhodesia bad been 
ated. Editorial Comment, 
16 

*mer MR and 
r e missing 

? launched a wide search 
night for an 82-year-old 
•r Labour MP for Accrlng- 
Mr. Walter Travers Scott- 
. and his wife who have 
missing from their Chelsea 
since December 13. Their 
3 Richmond Coart. Sloaae 
. has been robbed -and 
antiques are missing- 



fall li 
WallS| 
Up 7 : 

• GILTS were affected by 
market nervousness .ahead of 
tomorrow's . money supply 
figures. Longs were, down "by as 



SECURITIES INDDfJ 

,1977 


i: ( L 


Aug Sep Oct Nov Dec Jan l 


much as 14 .points; and the 
Government Securities ; hides 
dosed 0.74 down, at ' j&7 4. 

• -EQUITY interest remained 

low, apart bom more specula- 
tive shares, following' new bid 
announcements. The . FT 
ordinary index dosed: down 

at 470.9: * 

• STERLING lost £S points 

against the dollar to &9240* its 
trade-weighted index -falling to 
65.S (65.9). The# dollar's 

depreciation narrowed^ to 4.56 
per cent (4.79). ‘ 

• GOLD fell $21 to 

• WALL STREET 
at 779.02. 



• EEC member 
have approved a pac 

posals for tbe-GATT 

trade negotiatings, bdt h^fr.ot 
named a figure for industrial 
tariff rats. Back Page ^ ^ 

OIL PLATFORM -contracts 
worth well/ over £500mZ arg 
expected to he placed, by theU.R. 
offshore industry this year. Page 
6- 

• ELECTRICAL contract 
workers have/been urged by their 
union to take - industrial action 
if necessary -to force implementa- 
tion of a pay deal vetoed by the 
Department of Employment 
Page II ■ 


Yorkshire 
pit stop 



wicket 

nd’s third cricket Test 
it Pakistan which bad been 
ibt because of the England 
i opposition to Pakistan's 
le inclusion of Packer cir- 
ayers, was saved last night 
the Pakistan Cricket Board 
mtrol barred the Packer 
•s “ now or at any time In 
ture.” The match is due. 
at Karachi to-day. 

ivy snowfalls ; 

leaviest snowfalls of the' 
■ were ■ reported in mid- 
and western parts of 
-.shire and Herefordshire. In 
» otV.illes . rescue ... squads 

{ ., , *rY Jed hundreds of flood 

’*li * ■ ' " 5 as gales and -torrential 

ittered the French- Mediter- 
coasL 


fly - - - 

Hind ley, the moors tnur- 
has no prospect of an early 
the Home Office said. 
.Ion of birching violent 
J-. offenders would ' be the 
folly, the Isle of Maifs 
.T‘nII» v sy-general told the Euro- 



( * : - 


Human Rights Court at 

ourgi 

er sentences for teenagers 
?d in the “ growing Indus- 
f burglary were ouled for 
rd Justice Lawton' in the 
1 Court 

orecambe and Wise Christ- 
now attracted the highest 
TV audience for ten years 
'according to - BBC 


• EIGHT MINERS at a York- 
shire colliery halted production 
after ; a protest strike at the 
'amount of - incentive payment 
they will receive, less than 24 
hours after Yorkshire mine rs had 
Voted -in favour of productivity 
schemes. Back Page 

• BANK OF SPAIN has had to 
mount a. rescue operation for 
Banco de Navarra, one of Spain’s 
smailer hanks. Page 20 

• DISCOUNT CONTROLS on 
bread -will not • be reimposed. 
Prices Secretary has told bakers* 
unions and. employers. Page fl 

• ALLIED BREWERIES bear: 
division Chairman, Dr. Bernard 
Kilkenny, has left the group after 
a Boardroom dispute. Back Page 

Britain's biggest brewer. Bass 
Cha r r lu g to n/will shortly be seek- 
ing a. price rise. Page 6 

COMPANIES 

• TRIDENT TELEVISION, pre- 
tax profit for the -year to "Sep-, 
t ember SO was £7J36m. (f4£3nt) 
on turnover up at £60 -54m. 
(£47.1Sm.). Page 18 and Lex 

• GESTETNER Holdings pre-tay 
profits for the year to Novem- 
ber 5 were £2&27m. (£26.04m.) 
on turnover slightly lower at. 
fi3gS.02ni. (£233J.5m.). Page 19 
and Lex 

• COMET RAIHOVISION has 
made a SUSrsL takeover, bid for 
Henry Wigfall, TV and electrical 
appliance retailers. Page 19 and’ 
Lex 

• MATSUSHITA ELECTRIC, 
the world's largest electneal 
appliance manufacturer, has. a a? 
nounced record sales for the year 
to November 20 and an IS per 
«nt. jump, in net profit - to 
Y48L6bn. Page 21 


L 

0 

9 


;F PRICE CHANGES YESTERDAY 

.FALLS 

Treas. J*pe 1981 :;.'...£100fr - f * 
Excheq. 13*pc 1996^.^115 - li 

APV 1 213 — 9 

Bass . Charrington ...„145 — 
Beecham. . — ZstiLSS 5 “ . 1<L 

Berkeley Hambro ^.,.110 — .4 -. 
Booker McConndl 225 — 7 ' 

Burton A, H4 — 4 ■ 

Comet Radioidshm. ... 103 — 9 
Deeca 470 — • la.'i 

Eastwood (J. B0 ....... «5 — 4^ 

Glaxo . 577 — 8 * 

Hanson Trust 140 -7 

260 

Kelsey latte. 109 “S’ 

Metal Box 236 - -f-j-: 

Taylor Woodrow ...... 392 6 

Thomson Org — 

-U nilev er ® - 

United Scientific,.. ’276 

South Cnrfty. 55 . — 3 . - 


g in pence, unless otherwise 
indicated) 

RISES 

“ + 7 
+ 6 ‘ 
+ .5 
+ 3 
+ 7 
+ -9. 
4-9 
+ 7 : 
+ 10 
+' 29 
+ 8 ~ 
-l* 6 

83+3 

’omwich Spring. 27 + 3 
‘ _ +.-82: 
+ 15.- 
+ 5 
+:' 5 _ 
+. 15 


and Gibbon ... 95 

(UK.) 9pcCn...JEM4 
dera HWgs. ... .18} 
-wd — as 

rdConf. .163 

ports’ Brewery' 79 

- ncr A .165 

*il 85 

n Pavilion 415 
illy Theatre .... 93 
; lflO 


H IH.) 
augh Tea 
PJants. 


. /WeU . 

Valiscnd 


..... 245 
M5 
193 
20. 
405: 


Commons challenge as BSC puts pay ultimatum 


Villiers ordered by st f el 

union 
to press 
for 11% 



committee 


to give 


BY PHILIP RAWSTORNE 



Fukuda warns 
against world 
trade war 

BY CHARLES SMITH, FAR EAST EDITOR TOKYO, Jan. 17. 


The Commons Select Committee on Nationalised Industries last night wielded 
its ultimate sanction against Sir Charles Villiers, chairman of the British Steel 
Corporation, to force him to disclose financial details of the industry’s opera- 
tions in the past two years. 

Asserting its authority, the members of. the committee of claims were withheld from its 

committee instructed the Com- “playing the Tory game.” inquiry- last year, 

moos Serjeant-at-Arms, Colonel If Sir Charles were to refuse The committee has put a 
Peter Thorne, to serve Sir to comply with the committee’s motion before the Commons 
Charles with an order requiring order, he could be called before asking for the papers to be 

the provision of the information, the bar of the Commons to provided but the Government 

The order, which will be bis refusal. has so far refused to allow a 

handed to Sir Charles personally Mr. Kerr said: “Our advice is 00 Ibe issue, 

to-day, also calls on him to that a refusal would be a clear comn Vttee s new move, 

appear before the committee to contempt of Parliament-" agreed unanimously by the 15 

give further evidence. • Such a breach of Parlia- members, J low bypasses the 

“ en,ary Pri7iJ ' Ee 15 Stm V ' miS)y Se en MV?.^ C pTrliam M . 

by January ^ al Jhe Uih” t.ry.role hook. Sdys that a com- 


. Semen, las. rnght Mr. Job, w.mU, S by soppMer Pa g e 9 ^ *!!£* 

signed by the chairman to attend 
the committee and to bring with 


Russell Kerr, Labour MP for 
Feltbam and chairman of the 
committee, said ’ that Mr. Eric 


Parliament Page 11 


vSey. ^ Secremry for fodu££ able by detention in the Com- them all such documents as .they 
would also be recalled for mons clock tower, though this axe iirfiomed will be required for 
further questioning. power has not been exercised cb *‘.? s ® of foe committee. 

Mr. Varley. who earlier this since the war. The most severe It .adds: .if any witness fails 
week offered to appear again penalty inflicted in recent years- to appear when summoned |n 
before the inquiry into the crisis has been a formal reprimand by thi* manner his condurt « 
in the steel industry, last night the Speaker. . ■ reported to the House which 

attacked the committee’s decision At an earlier bearing of foe u ^ ua By 0 . er ® „ e offender to 
to invoke its rarely used powers committee, Mr. Villiers refused attend its "j*r. 
of compulsion. to reveal details of plans for Kerr said: The commit- 

In a caustic aside at a meeting reshaping ■ the corporation — te® 15 ’ anxious to resolve this 
of foe Labour back-bench indus- “short of being sent to the issue and to produce an authen- 
try group, he remarked that Tower." _ tic report on the situation in 

“ the Serjeant-at-Arms will be The financial details which foe steel industry. This seemed 
all over the television to-night the committee is demanding are “ c on ^ wa ? us ,0 do 
with his sword and gaiters." Mr. believed to include estimates of 1 L -:_ 

Varley angrily accused Labour BSC losses which the committee „ Continued on Back Page 


U.S. rejects Somalia 

arms 




K 


BY JAMES BUXTON 

TjlE U.S., yesterday again re- 
jected Somalia’s plea for military 
assistance. Ami d mounting con- 
cem.about the build-up of Soviet 
arms in Ethiopia, foe State De- 
partment said. “We will not 
contribute to a conflict by pour- 
ing gasoline on it.” 

The US. would stick Jo its 
position of not supplying arms 
while fightiog between Somalia 
and Ethiopia persisted. 

The State Department added 
that it had no independent evid- 
ence to back the Somali conten- 
tion. that Ethiopia was about to 
invade its territory, supported by 
Cuban troops. 

Earlier. Somalia claimed that 
an - .Ethiopian invasion was 
imminent." 

In Rome, the Eritrean Popular 
Liberation Front claimed yester- 
day that two Soviet destroyers 
were bombarding its positions 
near foe Red Sea port of 
Massawa .and that Russian-made 
MiG aircraft were carrying out 
attacks in Eritrea where 
guerillas -are fighting 



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Ethiopia said yesterday that 
Somali claims of an imminent 
invasion of Somalia were base- 
less lies. 

In Tehran.’ the Somali ambas- 
sador said that in view of foe 
alleged preponderance of War- 
saw Pact forces in foe Horn of 
Africa it would be legitimate for 
UE. troops and heavy weapons 


to be in Somalia. \_ 

He added that Somalia wanted 
to see a holy alliance formed to 
combat foe uhholy alliance of 
foe Soviet Union, Cuba and 
Ethiopia. 

Somalia’s appeal to the West 
for arms was, made by President 
Siad Barre— who called foe diplo- 
matic representatives of the U.S.. 
U.K.. France, West Germany and 
Italy to a meeting in Mogadishu 
On Monday. { 

Earlier, foe Somali Minister of 
Information ’ claimed that Sr. 
Raul Castro, foe Cuban Minister 
of Defence, and his Soviet 
counterpart, Marsbal Bimitri 
Ustinov, as well as foe com- 
mander of the Soviet air force, 
were in Addis Ababa co- 
ordinating the impending Ethio- 
pian offensive. 

Russia .last night denied 
Somalia’s claims. 

In London, foe Foreign Office 
made clear that Britain would 
continue its policy of not supply- 
Som alia with arms while it is 
Continued on Back Page 


Fisons price rises restricted 


BY ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT 


THE Price Commission yesterday 
recommended its first restriction 
in. prices. It ruled that Fisons 
should trim 5 per cent, off the 
total value of- the price increases 
it had originally proposed. 

The company, which in foe 
year to December 1976 bad total 
Bales of more than £245m., 
submitted .proposals in Septem- 
ber to raise prices of a wide 
range . of agrochemical and 
horticultural products by a total 
of ’ £t.92m. The proposed 
increases ranged from 1:4 per 
-cent to 43.’7 per cent 
After studying the Increases 
against foe set of flexible 
criteria embodied in the new 
price controls, foe commission 
concluded yesterday that foe 
ceiling on horticultural price 


rises should be restricted to 20 
per cent. 

The recommendation affects 
only foe horticultural products 
sold to amateur gardeners — a 
relatively small part of Fisons’ 
business. 

Within the next fortnight, Mr. 
Roy Hattersley, the Prices Secre- 
tary, will say what action he 
intends taking. If Fisons decides 
not_ to give a voluntary under- 
taking implementing the com- 
mission’s recommendations, Mr. 
Hattersley may make an order 
giving them effect. 

Any such order would, how- 
ever, be subject to the profit 
safeguards written into foe price 
controls. Fisons has already been 
allowed an interim price in- 
crease, amounting to 65 per cent. 


of the original notification, under 
foe provisions which protect com- 
panies against profit erosion. 

The company Is' now free to 
implement all but 5 per cent, of 
the increase, originally proposed. 
This means that it will probably 
raise foe prices of several pro- 
ducts in the next few weeks. 

The commission found nothing 
wrong with the pricing structure 
of foe agrochemical division but 
objected to the way Fisons was 
loading its horticultural price 
rises on foe _ home gardening 
market in which it already has 
a third of total- gales and which 
foe commission judged to be less 
price sensitive -than the profes- 
sional market 

News Analysts, Page 6 
. Lex, Back Page 


CONTENTS OF TODAY'S ISSUE 


European news ......... 

2&3 

Technical page 

... 12 


2921 

American news 

.... 4 





.... 4 

Arts page 

Leader page 

U.K. Companies 




World trade news 

J Home news — general ... 

i... 5 
•m-M 

.11 

... 15 
16 
18-19 

Wall Street 

Foreign Exchanges 

22 

.... 22 
... 24 
.... 28 

d'; .. —Parliament 

•... U 

Mining 

... 19 

U.K. slock market 

;-;i . ' ... - .. 


FEATURES 





Into foe third year of foe 
industrial strategy — -.16 

Society ^To-day: The elderly 17 

After foe referendum In 
: . Ecuador: Campaign begins 4 


The SE Asia border war: 
Ending foe Pol Pot rule 
President Bonmedlenne: 
Central role in Arab 

diplomacy 

Gibraltar and $paln back 
on talking terms 


10 


Capital markets in Japan: 
Foreigners take foe 
plunge 21 

FT SURVEY 

Amusement .industry ... 2537 


-Appatetnwrtft 
AHpi lntw a L^ Mud. 

Cmnmd : . 

EflteraloimM G«Ido 

FT-Muriu Indices 

Centeaing 

HemcCoMracts 


u 


17 

sure ihTorumim ... 

38-31 

« 

Le* 

33 

suck Excb. fiwM 

71 

14 

Lombard _ 

M 

T Basils 


15. 

. Matters ... 

U 

Today's Events ... 

1? 

2S 

Many Market 

13 

tv and Radio ... 






29 

13 

Saterosm — ....... 

U 

Weather .................. 

33 


Yeaning 


U 


1STER1M STATEMENTS 
Soc. Inv. ... 2D 

«« H r i Croup 20 

U*** Leading Rnus » 


For latest Share Index ’phone 01-246 8025 


By Christian Tyler, Labour Editor 

THE British Sieel Corpora- 
tion’s long drawn-out efforts 
to win anion agreement Tor 
substantial labour - shedding 
came to a head last night. 

BSC told the- major union, 
the Iron and Steel Trades 
Confederation that unless ll 
agrees to early closure of high 
cost plants — which could 
mean foe loss of about 25,000 
jobs — there will be no improve- 
ment on its 6 per cent pay 
offer. 

The same ultimatum, appar- 
ently a reaction to the financial 
’ crisis, is to be delivered lo the 
rest of the unions in resumed 
pay negotiations over the next 
weeks. It is the first Ume BSC 
has tied redundancy talks 
directly to pay. 

Iron and Steel anion nego- 
tiators. who are pressing for 
an II 3 rper cent, claim, re- 
jected that condition 

Mr. Bill Sirs, union general 
secretary, is to approach Mr. 
Eric Varley, Industry Secre- 
tary, to challenge the 6 per 
cent, offer, which be believes is 
Government-instigated. 

If that fails, and the next 
meeting with BSC produces no 
change, the onion’s executive 
will consider whether to with- 
draw all co-operation or lake 
industrial action. 

Some of foe unions are in- 
sisting that ' unless the BSC 
comes np with an offer around 
foe 10 per cent limit they will 
suspend their agreement to 
local negotiations on early 
closures. 

Mr. Sirs said that BSC’s 
principal demand conld only 
be dealt with by foe TUC steel 
committee. His union was 
ready lo co-operate on the 
other conditions- — increased 
productivity at viable plants 
and lower manning on the big 
low-cost plants. 

But that would have lo be 
done through traditional pro- 
cedures and agreements, 

“I don’t think It can go on 
much longer. I would not have 
been nnhappy if it had broken 
today,” Mr. Sirs said after foe 
meeting. The union bad 
exhausted the nsnal arguments 
for a pay increase, he said. 

At issue are the remaining 
plants or parts of plants from 
the Beswick review of 1975, 
plus au unspecified number of 
others. 

The last (o be closed was 
Hartlepool, and the next in 
line is East Moors. Cardiff, 
probably followed by Ebbw 
Vale. 

Early closure of the Beswick 
plants (reprieved for social 
reasons) alone would cost 
about 10.000 jobs and would 
save BSC about £100 m., com- 
pared wifo its latest projected 
loss of £520m. 


THE WORLD could be faced 
1 wifo the economic and political 
equivalent of a foil'd world war 
if foe slide into protectionist 
trading by major nations was not 
halted. Mr. Takco Fukuda, 
Japan's Prime Minister, said 
to-day. 

Mr. Fukuda, speaking three 
days after foe conclusion of high- 
level trade talks between Japan 
and the U.S., said foot the 
present stale of international 
economic relations reminded him 
of the early 1930s. when Western 
nations successively introduced 
protectionist policies and “every- 
one walked down foe road to the 
second world war.” 

He told an international audi- 
[ ence here he was not suggesting 
; that a resort to protectionist 
policies would produce exactly 
the same result in foe 1970s that 
it produced in foe 1930s — the 
advent of nucicar weapons made 
it unthinkable that any major 
pow r er would actually declare 
war. However, a continuation of 
chaos in the world economy 
would lead to chaos in the social 
and political arenas too. “ We 
must stop a repetition of this 
tragedy at any cost." 

Mr. Fukuda wanted that con- 
tinued instability of the U.S. 
dollar would cause bavoc in in- 
ternational trade relations. He 
claimed however, that foe U.S. 
had committed itself to “wipe 
out ’’ dollar instabilty in return 
for Japan's commitment to re- 
duce its balance of payments 
surplus. 



Negative 


The general understanding 
reached on these lines was far 
more important than agreement 
on foe liberalisation of agricul- 
tural imports into Japan, which 
had nevertheless been “played 
up” by the Press, Mr. Fukuda 
said. 

If Japan and foe U.S. had 
failed to co-ordinate their views 
on world trade » and currency 
problems foe impact on the rest 
of foe world* would have been 
“extremely negative." As it was. 
other countries stood to gain 
from the outcome of foe talks 
between the twq nations. 

On Japan's domestic economy 
he acknowledged that events bad 
not developed quite as antici- 
pated. but put most of foe blame 
for Japan's failure to achieve its 
6.7 per cent growth target in the 
current fiscal year on currency 
instability. 

He said 1978 would be another 
“ year of foe economy " in which 
Japan would concentrate all its 
efforts on achieving an ambitious 
growth target of 7 per cent with 
the emphasis entirely nn domes- 
tic and not export-oriented 
growth. 

Not much was lo be hoped for 


Mr. Fukuda: echo uf the *30.s 

from private investment, so the 
main domestic impetus would 
have to come front public ex- 
penditure. With tins in mind the 
Government had taken the *’ wry 
exceptional " measure of raising 
the borrowing component m the 
national budget to 37 per cent, uf 
total expenditure. 

Incompatible 

The notion of directly promot- 
ing consumer demand by means 
of a lax cut, as advocated by 
Opposition parties, was “ not 
cumptaiblc" with his view of 
economic policy. A Yl.OOObn. tax- 
cut would inject far less demand 
into ihc economy than a similar 
sum spent on building schools 
and hospitals. This would stimu- 
late business and thus in the end 
put more money into the con- 
sumer's pocket. 

Stepped up public works 
expenditure represented Japan’s 
best hope of achieving a 7 per 
cent, growth rate, but he empha- 
‘sised that this figure was only a 
policy larger and not a promise 
or commitment by Japan lo the 
rest of the world. 

Mr. Fukuda's remarks nn 
domestic economic policy were 
echoed in another speech by Mr, 
Toshio Komoto, Minister of Inter- 
national Trade and Industry. He 
said that foe Government would 
be awarding 70 per cent, of public 
works contracts scheduled for the 
1978 fiscal year during the first 
half of the year. In give the 
maximum boost to the economy. 

£ in New York 

— I JKDuurt' 17 : Pun Inns 


sjprt . si-m-iicA' j si.a-iV.--.hiv i 
I in, mii li 0.10 d.l.’i | in- n i ..'.IV 0.1 1 (u«in. 

.1 111* -111 1 1' . 0 - ..v I ■n-iii .J.JO-O.Jr, |,Trm. 

12 nimilh« 0 . 9 & I. It- |irpiii . 1.1 J l..xi|unn. 


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Raancfel* Ttmes Wednesday Tfenway *8 1SW 


EUROPEAN NEWS 


Chirac condemns Conce ™ Jenkins presses for monetary union 

prows in . * 

sr • 9j « BY RUPERT CORNWELL LUXEMBOURG, Jan. 1£. 

|%/I Q lfYI*! iV* C Rarm OVPI" MONETARY UNION offers not The initial reaction of MPs felt themselves in a trap. grounds that the effect on 

JL V B ft I VJr JL Jll f v3 A^uiu 1 w t V/X only weak currency countries, to-day was favourable, though “If those from weaker conn- naf employment might be scant. 

■F •/ . -n VI * hut strong currency ones as tinged with scepticism and— in tries could survive an exchange while that on prices would he 

_ _ Mfjll I lOlTI well, their bat if not only the ease of some Socialists— rate crisis and those from rapid and harmful- 

'1 _ __A _ | _ ~ -*■ v chance of achieving the elusive doubts that the scheme was the stronger ones knew that demand Commissi on officials are hop- 

PiPl”Tl fllil II 1 51 |l%i Bv Adrian Didu economic goal of Strong growth right way of tackling the imme- would continue to be strong ingatbest for the firet concrete 

^ l J. vf li m«l IK? By Adrian Didu coupled with low inflation- diate problem of unemployment, elsewhere in the EEC, then each ai on g the lines of the 

Jr BONN. Jan. 17. This was the main arsument SfonHtemfTc Vr Jenkins was wo aid feel better awe to do what jeairfnc nian within a year or 


BY DAYID CURRY 

APPARENTLY UNMOVED by 
President G is card d’Estains’s 
reassurance that there was no 
'plot to undermine the Gaullists 
during the general election cam* 
paign, M- Jacques Chirac, the 
Caullist leader, has launched his 
most biting condemnation yet on 
the intentions of his coalition 
allies. 

Speaking hours after the 
President appealed for unity in 

UNEMPLOYMENT declined in 
France for the fourth month 
in a row in December giving 
the Government the prospect 
of going into the Mareh 
general election having 
brought the numbers of people 
without work to below the 
lm. mark, writes David Curry 
in Paris. 

the Conservative camp (the 
Majority), M. Chirac came close 
to accusing the Centre parties of 
collaborating with the Socialists 
to open the way for a Centre* 
Left coalition. 

Meanwhile, the latest Figaro*. 
Snfres poll has shown that the 
warfare between the Socialists 
3 nd Communists occupying 
virtually the enure energies of 
the Left, has not altered the 
voting intentions of the French 
in the first round. 

The Left collects 51 per cent., 
the Government parties 44 per 
t-enL and the Ecologists 4 per 
cenU broadly in line with recent 
polls. 

However, the poll shows the 
Government is now expected to 
be returned at the election by 
a decisive majority of those 
questioned (45 to 25 per cent-). 


AR1S, Jan. 17. 

In response to the question 
“ Who in your heart, do you 
■really want to win," the Left 
comes out only one point ahead 
of the Majority with 43 per cent. 
of preferences. 

The other main, finding of the 
poll is that in the second round 
run-off. the Communists and 
Socialists will have difficulty in 
aggregating their vote even if 
they agree on a joint candidate 
to challenge the remaining 
Government candidate behind 
whom the Majority votes will be 
swung. 

The poll, by giving the Com- 
munists 21 per cent of the vote, 
leaves them short of the figure 
M. Georges Marchais, the Com- 
munist leader, has said will be 
necessary before they will agree 
to joint second round candidates 
with the Socialists. 

The Socialist vote of 2S per 
cent is also well short of expec- 
tations of 35 per cent upwards. 

The Gaultist score is identical 
to that of the Communists and 
a couple of points behind the 
combined centrist parties. 

M. Chirac’s onslaught came in 
a speech at Vierzon. He 
described the decision of the 
Republicans. Centrists and 
Radicals to put up single joint 
candidates in 363 constituencies 
against the Gaullists as a coali- 
tion aimed “ exclusively and 
directly against the Gaullists.” 

M. Chirac said: “When fbe 
enemy approaches, the weak are 
tempted to help him towards 
victory in the hope— always vain 
—of a reconciliation or at least 
reducing his hostility. 

“Certain people in the Majority 
are ready to let themselves be 
fooled by M. Mitterrand 


Patronat growth warning 


BY ROBERT MAUTHNER 

THE PATRONAT. the French 
Employers’ Federation, warned 
to-day that France could not 
afford a reduced rate of growth 
for much longer if it wanted to 
avoid serious economic and 
social tensions. 

M. Francois Ceyrac, president 
of the Patronat, said, after the 
annual meeting of the federa- 
tion, that France would face a 
very difficult economic situation 
in the coming years. Its great 

Unless steps were taken to 
modify what he described as “the 
content" of the country’s 
economic expansion, GNP could 


PARIS, Jan. 17. 

not grow by more than about 3.5 
per cent a year, assuming a 3 
per cent, increase in annual 
energy consumption, whereas a 
minimum growth rate of 5.8 per 
cent, was required to absorb a 
rise of the working population of 
some 300.000 annually. 

The Patronat proposes an 
economic strategy based on a 
much stricter energy-saving 
policy, a more dynamic policy for 
the development of new energy 
sources, and an industrial policy 
which would give priority to 
those industries which are both 
low energy consumers and 
creators of new jobs. 


grows in 
Bonn over 
PouIIain 

By Adrian Didcs 

BONN, Jam 17. 
THE DEEPENING political 
row in Duesseldorf over what 
has become known as the 
PouIIain affair is now causing 
serious concern at high levels 

in Bona. 

The standing and financial 
health of the Westdeutsehe 

Landes bank Girozentrale 

(West LB), from which Herr 
Ludwig PouIIain abruptly 
resigned as ch a irm a n just 
before Christmas, are not at 
issue. 

What concerns members of 
the Bonn coalition of Social 
Democrats (SPD) and Free 
Democrats (FDP) is that the 

han dling of the case by file 
North Rhine — Westphalia 
State authorities, whieh share 
control of West IB with the 
local savings bank organisa- 
tions, has been so inept as to 
risk serious damage politically 
when the voters in the state go 
to the polls next year. 

Top figures in both the 
coalition parties are now In- 
volving themselves directly 
with the situation in 
Dosseldorf, it was learnt here 
to-day. The North Khiae- 
Westphalia Government is also 
a coalition of the SPD and FDP. 

The latest twist in the saga 
came from the state FDP’s 
deputies to-day, when they 
voted for the resignation of 
Herr Friedrich Haistenberg; 
the SPD state Finance Minister 
who ha* been primarily 
responsible for the Dnssel- 
dorf Government’s policy to- 
wards Herr PouIIain. 

While this i& now openly a 
matter for concern in Bonn, 
it is also being suggested in 
political circles here that the 
North Rhine — Westphalian 
SPD may need to 1mA urgently 
for a successor to the state 
Premier. Herr Heinz Knehn, 
whose own behaviour In the 
PouIIain affair has brought 
heavy criticism against him. 

• Two more members of the 
Christian Democratic Party 
parliamentary group in Bonn 
were refused entry into East 
Berlin to-day by East German 
border officials, who said they 
were “undesired at this time,” 
writes Leslie Colltt. One 
member of the allied Christian 
Social Union was told by an 
East German border officer 
that the series of barrings was 
a result of the “illegal meet- 
ing” of the Bundestag group 
in West Berlin. . 


BY RUPERT CORNWELL 

MONETARY UNION offers not 
only weak currency countries, 
hut strong currency uses as 
well, their bat if not only 
chance of achieving the elusive 
economic goal of strong growth 
coupled with low Inflation. 

This was the main argument 
advanced here to-day by Mr. Roy 
Jenkins, the European Commis- 
sion president, as ha stepped up 
the campaign to convince the 
Nine of his case for a fresh and 
early impetus to plans for econ- 
omic and monetary union. 

His speech to the European 
Parliament, just a month after 
the surprisingly kindly recep- 
tion given to the new initiative 
by the Council of Ministers, set 
out the pressing economic as 
well as political, reasons for 
speedy action. 

Support for 

aerospace 

proposals 

By Our Own Correspondent 
LUXEMBOURG, Jan. 1 1 • 
THE EUROPEAN Parliament 
to-day endorsed proposals from 
the Brussels Commission to 
reinforce the European aero- 
space industry, centred on the 
allocation of 36.7m. European 
units of account (£24m.) for 
research into helicopter and air- 
frame development 
The debate threw up a marked 
division of opinion between 
Viscount Etienne Davignou, the 
Commissioner for Industry, 3nd 
the bulk of MPs present, who 
saw the small sum as proof of 
the lack of sincerity behind all 
the official pleas for a 
co-ordinated European aero- 
space effort 

Viscount Davignon dismissed 
charges that the allocation was 
marginal and would have no real 
impact 


The initial reaction of MPs 
to-day was favourable, though 
tinged with scepticism and— in 
the case of some Socialists — 
doubts that the scheme was the 
right way of tackling the imme- 
diate problem of unemployment. 

Significantly, Hr. Jenkins was 
strongly supported in a separate 
statement by JL Francois-Xavier 
Ortoti. the Commission vice- 
president. who several months 
ago was not concealing his 
doubts about the timeliness of 
reviving the monetary union 
issue. 

Mr. Jenkins argued that tradi- 
tional postwar remedies of pump- 
ing extra purchasing power into 
the economy to cut unemploy- 
ment no longer waked. In the 
present state of tire Community 
individual Finance Ministers 


felt themselves in a trap. 

“If those from weaker coun- 
tries could survive an exchange 
rate crisis and those from 
stronger ones knew that demand 
would continue to be strong 
elsewhere in the EEC, then each 
would feel better able to do what 
he knew was right In the longer 
term. 

As matters stood, member 
countries with suspect currencies 
did not dare expand demand or 
increase their budget deficits for 
fear of provoking a sharp drop 
in the exchange rate, increasing 
the danger of higher inflation, 
coupled with damage to business 
confidence. But Governments 
with strong economies, and 
heavily: dependent on exports, 
would hesitate before taking 
stimulatory measures, on the 


LUXEMBOURG, Jan. 17. 

grounds that the effect on -inter- 
nal employment might be scant, 
whfla that on prices would be 
rapid and harmful. 

Comm ission officials are hop- 
in&at best for the flrat concrete 
steps 'along the lines of the 
Jenkins plan within a year or 
so. in his speech to the Parlia- 
ment he referred plainly to the 
transfer of power from member 
governments to Brussels that 
monetary union implied. 

Although he dismissed as 
“misconceived ” the notion that 
the programme involved the crea- 
tion of a federal Europe. Mr. 
Jenkins said that “what we axe 
proposing would be a radical 
institutional change, with a cen- 
tral .Community body exercising 
overall control of exchange rate 
and money supply policies. j 


EEC poll may be in mid-1979 


BY GUY DE JONQUERE5, COMMON MARKET CORRESPONDENT 


THE FIRST direct elections to 
the European Parliament are un- 
likely to be held until May a 
June next year. Dr. David Owen, 
the British Foreign Secretary, 
indicated after discussions with 
other EEC foreign hen 

to-day. 

He said that It had now been 
agreed that EEC heads of Gov- 
ernment would fix a precise date 
at their European Council meet- 
ing in Copenhagen early next 
April Their decision would be 
based on recommendations to be 
drawn up in consultation 
between the Nine beforehand. 

Dr. Owen forecast that the 
direct elections legislation in the 
UJfcC would be on the statute 
book before the current Parlia- 
mentary session ends next July. 
About 18 weeks would then be 
needed for the boundaries com- 
mission to draw up -the Si new 
Euro-constituencies. 

Though Dr. Owed did not 


apparently make a specific 
reference to a May-done 1979 
dale In discussion watt his col- 
leagues, he did ted them for 
the first time that Britain would 
definitely not be ready to lake 
pact in direct elections tids year. 

So far. only Denmark and 
Ireland have approved all .tile 
necessary measures, and in 
Belgium, Germany and the UJK. 
progress has been slowed by 
political controversy. 

The French and Luxembourg 
ministers appeared surprised to 
learn at to-day’s meeting that the 
existing European Parliament 
was going ahead with plans to 
lease a new building in Brussels 
with a view to siting the future 
directly-elected assembly there. 

The current parliament, which 
sits alternately in Strasbourg 
and Luxembourg, has already 
been told by foreign ministers 
that they reserve the right to 
deride on a future site, but 


BRUSSELS. Jan. 17. 

appears to have ignored this 
warning. 

The site question is highly 
sensitive because neither of the] 
current host countries is ready 
to. surrender its claim.. France 
opened a new building in Stras- 
bourg a year ago and Luxem- 
bourg announced several months 
ago that it had commissioned 
architectural plans for a new 
structure, which are now at an 
advanced stage. 

I. The way was opened to-day 
for a resumption of the Common | 
Market’s stalled trade negotia- 
tions with Cyprus, when EEC 1 
Foreign Ministers -agreed to 1 
offer the island a more generous, 
deal for its agricultural exports. 

The Ministers also approved a 
mandate for the Commission to 
negotiate a new economic and 
trade agreement with Yugo- 
slavia. It will be considerably 
broader in scope than the exist- 
ing agreement, which expires at 
the mid of August 


Uranium enrichment plan I Leone sees party leaders 


BY CHARLES BATCHELOR 

HOLLAND has agreed to go 
ahead with the expansion of its 
uranium enrichment capacity 
□ow that it is .satisfied with 
safety guarantees from Brazil. 
The Dutch decision has been 
taken after considerable pressure 
from Holland's two partners in 
the Urenco project Britain and 
West Germany. 

Work can now start oh expand- 
ing the Dutch factory at Almelo 
□ear the West German bonier, 
the Economics Minister Gijs van 
Aardenne and Foreign Minister 
Christoph van der Klaauw said 
in a joint letter to Parliament 


AMSTERDAM. Jan. 17. 

Capacity at Almelo and at the 
British enrichment factory at 
Capenhurst, . Cheshire, can now 
be increased to 2,000 tonnes a 
year 

After talks with the Brazilian 
Foreign Minister, Holland is 
satisfield that Brazil is ready to 
store any plutonium it may pro- 
duce from uranium provided by 
Urenco. according to Inter- 
national Atomic Energy 
Authority — (LAEA) statutes- If 
these statutes are not in effect 
by the time the deliveries are 
made. Brazi lis ready to store the 
plutonium on an ad hoc basis 


BY DOMINICK J. COYUE 

AS PRESIDENT Giovanni Leone 
tonight opened formal consulta- 
tions with elder statesmen and 
party leaders before naming a 
new Prime Minister-designate, 
Communist Party leaders were 
meeting regional secretaries 
from throughout the country 
The Communist Central com- 
mittee Is due to meet on Thurs- 
day next week, and it is unlikely 
that the party will agree to any 
new governing formula for Italy 
until after that meeting 
Sig. Enrico Berlinguer. the 
Communist general-secretary, 
will head the Communist Party 


ROME, Jam 17, 

delegation when, with other 
party groups, it meets separately 
with President Leone tomorrow, 
and the expectation here still re- 
mains that Sig. Andreotti will he 
given a mandate on Thursday to 
try and form a new administra- 
tion. 

Only in the event of Sig. 
Andreotti failing in this task, 
which will involve reaching 

S e accommodation with the 
imunists short of admitting 
n directly into a new gov- 
ernment, is the president likely 
to call on another senior 
Christian Democrat. 


Ecevit v 
' wins 
vote of 
confidence 

By David Tong* - 

ANKARA,J«j;17. 

THREE years oj Tfctiohx right- 
wing coalitions anti government 
tal uncertainty farTu ifcay came 
to an end this afternoon when 
the 12-day old government of 
Mr. Bulent Eretl fr . won tire 
necessary vote ofubfifidance in 
the Turkish ParUapwat . The 
voting was 239 to : 2lfL 
The Government had. the 
support of Mr. Ecwitis own 
Republican People* Party (2*3 
votes), the Republican Reliance 
Party (two votes), the Democrat 
Party (one- vote) and of -13 inde- 
pendents. All but two of these 
independents were Deputies who 
had resigned from the Justice 
Party of the Inst Prime Minister, 
Mr. Suleyman DemireL , 

The gravity of the problem* 
the country faces is s uch that 
the Government la continuing 
to play its cards close to hy 
chest. In foreign policy It ha 
shown its determination to out. 
the knot linking the Cyprus Issue 
with the refusal by the US* to 
ratify the four-year Defence ■ 
Co-operation Agreement signed ; 
in March 1976. Mr. Ecevit fats 
insisted on the need for Turkish 
initiatives over Cyprus and is 
to discuss these at a meeting 
here tD-m arrow which is to be 
attended by the Turkish Cypriot 
leader. Mr. Rauf Denktoh. 

On Friday. Mr. Cyrus Vance, 
the U.S. Secretary of State, is 
due here for talks. 

In domestic matters the Ecevit. 
Government — reflecting . its 

blending of the “democratic 
left" programme of Mr. Ecerit 
with the more conservative 
approach of his coalition parts 
ners — has avoided commitment- 
to pre-election promises, such as - 
that to abolish the Mussolini* 
style legislation banning the 
Communist Party of Turkey. 1 

Its determination *’ to prevent 
the abuse of lockout ” has been 
attacked by employers but the 
bulk of its programme and its 
accession to power has been wel- 
comed by the business comma* 
nity. The main exception is the-' 
foreign oil companies, some of 
whom fear a more radical 
approach by the present Govern-.; _ 
ment. 

Foreign bankers in particular 
are looking forward to more 
efficient management of the , 
economy. For the first time for 
months they are discussing 
whether they might provide 
Turrkey with credit in the 
absence of an agreement with 
the International Monelary 
Fund (IMF) but given guaran- 
tees of "sensible management.* 




This announcement appears as a maBer of record only. December 1977. 


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Then you might as well live on the best side: the right 
side as you go down. The sunny side. The number 50 
ride. All the great streets of the world have their 
best side. On Avenue Foch, for a century the most 
sought alter has been the even number ride; The 
50 side. 

At number 50, a new development is being built, 
one that faithfully reflects the spirit of Avenue Foch. 
With three, four and five room apartments in the super- 
structures. And with four; six and eight room town 
h o uses in the lower part, complete with patios, planted 
dreas and hanging gardens: a total of 4000 square 
meters of outdoor living space out of 5600 square 
meters. 

Apartments and town houses The style being 
created by the architect and the interior designer is 
■stone and bronze tone”, in the tradition of this avenue 
that leads to the Bois de Boulogne. It is, however; a 
style in which nothing is rigid, a style with a free and 
flowing concept of space. The rooms are designed 
for entertaining but hare that feeling for intimacy and 
warmth that is so much a part of onr taste today. 

The building p ro gram has been planned to let 
yon reach a decisi on now on any internal fittings yon 
would like to incorporate, unless yon prefer those 
envisaged by the architect and designer. 


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Le cinquante. Aununtero cinquante, s^difie 
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dans les superstructures. Et avec des hotels 
particuliers de 4,-6, 8 pieces dans lap artie bass© 
oil sa mSlent patios, verdure, jardins sus- 
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Appartements et hotels parheuhera L'ar- 
chitecte et le decorateur ont voulu un style 
■pierce tet ton bronze” qui respecte la tradition 
de lAvenue du Bois, mais qui n*a rien de rigide, 
grace a une conception ttes libre des espaces! 
Les pieces stmt concuss pour recevoir; mais* 
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SSuandaX 37imeis ^Wednesday- 1978 


Vt J Ils Security 
t .^,fconferenee 
'.^resumes, 
"imid deep 
jloom 


9 


EUROPEAN NEWS 


Soares bid to form 
government as 
deadline approaches 


y Paul Lcndvai- 

. . ..VIENNA, Jan. 17. 

TE 39-nation follow-up -confer- 
• : -e on security and co-opera- 
i in Europe resumed to-day 
■ . , Belgrade after a three-week 
‘istmas recess in an atmo- 
. ere of deepening pessimism. 
. ? chances of agreeing on the 
t of a concluding document 
’■ mid-February, the projected 
1 ninatioa date for the meet- 
‘ •, seem slim. , . 

. loviet chief, delegate, Mr. 
.’ i Vorontsov, to-day presented 
■ draft of the concluding docu- 
‘ nt which, he -described., as 
. * instructive" and "future 
.antated.” - The 'draft, only 
V. ee pages Tong, contains wwiftiy 
' v leralities- about the .need, to 
ieve more progress in detente 
East-West co-operation witfc- 
- .. . referring to the basic! issues 
'.-.Md by the West, including 
;r :.'nan rights. 

; ‘ lie draft was described-, by 
“.-stem delegates as “totally 
■■ acceptable."- ... 

r ' 'h'e only novelty ; in. the Soviet 
; 5- . >er was the announcement 
-: t the USSR now also supports 
idea that the- next. follow-up 
eting should be held in Madrid 
1980. ... 

: -'‘.*he first Western’ speaker, at 
-...-lay's plenary meeting. Am has-' 
-r<or Per Fischer,, of West 
.-many, sharply criticised the 
ist measures taken by- the 
•••. jt German- regime involving 

• closure of the Der Spiegel 
ce in East Berlin and the 

- -.usal of entry for Herr Helmut 
. .'hi. the West German Opposi- 
. “a leader, to East. Berlin as 

mg contrary to the spirit and 
; letter of the 1975 . Helsinki 

- reement- 

_" : ?he human rights, problem 
. nains a -major, stumbling. 
~ck. The Western countries 
: : forward a proposal before 
■ r - recess about the Implemen- 
-lon of the .Helsinki Agree- 
“■•‘•nt It frankly states that little 

- tgress has been achieved in 

human contacts and freer 
h of information. The West 
o -proposed that the document 
• iuld note that some countries 
•--/e not complied fully with, the 

• man rights provision. 

Western, neutral -and non* 
gned participants .pressed for 
-! adoption of confidence- 
’■ 11 ding measures in the mill- 
y field, which would 
'dude, lighter rules about the 
--or notification . of military 
noeuvres and troop move 1 
nts. 


BY DIANA SMITH* 

WITH ONLY- 24 hours to go 
before he must tell President 
Eanes that he' is able to form a 
Government, Sr. Mario Soares, 
the caretaker Prime Minister, is 
finalising an agreement with the 
Christian Democrat Parly, and, 

in a last minute twist, coming to 
terms with the Ctomrounist Party. 
.- It appears 'that leading Socia- 
lists are unhappy at . the prospect 

of a Government formed of 
Socialists, ' independent Left- 
wingers; technocrats and 
Christian Democrats, which ex- 
cludes a separate patet with the 
Communists. They have urged 
Sr. Soares to find some common 
ground with the party that con- 
trols, most of Portuguese labour. 
Thus, the tortuous - route 
towards a new administration 
has taken another sharp turning. 
At the end of last, week it 
appeared that negotiations 
between the Socialists and Com- 
munists had broken down com- 
pletely, because the- Christian 
Democrats (who are likely to 
bold three ministries "and five 
State- secretariats- in the new 
administration) were not- happy 
about the socialists’ making any 
concessions to the Left, r 
- Meanwhile, the Soria! Demo- 
crats, who rushed back to the 
bargaining table on Sunday, have 
been cold shouldered both by the 
Socialists and it is believed, the 


LISBON, Jan. 17. 

President The Social Democrats, 
runners-up in the 1976 general 
election and, in . theory, most 
likely partner of the Socialists, 
have changed their attitude to 
negotiations so many times in 
the six weeks of Government 
hiatus that' their latest olive 
branch seems to have come too 
late. Ilie party's acting presi- 
dent, Sr. Antonio Sousa Franco, 
last night indicated that nothing 
bad come of. ll-hour talks- with 
the Socialists and that, therefore, 
his party would have to opt for 
the opposition. 

• Sr. E dm undo Pedro, acknow- 
ledged one of the 20 most power- 
ful men In the Portuguese 
Socialist Party, and until his 
arrest chairman of Portuguese 
Television, is still in custody. 

To-day, Sr. Pedro, and his niece 
Sra. Adelaide Pedro, who was 
arrested with him on January H- 
appear before the district judge 
of Almada, south of Lisbon, the 
area in which they were detained 
during a nationwide search for 
smuggled goods. - 

Last week Sr. Pedro and his 
niece were charged with illegal 
possession ’ and transport of 
weaoons 

• Portugal is to begin selling 
uranium valued at Esc-2-5bn. 
(S62m.) over the next four to 
six years, the left-wing Lisbon 
daLly newspaper A Capital, said 
to?day, AP-DJ reports. 


Belgian devolution plan 


BY DAVID BUCHAN 

BELGIUM’S riding coalition led 
by Prime Minister^ Lecf Tinde- 
mans, early to-day reached an 
agreement on a wide-ranging de- 
volution programme' aimed at 
turning the country into * a 
federal State by the "mid-1980s. 
■The talks inside thq. ■ coalition 
have continued on and off ever 
since it was formed last June, 
and the devolution plaid will now 
be presented to the tinment ses- 
sion of Parliament. ’ 

..Opposition from 
coalition, which 
well over two-thirds 
seats in the Lower 
come from the Volksame party 
which had objected in conces- 
sions made to the 
ing majority in 
Brussels, and- also fr< 
sels-base'd French-spi 
party which had 
Flemish nationalist a$etopts to 
delay the implemtotatiob.df the- 
devolution plan.*”* "' 

Meanwhile, the threat of a.> 



de ’ the 
ts for 
the 212 
use, had 


ak- 
around 
Brus- 
ig FDF 
criticised 



BRUSSELS. Jan. 17. 

strike in Belgium’s petrol refin- 
ing sector called for to-day was 
avoided when the unions, which 
were demanding a reduction in 
the working week, decided yes- 
terday to settle for a promise 
that the 40-hour week would be 
reduced to 38 hours in 1979. 

Belgians were also warned 
to-day that they must mend 
their high spending ways. 
Budget Minister Mark Eyskens 
said that although this year's 
budget figures would probably 
have to be revised upwards, the 
Government should consider 
putting a moratorium on public 
spending in 1979. 

He said Belgium could not 
continue to run the B.Frs.l70bn.- 
B.Frs.lSObn. current account 
deficits that it had chalked up 
in’ 1975-77. The continued posi- 
tion of the Belgian franc in the 
European joint currency snake 
depended on an improvement of 
public finances and a cut in 
inflation “down to "the German 
level.” 


Van Agt 
reveals 
profits 
scheme 


Holland’s new centre-right 
government plans to give the 
individual employee a greater 
say in the spending of “ excess 
profits ** at the expense of the 
onions, Charles Batchelor 
writes from Amsterdam. 

The share of “excess profits” 
going to the individual worker 
will be raised while the share 
going into a largely union- 
administered fund will be cut, 
Mr. Andries van Agt, the 
Prime Minister, said. He did 
not say how much would go" to 
each but under earlier plans 
70 per cent would go to the 
collective fund and 30 per cent 
to the Individual. 

Greeks reject, pay rise 

Greek labour unions have 
turned down a 15 per cent, 
increase in minimum wages in 
1978 offered by the Federation 
of Greek Industries, our 
Athens correspondent reports. 
The counter-offer was made 
to a 25 per cent rise demanded 
by labour unions and which 
would raise minimum daily 
wages for unskilled workers in 
Greece to 370 drachmas (£5.69) 
from the present 295 drachmas 
(£4L53). 

Spanish tax move 

All bank accounts and safe 
deposits in Spain yesterday 
became liable for official in- 
spection asr part of a govern- 
ment crackdown on tax 
evasion. Renter reports. In 
the first stage of a promised 
tax reform, the Government 
also announced details of new 
wealth and surtaxes and 
revised income-tax rates. 

Swiss VAT scheme 

The Swiss Federal Council 
and the country's four coali- 
tion parties have agreed on 
the desirability of introducing 
a value-added tax at a rate of 
8 per cent, as a means of 
countering the federal defieit, 
John Wcks writes from 
Zorich. 

Banker polls out 

The former Dutch Finance 
Minister Dr. Wtm Duisenberg 
has withdrawn his candidature 
for the post of managing 
director of the International 
Monetary Fund (IMF), Charles 
Batchelor writes from Amster- 
dam. Dr. Bnisenberg’s decision 
leaves the way open for the 
only other ’ candidate. 5L 
Jacques de Larosiere. director 
at the French Treasury. 
Present managing director. Dr. 
Johannes Witteveen. who is 
also a Dutchman, is stepping 
down" to make more "time for 
"his family. 


BY 1HSAN HIJAZ1 

Saudi Arabia was reported 
to-day to have offered to pro- 
ride the UJS. with ail the oil it 
needs on condition l* finds a 
Just solution for the Palestinian 

problem. 

According to the Middle East 
Reporter, an English-lan- 
guage newsletter, the offer was 
made by King Khalcd and 
Crown Price Fahd to President 
Carter when he visited 
Tlijadh at ihe beginning of this 
month. 

The Saudis also offered to 
“buy the West Bank and the 
Gaza Strip from the Israelis if 
peed be for the Palestinians 


THE MIDDLE EAST 


Saudis offer U.S. ‘oil for Palestine state’ 


to set up their independent 
state, the publication quoted 
informed travellers from 
Riyadh aa saying. 

President Carter visited the 
oil-rich kingdom as part of his 
eight-nation tour. A sharp dis- 
agreement developed between 

him and the Saudi leaders over 
U.5. support to the plan by 
Prime Minister Menahem 
Begin of Israel's plan for self- 
rule in the West Bank and the 
Gaza Strip, in the informants 
said. 

“Saudi leaders resented 
Carter’s attempts to persuade 
them to express their open 


support for President Sadat's 
peace initiative,” the travellers 
said, and added that King 
Khaled was opposed to Sadat 
outright, but Crown Prince 
Fahd took a moderate stand, 
warning against poshing the 
Egyptian President into con- 
cluding a bilateral agreement 
with the Israelis. 

Despite the disagreement, 
Saudi officials, according to 
the informants told President 
Carter that Saadi Arabia is pre- 
pared to raise its oil produc- 
tion “to any level that Is 
feasibly possible” provided a 
just solution Is found for the 


BEIRUT, Jan. 17. 

Palestinian problem. 

The Saudis were reported to 
have insisted on total Israeli 
withdrawal from Arab territory 
occupied in 1967 and the estab- 
lishment of a Palestinian 
homeland. 

Saadi leaders were quoted as 
telling Mr. Carter that they 
were prepared to “ pay as 
much as it Is required to 
establish a homeland for the 
Palestinians, even if this 
means means baying the West 
Bank and the Gaza Strip from 
the Israelis. 

Other Middle East and 
Overseas news. Page 4 


PRESIDENT HOUARI BOUMEDIENNE 


A central role in Arab diplomacy 


BY OUR FOREIGN STAFF 

PRESIDENT HOUARI Boume- 
dienne of Algeria has re-emerged 
as a central actor in the con- 
voluted Arab diplomatic game in 
the wake of President Anwar 
Sadat’s initiative for peace In the 
Middle East. 

Ifr. Boumedienne in December 
travelled to Tripoli to lend 
weight to the Arab “ rejection- 
ists,” and has since been touring 
a number of Arab States, pri- 
marily Syria and Iraq, in an 
attempt to mediate in their long- 
standing feud and to consolidate 
Arab opposition to the current 
talks between Egypt and Israel. 

The last time Mr. Boume- 
dienne was prominent in the 
Arab-Israeli conflict was In the 
aftermath of the 1973 war, when 
in November of that yehr he 
choired an important Arab sum- 
mit meeting in Algiers, took part 
in the Arab oil boycott and was 
considered a sufficiently impor- 
tant' Arab leader to be consulted 
a number of times by Dr. Henry 
Kissinger, tbe tben U.S. Secretary 
of -.State, in the course of his 
shqxQe diplomacy. Subsequently 
Mr, Boumedienne has played a 
subdued role until his emergence 
as a .mediator on the “rejec- 
tiornst front ” following Mr. 
Sadat's Initiative. But Algerian 
policy has not changed. As a 
lender of a regime glorifying in 
ifekown revolutionary past and 
a 'Successful liberation war be- 
hind him. Mr. Boumedienne ex- 
presses unconditional and sincere 
support for tbe Palestinian resis- 
tance. During the period since 
p when the PLO has been split 
ovgr the question of a compro- 
mise settlement with Israel, he 
has received numerous Pales- 
tinian leaders in Algiers but bas 
not-committed himself to support 
oneifaetion or another. 

With the PLO now more or 
less reunited by. its -opposition 


to Mr. Sadat's initiative, Mr. 
Boumedienne, predictably, . baa 
lined up with the guerillas and 
has gone ont of his way to 
attempt to weld the rejectionists 
into a solid unit Partly for 
geographical reasons, and partly 
because Algeria bad no open rift 
with either Egypt (as Libya did) 
or with Iraq and Syria, Mr. 
Boumedienne has been best 
placed to mediate between 
Damascus and Baghdad. Algeria's 
revolutionary credentials, and a 
genuine fear that the PLO might 
be abandoned apart Mr. 
Boumedienne has tried to remind 
the Arab world and the super- 
powers that his country is a 
force to be reckoned with in the 
vital politics of the region at a 
vital time in Arab history. 

But this radicalism is liable 
to be modified at any time by 
his pragmatic approach to de- 
velopments. ' This stems from a 
firm commitment to non-inter- 
ference in the affairs of other 
nations. As regards the PLO, this 
means that Algeria will give that 
movement the support in what- 
ever policy it decides to adopt 
At present this puts it on the 
side of those hostile to Mr. 
Sadat's visit to Jerusalem and 
subsequent initiatives. But ff at 
a later stage, the main body of 
the PLO were to improve its 
relations with Egypt or even 
participate in negotiations with 
Israel, Algeria would probably 
accept the situation. 

Mr. Boumedienne has also 
made himself Into a radical 
leader in the Arab, African and 
Third worlds as a whole. The 
broadening of Algeria's foreign 
policy outside the Arab world 
dates from the non-aligned con- 
ference held in Algiers in Sep- 
tember, 1973. Thereafter, 
Algeria emerged to become — In 
the persons of Mr. Boumedienne 
and Mr, Abdel-Aziz Bouteflika. 
his more flamboyant Foreign 
Minister — a major .actor in the 



President Boumedienne 

international arena. As chairs 
man of the non-aligned group 
from 1973 until 1976, Algeria 
championed tbe demands of the 
Third World for a New Inter- 
national Economic Order, a 
phase of diplomacy which ended 
with the virtual failure in May 
last yeax* of the Conference on 
International Economic Co-opera- 
tion in Paris. Equally significant, 
his regime initiated the summit 
of oil-producers which aligned 
oil producers with other develop- 
ing nations in the North-South 
dialogue. 

An austere, serious man, Mr. 
Boumedienne - is typically 
Algerian in bis determination, 
secretiveness and single-minded 
dedication to the task of build- 
ing Algeria into a powerful 
modern state. Although Govern- 
ment officials and politicians 
regularly come in for popular 
criticism for graft and corrup- 


tion, Mr. Boumedienne himself 
has never been tarred with the 
same brush. Since on attempted 
coup against him in December, 
1967, political challenges to his 
regime have been few and mostly 
from outside the country. 

Born in 1927, be was educated 
at the Islamic Institute in Con- 
stantine, in eastern Algeria, and 
then at al Azhar Islamic Univer- 
sity in Cairo, in the later stages 
or his country's war of indepen- 
dence he commanded the 
National Liberation Array, and 
after bolding the post of Defence 
Minister in Ben Bella’s govern- 
ment after independence, he led 
the military coup which brought 
him to power in June 1965. 

He enjoys wide personal 
popularity but keeps a stern 
grip through his security police 
on the running of the country. 
(Ben Bella, the first President, 
is still under tight house arrest.) 
By 1977, he fell secure enough 
to allow an unprecedentedly free 
debate throughout the country 
on the “National Charter.” in 
the course of which there was 
frequent open criticism of many 
aspects of government In a re- 
cent challenge to the stability of 
his regime, Mr. Boumedienne re- 
sponded to a series of strikes 
last summer by intervening per- 
sonally to talk to striking Algiers 
transport workers about their 
grievances. He subsequently an- 
nounced far-reaching changes in 
tbe wages structure. 

But even though Mr. Boume- 
dienne has made progress in 
“legalising" his regime through 
a presidential referendum and 
election to parliamentary and 
party bodies, Algeria remains a 
country in which the shadowy 
figures at the top of government 
and the police bold sway. 


Financial Times, rabltencd (tally exeqx &m- 
dm and holidays. UJ5. mMcriptton SlOO.nQ 
(air frehrtui Si60.no (at r maiT) per annum, 
•second clam rxmaer paid ai Near Yot*. N.Y. 



name in electronics- 




Europe’s largest electronics company- Philips - 
is now the world's leading manufacturer of financial 
terminal systems; PTS 6000 terminal equipment has 
been ordered for some 20,000 teller positions since 
1971. The reasons for this achievement can be 
summarised in two words: size and service. 

Philips' size means that massive investment is 
available for research and development in all areas 
of electronics progress: with worldwide sales of over 
£7,000 million, and an R & D budget exceeding £300 
million. Philips can offer a degree of technological 
sophistication. which few other concerns can rival. 
Thus Philips is a world leader in micro components: a 
major name in computers, with nearly 70,000 
separate installations: and also Europe's premier 
supplier in telecommunications - the key to the 
distributed data processing systems of the future. 

Philips’ size also accounts for the company's 
attitude to service: all aspects of Philips' activity are 
uniquely customer-orientated, and its standards of 
customer service are acknowledged as being second 
to none. Nowhere is Philips’ concern for service more 
obvious than in Britain: a nationwide customer 
support network, looking after£40 million-worth of 
equipment and 2,700 users, is recognised as setting 
standards forthe entire industry. 

Launched only recently in the UK, the PTS 6000. 
system has achieved notable success since January 
1977, with twenty orders to date from banks and 
local.authorrties all overthe country, while special 
versions of PTS equipment have been manufactured 
to UK customers’ specific requirements. The PTS 
6000 is rapidly proving itself to be the preferred 
system for counter terminals in the UK, as it is 
elsewhere in the world. Forfurther details you are 
invited to talk to Philips about your data processing 
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philips Data Systems 
A Division of Philips Electronic 
and Associated Industries Ltd 
Elektra House, Colchester, ESSEX 


PHILIPS 



1 


L 




financial Times Wednesday January T8 


OVERSEAS NEWS 



AMERICAN NEWS 


THE BORDER WAR IN SOUTH EAST ASIA 


DISPUTE OVER PHILADELPHIA PROSECUTOR 


Hanoi ‘seeks to end Pol Pot rule’ Party pressure on a promise 


BY RICHARD NATIONS 


BANGKOK, Jan. 17. 


BY JUREK MARTIN, US. EDITOR IN WASHINGTON 


AFTER more than a week con- 
solidating its positions inside 
Cambodia, Hanoi appears poised 
to furtber its gains either on the 
military or political fronts, if not 
both. This is the view of a grow- 
ing number of diplomats and 
observers here sifting through 
Radio Hanoi broadcasts and, 
admittedly scarce, battlefield 
intelligence. 

Some believe the Vietnamese 
may soon take strong military 
steps after Cambodia's Khmer 
Rouge forces apparently scored 
some Isolated successes behind 
tbe Vietnamese lines in the vital 
Parrot's Peak area. 


The Vietnamese appear to be 
holding down tbe main highways 
into the Cambodian interior with 
conventional farces, but are 
vulnerable to guerilla actions by 
Khmer Rouge troops who have 
regrouped in some areas and 
enjoy relatively free movement 
throughout a countryside 
colonised since 1975 with 
military settlements. 

It is unlikely, however, that 
the Vietnamese — masters oF the 
“peoples war” — should haplessly 
repeat mistakes made by the 


Americans in 1970 when Presid- 
ent Nixon attempted to seal a 
porous border with tanks and 
artillery against a peasant army 
that travels on foot. 

If the picture of Vietnam’s 
involvement inside Cambodia is 
accurate, the Vietnamese, accord- 
ing to some diplomats, may not 
be so much attempting to seal a 
border that meanders over open 
country, but to secure areas well 
inside Cambodia as staging bases 
for subsequent infiltration and 
subversion. Two such areas have 
been identified according to some 
reports: one south of Neak 

Luong In the Parrot’s Peak area 
and the other near the Fratheat 
crossroads at the Mekong River 
town of Cholong. 

“Hanoi is not after a bonier 
settlement, it is after a political 
settlement.” said one Western 
diplomat in Bangkok. “ This 
means removing the Pol Pot 
regime and replacing it with a 
puppet goverment resposinve to 
Hanoi's line.'’ This Western 
diplomats view is shared, by a 
number of observers here who 
suspect that there is some truth 
in Phnom Penb's basic accusa- 
tion: “The fundamental cause (of 


the current conflict) is to force 
Cambodia to become a member 
of (Vietnam's) Indochinese 
Federation." 


of Vietnam and Kampuchea 
(Cambodia)” 


From the outset Hand has 


THAILAND 


A H i/f®L 


Hanoi has recently begun to 
underscore in broadcasts that 
“ no reactionary force can 
break this special relationship." 
Observers here interpret this as 
indicating that no border settle- 
ment with the Phnom Penh 
Government is possible as long 
as reactionaries' are in' power 
there. 


V? 






&/kratcbimad total 
|udu1UranHi 3 

'Control | 


affirmed its commitment to M the 
sacred testament of President 
Ho Chi Minh ... to defend 
the special relationship between 
the two parties and peoples 


If it is true that Khmer Rouge, 
forces have begun guerilla ; 
operations, observers here expect 
Hanoi to counter these by 
stepping op the political 
offensive inside the country. 
“ We simply don’t know whether 
any pro-Hanoi forces have sur- 
vived last spring’s purge inside 
the Cambodian Communist Party, ! 
or what forces. among the Cam- 
bodian refugees . who fled to 
Vietnam can be brought Into 
play by Hanoi.” Another Western 
diplomat here commented: “But, 
you can expect Hanoi to make 
use of whatever anti-Pol Poti 
forces are available— and this, 
could make the decisive differ- 
ence compared with Nixon’s 1970 
Cambodian debacle." 


Marcos calls interim elections 


MANILA, Jan. 17. 


PRESIDENT Ferdinand Marcos 
to-day kept a five-month-old 
promise and said national elec- 
tions will be held in the 
Philippines on April 2 — the 
first in more than five years of 
martial law. 

The elections will be for an 
interim National Assembly of 
120 members, hot tbe President 
will retain his power to issue 
overriding decrees. 

Announcing the election 
date, he said: “ I ask everybody 
to take part in this political 
exercise. 

“(am against the curtail- 
ment of anyone from standing 
in the elections. Everyone 
should be permitted to file bis 
certificate as candidate." The 


measure is seen here as a first 
cautious step back to political 
normalcy. 

Mr. Marcos will retain his 
title as President, but will also 
take the unusual step of becom- 
ing Prime Minister of the 
Philippines. 

The National Assembly is 
being labelled as an Interim 
legislature until Mr. Marcos can 
end martial law when further 
elections will be held without 
the constraints of emergency 
rules. However observers do 
not see any chance of this aris- 
ing in the near future. 

One prominent opposition 
leader, ex-President Diosdado 
Maeapagal, has already said he 
will not take part in the elec- 


tions which he called “farcical” 
as long as martial law 
remained. 

Other opposition leaders, 
however, are adopting a wait- 
and-see attitude and are 
reported laying down terms 
under whieh they might be pre- 
pared to take part 

Mr. Marcos .has told visiting 
UJS. congresmen and others 
that he wants ultimately to 
remove martial Law, but he has 
said he will not do so while 
the fighting continues between 
government forces and Moslem 
rebels in the southern 
Philippines and while com- 
munist guerillas are active in 
the country. 

Reuter 


Low turn-out at 
reopening of 
Soweto schools 


Westinghonse denies bribing 
over big nuclear contract 


Primary schools In Soweto have 
re-opened for the new school 
term, but most reported a poor 
turn-out of pupils. Attendance 
varied between 10 per cent, and 
75 per cent, Bernard Simon i 
reported from Johannesburg 
yesterday. 

Mr. T. W. Kambule, a well- 
known Soweto educationalist, said I 
he was “very disappointing” by I 
the poor turn-out and attributed I 
It in part to hardening attitudes 
anting pupils against the Bantu 
education system. 

Primary schools were relatively 
unaffected by last year’s- boycott 
of classes. Secondary schools, 
where the boycott was most effec- 
tive, reopen at the 'beginning of 
February. ■ * I 


DAVID MARSTON Is the U.S. 
Attorney from Philadelphia. 
There are 94 such officers in this 
country, performing as the 
Federal Government’s chief 
prosecutors in the regions they 
represent. They are political 
appointees and when Administra- 
tions change in Washington from 
one party to the other the ranks 
of U.S. Attorneys are generally 
substantially altered. M r. 
Marston is a Republican, a 
former aide to Senator Richard 
Schweiker, from Pennsylvania, 
named to a vacant position in 
the closing weeks of the last 
Republican Government. Nor- 
mally his replacement by a 
Democrat might be expected to 
cause a little local fuss — as 
when President Kennedy re- 
moved Elliot Richardson from 
the Boston job is 1961 — but 
nothing serious. 

The Marston case threatens to 
be somewhat different. It loomed 
large in President Carter’s most 
recent Press conference last 
week. Jt has prompted charges 
that President Carter has 
abandoned a campaign pledge to 
appoint attorneys strictly on the 
basis of merit. Not politics. It 
has caused Mr. Griffin Ben, the 
Attorney-General, to dispatch a 
team of Justice Department 
lawyers to find out exactly what 
is going on in Philadelphia. And, 
perhaps inevitably m this post- 
Watergate age, it has spurred 
charges that the highest officers 
in the land, even the President 
himself, are engaging in a cover- 
up to protect one or more of 
their own. 

The facts in tbe Marston affair 
are generally murky, though 
some salient features are clear 
enough. One is that Mr. Marston 
has proved to be a vigorous 
crusader against political 
corruption. He bas successfully 
prosecuted two of Philadelphia's 
most powerful Democrats on 
corruption charges; he is loves* 
tigating aggressively tbe question 
of police brutality in the city, on 


which failure to make headway 
helped induce the resignation 
of his predecessor ; and he Is said 
to be getting under the skis of 
Mayor Frank Rizzo, who- is both 
a Democrat and by any standards 
one of the nation’s less esteemed 
civic leaders. 

Most critically, he is looking 


ment for Mr. Marston, even 
though it is reasonable to 
assume that Mr. Marston got the 


extremely competent miecetBor, 
Mr. Robert Del Tote was found. 


job ha' the first place as a result 
of Mir.- Scb Welker's patronage 


towards a former aide. Senator 
John. Heinz, the other Pennsyl- 
vania Republican Senator, tn e 
earnest freshman fro® tfic 


nuuuk — — - — - 

What appears to have happened 
is that the traditional require 
mentc of patronage and the new 
insistence on merit have been 
mixed. 


The Marston case has demonstrated that poli- 
tics as usual ” Is still a powerful force in spite of 
Mr. Carter’s promise to impose new standards. 


Into alleged improprieties in the 
fees and contracts awarded In 
connection with the construction 
of new faospita tin tbe city. This 
probe, it is widely reported, has 
focussed on the roles played by 
two of Pennsylvania’s Democratic 
Congressmen, Daniel Flood and 
Joshua Eilberg. President Carter 
freely acknowledged at his Press 
conference last week that Mr. 
Eilberg had telephoned him 
about the Marston affair and had 
requested that “the replacement 
process be expedited." Earlier in 
the week, Attorney-General Bell 
had admitted that he was looking 
for a successor to Mr. Marston. 

Mr. William S afire, tbe New 
York Times columnist, who 
devotes many of his articles to 
trying to prove that the Carter 
Administration is as corrupt as 
that of Richard Nixon, of which 
Mr. Safire was a member, bas 
gone so far as to claim that the 
President has committed obstruc- 
tion of justice by taking tbe 
matter up with the Attorney- 
General at the specific behest 
of a congressional ally under 
criminal investigation. Others 
have publicly doubted whether 
both Mr. Carter and Mr. Bell only 
came to know of the case as 
recently as they claimed. 

Predictably, others more 
nakedly seeking political capital 
have jumped on the bandwagon. 
Senator Schweiker has stated that 
he will block a patronage replace- 


soup family, even went so far as 
to intone on television last night 
tbat “the appearance of im- 
propriety is as serious as its 
actuality." Unfortunately such 
statements of such profound 
fatuousness are common currency 
and it will probably not return to 
haunt Mr. Heinz as it should. 


A_ more substantial charge is 
that Mr. Carter has gone back 
on 'wbat bad been a, widely 
praised campaign promise that 
all Federal judges and prosecu- 
tors should be appointed “strictly 
on Iftp basis of merit without 
any consideration of political 
aspects or influence.” The other, 
traditional side of tbe coin was 
moire bluntly put by Mr. Bell last 
week: “We have two parties in 
thin country. Tbe In party right 
now happens to be the Demo- 
crats. There are a lot of com- 
plaints about Mr. Marston. They 
say we ought to have a Democrat 
as UA Attorney In Philadelphia." 

So far, Mr. Bell has replaced 
about 70 of the ^4 U.S. Attorneys 
over the past year and all but 
one of his nominees have been 
Democrats. However, it is gen- 
erally agreed that many have 
been worthy selections. Even In 
New Jersey, where Democratic 
Senator Harrison Will lams, exer- 
cising patronage rights, was 
determined to get rid of the 
highly thought of Republican 
Attorney Jonathan Goldstein, an 


Bat it may not be enough for 
the Administration to find on 
unquestionably able lawyer to 
take Mr. Marion’s place. Mr. Bell 
has already promised that, no 
matter wbat. the . investigation 
into the hospital owe must be . 
allowed to continue and those is 
considerable pressure that Mr. 
Marston, who initiated It, follow 
it through to the end irrespec- 
tive of the problems It may 
create for the Democratic 
machine la Philadelphia and for 
Democratic Congressmen! front 
Pennsylvania. 

This is not an easy political 
decision for the Administration 
to take since, although, there is 
no lave lost between Mayor Rizzo 
and President Carter, it remains 
true that Mr. Rizzo and the 
Democratic establishment de- 
livered the city to- Mr, Cartes' In 
sufficient numbers' to enable Min 
to carry tbe state in the 1875 
Presidential Election. On the 
other hand, Mayor Rizzo may lose 
this year’s mayoral vote; • 

There is an element of troth' 
In the argument that what the = 
Marston case has demonstrated 
to date is that “politics as usnaT. . 
is still a powerful force to Wash* - 
ineton in spite of Mr, Garter’s 
promise to impose new standards. 
But, after all. much of Mr. 
Carter’s first year has been spent 
in trying to come to terms with 
the wav things are done here and 
the leverage tbat Congressman 
Eilberg apparently sought Hi 
bringing the matter directly to 
the President's attention , ja a 
classical modus opemndi In 
hindsight, Mr. Carter might have 
wished that he had hun g up t he 
telephone or told the Congress- 
man to go and consult a lawyer: 
but not Mr. Marston. 


Executives want 


BY JOHN WYLES 


NEW YORK. Jan. 17. 


WEST1N GHOUSE ELECTRIC to- 
day indignantly denied allega- 
tions that it had made illegal 
payments to secure a nuclear 
power plant contract in the 
Philippines and that the contract 
itself is overpriced. 

The New York Times reported 
from Manila last Saturday that 
Westinghouse's contract may be 
in jeopardy because of payments 
the company made to a friend 
and relation by marriage of Presi- 
dent Ferdinand Marcos. The 
Philippine Government bas 
launched an investigation into 
commission paid to Mr. Herminio 
T. Disini and announced yester- 
day that it was taking over three 
corporations controlled by Mr. 
Disini. 

One of Mr. Disiui's companies, 
Asia Industries, has the Westing- 
house distributorship in the 
Philippines. Without naming Mr. 
Disini. the company acknow- 
ledged that it had made pay- 
ments to two sales representa- 
tives who bad been involved in 
landing the contract but it 
claimed tbat the payments were 
“reasonable and proper and are 
within corporate guidelines that 
were established to assure con- 
formance with existing U.S. and 
foreign laws. 

The company’s statement, 
issued in the name of Mr. Gordon 
C. Hurbert. president of Westing- 
huuse's power systems company, 
added that the use of foreign 
sales representatives was com- 
mon practice by American cor- 


porations. 

Westinghouse is trying to 
moke it clear that the New York 
Times story was inaccurate to 
suggesting that the company's 
contract to build the 600 mega- 
watt plant is worth Sl.lbn. This 
is the total cost to the Philip- 
pine government of the project 
but Westinghonse stressed that 
its contract was worth “approxi- 
mately $320m." 

Included in the contract is the 
cost of supplying the nuclear 
reactor system, turbine genera- 
tor and extensive auxiliary equip- 
ment and in addition “we are 


responsible for design engineer- 
ing, and project and construction 
management 

Other factors which .take the 
total cost of the "project to the 
Philippines up to $l.lbn. are loan 
financing charges, provision for 
escalation, only a portion of 
which applies to the Westing- 
house contract and “customer 
responsibility, for tbe procure- 
ment conversion and enrichment 
of uranium, land preparation, 
administrative costs, training 
programmes, independent con- 
sulting services and transmission 
systems.” 


Mandela trial 

Black students and teachers 
packed a tittle courtroom to over- 
flowing here yesterday when the 
trial of black mffitairt, Mrs. 
Winnie Mandola reopened. 
Reuter reported from 'Bloem- 
fontein. Mrs. -Mandela, 43, wife of 
imprisoned rationalist leader Mr. 
Nelson Mandela, pleaded not 
guilty to five charges of breaking 
a Government order exiling her 
to the Orange Free State town of ! 
Branctfort. ! 


corporate tax 
relief-survey 


Geisel visit helps mend 
Mexico-Brazil relations 


BY ALAN RIDING 


By John Wyi« 

NEW YORK, Jan. 17. 


Corruption . drive 

Tanzanian President ■- Julius 
Nyerere has accused police and 
the courts of allowing corruption 
to talc© bold on Tanzania, Reuter 
wrote yesterday from JDar es 
Salaam. He announced at a 
seminar of senior police that he 
was taking personal charge of a 
campaign against corrupt 
elements. 


India note step 6 political * 


Sri Lanka loan 


BY K. K. SHAftMA 


A STRONG hint that last night’s 
demonetisation of high currency 
notes by tbe Indian government 
has political motivations came 
to-day from Mr. H. ML Patel, the 
Finance Minister. 

He said that to the extent 
political parties bad undeclared 
funds they would be affected by 
the demonetisation. A similar 
statement was made by Mr. C. 
Subramaniam. wbo was Finance 
Minister in Mrs. Indira Gandhi's 
Cabinet 

He said in Madras tbat 
political parties would be affec- 
ted by tbe decision, which came 
as a surprise as the total 
currency affected is less than 


NEW DELHI, Jan. 17. 
two per cent of the total in 
circulation- 

The suggestion is that funds 
collected during Mrs. Indira 
Gandhi’s emergency rule, abont 
which allegations have frequently 
been made but never been 
proved, is suspected to be 
boarded in notes of high 
denomination and now cannot be 
used because notes of the value 
of 1,000 rupees and above are 
no longer legal tender. 

. The Finance Minister said 
that basically the move was 
aimed at illegal transactions or 
those financed by “ black money " 
(rhat which is not declared to 
evade income and wealth taxes). 


India bas given Sri Lanka a 
RSOOm. ($20m.) loan for' the pur- 
chase of capital and intermediate 
goods and 50,000 tons of wheat 
Mervynde Silva reported from 
Colombo. Of this, R184m. came*. 
5 per cost interest and is repay- 
aWe an 154 years with 'three 
years’ grace period, art Lanka 
wHi buy buses, lorries and steeL 1 


Zambian strike 


About 300 white miners went on 
strike at Lunashya, Zambia, in 
protest against the killing of- a 
j white housewife, . Mrs. . Anne 
Caveney, by armed bandits on 
Saturday night, -AP-DJ reported 
from Lusaka. The copper miners 
marched to the- Roan Consolidated 
mine offices to demonstrate 
against “ lack of protection " from 
police following a spate of attacks i 
on fellow white miners. 


UN refugee agency lacks cash 


GENEVA, Jan. 17. 


THE NEW U.N. High Commis- 
sioner for refugees ( UNHCR 1 
said to-day there was a “ serious 
financal gap ” in this year's 
budget with expenditure esti- 
mated at S35m. against contribu- 
tions so far of only S12.3ra. 

Mr. Paul Hartling, a former 
Danish Prime Minister who took 
up his post here eight days ago, 
also announced that he would 
fly to southern Africa next week 
on a visit to several frontline 


States bordering Rhodesia and 
South Africa. 

The UNHCR executive com- 
mittee of Government represen- 
tatives would meet here in 
special session next Friday to 
consider the financial situation. 

Some countries had done noth- 
ing to help refugees, he declared. 
In response to questions, be 
added that communist States 
“ have not done so much." in the 
past but he thought they were 
“more alert, more understand- 


ing now" to the problem. 

On his visit to Southern Africa; 
Mr. Hartling said he would meet 
Government leaders in Tanzania, 
Zambia, Botswana, Lesotho and 
Swaziland. 

Tbe High Commissioner, 
appointed to succeed prince Aga 
Khan, said be hoped that when 
his five-year term ended all 
refugees now in UNHCR care 
would have been found 
permanent homes. 

Reuter. 


Ugandans ‘confused’ 

President Idi. Amin yesterday 
called on Ugandans to guard 
against being “ brainwashed " g od 
confused by imperialists and their 
agents, ' ~ according, • to Ugandan 
Radio, Renter reported from 
Nairobi He urged Ugandans to 
work hard . for national develop- 
ment and attacked prominent 
Ugandans, including doctors and 
religious leaders, who had been 
“ bought " by imperialists and I 
who had . run a Way to countries 
like Britain. and the U.S. ! 


FURTHER advice to President 
Carter on how he should shape 
his tax cut proposals bas been 
offered by a survey, reporting 
| that senior, business executives 
put a reduction in the corporate 
tax rate top of their list of 
preferred tax relief measures. 

Conducted by the Conference 
Board, the business research 
organisation, the survey covered 
more than 400 chief executive 
fficeors of major companies- 
Asked to state their preference 
between a cut in the rate of 
corporate tax, an increase to 
investment incentives or partial 
relief from double, taxation of 
dividends, abont 50 per cent, of 
the executives opted for cor- 
porate tax cuts, which was 
either the first or second choice 
of 76 per cent of those sur- 
veyed. 

The President’s final proposals 
for Congress are due to be sent 
to Congress on Saturday and, 
according to widely-publicised 
reports, there has been some 
argument within the Adminis- 
tration on whether to link a 
cut to the corporate tax rate 
of 48 per cent, with an increase 
in investment Incentives. Con- 
gressmen wbo met Mr. Carter 
to-day said he confirmed that he 
will propose tax cuts worth 
S25bn., and a further reduction 
of SlObn. through reforms. 

Many business people would 
prefer both but. according to 
the survey, senior executives 
believe that reducing corporate 
tax would be tbe simplest and 
most direct way to improve pro-. 
Stability and stimulate invest- 
ment. Increased capital spend- 
ing is becoming one of the 
White House’s main objectives, 
following projections that econo- 
mic growth will start to tail off 
towards the end of next year. 


THE STATE visit here of 
President Ernesto Geisel of 
Brazil seems to have broken 
the ice on several years of 
chilly relations between 
Mexico and Brazil, but no 
major commercial agreements 
are expected to result from the 
trip. 

Mexican hopes of selling oil 
to Brazil were dashed by Sr. 
Slrfgeaki Ueki the Brazilian 
Energy Minister* who pointed 
out that the Mexican price was 
not competitive with . that 
offered by Middle East coun- 
tries, because ■ Mexico lacks 
deep-water ports capable of 
taking supertankers. 

Brazil, on tbe other hand, 
had hoped to find the Mexicans 
more interested in participat- 
ing in a joint aircraft construc- 
tion venture with Emhraer, the 
Brazilian company currently 
building short-take-off cargo 
and passenger planes. 

The joint communique to be 
issued . to-morrow by Gen. 
Geisel and President Lopez 
Portillo of Mexico ns, never- 
theless, expected to pave the 
way for continuing commercial 
contacts between the two prin- 
cipal Latin American economic 
powers. Areas of apparent 
joint interest inclnde petro- 
chemicals, steel and manu- 
factured goods. 

However, the principal signi- 
ficance of the trip may be the 
fact tbat Gen. Geisel is 
actually visiting Mexico, the 
first Brazilian president to do 
so since Sr. Joao Gonlart in 
1964, shortly before he was 
ousted by the military. 

Particularly under President 
Luis Echeverria, who left 
office here 14 months ago, 
Mexican foreign policy was 
openly hostile towards Brazil 
and other right-wing military 
regimes to Latin America. In 
1974, Sr. Echeverria visited 


MEXICO CITY, Jan. 17. 
Brasilia, but was given an off- 
hand welcome. 

Sr. Lopez has adopted a 
more pragmatic foreign policy,' 
however, patching up Mexican 
ties with Washington (Vice- 
President "Walter Mondale will 
be here this week-end) and 
trying to establish a less 
acerbic relationship with 
Brazil. To strengthen the new 
relationship struck up here 
this week, Sr. Lopez will prob- 
ably v isit Brazil later this year. 

Sue Branford' writes from 
Sao Paulo: Despite the recent 
speed-up in prospecting and 
drilling, oil production to 
Brazil fell by 3L5 per cent, last 
year, • dropping to its lowest 
level since 1968. Oil produc- 
tion was 9,7m. cubic metres, 
as compared with 10m. cu. mis. 
in J97& 

In view of these disappoint- 
ing results, Petrobras, the 
state-owned oil company, is 
studying about 20 emergency 
projects to increase production 
as rapidly as possible. One 
option is tbe Increased use of 
off-shore oil-fields whieh have 
not been foUy measured. 
Petrobras was not willing to 
estimate as to how much oil 
production could increase as a 
result. 

In the short term, it is Urns 
unlikely that Brazil will 
manage substantially to reduce 
its ' oil imports, which are 
responsible for about 82 per 
cent of domestic consumption. 
Last year Brazil spent 83.8 tra. 
on its oil purchases, 32 per 
cent of which came from 
Saudi Arabia. Brazil’s second 
supplier is Iraq, which' pro- 
vided 2&5 per cent of the 
total. 

The third round of bidding 
for the risk contracts— with 
foreign oil companies is 
expected to begin sbt- fly. it is 
known that only off-shore 
areas on tbe Brazilian con- 
tinental shelf will be involved. 


U.S. foreign 
arms sales to 
rise by $2bn. 


By Our Own Correspondent 
WASHINGTON, Jan. 27. 


THE Defence Department has 
estimated that US. arms sales 
to foreign purchasers will be - 
worth about 82bn. more in the 
current fiscal year than in the 
previous one. 

This would appear to contra- 
dict the Carter Administration’s 
intention of reducing the inter- 
national traffic to arms. 

However, the global figure is.: 
somewhat misleading. It con- 
ceals the fact that arms sales 
to those countries destined to 
come under the ceilings on sales 
that the Administration Is still 
evolving will be reduced by 
about Slbn. this year. 

Excluded from this celling are 
NATO. Japan, Australia, and 
New Zealand and. although no 
formal announcement has ever 
been made, Israel. 

The projected figures for 
arms sales are included in the 
Pentagon’s budget estimates. 
They calculate total arms 
transfers in fiscal 197S of 
SliUbm, up from about $Ubn. " 
last year. 

Last year about SlObn. went in 
sales to those countries which 
would fall under the new ceilings 
while the projection for this year 
is that such transfers would fail 
to about S9bn. 

There is nonetheless an inter-- 
nal Administration debate going 
on about arms sales. The New ■ 
York Times to-day reported, for 
example, that the Central Intelli- 
gence Agency was conaMeitog 
publishing a report that* con- 
cludes tbat Russian arms sales .. 
already rival those of tbe UJS. J 

This study, it is Said, Is not 
based on new material button a 
new way of calculating tlte^value 
of such Soviet exports. 

Tbe U.S. position, as outlined 
by President Carter, is. that it Is 
incumbent on the UiL to take 
the lead in curbing International 
arms .sales because it is easily 
the biggest merchant 


AFTER ECUADOR’S REFERENDUM 


Big union rejects ballot plan 
on Australian uranium boycott 


BY KENNETH RANDALL 


CANBERRA, Jan. 17. 


ANOTHER major union bas 
rejected the proposal of the 
Australian Council of Trade 
Unions (ACTU) that rank-and- 
file ballots be conducted among 
unionists likely to be involved in 
uranium development to deter- 
mine union policy on the issue. 

The national executive of the 
Australian Railways Union 
lARU) decided to-day tbat the 
ACTU proposal was “imprac- 
ticable.” mainly because it was 
Impossible to say which of its 
members might be involved in 
uranium development 

Mr. Pat Dunn, the ARU presi- 
dent, said the union believed the 
ACTU should firmly oppose the 
opening of any new uranium 
mines until better safeguards 
were available in tbe nuclear 
industry. 

Last week, the ACTU's pro- 
posal was also rejected by the 
Transport Workers' Union and 
the Federated Ironworkers’ 
Association. The transport 
workers considered they were 
already bound by a policy oppos- 


ing uranium development. Tbe 
ironworkers stuck with their 
existing policy in favour of 
development. 

Mr. Douglas Anthony, the 
Minister for Trade and 
Resources, announced a fort- 
night ago that there would be no 
further shipments of uranium 
out of Australia before the 
middle of February to allow time 
for the union ballots sought by 
the ACTU. The Government, he 
said, wanted to ensure that 
nothing occurred to create ten- 
sion at a time when union 
members- were expressing their 
views on proposed boycotts ol 
uranium development 

After the TWU decision last 
week, however, Mr. Anthony 
said the ACTU plan “already 
appears to be deteriorating into 
a shambles . - . Irrespective of 
how the TWU reacts to the 
request of the ACTU, the govern- 
ment has an obligation to meet 
commitments of existing con- 
tracts, as did the previous 


Labor- Government” Mr. 
Anthony said. 

There was no farther reaction 
from the Government to-night to 
the railways union decision. 

Workers at Mary Kathleen, in 
north - western Queensland, 
Australia's only producing 
uranium mine, have voted over- 
whelmingly in support of further 
development of the industry. 

The refusal of major unions to 
put the question to membership 
ballots, whether for practical or 
Other reasons, is a growing 
embarrassment to the ACTU but 
no great surprise from the 
beginning. The scheme reflected 
the difficulty of forging a united 
front in the unions on uranium 
policy and the inability of the 
ACTU to enforce a collective 
view, even If one could be deter- 
mined. 

Tbe net effect points increas- 
ingly to the prospect of the 
ACTU bowing out of the argu- 
ment completely and individual 
unions pursuing their own poli- 
cies, mostly against development 


No rand change 

Tbe South African Government 
does not envisage a revaluation 
of tbe rand at the present moment, 
the French financial daily news- 
paper, Agence Econo mique et 
Financiere, said yesterday, AP-DJ 
reported from Paris. Tbe paper 
said South African Minister for 
Economic Affairs, Mr. J. - C. 
Be unis had said that since the 
end of 197G the Rand had depre- 
ciated against the U.S. dollar by 
6 per cent, but that this situation 
is not unfavourable to South 
Africa at the present time. 

Mr. He unis remarked, however, 
that the South African authori- 
ties are watching the situation 

closely, and are looking at tbe 
possibility of linking tbe rand to 
a basket of strong currencies. 


The Presidential campaign begins 


BY SAfUTA KENDALL IN QUITO 


Burma elections 


Burmese voters have given Presi- 
dent Ne Win a mandate to rulej 
for a further four years to 
general elections restricted to 
candidates of the country's only 
approved party, according to pro- 
visional results announced y ester- 
day. Router reported from! 
Rangoon. The two-week elections 1 
ended three days ago, and officials 
said a vast majority of the 16m- 
electorate voted. 

The ruling Burma Socialist Pro- 
gramme Party has governed since 
a 1974 constitution marked' the 
end of military rule and turned 
Burma into a one-party socialist 
state. 


ON OTHER PAGES 


International Company News: 
Court move hits AT & 1 
Matsushita profits forecast ... 20/21 
Farming and Raw Materials: 
Brazilian sugar 

Jordan phosphate deal 24 


IN THE village of Nayon, a few 
miles from Quito, peasants came 
oat of early morning mass and 
joined queues In the main plaza. 
Men in ponchos and women with 
babies on their backs waited 
their turn to vote in Ecuador's 
constitutional referendum. 

Soldiers stood watchfully by. 
Some approached the ballot 
boxes with confidence, marking 
the paper with a flourish. Some 
asked timidly what they were 
supposed to do. Yet others 
seemed to hesitate to choose 
between the new constitution, 
the revised 1945 constitution, 
and, casting a blank. 

Even in tbe cities, where huge 
crowds formed around the tables 
and confused voters were sent 
from one long queue to another, 
few tempers frayed. As Ecuador’s 
rusty mechanisms of democracy 
were revived, an unprecedented 
turnout— 90 per cent of the 
electorate— vindicated the deci- 
sion of the armed forces to hold 
a referendum last Sunday to 
choose the country’s new consti- 
tution, rather than tbe more 
traditional, less participatory, 
constitutional assembly. 

Happily for Ecuador’s demo- 
cratic future, there were fewer 
blank votes than forecast, with 
only 23 per cent, of the total. 
Speculation that the Presidential 
elections to July would never 
take place has died. Although 
the official results of the refer- 


endum will probably not be 
announced for another month, 
political parties whicb bave not 
already done so are now expected 
to nominate candidates and begin 
tbe Presidential campaign in 
earnest 

The new constitution, which 
won on Sunday with 43 per cent, 
of the vote, will only come into 
effect when the new President 
takes power later in the year, 
and the military government 
most define electoral procedure 
for July. 


Strong enough 


Six years of military rule and 
four decades of domination by 
the leader-figure of Sr. Jose Maria 
Velasco Ibarra * have left 
Ecuador’s political parties in a 
pitiful state. Sr. Velasco, now S4, 
is reluctant to fry for his seventh 
term as president, so thevelos- 
QuistaB are left without a raison 
d’etre or a leader strong enough 
to challenge Sr. Assad Bucaram, 
the former Mayor of Guayaquil, 
the main part. 

Sr. Bucaram's populist dema- 
gogic style has never been 
popular with the .armed forces, 
and few believe he would he 
allowed to last a full terra— or 
perhaps even begin one. But an 
independent survey gives him a 
considerable lead over his 
nearest opponent, Sr. Sixto Duran 
Ballen, the present Mayor c-f 
Quito who is a favourite with 
the conservative business com- 


munity and the likely cbdice for 
right-wing sectors. 

Although Sr. Duran has not 
yet officially announced his 
candidacy, he is believed to be 
the one man who could win 
again Sr. Bucaram. Unless one 
candidate gains an absolute 
majority in the first election, 
there will be subsequent rounds 
of voting, and the strong anti- 
Bucaram vote would probably be 
thrown behind Sr. Duran. 
Even the left-of-centre parties 
might find themselves In the 
strange position of urging their 
sympathisers to vote for the 
right-wing candidate as the lesser 
of two evils— 4he greater being 
the fear of bte army retaining 
power. 

Some 30 groupings are 
currently jockeying for position 
to the Ecuadorean political 
arena. Several left-wing parties 
have already sorted themselves 
into two electoral movements — 
the Marxist Broad Left Front, 
which includes the Communist 
Party, an dthe Popular Coalition, 
a significant group with Christian 
Democrats, Progressive Conserva- 
tives and well-known indepen- 
dents such as tbe former Oil 
Minister, retired Admiral Gustavo 
Jarrin Ampudia. 

Neither has yet announced a 
candidate, but with a cleverly 
chosen figurehead the Popular 
Coalition cnuld be a good third 
in the election. The Democratic 
Left party has already fielded a 
lawyer, Sr. Rodrigo Borja, as its 


man, and Sr. Abdon Calderon 
is to run for a GmiyaquU-based : 
right-wing grouping. Wato- 
regionalism still an' Imporijatf- 
factor, an astute ticket for Pran^ 
dent and Vice-President worn®;: 
be a Quito-Guayaquil corobit»*U 
turn. ■ . 


If illiterates are allowed'.^: 
vote in July— and under the flW 
constitution they win anyway 
vote for Congress after ttafe 
transfer of power— -there will 
be another unknown. The 
radian population will for -i&j’ 
first time be courted by political 
parties, and candidates anil h8ve-; 
to > spend greater energy caw 
paigning to the Andean moufr 
tains and rural coast! on ds- ' , 


Six years of income from 
exports would have transformed 
Ecuador regardless of ite'guveiP*: 
ment, and the military regtatef ; 
biggest achievement : will. Priw’' 
ably be the successful- -culraib**: 
tion of their plan for return fo . 
constitutional gpeermuent — opt 
only foe handover to a 
elected civilian administration, 
but also laying .the. basis for 
longer-term stable. . political 
development Though -unions ana 
political parties have denounced 
Political arrests and. the deaths ■ 
of striking sugar -workers, as *. 
evidence of growing repression, 
ihe condition of human-rights m 
Ecuador is among the best to to* 
conuneut 


r yy lc ±,vjs& 






financial 1 IlmesWe3iies5ay-.Jainiaiy-l'S 1978 


WORLD TRADE SEWS 


Sf European group bids $2bn 
for Canadian air order 


BY LYNTON McUVIN. INDUSTRIAL STAFF 


. GLO-GERMAN-ltalian pro- 
: 'als to. win a S2bn. aircraft 
>ort order from Canada were 
jounced yesterday. Theplans, 
be submitted to the Canadian 
. -tern merit by February 1. are 
tain to include massive offset 
: . is with Canadian companies. 
;bese could account for up to 
■ .per cent, of the contract value. 
Missions have already started 
h major engine, airframe and 
•iraft equipment companies in 

■. iada. 

.'ana vi a Aircraft GmhH of 
-.nidi has been trying to sell 


130 to 150 multi-TOle Tornado 
planes to Canada since 1072. The 
country has an argent need io 
replace its ageing fighter aircraft 
by 19S0. 

Last September.- the Canadian 
Government issued a massive 
questionnaire, in the form of a 
■•request for proposals” to six 
aircraft makers. :-.Bahayia, on 
behalf of British Aerospace, iles- 
serschnutt-Solkow-Blohm of West 
Germany and Aeritalia of Italy 
has now finalised “highly com- 
petitive” proposals, to win the 
order. 


India insists on buy-back 


• BY K. K. SHARMA- 

■-E INDIAN Government's-, de- 
j on to buy the Jaguar fighter 
Britain will depend on the 
nufacturers willingness to 
'..-.iblish plants here to build a 
’ ->stantial portion of the air- 
'. -ft components, and to buy-, 
r .'k a large part of the output 
-! ; ai these plants.* 

L he Government will insist on 
buy-back stipulation to en- 
' *'e that India obtains the 
,*'t quality and latest techno- 
.: y. This is considered to be 
^-re important than obtaining 
r'-nsing rights io manufacture 
1 - fighters in India. 
r:i - 'earns from the manofactur-. 
"i- of the three fighters from 
‘^ich the Indian Government 


NEW DELHI, Jan. 17. 

will makes its final choice — the 
British-French Jaguar, the 
French Mirage and the Swedish 
Viggen — are expected here this 
month, for discussions. Only 
after the “buy back” and 
licensing arrangements are ac- 
cepted will negotiations on 
prices and other terms “be taken 
up. The fin.il agreement will be 
worth many millions qf pounds 
while even the initial orders will 
be for about 40 aircraft 
Mr. James Callaghan. Britain’s 
Prime Minister made a strong 
plea for the Jaguar during his 
recent talks here. He pointed 
out that orders for. the. aircraft 
would help lo reduce the trade 
surplus that India has with 
Britain. " 


These are based on a three- 
Part strategy covering the mili- 
tary requirements, commercial 
factors and the industrial needs 
of Canada, said Mr. Jefferey 
Quill, the marketing director of 
Panavia. 

Canada wants a plane to re- 
place the CF101 Voodoo in the 
air defence of the country. The 
replacement must also meet 
Canadian needs in Europe for a 
strike plane, now the CF104 Star- 
fighter and the CF5. 

Four UJS. aircraft companies 
are competing for the order. 
Grumman is offering its F14, 
McDonnell Douglas its F15 Eagle, 
General Dynamics its F16 which 
has already been ordered by 
Holland, Belgium, Denmark, and 
Norway, and Northrop its F18L. 
France is submitting a version 
of its Mirage. Grumman set the 
standard for offset contracts last 
autumn by announcing a pro- 
posal to offset 80 per cent -of the 
costs. 

Privately, Panavia believes the 
Canadian government will pro- 
duce a short list of two, the F15 
and the Tornado. 

Panavia has high hopes that 
Canada will decide, by the end 
of 1978, to buy the Tornado. In 
return it is offering Canadian 
companies the chance to manu- 
facture up to half the Turbo- 
Union RB199 engines and around 
half the airframes. .Panavia, 
however, would permit Canada 
to build only 98 per cent of the 
engine, preferiag to keep high 
technology aspects to itself. 


Saudi 

commission 
agents hit 

By Anthony McDermott 

JEDDAH, Jan. 17. 
THE SAUDI Government has 
issued a decree to tighten the 
conditions of operations between 
foreign contractors and local 
agents. An unofficial text of the 
decision, taken by the Council 
of Ministers last Sunday evening, 
was published in the Jeddah 
daily, Al-Medina,- to-day. 

The 12-part decree is a follow- 
up to measures taken last year 
to prevent companies submitting 
inflated tender bids, while the 
aim then was to penalise foreign 
contractors, this latest decree is 
clearly aimed at local Saudi 
Agents, whose often enormous 
commissions were some of the 
many reasons for companies 
quoting inflated prices. 

Thus dause eight stipulates 
that fees paid to a local agent 
who must be a Saudi should not 
exceed 5 per cent, of the contract 

The new rules apply to all 
contracts between foreign com- 
panies and the Saudi Govern- 
ment. but agents are not to be 
employed in arms deals or 
govemment-to-govemment con- 
tracts. Foreign contractors may 
employ more than one local agent 
but Saudis may not work for 
more than ten foreign contrac- 
tors. 

A Saudi agent is not to -be 
permitted to act as both a partner 
to a foreign company and as a 
consultant on the same contract 
Disputes are to be settled in 
court with the foreigner running 
the risk of his operations here 
being ended and the Saudi losing 
his agents licence. 


Obstacles to Brazil’s 
plan to cut steel bill 


BY SUE BRANFORD 

THE BRAZILIAN Government is 
planning to halve its steel im- 
port bill this year to just under 
S200m., according to the Council 
.for Steel and Non-Ferrous Metals 
(“ Consider This will be 
mainly, achieved through a 
large increase in exports while 
imports should fall slightly. How- 
ever, with present conditions on 
the world steel market, the offi- 
cial plans may encounter serious 
obstacles. 

“ Consider ’’ expects exports to 
leap from S77m. in 1977 to 
S285m. this year. Meanwhile, ft 
is hoped that imports will fall 
from $4S4m. to 8468m. If these 


targets are reached. Brazil will 
actually import a smaller volume 
of steel than it exports for the 
first time for 11 years. For •‘Con- 
sider” is putting exports at 
1.3m. tonnes and imports at 1.1m. 
tonnes. The continuin'; deficit in 
terms of value is explained by 
the much lower value per tonne 
of Brazil's exports, which mainly 

consist of ordinary, nou-ffat 

rolled steel. 

Brazil is now the world's 
eighth largest steel manufac- 
turer. with a total output of 
lL2m. tonnes last year, which 
was 22 per cent, up on 1976. 
Because of a slow-down in indus- 
trial growth, Brazil’s ' extremely 


SAO PAULU. Jan. 17. 

ambitious expansion targets, 
drawn up in 1976 under the third 
stage of the National Steel Plan, 
have been drastically scaled 
down. At that time, it was 
planned for Brazil to increase 
fourfold its steel output to 40m. 
tonnes by 19S5. Even then, this 
target was thought by many 
observers to be highlv unrealistic. 
At the end of last year, after a 

savage budget cut. the 1980 tar- 
get was brought down from 20ra. 
lo 15.8m. tonnes. 

Brazil has also postponed its 
plans for a rapid increase in 
domestic production of coking 
coal for the steel mills. 


Major U.K. stockist backs EEC 


BY PETER CARTWRIGHT 

STEEL stockholders are rallying 
round the European Economic 
Community plan to limit cheap 
imports from subsidised pro- 
ducers to protect domestic 
industries like British' Steel 
Corporation from collapse, 
even though stockholders are 
□ot directly affected. 

Ctae of the biggest stockists 
of bright steel bar, widely used 
in Investment and export 
industries like machine tools 
and engineering, has pledged 
not to import except as a last 
resort 




Shipbuilding Orders 
1977 [ 

■ TOTAL DWT V 

□ TOTAL N0MKB Iff ? 
VESSES 


-V torei ? 00 
-*rsiiv safe 
riv byfl 5 



T 

Japan’s market share of 
shipbuilding slips a n 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT • * 

"PAN'S SHARE of world figures, however, are boosted by 

- pbuilding orders last year tanker order/ from Ravi Tikoq 

; pped to below 50 per cent, totalling l.§m dwt which are, 
wording to a report from Fair- understood jo he still -only at the 
ay International Records and letter of intent stage, 
atistics.* In total; only 1, 332 ships within 

This compares with a market the Fairplay category were 
*re of 56 per cent, recorded in ordered last year, compared with 
»' Lloyd's register returns for 1,827 .the previous year and the 
'6, although these figures were report notes that with around 500 
lected on a gross rather than yards seeking business, this has. 
tdweigbt tonnage basis. meant fewer than three orders 

• "airplay’s 1877 figures are not per yard on average, 
iparable with U* previous' Of course; such an averaging 

' iual assessments because of out has not taken place, and the 
cb greater comprehensiveness dire position of a number of 
> year, but they show that the substantial shipbuilding indus: 
■anese took orders for. ’510 tries is recorded in the figures. 
?s at 9 Em. dwt in 1977.- The France, for example, took orders 
rplay monitor is claimed to be for only four ships in 1977; Italy. 
■ iplete for cargo vessels over had only 19 and Brazil, partly- 
K) dwt. relaxing on the strength of its 

n tonnage terms, this gives the earlier orderbook, had only one 
anese a 47 per cent share of new order in the whole year, 
year’s orders and by vessel Taking orders placed by vessel 
nbers, a 38 per cent share. It type, the most significant drop 
firms a succession of claims hems in hulk carrier ordering 

• the Japanese industry that, —down from 393 vessels in 1976 
-*d with price undercutting to 178 ships totalling 5.8m. dwt 
n other Far Eastern builders last year — suggesting that ship- 
heavy Government subsidisa- owners have reacted more swiftly 

. i of shipbuilding in -the West to the downturn in this -market 
anese shipyards have found than they did to the signs of 1 the 
going increasingly tough. tanker collapse in 1973-74. 

■■-he United Kingdom, which in West Germany, owners 
. M-ged with. the fifth largest bought 109 ships <783.000 dwt). 

re of orders in the Lloyd’s only slightly more than their, 
: 5 figures, last year took orders builders sold at home or abroad. 
64 ships at 624.000 dwt, giving Meanwhile. Norwegian owners 
: Inth place in terms of tonnage placed orders for 78 ships (18m. 

. ked behind Japan. Tonnage dwt) as its shipbuilders booked 

- ked in the "U.S. was 2m. dwt_r the same number of ships but 

• in lm. dwt.; USSR 971.000 totalling only 718.000 dwt .... 

South Korea 963,000 dwt.; *<nic nnrtmikitaij moriun is??. fWmicw 
way 717.000 dwt: West Ger- Ivlematimai fttrords amt StnUstkv, 

iv VI firm Mtnalfr Hons#. Arttotr St red, Ismdan, 

a 5? T?? BCt MX - 03 UK ’ *** Eumpe; S4S cut- 

;den 662,000 ■ dwt The U.S. sum Europe. 


of! 


begte 


utbacks in Norway urged 

5Y FAY G JESTER . . OSLO, Jan. 16. 

.OYAL Commission appointed should be made. Its majority 
study over-capacity problems suggests that a smaller commit? 
Norway’s shipbuilding tee, working under the Ministry 
. istry has recommended a of Industry, should study ship- 
.aeity redaction of about 30 yards to find out where the cuts 

■ cent It believes the total would be most appropriate and do 
..nxr force' making new' ships the least damage. 

- old be cut, as- rapidly, as pos- Mr. Ingvald UJvesfcth, a former 
e, and the present level of Minister of Industry and chairs 
00 to 14,000. . A minority of man of the Commission, put the 
Commission recommend an majority’s views to a Press con- 
o more drastic reduction to ference yesterday. He said that 

■ /' 8,000. cutting the industry's labour 

he Commission, - which in- force to a level substantially 

■ lea representatives of. the below 34,000 would mean stop- 
.""loritiesr unions, and cm- pins virtually all production 1 of 
A.'ers, has no mandate to new ships in east and south west 
‘iramend where the cuts Norway. 


nil) 


Tail spending to expand 

JY OUR TRANSPORT CORRESPONDENT 

.hVE WORLD'S railways airfreight wagons, 1,850 passenger' 
i niing to spend more than coaches and 700 mainline loco- 
SSta. ob improv^aoB and ^ COMtajrt j on * 

.. snsiona ra 1978 in a carried out in Portugal,, 

sigtbening of the investment Argentina, India, Malawi, 
id within the industry. Uruguay, . Cameroon, Swaziland, 

' ‘ ■ lternational ' Railway ' Jour- South Africa, Italy. Pern, Nor- 
's latest annual survey of way, Holland, France and 
■ way capital expenditure. 'Brazil. 

.ch takes information from SO The biggest spending railway® 
networks- ' this year will be SNCF of France 

' 'he largest single 7 item* of and the Paris Metro, with ' a 
nned expenditure fpr many combined budget of Sl-Sra., land = 
ways are actual track , exten- South Africa with Si 8m. _ la 
’ is. although .the report also the same period. British Rail. 

. -:es that budgets provide- for nztd. London Transport ^re 
purchase of over 16,000 budgeted to spend 8569,000. 


Mr. Ted Tunnadine. chief 
executive of Giynwed Distribu- 
tion, which claims 15 per cent, 
of the stockists' market for 
bright drawn bar, said yesterday 
that if the company went in 
for importing it would imme- 
diately trigger off a major 
import problem. It had no inten- 
tion of doing that even though 
British steel prices were higher 
than those of other European 
producers. 

Compared with four price 
rises last year, there was now 
more confidence of price stabi- 
lity during 1978 within the 


context of 10 per rent, inflation. 

Main items under attack by 
the Community arc flat rolled 
products. The U.K. recently 
banned imports of Russian hot 
rolled coil which had seriously 
undermined British Steel’s 
operations in South Wales’ 

The plan makes it an offence 
punishable by heavy fines for 
not observing guideline prices 
putting them above cut-throat 
competition. 

• Roy Hodson writes: British 
Steel has won a £4.5m. steel 
order from the Kenya and 
Uganda railways for rail track. 


Taiwan 

textiles 

protest 

Financial limes Reporter 

THE BRITISH importers Con- 
federation has protested strongly 
to the EEC Commission about toe 
commission's reported intention 
to impose “ severe restrictions m 
imports of textile goods from 
Taiwan in the next five years." 

In a letter to Mr. W. Hufer- 
kantp, commission vice-president, 
Mr. Tom Harrison. BIC chairman, 
says that it also appears that the 
restrictions, “ in respect of cer- 
tain classes or merchandise." are 
much greater than those nego- 
tiated with other dcvelnpin^ 
countries. 

“ On behalf of BIC." Mr. 
Harrison adds. I wish to register 
the strongest possible prates; at 

this discrimination against the 
one textile exporting stale that 
was not in a position to nego- 
tiate with the commission. 
Taiwan.” he said. " was one of 
the most important trading 
nations in the Far East. 

“ By adopting its present pro- 
tectionists attitude the EEC is 
undermining this relationship 
and depriving the European con- 
sumer of the right to purchase 
the wide range of rea<nnaMy- 
priced, gond-quality products that 
are available Troin Taiwan." 

Mr. Harrison concludes: " Ii is 
to be hoped that you will arrjnj.- 
for the quota levels fur Taiwan, 
as compared with other export- 
ing states, to lie re-examined anil 
for the existing anomalies in he 
removed.” 


WE’RE 
USING IESS 


X: 



TO GET MORE 

0F0UR 

MARKET. 


Before Carrier Transicold 
entered the truck and trailer, 
refrigeration market, one company 
had nearly all the business. 

But for the last six years, we've 
been giving truckers one cost- 
. saving innovation after another; 
and they’ve been giving us more 
and more of their business. 

.In the face of rising fuel prices, 
we offered them an exclusive 
system that uses up to 30% less fuel 
to keep a shipment cool. It auto- 
matically cuts out the compressor 
cylinders that aren’t needed to hold 
the proper temperature. That takes 
a load off the engine that drives 
the compressor, so it can run more . 
economically. 

Another problem facing 
truckers was expensive downtime 
for recalibrating the thermostats 
in their refrigeration units after 
every trip or two. So Carrier 
Transicold had another part of 
Carrier Corporation, Spectrol 
Electronics, design solid-state 
refrigeration controls that never 
have to come in for recalibration. 

The truck and trailer refrig- 
eration market isn’t the only area 
where Carrier ' Transicold is putting 
energy-saving ideas to work- 
For many years. Carrier Transicold • 
has been going to sea with con- 



tainer refrigeration-equipment, 
supplying the worldwide needs of 
shippers. Today,- we are the number 
one maker of container refrigera- 
tionequipment. 

The way Carrier Transicold 
moved in and became a power in 
the transport refrigeration market 
is an indication of how and why 
.Carrier Corporation is growing. 
We deal with energy ideas the 
world can use. Ideas that are at 
Work in oil, gas and petrochemical 
production; waste handling; 
refrigeration for nuclear power 
-and industry; electronics; and, of 
course, the widest range of high- 
efficiency heating and cooling 
equipment tor residential, comr 


mercial and industrial uses. Sixteen 
separate divisions, operating in 
131 countries, serving hundreds of 
markets. 

We’ve built a strong, growing 
business by helping to expand the 
world’s supply of energy and helping 
people to use it more efficiently. 

So when truckers are looking for 
lower fuel bills, or the Malaysian 
Parliament is in the market for 
air conditioning, were there with, 
just what they need. 



Carrier 

Corporation 

CainerTo.-.or 

orfacLi-ri, M if iSt.M 


CARRKR CORPORATION. BiiRGY IDEAS AT WORK, 


M 





6 


Financial Times Wednesday Jannsy 18 TS&& 


HOME NEWS 


£ 500 m. oil platform contracts likely 


for British constructors 


BY RAY D AFTER, ENERGY CORRESPONDENT 


A SPATE of new oil platform 
contracts, worth well over 
£500m., is expected to be placed 
by the UK offshore industry this 
year. 

The orders, involving the con- 
struction of 12 new platforms, 
will give a much-needed boost 
to the fabricators of steel struc- 
tures. A new report on the plat- 
form market shows that few, if 
any, of the orders will go to 
companies which have been set 
up to build concrete units. 

One of these concrete builders, 
the ANDOC Anglo-Dutch consor- 
tium, said yesterday that it 
would probably vacate its con- 
struction site at Hunters ton at 
the end of this month. Mr. 
George Cummings, ANDOC’ 5 
U.K genera! -manager, said that 
with no order immediately in 
sight, the consortium was un- 
likely to renew its contract with 
the Government to remain on 
the site after January 28. It was 
possible, however, that the group 
would act as caretakers on a 
management basis. 

The Government, which 
guaranteed funds for the 
Hunterston venture, has so far 
spent over £7m. on the site. The 
facilities have never been nsed 
because their opening a few 
years ago coincided with the 
start of a deep recession in the 
platform construction industry. 

Pour of the eight UK con- 
struction sites are now shut- 
down, serviced only by small 
care and maintenance teams. 
Three of these, at Hunterston, 
Portavadie and - Ardyne Point 
were established specifically to 
fabricate concrete platforms. The 


fourth, Laing Offshore’s Gray- 
thorp yard, is in the running for 
some of the steel units expected 
to be ordered in the second and 
third quarters. 

Mr. Cummings said that 
ANDOC had hoped that two of 
the possible ordera— one for 
British Petroleum’s Magnus Field 
and the other for Phillips's 
Maureen find— -might be concrete 
structures but this now seemed 
unlikely. 

Builders of concrete platforms 
yesterday met officials of the 
Department of Energy and of the 
Government's Offshore Supplies 
Office. There was general agree- 
ment that there was little pros- 
pect of substantial concrete 
orders for the next two years at 
least. Oil companies are favour- 
ing lighter steel platforms and 
floating production systems. 

ANDOC built one concrete plat- 
form — a unit for Sbell/Esso's 
Dunlin Field — but this was fabri- 
cated in Holland and completed 
in Norway. The partners 
(Tarmac Construction, Balfour 
Beatty, Leonard Fairclough. Bos 
Kalis Westminster, HolJandsche 
Beton Groep, Stevin Groep and 
Koninklyke Adriaan Volke 
Group) expect to break even on 
that contract, worth over £13Qm.. 
but it is estimated that they will 
sustain a £lm. loss on' other parts 
of their operation. 

About half of this loss can be 
attributed to feasibility studies 
undertaken for several of the 
orders expected to be announced 
this year. 

Stockbrokers Wood, Mackenzie 
say in their latest North Sea 
report that 12 platforms could 
be ordered this year, 11 of which 


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are likely to be fixed steel 
structures. If all of these units 
are ordered in the UK — and 
the Government will be insisting 
that British companies should be 
given a fair chance to compete 
—then the work could be shared 
among the four yards with steel 
fabricating facilities . Nigg Bay, 
Graythorp, Methil and Ardersier. 
Each of the yards is urgently 
seeking work. 

Although several of the plat- 
forms are likely to cost well over 
£100m. each when fully equipped. 


the potential orders include a 
number of n&uch smaller 
structures. For instance, BP is 
about to order a converted semi- 
submersible rig for the 
exploitation of its Buchan Field. 
Small fixed platforms^ will be 
needed for Mesa Petroleum’s in- 
shore Beatrice Field (two to four 
units) and Amoco’s Indefatigable 
gas field in the .southern sector of 
Die North Sea (two nnits). 

Other orders foreseen by Wood 
Mackenzie include structures for 
Shell/Esso's North Cormorant 


Field; Shell's Fulmar Field (two 
linked platforms); BP*s Magnus 
Field; and Phillips's Maureen 
Field. 

The brokers feel that further 
steel platforms will be ordered 
next year far Amoco’s North 
West Hnttou and Phillips’s 
Thelma discoveries, although 
industry reports suggest that 
Amoco might decide to proceed 
later this year. 

The Offshore Supplies Office 
said yesterday that it would stndy 
the report in due course. 


Fiat bid 


to expand 
dealer 
network 


By Our Motor IfKhntry 

Correspondent 


Access holds its ground despite 
Barclaycard’s lower rate 


BY MICHAEL B LAN DEN 


THE TWO big bank credit-cards 
— Access and Bar cl ay card — are 
experiencing a substantial in- 
crease in business as a result of 
the New Year sales, but report 
that there is little sign so far of 
a significant switch to Ba relay- 
card as a result of its introducing 
a lower interest rate than its 
rival. 

Barclaycard. run by Barclays 
Bank, reduced its rate in late 
November from 15 per cenL a 
month on outstanding balances 
to 11 per cent This cut the 
maximum true rate charged to 
19.5 per cent a year and gave 


it a clear advantage over its 
rival during the important 
Christmas season. 

Access, run by the other big 
three banks, has so far main- 
tained its rate at 1} per cent a 
month — a maximum tine rate 
of 23 J. per cent a year. While 
keeping the rate under review, 
it has no immediate intention 
of reducing. 

Barclaycard suggests that the 
number of new cards being 
issued at present normally a 
slack time of the year, is run- 
ning rather higher than usual 
at about 40.000 a month, but it 


is not clear whether this is due 
to the difference In rates. 

The two groups report that the 
Christmas period maintained the 
growth rate experienced. during 
the past year, without indicating 
a consumer boom. Turnover in 
December was about 35 per cent 
up compared with the same 
month of 1976. 

The New Year sales, however, 
have produced a large increase 
in turnover. Although the card 
groups do not yet have detailed 
figures available, their experi- 
ence confirms the indications of 
a sharp jump in spending 


Britten-Norman to cut workforce 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


BRITTEN-NORMAN, tbe Isle of 
Wight aviation company, is to 
make a quarter of its 2S0 work- 
force redundant. 


Sir Charles Hardie. the receiver 
who has been trying since 
October to sell the company “as 
a going concern said last night 
that it was apparent that the 
workforce was greater than that 
needed for present or expected 
business. 


Britten-Norman (Bembridge) is 
an aviation group subsidiary oE 
the Fairey Company. Losses at 
its Belgium subsidiary, Fairey 
SA; forced .the company to call 
in the receiver after failure to 
reach agreement with the 
Belgian government on a £15m.- 
£16m. deal under which Short 
Brothers and Harland would have 
bought Britten-Norman. 

The company makes ten -seat 
Islander and IS-seat Trislander 
aircraft. Last night the company 
would not disclose the present 
level of work, although “new 


orders continue to be received at 
an encouraging rate." 

After his appointment. Sir 
Charles took steps to secure the 
support of Britten-Norman "s 
overseas distributors. This en- 
abled redundancies to be limited 
to 70 people. 

Redundancies were a "neces- 
sary step ” if the company was 
to he preserved as a viable 
business, he said. The eventual 
sale of the business would pro- 
vide security of employment for 
the remaining 200 employees. 

Negotiations were continuing 
with several potential buyers but 
there was no indication when a 
sale would be concluded. 

Workers at the Bembridge fac- 
tory are being consulted through 
the 1 Amalgamated Union of 
Engineering Workers, tbe 
Technical. Administrative and 
Supervisory section of the 
AUEW. the Electrical and 
Plumbing Trades Union and the 
National Union of Sheet Metal 
Workers. 


Last December, workers called 
for a meeting with the Depart- 
ment of Industry and the 
National Enterprise Board. They 
wanted to put a case for Britten- 
Norman remaining _ a separate 
company, exporting aircraft in its 
own right There has been.no 
response. 


Arms deal trial 
jury spends 
night in hotel 


TEHRAN 


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JURY TRYING corruption 
charges in tbe Iranian arms deals 
case will resume its deliberations 
at the Old Bailey to-day. 

Mr. James Mlskin. QC, the trial 
judge ordered them to spend 
last night in an hotel after they 
had been out for five hours with- 
out reaching any verdict. 

The accused in the case which 
has lasted more than two months, 
are LL-CoI. David Randel, 41, 
Mr. Geoffrey Wellburn. 41, Mr. 
Frank Nurdin, 61. All were 
allowed bail overnight. 


BP abandons deepest 
North Sea test well 


BY OUR ENERGY CORRESPONDENT 


BRITISH PETROLEUM has 
abandoned an- exploration well 
sunk on the northern limits of the 
UK sector of the North Sea. 

Details of the well are being 
kept a commercial secret in vie w 
of the possibility of further 
licences being offered by the 
Government in the area. 

But it is known that the well 
—the most northerly ever drilled 
in the North Sea — was sunk to 
a record depth of over 1,000 feet. 
As a result of the drilling 
operation BP has earned a 65 per 
cent, interest in the block 211/2. 
The remaining interest is held 
by the Enjay Consortium com- 
prising Pato Oils of Calgary (40 
per cent); Pitcairn Inc of the 
U.S. (25 per cent) ; Scottish 
American Investment Trust of 
Edinburgh (17.5 per cent); 
Gresham Trust of London (7.5 
per cent); Westbume Petro- 
leum and Minerals ol Calgary (5 
per cent); Ulster Petroleum of 
Calgary (2.5 per cent): and 
Jaynson-Hicks of London (2.5 per 
cent). . , 

Statoil, Norway’s national oil 
corporation, has reported - a 
further find of natural gas and 
condensate on block 1/9. south- 
west of the Ekofisfc Field. It is 
tiie fourth time that a well has 
encountered hydrocarbons in the 
block and it seem? almost certain 
that the field will be linked 
eventually to the Ekofisk produc- 
tion centre. 


Cod are in production. Over the 
next few years they will be 
joined by Tor, Edda, Eldfisk, 
Albuskjell, Valhall and Hod. Oil 


from the' Ekofisk complex is 
carried by pipeline to Teesside 


for trans-shipment while gas is 
taken by pipeline to Emden in 
West Germany. 

Statoil is operator for a group 
on block 1/9 which includes 
Phillips Petroleum (25.87 per 
cent.). Norsk Fina (15 per cent.), 
and Norsk Agip' (9.13 per cent.). 


New industrial 
coatings co. 
at Macpherson 


More drilling 


Tests on the latest well pro- 
duced a daily flow rate of 510,000 
cubic metres of natural gas' and 
3.000 barrels of condensates. 
Statoil said that further drilling 
would be necessary to establish 
the size of the field. 

Last year three wells were 
drilled. Two of them were; said 
to have found non-commercial 
quantities of hydrocarbons, while 
drilling on the third was 
suspended to be resumed latet. 

It is thought that the un- 
named structure will be linked 
with the Ekofisk once other 
nearby fields have been exploited. 
Sa far Ekofisk, West Ekofisfc and 


The ID industrial coatings com- 
panies within the Donald Mae- 
pherson Group have been formed 
into a new company, Macpherson 
Industrial Coatings. Business 
growth, together with a succes- 
sion of acquisitions, has led to 
the formation of tbe new com- 
pany. 

Macpherson Industrial Coatings 
with its own eight-member Board 
wflJ be more independent of the 
parent group in its day-to-day 
operation, while working within 
an integrated overall policy for 
further planned growth, directors 
say. 

The new company’s subsidiaries 
will continue to be autonomous in 
providing decentralised manu- 
facturing, marketing and 
customer service functions, but 
will be supported by central staff 
activities such as research and 
development, export and market- 
ing services. 


Lada cars up 


PRICES OF ail Lada rare, 
imported from the Soviet Union, 
are to rise by an average of 
5 per cent, from February 5, the 
company said yesterday. 


FIAT, the second largest car 
importer in Britain last year, win 
try to attract 100 more dealers 
to its franchise this year in an 
effort to push- up sales to OOJOBO 
by 1979. 

• Fiat’s new push comes as* a 
number of importers are attempt- 
ing to expand their dealership 
chains and must cause farther 
anxiety to the Government about 
the level of car imports in 
Britain. 

Although some of these com- 
panies will clearly not be able 
to reach their targets because, of 
the shortage of good dealers 
available, there are dear si gn s 
that the larger importers are 
now consolidating their position 
in the UK 

After a period of only average 
performance in the early 1970s, 
Fiat is now expanding quickly 
and making a bid for m arke t 
leadership _ in the importing 
sector. 

The top importer, Datsun, sold 
82,000 vehicles last year against 
Fiat’s 66AQ0. 

This year Fiat hopes to 
expand its network to 450 oat 
lets and raise sales to 70,000. / 

The company’s plans are based 
on every , dealer selling 200 cars 
a year. 

Asked about tbe problems 
caused to the British industry 
by the increasing sales of car 
imports. Fiat said: “If you look 
at the situation across Europe 
there are adequate opportunities 
for the British industry to sell 
their products in Europe. That 
is why this country joined the 
Common Market. 


NVT will supply 
mopeds to U.S. 


In £ 2 m. deal 


4if TERRY DOD5WORTH. MOTOR INDUSTRY CORRESPONt^fr 


IBS’ 

Yamaha. it asswn bles in Belgium. About 

The deals will mean stgnifl- 200.000 units were sold 


The deals will mean slgnifl- 200.000 units were sold io the 
caw * extra volume to NVT. part ui». last year. 

afghe former Goverrunent-aided an{ j Yamaha will be 

company which collapsed in j' i vcd tn police and raring 

motorcycles, the first direct link 
between the U.K. industry and a 


ANTIMONY OXIDES 
TO COST LESS 

By Our Commodities Staff 


Price reduction for antimony 
oxides, effective from January 16, 
have been announced by Britain’s 
leading producer Anzon, a sub- 
sidiary of the Lead Industries 
Group. 

Antimony oxide Is being cut 
in price by £255 to £1,595' a 
tonne*, while . crude. . and black 
powdered antimony are to be 
£250 cheaper. The price of 
antimony metal, however, is un- 
changed. 

This is the first price change 
since July 1976 for antimony 
oxides, which are used • par- 
ticularly in the paints and 
plastics industries for their flame- 
retardant properties. 


NVT is building up a between the U.K. industry and a 

business at premises at Shen- j aMnese manufacturer, 
stone near Banningbsm. and has ij^e police vehicle, which is 
increased its labour force up being tested by a number of 
txm about 20 to 60. police forces, will be called the 

Fftw, TT«5 order for 12 000 Norton Yamaha, and introduce 
“oiiS British Prt. ; «• *e basic W0 cc. 
Sru ahoaTtOOO last Japanese mnch.M. 
yes', ‘ About 30 per cent of the 

•B ie vehicles are made largely machine is J^konod to ba 
from- imported parts and will be British, and it at n.BB0, 

distributed in the UK through some £400 less i than the equiva- 
ihe Scorpion company rather lent BMW vehicle. - 
then the NVT-owned network. The racing machine, for use 
Scorpion is dn the snowmobile jn jnotorcross events, is weedon 
business, and has been looking the 500 cc. Yamaha, and win 
S(\aKeraatsve employment ia have about 55 per cent. UK con- 
tim summer months when moped tent, 
sales axe at their strongest. u r< Mike Jackson, 

Mopeds sales of which have tor at NVT, mvSrr 


Stockbrokers had £2m: 
deficiency, court told 


INQUIRIES INTO the affairs of 
stockbrokers Chapman -and Rowe 
showed a total deficiency of more 
than £2m. at . the end of last 
month, an Old Bailey jury was 
told yesterday. 

’ This included £1,600,000 liabili- 
ties on the firm’s accounts and 
£415,000 as the personal liabili- 
ties of its partners. 

The details were given oo the 
second day of the hearing against 
five former partners of Chapman 
and Rowe and a managing clerk 
oh charges of conspiring to 
defraud clients between 1975-74- 

The defendants are Alan Har- 
man 34. of Putney, George 
Edward Miller, 38, of 'Wimbledon, 
Ralph Clarke 50, of South Ken- 
sington, Victor Thomas Andrews, 
33, of Petts Wood, Kent, and John 
Maxwell Gordon^ 37. oL-SL Mary 
Bourne, Andover Hants; and 
their former managing clerk, 
John Michael Goodsell, of Sharp- 
thorn, Sussex. 

Mr. Neil Denison, prosecuting, 
said the firm had produced «n 
incorrect balance sheet to show 
that its liquidity margin was 
£175,721 six months before its 
hammering in April. 1974. But 


this included : 

actions totalling £426,000 which 
bad bees included in breach of 
Stock Exchange rules. 

When the firm' was called 
finally before tbe Stock Exchange 
authorities in April, 1974, the 
partners admitted a deficit in its 
liquidity margin of £600.000, but 
tiie actual sums involved had now 
turned out to be much higher. 


Arson raises 
fire premiums 


FIRE insurance premiums cover- 
ing schools in Nottinghamshire 
are to go up by 30 per cent, 
because of the county's arson 
record, which is costing rate-, 
payers £10 a minute. 

Last year more than 30 schools 
in the county were the target s 
of fire raisers. In one case more 
than £250,000 damage was 
caused to a new comprehensive 
school- Most of the culprits have 
been juveniles. 


Bass seeks beer price increase 


BY K94NETH GOODING, INDUSTRIAL CORRESPONDENT 


BASS CBLARRIN GTON— Britain's 
biggest brewer — is shortly to 
seek a beer price rise, Mr. Derek 
Palmar, chairman, said at the 
group's annual meeting yester- 
day. 

But he admitted after the 
meeting that the Price Commis- 
sion's decision to investigate the 
proposed price rises by Allied 
Breweries, Bass’s major rival, 
has made us think again.** 

Mr. Palmar made it clear that, 
within a month, it would be 
essential for the group to seek 
a price increase but the timing 
would be important. 

He would not give details of 
his thinking on this point, but 
it is obvious that the longer the 
group waits before presenting 
its proposals tbe easier it should 
be to justify price increases. 

At tbe same time, the Price 
Commission’s attitude will be a 


little clearer because both 
Scottish and Newcastle Breweries 
and Courage have put price 
increase plans up for considera- 
tion and tire results of their 
discussions with the Commission 
should be known shortly. Scot- 
tish and Newcastle’s directors 
were at the Commission for 
talks on Monday. 

Allied Breweries* application 
for an interim price rise under 
the “safeguard" provisions of 
the new Price Code also should 
be dealt with before Bass has 
to make its move. 

Mr. Palmar insisted that the 
commission’s action was "totally 
politicaL” . He believed the 
objective was to hold off beer 
price increases as long as pos- 
sible in the ran up to an elec- 
tion. 

He told the meeting that Bass 
tended always to be the last 
of the major brewers to increase 


prices. "However, we must keep 
earnings at least is line with 
inflation to generate sufficient 
cash to meet the cost of replac- 
ing worn-out assets and provide 
for new investment” 

The group in the recent past 
had not increased priced 
unnecessarily, nor had it put np 
prices -of all its beers ever? 
three months. “The previous 
Price Code made it necessary to 
increase a proportion of prices 
in order to get the allowances. 
The new Code has changed all 
that” 

Mr. Palmar also warned the 
shareholders that Industrial dis- 
putes had cut beer sales in the 
first part of the current finan- 
cial year and, as a result the 
first-half results would not 
match those for last year. 

Company News, Page 18 
and Lex, Back Page 


NEWS ANALYSIS— FISONS PRICE RISES 


Required reading on ironing out distortions 


; 1*7 I 


BY ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT 


!>. 


on the home 
when it was 


garde* 

alread: 






i'A 


w 


M 


THE PRICE Commission's report prices in a market which is certain pricing anomalies. chemical side was generally well Ing strategy. It draws attention, prices 

on Fisons, published yesterday, relatively insensitive . to price These anomalies arose partly managed and efficient though it for example, to the fact that the range 

should be essential reading for and in which consumers out of the rigid framework of appeared slightly surprised by company does not seem to. have making larger profits on tw 

any company hoping to iron out apparently have difficulty in price controls which ended this some of the company's manage- pushed the sales of some of range than it was in the proft* 

the distortions in its prices judging value for money. summer. The old rules meant merit techniques and offered ad- those products which, as a result sional market. The commissi a*! 

created by four years of rigid The commission decided in companies could pass oo only vice on how they might be im- of the old system of price con- clearly seemed to Think that tbf 

price controls. September to investigate Fisons’ ceriaip costs in higher prices proved. trols, no longer sell at the pricing strategy was a reflection . 

The commission, set up last proposed price increasel The and for Fisons this meant that Some oE these areas on which It premium they used to. . of the fact that Fisons 

August with new flexible powers company's notification embraced the premiums it used to charge comments— like the way in ... . ’ stronger . in the market f° 

to investigate prices Increases, the prices charged by both the for some of its horticultural pro- which management meetings are AlTlDlGlir amateur gardening product 

makes it clear that it takes a agrochemical division and the ducts had been eroded. documented — € ” ow Just , ow than it was In the more ptiff 

dim view of the idea of loading horticultural division. The proposed increases would 5S t 5!^,PSL a .^ v , commission More fundamentally, it appears Sensitive market for profession* 

price increases on to products From the 5tarti how „ er it have yielded a total of £1.922m: 1 ^ of lts ppe ' concerned about the way Fisons. Products. 

which are not price sensitive. seero5 that the co min j gs j OD wa s in the year to September 30. uecessar ' , „ proposed loading the largest Fisons justified this large 1 

The report also demonstrates raore interested in the horticuL 1978— £659.000 would come It was rather less flattering price increases on to the prof- increase on the amateur rang 

that the commission is quite pre- ^ ^ f Fjsons w w e the from agrochemicals and £1 263ro. about the horticultural side's ducts sold to amateur gardeners on the grounds that it wa 

pared to get involved in the bas the largest share from horticultural products, tbe record- Until January last year, rather than spreading them designed to rectify anomalies t, 

touchy question of a company s Qf ° ... latter for professional as well the horticultural and agro- equally across the professional its prices, compared to those o*\. 

profit mix— something which lQ ig7g ^ as amateur gardeners. chemical activities operated range where, competition is their competitors whieh ha 

many companies would regard as ate _ that t* +>,„ under common management and stronger. risen during the period of pne 

very much their own business, 1S p9r C ^ L of 1 amatenr°mi£mJu the cornrai8sion suggests that the Tbe proposed increase for controls. The commission p 

j, he sSk arSSSs HStHSJ — ss WsfWSras: 

s?3?- r p- ^ ® “ JM.'SJSS BSS"" belns paid ,0 ill pro4ucB was wi ^tSTpftrSSS- o' 

and fertilisers by as much as it p 
wantpd- 

'« of ,h e rffeetto woul 

inefficient— though the enn- In »* discissions with the The commission also nas teanconrthencworeanisation.it found that amateur have Qn fhe company’s overs ( 

mission does give some advice commission Fisons* reasons to examine the question of a com- that’ the horticuiural busi- we re relatively insensitive to and of Fisons* desire t-.; Mt 

on what it apparently sees as support its proposed price panys effirienev. r S efficiency new appears to be operating price changes and that they restablish earlier levels of pile o, h ,J . 

the rather individual way it runs increases included the need to audit on Fisons did not alter efficiently. found tt dSfirolt to make fed i dl ^fferontia^ howev^T -it ha U i 

its business— hut on the grounds meet increases ip direct costs its basic vtew that the company What it objects to is what marts about value for money d^dld to Wstrirt tiS incrS 1 

that competition does not pro- to fund expanded research and needed a pnee rise. ml gbt be described in broadest It alre asked Sy Sus oTthe gardwrange^O^ tope 

agro- terms as the company’s market- should want to implement bigger cent 


tn date the _ company had The two activities have now 


per 

In general. 




Dicoiicci one revenue wmn^U^S S" - se f aratcd -? nd , whi,e lhe bi^r'mmket " Ihare Tn £e SSRlT 
1 a SSI O ns ™ B commission says it is too soon to garden products section. 


the garden range should not D. 
Fwons has the higher than on the professionF 


vide an adequate restraint on development, and to rectify It concluded that the 





ji 


I rfr&l 


























kers had £ 






v. court told 





!ii V W' 


nc 


V ■ 


inert 





rtions 


The SMMT figures for 1977 have just come through 
d Ford have taken the number one spot as Britain’s leading 
ck manufacturer. 


ne well, but in the heavy sector too, where the competition 
• iercer. " • 

Why is itthat we’ye done so well? Is it thatvve make the 

st trucks? . 

'Wfe like to think that we do, but there’s a lot more to it 
in that : ' 


There’s another reason why more people bought 
rds last year. And that’s Ford’s back up service, without a 
ubt the most efficient and comprehensive there is. 

There are 140 Truck Specialist Dealers. All high ly 
5 anised, highly experienced^ well equipped and aliholding 


a massive stock of spare parts. 

There’s FQC AS . An operating cost analysis system to 
help out the economy minded transport firm. 

There’s a vastEuropean dealer network so that help is 
never far away on a transcontinental run. 

And finally because we recognise that a truck is an 
enoimous investment, them’s Fonfs own financing system to 
help you buy it 

Right across the board from the smallest of vans to the 
m aximum gross vehicles, people agree thatFord have the 
most to offer. 

And we’re doing our best to make 
sure that the people who are behind us 

stay there for a long lime. FORD TRUCKS 





3 


Hnancial Times. Wednesday January 18 1S78 


tkdminicsliiirg 

Consolidated Investment 


(All companies mentioned are incorporated aa the Republic of South Africa) 



• -t 

MINING COMPANIES’ REPORTS FOR THE QUARTER ENDED 3lST DECEMBER, 1977 WITH COMPARATIVE FIGURES FOR THE PREVIOUS QUARTER 


Western Areas 


Western Areas Gold Minus Company Limited 
Capital: R40 306 950 

{Divided into 40306950 unit* of stock of RJ each) 


OPERATING RESULTS 


Ore milled — tons 

Gold produced — kilograms . 
Yield — grams per ten . - - . 
Total revenue — per ton muled 
Working cost — per ton milled 


Operating profit — per ton milled 


FINANCIAL RESULTS (ROOO’s) 


Revenue from gold . - - 
Working cost 


Working profit . 
Sundry revenue 


Operating profit . 

Net interest receivable 


Profit before taxation . • - 
Taxation 


Profit 


Capital expenditure 

Loan levy 

Dividends declared 


DEVELOPMENT 


Advanced — metres ........... 

Sampled — metres 

Channel width — centimetres ...... 

Average value — grama per ton 

centimetre grama per ton. 




Year 

Quarter ended 

ended 

31.1S.77 

30.9.77 

31.12.77 

1018 000 

1000 000 

3579 000 

5 873 

6 000 

21 47S 

5.B 

&0 

’ 6.0 

B2B.42 

R23.64 

R25^5 

B21.02 

R20J20 

K21^2 

* B7.40 

• R3.44 

R4.23 

B28 536 

' R234S4 

B88 732 

£1290 

20 204 

77 380 

7246 

3280 

11352 

' 251. 

154 

3780 

7 497 

3434 

15132 

138 

16S 

548 

7635 

3 599 

15 680 

399 

240 

1 584 

R7Z36 

R3 359 

K14 096 

S3 683 

Rl 834 

R7169 

R37 

K30 

R2I2 

R£ SSI 

- Nil 

B5 240 



Fear 

Quarter ended 

ended 

31.12.77 

30.9.77 

31.1S.77 

30 598 

10139 

34 749 

1586 

1461 

4800 

170 

168 

IBS 

7.4 

6.7 

7.5 

.1258 

1 126 

1260 


SAMPLING RESULTS: INDIVIDUAL REEFS 


Quarter ended 
31.12.77 


Quarter ended 
30.9.77 




Total Venter*- E3sbmK 
All 'dorp Mwdra 

Brels Contact Berta 
Beef 

EMnnp 

IndMr- 

fiml 

Rttofla 

toed 

AU 

Keefe 

Vemerv- tUbunr 
dom MoioUi a 

Caatact Bnb 
Reef 

Mtount 

Indici- 

dual 
UMfe . 

AREA RESULTS: 
UEIA REEF 

Sampled 
Width — 

— metres . • 

- rynrintftrwt 

1596 

170 

63 

77 

750 

1SS 

783 

161 

1461 

168 

12 

109 

813 

181 

638 

152 


Value- 

grams per 
ton . . . . 
centimetre 

7.4 

4,6 

6,9 

1 8,0 

6,7 

4.2 

6»5 

7.0 

Sampled — metres 

Channel width — centimetres . . 
Gold 


grams per 
tan 

1258 

354 

1297 

1288 . 

1126 

458 

1177 

1064 

Av. value — grams per ton .... 
— centimetre grams 


The values shown in the tabulation ant the actual results of sampling development 
work on reef. No allowance has been made for modifications winch may bo necessa r y 
when computing ore reserves. 


ORE RESERVES AS AT 31st DECEMBER: 

* 1977 1976 

Tons : 7546000 8073000 

Width — centimetres 186 181 

Value — grams per ton ............. 8,6 8.6. 

' — centimetre grains per ton 1 600 1 556 

The current ore reserves are related to a pay limit calculated on the basis of a gold price 
of B4 500 per kilogram (1976 — R3 635 per Kilogram). 


DEVELOPMENT TO S.V. 3 SHAFT 


The delays due to the intersection of and the consequent sealing off of water hearing 
fissures in this develqpmentwere reduced during the quarter and an advance of 67 metres 
was achieved. Progress in oU ends no w totals 1 863 metres. 

In dic ation* are that development is now entering a drier area. 


.ELEVEN-SHIFT FORTNIGHT 

The adverse effect on production of the seasonal decline in thenvailability of Block 
labour was partially offset by drawing 50 000 tons of ore from the surface stockpile and 
the continued voluntary working on the “twelfth” shift. The necessity far working this 
overtime shift once again resulted in increased labour costa. 


EXPLORATION 


Exploratory drilling from underground to ascertain the potential of the Middle Elsburg 
Reels continued during the quarter. 


Channel 


Average Value 


Heef 

Borehole 

Width Gold 

centimetres g/t cm.g/t- 

Uranium 
kg/t cm.kg’t 

UEIA 

36 Inter Level 

100 

0,6 

60,0 

0,19 

19,00 

E9E/C 

No. 2 

125 

9,2 

1150,0 

1.06- 

132.50 

UEIA 

36 Inter Level 

390 

Trace 

— 

OJO 

57.00 

E9 Eye 

No. 3 

100 

Trace 

— 

0.30 

30,00 

E8 


375 

1,9 

3345 

0.50 

87^0 

UEIA 

48 Level- 

135 

Trace 

— 

0.17 

2235. 

E9E/C 

No. 2 

123 

Trace 

* — 

0.57 

70,11 

UEIA 

55 Level 

Faulted out 





E9E/C 

No. 2 

160 

Trace 

— 

0.59 

94.40 


DIVIDENDS 


Dividend No. 25 of 7 cents per unit of stock was declared on 1st December. 1977 payable 
to members registered ax the close of business on Thursday, l&th December. 1977. 


CAPITAL EXPENDITURE 


Netexi 

capita . 

expenditure on capital 
ber, 1877 there were capital 



amounting to R821 000. 


For and on behalf of the hoard. 


F-A. VON WIELUGH . 

F. J. h. WELLS UlKCtan - 


Randfontein Estates 


‘The Randfontein Estate* Gold Mining Company. Witwatersrjnd, limited 
Issued Capital: BIO 827 106 ' 

(Divided 'into S 413 S53 shares of R- caA) 


OPERATING RESULTS 


Quarter ended 


Ore milled — tons ....... 

Gold produced — kilograms . . 

.Yield — grams per ton 

Tutsi revenue*— per ton milled . 
Working cost — per ton milk-H . 


31. iS.i 

810000 
4 523 
14.6 
H3L» 
R£2,6t 


3» 2 77 
291 EHQ 
4 435 
’..i.n 
R&.tu 

R2U» 


Year 
ended 
31-1277 
1123000 
17 45(1 

1U 

B83.29 

R21.27 


Operating profit —per ton milled 


FINANCIAL RESULTS (ROOO’s) 


Revenue from gold . ' 
W orking cost . . . 


Working profit . . 
Tribute revenue . . 
Net sundry revenue 


Net interest receivable (payable) 
Profit 


Capital expenditure . 
Dividends declared . . 


R47^S 

U-T7.55 

K42.02 

ESI 678 
7 009 

BIT 274 
6265 

B70 S67 
24 IJI4 

14 669 
56 
132 

’ iiocs 

1J6 

4 6 85J 
M 
498 

14 847 
<172) 

11 152 
.TOO 

47 435 
860 

R14 675 

Rll 452 

H4S 295 

R32 231 
R10 827 

R33 3S5 

RICH 151 
R18 947 


Note: 


A provision for taxation is not required 33 too Company has an estimated loss for tax 
purposes. 


DEVELOPMENT 

A total of 7 456 metres was advanced during the quarter (5 713 metres) 'bringing 1 the 
total advanced for the year to 21 165 metres. 


SAMPLING RESULTS: 
UEIA REEF 


Sampled — metres ............. 

Channel width — centimetres . 

Gold 

Av. value — grams per ton 

— centimetre grams per ton ... 

Uranium 

Av. value — kilograms per ton 

— centimetre kilograms pur ion . . 


Quarter ended 

Year 

ended 

31.12.77 

30.9.7T 

31.12.77 

1330 

1014 

4 347 

136 

132 

139 

12.6 

17.2 

15.5 

1714 

2 270 

2155 

0^78 

0.260 

0.265 

37.8L 

34 M 

35,94 


Quarter ended 
31.12.77 


Quarter ended 
30.9.77 


Cooke 

C-ooke 

Cooke 

Cooke 

No. I 

No. 2 

No. L 

No. 2 

Shaft 

Slnft 

Shaft 

Shaft 

666 

681 

714 

300 

166 

107 

144 

104 

12.5 

DL8 

13.4 

23,5 

2075 

1370 

2218 

2444 

0,152 

0.470 

0.202 

0,451 

25.23 ' 

50,29 . 

29,09 

4^90 


par ton. 

Uranium 

Av. value — kilograms per tort . . 

— centimetre kilograms 
per ton. ....... 

Notes: 

1. Cooke No. 1 shaft development wai mainly concentrated on the eastern side m an 

effort la explore the limits of the pav zone, which probably accounts fur some of the 
reduetkm in the devcloixnent value?. _ 

2. In addition to the above, decalopniL-r.t at the Cuuke No. 2 t-liaft on the E3 reel gave 

the following results: , , 

Quarter ended 
31.12.77 30.9.77 

Sampled — metres 42 III 

Channel width — centimetres 211 lo 

'Gold 

Av. value — grams per ton.. 7-36 -.79 

. — centimetre grams per ton 287 4bS 

■Uranium 

Av. value — kilognurw par ton . ........... 'cO,18l 

— ■ ' " 38J9 33jUU 


— centimetre kifomims per ton 


9 


3. The values shown in the «&>v*> tabulations are the actual result, of sampling develop- 

‘ *en made for modifications which may be 


ment work on reef. Noklldwonce ha* been 
necessary when computing ore reserves. 


ORE RESERVES AS AT- 31st DECEMBER: 

The current ore reserves are related tqa pay limit calculated on the basis of agold price 
of R4 600 per kilogram (1976 — K3 633 per kilogram) and curtain assumptions ai to 


uranium price. 


COOKE NO. 1 SHAFT 


Tons ..." 4 . 

Width — centimetres -• a 

Gold • . - ' - 5 

Av. value — grains per ton ..... - - - 

— centimetre grams per ton ...... 

U rani um 

Av. value — kilograms per ton . ^ 

• • — centimetre kilograms per ton _ 

The 1976 are reserve calculations diqiurt take account of any contribution bo revenue 
(ram uranium. 


1977 

1976 

1646 090 

1554 000 

. 17L 

158 

14,7 

3l.:t 

2 514 

3 365 

0,135 

0.135 

23.09 

.21.33 


RandfontdnEstotcs continued 


COOKE SECTION 

Construction work on the new i nte g ra te d gold and uranium recovery plant a an 
pchedule. ' V-. • • , 



RANDFONTEIN SECTION. 

li-wnterin- operations ore ahqed of schedule and IS level 1«« ‘ 

.uipping and mining operation* are on schedule and a further bl m) tons ot broken 


nre were added to the No. 16 abaft anrfkce stockpile during the quarter. 

The Mitlsita uranium plant was *osnfi*iio»ed during the quarter aim uranium pro- 
duction and sales have commenced. Production availability did not match thfltitf tho gold 
section duo to various mechanical problems associated with the Man- up m tnenew 
plant. These problems which were mainly associated with corrosion prun.-cUon aro oeing 


overcome. 

The intermittent operation of the 

treated in the gold and uruniriin 

plant. As a result, -althongh this plant operated 

was affected and residue value* ware significantly higher than normal. 


Certain dump** have been made to the process to ensure that lass. -a to tailing* mftUuro 
will remain caokistent with normal operating practice. The higher residues p aiisca ronw 
slimes dam will be recovered in dam course when the Milfc-ito plant commcncw re- 
treating tailings dams .once the Cooke 'plant is fully operatiunaL 


DIVIDENDS 

Dividend No. 85 of 330 cents per shore was declared on 1st December. 1077 parable to 
members registered at the close of business on Thursday. 15th December. 1677. 

. • . - T 

CAPITAL EXPENDITURE 

Net expenditure on mining assets daring the quarter amounted toR322.lt 000 bringing 
the tote! net capital expenditure at 3UtD*c<inlipr, 1977 to K221 439-000. _ ' 

This total includes e x p enditure at Cooks Section, amounting to R174 06a 000. At out 
December, (977 there were capital commitments amounting to R9 000 000. 

For and cm behalf of the board, 

B. A. SMITH ninietan 
F.J.L. WELLS * Jtrectan 


Elsburg 


Elsburg Gold Mining Company limited 

Issued Capitol: R30 203 000 

{Divided into 30 203 000 units of stock of SI each) 


RESULTS FOR THE QUARTER ENDED 31.12.77 

Stockholders arc advised to study the operational results published by Western Areas 
Gold Alining Company Limited. - 


DIVIDENDS DECLARED (ROM's) 


Quarter ended 
31.12.7 7 30.9.77 

1374 — 


>V»r 
ended 
31.12.77 
2 552 


For and aa behalf or the board, 

P. A. VON WIELUGH ndecton 

F. J. L. WELLS LMecwr " j* 


Ofjlltase 


Otjihaw Mining Company (Proprietary) limited 

Jksui-d Capital: JRfi 763 452 

{Divided into 5 763 452 shares of R1 each) 

OPERATING RESULTS 


Ore milled — tons 

Production (Based on mine assays): 


Copper in concentrates — tons 
~ilpl 


Sulphur in concentrates — tons . . 
Working cost — per ton milled .... 
Development advanced — metres . 

. Blister copper produced — tons . . . 
Blister copper shipped and sold — tons 


Quarter ended 

ended 



3t.l2.T7 

30 9 77 

31 12- 77 



193000 

212 000 

405 000 


3 421 

:i5»9 

7 Ull) 


18 568 

16 5.M 

35 107 


1 

JU5.Q3 

Rlfv.as 

1116.7a- 

' • ’’ 

„ 

877 

1 .191 

2 268 


_ • 

* 3 013 

•J »r» 

6815 



2966 

.4 260 

7226 




FINANCIAL RESULTS (ROM’s) 


Operating luss 

Adjustment df stack values 


Quarter ended 
31.12.77 30.9 77 


1 077 
Dr. 206 


1 391 
Dr. 1 IBS 


Six months 

ended 

31.12.77 
2 4BK 
l)r. 1560 


1 285 
11 


RI 274 


COOKE NO. 2 SHAFT 


1027 000 
‘ 173 


Tons - V 

Width — centimetres . '..... 

Gold i. 

Av. value 1 — grama per ton 

— centimetre grams per ton ...... 

Uranium _ • . i 

Av. value — kilograms per ton 0,255 

— ccnlirru-Lrc kdugmms per ton 44,12' 

No ore reserves were available at Cooke No. 2 shaft ns at 31st December, 1976. 


9.1 

1574 


RANDFONTEIN - S.D- 32 SHAFT 


N' 

1. 


361 000 
70 


2.6 

182 


Tuns . - - 

Width — centimetres .... 

Gold 

Av.'valuc — grams per inn ............. 

— centimetre grams per tnn 

Uranium i 

Av. value — kilograms per too’ . . . .- • . 

— centimetre kilograms per ton .... 

No ore reserves were calculated at SO. 32 shaft os at 31st December. 1976. The current 
calculations only reflect blocks above-16 level as levels below this were under water at 
the lime of calculation. 


0.608 

42,56 


Less Sundry revenue , „ 

A'ef operating loss .... 

Notes: 

1. Rev 

2. Copper stocks -are valued at i-st minted net realisable value. 


2 743 
9 


4 03H 
20 


It! 734 


H i U03 


1. . Revenue in subject to adjustment on final deternu nation nf proceeds Crom t ..lea. 


SUSPENSION OF OPERATIONS 


Following a complete review of the company’s position in the light of the continuing 
depressed price or copper and Lhe resulting drain on the company's financial resource*., 
it was decided to suspend operations and place the mine on care and maintenance with 
effect Cram 1st January, 1978. The plunt and underground workings will be fully main- 
tained in a conditi o n which will enable operations to be resumed when circumstances 
permit. ... 


CAPITAL EXPENDITURE 

Net expenditure on mining assets during Lhe quarter amounted to R4$5 000. 


For and on behalf of the board, 


17th January. 1978 


H. DALTON -BROWN n - . ^ 
JL B. SUTHERLAND Directors 


Johannesburg Consolidated Investment Company, Limited 
Consolidated Building. Fox and Harrison Streets. 
Johannesburg 2001 
P.O. Box 690, Johannesburg 3XU) 


Copies of the above reports are obtainable from the London Secretaries-. 


Bamato Brothers Limited, 

99 Bi»faop8g&te. London EC2M 3XE. 


APPOINTMENTS 


lnternjtionjl Recruitment Specialists 
for the Commodity Markets 



Managing Director 
Metals 


London 

A Trading Company operating in the field of soft commodities 
and melals requires a MANAGING DIRECTOR with the 
emphasis of background and expertise in non-ferrous metals 
trading, lhe L.M.E. and Comex. 

The person appointed will have had management 
responsibility for the performance of a trading activity and will 
also have had substantial client contact. He/she may have had 
experience on the metals desk at a senior level as an Account 
Executive in a Commission House, as an Executive with a Ring 
Dealing or Non- Ring Member of the London Metal Exchange, 
or elsewhere in a senior metals trading function. 

He/she wilt be responsible for controlling and motivating 
the trading leam.TTie challenge will be to develop fully the 
potential of a first class company with world wide producer and 
customer connections. 

The envisaged age range is 35-45 and the successful 
candidate will receive a substantial basic salary negotiable with 
participation in lhe results ot the performance of the company. A 
car and substantial benefits will be provided. 

In the first instance please contact Graham Stewart of 
Commodity Appointments Limited who will supply further 
relevant information and wilt arrange interviews in complete 
confidence. 


INTERNATIONAL REAL 
ESTATE COMPANY 
Wlihoi to appoint an experienced 
st I urn in to tall Canadian tnd South 
American land for commuiloRS. Him 
hava good connections i/I ths flnincisJ 
community and be prepared to devote 
full time. 

Write: — 

S. Medniek, 286 Lawrence Avmte, 
W., Toronto. Canada. M5M 3A8. 


COMPANY NOTICES 


LEGAL NOTICES 


IN THE HIGH COURT Of JUSTICE 
CHANCERY DIVISION COMPANIES 
COURT No. 003433 of 1977 In the Hatter 
Of OAK MANAGEMENT LIMITED, 
Theatrical Management 
rWlodlne-UD Order mado 38tu November 
1977.) First meetings of Creditors 3 1 st 
January 1B7S. ai 11.00 are. and Conrrl- 
botorlcs 3hn January lprs. ai U.3Q are., 
both to be held ar: Monarch Room, 
77/79 Cavertham Road. Reading, Berks. 

NOTE: All debu due lo ibe Company 
should be paid u me. 

E. A. PERKINS. 
Acting as Deputy for 
Official Receiver and 
Provisional Liquidator. 


PLANT AND 
MACHINERY 


Eqmont House 116 Shaftesbun/ Avenue London V.'l 

. Tel 01-4691701 


POWER PLANT 

FOR SALE EX POWER STATION 
Selection of plane examples; — 

turbo-alternator 

By Firtom 

30 mW 33,000 v 50 c/s 

complete with condenser* etc, 

c. W. PUMP & MOTOR 

verticil sec by. Mather & Platt. 
42"/39" 20.500 gpm «o 40 h. 2^p*»d 
motor 490 & 590 rpm 500 hp. 
PHONE CHESTERFIELD (01*6) 68766 
or write Box G.1254. Financial Timet. 
10, Cannon Street, EC*P 4RY. 


CORRECTED ADVICE 
BEARER DEPOSITARY 
• RECEIPTS 

Representing preferred stock of 

BAXTER/TRAVENOL 

International Capital 
Corporation 

1st Series convertible preferred 
stock 

A diitribution of 'Dollar D.22 par 
depositary share, less. any applicable 
taxes depending on the prcwoeor’i 
country of residence, will be payable 
on and iftr January 23. 197S upon 
presentation ol coupon no. 12 at the 
Office of any of the following 
depositaries: 

MORGAN GUARANTY TRUST CT. OF 
NEW YORK.’. 

NEW YORK, IS. Braid Street (ADR 
Section ) 

BRUSSELS. 35, avenue des Arts 
LONDON. 33. Lombard Street 
PARIS. 14. Place Vendome 
FRANKFURT. BochenheJsnar Land- 
xtraue B 

BANCA VONWILLER s.pA.. Via 
Armorari, 14. Milan 
Via Boncompagni, 27. Rome 
BANK M EES & HOPE N.V., 1 Heron- 
gracht, 548, Amsterdam 
KREDIETBANK SA„ 37 . rue Noere- 
Dame, Luxembourg 

Previous announcement of payment of 
□oiler 0.075 per that® ii to be con- 
sidered at null and void. 


SWISS BANK CORPORATION 


Increase at Capital 


At an Extraordinary General MeetlftU of 
shareholders held In Basle Qn the iooi 
J anuary. It ms decided to Increase the 
capital of the Bank by the Issue of 6S0.000 
new bearer chares. 68B.Q20 new r«istered 
aartici nation cer- 
llbutes 'OH Of Sw.Frs. 1 M nominal) at a*e 
price ot 5 w.Prs.i 60 carii m ine proportion 
Of one new of the same cateyory lor each 
ton Imm w mnierM Mam or parttclpa; 
lion certHlcaUs held- Tho new shares and 
part Ideation certificate will rank - fOT divi- 
der d trom the 1st January. 197g. 

. SutoKri ptiotirights „ n pp nertised at, 

anv of the OTtices of tti C Bank against 
coupon No. 33 from the oio shares or 
nartl dilation certihcatos or suhseriBMon 
certlftcates from registered share" older*. 
Subscription lists will Be open from 23rd 
January. 1978. until noon on the 1st 
February. 1978. Settlement Is fw 
10th February. 1978. 


DISCOUNT BANK INVESTMENT 
CORPORATION LIMITED 


Copies ol a notice 'giving details of an 
paw hr way ot rights aad aa Issue to the 
nubile In Israel mi* be obtained from the 
offices of S. G. Warburg j, Co. Ltd-. 5c. 
Albans House.- -Goldsmith Street. London 
EC2P 2DL during normal bos Inass hours 
until 15tti March. 1978. 


R. PATERSON & SONS LTD. 


NOTICE 15 HEREBY GIVEN THAT the 
Ordinary Share Transfer Stoaks at the 
Company will be closed from 27th 
January to 1 0th February, both dates 
inclusive, for the Payment of the Interim 
Dividend In respect of the period to 25th 
Mareh. 1978- 


Br order ot the Board. 

W. M. Adamson. 

Secretary. 


PUBLIC NOTICES 


WALSALL METROPOLITAN 
BOROUGH BILLS 

£ 44100,000 Bills Issued 18 th. January, 
1978 . due 19 Ut April. 1 S 78 , at a rate 
of 3 09164 %. Applications totalled 
£ 33 . 500 . 000 . The**, are the only Sills 
outstanding. 


CLUBS 


EVt 109 Regent Street. 73d 567S. A la 
Carte or AU-ln Menu. Three Spectacular 
floor Snows Itj.dS. 12.45 and 1.45 ano 
music of ohnny Hawkesworth & Friends. 


GARGOYLE, fig Dean Street. London. W.t 
NEW STRIPTEASE FLOORS HOW 
THE GREAT BRITISH STRIP 
Show at midnight alto at 1 a.m. 
Mon.-Fri. Closed Saturdays. 01-437 6455 


MOTOR CARS 


DAIMLER VANDEH PLAS 

Feb. 1977 4L2 Saloon 
(£9,750) 


Beautiful colour [Coral with black 
roof). Staff under warranty, ter. 
viced by Henlys of Chain r. Only 
13.000 miles, aii the refinements of 
air conditioning, dec trie windows, 
door locks, aerial, stereo radio, 
speakers in every door. 6 years' rust- 
proof warranty. Saving over £3.000 
on today's price. RAC/AA inspection 
lavitedr No accidents. 


Pitots telephone: 

CHIRK 3472 


EDUCATIONAL 


Basie, lltti January, 197a. 


THAMES POLYTECHNIC 


One-day seminar on BUSINESS TRENDS IN FRANCE to be held 
on the 24th FEBRUARY 1978 


Industrial policies. British investments, corporate and personal tax problems of 
establishing a subsidiary, likely developments in ifo Mono** field after next 
March elections. 


The speakers will include Prof. Jack Hayward. University of Hull, M. Girbal. 
London Rtpnienutivu of DATAk. French government agency for regional 
planning, Mr. Julian F. K. Lee, A.C.A., Tansley, Witt and Or. 

PRICE: £30 


Enquiries tor Dr. Georees Bomln. 
SCHOOL OF BUSINESS ADMII 


ART GALLERIES 


CO UNA CHI’S, 14 Old Band St.. W.l. 499 
740a. THE VIENNA SECESSION Jligenfl. 
still.. Prints .and Drawings _ 1897-1 917 




Until 20 Jan. MM.-fri, 9 .S 0 -wfo!! 0 Si’. 


EXHIBITION OF FINS PAINTINGS by 
British and European Artists from 1700- 
1965. S-E Cork Street. London. W.l, 
IS-: €1-734 2626. Weekdays 10-6. Sats. 
10 - 1 . 


5LOANJE STMT!- GALLERIES, 158 Sloanc 
St.. W.l. Modern paintings, sculpture 
•is h interesting ■ international 

artists. Wide range of prices. Tues-Fri. 
10.00-5.30. Sals. 10.00-1.00. 


\'e« 

SHI 1 




'JPOS; 
Jiiie b 


PERSONAL 


IS YOUR HOUSE TOO LARGE? Your ho 01 
can be beaaiirullv used If you gift - 
to the National Charity iHelp W« Agee 
One portion will be modernised to 
of cost to you (usually sell- con t a in* 
for your own or your surviving spoW> 
use for life- free nt rent, rales, eaters 
retire, other portions co nvert e d •* 
rerired people. Please 'write w»tw 
ob i last i on to: The Secretary.. Help d 
Aged Housing Appeal. Room FT1& 3 
Dover Street. London. W.l. 


Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


There's no need to hunt around the West 
End for a suitable venue or viewing-theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 5CH- people. Full 16mm film ■ 
projection facilities. National Panasonic Vfe" colourl 
video tape and Philips I5Q1M video cassette 
viewing. Eleetrosonic 3601 slide presentation 
i system. And luxurious private dining rooms’ with 
extensive catering facilities. 


FINANCIALTIMES CINEMA 


IINSTRATfON, 
Thame* Polytechnic. Woolwich SGI 8 6PF. 


All enquiries to the Press Officer, 

Financial Times. Bracken House. JQ Cannon Street - 
London EWP 4BY, Tel ; 01-248 8000 (exL 7123). 













Financial 3^es Wednesday January 18 1978 


HOME NEWS 


British Steel supplier 


gives 



warning 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 

IE BRITISH Steel Corpora- up export business but the com- already too ' much heavy crane 

ms financial plight is begin- pany “has been badly affected capacity in the UK. 

ng to make a tangible Impact by the lack of investment by its MAN previously had a krtow- 
i its suppliers. Wellman major customer, - the British how agreement in Britain with 

■aaes, part of the crane and Steel Corporation.” Strachan and Henshaw, the 

idge division of Clarke Chap- British Steel's original plans engineering offshoot of the 
an, has given unions a warning involved an investment of about Dickinson Robinson group, but 
at 181 of the 420 employees— £2Qm. a year in steelworks cranes this led to very few contracts. 

43 per cent— might be made of the type produced ■ by Well- -uv 

dundant man. Now the chbwnakere 

This coincides with reports assume they will get no orders yerterda^tbat ids comoanv S ^s 
at the heavy end of the UJK. at all from the Corporation for MAN 

ane business is about to be- a year or so. . iS 

me even more competitive The other major U.K. manu- North AMcsl Korea Md S the 
cause Herbert Morris has facturer. Adamson Botterley, part 

pied a know-how agreement of Norcros, has enough work valued afSm another 
th MAN. one of the inajor to see ^through until about ^Se thf^at^ 
est German engmeenng the end of 1978. . TT* JL. * K 

oups. covering heavy cranes Herbert Morris approached: 15 a subsiniaiy of the 

:d bulk-handling equipment both Clarke Chapman, and Adam- , jt 

At Wellman Cranes’ Darlas- son, while it was looking for the ^iL be “ tbe P osltJon now to 
a factory, 90-day notices have right product to utilise the cra ?f s « £? r 

en issued, but the company is heavy crane-making plant It has ^ ^ " l * 5P pe ?J' °* 

ring to cut the number of. re- installed at its Loughborough vr™* - apparentl y does not 

□dancies by making an appli- works, where a £4m. investment S"?"! M ° rris s competitors par- 
tion for a temporary employ- programme is nearing com pie- becanse Davy does not 

;nt subsidy. ^01 * F give lts subsidiaries preferential 

Employees have been told that . They rejected the approach on ^ rca J™ent when they are bidding 
orts have been made to build the grounds that there was for bar ° ware contracts. 

- Mr. Reid commented: “ This is 
a further development in 
Morris’s marketing strategy. It is 
a pity we had to go outside the 
UJC. for this deal — but the main 
thing is that it is a European 
link-up which will help us fight 
Japanese competition. 

“Both Morris and MAN recog- 
nise that suppliers are often 
chosen to-day because of factors 
outside their control — the 
existence of lines of export 
credit, for example.” 


New competition on 
home loans unlikely 

BY MICHAEL B LAN DEN 

IE BIG banks have looked at to strict controls on the uses 
e possibilities of entering the which they can make, of their 
aiding society business as one deposit funds- 
ty of countering the growing The benefit to any bank which 
mpetition for funds from the tried to move In this way would 
cieties, but have no plans to therefore probably be limited to 
ke any action in this direction, the ability to offer a new service 
Midland Bank said yesterday, .customers, at the same time 
r example, that it had thought Riving th® opportunity -to move 
out the possibility from time . long-term. .. savings 

time, while National West- market, and perhaps some 
inster said it had looked at the spreading of existing . branch 
ea though not in the recent over heads. 
st Bankers did not think it likely 

The banks are aware that anv 11141 “V mOTes Would be made 

t0 enter the building society 
market But they areloncerned 
St to draw attention to what they 

P g t fflc1 ^ regard as the increasingly unfair 
position. competition they are experienc- 

Building societies are non- mg for deposit funds,'. !. - 
ofit making and effectively This has already been under- 
utual organisations, which lined in the evidence -submitted 
uld therefore not be owned by by the London clearing banks to 
bank or pass any profit on. the Wilson Committee on the 
The societies are also subject financial institutions.' * 


Discounts on bread 
will not be curbed 

BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


MR. ROY HATTERS LEY, the 
Prices Secretary, told unions 
and employers from the Inking 
Industry yesterday that there 
was no question of re-impos- 
ing discount controls on bread. 

The unions saw the Minister 
to express concern about the 
impact on the industry of the 
rising level of trade discounts. 

They are worried that the 
already financially squeezed 

bakers are giving away money 
unnecessarily to the big super- 
market groups and that this 
threatens employment in the 
industry and the standard of 
service. 

The United Road Transport 
Union, which represents the 
bread delivery-men, and the 
Bakers, Food and Allied 


Workers Union, both want the 
Government to reintroduce flip 
statutory ceiling on trade dis- 
counts, which was abolished a 
year ago. At that time the 
delivery men protested against 
what was said to be a discount 
war by disrupting deliveries. 
Feelings in the industry are 
still running high about the 
whole question of discounts. 

The baking employers say 
they are unable to do any- 
thing about discounts on their 
own. But Mr. Hattersley made 
it dear yesterday to both sides 
that he had no Intention of 
intervening in the market 

Restrictive practices legisla- 
tion prevented the big baking 
companies from getting 
together to agree a celling on 
discounts, it was pointed out. 


Bank ‘may bring back 




corset curbs this year 9 


BY MICHAEL BLANDEN 

IE BANK of England may have 
take action to restrain bank 
nding to consumers, including 
jssiblv the re-introduction of 
»e so-called corset controls on 
ie banks, during the coming 
ear. it is argued by Phillips and 
rew. stockbrokers.' 

In a comment on bank lending, 
e brokers add that the strength 
consumer spending is likely to 
; the main engine of monetary 
pansion in 1978. As well as 
quiring official restrictive 
tion, they suggest, the pressure 
loan demand is likely to 
stain an upward trend in 
ort-term interest rates lateT in 
s year, although initially the 
■engtb of the pound could 
able rates to fall slightly. 
After the publication of the 
-cember banking 'statistics, the 
okers say. the grpwth of ster- 
g money supply on the wider 
finition looks likely to be close 
the top end of the target range 
, 9 to 13 per cent for the 
rrent fiscal year. 


i 


Growth of jbank lending has 
been modest/ however, and the 
net impact of public sector fii^ 
ancial transactions bas been con-* 
traction ary over the past 12 
months. The impact of external 
currency flows has been the 
main factor leading to growth 
in M3: 

hr the coming year, however, 
the effect of currency flows could 
be much less significant Sterling 
may be less buoyant and the 
authorities are likely to be re- 
luctant to return to a policy of 
intervening to hold the exchange 
rate down. 

The public sector borrowing 
requirement probably will ex- 
pand slightly in the 1978?79 
financial year. In the Budget, 
the brokers expect the . Govern- 
ment to reflate the economy by 
about £2J bn. in tax reductions. 

The main expansionary influ- 
ence on sterling M3, is expected 
to be an increase in bank lend- 
ing in sterling. 


Gormley for trust board 

BY ADRIENNE GLEESON 

MR. JOE GORMLEY, president over 75 per cent, of its equity 
of the National Union of Mine- held by the National Coal Board 
workers, is joining the Board of funds, a scheme of 

The British Investment Trust HgfKK in, no -7 bein 5 
1f . rtav pleted which will, if agreed, take 

" wiay out all the minority shareholders 

The trust was taken over by and allow BIT'S portfolio to be 
the National Coal Board pension integrated with those of the 
funds — the NCB Staff Super- pension funds, 
annuation Scheme and the Mine- Mr. James Cowan and Mr.'l 
workers' Pension Scheme — in Trevor Thomas are also joining 
the middle of last month, after the Board of BIT. Mr. Cowan is 
a prolonged battle for control, director of NCB’s Scottish Area, 
Although The British Invest- and Mr. Thomas is a member of 
ment Trust is still a publicly the Coal Board's mining research 
quoted company, with only just and development establishment- 


Smoking 
tar tax 
agreed 


BY STUART ALEXANDER 
THE Government has been 
given the go-ahead to introduce 
the so-called “ health tax” on 
higher tar cigarettes from July 
Z. EEC Ministers agreed to the 
move late in December by which 
the present level of taxation 
can be Increased by up to a fifth 
on all cigarettes delivering 
more than 20 milligrammes of 
tar. 

This means that some 


Nuclear exporters 
to discuss 

stronger safeguards 


BY DAVID FISHLOCK, 


ANOTHER meeting of the once- that tbe code nf safeguard! 
secret Nuclear Suppliers Group drawn up by the group was ho- 
of 15 nuclear exporting nations ing made public through the 
is planned for London later this International Atomic "Energy 
year, at which members will Agency in Vienna. 

attempt to moke so-called full- Guidelines fur nuclear ei- 
scope safeguards a condition of porters, forwarded to the IAEA 
supply. by the 15 group members, in- 

Four of Us 15 members pre- elude a “trigger list” of 

.... ,vjous!y balked at this condition, materials, equipment and lech- 

cigarettes classified as middle iwhicb would open to inter- nologit*:il know-how. the* export 

tar in the u.K. could also be j national inspection not merely of any item on which is covered 

though most of the ( the piece of equipment or the by ihe code of safeguards. 

aspect or technological know-how The trigger list— ao-ca lied 

being exported, but the entire because any suspicions that a 
nuclear cycle of the recipient nation might he using listed 

nation. _ items to make nuclear explosives 

But for three of them it is would automatically trigger 
thought to be just a matter of diplomatic action — has two' nn- 
timingr- a desire to avoid any portant differences from one 
conflict with the major inter- already published by the IAEA, 
national re-examination of all One difference is the inclusion 
nuclear fuel technology for more or deuterium and heavy water, 
proliferation — resistant paths, j n quantities exceeding 200 kilo- 
launched recently by President grams of deuterium atoms, ux- 
Garter. , . ported to any one country in a 

The fourth, however — under- period of 12 months. Heavy 
stood to be France — may he water, used as moderator m 
less readily persuaded that safe- heavr water types nf reactor, 
guards should automatically such* as India posM'Sbcs, is also 
apply not only to what it is sell- used in making H-Bmnhs. 
ing, but also to whar olher The other difference is the 
{nations may have sold the cus- inclusion of technology transfers 
tomer. relating In the design, cnnstruc- 

The Nuclear Suppliers Group turn, operation or maintenance 
also plans tu discuss whether of such nuclear processing plants 
it should be enlarged further, as uranium enrichment, spent 
and if so with whom. fuel reprocessing, and heavy 

It was announced last week water refining. 


affected, 

brands would be plain rather 
than filter cigarettes. The in- 
dustry has already agreed to 
phase out high tar cigarettes by 
the end of March, 1979. 

The directive allowing tbe 
supplementary tax runs for 2A 
years from July 1 this year. 

Although the measure will 
need Finance Bill legislation. 
Customs and Excise has been 
authorised to consult with the 
tobacco industry u on the 
machinery of assessment and 
collection." 

.Among the cigarettes which 
would be affected are Player's 
No. 10. as well as Player’s No. 
6 plain. Embassy plain and 
Piccadilly No. 1. which are all 
classified at present as middle 
tor brands. Tbe best-known 
middle-to-high tar and high tar 
brands include Gauloises and 
Gi tones plain. Woodbines. Senior 
Service and Players' Medium. 


CONSUMER CREDIT ACT 


In your business 
do you ever help customers 



Proposals to safeguard 
fringe bank depositors 


BY MICHAEL BLANDEN 

.OPOSALS to help protect 
positors in secondary banks 
i other deposit-taking com- 
aies have been put forward by 
a Consultative Committee of 
countancy Bodies in a special 
^'morandum to the Department 
'•id Trade. 

■ suggestions, designed 

*' k -' Wticularly to provide more 
‘'ormation about short-term 
ns and advances: are aimed at 
proving the information which 
present. Is provided by 
. 30sit-taking institutions. 

The details, should also pro- 
le a basis for considering the 
ormation -when the Bank of 
gland take- over full responsi- 
bly -for the supervision .of all 
-'posit-taking institutions under 
- jposed new legislation. 

set out in a White Paper In 
-•'Sust 1976, It provides for the 
Swing of all deposit-taking 
rtitutions apart from recal- 
led banks and a uniform 
or supervision. 

sc^ n5 L 


It is expected that the new 
laws will be introduced as soon 
as time is available in Parlia- 
ment • - • . 

The accountancy bodies have 
reviewed tbe new regulations on 
the accounts of deposit-taking 
companies. The new rules began 
operating in February .last year. 

The accountants recommend 
an extension of the requirements 
In the accounts of deposit-taking 
companies - covered by ' the 
present legislation which are 
prepared for the department and 
For depositors. 

They suggest that accounts 
should disclose the amount . of 
deposits repayable within seven 
days, tite amount of loan! to the 
deposit-taking company repay-, 
able within seven, days, and . the 
amount of loans by tbe company 
repayable within the same period. 

That would give a clear 
indication 'of the short-term posi- 
tion of the company concerned. 








S'- . 



&THE RANDFONTEIN ESTATES GOLD MININ G?- 
COMPANY, wnWATERSRAND, LIMITED 
( Incorporated in the Republic of SouthAfrica ) . 

NOTICE TO MEMBERS. 

. CONSUMER LOAN 

£' The attention of shareholders Is drawn to the fact thartbe 
third and final tranche of U.S^34.6 million was received ftomr 
the; consumer on the 1st November, 1977. This advance pay- 
ment is subject to normal Eurodollar based interest rates for. 
the .period 1st November* 1977 to 1st July, 1978. when the 
tranche was due under- the -sales agreement. The early receipt 
this final tranche' was considered advisable by your Board 
-view of the very -rapid process made in the- construction 1 , 
the Cooke Plant and. the advancement of mining plans m . 
, ier to meet improbable early commissioning. " > 

^ JOHANNESBURG • V 

Z 7th Jftmmry. 1978. : 

k— ; — V-" — — ' • 



No matter what your trade or business, 
introducing customers to sources of credit or hire- 
whether you get commission for it or not-usuaUy 
makes you a “credit broker.” 

And in most cases, to act as a credit broker, 
you now need a licence. 

This does not apply, however, if you simply 
accept credit cards or trading checks issued by 
other organisations. 

Already its against the law to operate 
without a licence in most fields of credit or hire. 
Now the same will be true of credit'brokers. 

So if you think there is even the remotest 
chance that you need a licence, act immediately. 
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Financial Times Wednesday January IS IfjS 


New Issub 


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Aknenoe»ell»Siolt 


Alt of tiiese bands having been soldi this announcsnwrt appears as a matter of iKonf only. January 18, i97t 


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5 3 /* % Bea rer Bonds of 1 978/1 988 
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Issue price: 99 3 /«% 


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AMteagw flartwlt 


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Caisse dee Depots et Consignations 

Commerzbank 

AkbengeaeUadMit 

Credit Lyonnais 

Salomon Brothers Internationa] 

Limited 

Societe Generals 

Swiss Bank Corporation 
(Overseas) Limited 

Westdeutsche Landesbarik 
Glrazentrale 

Abu Dhabi Investment Company Alahli Bank aF Kuwait (K.5.C.) Algernons Bank Nederland N.V. A. E. Ames & Co. Limited 

Amsterdam-Bauerdam Bank N.V. Arab Financial Consultants Company Arab Finance Corporation SAL 

Arnhold and S. Bleichroedar, Inc. ' Julius Baer International Limited Banco Commercials Italia na Banca Naziomle del Lavoro 

Banca del GonerdD Banca della Svizzera Italians Banco di Home Bank fur Gomelnwlrtschafi Aktiangesdlachaft 

Bank Gutzwiller, Kurz. Bungoner (Overseas! Limited Bank Lau International Limited Bank Mae* & Hope N.V. 

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Banque de Paris et dcs Pays-Bas pour la Grand-Ducha de Luxembourg Banque du Benelux S.A. Banque Europeenne de Tokyo S.A. 
Banque Framjaise de Depots et de Tltres Banque General a du Luxembourg S.A. Banque Generate du PH6nix 

Banque Internationale A Luxembourg S.A. Banque Internationale pour 1'Afriqua Occidentals (BfAO) Banque Louis-Drayfux 

Banque Populaire Sulsaa $jk. Luxembourg Banque Rotiisctiild Banque Worms Barclays Bank International Ltd. 

Baring Brothers & Co.. Limited Baysrischa Hypotheken- undWechaei-Sank Bayerischa Larrdabank Giratsntnle 

Bayerisdie Vereinsbank Jah. Berenberg, Gassier & Co. Berliner Bank Aktlengesellsdiaft Berliner Handels- und Frankfurter Bank 
Blyth Eastman Dillon 8t Co. International Limited Caisse Centrals des Banques Populaires Cazenove&Co. Christiana Bank og KredWtasso 
Citicorp International Group La Compagnle Financiers Compagnia Luxernbourgeoiso de la Dresdner Bank AG - Dresdner Bank International - 
Creditanstalt-Bankverein Credit Chimique Credit Commercial de France Credit Industriel et Commercial CrOdrt du Nord 
Credito (taliano (Underwriters) S.A. Credit Suisse White Weld Limited Dsiwa Europe N.V. Dan Danske Bank af 1871 AktiesefsJcab 
Delb ruck & Co. Den Norske Creditbank DG Bank Deutsche Genossenschattsbsnk 

Deutsche Girazenirale — Deutsche Kommunalbank — Deutsche Lander bank AktlengeseHschaft 

EFfectenbank- Warburg Akriengesellsdiaft Euromobiliare S.p.A. Compagnia Europea Intermobiliara 

European Banking Company Limited Finacor First Boston (Europe) Limited Robert Fleming & Co. Limited 

GEFINA International Limited Glrazentrale und Bank der Osterreichisdien Sparkassen Aktiengesallschaft 

Goldman Sachs International Corp. Graupement de Banques Cantonales Groupemcnt de Benquiers Prfvfis Genevote 

Hambros Bank LimiTed Hardy-Sloman Bank GmbH Hesaische LandBsbank — Girazentrale — Hill Samuel & Co. Limited 
Industriebank von Japan (Deutschland) Aktiangesellsduft Intetunlon-Banque Istituto Banca rio San Paolo di Torino 

Kansallis-Oaake-Pankki Kidder. Peabody International Limited Kjabenhavns Handels bank Kleinwort, Benson Limited, 

Kredietbank N.V. Kredietbank S.A. Luxembourg eoise Kuhn Loeb Lehman Brothera International 

Kuwait Foreign Trading, Contracting & Investment Co. (S.A.K.) Kuwait International Investment Co. (S.A.K.) 

Kuwait Investment Company (S.A.K.) lazard Freres & Cie. Lloyds Bank International Limited Manufacturers Hanover Limited 

Merck, Finck & Co. Merrill Lynch international & Co. B. Metzler seel Sohn & Co. Samual Montagu & Co. Limited 

Morgan Grenfell & Co. Limited Morgan Stanley International Ltd. National Bank oF Abu Dhabi Nederlandse Middenstandsbank N.V. 
New Japan Securities Co. Limited Nikko Securities Co., (Europe) Ltd. Nomura Europe N.V. 

Norddcuische Landesbank Girazenirale Osterraichische Landerbank Aktiengesallschaft Sal. Oppenhelm jr. & Cie. Orion Bank Limited 
Pierson, Hetdring & Pierson N.V. PKbankan Privatbanken Aktisselskab N. M. Rothschild & Sons Ltd. 

Schoellor & Co. J. Henry Schroder Wagg & Co. Limited Schroder. Munchmsyer, Hengst & Co. Skandinaviaka Enskildo Banken 
Smith, Barney, Harris Upham & Co. Incorporated Societe Centrals de Banque Sod6t6 Generate Alsacienne de Banque 

Societe Generate de Banque S.A. Soctete Privje de Gestion Financiers Soctete S6quanaise de Banque Sparbankernas Bank 
Strauss. Turnbull & Co. Sumitomo Finance International Svenska Handelsbanken Trinkaus & Burkhardt 

Union Bank oF Finland Limited Union Bank of Switzerland (Securities) Limited Union de Banques Arabes et FrangaLses — U.B.A.F. 
United International Bank Limited Verelna- und Woetbenk Aktlsngsssllschaft j. Vontobel & Co. 

M. M. Warburg-Brinckmann, Wirtz & Co. S. G. Warburg & Co. Limited Weatfaienbank AktiengeseliEchalt Williams, Glyn & Co. 

Yamaichi International (Europe) Limited 


on talking terms 


By JOE GARCIA, Gibraltar Correspondent 


THE SPANISH decision to 
allow telephone communica- 
tions with Gibraltar beyond the 
now traditional Christmas 
period augurs well for the 
future and provides a second 
indication in the last few 
months that the Anglo-Spanish 
deadlock over the Rock’s future 
may be capable of resolution. 
The first occasion occurred last 
November when, at an historic 
first meeting in Strasbourg, 
Gibraltar leaders joined the 
British Foreign Secretary, Dr. 
David Owen, for exploratory 
talks with the Spanish Foreign 
Minister, Sr. Marcelino Oreja. 
Clearly, it was an exercise to 
enable Gibraltarians and 
Spaniards to establish a direct 
dialogue from which has 
emerged a more precise under- 
standing of each other's points 
Of view. 

But if at this first encounter 
they talked mainly about the 
past — sometimes in anger — 

when the protagonists meet 
again early this year, possibly 
in Strasbourg during the week 
beginning on January 23, they 
will have to think about the 
future. Dr. Owen, is pushing 
ahead with new ideas; Spain, in 
its new democratic shape, is 
taking more into account the 
reality of a Gibraltarian com- 
munity, while Gibraltar itself 
is beginning to realise that, in 
a changing world, it cannot re- 
main a colony for ever. 

After a dialogue of the deaf 
for over a decade, it has be- 
come dearly discernible that a 
genuine desire to find an 
honourable solution is permeat- 
ing ail the parties concerned. 
Yet, whatever the goodwill, 
there should be no illusion 
about the complexity of one of 
ihe world's longest-standing 
territorial disputes, and of the 
enormous obstacles in the way 
if finding a formula, acceptable 
to all, which could lead to a 
lasting settlement. 

Positions became more 
entrenched as a result of 
Spanish restrictions in the mid- 
1960s which included the closure 
of the frontier and the isolation 
of the Rode from the Spanish 
mainland. They severed links 
of every kind and embittered 
relations at a local level, while 
at the same time serving to 
strengthen Gibraltar's political, 
economic and cultural ties with 
Britain. Although the restric- 
tions failed to advance the 
Spanish claim and are an inherit- 
ance from the previous regime, 
the new Spanish Government is 
showing signs of wanting to 





! ■ - : t ■: j| 


•.to.Vx 5 St v>'f 

atm*?*'':*:#' 




fm 


Sir Joshua Hassan 


retain at least the more import- 
ant ones as an instrument to 
get Britain to the negotiating 
table. 

While the official Spanish view 
is that the restrictions will only 
be removed as progress is made 
during negotiations, the British 
side would like them lifted 
before any substantive talks can 
take place. Successive British 
governments have been urging 
Madrid to use the carrot and not 
the stick as it is the Gibraltar- 
ians who hold ibe key to their 
ancient fortress town. Now the 
Mayor of the Spanish border 
town of La Linea has openly 
urged Madrid to keep the tele- 
phone links open for good. 

La Linea's birth and develop- 
ment can be directly related to 
the British presence at Gibral- 
tar. Very close family and 
commercial links were in the 
past established wilh the Rack. 
‘‘It is difficult to find anyone 
in La Linea without family ties 
with Gibraltar," the Mayor, Sr. 
Juan Blasco Quintana, says. 
When the border was totally 
sealed in 1969, some 80 per cent, 
of the Spanish workers who lost 
their Gibraltar jobs overnight 
were from La Linea. It was not 
until late 1974 that La Linea 


began a slow recovery, but even 
now, with a major unemploy- 
ment- crisis in the Andalusian 
region, unemployment exceeds 
over 7,000 in a population of 
about 60,000. 

In their isolation, the Gibral- 
tarians have reinforced their 
way of life and developed a 
greater awareness oF their 
distinct Gibraltarian identity, 
verging on the concept of 
nationhood. 

In the narrow streets on the 
Rock, many people stup the 
Chief Minister Sir Joshua 
Hassan and say: “Carry on talk- 
ing to the Spaniards, but don't 
give anything away." A seasoned 
Spanish observer of the Gibral- 
tar issue during a visit to the 
Rock, remarked: ** How can 
everyone be so happy in such 
confinement?" The truth of the 
matter is that the Gibraltarians 
have never been so well off 
in material terms, watching 
Spanish TV »»n their expensive 
colour television sets while they 
wait for their own station to 
broadcast colour this year, and 
driving their brand new cars 
on the round-the-Rnek trail until 
they go rusty and arc tipped 
into the placid Mediterranean 
via a novel car chute. 


However, the closure of 
frontier has placed certain con- 
straints on the commercial life 
of the city particularly affecting 
tourism-linked trade which 
used to reap the benefits of 
volume transit traffic. The sub- 
sequent development of Gibral- 
tar as a resort for longer visits 
has met th recent years with 
ihe adverse effects . resulting 
from the economic crisis in Bri- 
tain whence most of the visitors 
come. What has provided a 
stabilising influence has. been 
the reliance on British defence 
spending, the mainstay of the 
economy, which together with 
British development aid in 
excess or 13m. annually sup- 
plies the real basis uf economic 
activity. There is work for more 
than the local community of 
30,000, with the result that Gib- 
raltar still needs to import, 
mainly from Morocco, about a 
quarter uf its 12,000 labour 
force. 

The Labour Party,, now in 
power, has always been ^eagep 
to acquire and develop Gibral- 
tarian rights, anti a newly 
formed Socialist Party takes the 
view that even the military base 
must belong to the Gibrafc 
tartans. The Spanish Govern- 
ment is mooting a plan lo 
separate the Gibraltar base from 
the other two main ingredients 
in ihe Bock equation: 
sovereignty over the place, and 
the status of the population. . 

Sovereignty is likely to 
remain a stumbling block. But 
there might be common ground 
for finding a special status for 
the Gibraltarians, irrespective 
of who holds sovereignty. At 
present, it is vested in Britain 
by virtue of the 1713 Treaty, 
of Utrecht. Ten years ago the 
British Government allowed the 
Gibraltarians to express their 
preference between Britain and 
Spain in what turned our to be 
an overwhelmingly pro-British 
poll. 

For the moment, the British 
and Spanish standpoints seem 
poles apart but the icc may be 
melting. At least. Gibraltarians 
and Spaniards arc now able To 
talk to each other, not only 
acres* a table in Strasbourg, 
but over the telephones as well. 
And in an effort to promoie 
greater understanding Sir 
Joshua Hassan is prepared to 
go to Madrid to tell the Spanish 
Parliament what ihe 
Gibraltarians think. In Gibraltar 
terms, that was almost as extra- 
ordinary as President Sadat’s 
goina to Israel. 




Adamson Butteriey, 
200 years in Telford and 
still growing. 



Adamson Butter ley’s Telford 
plant was founded in 1775, in the same 
century that the Industrial Revolution 
began dose by in Coalbrookdale. At the 
time the plant's location was simply 
described as Horsehay, Shropshire, and 
for many years the company was 
known as The Horsehay Company. 

Much of the world’s first iron 
fabrication and construction was 
carried out in the Telford area 
Adamson Butteriey s predecessors cast 
sections for the world's first iron bridge, 
situated nearby in the Ironbridge 
Gorge, so it is hardly surprising that for 
many years The Horsehay Company 
specialised in the manufacture of bridges 
and heavy fabricated structures. 

Nov^ the company, part of the 
powerful Norcros Group, is world 
renowned for the design and 
manufacture of. specialised heavy cranes, 
ship unloaders, material handling 




equipment, bridges, mining equipment, 
and water control equipment The steady 
growth in Telford over the years has 
been particularly strong since 196? 
when considerable expansion and 
investment began. The company— 
recently renamed Adamson Butteriey— 
now employs the most advanced 
techniques and a large skilled workforce 
at Telford to maintain its lead in its 
various product markets. 

Telford Development Corporation 
can hardly claim to have tempted 
Adamson Butteriey to Telford— but the 
company's continued expansion and 
investment in the area underlines 
Telford's viability as a place to do 
business successfully 

Joe Matt hews. Commercial 
Director of Adamson Butteriey says 
'We've plenty of confidence in the 
future— both in our own business and in 
Telford. Vife're well situated, both for the 
UK. and our many overseas markets. 
There’s an excellent workforce, and 
plenty of room for expansion. And 
people seem to enjoy living in Telford 
I'd certainly recommend anyone thinking 



about a business move to look more 
closely at Telford* 

. Telford's advantages are easy to 
summarise— the right factories, the right 
people, at the right time and in the right 
place If you're thinking of moving, 
expanding, or just opening-think Telford 
It offers a great deal- and a great 
future. Post the coupon, or contact us 
today. 





* Hill 









r~ 




i Telford j 

j An Industrial Heritage* 
t An Industrial Opportunity ; 


1 Bob Til mouth, Commercial Director, 

| Telford Development Corporation, 

| Pnorslee Half Telford, SalopTF29NT 
j Phone: Telford (0952) 613131- 
j Telex: 35359 


1 Company. 


The world's first iron bridge, built 1779. 


I Address. 


j S^TeHbrd 

Corporation 







II 




£ iTCy. 


financial Times Wedaesdsp January 18.. 1978 




ACAS Bill 
to receive 
support of 
Ministers 


’ allaghan resists Tory 

challenge on BSC loss 


BY IVOR. OWEN. PARLIAMENTARY STAFF 


* ^ r MEASURED IN terms of cost is lower than the loss per tonne mated that they amounted to 

WE PRIVATE members’ Bill P®F .tonne, the efficiency of the in some of these other countries, film. . per day. Without such 
lat seeks to prevent disputes Bnt ish Steel Corporation com- “ That seems to me to be im- money, the capitalist system in 

sex union recognition similar to P* 1 ** favourably with that of portant, because it does show -Britain would have collopsed 

‘ re one at Gnurwick is to receive s ^® 6 *' Produ cers in a number of that in the midst of world de- long ago. 
ill Government backing and Pjr” - countries, the Prime pression, it is not inefficiency on Mr. Callaghan =cbmmented that' 

:ands 'a fair chance of reaching Minister instated in the Com- {he part of BSC which has led there was pretty general accept- 

le Statute Book: this session. m S? s yesterday.- to these figures.”" ance that a mixed economy de- : ] 

.The Employment Protection “t th^-tfaun was greeted Roundine- .on Tory back- “anderi pubilc support for'. 


. LABOUR NEWS j 


Big effort All-union talks 
for jobs sought to solve 

! n ™ Leyland problems 

industries 


BY PHILIP BASSETT AND ALAN PIKE 


Electricians 
urged 
to take 
industrial 
action 

By Our Labour Staff 


HI Government backing and®™” - C 9P*2!!]!!!5 > . uie , Prune pression, it is not inefficiency on Mr. Callaghan Commented that ' BY IVOR OWEN DISCUSSIONS among all unions London was adjourned indefl- {he "electricaT' rontractius 

:ands a fair chance of reaching Minister uuasted m the Com- the part of BSC which has led there was pretty general accept- with membere in Leyland Cars nitely. industry have been urged bv 

^Statute Book this session. yesterday.; ■ to these figures.” ' ance that a mixed economy de- /.MORE EFFORT must be cdd- to clarify attitudes to problems Speke union officials still are their union to take industrial 

The Employment Protection tt^^cjaim wa^g^ted Rounding- .on Tory back- manded pubilc support for centrated on providing job facing the company are being determined to keep the factory action if necessary to force 

jU, sponsored by Mr Edward bencher® as they continued to %**?*$* industry. • • opportunities through the service sought -by the Amalgamated management to a 1872 work implementation of a pay deal 

.. letcher. Labour . MP -for Mrs.. Who catied ro- O im 10 tase gCQ £ the “Prime Minister cbal- ® The Speaker*-' Mr, George industries, particularly in the Union of Engineering Workers, agreement. This sets out a pro- which has been vetoed by the 
arhngton, win. be <W>PMsed by ™ lenged: “I would like to ask Thomas, said he would rule to- realm 0 f small businesses, the The AUEW executive decided cedure for bringing in new work Department of EmploymenL 

• le Conservatives but It likely to- some of them what they are day on a complaint about his own; prime' Minister- told '.the Com- yesterday to call for the meeting schedules and practices which The call has been made in a 

■ iceive backing from the Liberals A*® jjsht o* ^Monday’s dis- to do with the steel in- Photograph, which appeared In mon g yesterday when he again with, other unions after hearing Leyland wants to introduce at 1 directive from Mr Frank 

3 weH as labour MPs when it dus^TDo they want 'to destroy yesterday’s issue Of the Guardian: acknowledged the need to reduce reports on Monday’s talks be- Speke. Strikers claim manage- chapJAe? general secretary- of 

. is its second reading in the Com- mated to be losing £10m. a week. it ,„ wth th e caption: “Mr. Speaker present high levels of tm- tween umon representatives and ment has broken the agreement. the Electrical and Pluoroir" 

ions on Fnday. Pressing the Prune Minister (C Thomas, helping Mr. Varley.** • mriovment Mr. Michael Edwardes. chairman TradS Union follow in“ Go£ 

' Mr. Harold Walker, Mmisttr of to reronsider big attitede to the . p Mr. Anthony Drant (C, Harrow ^ „ of British Leyland. After the tt £ e™Mn» U .SS.i? 

‘ tate. Employment, will then sil industry. Hr. Ian Dow /C.. East- Uent-) asked the Speaker to rule ® lasi |? d ‘ H**- Margaret talks, the engineers will decide HOOVCF I21C0S SS Hevl^nnlv 

h the BilTs Standing Committee bourne) declared: It is.scanda- on o?*BSfS wither the matter should be put Batcher, Opposition leader, who whether there should be an , , before? wudue to £ 

S order to ensure that its pro- lous that the steel Industry jP” ™“ SSiSSSSSp " tn® iS te the House -to be referred to mamtamed that Government approach to the Government ShlitdOWTI rnented d 1 b P 

- is ions meet the Government’s should be losing £520m. a year the Committee of Privileges as a polietes had resulted in Britain An early date for the meeting UU UUWU nf 

/ishes. The measure is top of the and that the action which needs a Possible contempt of the House, having worse unemployment ^ likely since, on the present of- jV/TnrfllVr D i an . for industrial action are 

st for private members’ Bills to be taken is befog: deferred to®*** ****** Mr. Grant said: “It is quite than was being experienced by time-scale, Mr. Edwardes Intends <*l IVieriliyr * « ,r ™? 1 ™n?i£!Jt»5? 

• hd will get priority through Par- because, so many steel, mills are ™® d * wrong for, the Press to imply you her main industrial competitors. t0 m ake a. major statement on Ro i.j n In Bradford tevrilo elec- 

amebL^ " in Lalmur- marginal seats.” SSS. /S e S le* ' '*■»« fWnryour usual high . While reserving the right to the future- of Leyland Cars to S52Sd«t ttUtSSti hS?-«cS 

It is an attempt by Mr. Mr. Callaghan -reminded the ®P°ke of trusting the people, standards by favouring one side ■ ^jeck ;the figures on -which the management and union' repre- . , p ?" _ . , meetin" ne\-i Tuesday' to 

• Tetcher, with the- backing of Opposition benches 'that steel Mr. GaUagtan- pointed out tt^t or 'the other. No one who wfes Tory leader had based her argu- sentatives in Birmingham on A »?4L T t i, 0 p * odu S ti °? la ^‘ ■ dl?ci«is c, actlon Dcle-atcs from 

- J»ES the trade union involved companies in'. France, Italy. Mr. Varley -had already offered present in the House yesterday or - weD t, Mr. Callaghan a dmitte£ February 1. offs we threatened at Hooyer s 

’» r*.. n ..fTAli «. .am*. Dal u i n »> <t4«n TT Q utom' inimi* to aUDPSP hpffiTP the Splect Com- pAn il TfanRo i*/l- M\nl H n/MMihlv fflbo a * rr- -> — Qpninr chrm ctouiurric An Tpu. domestic UPOllAllCG factory 3f ^ ... 


Hoover faces 
shutdown 
at Merthyr 

By Robin Reeves 
Welsh Correspondent 
A HALT to production and lay- 
offs are threatened at Hoover's 


loociliatioQ and Arbitration backbenchera. be- stressed: “What Mr. Ron. 1 Tfconufe fLab^ Bristol Grant made his complaint. - w ***** » Mr. Edwardes on Monday. Their Following a brwk-down in ^ , “ u k !>iriJl 3LUUa ,a,er in,s 

ervice- declared invalid because is interesting— and it-should be NW) urged- thaf -more attention Mr. .Thomas told MPs: “The Smrnw had not been received negotiations in London between So ^~f .; 400 CQntrac turs who are 

lCAS had failed to consult all put down to BSCs credit — is that, should be paid- to the massive House would be very disturbed If t2C at Downing Street yesterday and Hoover and the drivers union, “Jartv’to the deal have been 

be empfoye^iSvolved according to figures I have been sums provided for private Indus- the Speaker was partial." - -He- there, is. no indication whether the TGWU. over a new pay ffic^ed with saffifen* 5 

EEC research effort criticised « 

ZJoDDSSrmd 1 T- "I * li : - ceUorof the Duchy of Lancaster, is to be avoided, there must be start running out of work shortly. iq;s„ dctenninki i nnmust 

IPs at Westminster yesterday aW I iifVI"rfQk 1 ' A1Y11Y11 1 TPP had been given special responsi- no going back on proposals for The dispute arose from the re- apply from the first pay week 

SevS tteBKdLi? toe dS UV JjU 1U5 UClVtL V/Ui l i ll lliiCC •-•- bility for small, industries. JKe cmpapy-wide . ba^aining jection of an offer of a 10 per fnjaouu™ 
retted ^ACAS hfiXriiS • *■ ^ " -had been working 'with some accepted, Jut year m a bailot of cent pay rise conditional on the -w. 


Trades Union, following Gov- 
ernment officials* objecting to 

the deal only a fortnight 

before it was due to be imple- 
mented. 

Insome parts of the country, 
plans for industrial action are 
already under consideration. 
In Bradford, textile elec- 
tricians are to hold a general 
meeting next Tuesday to 
• discuss action. Delegates from 
sires throughout Yorkshire met 
yesterday in Leeds to talk 
about the Issue m preparation 
for shop-fioor discussions on 
industrial action later this 
week. 


. Under the Bill, it would be 
Accessary for ACAS to secure 
he opinion of a firm’s workers 
jy doiqg all that was reasonably 
: iractlcable. 

. But the Confederation of 
•: employee Organisations which 
-^-.obbied Opposition leaders and 
' IPs at Westminster yesterday 
lelieves the Bin widens the dls- 
■.retion of ACAS by removing 
" rom workers belonging to. a 
• >ody not certified as a trade 


EEC research effort criticised 
by Lords Select Committee 


party 10 toe deal have been 
threatened with sanctions if 
they implement the settlement 
in Tull and will clearly he faced 
with a dilemma if their 
employees take industrial 
action. 


197S wages determination must 
apply from the first pay week 
in January. 


BY DAVID FISHLOCK. SCIENCE EDITOR 


• success to encuoragd toe.growtop^PjPT®® 8 - 


- ‘S^ a unfaS I tieatment e “ nrtB A HIGHLY critical report on derives from Community Tdejti son,_ direct or^ of toe JEuropean. 


of small firms.which pould ..pro- • ay-old unofficial strike hour working week agreement. 

^ vide 'additional jobsl . by 1,000 body plant press shop The union contends that the offer 

rector of the European. • . ... * - . ... workers, which has stopped WQU i f t moan a real increase for 

Agency, and Sir Brian ^Elab^ting this- po^m T-eply esmh* production at Ford’s the drivers of only 91 per cent I 
1, president of the Euro- fro® Mr. Tim ■ Bathbone (C^, Hilewood car plant, Merseyside, * " P 


ni * ^ “We have in this industry for 

surrender of 3 guaranteed 50- mnnv v^arc hnnniimii th*» 


..secretary of the confedentio^ EEC iSSsois^eSch to ^ Mr. Callaghimtedicated ^ to go on- ^ — 

. lomted • out toat many staff | e ,^ ct committee -to'-' Hie Euro- value of about I50m. units of one. expressed uny About 800 of toe strik ers at a SteVCdOFCS tO 

issociations are not certified as communities.' . account— about 170m.— half ' of for present Community thinking.aaother area being considered meeting yesterday in Transport ... 

• rede unions and woidd be Research resources could be which was spent at the Joint on research policy. by Mr. Lever. : - - House. Liverpool, voted almost riftCTtlTlf ctilftc 

-iffected_adversely by toe legisla- «« witb greater profit more Research Centre The remainder Some scientists of. inter- :The Prime Minister- sard: “I unanimously to accept their shop Ul3 ‘ u F l jxiaaaj 
ion. He sought support from selectively than they, are now." was spent on Community pro- national eminence had left ' toe think we have got to turn more stewards’ recommendation to MEMBERS of the National Amal- 

dr. James Prior, shadow sa ys the committee. But attempts grammes carried out at national impression. ' that Community pore to this kind of field, continue the stoppage. Only gamated Stevedores and Dockers 

iraployment Secretary, in tight- jj y qj C i^r. Commission to im- research centres. reseanto- and development : was because I don't believe manufac- about 20 of the strikers voted to Union in London's enclosed 

ng the Bill. . prove the organisation and wom rAnre«i»Tt« shout relatively unimportant to OienL. firing industry, as such, will be go back to work. docks are exuected tn beein dis- 


many years honoured the 
agreements, sometimes in very 
difficult circumstances — we 
have not altered our position. 

" You must, therefore insist that 
your employer pays the rate 
of pay agreed." 

Mr. Chappie adds that industrial 
action to force implementation 
is inevitable if employers stand 
firm and that such action will 
have to be coordinated and 
authorised through local 
officials. 


■ School meals - ***;**»,. n. «SSSTSS: w *** s «* -"^'SWETi ^ 

attack chiefly at the politidans of toe monev to snent acros& 8 range of topics. . • .» 

VArrli^t ripniPlT of the Council of Eurtipe, rather w&s ^ enl The committee was not satis- A - 

verai-tl aeniCU >thail the Commission itself, on raergy I^se^eli. _ fie a that toe CTC Commisnon -J jj C feaSC ' 

■» m a.--- arguing for a reseaiih admini- The report finds that the Com- had enough qualified staff to 

DV Mimsier stration. backed by : sfrong poli- mission enjoyed greatest success carry out the- role It had -seft ’-. Mr. Callaghan rejected a Tory 

. drvTTC'Tm* a - a tfeal authority. " : .• *when it tried to coordinate re- itself. - • . backbench attack on Mr. 

V MINISTER denied in . the ^ commission, jt rays, now search efforts and least success Research and Development, nn . Anthony Wedwood Benn, Energy 
Commons yesterday - that toe recognises that it is .best to con- when it tried to colonise” re- tog EEC — Select Committee on secretary, and in the process 
Government had made up its pirate on ^ork which has a search programmes. .. the' . European . Covrnnuruties,. edndenmed-toe.inefEectivness.rrf- 

nind to increase school meal „ 0od chance of seenring the Of 13 scientific witnesses House df Lords session 1977-78, jJ<. Tory -predecessors' -in-- the 

-’K-iroos - - * 1 ' .w - An « ~a_ M 11o4 hofnro tft* fiplprf Hnnimit. •nrrth. Wnnrt RotLW of Commons ...ul 


prove the organisation and Th C £7^ represents about relatively unimportant to toem, taring industry, as Such, will be go back to work. docks are expected to begin dis- officials, 

administration of the research 15 per r Pn t of the combined The nearert -to. praise toe com- a faj e to provide the jobs which In Merseyside's other major rupting the docks’ shift system Much of the pay agreement has 

effort had been largely.-unprodnc- b ’ u ^ Hets of TOlxie allocated “irtee- heard ws toe opmlop hre necessary if we are to return car dispute, hopes for a 'settle- to-day in protest at a pay offer been passed as within Govem- 

tive. . to research and development. staff were domg towr best ;ft the kind of unemployment meht' to the three-month-old within Government guidelines ment guidelines. But initial 


strike by 2.000 workers at British already accepted by Transport 
Leyland’s Speke factory dwindled Union dockers, 
still further after a meeting by The shift system, worked far 
the 1 factory's shop stewards’ the past seven years, is based on 
committee. two shifts between 7 am and 

The meeting of toe stewards 9 pm. Union officials have 
from toe Speke plant also was recommended that toe men 


5&g“«bi. Of 13 mumrn- ■****.»»!*.<«. Mi. urn*.. «”2SBg Sit 

&-.22ES ^ m be ^ re ^ s 5Jt ct «£ ISJ? 1 . “r: 5Sf .S mMSS 


charges. 


politicians’ approval, 


ioTun^^W^: E “^e\ ,eSS * whe ^. r te ^ m ° ag Aem ^ ^ per : 5 - 7 ’-^ MSO - J jS'-Sea <Wlling . lights ,n 0,6 Son »d S^ice S ftingTl JSSr 

: MPsj see-risk of' different SmSS ATTlrtV ha<-lr« *• 


cepted by Transport approval by the Department of 

:ers- Emplojinent was withdrawn 

t system, worked far because of an agreement to 

nen years, is based on ■ make flat rate payments in lieu 
between 7 am and of bonuses where incentive 

Inion officials have schemes could not be 

ed that the men introduced, 

national agreement of • Pay negotiations for 27,000 
om S am to 5 pm. The engineering and technical staff 

union has been seek- in the electricity supply 

f about 2S per cent industry will start on January 

y, together with better 27, National Joint Board for 

ifits. the industry decided yesterday. 


japers about a further increase 
ior school meals was a purely 
speculative one based on the fact 
It is known Government policy 
to reduce the subsidy. 1 can 
assure you no decision has been 
taken." 

Mrs. Barbara Castle (Lab-. 
Blackburn) declared: "We 

would consider it an outrage if 
there were to he a further 
increase in school meal charges 


abortion law in Scotland 


When Mrs. Thatcher returned 
to the attack, toe Prime Minister 
pointed to toe improvement in 
employment in manufacturing 
industry — a 1.6 per cent increase 
in the number - of people em- 
ployed in this sector compared 
with a year ago. \ 


burn) declared: We ^ W OULD be ridiculous if situation in our own island?” she of an iceberg revealed T»y the ^ also encouraging that 

consider it an outrage if wQmen KeWn abortions had to asked. debate. What thought had the the total number'- of people 

were to he a 5*JJ*®* cross the border because Mr. Leo Abse (Lab, Ponty- Government given to toe whole ?ra ployed showed - t a slight 

se in school me al char ges i n England and Scotland pool) said that this time be was question of criminal law develop- increase. 

U 1 P 3HV mmrovements ■-!*» im i *-!.« M <ifwn pi on ino rliffaroTltlu in flics turn loinc. RAnlWnrv 1UT** Wov Wiulrlan 


AUEW backs council fight 
on public sector enrbs 

BY ALAN PIKE, LABOUR CORRESPONDENT 

THE EXECUTIVE of the Amal- The council is looking to other minutes, when FBU leaders and 


and 


IP — w g vv ' vu — — — . 7 - * *-■ T« a- ® U FH V * *• «■ kamKi* l 6“ awppuii 1UA 1IA UUUMUIC, IUJ . IUCUL tilVLUS U1C UltTU 1U ULT ItTIIL 

^ wnc hv Mr Baridng) said during resumed Mr. Abse reminded MPs that Scottish Secretary, said the issue instances where rationalisation Labour-controlled South York- Hugh Scanlon, AUEW president, iucreases now and equatin’ of 

JhCTn w p nd debate on toe Scotland Bill that they were not just discussing an was not whether one supported and new investment in large- S bir e County Council against said yesterday that his executive earninss with skilled manual 

whn landed in assurance that abortio “ **** t0 ° sensitive * sub- administrative matter. ‘‘We are abortion or not. scale organisations led to a Te- app ij Ca tion of the pay guidelines would ask the TUC to raise the workers by November, 1979. 

toe GwSfedf S5d wS Sect to be dealt with in the way dealing ^tb the criminal law. “The issue is whether it will Auction in jobs. in ^ public aect0 r. issue with the Government and Fimires for military firefi-hiin- 

Swards to? elimination ,5 proposed. For the first time, we are realis- make sense or create a great “I think it Is fair to say that The council is seeking nation- would also take it up with 1 5S.SJS. toe ^ disDute 

tte m .MPs were debating an Opposi- ^ that we axe giving powers shambles of administration and the Labour Government has wide support for an attempt to AUEW-sponsored MPs. MiniSS ir 

mS Jackson told him she Uon moveon toe B^scMnptft ^ mezn you coudd have law if we have different laws on proved i much better custodian persuade toe Government to give south Yorkshire's decision Kefencevesterdav a Intel of 

mnidViJt *32? rta?7«*urance as tee ® ta * e to ren ? (rve health ser- induct which we regard as cri- abortion on both sides of the 0 f the national interest in these local authorities more freedom vras taken, to a laree extent as SF -.vEmnfi 

t las to? woS ?*** En S land not b0Tdttf - mallers our ^handling ^age negotiations 7?eSlt toe SSe^Site S'no taSSS ™ "SShSd 

‘ redueine thefaibsidv ° be devoWed t0 Scotland. bela g criminal in Scotland — "We could create a rather un- who were willing to give toe oil It is concerned about -the a s?nn n in7 

towards reducing (Lab. Miss Richardson said she was an dVt ce versa.” safe and unsavoury traffic in revenues away, not only to “inflexible” nature of the “d yesterday the AUEW agreed Wates. 5. <00 in Scotland and 

fi? cons&- very surprised at the Govern- - ^ Sse feared a consequence abortion," he warned. . British companies but also to Government's pay guidelines, to give £500 to the Fire Brigades ab ° ut 500 m Northern Ireland, 

of a further increase in proposals. TJe point was woul d ^ abort j OD clinics on one Dr. Maurice Miller (Lab. East multinational overseas com- which it believes Is impairing Union to help retieve hardship Most fire stations were 

ftharees TheShool welfare .whether it would be proper or Bide ^ ^ or the other Kilbride) said it would he for the Pawes," he claimed. con ?S e “? e „ m ‘“S., “ utbont ? operating normally yesterday. 

I torrice. built up over two genera- beneficial for Scotland and .the & j consequence of a difference Scottish people tn decide whether Mr. Eric Heifer (Lab., Walton) negoba 5f g „ procedures and The formal end to toe fire- but local problems ansing out 

IK rouTd be P Xoyeto n« of toe country to have pos- m the law^ they wanteda more liberal law or attacked Conservative proposals aggravating problems over men's dilute came, yesterday, of the strike continued in some 

If&Jad^n Stowe had wbly different abortion potides. “There are always people not fw using vStuaSy Suttenew oU diffenqtials. at a meeting lasting only seven areas. 

Jbeen a “ significant increase ” in Difficnlties had arisen in the ready to take advantage of toe Mr. Tam Dalyell (Lab. West wealth , on wholesale tax reduc- — 



children or singles them out" we now to create this kind of But abortion was only the tip conclusions. 

Noise Bai wins Ulster assurance by Premier 

first reading ■ 


Hospital ancillary staff 
to vote on 10% offer 


BY IVOR OWEN 


A BILL AIMED at providing * ™ ♦- 

additional local suftority ass ist- iodicsieu, toat one optic 

t ance to people whose homes are A FURTHER assurance to the asked Mr. Callaghan to reply to the people of Northern Ireland should be accorded high 
affected by motorway noise was ueoole of Ulster that they can toe recent statement by Mr. Jack will remain in toe UJK- as long was support for an en 
riven a formal first readine in , imnnrt fr^ m Lynch, toe Irish Premier, that as It is their desire to do so. placement policy to ci 

I S ColSS yeSiv l r Britain should now declare an Mr. Kilfedder said the people period when oil ran out 

f _ commons yeswruay. Britain for their desire to remain- 


industry and the development of to vote on 10% offer accept is% 

public expenditure needed to 11- 

••set onr people tack to work." by paulme Clark, labour stah* nay fjeal 

Reaffirming that Government Jr M »/ * 

° j AREA REPRESENTATIVES for But since this would amount By Nick Garnett, Labour Staff 

revenues would be made known nearly a quarter of a million hos- to an almost 30 per cent rise on 

j n .“' “e course, Mr. Callaghan pjjai ancillary workers will vote the present basic minimum for A LARGE part of British Air- 

indicated that one option whi to shortly on a pay offer believed ancillary workers, there seems ways 38,000 staff whose pay 

should oe accorded high priority to be strictly within the Govern- -tittle hone that swrh a tareet will settlement was due at the be- 


Airline men 
accept 15% 
pay deal 


By Nick Garnett, Labour Staff 
A LARGE part of British Air- 


i Its sponsor Mr Robin Hodgson Britain for their desire to interest in encouraging Irish of Ulster were determined that 

((i ^S ’Nl 'srid toat^dS in the UR was given by . the nmty. in no circumstances would they 

V/. toe Bill, local inhabitants would Prime Minister in the Commons The Prime Minister stated: be encompassed in the Irish 

, be eligible for help with noise yesterday. . ^ “ “There will be no departure ftom Republic. If Britain were ever 

^ insulation when -to level of The issue was raised . un- Government policy which, I to reject Ulster, toe people were 

““e rose above 68 decibels or expectedly by Mr. James -.believe, has received the support “resolutely determined to stand 


jnod when oil ran out Union negotiators 6aid yester- The claim comprises ten key line says is within Govern- 

day that the offer had been made demands which, apart from a sub- meat guidelines. 

_, _ ■. in response to a “ substantial " staotial rise in basic pay, include A mass meeting or toe 11,000 

rlCKGK Charged cla * m v,bicb ^ 001 y €t be€n provision for protection against engineering maintenance men, 

J VU1 o quantified. cost of tivion rises, consolidation whose strike last year over 


Government poUtar which. I ^ rej^ tJteter poua HAVE charged 500 H vSTS* because varying con, oftoe pa^ yel^ sutoS St r 

J^ e ^ termuied 10 StaDd people. . inriSng 2 E 08 for ^derations were Pnt forward by meuts, aVhour wlek and a call airiin" 

obstructing the police, in con- toe four unions on toe National for penalties on employers who 


cost of tiviog rises, consolidation whose, strike last year over 
of toe past two years’ supple- shift payments disrupted the 


i ivsc aouvc oo uetiueia tn /rrrr^ itn .7 rTT.'n’ 777,* Tr.'iT.T 7 — . neopte. Including 208 for siaerauuus were pur lorwaru oy meuis, a ao-nour wees ana a can airline, agreed to accept the 

\ the volume of traffic exceeded Kilfedder (UTJ Down N), who of both sides of the House, that on their own. obstructing the pSlice, in eon- 1 toe four unions on the National for penalties on employers who offer which is basically a 15 

\ 61,500 In an 18-hour period, nection with picketing at Grun- Health Service Ancillary Staffs have neglected to introduce bonus per cenL deal Including 5 per 

i He added: “Anything this rrif T|«ll “1' * TT J wick since June 13, 1977, Home Council — the National Union of schemes. eent. for productivity. 

House can do Will only be second I hATT Kl II lin AIHlAGAn 111 I .AVIIC Office Under Secretary Dr. Public Employees, toe Transport A settlement for toe ancillary Clerical, administrative and 

Best because people do not want 1 IlCI 1, MJmAM. - Uliy 11 K/XM. Ill JJvl UkJ Shirley Summerskill, said in a and General Workers Union, the workers will affect pay senior staff, ramp workers and 

tneir houses turned into double ~ M. M. Commons written reply yester- General and Municipal Workers negotiations for a number of flight engineering officers have 

fSfKffS THE DRIVER who -motors aww U, - ^owioh, Mioito of *■« 1o move to day. . SSSM ZfoylT* ffifi 

^ ^ ^£™4aT^'CiinmialLaw Se SSi nirming away fren a , . Negotiators in NUPB have been aoi} clencal workera and 10,000 have ag reS to the deal al- 

IlSLSffw-jS 1 5uSered fa™ paying for ^ ^ »^e diner ° ^ J PM’t tour COSt de™"ding progress towarda the maintenaoee workers for settle- thonah their decision has sUU 

If motorway . noiae. - who leaves a teaUunmt wlthoul- ^^ oi thialdid oOTired. TJoSer the^ law at present * CU31 £50 minimum wage whtch the ment lit April, and 18,000 to he ratified. 

I* paying, may come up against a 0 j offence contained in the 1968 “in some cases, -the man who ran THE PRIME MINISTER’S visit umon has been campaigning for ambulance workers, due for a rise Talks with technical 

i A Jtnro nlannni) more cJeariy-defined law in toe Theft Act needed to be replaced, out, could get off scot-free,” said to South-east Asia and Egypt cost over toe past two years. from January L engineers, ground service 

f/. -exit Vice UlalUlcU future. ■ ■ — Lord Harris said the Bill would Lord Harris. an estimated £60,000, Mr. — staff and some supervisory and 

■ The Theft Bill, which was cover cases where someone' pre- He added “The Government Callaghan said in a Commons -» m « *•■» . technical workers are contlnu- 

un discipline .- given an. nnopposed second read- tended to he wealthier than, he considers it -will deal effectively written reply. He was accom- I nllro All lAh 11 AVI 111 111 V ing and the airline is confident 

uno Mlll . ingAn toe Lords yesterday “more was and obtained services he was and comprehensively with an panted by 21 staff and gave out A UlUtJ UU |UU U will reach agreement soon. 

autiL SHIRLEY WILLIAMS, c i ear iy defines the scope of the. unable to pay for and the tenant extremely complicated aspect of presents including china, prints New shift pay allowances 

^rotary, said in. the 0 ff e nce« In question.” said X«rd who lied to avoid paying rent and the criminal law.” and books, . BY OUR SOUTH SHIELDS CORRESPONDENT ranging up to £23 a week, 

commons yesterday that she . which were negotiated during 

pro^se^^dLnSSS 00 n a j T ' T*«ll 11 TALKS ON FRIDAY in New- toe boilermakers back to normal !&*&***+ 

iJSsaSs-jrs State Immimity Bill approved by peers 

SioiriSSeteS*^ SoS . ^ : MMMk trir* v •/ r a Job flexibility agreemlnL A resolved. A hard bargaining "P “F 1 *^ ft 

cords p . a ? ti ij u, srt3 r ^wrasful re- Peers yesterday -gave an - un- Britain- got the worst of both ing agreements between foreign Lord Denning, Master of the bSlde^wUl ^^orto^to meS Se rhe D boneraa£ e]y voted on arrangements says^the 

opposed second reading to a Bin '.worlds. . States and individuals toe same Rolls, .said he had toe gravest boilermakers ri>ted.on prod ^f hrit ™yments vittbl 

It ^te^noflmarible'toftovorce te restrict the immunity which The BUI would bring Britain ^toosebe tween two individuals. ““J*) 7 ™ 8 ? -SjJJJ i? 1 ® ®* 11 * 11 secretary of the Boilermakers’ ay 0 end tbeir Hexibili^ made from the end of March 
WS sovereign Stetes can claim from Into line witootoe? sStes who ™JWI ™ 8cn3lble SSi! other officials, ^“t^rrow and -if improved productivity Is 

toerelatio^ip bXS schSS too hiSdiction of dvi! coorts Sfere members of the European ^ w«, ” y “- * ? f *?*; “ d shop-stewards. . ^ _ revert to toe one^an^ne-job forthcoming.” 

and parents. Where schools had ?-*>«,„« i« - in thi» ukl Convention on State immunity. Lord Gardiner, a former The nm did nothing to deal i t is likely that the Swan system because of the narrowing — 

good relationships with parents. an Z. ^_7 “ 1W - oimosltinn suokesman Labour Lord Chancellor, critic- Wes who now Hunter management will be of pay differentials with out- Riie chpltprc 

it was much easier to adopt sue- The - Lord (^cetior Lord oppootion rookpanan traded through . orsamsations represented and among the fitters. DU& MieilCrS 


^ nection with picketing at Grun- Health Service Ancillary Staffs have neglected to introduce bonus per cenL deal tn eluding 5 per 

this rriv . Vfc*H. J' * TT Wick since June 13, 1977, Home Council — the National Union of schemes. rent, for productivity, 

ttcond I || AT | Kl 1 1 - 11H Aflll AC All I ,111*11 V Office Under Secretary Dr. Public Employees, toe Transport A settlement for the ancillary Clerical, administrative and 

twant B H CI1 M-MMJLm. Lff LffVPv3 V/AB JLBJI iMvlUiJ Shirley Summerskill, said In a and General Workers Union, the workers will affect pay senior staff, ramp workers and 

louble A- Commons written reply yestei^ General and Municipaj Workers negotiations for a number of flight engineering officers have 

«■ DMV ™ of a“a d t to pl ““ 10 moTe 40 ■ w” “ gS55f“ ° f uMtaTHn.'ESlSSS 

law The man rod" nw ta. a m .«. ' * VS™ & SM? 5*™ = * S* .* 


Health Service Employees. 


including 65,000 administrative representing air cabin crews 




ambulance workers, due for . 
from January L 




State Immunity Bill approved by peers 


Talks on job flexibility 

BY OUR SOUTH SH1H-DS CORRESPONDENT 

TALKS ON FRIDAY in New- toe boilermakers back to normal 
castle will try to get Swan working while the long-standing 
Hunter boilermakers to agree to pay parity row with outfitrters is 
a job flexibility agreement A resolved. A hard bargaining 


shoes reianonsmps wmr parents, __ - - ofinnrittrm RnotP«mnn x-aoour i^oru uaancenor, cnae- 

tU '?- Blessed d£»ia (or «d (te IM tjtt tb. BUl» 0 »ia «£ r d Bir < 

MrTNS^m ^ ^jSlSltevas,-unaSe to a^iinmimity when fP® e tom of Jetton had only o>me tan L 1 ”®!* 16 ® « said L«wd Denning, 
shadow Education Secretary, we are sued in foreign courts, p**® 1518 writer from the Lord Chancellor, in any case, he ai 

said discioline • could, not be but persons in this Country, with increase in state activities, it was another example of. toe very unwise- to deal 


Talks with technical 
engineers, ground service 
staff and some supervisory and 
technical workers are continu- 
ing and the airline is confident 
It will reach agreement soon. 

New shift pay allowances 
ranging up to £23 a week, 
which were negotiated daring 
and after the engineers’ strike, 
are included within the overall 
15 per cent. 

The airline, which has been 
seeking increased flexibility in 
working arrangements says the 
productivity payments will be 
made from the end of March 
“ if improved productivity is 
forthcoming.” 

Bus shelters 


shadow •; E&tiSn * - « ™«dta .foreign h«n^made ^dent by toe order .from toe Lord Clumcellor. In any-case, if added, it was 3Gf ex^uti^e ofBritish SUpT tktZT if toe^ TcEakers Tn Srof busstop shelter 

, raid discipline could, not be but persons in this Country, vrfto Increase in State activities. It was another example of. toe very unwise- to deal with inters builders, will be there- their present mood ^re to be Nearly 800 wiU be mit un 

jtf divorced from moral and religi- a dalm , against foreign States, it was fair and equitable but transfer of power from. Farlla- national law by, legislation such The Corporation, management persuaded to resume their flexi- year at a cost of £500 Don 
oas education in 'school^ . - . - o» ^ deprived - of a remed?!” there should be some rules mak- meat ; to the executive. .... ... as this in,-.- one, country, . . and- union are anxious to get bQity working. another 4,000 by the end' of 





Poll 

majj 

Most ci 
fake P : 


>niitic* 

iccepts 

'port. 

US'? V 
ublic. 
:r: i»ff 
;rnjn 

Pan.* 8 


-OS'? 

\tt3 


U-rt; 

or. 
Hen 
ler 
.:on 
• anr 

fiimior 
*=fcjrp|j 
T.mk r 
rcprosi 


SLosi 


'a* 






’! r 
f'lnu 


rl-.-ht 
£ 1 .3? 
«IOMl 

r 

i.iar' 




T'll 




v. Mi 

TV 

hull 


El 


S vi 
In r 

1ll?f 

Tor 

ml* 


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fl r *i 

ho* 

IV 


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fi: 

lit 

da 


IH 


ir 


Financial Times Wednesday January 18 1978 


1 


EDITED BY ARTHUR BENWETTAWD TED SCH0ETSRS 




• COMPONENTS 


Moving towards a 



GENE 


or 


Mrs. In 
Indian 
a Delhi 
*•» trsti 
Shah < 
relating 
air. .1 
trial wl 
• o maki 
ssiid. it 
.'■ecrecy 
came P 
If coi 
miprisi 
fine nf 
■Vagc 4 


CUTTIMG through the welter of 
standards still prevailing in 
Europe for pneumatic and 
hydraulic equipment, Ccnnpatr 
Maxaiu is bringing into the U.K. 
market a scries of sub-base 
mounted pneumatic valves the 
company’s French subsidiary is 
making bo ISO standard specifica- 
tions. 

These will eventually super- 
sede the CETOP standards used 
in many parts of Europe us well 
as France's ONOMU and West 
Germany's DIN standards; the 
new product is though: to be 
the first of its kind offered to 
U.K. users and meeting ISO 
committee recommendations. 

At the same time. Com pair 
Max am has brought out a series 
of metric spool valves to port 
thread BS 2779 which is the ISO 
R228 standard. 

The introdiictinn of this series 
follows a lenelhy market re- 
search operation which wadfsel 


up lo 

c..iiu: 


in-Lno 

vaivi 

•2 s 

pneumjiie c 


Tli i> 

•V t> P 1 

'.■S . Ii ■ 

size, 

re *T 1 

. 1 *» . 

range 

includes l 

way. 

two- 

and 

\‘j l . 

. The 

fall r 

t.J \-.ii 

■ia nii- 

i-; a.'- 

i i [ ; 

11 fellow --i 

sprin-J 



All 

111* v: 

n. ; 

hCTlVi 

have 

ni;e;r 


i he European 


. and Cl A and the 


pressure* >u 10 bar and cover 
lh.* i -.ui pei lui <_■ range minus 20 
in plus t'O degrees t'. 

Tin.* French -■■•:Upany f Climax. 
France i has '.ilh‘d its units the 
Isuoiax series - md is providing 
lhro»- 'ivies ■ •n four sub- bases. 
They are available as pressure 
or suleiioiii-.in-r.ih'd units ond 
they c-n he to r-xisiinc 

sub-ba-e niuunttn^s to CNO.MO. 
CETOP and PI'-’ standard*. 

Ouimair Mj". , Ii!. Camborne. 
Cornwall. 02i-H 712750. 


The U.K. company told the 
Financial Times that it wanted to 
secure the company’s future in 
the “ mobile ” hydraulics field 
i systems for earth moving plant, 
etc.! and to this end is interested 
in the acquisition of U.K. com- 
panies making “mobile" hyd- 
raulic equipment. Investment 
funds were stated to be Tio prob- 
lem. The company estimates the 
potential U.K. market in this 
field to he £50m./year, and is 
aiming for a substantial propor- 
tion «'f this sector. 

On the industrial side, such as 
plastics machinery. machine 
funis, compactors, die casters, 
etc., the group reckons to be 
wvl! established, saving that, for 
example, its equipment is on 
some 30 per cent, nf the 
hydraulically operated machine 
tools made in Europe. 

The company claims that the 
hydraulic equipment market is 
expanding rapidly, for example 
there is " a 1ft per cent./year 
growth in the use of slow speed 
hydraulic motors fused to drive 
concrete mixers and similar 
heavy plant), and that despite 
the competition from electronics, 
hydraulic control devices are 
holding their own. especially on 
machine tools. 

Mure from Rexrnth on 04S0 
TSJWl. TONY FRANCE 


pipework 

This simplifies maintenance 
and reduces installation costs. 

Linde has extensively tested 
the B-series transmission and 
installed it on the company's 
197S range of diesel forklifts. 

Apart from its modularity, the 
system has high power to welsh t 
ratio 3nd is compact. It provides 
a power take-off which can he 
used, for example, for steering 
purposes. 

Output drive from the variable 
displacement unit ie stepless hut 
the motor is available as a two* 
sten design iT required. 

More from Linde Hvdraulirs at 
Nuffield Wav. Abingdon. Oxford- 
shire. 0N14 1KJ. 0235 22S28. 


• HANDLING 

Warehouse forklifts 


TWO ELECTRIC lift trucks, with 
capacities of 11 and li tons, 
have been added to the Clark 
range. Maximum lift height is 
4.8 metres for both machines, at 
a laden lift speed of 310mm/ 
second. 

Rightangle stack 'Is 3 metres, 
giving easy manoeuvrability in 
confined spaces. Available with 
cither pneumatic or cushion 
tyres, the trucks have a wheel- 
base of 1220 .mm. Both travel at 
11 k-p.h. loaded, and 12.5 kph. 
unloaded. 


Noise generated by the hydrau- 
lic circuit is above 4000 Ha, 
which, according to the maker, 
is less disturbing to the human 
ear than the usual hydraulic 
noise. 

Hydrostatic power steering Is 
stan'dard, and the trucks have a 
two-motor transmission said to 
offer power saving, plus reduced 
turning radius and less tyre wear. 

Details from Clarion Mechani- 
cal Holdings, 26 Park Circus, 
Glasgow G3 6AP (041-332 6365). 


• RESEARCH 

Technology 
of mixing 


Wide range 

temperature 

sensors 


0 HEATING 

Matches the weather 


Hydrostatic 


Hydraulics expansion 


SUBSTANTIAL INVESTMENT 
in its U.K. subsidiary cum ponies 
is planned by G. L. Rexroth. the 
West German hydraulics croup 
(itself a Mnnnesniann subsi- 
diary i. Last year's U.K. turnover 
exceeded £5m 

The group acquired Carron 
Hydraulics. Kirkcaldy, which 
makes slow speed hydraulic 
motora and winches, in 197fi. 
Plans arc in hand to launch a 
new hydraulic winch shortly, and 
the group is investing in an ex- 
pansion of both ihe Kirkcaldy 
site, and the Rexroth factory at 
Si. Neots. Caruhs. 

First phase of the extension 
of the Carron plant should be 
completed this year, and the 
group is lonkinc for adjacent 


space at Si. Neuis to double the 
present factory size of some 
50.000 square fOOL 

Invest men i is currently run- 
ning at about E'.m./year and is 
expected to continue at this level 
for the next five years. 

Total turnover for the Rexroth 
group last year was £220m„ 
which makes it by far the largest 
oil hydraulics group in Western 
Eurnpe. 

A new range of CETOP control 
valves and a complementary 
range of pressure compensated 
vane and axial piston pumps 
have just been hunched by the 
U.K. company, which now plans 
In start production nf hydraulic 
cylinders iai present imported 
from Ge-monvi. 


HEAVY DUTY vehicles such as 
rollers and wheeled and crawler 
shovels are the main targets for 
a new hydrostatic transmission 
series to he launched officially 
hy Linde Hydraulics at this year's 
Iphex Exhibition, which will be 
held at the Birmingham Exhibi- 
tion Centre from March 13 to 17. 

One of the aspects of the new 
desim is a variable displacement 
swash-plate (wohhling plate) 
pump with either fixed or 
variable bent axis motors. 

This design combination allows 
the transmission engineer to 
select from many options in 
terms of speed, power and 
torque. And the layout follows 
the current general trend to 
modularity, reducing the number 
nf external components and the 


PLATINUM resistance tempera- 
ture detectors, covering the 
range from —220 to +800 deg.C. 
have been developed by Sensing 
Devices. 97 Tithebam Road. 
Southport. Merseyside PRS 6AG 
(0704 35739 J. 

Mounted in ceramic bodies, 
and made to a close tolerance 
{ ± 0.013 mm.) to ensure inter- 
changeability. they are said to 
cost the same as glass-encapsu- 
lated detectors but provide 
superior performance. 

When subjected to repeated 
thermal shocks, the maker says 
the detectors continue to be 
highly stable because they are 
free from mechanical strain. 
Among them is a device for sur- 
face temperature measurements 
and this is 4ram. Ions by 5mm. 
diameter. It is particularl;- 
suited. when sheathed, for use 
in plastics moulding/extrusion 
machines. 

There are three -general pur- 
pose detectors — 30 x 4mm. 
diameter to fit a 5mm. outside 
diameter sheath; and two 5mm. 
diameter devices which are 15 
and 30mm. long. 

All four units have platinum 
leads for ease of welding, and 
conform to BS1 904: 2 B64 and DIM 
43760, as well as U.S. and 
Japanese specifications. 


TWO CONTROL systems for use 
with all types of heating, 
ventilating and air conditioning 
installations in intermittently 
heated buildings have been 
launched by Landis and Gjrr. 

The Micromiser incorporates a 
micro-processor, requires no 
calibration or maintenance, and 
is believed to be the- first fully 
computerised optimum start con- 
trol system. 

The unit is connected to an 
outside and one or more inside 
detectors, and, of course, to the 1 
heating system. It insures that 
the temperature in the building 
is optimum when staff comes in, 
kept at that level during the 


working day. and shut down for 
the night. A set-back control puts 
on low level heating if the tem- 
perature falls below freezing at 
night. 

If weather conditions provide 
sufficient warmth for the build- 
ing during the day the heating 
is automatically shut down. 

In addition, a new version of 
the Sigmagyr boiler control has 
been introduced, which can be 
used on its own or in conjunction 
with the Micromiser. 

The maker, at Victoria Road, 
North Acton, London W3 6XS 
(01-993 0611). says that fuel 
savings of at least 10 per cent .J 
year can be achieved. 


AN investigation of -the. fluid 
dynamics -of mixing technology 
is ia progress at the British 
Hydromechanics Research Associ- 
ation. . 

Present work Is concentrated 
on mechanical agitation, and 
test facilities include a large 
(Lg metres diameter) fully 
Instrumented research vesseL 
Two main problems are being 
examined — -gas dispersion and 
mass transfer; and fiiiid loadings 
on the vessel and the equipment 
It. may contain. 

Accurate prediction of mass 
transfer rates and power inputs 
for gas/liquid systems Is of 
great industrial importance, for 
example, in fermentation tech- 
nology. 

Fluid loading . predictions 
become Important 'as vessel size- 
increases, because the rigidity of 
the vessels, agitator shafts, etc., 


SOLVES 

YOUR 

IRON CASTINGS 
PROBLEMS 


ALVECHURCH - BIRMINGHAM 
Telephone Bedditch 66414 
Telex 337125 


• MACHINE TOOLS 

Small batch turning 


C MATERIALS 

Skateboard rink surface 


A POLYMER surfacing material 
for skateboard rinks has been 
introduced ■ 

Called Pradorfaond Surface 
Screed, it is stated to be tough 
and durable, to withstand 
abrasion and impact, and to be 
water, oil and slip resistant It 
provides a dust-free, non-drag, 
jointless surface, which reduces 
“ traffic " noise and has a high 
resistance to frost. 

The material will adhere to a 


variety of substrates, including 
concrete, bricks, stone, timber, 
metal, etc. It can also be used 
to fill, level and bond uneven 
surfaces. It can be applied as 
a 12 mm surface screed for new 
applications, or as a 12 mm re- 
surfacing screed for existing 
areas. 

Details from Prodonite, Eagle 
Works, Wednesbury, West 
Midlands WSIO 7LT (021-556 
1821). 


required when changing produc- jjg mm. TaUstock movement is 
tio a runs, minimising unproduo- hydraulically controlled over 
tive tune, 230 mm . and the machine can 

Indexing time is three seconds carry out threading and deep 
for one revolution of the turret, drilling. 

and the slides are driven in both Marketing in the U.K. is by 
axes by separate 1.6 kW DC Stanton Machine Tools, Caxton 
motors. Feeds are programmable Way, Holywell Industrial Estate. 
In the range 0-01 to 49J5 mm/rev: Watford, Herts* - WD1 8UA 
Rapid traverse is 4 and S metres/ (Watford 35333). 



ROUP 


Mining companies' reports — Quarter ended 31 December 1977 


All companies mentioned are incorporated in the Republic of South Africa. 

All financial figures, except those far the financial year of Loraine Gold Minas, 
Limited, are unaudited. 

Rate of exchange on 31 December 1977 R1 = £0,59. £1 = R1.67. 

Development results given are the actual sampling results. No allowance has been 
made for adjustments necessary in the valuation of the corresponding ore reserves. 
Shareholders requiring copies of these reports regularly each quarter, should write 
to the Secretaries, Anglo-Transvaal Trustees Limited, 295 Regent Street, London, 
W1 R 8ST. 



Prieska Copper Mines 
(Proprietary) Ltd. 

Issued capital 54 000 <000 shares oi 5u cams each 




Quarter 

Quarter 

G months 



ended 

ended 

ended 



31 Dec. 

30 Sopr. 

31 Dec. 

Operating results 


1977 

1977 

1977 

Ore milled 

. 1 

760 000 

783 000 

1 543 000 

Concentrates produced 
Copper 

. t 

34 303 

29 425 

64 228 

2inc 

. 1 

36 736 

34i>57 

73 653 

Concentrates despatched 
Coppi-r 

. t 

45 071 

21 444 

66 515 

2tnc 

. t 

3! £W9 

2S645 

6C 634 

Financial results 


RCOO 

R000 

ROQO 

Doeming prom . ...... 


3 329 

JS3 

3 503 

Non-mining mconie ..... 

■ ■ 

21 2 

156 

363 



3 532 

339 

3 871 

Interest paid and olher expenses 

• m 

593 

702 

1 295 

Nei piolil 

• • 

2 929 

<363; 

2 576 

Loan repayment 


1 34 3 

47 

1 390 

Capital expenditure 

• • 

71S 

SC-J 

1 52 2 



2 061 

851 

2912 

Development 

Advanced 

. m 

7 006 

7 43 j 

14 439 


Hartebeestfontein 
Gold Mining Co. Ltd. 

Issued capital 1 1 200 000 sham of RI each 
Planned operations for year ending 30 June 1970 


Ora milled: 2 900 000 1 
Ytokj : 11.0 a/t 


Operating results 
Gold 


Quarter 
ended 
31 Dec. 
1977 


Quarter 
ended 
30 Sept. 
1977 


6 months 
ended 
31 Dec. 
1977 


Consolidated Murchison Ltd. — continued 


Financial 

The revenue tram the sals el antimony co n centr a tes brought into account each quarter 
is based an actual shipments mads, which can vary considerably from quarter to quarter. 


Gold recovered . 



8 225.28 

8 535 38 

Yield 


11.1 

11.0 

Revenue .... 

. . . . R/t milled 

54,64 

45,15 

Costs ..... 

. . . -R/t milled 

30.96 

28,44 

Profit 

. . . .R/t milled 

23.68 

16.71 

Revenue .... 

ROOO 

40 487 

35 037 

Cosis 

ROOO 

22 944 

22 072 

Profit 

ROOO 

17 543 

12 965 

Uranium oxide 

Pulp treated . . 


741 000 

77G 000 

Oxide produced . 


93 520 

90 440 

Yield 


ft!3 

0.12 

Financial results 

Working pr° r| i — flofd mining .... 

ROOO 
17 643 

ROOO 
12 965 

Loss uom sales ol 
pvnte 

uranium oxide and 

163 

(2 313; 


1517 000 
16 760,56 
11,0 
49.7S 
29.67 
20.11 
75 524 
45 016 
30 503 


1 517 0C0 
159 960 
0.13 


Dividend 

Final dividend No. 66 of 10 cents per share wes declared in December 1977 and ii 
payable in February 1 978, making a total of 30 cants for the finamaal year. 


Capital expenditure 
Outstanding commitments at 31 December 1977 am estimated at R75000 (30 
September 1977: Ii 169 000). 


Loraine Gold Mines, Ltd. 


Issued capital IS 366 986 shares of fi 1 each 

I 

ROOD i Planned operations for year ending 30 September 1978 

Ore milled: 1 300 000 1 
Yield : 6,5 g/t 


30 508 


Hen-mining income . 


Finances 

Dcspilci'fiS. which vary Item quarter 10 oua-ier. At* brought m f.cnu/jl ar their 
estimated receivable value. Operating pint uka. m:c account adiuy.menis ioilomng i Interest paid 
final price determinations on despatch®; m iov dume: previous tj v— :r,. 

Yhe Company has arranged with United Siotms ■>:o-.-l Corpcranoi • 'U.S Steel"! and 
Anglo-Transvaal ConsoJicaied In--rsirn<*ni Company. Lm.iied i AnslotW'i th.ii iho 
loan instalments (51 545 241 and BIO OCOies.aecdael.r that win. c:, . <j.< It December 
137? be deterred io SI March 1973. ;t to <i Sw-mg nn-'i <• i n.-en ueb 
instalments io Holes lepavaol* 1 98 j 1 -.hich would L-i v.o si. -r-.e 
basis as tfie e/sting Notes. Fnnhnmor* . ■: ,V: n.sm ■ t*eios-?o -••••-• <i --.uid then 
advance additional I undo to the C omoanv n itv; p-opu<iion 50.1 i :*■ -Jo 1 6 io :he L' t'.. 

Slecl deferred loan ins>almcni against ii™ '. s u« :o i; et similar .'louv . "eel-. V.v.vstcrs- 
nmd t Western Areas) Limned will coninL'uw us share ol such iicio:':<.n-ii i si ids. 


263 


757 


(2155) 
1 110 


17 743 
52 


15040 

15 


33 753 
57 


Profit before taxation and S la la's share 

ol pioti: ... 

Ta>aunn and Stale's share ol profit 


17 691 
8 238 


16 025 
? 9S8 


33 716 
16 276 


PitJil alter :a anon and State's share of 
prot.t 


9 403 


8 037 


17 440 


Taxation 

No u/jnon was parable as tho Company has an ascsssed io -s 


Capital expenditure 

Outstanding commitments ai 31 Dernmuar 197" 
Septembei 1 977 : 8779 0L't)|. 


are cslim.ifed ,i R'04 000 <30 


uapitai S'p-.nduuie . 
Lisjn r-pa-iTiinis 
Dr idviio 


3 535 
69 
8 400 


2 462 
67 


State loan levy. 


11 529 


Eastern Transvaal 
Consolidated Mines, Ltd. 

lasucd capital 4 31 6 678 shafts o! 50 c«i|> 

Planned operations lor year ending 10 June 1378 


cm 


Ore milled : 336 000 t 
Yield : 6,4 git 


Development 

Advanced 

Sampling results on .’aal reef: 

3anw*ivd 

Cnannvi v.idih 

Cn Annul ,-ilue — gold. . . . 

. . . cm. e,t 
— uranium oride kij.t 
cm. kg/: 

Dividend 

Irttenm dindend No. 44 of 75 cents per share was declared in Decerr->er 
paraoie ip Fi-biuar, i??S. 


2186 
51 
31.5 
1 614 
0.4 T 
24.16 




14 533 


699 


23 013 


2 3S6 
51 
32.5 
1 668 
0.51 
26.28 


977 and is 


Operating results 
Gold 

Ore milled . . . . 

Gold recovered . . 

Yield 

Revenue 

CcfcLS 

Proht 

Re. onus . . . . 

Costs 

Piulit 

Financial results 


Non-mining income 


Prospecting 


Proiit b'-lore tuiaiion 
Tor anon 


Prnlil alioi [aniiion 



Quarter 

Qua -tor 

S months 


ended 

ond a i 

ond jd 


31 D-r.. 

3C 3 du . 

31 Dsc. 


1577 

1977 

1977 

, 

?*' iyy 

87- -50 

1 70 00-7 

, . , 

5 is, 72 

54 V 

1 065 'XI 

n; z 

5.5 

r.,S 

6.4 

. S,-[ mil lid 


2 •- 

o “-.2 

.R. : t nt-H-'d 

1 7.7'J 

’.--.iO 

17.29 

.Pit milled 

* 2*^6 

7.7:i 

10.03 

. . RVj 

2 5.1-5 

: ■■ . 5 

4 C-45 

, . ROjO 

1 475 

7 4o1 

2 

. . R|>W 

1 032 

r. .4 

T 706 


ROOO 

R‘700 

ROOO 


; ^ n 

•^7 • 

1 706 

rnpvrauonsi 

63 

06 

99 


1 '.195 

7 ■ 

1 805 



tL 

c ' 


1 >U5 


1 713 



__ ” 

543 


■::n 


t- 5 


Capital sxpqnditure 
Ciipi'.sl e»ccndiiur9 lor me year ending 23 June 197S is eslin aied -i: =f 
Outsr.inding commiimcnis a; 31 DECSmaar 197? are eiumaied a: R7 = 
S< plumber 1977: R 1 0 095 000/ . 


15000 000. 
5 5 000 1 30 


Operating results 


Quarter 
ended 
3! Dec. 
1977 

Quarter 
ended 
30 Sept. 
1977 

Financial 
year ended 
30 Sept. 
1977 

Gold 

Ore milted .... 


319 000 

323000 

1 234 000 

Gold recovered . . 

..... kg 

1 941.42 

2 028.36 

8264,67 

Yield ...... 

g/i 

6.1 

6.3 

6.7 

Revenue ..... 

. . .R/t milled 

31.45 

26,63 

25.58 

Costs rn m » m m m 

. . , R/t milled 

31.12 

28,81 

27.25 

Profit ...... 

. . .R/t milted 

0,33 

(2.17) 

(1.57) 

Revenue ..... 

.... ROOO 

10 034 

8 603 

31 896 

Costs 

.... ROOO 

9 928 

9305 

33 632 

Profit 

.... ROOO 

106 

(702) 

(1 936) 

Financial results 


ROOO 

ROOO 

ROOO 

Working profit — gold mining .... 

106 

(702) 

(1 836) 

Slate assistance . . 


689 

1 288 

4 277 

Profit from sales ol uranium oxide and 
pyr'ia 

47 

' 88 

221 

Non-mining income 


98 

125 

421 



341} 

777 

2933 

Siores adjustment, employee service 
benefits and grassing ol mine dumps . . 

— 

384 

384 

Profit 


940 

393 

2 549 

Capital c.ipcnd'ture . 


(1291* 

599 

2 513 


"Credfr arises from sale of redundant plant and equipment. 


Development 
Advanced . . 


Consolidated Murchison Ltd. 


Sampling results: 
j 'E-reef 
: Sampled . . , , 
J Channel width 
; Channel value , . 


■ cm 
- git 
envgrt 


I sued capital 4 isq 000 shares of 10 cents each 


Operating results 

On mill'd t 

A r.inionv concer.traica plus sobered o<* 

i' IQ&UCCQ ... I 

Ani iMin i-.onccr.lriies plus ccaoed ore 
snipped . I 


Quarter 
ended 
31 Dec. 

7977 
170 SCO 


Quarter 
ended 
30 Sept. 
7977 
1 5? 5'v 


Financial I 
sear I 
ended j 
31 Dec. • 
1977 


Basal reef 
Sampled . . . 
Chorine! width 
Channel value , 


. . m 
. cm 
. g/t 
cm.g/t 


Capxal e.b'.’nditure 
Divicend .... 


Filler..: iol results 
5 ilvi r>\ .ir Ti'.j •. . c-'ricv.-iral--. Ijss 

r- ^ 1 . .. :>.>n : 

Gold .ii-i' .•'•:! i.lv - . ....... 

Sl "'O’ iim' unc iricf.r** 


4 420 
2 956 
R000 


6 TfO 
4 ~65 
r.ooo 


671 900 ; 
79S25 
16 391 | 
ROOD i 


Els burg reefs 
Sampled . . , 
Channel width 
Channel value , 


. cm 
. g/t 
em-g/t 


4 a-' 


If. 499 ! 
511 j 
67 ( 


Total — all reels 
Sampled . . . 
Channel width 
Channel value . 


. cm 
. g/t 
cm.g/t 


Side loan |nvy. 


115 


1-077 
1 - 237 


3 319 

3771 

12926 

134 

no 

438 

62 

43 

50 

24.4 

8J> 

21.9 

1 509 

353 

1 086 

328 

416 

1 204 

ia 

9 

9 

73.1 

67.0 

64,8 

783 

897 

607 

230 

292 

1314 

103 

177 

774 

1 3.6 

7.0 

8.7 

1 405 

818 

990 

752 

818 

2 966 

55 

52 

62 

20.9 

12.4 

13,7 

1 152 

643 

848 


Development 
Advanced . . 
Sampling te;ul1i: 
Sampled 


T 4i.'I 


V.’prl • •■J IC.--1 

<• s.‘ le ; ■ .".aid 

*hurg..-_ ,iip j;>- ^rr.« re-a:r a»d 


>L 540/ 
214 


Taxation 

No taxaiion ar Stale's share ol prahi was payable as the Company has assessed losses. 


Channel width 
Channel value ■ 


r ;.i 
i :■-?• 


1 C-4 
7 71 


.litcd TjH" 


Cold f,7n ?- 


..... cm 

P'f 

.... cmp. r 

State assistance 

The Company ram.niv. dJivl'Od as an 
Assrs ranee Act 1968. 

Dividend 

Interim d'rfidentl No. 55 of 10 rents P^ r 
payable m Februarv 1 978. 

Capital expenditure 

Capital cxpeptlhure tar tho YW •ndhtg 30 Jun- 1 971 h . 

Outstanding comnutmonts at 31 DBCamber 1577 are vst m .i .a a , R3Q000 (30 
977: 859000). 


r, dcc.ir-.-d 


ri r 1977 ana is 


P.65‘3 000. 


>ir.1i • r Jr.-n'in-ng ir, io.T.c 

- 

- 

374 

Pr3:o-:s;n-3 end r-i-es-igito-.s ... 

5f0 

■ V 

iC-3r'., 

1.T 

» 3 428; 
130 

Lr.-, tKlcit ta-ation 

Tj .ji on 

55.1 
1 »25) 

iSN; 

I3 29S) 
332 

LC«Li ‘.Valflfln •rnmmmmmm 



12 906) 

C.-ri-i 1 -•rwndiiure . 

415 

:-53 

2 002 
> 248 




3 2 BO 

State loan levy. ......... 

t55» 

40 

46 


Capital oxpandinire 

Capital oTpenditure for the year ending 30 September 1978 is estimated at RT 100 000. 


Outstanding commitments at 31 December 1977 are estimated at R60000 (30 
laepismorr 1377: R57 000). 


These reports haw bean approved by ihe directors of iho respaedva companies and in 
each case have boen signed on their behalf by two of the directors. 


IB January 1978. 


• DATA PROCESSING 

Long-range diagnostics 


BOTH AMDAHL and IBM at the 
big end of tbe computer market 
hare been talking about on-line 
diagnostics of computer mis- 
behaviour for some time. 

Now BSI (Basic Timesharing 
Inc.) is applying the same ideas 
to help users— and. its own 
national organ isations-r-to solve 
hiccups themselves. 

The company supplies- equip- 
ment which it has selected for 
good performance, which is 
essential when it is remembered 
that the systems it builds are 
intended for users who wisb to 


share computer power between 
many (eight to 40)- operatives. 


That it has succeeded is ; borne 
ont "fcv a recent Datapro UJ5. 
survey which returned up tiroes 
of about 99.8 per cent, trans^ 
lated Eor some users as 11 years* 
operations without a breakdown. 

BSI chose this week to make 
a 'major launch into the U.K 
and European markets. 

It has a base of some 750 
systems in North America— and 
ten in Britain— ptuctleally. all t»f- 


these being time-sharing cora- 


uter units based on Hewlett- 
'ackard central computers but 
with a . large amount of hard- 
ware and interfaces and the 
operating systems designed by 
BSI. ; 

What, the company claims Is 
that it has made the going 


easier for computer bureaus who 
want to move into time-sharing 
at low cost for in-house 
managers who want to have their 
own real-time equipment, and, 
interestingly. for systems 
developers - who come up with a 
piece of interesting shareable 
software on which they want to 
capitalise. 

Even more exciting is the fact 
that the company will give ex- 
tensive training to user staff so 
that, if anything should go 
wrong, centrally located main- 
tenance experts can give advice 
over tbe telephone, which is also 
connected into the computer 
system. • 

This means they could tell the 
site manager to carry out certain 
diagnostic tasks on the system, 
reporting back what transpires, 
and almost immediately tell , him 
what is wrong and put the appro- 
priate module on to a van for 
prompt delivery. The company 
will supply enough specialist 
equipment with the computing 
system to- allow site staff to In- 
stall most if not all modules. 

Replacement of these has 
been made easy and, in fact BSI 
has done mast of Its design work 
with this aim in mind. 

More on the equipment from 
Basic Timesharing, • Compair 
House, Brunei W ay, Slough SL1 
4AX. 


Obeys recorded voices 


VOICE recognition, which could 
help data input and extraction 
from computer systems very 
greatly,, is nevertheless: a diffi- 
cult technology, with about four 
years placed" on the development 
phase beforei-for instance— a 
broadly-based \ EMI Threshold 
system Will, bq installed, and 
recognise the voices of several 
if not. many, accredited 
personnel working in a bank, 
stockbroking firm or whatever, 
and carry out Their orders 
immediately... ... 

In the -meantime, the 
designers - are - making . steady 
progress, the latest move being 
to provide tape cartridge storage 
oE voice characteristics, -rather 
Lhan burdening the .. central 
omputer with such data.- 
Threshold 600. as the new 
version is called, -will provide 
this -intermediate storage 
medium. It reflects to .some 
extent the way in which the 
ability of the basic Threshold 
concept is being used in the 
where one major company . has 
jumped in with both fee.t, so to 
speak, recording some 200 voice 
patterns on a Nova 1200 end 
arrangin g the system in such a 
way that die users log on by 


giving their identity on one of 
44 terminals, whereupon the 
disc-stored pattern is fed into 
the particular unit' To be used 
and the whole operation 
proceeds smoothly from there/ 
on. . 

In the meantime the existing. 
.Threshold 500 is making. - 
:B«>gress •in- areas where - .the - 
value oL- instant data input or. 
file retrieval, while the operator 
is involved in a parallel job. 

Not surprisingly, since the 
first use of voice input in carto- 
graphy was by the Hydrographer 
K.N-, one of the earliest applica- 
tions of Threshold outside the 
UJC is in West Germany for 
geodetic work in ' hand at tbe 
Gesellschait-. 'fur Mathematik 
und Datenverarbeituns in Bonn, 

- A New Zealand meat company 
is' using a system' for the speed- 
ing of carcass weighing and 
grading. 

Blit the main impetus for tbe 
development of much more 
advanced systems., apparently 
devolves to a great extent, on 
what EMI. which has far greater 
resources than its -UK partner, 
is prepared to put behind 
research and" development 

EMI Threshold, Blyfih Road, 
Hayes, Middlesex. 01-573 3888. . . 


Support for engineers 


CHRYSLER’S Technical Com- required. • Tbe_ three Data* 




MX mainframe with 32K core 


Dataprinters and a vi sual display, used under the RTE n operating 
supplied by ITT Business system. -. 

Systems. The department pro- ITT Business Systems, Lion 
video engineering calculation Buildings, Crnwhurst Road,, 
facilities for Chrysler engineers, Brighton BNI SAN, 

as well as technical management 0278 •wTUl. 

Information .and a • draughting 
service. . - - , - - 


The FIT 3330s are being used 
in two math application areas? 
scientific ^ calculations, such as, 
the stressing of crankshafts; body' 
stressing,' cooling efficiency of. 
engines anti' fuel' consumption; 
and technical management'' in- 
formation system's, -for. example 
weights and performance of 
vehicles and monitoring . the- 
development ’ of . prototype 
vehicles. ■ 

Chrysler chose the ITT 3330 

because it needed .. access' to its. 
computer for as many people as. 
possible and. In ’■the majority of 
instances*: ■ hard .copy; jra s 


: ‘electrical ^ 

wire&cable? 

M DO 

Thousands cd types and sl 

- «srkmne£ftat6detn 

■Msmkwnumaragr eNam 
London 01-5611 
Aberdeen (0234) 3 

IR 

zss In stock 
«ry 

mhiMTKSysjh 

3118 

2359/2 

HtrnsnEMSii 



r* - 


do not Increase as rapidly as the 
vessel dimensions increase. 

BHRA Is also interested in 
mixing in very large tanks, such 
as those used in the biological 
treatment of waste wafers where 
violent agitation is not needed. 
Here, the important criterion is 
to maintain reasonable velocities 
throughout the tank to prevent 
deposition of solids. In this case 
also, problems were revealed as 
the size of the vessels increased, 
and BHRA is Involved is model 
studies to establish the scaling 
laws and generally Improve 
system performance. 

Details of the work from 
BHRA, Cranfield, Bedford (0334 
750422). 


1 st 


Ite 
ax 
;tn 
■ a 


ECONOMIC SMALL batch pro- min. ip the X and Z axes 
duction turning of complicated respectively. 

workpieces is stated to be the operatej^tting^ff tool slide is 
main application Eor the latest I 15 feed is included in 

computer numerically controlled the program, and rapid traverse 
bar and obucking lathe from is ip metres /min. 

Weiler GmbH, West Germany. Spindle motor power is 
, ... 10.5 IrtV. and the speed range is 

Fitted with Siemens continuous gg to 4,450 tpdi. Maximum com- 
path controi. the machme'bas a p^nt diameters for chucking 
10-station tool turret mounted on arg jqq diameter. 80 mm 
compound slides for internal and i on a hut for bar work, up to 
external, machining operations. ^ mED (diameter tho maximum" 


Retopling is therefore seldom ^stance between centres is 


nd 

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l^ancial Tiines Wednesday January 18 1978 



Oi 

pDnh •stY'S TOP two businessmen* 
GiwaaL Agnelli in private 



Page 


EDITED BY CHRISTOPHER LORENZ 



'n!R« 


^nstty, ' and Professor 

. seppe -Petrilli in the public 

tor,- are both - deeply con- 
led “ Europeans." But the 
.rations of their respective 
xsgloraerates often betray 4 
lotomy between their 
opeam ideals and their eom- 
■cial ends. 

if. Agnelli, just nominated 
- he Italian weekly magazine 
•. Mondo" as one of the 
itry's three most powerful 
■ (alongside the Communist 
7 Secretary Sig. Enrico 
. inguer and the Christian 
. locrat Chairman Sig Aldo 
0)* is the charismatic 5&- 
■-old head of Fiat— Italy’s 
\ private concern,, employ- 
more than 300,000 people. 
: .->r the past 18 years — since 
- tepped down as EEC Com- 
moner for Social Affairs— 
essor Petrilli, 64, has 
led the giant state holding, 
uto per la Ricostruzione_ 
istriale. which groups to- 
er some 150 companies, four 
1 ing commercial banks, the 
i -mal airline Alitalia, and the - 
broadcasting network. One 
. the models for Britain’s 



BRUSSELS 


National Enterprise Board, it 
employs nearly half a million 
people. As such, he is one of 
Europe's - leading state 
managers, if not .the leader. 

Irrespective of personal com- 
mitment to the European ideal, 
Sig. Agnelli has compelling com- 
mercial and financial reasons to 
support community integration, 
whereas Professor* . Petrilli 
appears to have essentially none. 
Unlike Fiat, which oyer the past 
decade has assumed a. distinctly 
international image, URL 
operates on a ' .narrower 
domestic dimension. But this 
restrictive context has paradoxi- 
cally given. Professor Petrilli a 
profound insight into some of 
the key issues- of European 



Dichotomies- 
Italian style 



Professor Petrilli 


integration such as regional 
policy! 

• Sig. Agnelli does not hide 
the fact that his commitment -to 
Europe is commercial and 
financial Indeed, he turns it 
into a virtue. He talks about 
the failure to unify Europe 
politically as “one o£ the lead- 
ing factors in. present-day eco- 
nomic disorder ’’ and says of bis 
company that "Europe’s poli- 
tical sluggishness will -prove to 
be a serious handicap to our 
growth plans and to our ability 
to defend the employment and 
productivity levels achieved as 
a result of Conxn unity regula- 
tions.” 

From the beginning. Fiat saw 
in the community a reduction in 


tariff barriers and the subse- 
quent weight of European com- 
petition which would inevitably 
entail a reduction of Its own 
sizeable share of the domestic 
market. Ten years ago, Fiat 
controlled 75 per cent or so 
of the Italian car market. Its 
share had dropped to about 58 
per cent, by last year— when 
exports, primarily to Com- 
munity member countries like 
West Germany, France and the 
U.K., represented nearly 50 per 
cent, of the group’s overall car 
sales of more than 1.3m. 

Fiat these days openly refers 
to Europe as a “ domestic mar- 
ket.” In the face of increased 
Community competition, its 
policy has been to diversify both 


its markets and its industrial 
activities in order to spread its 
risks. - 

To consolidate his presence in 
the Community market, Sig. 
Agnelli has turned his formid- 
able public relations m achin ery 
towards Europe. Some months 
ago, be set up a Paris-based 
“Fiat delegation for Europe,” 
aimed at promoting the group’s 
interests in the Community. 
East mouth, he established 
another PR body in Turin to 
deal . specifically with Com- 
munity problems and inter- 
national organisations. 

Sig. Agnelli could further 
increase his voice in the Com- 
munity forum by standing as a 
candidate in the first elections 


Sig. Agnelli 

to the European Parliament 
While finality has so far not 
been reached between the 
various Italian political parties 
on the precise constituency 
formula for Italy in the delayed 
European elections, the small 
and influential Republican 
(conservative) Party is expected 
to get at least one seat Should 
he want it, that seat is possibly 
Sig. Agnelli’s for the asking. His 
sister. Susanna, is herself a 
Republican member of parlia- 
ment, although his younger 
brother and Fiat vice-chairman, 
Umberto Agnelli, is a Senator 
of the long Tuling Christian 
Democrat party, thus giving a 
more mundane political touch to 
the Fiat' group — but also, per- 


haps, some political leverage. 

In contrast Sig. Petrilli has 
none of Sig. Agnelli’s business 
motivations. His huge state 
group was originally set up in 
the Thirties to return credibility 
to the Italian banking system 
and to put back on their feet 
a . myriad of ailing industries. 
IR1 became the main instru- 
ment for the country's indus- 
trial revolution, but in so doing 
it never lost its original function 
of a giant state salvage com- 
pany. Only recently, it has had 
to absorb the heavily loss- 
making and economically 
obsolete subsidiaries of EGAM, 
the controversial state minerals 

agency which was dismantled 
last year. 

But as chairman of IRI over 
the past 18 years Sig. Petrilli 
has gained an expertise, among 
numerous other areas, of 
regional affairs. IRI has always 
been looked upon by successive 
Italian governments as having a 
key role to play in the Mezzo- 
giomo, the country's depressed 
south with an unemployment 
rate of more than 15 per cent, 
and a region for which Italy has 
repeatedly asked for Com- 
munity development aid. 

Political pressure to promote 


intensive industrial investments 
in the south of Italy has been 
one of the major factors behind 
the dire financial difficulties now- 
faced by IRI, with some flu bn. 
of accumulated debts against an 
annual turnover of about £Sbn. 
This political pressure helped 
create the policy of 1 tail’s 
notorious “cathedrals in the 
desert " — vast capital-intensive 
Industrial projects like the 
Alfa Sud car plant near Naples 
or integrated steel complexes tn 
areas devoid of proper infra- 
structures. Alfa Sud to-day 
represents one of IRI's heaviest 
.loss-making operations. The 
Eognoli steel plant, also in the 

Naples area, is another. But for 
all IRI’s resistance to the Com- 
mercial folly of this policy, at 
the end of the day the politi- 
cians’ will rules. 

Perhaps more than anyone 
else in European business, Pro- 
fessor Petrilli knows what the 
regional problems of tbe com- 
munity entail, and how important 
European policies are for 
industry'. As a confirmed Euro- 
pean and Italian chairman of the 
European movement, he intends 
to leave IRI this year tn stand 
for the European Parliament on 
the Christian Democrat uckct. 

Paul Betts 


computer bureau’s success provides lessons for smaller companies 

Computing a market share 


DREAM of every enfre- 
eur is to find the sort of 
-less 'whose customers will 
-me increasingly hooked on 
' oroduct so that a steadily 

ing income is therefore a 

- iron certainty. 

• .ve years ago, Brian Johnson 
a 35-year-old former com- 
r programmer and analyst, 
d just such an opportunity 
somewhat specialised cor- 
of the computer bureau 
less. His success in build- 
, up a service for stock- 
,( f Silvers — which has. become 
Spensable to many firms — 
. i provide interesting les- 
for many small companies. 

Johnson's agency, NMW, 
ides a complete range of 
.ces for stockbrokers: 
clients are connected 
ost Office lines to a central, 
niter which keeps their 
olios and does most of the 
ne work connected with 
rial accounting and settle- 
■<. 

m very small beginnings 
decidedly shaky start, the 
jiy has grown to a turn- 
of about £lm. last year. 
100 customers, it pro- 
more than a quarter of 
deals made through the 
• Exchange, and is now in 
' strong position, 
company has now started 


to buy a dual ICL : h96Q com- 
puter for £1.3m. t bringing to 
£2.5m. its total, investment jn 
electronic equipment all of it 
generated from, the company's 
own income. 

NMW began in 1973 as a sort 
of gentlemen’s co-operative, 
with 400 shareholders, mostly 
stockbrokers, who put up a total 
of £85,000 to start the . service. 
Mr. Johnson was then hired as 
managing director. 

Its origin can be traced 
further back, to 1965,- when, in 
Mr. Johnson’s words:.-- “The 
Manchester Stock Exchange got 
fed up with" waving pieces of 
paper each time a transaction 
was made." 

Brokers, and jobbers reacted 
by building up a punched card 
system aimed at taking the 
strain out of matching .buyers 
and sellers of stock. This 
gradually evolved into a com- 
puterised system, to . deal with 
the actual transactions.-.. 

It was in 1972, when ji fully 
electronic system war brought 
in. that NMW was formed. But 
the bottom fell out ; of its 
business only a year; later 
following the merger of tbejpro- 
vincial and .London jS^ock, 
Exchanges. The London Stock 
Exchange transferred alltrans* 
actional business from the* 
North to* its newly-developed 1 


automated system , now called 
Talisman, but declined to bay 
the assets of NMW. “ It became 
dear that we had lost our main 
business,” Mr. Johnson says. 
“ We obviously were not going 
to bave a large part of the 
settlement system." 

NMW faced insolvency, 
because of lack of business. At 
such a time, many people 
would have given up. But Mr. 
Johnson saw a chink of fight 
He realised that stockbrokers 
would still need the help of a 
computer for their accounting, 
processing of portfolios and 
storage of stock market data. 
Yet most films, particularly out 
of London, were too small to 
buy thedr own. machine. 

He therefore redesigned the 
NMW system to deal with 
stockbrokers’ office work, 
instead of their market trans- 
actions. At the same time he 
made bis system compatible 
with the Talisman system used 
by the London Stock Exchange, 
so that the two sets of com- 
puters could “ talk to eich 
other." 

In principle, by re-designing 
his product, he was developing 
a bureau which. might have been 
used by any business or pro- 
fession. But Mr.. Johnson took 
'.the decision to stick to the 


market in which NMW had 
experience. He says it is NMWs 
knowledge of the. detailed pro- 
cedures in stockbrokers’ offices 
which has contributed in a large 
measure to its success. 

His second key decision was 
to put all his initial energy into 
establishing efficient communi- 
cations between the central com- 
puter and customers throughout 
the country. The communica- 
tions link was controlled by two 
Ferranti minicomputers, which 
Ferranti helped to program. 

Thirdly, he was determined to 
be self-financing, which meant 
operating with a very small staff 
of about 40 people in the early 
days. To avoid heavy debt 
charges or rental payments, he 
preferred to hang on to rela- 
tively old equipment until he 
could buy new machines. 

Each client is equipped with 
a Ferranti minicomputer and 
printer, and a visual display 
unit which is connected by 
telephone line to the central 
computer in Manchester, where 
all the central files are kept in 
coded electronic form. Brokers 
pay a fiat rate 0^ £1 per shares 
transaction for use of the ser- 
vice: .For this they get a range 
of extra services like access to 
information from the com- 
puter's data bank. 



Management game 


Brian Johnson, managing director of NMW 


BUSINESS PROBLEM by our legal staff 


Town Centre 
CounciL Offices 






Industrial JM 




There’s a common crMasmofCoundlstliatthey 
letimes fail in their support of companies moving 
1 industrial estates. 

Fortunately, ydu'H findno such situation at 
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Ourteamof experts arepeinianendybasediiithe 
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Once youfre in,we won't be far away should you 
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Over 50 companies have already taken up our 
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Formore information, 
jBill Wallace on / ■ - : 

isford2021, 

• ise the coupon; 

j lb: Bill Wallace, \ 


Planning an 
extension 

I am dealing with an application 
for jl small industrial extension 
which falls- within the "per- 
mitted development” tolerance 
or 1-lOth under the T. and C. P. 
General Development Order. This 
is a first floor extension at the 
rear of a factory which will be 
seen but hardly noticeable. 

I do not wish to make a plan- 
ning application but have been 
reminded by the Planning 

Department of the proviso “so 
long as tbe external appearance 
of the premises is not materially 
affected,” and I do not consider 
It will be. Is there any guidance 
on tbe legal significance of the 
word “material"? 

There is no-simple guide to what 
amounts to “material" in the 


Accountancy 

THE -DIAGRAM accompanying 
Graham Stacy’s article last 
Wednesday was made confusing 
by the misplacement of the faint 
line joining the two columns. 


context of permitted develop- 
ment under the General Develop- 
ment Order. Of the numerous 
meanings given in tbe Oxford 
English Dictionary. “ serious " 
or “substantial” are probably 
the nearest guide — but these are 
only a guide. If it Is correct 
that the extension will be hardly 
noticeable, your contention 
should prevail: but if tbe word 
“hardly” is omitted, the matter 
remains an open question. If 
you are tolerably sure that the 
extension will be hardly notice- 
able you can proceed with the 
Work and leave the planning 
authority with the dilemma 
whether hr not to serve an 
enforcement notice. 


No legal responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries ■ will be 
answered by post as soon as 
possible. 


This should have been level with 
the top of “Debtors and Cash.” 
The letter B which appeared to 
be bracketed against “Debt” 
should, of course, have covered 
debt plus the excess of current 
liabilities over debtors and cash. 


The success of the operation 
can be judged from the fact that 
when NMW started, it was 
handling only about 8 per cenL 
of the total Stock Exchange 
work. Last year this was 23 
per. cent and this year it is 
expected to increase to 27 per 
cent So far there have been 
no major technical problems, in 
contrast to the Talisman system, 
which -, has had. considerable, 
teething troubles. 

Mr. Johnson- believes that as 
long as he continues to give an 
efficient service.; his customer 
base can only grow. The danger 
that his customers might be 
enticed away by competitors is 
mitigated by the thought that 
people who have their files 


stored in NMWs computer will 
be very reluctant to suffer the 
disruption caused by removing 
them. They could not in any 
case use an agency with differ- 
ent computers without expensive 
reprogramming. 

The financial strength of NMW 
is certain to improve drama- 
tically when the new equipment 
is paid off in the early 1980s. 
Unless there are major techno- 
logical changes by then, the 
profits of around £500,000 a 
year will not need to be re- 
invested. 

What then? “Good question,” 
says Mr. Johnson. “I suppose 
we should pay a dividend." 

Max Wilkinson 


ROUGHLY 5,000 British 
managers are to-day awaiting 
tbe computer’s first move in the 
1978 National Management 
Game. This year’s players, the 
majority of them sponsored by 
company training departments, 
face increased competition in 
their quest for the £1,000 first 
prize and the United Kingdom 
championship title, to be 
decided in London on July 25. 

The entry has risen to 928 
teams, compared with 896 last 
year when the contest was won 
for the second time in succes- 
sion by Rank Xerox. 

The computer program which 
sets the “economic” and other 
conditions in which the teams 
have to run their fictitious 
consumer-durable ' companies, 
has been changed so as to pre- 
sent the players with increased 
uncertainty about their cash- 
flow positions. 

Before this change, the NMG 
teams were already challenged 
by a complexity of decisions — 
what prices to set for their pro- 
duct in the various home and 
overseas markets, how much to 
invest in running and expanding 
their factories, how much .effort 
to put into marketing, trans- 
port, and research, and develop- 
ment, and so on. But they could 
at least rely on a steady cash 
return on, the goods they man- 
aged to sell and deliver. 

Now, however, the teams are 
being required to sell on cre- 
dit to a certain proportion of, 
their customers. What this pro- 
portion will be depends on the 
NMG administrators at the 
game's London headquarters. 


who have it in their power tn 
bedevil the players* expecta- 
tions -either by raising the pro- 
portion of sales on credit or 
extending the waiting time for 
repayment. According to Mr. 
Jack Layzcll, the chief admin- 
istrator. the possibility or em- 
barrassing — if not 'crippling — 
bad debt cannot be ruled out. 

Fortunately for the 92S teams 
taking part in the opening 
round the administrators seem 
to be in a sunny mood for the 
time being. 

To-day’s response from the 
computer will only be made tn 
the first set of managerial 
decisions by the 928 teams. Each 
of them will then have four more 
sets of decisions to submit to the 
computer in hope of improving 
their profits, before the opening 
round of the championship ends 
on March 17. Then only the 230 
or so most competitive teams 
will go forward into the second 
round. The championship 
“proper” will continue with 
three further knock-out rounds 
played by post, plus the *• live " 
final in London. 

For the * teams which are 
knocked out in the first round, 
however, there will be a chance 
to continue competing for a £500 
prize in the “ plate ” competition 
now also sponsored annually by 
the Financial Times, IGL, and 
the Institute of Chartered 
Accountants in England and 
Wales, in association with the 
Institute or Directors and the 
Confederation of British 
Industry. The final of the plate 
contest will be held in London 
on July 14. 

Michael DLxon 


I Jb 

□ ■I 


ITS A GREAT 
IDEA JOHN, 
BUT WE 
mVENTGOT 
7HEMONEY70 
DEVELOPIT. 




QjundM 

JqC ^^}S^VSssSqc^Oi!^r£ 




Address 


-Viewdata Conferences 

Birmingham, February 14 
Zurich, .March 2 

Two public conferences on Viewdata 
and its implications for business. 

Viewdata is a service created by the 
British Post Office. It links the ordinary- 
telephone in the office or home to a TV 
: receiver, to provide a revolutionary new 
medium for selling services and providing, 
information to the public. The information ’ 
is sent by computer over the telephone line 
and displayed on the TV screen. 

- Already the Deutsche Bundespost has 
■ bought the rights to use Viewdata 
■ (BUdsdnrmtext). Viewdata may become a 
European - or world - standard for public 
information services. 

- No business can afford to ignore 
. Viewdata, probably the most important 
development in public communications 
since TV itself. 

The conferences will be addressedby 
the Post Office top management team 
■ responsible for Viewdata, by informatiori 

• providers and by suppliers of Viewdata 
receivers. The speakers will use Viewdata 
to illustrate their talks. ’ 

Details from : Butler Cox & Partners Ltd / / 
The International Press Centre geo // 

• T6 Shoe Lane, London EC4, England 

Telephone 01-353 1 138 ijti&k! 

. Telex 885838 


Call NRDC 
We can provide 

naif me cost 


Good ideas don't come easily. 
And. gettingthe money to develop 
them can be just as hard. 

That’s why if you’ve gota 
genuine technological innovation 
andyouneedmoney to develop if; 
youshouldhave awordvrithNRDCi 
Our money and technological 
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You dorithavetopayapehny 


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Finance for innovation 



I 


" Financial Times Wednesday January TS 1978 


LOMBARD 


Questions for 
the Treasury 


Difficult times with rock jasmine 




6EME 

G 


tri 


Mrs. In 
Indian 
a Delhi 
to tcsti 
Shall C 
relating 
Mr. .1 
trial wt 
tn make 
said, it 
vccrecy 
came P' 
If cor 
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fine oF 
Page 4 

Polr 

may 

Must ci 
lake p; 
■olitics 
lccepts 
'•port, 
use w 
uMir. 
a - : olTi 

from 
Page 8 

’or? 

\tts 

tell: 
v or 
'•i.cr 
oer 
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.• afw 
fnrmei 
.«Iwrpl; 
T:ir.k ;• 
repres- 


BY PETER RIDDELL 


the PUBLICATION of the pub- 
lie spending White Paper six. 
weeks earlier than last year has. 
given the Commons Expenditure 
Committee the opportunity for a 
longer examination than usuaL 
Indeed, Mr. Michael English and 
his colleagues on the general 
sub-committee have had the good 
idea of supplementing the usual 
detailed memorandum from Mr. 
Terry Ward of the Department 
of Applied Economics at Cam- 
bridge with papers from other 
leading economists. 

The list of about a dozen is a 
fairly familiar one — representa- 
tives from the London Business 
School, the National Institute. 
Greenwetls and Messel — and 
other competent commentators 
can apparently also have their 
say. So before the deluge begins 
here are my thoughts. 


Output details 

The White Paper is certainly 
an advance in some respects — 
the inclusion of projections of 
Government revenue as well as 
spending over the next two years 
is welcome, if overdue, and there 
is rather more detail about the 
output of the programmes, such 
.15 the number of pupils. Both re- 
flect suggestions by the Expendi- 
ture Committee. 

in contrast with last year there 
is no attempt to project the ratio 
uf public spending to Gross 
Domestic Product beyond 1976- 
1977. The large underspending 
makes such an exercise difficult 
but the Treasury should have 
made an estimate. 

The key point is whether the 
planned growth is reasonable in 
relation to the projected expan- 
sion oF the economy as a whole. 
My view is that as lung as the 
economy does grow by the pro- 
jected 3J per cent a year the 
planned 2 per cent, increase in 
spending for the next three years 
is not excessive since the stan- 
dard of public services should be 
improved. If the economy does 
not expand as hoped, then the 
p/ans may have (o be reviewed. 

The main reservation is about 
iis distribution — notably the fact 
that there has only been a partial 
restoration of the 1976 cuts in 
capital investment. After all 
the reviews of the last couple of 
years, fixed capital formation is 
projected to be nearly 23 per 
cent, lower in real terms in 
1979-80 than in 1975-76. But total 
current spending should be 5.S 
per cent, up with current grants 
to persons, notably pensions and 
other benefits, rising by I8i per 
cent, over the period. 


Within the nationalised indus- 
tries, spending by the energy 
sector is expected to rise and 
this is not just Drax.B as both 
British Gas and BNOC intend to 
invest more. But the plans of 
other corporations are less ambi- 
tious — partly reflecting a more 
cautious view of the demand 
prospects compared with the 
early 19705. 

There is, of course, nn reason 
to believe that tbe distribution 
oE spending in the early and 
mid-1970s was ideal. For in- 
stance. some of the 27 per cent, 
projected decline in local autho- 
rity capital spending between 
1975-76 and 1979-SO merely repre- 
sents tbe absence of the more! 
grandiose -tuwn ball rebuilding 
schemes -and the like of the 
reorganisation era. 

But the cuts have gone much! 
deeper than that and the cur- 
rent and projected level of 
spending on education and some 
environmental services may- 
result in long-term damage to 
the quality of services. Capital 
spending on hospitals and com- 
munity health services is also 
intended to he lower 'than in the 
mid-1970s. 


IF SOMEBODY told you to 
grow rock jasmine, you would 
no- doubt clamour for it You 
would imagine some small creep- 
ing plant which would hang down 
a dry wall, mould itself to 
boulders, mix with your best 
purple aubrietias and prolong 
tbe season when you were pul- 
ling out handfuls of old aubretia 
growth like hair from a moulting 
terrier. It would be scented, you 
would presume, it would be 
hardy: white, perhaps. Chinese 
no doubt. Why had your FT not 
tipped it before? 

Because, among other things, 
the best of its family are very 
difficult. There is a Mr. Watson. 
I now discover, in Newcastle- 
upon-Tyne who grows his rock 
jasmine in pots In a shaded 
greenhouse, placing them on a 
bench well surfaced with gravel. 
Every day. be inspects the chip- 
pings. If they are dry, he waters 
them so that the water soaks up 
into the pot If they are wet, 
he leaves them alone. Water is 
given through a fine rose: the 
stoppings, too. are fine. “This 
method.” as reported, "ensures 
constant humidity' with no excess 
of wetness or dryness. It requires 
great dedication.” 

The Rock Jasmine is sold as 
And rosace. This may deter you. 
It should rhyme with gassy or 


passe and now. by German 
authorities, Jt is agreed to con- 
tain the small, yellow-flowered 
cushion plants called Dionysia. 
These are even more awkward. 
The rock jasmine is closely re- 
lated to the primula whose home 
in the Himalayas it shares. It is 
a challenging garden plant 
because it prefers not to be wet 
round the neck or to be sodden 
in winter. It is the dream, not 
of casual jasmine fanciers, but 
of gardeners who wish to pit 
themselves against a challenge. 
You will see it at shows, in un- 
heated greenhouses, in clay pots 
surfaced with chippings. 

The Alpine Garden Society bus 
just published a scholarly guide 
to the family, written fay Duncan 
Lowe (a Chartered Engineer) 
and George Smith <a chemistry 
lecturer 1. It costs £3.45 from 
D. K. Haslegrove. 27S Hoe Street. 
Walthamstow, E17 9PL, postage 
included. The list of varieties 
is sober and chillingly botanical. 
But there are precious words on 
how to grow the slow, tufted 
sorts. Truth is distilled from 
the wisdom of some fifteen 
British experts. As they point 
out, the plants have been grown 
well in London or Birmingham, 
admittedly under cover of glass 
in winter. If you are a town 
gardener, frustrated by a small 


space, you might be looking for 
a triumph in your life. You 
would have to tend it weekly, 
keeping it under cold, glass in 
winter, plunging it outdoors in 
summer. 

Aphis, drought in summer and 
contact between the furry 
cushion of leaves and the soil 
are agreed to be . lethal. Slip 
some chippings between the 
cushion of leaves and the earth; 
use clay pots and if you see the 


wide drifts of white for traces 
of snow on tbe folds of a dark 
cliff. Keen . gardeners will do 
anything for them because they 
know them to be one of the 
plant world’s miracles. 

Where can you bay them and 
risk your luck? Fill a pot half 
and half with chippings and John 
lnnes number 2 compost. Then 
write .to an alpine nursery, 
Ingerwersens of Gravely a. East 
Grinstead, Sussex, and ask for 


GARDENS TO-DAY 

BY ROBIN LANE FOX 


cushion beginning to crack, soak 
the post for a while in water. 

You will understand why the 
plants hate to have a damp neck 
if you buy the definitive guide 
and marvel at its photographs of 
wild rock Jasmine- in the 
Pyrenees. There it grows into 
cracks in the face of granite 
rock, spreading out over tbe 
surface of hard stone and reach- 
ing a height of about two inches. 
The cushions are covered in 
dowers until, from a distance, 
you could mistake, their foot- 


tbe pink-flowered Car sea (quite 
easy), the white-flowered Cylin- 
drica (very small and compact) 
and the notorious Imbricate, 
whose cushions are silver. This 
wins prizes at shows. It has 
defied me twice, but the others 
will oblige if yon follow precise 
rules, now set out clearly in the 
AGS’s guidebook. On tbe day 
they flower for you. all else 
seems earthly distraction. None 
of the flowers is so vulgar as to 
have a stem. 

There are easier ones, of 


course. There is a charmingly 
dark green variety with founded 
rosettes called Sempervlvoides 
because it resembles a small 
house-leek. Its buds are borne on 
long three-inch stalks which 
begin by spreading horizontally. 
The flowers are' a bright mauve- 
pink. I have grown this without 
trouble on a dry bank, though 
the rosettes eventually tend to 
turn brown. Tt does not object 
to a wet winter. A brighter buy 
would be the one which Ingwer- 
sens sell as StrigiUosa, a remark- 
ably bright variety whose heads 
of pinkish-white flowers are 
prettily barked with purple and 
red. Do try this if you can find 
it: It hates to feel wet on its 
hairy central star of leaves in 
winter, but it seeds itself and 
is most, noticeable. Despite its 
hatred- of damp, it is quite 
unjustly ignored. 

The new guide’s picture of tire 
rock jasmine is precise, systema- 
tic and detailed down to the 
smallest lanceolate bract Mine 
is no doubt. less accurate. But I 
see it through the eyes o£ one 
Of its .greatest admirers, the 
plant collector Reginald Farter, 
whose travels went almost as 
high as. his prose-style, up to the 
*- eaves of the world” as he 
called them. In the Tibetan 
Himalayas. In late May, 1915, he 


was op on the trails of the 
Tibetan Rock Jasmine, beneath 
the Halls of Heaven, as he trans- 
lated that “ amphitheatre of su® 
flogged cliffs.” 

High and far across the River 
Da Tung’s bed stretched the 
finest bridge of wood to be 
found in Tibetan Asia. Monks 
had built it and monks worked 
a closed-shop agreement with 
traffic which had to pass their 
way. At either end of the bridge 
stood a hut where a holy man 
took orders for paper. Saints 
would suspend their sainthood 
to barter for butter and tax all 
caravans in transit, lb ere were 
stern faces of rock on either 
bank and cliffs ran far np Into 
the dis tan ce; cushioned through- 
out with pink rock jasmine. 

On the lown of “scented vel- 
vet” Fairer sat for the evening 
and watched the caravans wind- 
ing away to China- through 
downs of dry brown grass and 
scented iris. The lawn .was pure 
jock jasmine. Yet Androsoce 
Tibetica is now sold nowhere, 
and I doubt if it will.be seen 
again this century. But its rela- 
tions can still be bought for our 
suburbs. A gardener does not 
need to know the length of their 
pedicels if he is to understand 
why, of all alpine plants, this 
.fatally attract -men’s time and. 
ingenuity. 


A Gem from Price to-day 


Staff increase 

On the other side, current 
spending is extremely difficult 
to cut in the short-term in view 
of the struggle to contain, let 
aiooe reverse, the rise in public 
sector staff. Similarly, there are 
strong upward pressures on 

transfer payments given the 
commitment to maintain the real 
value of most benefits and the 
demands from a rising depen- 
dent population and for new pro- 
grammes. such as tbe welcome 
child benefit scheme. 

While some of the more 
absurd transfer payments, in- 
cluding nationalised industry 
price compensation and food sub- 
sidies. hare been eliminated, 
ministers have shown tittle sign 
of wanting to contain current 
spending compared with tbe 
early 1970s. For example, hous- 
ing subsidies are likely to have 
doubled in real terms between 
the early .and late 1970s. 

The Government’s public 
spending plans would be more 
convincing if some attempt had 
been made at a better balance of 
expenditure. Indeed it is argu- 
able that if public spending is to 
rise during the era of North Sea 
oil. the main growth should be 
in productive public investment 
but not industry aid. 


WITH PLUMPTON abandoned, 
followers of racing will have to 
make do with a somewhat un- 
inspiring programme to-day at 
Market Rasen, where to my way 
of thinking the most interesting 
runner is Celestial Gem in Div. 2 
of the Sleaford Novices Hurdle 
(3.001. 

Captain Ryan Price has few 
horses in tr aini ng under National 


RACING 

BY DARE WIGAN 


Hunt rules nowadays, and 
Captain Marcos Lemos, who has 
a powerful string of classically- 
bred animals with Clive Brittain 
at Newmarket, is not a name 
that one associates with jumping. 

But Celestial Gem. a chesnut 
colt by Gulf Pearl, who ran only 
once on tbe Flat last season 


when third in a good-class three- 
year-old event at Goodwood in 
September, is an exception. 

Celestial Gem showed a degree 
of promise on bis only appear- 
ance over hurdles at Lirigtield 
a fortnight ago. and I shall be 
surprised if be fails to win here. 

Donald McCain, trainer of Red 
Rum. saddles Blessed Boy in 
the January Selling Handicap 
Hurdle (1.00). With in-form 
Jonjo O’Neill booked to ride, the 
combination ought to bo able 
to take care of the opposition. 

Lok Yee. a safe jumper, has 
useful form lo his credit, and 
looks best in the Horncastlc 
Novices Chase (2.00). 

Sun Lion, following a respect- 
able second to Fair City at New- 
castle early in December, trotted 
up on the same course at the end 
of the month, and is a logic:'.! 
solution lo the Stamford 
Handicap Chase (2.30). 

Mazurka is a diffident selection 


Rally star to join Opel 


BRLAN CULCHETH. 39, former 
Leyland rally driver, is to join 
the team run by the Yorkshire- 
based dealer, Opel, for the 1978 
season. For the past 20 years 
he has been at the centre of 
Leyiand's rallying and motor 
sport testing activities. 

Culcheth will drive a group 
“ V ” Kadett with a two-litre, 
16-valve engine initially, moving 
on later in the year to compete 


in a prototype based on the 
Manta. 

The success of this prototype 
British Manta — the first of its 
kind to be rallied in Europe — 
could have a marked effect on 
the future of Opel in motor sport 
in Europe. 

Culcheth is chairman of the 
International Rally Drivers’ 
Club and vice-chairman uf tiie 
RAC Rally committee. 


for Div. 2 of the Sleaford i 
Novices Hurdle (3.30). 

MARKET RASEN 

1.00 — Blessed Boy* 

1.30 — Gay Twenties 

2.00— Lok Yee 

2-30 — Sun. Lion** 

3.00 — Celestial Gem-** 

3.30 — Mazurka 

Country hotels, 

restaurants 

commended 

ANOTHER five country hotels, 
seven country restaurants and 
four country guest houses have 
been commended by the British 
Tourist Authority. 

These establishments are 
commended for the “outstand- 
ing quality of their accommoda- 
tion, food and service, and for 
their warmth of welcome and 
value for money." 

Rugby package 
trip offered 

A PACKAGE deal to Paris for 
the England-France rugby union 
international on Saturday is 
being offered by P & O Nor- 
mandy Ferries. 

The company has 500 tickets 
left, and the £25 charge includes 
coach transport, entry to the 
match, bed and breakfast in 
Paris and the Channel crossing 
from Dover. Departure time is 
midnight on Friday returning on 
Sunday evening. 


Five-tournament circuit 
starts in May 


THE PRE-WIMBLEDON tourna- 
ment scene in Britain will be 
strengthened this year by an 
enlarged men's satellite circuit 
of five tournaments worth a total 
of $25,000. 

To be known as tbe Red 
Hackle British Satellite Circuit 
it will begin on May 8 with tbe 
Shinners Championships at Sut- 
ton and continue at Guildford, 
where a sponsor has yet to be 
announced. 

The circui e then moves to 
Glasgow, where Langs whisky 
company will be the sponsor, and 
then south again to Surbiton, 
where Elys of Wimbledon will 
again support the Surrey Grass 
Court Championships. 

Each of these $5,000 tourna- 
ments will offer a first men’s 
prize of $1,000 and the 16 points 
leaders wilt then move to the 
Northern Lawn Tennis Club in 


Manchester for the Red Hackle 
Masters Tournament. 

This culminating event will 
have a first singles prize of 
$1,200. The winning doubles pair 
will earn $400. 

More important to tbe aspiring 
young home and overseas. -pro- 
fessionals who will form the 


TENNIS 

BY JOHN BARRETT 


hulk of the entry, the winner, 
will also receive valuable 
points on the Association of 
Tennis Professionals’ - computer 
ranking list This forms the basis 
of all entries for the lucrative 
International Grand Prix 
Championships: The remaining 
15 competitors in. Manchester 


will each receive points on a 
graded' scale. 

The circuit will be co-ordinated 
by tiie former English inter- 
national, Ken Weatherley, on 
behalf of the Lawn Tennis 
Association, who are contributing 
£5,000 towards promotion costs. 

It is significant that satellite 
circuits are springing up all over 
the world to cater for that large 
group of good, but as yet un- 
proven players who are already 
on the fringe of Grand' Prix 
tennis. . - 

Last year's inaugural British 
circuit suffered from inadequate 
preparation and a clash of dates 
with rival circuits in Europe. 

But the European Tennis 
Association is now co-o rdinating 
the tin? in E of these, events to 
avoid .such clashes, and it is to 
be hoped that the game In Britain 
will be boosted at this vital stage 
of the year. 


Race leaders round the Horn 




V Radio 


BBC 1 

t Indicates programme in 
black and white. 

9.13 a.m. For Schools, Colleges. 
10.43 You and Me. 11.00 For 
Schools. Colleges. 12.45 p.m. News. 

1.00 Pebble Mill. 1.45 Mister Men. 

2.01 For Schools, Colleges. 3.33 
Regional News for England 
i except London). 3.55 Play School. 
4.20 Touche Turtle. 4.25 Jackanory. 
4.40 Screen Test. 5.00 John 
Craven’s Newsround. 5.05 A 
Traveller in Time. 

5.40 News. 

3.55 Nationwide (London and 


South-East onlyi. 

6-20 Nationwide. 

6.55 Sykes. 

t*-25 The Wednesday Film: 
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starring Hayley Mills. 

9.00 News. 

925 I Didn’t Know You Cared. 
0.55 SportsrughL 
11.05 To-night- 

11 .4 5 Weather /Regional News. 

All Regions as BBC 1 except at 
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Wales— 2.1 8-2-38 p.m. For 
Schools. 5.05-5.40 Bi lido wear. 
5.55-620 Wales To-day. 6.5S 
Heddiw. 7.10 Trera. 7.40 Young 


F.T. CROSSWORD PUZZLE No. 3,570 



Scientists of the Year. 8.10-9.00 
Tie Oregon Trail. U.45 News and 
Weather for Wales. 

Scotland — 11 . 00 - 11-20 a.m. and 
2.18-2A8 p.m. For Schools. 5.55- 
6.20 Reporting Scotland. 11 A3 
News and Weather for Scotland. 

Northern Ireland — 3.53-3.55 p.m. 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 9.25-9.55 Spot- 
light on Northern Ireland Affairs. 
11.45 News and Weather .for 
Northern Ireland. 

England — 5.55-6.29 p.m. Look 
East (Norwich): Look North 

(Leeds. Manchester. Newcastle): 
Midlands To-day ( Birmingham i; 
Points West (Bristol): South 

To-day (Southampton); Spotlight 
South-West (Plymouth). 

BBC 2 

1020 a.m. Gharbar. 

10.45 Parosi. 

11.00 Play School (as BBC 1 
0.35 p.m.}. 

7.00 pjn. News on 2 Headlines. 
7.05 Get Organised — For Safety’s 

Sake: 

7.30 Newsday. 

8.10 Julian Bream Masterclass. 

9.00 H’s Patently Obvious. 

9.30 Play of the Week. 

10.30 The Making of Castle- 
bridge: introduction to the 
new serial “Tbe Mayor of 
Casterbridge ” by Thomas 
Hardy. 

10.40 Arena: Art and Design. 

- 11.15 The Light of Experience. 
1130 Late News on 2. 

11.40 Closedown: David Markham 
reads “Departmental” by 
Robert Frost. 


5.45 News. 

6.00 Thames Jt 6. 

6-55 Crossroad*. 

7.00 This Is Your Life. 

7.30 Coronation Street. 

5.00 - Campbell's Kingdom." 

10.00 News. 

10.30 A Prime Minister on Prime 
Ministers. 

11.00 Bless This House. 

11.30 World Snooker. 

12.00 Night Gallery. 

12.25 a.m. Close: Karin Fernald 
reads a poem about 
Christianity. 

All IBA Regions as London 
except at the following limes: — 

ANGLIA 

1.25 p.m. Anglia Mnw« iBo Hnua.-pany. 
5.15 Mr. ami Mrs. 6. DO v.>wil Anglia. 
3.00 •• One ilof" Train :o K»i>." Pairing 
C-^orsc Pepparrl. DLM Ja= Conv.r— Stan 
Trams. 1U0 BariflTj. lioo Tin Big 
Oucuioa. 

A TV 

140 p.m. ATV 5.15 pjn. 

Mr. and Mr*. 6-00 ATV Tn.I.u 1848 
t-adi-*’ Xishi. LL15 Tl«- S-jCins Grand 
:ia*i-rs Daris Uiamoio'itlo. 11.45 
Police Sur**on. 


HTV 

1.20 p.m. Report West Headlines. J-25 
Report Wjt.-s Headlines. ZJU Help Your- 
s-.lf 545 Dodo die Space Kid. 5.20 
Crossroads. 6.00 Report ■ West 645 
Report Wales. 6 JO wish You Wen? 

Here . . . 8.00 Buck and Preacher.” 

siamng Sidney Pol Per. HJ0 Celebrity 
Concert— Pat Boone. 

HTV Cymru /Wales — As HTV General 
Si-rvirc except: L2D-L25 p.m. Fenawdau 
,N. t\ yddion j Dydd 440 Y Cl Y Cath 
A'r Sugiiydd LWrch. 4J0-4.45 Thealr 
Tj-’loa. 6.00445 Y Dydd. 10JO Brwyd. 
U45-U.es A Prime Minister On Prime, 
Minister*. 

htv West— As HTV General Service 
except: 140-138 p.m. Report West Head- 
lines. 6454.30 Report West. 

SCOTTISH 

tl.25 p.m. News and road report. 2.00 
Women Only. 545 Proftow KUzeL 548 
Crossroads. 6-03 Scotland Today. 6J0 
Wi-ir's Awcich. *.00 ” One More Tram 
to Rob.” 10.30 Welcome lo the Ceilidh. 
11.00 Out of Town. U JO Late CaU. 1U5 
Police Woman. 


ALTHOUGH HIS eligibility as an 
entry in the Whitbread Round 
the World Race still remains in 
doubt, Erie Tabariy and his 
crew aboard the French ketch 
Pen Duick VI reported that they 
had rounded . Cape Horn on Mon- 
day and were facing strong 
north-easterly headwinds as they 
steered north for Rio. 

Great Britain U, the Dutch 
overall handicap leader Flyer, 
and Heath’s Condor were also 
thought to have rounded tbe 
Horn yesterday, 23 days out from 
Auckland. 

In the Financial Times Clipper 
Race, two years ago. Great 
Britain II took 26 days from 


Sydney to the Horn, but this 
time light winds off New Zoa- 
land after the start at Christmas 
slowed the pace, over the dis- 


YACHTING 

BY ALEC BEJLBY 


tance from Auckland, which is 
considerably less than from 
Sydney. 

Two yachts, the joint services 
entry. Adventure, and the EEC 
yacht, Traite de Rome, reported 
beam winds of 40 knots and more. 
Satellite weather pictures of tiie 


area around Cape Horn indicate 
severe storms almost exactly in 
the place where the balk of the 
15 yachts raring are expected to 
be. 

No position report has been 
received for ten days from the 
British sloop, ~Kfng*s Legend, 
which lay second overall on 
handicap by 45 minutes when the 
yachts tfaft New Zealand. Flyer's 
crew, however, have relayed a 
message that there is no cause 
for worry as the main radio 
aboard the British yacht is not 
working. 

The leading yachts are 
expected at' Rio in two weeks’ 
time. • 


Good price for Derby china 


BORDER 


LONDON 


ACROSS 

A soft pencil-lead put in 
nfDci? (7) 

Horse is obliged to upset 
nag (7 1 

River going to mountains in 

the country ( 5 1 

Ring chief Puritan (9) 

Great volley from well-built 
team (9) 

Mammal he follows for a 
swim i5) 

Leading performer must 
accept one upward step (5) 
I'm entering a country with 
excitement (9) 

; Skinnv like a vegetarian (9) 
Gave treatment that does up- 
set dunderhead (5) 

Bouquet from a romancer (5) 
Crying in ship for rubbish 

Where the infantryman looks 
could be a mistake (9) 
Vassal, for example, trapped 
m falsehood (5) 

An excellent specimen of a 

(Sf k back ) with soldiers and 

s “" i * "gSwN 

Tlano to rouse B.A. perhaps. 

Where one ■ may find the 
vicar setting m part oe 

T°had 9 beea to front but 

FUtish* school session in a 


note (9) 

5 Animal for doctor to employ 
(51 

6 Piece of furniture produced 
by 11 (9) 

7 Warning that could be later 
(5) 

8 Fish using a type of pin (7) 
14 Detects aurally in genuine 

practice (9) 

16 Insect with soft inside or it 
may be a policeman (9) 

17 False part of mandarins in 
ceremony (9) 

18 Season loft in good-will (7) 
20 Leave pole inside last course 

(7) 

22 Irregular voter could be ex- 
posed 1 5) 

23 Sweeten us up on fish ( 5) 

24 Guide I left in vessel (5) 
Solution to Puzzle No. 3,569 


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sonaDHH ora ranesgs 
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SEQ0S1E aanEHQEE 
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9.30 a.m. Schools Programme.'-. 
12.00 Cloppa Castle. 12.10 p.m. 
Stepping Stones. 12.30 Sound.-, of 
Britain. 1.00 News plus FT index. 
120 Help! 1.30 Crown Court. 2.0 1) 
After Noon. 2.25 Hadleish. 3-20 
Heart to Heart. 3.50 Couples. 4—0 
Michael Bentine's Potlv Time. 4.45 
Pop Quest 5.15 Emmerdale Farm. 

RADIO 1 - 47m 

(S) Swrephonic broadcast 
640 a.m. As Radio 2. 7JQ Noel 
Edmonds. 9410 Simon BukS. 21J1 Paul 
Barnett including 12-30 p.m. NcM-sboat. 
2-00 Kid Jensen. 0J1 Dav«s L« Tram 
includJns SJO XeinbMi. 7J>0 Sin^ Sem* - 
IhilUS Simple <S< i loins Radio a*. 10.02 

John Pi-| 12.00-12.05 a.m. As Radio ” 
VHP Radios 1 and 2—6.00 a.m. Y.vt] 
Radio Z. i lie) lid urn 155 P.m. Good Listen- 
nut. 1052 With p.adlo l. 12.00-1255 a.m. 
With Radio 1 

RADIO 2 1.500m and VHP 

640 a-m. Ne-.-.-s Summary. 6.02 
Muor.- < S - willi Thi- Early Show, ihcl i<!- 
645 Pause l-ir Thought ant: 7.02 
ijrichci — Third TV»: Pnkisian v I-nxUnd 
i report i. 7.32 Terry Wonan iS> including 
RD2 CrjcJ-o 1 — Third Ti-si •fmber iy.it>. 
8-27 Facials Bulletin and 8.4S Pal^e [or 
Thought. 10.02 Crrdtet: Tnird T-.:. 10.03 
Jimmy Young (S> including 12 Jg p.m. 
Cnekci— 1 Third Test t report.. 12.15 
Waggoners' Walk. 1240 P>rio Murray's 
Open Bouse <S» including L4S Sports 
D-.sk. 240 David Hamilton is- includin': 
2.05 and 3.JS Sports Desk. 840 
Wajunjners* Walk. tJG Sports Desk. 0.87 
John Dunn IS- including S.35 Sport-, D's:-. 
6JS Spans Desk. 742 Sm^ Someth -ns 
simple -S-. 740 Listen lo the Band w.to 
Charlie Ghest-.-r -S- B-15 ntnriei 

Serenade >5'. 9.02 Bing: The story of 

Elrct Crosliy. part 3 (Si. 95S Spnn? 
Desk 10.02 The Sews Hud d I in-.- 10.30 

The Show -vltii T. n Leas. Marring Eddie 
Bra ben. 1UB Brian MaUh-.-w with Tbe 
Lute Show. 12.DOJ2.BS a.m. 

IMediam Wave only 

RADIO 3 464m, Stereo & VH F 

625 a. m. Wes titer. 7.00 7 . 0 s 

Your Mfclnvfc Cho.ce •Sf- >VRF on-'y frvrn 
TJOi nan t. S7J8-950 Cnckrt: Third 
Test Pakistan v, E&siasd at Karachi. 


*140 p.m. Border 2.00 Ilousr- 

7»->rr:-. 5.15 Horse, in uur Bluod. fc.CS 

I. u-i'-arour.d Wedn- sJay. E.CD " Euttor- 

Hr..- ore 1 -ree." 11. P0 TU-. uJd Louple. 

1140 BuiIids Grand Mj.y. n Darts 
< '2> am p 1 onsh:p. -12.00 Border .\evts 

Summary. 

CHANNEL 

145 P.m. Channel Lur-'Jit.in* t and 
v.Ha:', nn where. 6.00 • 'barrel Noire. 
6.10 Djcomot:— tee D«.8 nd-.r. 18.22 
Channel Larc X«i\ 1042 fcibms Damn. 

II. 00 A Prune ILni-rivr ..-1 Pr:rie Mini- 
sters. ( 1245 ».m. Epilisu.- loilouul by 
cc-es and weaih-r in rna-r. 

GRAMPIAN 

943 a.m. Kirs; TK.ioc. 140 p.m. 
■.-anirean N-r.s Jleadlir--.. i.oo Grampian 
Tol.v. 3.00 "On' Mon Train m Rob." 
-darriPg •aw.-v.- Kpi-ird. 11.OO Hacks 
Vlil 1 '™ 1 -"' 1 ' 11 Mr. Tborru*. 

12.00 R '. fleet mnv 

GRANADA 

l.ro p.m. This i; Y-.ur '.i.'u. 5.10 This 
r- V..ur RasK -K-ie'al c-.a -x l'i tlw 
ear..er ccoorranim • •. 5. IS Cni<imb- 

6JM Granada He.— ir;*. b.jj i-.i.h You 
w\*« iivrc . . 8.00 mw Train 

■Jt **£>• Tit- Untouchables. 

aIm G MKV? JLinillfOi; J V. 


SOUTHERN 

1.20 p.m. Souiherrt News 24)0 House- 
pane. 5.15 Bony Hoop. J40 Crossroads. 
6-tlO Day by Day: Wednesday Extra. 84M 
•■tine More Train to Rob." 114)0 Police 
Surtsmn. llJO Southern News Extra- _ 
U49 Healthy Eaong. 

TYNE TEES 

943 a.m. The Good Word folloovd by I , 
North Hast N<m»-s Headlines. 1140 North ■ 
East News and Look a round. 2.00 Women 
Only. 545 Happy Days. 6JH Northern . 
Life. 8.00 “ Buucrflks arc Free.” 11J0 ’ 
West Side MedicaL 12-30 a.m. Epilogue. I 

ULSTER 

140 p.m. LuachUme. 4.18 Ulster News ] 
.Headlines. 545 Dynomutt, the Dog - 
Wonder. 6.00 Ulster Television News. 
6.05 Crossroads. 6.30 Reports. 840 " One 
More Train to Rob." OJO World 
Championship Dans. 1240 Make It 
Count, followed by Bedtime. 

WESTWARD 

12.26 p.m. Gus Hoocrbtm's Birthdays. 
140 Westward News Headlines. 6.00 
We-award Diary. 8.00 “ buck and tbe 
Preacher." starring Sidney Pooler. 1048 
Westward Late News. 1040 Rising Damp. F 
11.00 A Pnnt” Minister on Prime Minis- 
Krs. 12.15 a.m. Faith For Lire. ’ 

YORKSHIRE j 

1.20 p.m. Cak'nrtar Nows. 545 Mr and 
Mrs. 640 Calendar (Emky Moor and 
Belmont editions'. S4» ” Battertlos arc 
I'roc." U.00 The Odd Couple. LL30 
Tan .AliSUSL 


THE LEADING London sale- 
rooms are slowly returning to 
normal after the Christmas 
break. At Sotheby's in Bond 
Street yesterday English pottery 
and porcelain made £24£83, with 
a top price of £1,200 for a part 
Derby tea service of 39 pieces 
which bad been estimated at a 
quarter of that price. 

A 42-piece Chamberlains Wor- 
cester crested dinner service 
realised £1,000, rather below 
forecast. 

Sotheby’s Belgravia disposed of 
Victorian paintings for £20,211. 
Top price paid was £850 for 
Haotnfl a Look at Baby by 
Frederick Daniel Hardy. 

In a sale of English and Con- 
tinental glass at Christie’s, which 
totalled £38,605, a Tburingian 
18th-century marriage goblet 
sold to a private buyer for 
£1.500, double the estimate. 


The London dealer, Sheppard 
and Cooper, paid £1,400 for a 
Newcastle stipple-engraved bu lus- 
ter wine-glass attributed to David 


SALEROOM 

BY ANTONY THORNCROFT 


Wolff. and„ a /Palais. . Royale 
ormolu-mounted- hexafoil glass 
basket west -for L20O to ImberL 
Another .private buyer paid 
£1,100 for a yellow twist wine- 
glass. . ' 

A small primitive picture, be- 
lieved to be the- work of a 19th 
century Australian convict, was 
the surprise^of a Phillips sale of 
oil paintings on Monday. A 
coastal view From Above Double 


Bay measuring 7} x 10 inches, 
sold to Clipston for £2^)00, 10 
times its estimate. 

The painting, which is prob- 
ably destined for. Australia, was 
attributed to !L Peacock and 
inscribed 1845. Peacock was 
transported from Britain for a 
life sentence. The sale of o£T 
paintings totalled £22,301. 


MARIE CURIE 

Hot work Inrw mi m tin <«nccr 
nursing, welfare and resevcb of tka 
Marie Curie . Memorial Foundation. 
'Pleaso support generously by donation. 
-In Memoriam gift or bequnc, this 
unfqii* organisarion now in Its 30th 
year of bouianltarlan work. 

124 SLOANS STREET, LONDON, SWT 


8.oa * VU ? UI-' . S.03 v.jur Slid- 

* k -a1'J-C* 'S* f \ •!! D3n H- 

9.03 - VlIF on'} .. "KTItii Wcric't 

'.uTTB-it-.r: rrenc;- ;i;- on n ._ 

i/r^an in Coawn is- ZC.5D Kaurc soru 
'H'- 1 ^- 00 '‘u-i. . ii,Q5 p : na 
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1.00 p.in. 1.05 . - r; j. - ,5 

240 YuUT.I iiftfc vT., c, i-.-nr.J. carl 
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5.19 K'fld::.; a LiOrur' •.%- 5.J5 yocnc- 

' s ' m hM fc-10 Bom«> 

L insnif • 'JwiT.ip 739 Jaors 

ty.inlisrsinr"^,!: -»j: F,. 7 ihmrn 

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n.i.-t .. .'w.au'j-..— .... HUS 

I: 1 " ’“J v -ori^_"J. loss -.te-ViD Our 

T II « S II jfl.n -ic And 

Tontsbt s SctuL. r: t 

RADIO 4 

434m. 330m. Jfj.ini and \ r HF 
. o.m. h.lT rjtir.,,1.' Today. 

Voi* 1 ? n,>K " 'VtlK. s^ionai 
. -40 Tc<.," 745 Lp 

P — n-.| n ' ! : 1 <52 tVHFi 

F^_.o..j| . g.M . 3j B -r.jUjy 

^“ papers- 


liv?nsonri. d J5 Story Time. 5.00 PM i 
Reports. 5.40 Serendipity. Weather, 
pros run tn-.> news tVITFi Rt-jilonal Nou'S. 

6.00 Kkwn. 6.4J My Music rSl. 7410 
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LOO Lord Peter K'lmscy. 8J0 Tb- Reltb 
Lectures. 9.00 Science 2imv. 9 JO Kaleido- 
«a 9-59 VVcatbcr. 10.00 The World I 
Tatuahl. IB JO Round Europe Quia. 11-00 
A Book ar fisaim;. 12.15 Tbe Financial 
World Toalahi. 11 JO Today id Parliament. 
11.45 Mew? 

For Schools {VHF only) 9-05 a.m.- 

12.00 and Z. 00-3.00 pjn. 

BBC Radio London i 

206m and 94.9 VHF , 

6.00 a.m. .u Radio Z. 6Jo Rush Hour. 

4.00 Holidj'. So n-. 940 London Lire: 

114)3 In T'tM-n. 1243 p.m. Cull tn. includ- 
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5.00 a.m. ?! grains Music. 648 A.M.: 
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uiforniaiion. 10.00 Brian Bases. LOO p.m. ; 
LHi’ R. pcrrs indudins Georso Gale's I 
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Capital Radio 


tll.OS ’ion Tft- Jii|-r. 12 00 \euij. 
Ii02 n.m. Von „:i ' «.r.. wtal 


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AJlsrsoon Hii’JTjL 3^0 CDunU 


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Private dining room 
and Cinema facilities 

The FT private dining rooms, at Bracken House, provide an ideal Qty 
venue for dinner parties and buffet suppers.: 

Anything from a simple cocktails-and-canapes function to - the' most 
elaborate dinner can be catered for in pleasantly sophisticated surroundings 
which comfortably accommodate fifty : people for a buffet supper. Alterna- 
tively, it is possible to seat a maximum of twenty at dinner or, by use of 
panelled partitions, reduce the rooms to a size ideally suited to the smaller, 
private party. 

The dining rooms are available, weekdays, 5 pun. to 22.30 p.m. and may be 
hired separately from, or in conjunction with, tiie Cinema. 

Buffet luncheons, buffet suppers, snacks and drlnks'can also be provided, 
in the Cinema auditorium, for: guests attending presentations, previews, 
conferences or company meetings. 

• All enquiries relating to FT catering facilities and the FT Cinema should 
be made through the Press Officer of the Financial Times — telephone: 
01-248 8000, extension 7123. 

FINANCIAL TIMES 

Bracken House, 10 Cannon Street, London EG4P 4BY 


ru.y.- \'0\ 






ttUtlp 


/ 


Financial Times- Wednesday January 18 1978 


^vision 




best 


by CHRIS DUNKLEY 


‘ a J* ^ column,' angles at last week’s big match, this column to four oddly it in one fell swoopwbich looked from being as cruel as, say, 

' -or theiat»°T r 5* E*’ # row ? n * t of r < ec 9 D ' ^sorted and quite unconnected bold, but simuhaneously six- Ab^poSTs \ Party, a Visit From 

■& * t ™ rbon in . documentaries programmes. n ,„t, hP ri JSSv Miss Frothero would be superb 

televi6l0 ° rather than the grammar of the Prom time to time television n n „ “L ■* in almost any medium: short 

m ?rSSS^S X “ ne *« of coromei »tarr in last week s pro- offers a rapid succession of . a °. f story, radio drama, or live one 

1 reviews of the previous gramme, or television’s difficul- experiences of such interest that *s the suspension of disbelief art p jgy. But television (even 

ties in dealing \rith abstract con- on’s mild gloom over the con- supported. “minority’* J8BC2j will have 

the _ The film’s sudden acceleration got it 'a larger audience, so it 

■*— — ■*.» iaa ugiiuv vunr in miiuc i cnciuu.i ociirun irs: vav « im rm r»rxi£ ■ ■ Pht« IT" 1——-. i — — *"* * 

ngw term. 


themes and movements in trendy vicar in some “religious" schedules by mindless light- in the last five minutes, employ- was light to ""be there? 


_ .. discussion. Which Is not to say weight entertainment is blasted ing an entirely new style to «... opera was RRr9'* 

..rsley brought to the job a that camera angles, -grammar and away. It has happened In the move us along 30 years, was irfihe Ttafiaw ■ 

. nahon of aim ness, j depth hairstyles will be ignored: merely last 10 days with ^ broadcast- jarrtog BmadmitiXV is £^3^ S Dw Sflos 

' ** ** ^ 1 - ***> be *“* ° f * film ’ a hard to think of anf^er way with teteSkS 

which it .is subordinate. . ”■ and a lectunt At is happens 0 f providing the viewer with the kSS I havT evM^^eeS toere 

■ iJMsiiisssss ws® ^‘ew^t^rs Safe aa?si& 

'£isr;ss > n SA^fiansu sr 3unmea ae 1978 »■****. » afW 


.‘"'.i* 8 distinct from the camera onlag the formula and ievotmg UU*™ written and duremed {SSff we“d *toJ“j£S 

■■■■■■ 

s^isr-s ■S'-islaSs £^s^“E£f*s 


fit Circ 




Judith FeHows, Douglas Mil vain, Peter Bourke and Richard Moor* 


Lcmwird Burl 


making unexpected ram arks {J® 1 ^® atmospbere °f cue. 
about the Nazis. Prom that point SSir'^P' 


? f*t\ 
l * if L 


y~. 


On television the production 

it became imnossifale to walk ^ P 1 *? was BBC2 ’ S "Play appeared to be mostly visually 
awav impossible to walk Qf ^ week,” A Visit From unexciting changing occasionally 

It became rtear fba* a wartime Miss ■ Prot * tCTt> written (and at to an exciting mess.. It was not 
black DrotmFanda unit was being odd moments, assuming one's like being in the audience in 
formed. P The I1 fiist five minutes ears *** reliable, narrated) by Milan . Yet none of this ruined 
wT™Sv S Alan Bennett and directed the singing of Placldo Domingo 

&e ?£Tof tte rarely by Stephen Freaxs, in and Margaret Price, nor that of 
Piece — with beautiful economy. 8 *5»Uo lit as for a Perry Como Renatq Bruson who— if rugger 
The practically wordless depar- performance of “Autumn to wiU peradt the loan-sang a 
tuxe of the elderly , owner. -leav- ^® 8 7 es - blioder as Rodrigo, 

ing «the house to the seething and The plot is contained almost This was an occasion when 
scarcely contained brutality of entirely in the title. Retired television was in its role of 
Archie MacLean from Clydeside, widower Mr. Dodsworth is universal telegraph rather than 
tofld everything while saying visited by bis former colleague originator of the arts, and despite 
nothing: a trick which, surely Miss Pro them. His initial the .'breakdown it f ulfill ed the 
only a writer/director could pull pleasure at hearing the news function well, 
off with such blithe assurance. . of the workplace and colleagues The lecture called “ Has Truth 
After that, fhe play was dom-i- that he knew for 30 years is A Future?" was given by Dr. 
□ated by another Kate Neliigan slowly replaced by consternation George Steiner as the first annual 
tour de force. Hare “ensured "that as Miss Prothero gloatingly Brtmowski Memorial Lecture on 
the viewer- could always, sense makes clear that he and his sys- BBC2. 

the reservoir of MacLean’s. bOe tem have been replaced by a St eine r said that now, for the 
ready to flood the house (and the whizz kid with a ' computer. first lime in man's history, one 
play) and the whole Tfrrnl Reich, The lighting and the magnifi- can conceive of a fundamental 
and Bin Paterson — where has cently accurate body language “incongruence” between tbe 
be been all our Hves? — realised used by Patricia Routledge to'" will .to discover the truth and the 
the part marvellously. express Miss Prothero’s self will to survive. Touching on the 

But Kate NeBigan is one of satisfaction — seated forward, arguments about man’s nature 
those extraordinary television head angled, each wrist nursed popularised by writers such as 
performers vrtth Ifce ability, in the opposite hand— were the Lorc-az, Ardrey, Morris and 
almost magical and virtually only aspects of the play which Da wkins “d briefly on the 
beyond analysis, to oblige you to called for television The rest namre/uurture . IQ controversy, 
believe unquestioningly in their comprised Bennett’s wickedly went ° n Us I understood 

characters for as long as they telling verbal details from the to dismiss the goat milking 
Fto Finlay has it. lower levels of suburban and jn^de £>f smaH is beautiful, 
and Michael Bryant, but it is office life- let's abandon nasty science" 

rare. I suspect it has something “Twn 24S*s In one dav? wiro obscurantists, and to re-state the 
to do with the ability to relax didnt he docket the lot tnpether liberal humanist belief in 

while performing, end ft rer- £*** £ ° r 

tamly has a lot to do with detail: g aar 7 » itself. 

Kate Nelligan’s naive deb who « T ‘ hat .- wh , t T r _:j t - The passage which started 
had never made tea did mot Dorwn GlSS- ” and ll shall continue to ask 

empty oat the whole packet as 0 n. Only a fondness emanating «£Sppl!m.? 0 ?h may lead> 

most actresses would, doUop- from Bennett and peeping be- ?e" ^"eluded 

pause-shrug-remainder. She did tween the lines saves his work V jj there " S 

actually inspiring enough to 
make the hair on the back of 
the neck stand up. 

You can’t say fairer than that 
about a solemn prestige lecture 
from a polymath on BBC2 — 
except to inquire when Steiner 
will be offered ,a whole series. 
Perhaps the difficulty is his find- 
ing file time or the inclination 
for it In 50 minutes this year 

^ .... Steinet talked more sense about 

Tthe operatic traveller in though his voice • lades nuance lian puppet-theatres (the action assumed lovely poses of pathetic managed liflS hours last^ear* 65 . 
December is always tbe and is not particularly interest- of Toner edi is set in Syracuse grief. , , * •„ 

xciting— and exhausting— Ing. The Ferrahdo of Agostino ra the year 1005); but though Tbe two women were splen- - 

' A few of the country’s Ferrin deserves special praise, ms warriors’ costumes sparkled didly matched vocally. Miss 

louses open their doors in With much more subtlety than whh tin armour and were Horne was in excellent form; her 

iber (Turin and Genoa, to is. usually brought to the open- decorated with splendid plumes, Italian enunciation was better 

two), but the majority of. ing scene, he established just the there was nothing .cute about than ever, and she did not abuse 

eatres arrange for their right tone, of mysterious night- them. The TacLies wore high- her chest-tones. The singing was 

naugurations to coincide mare,- which is tbe . key to the- waisted gowns closer to the stylish as well as agile. Marghe- 
he Christmas season. So,. whole work. period of the opera's composi- rita Rinaldi has^ never sung 


Shaw 


An Inspector Calls 


ate Nelligan in the Play for Today, ‘Licking Hitler' (BBC'1) 

ence/Rome 


Trovatore and Tancredi 

• by 1 WILLIAM WEAVER 


by B. A. YOUNG 

Edwardian strains of Elgar evening in 1812. matter is over, whatever they 

greet us as we go in; then J- B. Priestley's teaser calls did is finished. Until. . . . 
suddenly the stage lights blaze for a deal of credulity. The story A deeper conviction is neces- 
{ .. is well-known, how a man arrives sary than the Dolphin company 

on to *°w the dimug-room of posing ^ a p&Bce inspe ctor can provide under James 

the Birlings house m Brumley, (though without showing any Roose-Evans. The dialogue is 
a gleaming island of silver and credentials) and by cross-examtn- often dangerously “ stagey." 
mahogany in which Bernard Cul- ation of the party implicates and if the playing is stagey we 
shaw has encapsulated the very them all in Eva’s suicide and are lost. Much of this playing 
soul of the prosperous Yorkshire- then leaves, having threatened is indeed stagey — Douglas 
man’s prosperous home. the nation with “fire and blood Milvain is a property Yorkshire 

Seated around the table in and anguish” if social relation- tycoon, Judith Fellows as his 
evening dress are Arthur ships can't be improved. wife, saddled with tines like “I 

Birling, a prosperous Yorkshire- Then the questions begin, can't believe it, there must be 
man (Douglas Milvain), his son Was he really an inspector? Was some mistake,” describes grace- 
Eric and his daughter Sheila it the same girl in each case? ful arcs with her arms that 
(Peter Bourke and Sarah Craze), Was there a dead girl at all? hardly seem to belong to Brum- 
his wife Sybil (Judith Fellows) The general tension slackens; ley. As for the inspector, 
and his daughter’s betrothed, but things will never be the standing there with his hands 
Gerald, another prosperous York- same. Sheila, who seems to in his pockets, i'ui amazed 
storeman (Shaughan Seymour). h ave gone over to jnspec- B >riing didn't ring up the Chief 
They are passing the port the t . id almost at onee CDnstabl * at once: Richard 

wrong way round the table. “I* . f e - ^ L. Moore will serve as the Univer- 

Outside in tbe infirmary Eva luxuriates m her guilty con- sa j Conscience we must accept 
Smith lies dead with her belly science, and drunken, thieving him for, but never as a police- 
full of LysoL ' It is spring Eric too; but to the others the man. 

Round House P Downstairs 

We All Fall Up by MICHAEL COVENEY 

When In doubt, the fraying when we come down to it, make The physical presentation 

fringe always falls back on a tale no difference whatsoever in the throughout is appalling, typified 
of innocence abroad in search of quality of our involvement. We by the consistently fumbling 
a father figure, the truth or a see the wretch spawned in a arrangement of props and 
girl in diaphanous white cotton, muddy spotlight and sent on his setting, 3nd beautifully sum- 
This particularly dire specimen way by an interferring aunt who marised when the boy, philoso- 
of uninspired rubbish (by Robin pulls his trousers down just after ptocally engaged upon a game 
Whiteman) manages to fit the the disembodied voice of long- of Russian roulette, shoots bis 
bill on all three counts, and con- lost papa has intoned that “The baby dead with the seventh pull 
firms the recent suspicion that longest way is the shortest.” and on the trigger, 
whoever runs the main house at “We have to suffer to progress." I may as well add that the 
Chalk Farm cares not two boots Well, sometimes we must boy takes his clothes off and 
about what appears in the back- suffer to learn the worst, and the drifts wanly around in front of 
room studio. worst is not always worth finding a large sunflower, alleging that. 

An intrepid, reasonably good- out — as our hero, in fact, eventu- while he is at peace and con- 

looking young boy in search of ally discovers when a prophetic tent, the war (which war? any 

his father declares that he stands fairground witch with Satanic war) rumbles on outside; and 
mid-way between play and life, powers of ugly charm is eventu- that tbe entire ridiculous cast 

black and white, false and true, ally revealed as the father. The of three-^James Preston, 

yin and yang. Why, for that programme describes our pilgrim Michael Blackham and Karin 
“ 8tter . Pinky and Perky, as a mountaineer, a description Sc0 tt— jump around holding 
Bill and Ben, Jack and the Bean- lost on me unless painfully re- . _ . - f* 

stalk? That would tally more con- calling the opening chaotic image ba °. " r ® coUa P sm S 
sistently with the nursery of a smog yogi sitting atop a undignified neap and— the cheek 
rhyme overtones of the title and, shaky ladder. of it — taking a bow. 





after the Don Carlos at 
da there came a festive 
yre at the Teatro Comu- 
j Florence. And the two 
gs were linked by more 
le calendar: both, in fact, 
jlaged by Luca Ronconi. 
ously, the producer 
I more time to Don Carlos, 
ts elaborate processions 
mplex, shifting tableaux, 
erhaps because -of its 
simplicity (and„perbaps 
cause, in Florence. Ron- 
is collaborating with Pier 
?izzi, who created band- 
costumes and generally , 
live sets), the Trovatore 
ich more cogent visually, 
e libretto itself, Ron coni 's 
■ion insisted on images of 
V brazier . blazed ^ high 
Ferrari do's opening nar- ; 
lamps flickered in the 
Lenora and Ines: an 
f tapers beyond a scrim 
interrupted wedding of- 
■ and . tos '.beloved & 

1 aspect One had the 
Ion — as one did in Don 
'.-that Ronconi paid 'more 
n to the framework than 
1 ' ndividual'singers. Except 
iV[f .^occasional studied pose, 
-*m' -hayed .much as singers 
jSpnys behaved in ft trooa - 
^'^othing wrong with that 
-- " ave them atmospheric, . 
•tract settings, - in which 
:. His gypsy camp was 
ssful (and Azucena, 
y, was seated with the 
ier back), but the garden 
arches with shadowy 


M 4 RIE 




FTorenza Cossotta and -Carlo Cossutta 


better; she" used her naturally 
sweet warm voice with surpass- 
ing sensitivity, and her prayer, 
in the prison scene, was deeply 
affecting. Bianca Maria CasonL 
in the smaller but still important 
part of Isaura, also sang effec- 
tively and musically. 

The men were less impressive 
The part of Orbazzano consists 
mostly of recitative, which Nicola 
Zaccaria delivered gruffly. Tbe 
tenor Renzo Casellato, as Argirio, 
was able to sing tbe notes (no 
mean feat in itself these days), 
but he could not -suggest any 
psycho logical nuance or give the 
music much variety of colour. 

The Rome chorus is improving, 
but it still has some way to go 
The orchestra, ' however, is in 
fairly good estate (the whole 
atmosphere of the house, after a 
long period of depression, seems 
to be changing under tbe new 
guidance of Luca Di Sehiena and 
Gioacchino Lanza Tomasi) 
Gabriele Ferro drew precise and 
fluent _ playing from his 
musicians. At times, one would 
have liked a little more elec- 
tricity from the conductor; he 
occasionally allowed the singers 
to devote too much time to 
' shaping a single lovely phrase at 
the expense of a stanza. 

As in Houston, the Rome opera 
used the tragic ending of the 
opera, which Rossini composed 
for a production in Ferrara a few 
months after Tancredi" s premiere 
at La Seals. Prepared for per- 
formance by the American 
specialist Philip Gossett, this 



;amst a blue backdrop— p 0 r this, performance Muti tipn. . The sets, framed within finale"— an extended recitative 
fn fflo were t otal ly. gmdjed the original score. Thus a:, mock-theatre, were simple, over the most stark accompanl- 
aimpie as they were, jJeonoras usually-cut “ Tu vedrai varied and charming. San just ment — was eerily moving, as 
a w Pe ViH. 011 , tliree che, am ore- in terra ” was heard jaisd moved his singers with Marilyn Horne -delivered it. One 
tend heard well), whereas the skill: Marilyn Horne, in the title has the suspicion, however, that 
notorious high C of “-D1 queUa role, strode fiercely and struck the happy ending would be more 
J^^-°^ structlv j plra " was not heard (to the noble attitudes, while Marghe- in keeping with the general tone 
ms between scenes and aU dible irritation of some rita Rinaldi (Amen aide) of the opera. 

■ee long intervals. members .. of . the capacity 
interruptions marred audience im opening night), 
of Mud’s intense, but * - • 

1 La* yea, the T«troCambridge Theatre Company 1978 

) slack moments either; dell Opera; in Rome, bravely . 0 * J 

te Florence . orchestra, opened with a revival of Mena- Following the successful run A Dolls House is the second play 
• as been going through a dante’s long-negleeted 11 otnuo. <jf its - production of The of the 1973 season and features 
ation process, played This year their choice of a nrei Gingerbread Man at the Old Vic. Sylvia Syms as Nora with David 
‘ “ ’rhe ■' com- . Cambridge Tbeatrc Con,- Collm^Howtad Davies, El^t 

) at its best poser’s serious operas, as every- PW will premiere, a new comedy Gray, Edward J ewes bury and 

has been accused of one knows, have not enjoyed by Royce Ryton, The Un» Bay White. It will open in Cam- 

■ 5 — or at least passively the popularity in recent decades varnished Truth at Darlington on bridge on February 21 and tour 

ig — poor singers for bis of his .comic works, and while January 31. Tim Brooke-Taylor to Hull and Croydon, 
e opera performances. Cenerentcla and L’itnliana '[" and Graeme Garden, of Goodies 
trovatore be had a much Afyeri have now returned ‘will anoear in the cast , , , „ 

st than usual. Fiorenza the repertory, even the which a i K0 rahripite /° r Godot (May) and 

», the Azucena, was in- star-studded revivals of works 0 ^ „ e Thornton Wader’s. The Matdtr 

the star of the evening; like 5emntam*de and Le Stage namaton, Jo Kendall, Moral ma j ter ^ j nne> latter will 

■ * i ?H a ?, p0 A eriu ' a3 J'^ * S’™* IemJln “ ^ ?! ^ *te Cambridge Theatre Com- 

used it with none of the events.. • - ■ Roberts and -the author himself. 


Other productions include 


• 7 and ostentation that The 'earlier opera (1813) Ton- Jonathan Lynn wiU direct The 
, : les detract- from the cre ^ may chadge this situation. Unoartiislied Truth which will 


pony’s 50th production. 
Sponsorship for The Matdhr 


imtL tK^rSSnnrr" om'nirr Two- summera ago it Was staged, tour Cambridge (February 6- maker comes from Bryant and 


imn tho t'jwxnftvo rant ' n# imr suuiuind * wouiutiugo cm U«U V U“ wm oa uuiu auu 

Sa Wlth great SUCC8SS ' t 118 A P U ” 18), Aberystwyth (February 20), Maj^-and the Bernard . Sunley 

’ ^ azxd CMaxitable Foundation wDl 

but not exciting: then she H^ston^md a conrert perform- Croydon (March 6>. sponsor- A Doll’s House. The Cam- 


ance in New York has just been 


(February 27) 

•The Cambridge Theatre Com- bridge 


Evening News has 


pe given . And the Rome revival P^hy. based in Cambridge decided to contribute half the 

«« was also warmly received, in a but t 


|%U 


che d’altri vivere” was ***** warnn y ww*™, *'■. " — touring all over the' British money to co mm is si on Frederic 
ly beautiful. production that could quite Isles was formed as ah off-shoot Raphael to wnte his first stage 

Cossutta was not ir>'gpbd e % fiily ’ travel 10 otIier theatres- - of Prospect In 1970; its policy, play and Marks, and Spencers 
ut-.ho.ga.ve ; an. BRBSPi^Wq .The- producer and dcsigrier qndej- director Jonathan Lynn, is and W. Heffer and; Sons, Cam- 
mnee, as did Matteo was Filippo San just* who dearly to present a mixture of new plays bridge booksellers, have also 
lerra (Conte di -Luna), took his inspiration from Sim- and established classics. Ibsen’s given convenan® . ILF- 


ENTERTAINMENT 

GUIDE, 


THEATRES 

cc. 


THEATRES 


THEATRES 


Evenings 8. Sats. 5.30, B.30. Tliur*. 3.00. 
LC5LW PHILLIPS 


01-930 MIS MERMAID. 240 7656. Rest. 248 2835 ST. MARTIN'S. CC. 836 1443. Eras. 8.00. 


ImpeCEable 


CJC> — The** tbMtm accept 


certain 


111 SEXTET 
1 HILARIOUSLY FUNNY. 


4 master. ^ Sun. Timet. 

N. Of World. 


, , DRURY LANE. 01-836 B108. Every 
. night 8.00 share. Matinee Wed. and 

card* by telephone or at the box office. Sat. 3.00. 

A CHORUS LINE 

"VOTED BEST MUSICAL OF 1976" 
DUCHESS. 036 8243. Mon. to Tltur. 
Evas. 8.00. Fri.. Sat. 6-1 5 and 9.00. 
. „ OH! CALCUTTA! 

"The Nudity is Stunning,** D. Telegraph. 

Bill SENSATIONAL YEAR 

01-336 5122. 

and 


Moil- S at. 8.1 S. Mat. Wed. & Sat. 5 JO. 

DAVY JONES. MICKY DOLENZ 
in HARRY NEILSON'S 
THE POINT 

“ A dosen delightful songs which linger 

In the memory." D. Express. -■ — ■■ — 

"A winner on polntt," D. Mirror. TALK OF THE TOWN. CC. 734 5051. 
Stall tickets £1.25, £3.50. Combined 8.15. Dining. Dancing. 9.30 Super Ke*u* 
D Inner-Theatre ticket £5.95. RAZZLE DAZZLE 


Mat. Tues. 2 .45. Saturdays 5 and 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST- EVER RUN 
26th YEAR 


OPERA & BALLET 

coliseum. Credit cards 01-240.5258 
Reservations 01-836 3161 
ENGLISH NATIONAL OPERA 
Tonight S> Set. 7.30 jOreheus In the 


NATIONAL THEATRE. 028 2252 
OLIVIER {open stage): Today 2 30 


and at 11 p.m. 
BUDDY GRECO 


■red 


pr mail and 7.30 THE PLOUGH AND THEATRE UPSTAIRS 730 2554. Opens 


UnderworllL Tomon-ow 7 M nSrtJ « -SJ^Od 

Janacek's From the House of the Dead. Mon-Sat. B.oo. Mats. Wed. 3.00 
Fri. 7-30 and^Jw. next, at 5 RJgpletto. tnunuiTT.it 


104 Balcony 


available day of peri. 


CO VENT GARDEN. CC. 2140 1066 
CGardendWTOe credit cards 836 69031 
THE ROYAL OPERA 
Tonight 7.30 and Sat. 2.00, La fan- 
elulladef West 

THE ROYAL BALLET 

Tomar. 7UH) La Baywdere. A Month fn 
the Country. Elite SyncooaWons. Fri. 
and Tue- 7 JO and s*t. a.m La Nile 
mal garden- Moo. 7 00. The Dream, A 
Month In .tbe Country. Elite Syncopa- 
tions. 65 AmphT seats for ah peris on 
sale from lOwn on day of pert. 


SIAN PHILLIPS 
PAUL DAN EM AN 
In 

SPINE CHILLER 
Tickets tram £1.80'£3.80 
Instant Credit Card Reservation 
Dinner snd Top-price Seat £7.30. 
ELLE et LUI, CC. 01.437 2810. 
Walker's Court. Brewer Street. W.l. 
Twice Nightly 8.15 and 10.15. 
PAUL RAYMOND presents 
PENETRATION 

An -erode adventure In French porno- 
graphy. “ Good-looking men and women 
perform various pe munitions of the 


THE STARS try Sean O’Casey. Tomor 
7.30 volponc 

LYTTELTON fproscenium stage): Ton'i 
7.45 Tomor 2-45 and 7.45 THE 
GUARDS44AN hv Molnar. English ver- 
sion by Frank Marcus. 

COTTE5LOE fsmall audttonum): Ton't 8 
HALF-LIFE by Julian Mlichdl. Tomor 5 
Lavender Blue. 

Many excellent cheap seats all 3 theatres 
day 01 oerf. Car park. Restaurant 928 
2033. Credit card bkgs. 928 3052 

OLD VIC. 92B 7GT6. 

PROSPECT AT THE OLD VIC. 
Spring season Jan, 16-March 25 In rep. 
HAMLET 
ALL FOR LOVE 
SAINT JOAN 
ANTONY. & CLEOPATRA 
Tonloht HAMLET 7.30 
Seats available. 


SADLER'S WELLS THEATRE Rosebery Ave 
EC1. 837 1672.. Until Feb. 18 
D*OYLY CARTE OPERA 
In Gilbert and Sullivan. Evs. 7-30. Mat. 
Sats. 2.30. Tonight THE . PIRATES OF 
PENZANCE, Fri. and Set. PATIENCE. 
Mon. and Tues. next HMS 


sexual act." Evening News. You may Sunday: Jazz rock concert 5YZVGY 7.30. 
drink and smoke In the auditorium. 


FORTUNE. 836 2238. Ergv.1. Thurs. 3. ^MOT.^Thur. 8 


01-437 6834. 


Ton’t at 7. Subs 7.30 Crucible Theatre 
Shed i cid in 
SAYS I. SAYS HE 
by Ron Hutchinson 

VAUDEVILLE. 836 998S. Tvo*. at B. 
Mats. Tues. 2.45. Sals. 5 and 8 - 
Dituh Sheridan. Dulcie Gray, 
Eleanor Summerfteld. James Grout 
A MURDER IE ANNOUNCED 
THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
Re-enter Agatha with another who- 
dunnit nit . . . Agatha Christie Is sulk- 
ing the Wes: End yet again with another 
of her fiendishly Ingenious murder 
mysteries." Felix Barker. Ev. News. 

VICTORIA PALACE. 01-834 1317. 

Cvbs. 7 -3D. Mats. Wed and Sat. mo. 
BASIL BRUSH'S NEW REVUE 
BOOM! BOOM! BERT WEEDON 
BOBBY CRU5H AND STAR CO. 

- A true family show." D. Tel. 

£*st 2 weeks. 


PINAFORE. 


THEATRES 

ADELPHI THEATRE. CC. 01-836 7611. 
Evgs. 7.30. Mats. Thurs. 3.0. Sats. 4.0. 
“ LONDON'S BEST NIGHT OUT ■ - - 
SPECTACLE. CAPTIVATING TUNES 
AND RACY COMEDY.” S. People. 
IRENE 

THE... MUSICAL MUSICAL 


_ Sat- 5J} and 5.0. 

Muriel Pavlow as MISS MARPLE In 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 

Third Cincat Year. 

GARRICK THEATRE. 01-836 4601. 

Evs. 8-D. Wed. Mac 3.0. Sat. 5.15 & 8.30 
JILL MARTIN. JULIA SUTTON 
DAVID FIRTH and ROBIN RAV 
In the . 

"BRILLIANT MUSICAL 
ENTERTAINMENT." People. 

SIDE BY SIDE BY SONDHEIM 
_ “GO TWICE." Mori ey. Punch. 

1 GO THREE TIMES.” S. BJimei. NTT. 


JESU 5 ’8V RlffT " Slfre mTa R ■ -4 °' Dornnar Theatre. 836 6600 . 

JE.U5 LHKI5T SUPERSTAR Royal Shakespeare Company. Ton'i 8.00 


SL,ck _S!f!! i r i !y < ? us — IBENE HAS ^OBE. CC. 01-437 1 592. Evenings 8.15. 
EVERYTTtING. Dally Express. Sal*. 6.0 and 8^40. Mat. Wed. 3.0. 


PHOENIX. 01-836 8811. 

Evga. 8.0. Mai. Wed. 3.0. Sat. peris. 

• „ *J0 and 8.00 

KEITH PENELOPE 

MICHELL KEITH 

NIGEL STOCK 

JUNE JAGO ROY DOTRICE 

in the Chic hewer Festival Theatre's 
production ol 
THE APPLE CART 
_ by -Bernard Shaw 

Outstanding revhra I- Of buovant Shaw - 
. Dally T«mn*h. 

Directed bv JPATRICK GARLAND 
LAST 2 WEEKS 


INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-836 7811. 


AMANDA BARRIE. JOHN QUENTIN PHOENIX. 

In t*je SECOND YEAR of --- 

. DONKEY'S YEARS . _ ERANK FINLAY In 

by MICHAEL FRAYN The Leslie Brlcusse Musical 

THE. BEST COMEDY OF THE YEAR. , KINGS AND CLOWNS 

- - ■ - weirti 




01-836 8611. 


ALBERT. 886 3878. Credit card bktjs. 

n^s. 3 mat& J£3^ t iit*? 4 “.3o r, and‘ 4 |! '~~~Lom~ 5 wenks:~'En^. FebT 18T 

A THOUSAND m TIMK dt WELCOME is GMJNWICH__THEATRE._ M-BSB 7755. PICCADILLY. 437 4606. Credit card bkg. WINDMILL- THEATRE. 


Reduced price previews tram Feb. 16. 


Edward Bond's THE BUNDLE. *• Tens* 
and Eloouent." 5. Times. All seat* £1.50. 
Adv. bkBL Aldwrch. 

WEMBLEY. EMPIRE POOL anti! Feb. 25. 
. LAVISH ICE PANTOM IMF 
„ HUMPTY DUMPTY 

Sheer spirkllna spectacle.'* D. Tel. 
Mon ip Fri. 7.45. Mats. Weds. Thure. 
at 3 5ars. at 2. 5 and 8. Chidn. and 
Senior Cits, half price except 5at. 2 and 
5. Pay at doors. Enquiries 902 1 234. 

■ Spacious car park. 

WESTMINSTER THEATRE CC 01-854 0283 
Evgs. S.OD Mat. Thurs. 3.0. Sal 5.0 & 8.0 
Tickets £1.50 to £4.00. 

PAUL JONES In 
_ , , DRAKE'S DREAM 

Eoelaad 5 , Greatest Musical Adventure. 
„ Exerting.' " Fin. Times. " Many Merry 
Refrains E. News. "" Bouncing Vigour. 1 * 
E. Standard. 


IMMORTAL HAYDON. -■ A stupendous ___ LAST 2 


OLIVER 

“ ROY KUDO'S splendid perlormance." 
5. Tel. " Taleptrt JOAN TURNER.” D. 
Mall. "Capital ton ... the show Is ■ 
tfeHghL" P. TeL OLIVER I RETURNS 
- - CONSIDER YOUR- 
SELF LUCKY TO BE ABLE TO 5EE IT 
AGAIN." D. Mirror. 

NOW BOOK ING . THROUGH 1978. 


ALDWYCH. (Tatephone bkos. suspended). 
, Inf. 83& 5332. 

ROYAL SHAKESPEARE COMPANY in 
repertoire 

Today 2^10 . mm 7.30. Tomor. 7.30. 
Jwtton's THE ALCHEMIST 


vehicle for Rosstter . . . compelling 
and hugely entartahihig.-* Punch. 

01-930 9632. 
Evgs. 7.45. Wed. 2.30. Sat 4 M A 8.15. 
CLAIRE DANIEL 

‘LOOM MASSEY 

MICHAEL ALDRIDGE In 
R05MERSH0LM 

DIRECTED BY CLIFFORD WILLIAMS _ 
“A MURDER PLAY MORE EXCITING 
THAN ANY BY AGATHA- CHRISTIE." 


ROYAL 5HAKESPEARE COMPANY In 
RAUCOUSLY FUNNY 
1 Bth-century comedy 
WILD OATS 

Wild Oats Season finishes Jan. 28. Peter 
Award winning .Comedy 


NiCJlOls 

PRIVATES 


ON PARADE 
■Feb. J. 


peris, from 


_ — CC. 447 6312 

Twice Nightly at 8.00 and 10.00 
OPEN SUNDAYS 6.00 and 8.00 
PAUL Raymond presents 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

Takes to unprecedented limit* yrtial la 
permissible on our stages." Evg- News. 

You may orink and smoke in tne 
- ■ Auditorium. 


Baxter. __D._ Telegraph. 


DAYS. Mpu end Sat. 


"jiMsterpiett. of rampant knatorv." Dly. 

Telegraph. WIlH: Brecht's THE DAYS OF 
THE COMMUNE (next barf. FrL). RSC 
alto at THE WAREHOUSE (sm under 
W) and at PfecadWY and Savoy Theatres. 


AMBASSADORS. 


HAYMARKET. 01-930. 9832. 

Preview Jan. 24 (Charity! and Jan. 25. 
Opens Jan. 26. 7410. Sub*, evgs. 8. DO. 
Mat. Wad. 2.30. Sat. 5.0 and 8.15. 
INGRID BERGMAN 
WBNDV HILLER 

DEREK DORIS FRANCES 

01-836 1171. GODFREY HARE CUKA 


PRINCE OF WALES. C.C. 01-930 8881. 
Mon - « .£ rl - Sata. 5.30 and 8.45. 

RICHARD BECkInSALE 

"HILAR I pusina M gDY 'musical.- Sun. 
ptl gted. . b _7 Gene Salta with “ Bountiful 
Financial Times. 


WYNpHAMJL 836 3028. _ Credit card 
nnaklng 838 3692 ie«- Sat.i. Mon - 

Thurs. 8. Fri. and Sat. S.iS aed r.SO 
ENORMOUSLY RICH. 

VERY FUNNY." Evening News. 

Mary O'Malley's smash. hit comedy 
ONCE A CATHOLIC 
Surefire Comedy on sex and religion.** 

Dally Telegraph. 

“ MAKES YOU SHAKE WITH 
LAUGHTER." GdiL 


CREDIT CARD YOUNG VIC (near Old Viei. 928 8363. 
BOOKINGS ON 01,930 0846. Ton't 7.45 CHARLEY'S AUNT, 


**■ ‘ V 
" FartecL TtaSTsi " tWW8 ‘ MM MAJESTY'S. 


WATERS OF THE MOON 
bv N, C. Hunter 
NOW BOOKING 


„ E EN« THEATRE. 01-734 11GG. 

Evgs. 8.0. SJC. 5-Q IJa Mll. W«L 3.0. 

AJ.|C . GUINNESS in 

th5 old Country 

«■ ALAN BENNETT. ABC 1 & 2. SHAFTESBURY AV. 836 MG1 

Oir«M Iw CLIFFORD WILLIAMS. ALL SEATS BOOKABLE. 

the year t : , THE GAUNTLET (X). Wk. and Sun. 

■* L «Hfbn erilics award. S .00 8. 0 0 . 

.JSa "J .th* most notable theatrical 2i THE LAST REMAKE OF BEAU GE5TE 
<9K"tty lor a good many tAl. Wk. and Sun, 2.00. 5.20. a JO. 
- Veers. B. Levin. Sunday Times. fLaH dayl. 


CINEMAS 


APOLLO. 01-457 2665. Eras. 8.00. 
Mats. Thure. 3.00. Set. S.00 and 8.QQ. 
"DONALD SINDEN IS SUPERB." NOW. 
SMUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY," Time*. 

" SPELLBINDING." O. Mall. 


CC 01-930 6606, 

Evgi. 8.00. Wed. and Sat. 3.00 and 8.00. 
GLYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
in TERENCE RATTlGAN'S 
CAUSE CELEBRE 

'■ RATTIGAN REVEALS HIS MASTERY.' 
S-T, 


ARTS THEATRE- . 01-836 2132. 

TOM STOPPARD'S 


wraaar 


" Hilarious < . - see It." Sunday Tlmna. 

Monday fa Thursday 8.30 
Friday and Saturday at 7,00 and 9-15. 


ASTORIA. Charing X Rd. 01-437 6239 or 
01-437 S757 or 01.734 4291. Nearest 
Tube Totrentam Cgurl Rou Mon. -Thurs. 

8.00. Fri. and^SM^.oO and 8.45. 

THE STAGE' SPECTACULAR 
Tickets £Uu-G9iS0. instant credit Card 
Res. Ear 1 " “"f ftrily-MeeoMd Restaurant 
or Buflet 6*1 lunch- time and before and 
after show — bookable in advance. 

ELVIS " 

■■ Infectious. Hmilng loot-stampma and 
heart thrtnplng." -obsenfer. . 

ELVIS - 

"I waslbffMU^r reughl up In It carried LONDON PALLADIUM. CC 01-437 7373. 
along by it, rNrwte orated by the Shew OPENING MAT 25 

verve and *eecwcle of it“ Sun. Tel. for A SUMMER SEASON 

" B-VBV THE TWO RONNIES 

" saBBerin^y oBecthm." tIiwm. BOOK NOW! Theatre and Aaents. 


''A powerful dnsmu." E.N. “GLYNIS RAYMOND REVUEBAR. CC. 01-734 1593 CAMDEN PLAZA. Oan Camden Tn». 
JOHNS Plays brimantiy." _ D.T. At 7 p.m 9 •*■«"■- 1 1 mi. M sS” ^a.Sn^PADRK 

HER MAJESTY'S. CC. 01-930 6606. PAU THE < raffnvf . P E5 W1t!l f n?i! l ^ E »mP, , .. Cr lTS E P 2^Tn C l n ?* ' T7 ‘ 

Opening March 28 ™ EROTICA*" ° F 4th MONTH; 4.0S, 6-28. 6.50. 

in Leslie BriSS« 4°CT»ny Newley's may s : 4 - 

TRAVELLING MUSIC SHOW onm^a no Mipke J n the aud itorium. — 

Previews from March 16. ROUNDHOUSE. 2S7~2564". 

Piwnled by Le Theatre sm Ouartlers 
NOW IN ITS sih rock! ng year a ,wv - 23 gj, us*' c ”' 


P'NGTS HOAD THEATRE. ___ 

Moil to Thurs. 9.0. Fri.. SaL 7.30. 9.30. 
THE ROCKY HORROR SHOW 


Tottenham Court Rd. Tube! 636 0310. 

is Final Day SI N BAD AND THE EYE OF 
THE TIGER IUI. Progs. 1.10 3.3D 5.58. 
8 10. Late show n P.m. Arlo Guthrie, 
Jinn Hendrix WOODSTOCK {XI. 


“DON PALLADIUM. CC. 437 7373. |K>YA| milBT ' 

Evgs. 7 JO. Mats. Weds, and Sits. 2.45. ats JaTjaVt I s ' /«" I 0 " 1 ^ 
LIMITED SEASON TO FEB. 25 ONLY. al Jan - Sat. S & 8.30 

TOMMY STEELE ^AUGNSi?* ^ 

SALLY ANN HOWES .. LAUGHTER 

and ANTHONY VALENTINE 
In The Fairy Tale Musical 
_ HANS ANDERSEN ROYALTY. 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-734 8961. 


_ bv Peter Semes 
See also Theatre Upstairs 


CC. 


01-40S 8004. 


2: HIDING PLACE 041. Sc=. PerK. 2 DO. 
S 00. 6.00' Late show 1 1 p,m. Elvly 
Presley FLAMING STAR (A). 

3: EAST OF ELEPHANT ROCK [AA1. 
Progs. 1.S5. 4,10. 6.2S. 8.40. 10.5S. 

4: WIZARDS (A). Progs. 1.00. 3.00. 5.00 
T.Q. 0.0. Late show every night 11 p.m. 

JRZON. Curaon Stret. W.l. 499 3737. 


" Perforreed with a verve rare In British I.VRIC TMEATRC. 01-437 3686. Evs. LO, 

8 - 30 - 

“ Elvis »s "iriiHwA ‘ Sunday Express. 


JOAN. PLOWRIGHT 


Monday- Thursday Evenlna. fl nn- FriaRy CURSON. Curean Stret. W.l. 499 3757. 

5J0 - st, use 

Tel, bkos. a ccepted. Major credit cards. IIW Sv* 1 -)- 6-05. B.15 and 8.30. 

SAV 1 “£. CC. 01-936 .8888. Evenings 8.0. L^C«™ WARE THEATRE <930 52521 
Mats. .Thurs. S.OD. sat. 5 .00 8.30. STAR WARS tUi. Sen. progs, dlv. a.no 
.HOTAJL SHAKESPEARE COMPANY S.i5. 3.35. ..Seats bjrble. for sill 

^ 835 — - 


CAMBRIDGE. i% CX._pi-B36 gSOS . Mon. to 


COLIN BLAKEL\ 
and Patricia Haves in 

™ _ FILUMENA 

Thur. 8JS0. FrL Sat b^ 30 by Eduardo do Filippo 

IPI TOM HI Directed bv FRANCO ZEFFIRELLI 

" PULSATING MUSICAL." Ere. News. "TOTAL TRIUMPH.*' E». News. “AN 
THIRD GREAT YEAR* FVEhIT TO TREASURE." D. Mlr. " MAY 

Seat Prices £2.0 D and £5-00 ,T FILL THE LYRIC FOR A HUNDRED 

£8.25 Vnc. VCaRST 1 ' Si 


DlCHARD PASCO. SUSAN- HAMPSHIRE 

MICKY HENSON. JAMES CWSIM In FOR MANY PERFS. HURRY 

Bernard Shaw's MAN AND SUPERMAN ■ 

j&Wrt bn- CLIFFORD WILLIAMS. “I °^? N ( L-£2' C r5 t f T Snoan?. [930 6111.1 
”1 M > e l®°4 o» Icy from neglnnlng to JHE D*SP 6«u- proh*. every oav 


■IJSJL SEATS STILL AVAILABLE 


Dinner *nd Wp-prta 'seat 


gfr" - S- r , TgMhy. hsc also at Aiowvcn 
JhB P'Ccad'Ky Theatres Credit Cart 
bookings -accepted. Lan. 4 Weeks- Season 
ends Feb. 11 . 


SN'S may be beaked. Doors open ~iit 

I-? 0 4.30. 7.45. 


&URddV Idles. 



^ ^ MAYFAIR. CC 629 S026. 

“if*? _?578. Evenings 8.0. Opens Toes. Feb. 7 It 7-0. 

- GORDON CHATER in 
-THE ELOCUTION OF 
BENJAMIN FRANKLIN 
, „ by S*e*e J. Spears _ 

1 Outrageously funny . . . Profoundly 
moving." Variety. 

Preview* from Feb, let. 


3 : 0 . 

Winner re all 1D7S Awenf* 

hwbll 2 ^ S, 

. Pc ! r C ?rv^Je' H K oW Winter. 

LAST 4 DAYS. Must end Sat 


SHAW. 

Evgs- 7,30. 

.^‘WCTpR .CALLS 
by J. B. Fr teniay- 

STRAND. 01*836 2660. E 
Mat. Thun S. 00 , Saturdays =. 

NO SEX PLEASE—— 

tAlJGMrER MAKER 


OBEON. Marble Arch. 1733 -ni 1 .2 , 

— AUDREY ROSE (AAl. Sen. nrpga. w£» 

01-388 1394. 3 . 30 . 3.50. 8.30. WK *' 


PRINCE C HARL ES. LeiC. Sq. 437 8181 
.-SAVON KITTY (Xj. Sep. Mr*, dly 

amB ^ . 

A B E — SC r * , E 1- Lrt'. So (Wardour St.i, jt* 

£DfN 4470. f.r'r-r ion FAR fi? Arf? 


I 4 bo? * Ab - 






16 


FinlmaaP Times Wednesday January-18 'IS 


HNANCIALT1MES 


BRACKEN HOUSE* CANNON STREET, LONDON EC4P 4BY 
Tekcms: tlamtimo, London PS4. Telex: S8G341/2, 883897 
Telephone: 0*248 8000 


Wednesday January 18 1978 


Future power 


supply 


THE GOVERNMENT’S long- 
delayed decision about the type 
of reactors to be used in the 
next stage of the nuclear power 
programme is now expected to 
be made within a matter of 
weeks. Zt was to have been 
made before .Christmas; but the 
Cabinet, understandably uneasy 
about the importance of the 
issues at stake and the partisan 
attitude of the Energy 
Secretary, Mr. Anthony 

Wedgwood Berm, instructed the 
latter to hold more discussions 
with the interested parties 
before reporting back. In the 
course of these discussions, Mr. 
Benn appears to have shifted his 
ground to some extent. The 
question which re mains 

unanswered is whether this is a 
genuine change or an apparent 
one, intended only to make bis 
original proposals acceptable to 
-sceptical colleagues. 

The technical considerations 
involved in a choice of reactor 
system are complex enough in 
themselves. In practice, they 
tend to be at least equalled in 
importance by political con- 
siderations — environmentalism 
and nationalism, for example. 
It needs to be stated clearly, 
therefore, that the fundamental 
problem is that of ensuring that 
the large amount of nuclear 
capacity to be installed over the 
next 20 years produces the 
power it is designed to produce. 

Alternatives 


which was selected as an alter- 
native in 1974, is no longer in 
the running. The only practical 
alternative is the U ^.-designed 
PWR (pressurised water reac- 
tor). which is the type now 
almost universally in use else- 
where. Some champions of the 
PWR have claimed that we 
should switch Over to it en- 
tirely because of the advantages 
it offers in cost, construction 
time and export possibilities: by 
doing so. they have probably 
damaged their own case. The 
relative merits of the AGR and 
the PWR (revamped to meet 
UK conditions) can only be 
evaluated in practical working. 
The immediate value of the 
latter is that it is an insurance 
against possible weaknesses of 
the former. 


The home-designed AGRs 
(advanced gas-cooled reactors) 
which are at present either 
operating or being constructed 
in this country' are neither as 
bad as their critics nor as good 
as their champions contend. 
They are intrinsically safe and 
two of them have been in opera- 
tion — at least for short periods 
—quite satisfactorily. But there 
have been serious delays in con- 
struction and it is far from cer- 
tain that they can be relied on 
to operate continuously at theic 
full rated output for their 
theoretical life. If they fall 
short of what is promised, the 
cost of providing the necessary 
power from conventional 
sources will be high. 

There is therefore a large 
measure of agreement in the 
industry that experience should 
be gained in the operation of 
an alternative reactor type. 
The home-designed "steamer," 


Design only 

Mr. Benn has argued that the 
spreading of research effort 
between two different types will 
hold up work on the fast breeder 
reactor of the future. But it 
has been pointed out to him that 
Westinghouse and Rolls-Royce 
are ready to contribute their ex- 
pertise and that a diverse pro- 
gramme is more likely to attract 
back those scientists who bave 
drifted off into other industries. 
He now seems to have accepted 
the suggestion of the Generating 
Board, that a couple of AGRs 
should be ordered very soon to 
provide work for the industry 
and’ that the various UK 
interests concerned should get 
together on the design of a 
PWR suited to tJJEC. conditions, 
with the aim of placing an 
order not before 1982. 

Given this apparent conces- 
sion, Cabinet opposition to Mr. 
Benn is likely to be much 
weakened. But he has not in 
fact yet conceded what matters. 
The electricity industry claims 
that it would take several years 
to translate a design for a 
PWR into an actual order unless 
The many problems of licensing 
and building had already been 
overcome. Permission to go 
ahead with design work in 
itself, therefore, provides no 
real insurance - against inade- 
quate performance by the AGR. 
What the Cabinet should allow 
the Generating Board to do is 
to place a definite order for a 
PWR at once, subject only to 
the design coining up to U.K 
safety regulations. 




for 


■ 


the Industrial Strategy 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


T he government is tn 

the process of trying to 
devise some means of 
celebrating the second birthday 
of one of its major policies on 
which h; may base a consider- 
able part of its next general 
election campaign. The problem 
that Ministers are grappling 
with, however. Is that they are 
not united about what this 
policy is, while very few people 
in the rest of the county be- 
lieve that it even exists. 


Some progress 
in Rhodesia 


DR. DAVID OWEN is awaiting 
word from Rhodesia’s Patriotic 
Front on whether it is now 
willing to bold talks with him 
and Lord Carver on the Anglo- 
American settlement proposals. 
If such a meeting does take 
place it Is likely to be presented 
as an indication that momentum 
has been restored to the Anglo- 
American initiative, which has 
been virtually stalled since late 
last year. However, there must 
be strong doubts as to whether 
such a meeting will indeed 
move the initiative forward in 
any meaningful way, since the 
Front has strongly criticised 
some key elements of the plan 
in the past and there are no 
indications that it has appreci- 
ably changed its views. 


Initiative 


Furthermore, whatever the 
outcome of a meeting with the 
Patriotic Front, ■■ the other 
central parties to the Rhodesia 
dispute, Mr. Smith and the 
internally - based nationalist 
organisations, are pursuing 
their own "internal” settlement 
talks. Until these end in suc- 
cess or failure, Britain will have 
very little room for manoeuvre. 
The political initiative remains 
in Salisbury. 

Over the past few weeks, the 
Salisbury talks have made un- 
doubted progress, and the signs 
are that all the parties involved 
are keen for a solution. Mr. 
Smith faces a deteriorating 
economy and a guerilla war that 
is creeping ever closer to the 
capital. The nationalists know 
they will become redundant if 
independence comes Through 
the barrel of the Patriotic 
Front’s gun. 

The two sides have already 
agreed on the number of white 
seats in a Zimbabwe parliament 
and that these would constitute 
a blocking mechanism, although 
it remains to be decided how 
these seats should be elected 
and how long this blocking 
mechanism should last The 
negotiations still have a long 
way to go and it is impossible 
to predict with any confidence 
the shape of a final package 
that might emerge. But while 
it Is clear that any agreement 
would depart from the letter nf 
the Anglo-American proposals, 
it is quite possible that an in- 
ternal settlement would come 
Within the essential spirit of 


these proposals — that there 

should be a genuine transfer of 
power to the majority through 
free elections. 

If an agreement were reached 
in Salisbury that did observe 
the spirit of the Anglo-American 
plan, Britain would face an 
awkward dilemma. If it with- 
held support, it could lay itself 
open to charges of abandoning 
what might be the last chance 
for a negotiated solution, and 
of backing the" Communist- 
backed guerillas of the Patriotic 
Front This could create diffi- 
culties at home, both with the 
Conservative Party and with 
broad sections of public opinion. 

Vet it has to be acknow- 
ledged that it is the guerilla 
war, pursued By the Patriotic 
Front, that has in large measure 
brought Mr. Smith to the 
negotiating table. Premature 
British support for an internal 
settlement would surely be con- 
demned by the front-line states 
that support the Patriotic Front 
and by the Organisation of 
African Unity, and could pre- 
sent grave difficulties with the 
Third World bloc at the UN. 
Moreover It could reduce the 
pressure on Mr. Smith. 

Convergence 

The hope must be that some 
way can be found for the 
Salisbury talks and the Anglo- 
American initiative, now run- 
ning in parallel, to be brought 
to a point of convergence. This 
may well be a vain hope. The 
Patriotic Front has roundly 
condemned the internal talks. 
There is bad blood between the 
domestically-based and the 
external nationalists. Mr. Smith 
might be prepared to see Mr. 
Joshua Nkomo, co-leader of the 
Front, involved in the internal 
settlement process, but Mr. 
Robert Mugabe seems likely to 
remain anathema in Salisbury. 

Nevertheless, it is important 
that the British Government 
should continue trying for a 
dialogue with the Patriotic 
Front, in the hope that it can 
be persuaded to participate in a 
negotiated solution. At the same 
time. Britain must not pass 
judgment on the internal talks 
until the contents of any agree- 
ment are dear. The chances of 
progress towards majority rule 
within the spirit of the Anglo- 
American proposals should not 
be prejudiced. 


Nevertheless, on February 1, 
senior Ministers, including the 
Chancellor of the Exchequer, 
will meet with top industrialists 
and union leaders to celebrate 
the birthday and plan the 
future. The cause of all this 
trouble is, of course, the Govern- 
ment’s "industrial strategy." It 
was born two years ago of a 
Government which had no over- 
all industrial strategy, but 
which felt convinced that it 
needed to reorientate its overall 
policy-making and expenditure 
priorities towards industry and 
that, to make this effective, 
years of arms-length relation- 
ships between the Government 
and industry should come to an 
end. 

Now, Ministers are having to 
face up to the fact that while 
there may have been some 
considerable success in reorien- 
tating policies and drawing 
Government Departments and 
industrialists closer together, 
nothing has happened that 
smacks of a .strategy. The title 
is a misnomer and even its most 
devoted supporters (who hope 
it will survive any change o! 
Government) can do no more 
than claim that what is 
emerging is a whole series of 
Little industrial strategies for 
individual parts of industry. 
These “little strategies" are 
based on the reports of nearly 
40 sector working parties which 
operate under the umbrella of 
the NEDC ' and consist 
of officials of Government De- 
partments. Industrialists and 
trade union officials. 


of Government-industry re- 
lationships. 

It seems easiest to regard it 
in its wider context, with the 
sector working parties being the 
vehicles for- change in specific 
areas. But even within this 
definition, the strategy still 
lacks conviction because it does 
sot involve a choice between 
winners to be backed and losers 
to be abandoned. This 
winners - and - losers argument 
has been -a sensitive political 
subject for some time and is 
now- being raised again in the 
current NEDC discussions. 


Equally, individual companies 
and onions, - worried about 
losing their traditional freedom 
of action, often show little 
enthusiasm for trying to take 


impact, from the sector work- 
ing parties into individual 
industries and companies, on 
rationalising production ar- 
rangements, or removing what 
used to be called " bottlenecks ” 
and are now called “constraints 
to growth," and on bringing 
different parts of an industry 
together both with each other 
and with their customers. 

The “upward" part is aimed 
at changing the traditional 
arms-Iength relationship be- 
tween Government and industry 
so that policies of all typos and 
sizes adopted by Ministers fit 
in as much as possible with 
what is good for industry. This 
might seem a natural • and 
obvious objective which does 
not need any special “industrial 


the existence of * healthy and 
confident labour force." 

Generally, however, such 
meetings have helped to 
make Government Departments 
realise the Government com- 
mitment to industry. Both civil 
servants and the CBI, for 
example, were especially im- 
pressed last summer when the 
Department of the Environment 
issued a circular to local 
authorities on the industrial 
strategy. This overturned years 
of tradition by telling then to 
give industry priority in pro- 
cessing planning applications 
and to take other steps to help 
the business community, so 
pushing Housing down . local 
councils’ lists of priorities. 

Agencies such as the National 


help, tfor engineering students, 
some limited Budget representa- 
tions. and, affecting a single 
industry, a £450,000 grant for 
the creation of a clothing indus- 
try productivity agency. 

Many of these ideas have 
emerged from the sector work- 
ing parties, whose first reports 
a year ago were dominated by 
requests for Government action. 
This! year's reports, which will 
be going to the NEDC on 
February l. have somewhat 
fewer complaints about the 
Government and are starting to 
look' at their own industrial 
deficiencies. About half of them 
have produced reports regarded 
as- being helpful, in analysing 
their businesses' problems and 
setting themselves Objectives 



6 6 Elements of an industrial strategy — most involve: 

• The better coordination of policies affecting the efficiency of industry. 
This will require us to identify the industrial implications of the whole 
range of government policies. 

• The more effective use of the instruments of industrial policy and the 
deployment of financial assistance to industry. - 

• Ensuring that industry ... is able to earn sufficient profits ... to spur 
managements to expand and innovate and to provide them with the 
internal finance on which to base investment. 

• A more effective manpower policy, including measures to provide a 
better supply of skilled manpower for growth industries. . . . 

• The improvements in planning , both in industry and by Government, 
which will flow from systematic and continuing tripartite discussions of 
the likely prospects of individual industries, allied to greater disclosure 
of information at company leveLJJ 

From a document discussed at Chequers in November, 1975 


hoped planning agreements 
policy has. ltd to nvcnl dip- . 
putes in the petrochemical 
working party. 

Nevertheless, the sector work* i 
ing parties, bringing together 
both sides of industry with * t 
secretariat suppled by the : 
National Economic Develop- * 
ment Office, are potentially 
powerful bodies as the tw»*= 
working parties Involved with 
the television industry showed . 
during the row last year 'which I; 
led to Hitachi shelving its in*_£ 
vestment plans in the north - 1 
east. Here the working parties *' 
provided a base on which 
opposition to Hitachi could be 
built and their importance ww. 
demonstrated when they were_. 
addressed on several occa sions / 
by top Department of Industry 
Ministers and civil servants. 

While some people might de- 
plore the fact that the vested: 
Interests of this Industry* had 
such a dominant influence WT. 
Government attitudes towards* 
Hitachi, the alternative argfrf 
ment is that such active w# '? 
ing parties should be influential^, 
enough to contribute to the * 
modernisation of the industry. 3 
In this sense, the threatened; 4 
Hitachi invasion may therefore s’ 
be seen as a worthwhile catalyst ? 
for change. 

Few other sector working : 
party ideas have been trans- 
lated into action in indhrtdn*i| 
companies and Ministerial hopes* • 

that rhoi, aM nhmninrr attnm.3 


that their old planning agree- 
ment policy could be revampedsj 
into formalised planning dis-j 
cussions have faltered in the 


face of Implacable CBI oppoal-i 
lion. Department of. Industry” 


Ministers are wondering 
whether, in order to re- 
invigorate the working parties 
and to try to give the strategy 
some national basis, they ought 
to top it off with some macro- 
economic thinking. The problem 
so far is that there have been no 
specific economic and industrial 
objectives to which the work 
of the sector working parties 
and Government agencies can 
be related. 

Aimed at improving over the 
next two or three years the 
international competitiveness of 
manufacturing industry -r- and 
of the engineering sectors in 
particular — the 40-odd sector 
working parties intentionally 
exclude large-scale problem 
areas of British industry such 
as cars and shipbuilding, while 
steel is only loosely involved. 

. This raises the question of 
whether the industrial strategy 
is merely the title for the work 
done in the 40 .chosen sectors 
or embraces the whole gamut 


company-level destisions. based 
on the broader sector working 
party discussions and shy away 
from anything such as planning 
agreements which smack of 
union power or socialist- 
inspired planning. Companies 
treasure their autonomy and, 
while they may be prepared in 
sector working parties to 
discuss common problems, 
especially on competing abroad, 
often they are not prepared to 
blur competition at home 
for the sake of any industrial 
strategy. As one managing 
director puts it; “ It’s one thing 
to gang up on beating the Japan- 
ese but you don’t want an this 
mateyness with your com- 
petitors at borne all the while.” 
Meanwhile unions, primarily 
interested in boosting take- 
home pay and protecting exist- 
ing jobs, are often loth to face 
lip to unpalatable decisions ; or 
to agree increased productivity 
when pay policies may limit its 
effect on pay packets. > 
But these difficulties do not 
mean that the whole exercise 
should be written off. Instead, 
its effectiveness can be assessed 
in two parts: first its impact as a 
vehicle for upward communica- 
tions from industry to Govern- 
ment, with both growing dqser 
together; second its downward 


strategy” title; but both 
civil servants and industrialists 
insist that it has not existed in 
the past and that the industrial 
strategy has given it new 
momentum. As a result. Govern- 
ment policies have been co- 
ordinated, areas of industry 
needing special aid schemes 
have been identified, and there 
has been a growing mutual 
understanding. 

One regular event started 
during the past few months has 
been the presentation at 
monthly NEDC meetings of 
policy programmes by Ministers 
not normally included in dis- 
cussions on economic and in- 
dustrial policy. For example, 
the NEDC members were im- 
pressed by a survey of the 
educational and training needs 
of industry presented by Mrs. 
Shirley Williams, were pleas- 
antly surprised by the interest 
shown by the Ministry - of 
Defence in trying to boost UK 
industry with its purchasing, 
but were unimpressed by a 
bland assertion from Mr. David 
Ennals 1 Department of Health 
and Social Security that the 
"human capital" of industry 
should be "strong and healthy” 
because “the success of the 
strategy must depend in part on 


Enterprise Board and the Man- 
power Services Commission also 
are required to take account of 
the industrial strategy with, for 
example, the NEB taking some 
note of the views of sector 
working parties about the needs 
and prospects of industry when 
planning its investments. 
Furthermore, some of the selec- 
tive industrial • aid schemes 
introduced during the past year 
or so have been designed as a 
result of information about in- 
dustry's needs emerging frotn 
the working parties. The 
product and process develop- 
ment scheme is one example of 
this. But the limitations of the 
co-ordination between agencies 
of the strategy are illustrated 
by the fact that, for reasons of 
commercial secrecy and com- 
petition, the .working parties 
have no influence on how the 
aid schemes and other Govern- 
ment financial assistance to in- 
dustry are allocated to indivi- 
dual companies’ projects. 


Other Government policies 
have been affected on matters 
such as Export Credits Guaran- 
tee Department arrangements, a 
Department of Trade aid 
scheme for firms trying to set 
up ' export businesses abroad, 
stability in the tax system and 
investment incentives, financial 


for improving their competitive- 
ness and so heading off imports 
when the economy improves. 
There have, however, been a 
few failures, and the member- 
ship and chairmen of some 
working parties may - be 
changed. The worst failure is 
the working party covering the 
drop-forging industry, a sector 
of the engineering industry in 
which GKN plays a significant 
role, which has failed to agree 
on its problems and prospects. 
It is likely to be reconstituted 
rather than abolished because 
the Government wants it as a 
link with a £5m. aid scheme for 
smaller drop-forging companies 
which it launched late last year. 

Of the few sector working 
parties which have done much 
about reforming their own in- 
dustries. one or two, including 
industrial trucks (where several 
mergers have taken place), are 
discussing rationalisation. 
Others , such as textiles have set 
up conferences for their sector 
working parties’ ideas to be dis- 
cussed in individual companies 
with ail levels of management 
and other employees. Some 
parts of the chemical Industry 
have also agreed future plans 
although industrialists’ deter- 
mination not' to become, em- 
broiled ‘ in the Government's 


yii « 


civil servants are already hold-’" 
ing ad hoc pluming discussion* 
with about 100 companies and 
the idea was that such a 
dialogue (matched by similar' 
consultations between the com- 
pany and its employees) could 
be used to discuss how 
sector working party reports 
would affect individual com-, 
panics. 

Now, because of the CBI ; 
stance, alL that is tn happen is 
that there will be fresh efforts 
to set up communications exer- ; 
rises in individual companies to\ 
harness interest and commit- 
ment for what the sector reports ! 
say. But, as Ministers and their 1 
advisers are well aware, such' 
an employee-consultation exer -y. 
rise bypasses the primary issu*' 
of how to persuade a company 1 ? 
board of directors and top*, 
executives to change their 
investment, product employ-- 
ment and other overall plans 
to fit in- with ideas for the future 
mapped out by the working ' 
parties. ■ 

The lack of any significant 
“downwards" impact of the 
strategy into individual com- 
panies, together with the 
absence so far. of any overall 
national targets, underlines the 
problems that Ministers face in 
trying to give their probably 
misnamed industrial strategy a 
lasting and respected public 
image. 


MEN AND MAHERS 


Try licking— 
not smoking 

Some time before publication of 


smoking stamps would have on 
the casual scribbler — but they’d 
probably do wonders for the 
postmen. 


the last Royal College of 
Surgeons report on smoking two 
years .ago Action on Smoking 
and Health (ASH), the leading 
anti-smoking lobby, wrote form- 
ally to the Post Office suggest- 
ing a set of anti-smoking stamps 
to commemorate the occasion. 
In the words of A5H director 
Mike Daube they received the 
PO’s standard brush-off letter 
thanking them for their sug- 
gestion which, the PO promised, 
would be considered alongside 
all the other bright ideas sent 
in by the public. 

Now the idea has been taken 
up again by a philatelist 
member of the Cardiff branch 
who points out that this would 
be something of a breakthrough 
in stamps as propaganda, 
although it seems that Monaco, 
the U.SL and the United Nations 
have already issued stamps 
bearing warnings of the dangers 
of drug addiction. 

ASH, according to Daube, is 
constantly receiving bright sug- 
gestions from its enthusiastic 
membership which, he cheer- 
fully admitted, contains more 
cranks per square inch than 
most other pressure groups. 
Sometimes their enthusiasm 
proves embarrasing — as in the 
case of the imperious lady 
supporter who went up to i 
smoker on a bus, pulled the 
offending cigarette from his 
lips, ground it under her heel 
and hissed “Tm from ASH" to 
the bewildered recipient of her 
attention. 

In spite, or because, of such 
occasional displays of over- 
enthusiasm — and ■ thanks to the 
tax policies of succeeding Chan- 
cellors — cigarette smoking in 
particular has been on a down- 
ward slope for the last five 
years. Up to now, however, it is 
what advertisers call social 
groups one and two who have 
kicked the habit most. 

I don’t know what effect stop- 


Think big 


Manx postman Cyril Simpson’s 
campaign to make intelligence 
tests compulsory for members 
of the Island's parliament struck 
a responsive chord in the mind 
of David Lally, who keeps an 
eye on. intelligence matters in 
Ireland and the Isle of Man for 
Mensa, the association of super- 
brains. 

Having read about Simpson’s 
plans in yesterday’s column he 
now intends writing a letter to 
the clerk of Tynwald, offering to 
test the intelligence not only of 
the 24 members of the House of 
Keys but also the 12 members 
of the Manx Legislative Council 
which together make up the 
Tynwald or Par liam ent 

If Mensa’s offer is accepted 
Lally Intends to make the same 
offer to investigate the intelli- 
gence of members of the British 
Parliament Honourable • mem- 
bers, you have been warned. 



the following note: Q. Do you 
know why Irish jokes are so 
stupid? A. So that they may be 
understood by readers of "Men 
and Matters" in Britain. 


The! following joke is dedi- 
cated to you all. 


On returning from a hard 
stint in the North Sea, Red 
Adair, the famous American 
firefighter, decided to slip away 
to Camden Town for a drink 
in a pub where he would not 
be recognised. In the same pub 
were three Irishmen and one 
turned to his friend and said, 
“Hey, Paddy, that’s Red Adair 
there at the bar.” 


Hearts and cash 


Are British companies now 
suffering increasing pangs of 
conscience about their opera- 
tions in those parts of the world 
where respect for human ri^its, 
as monitored by Amnesty Inter- 
national and other bodies, 
leaves much to be desired? And 
are these pangs being assuaged 
by increased willingness to 
donate sums to Amnesty? 

These questions were pro- 
voked by the chairman of the 
British Section of Amnesty, the 
Reverend Paul Oestreicher, who 
recently received a substantial 
donation from just such a com- 
pany. 

But when X spoke to David 
Simpson, director of the British 
section, he told me that such 
donations were still few and far 
between— although the organi- 
sation has noticed a .subtle 


change in attitudes by business- 
men over the last year or so: 
He frit this was partly duo to 
the fact that publication of the 
“ Prisoners of Conscience in the 
USSR ” report published In 1875 
had toned down earlier criticism 
that Amnesty's investigations 
were too one-sided and limited 
basically to those countries 
where the press and general 
atmosphere was stiU free 
enough to allow the violations 
of human rights to be regis- 
tered. 

I asked -Simpson whether 
Amnesty placed any restrictions 
mi company donations, but he 
hastened to assure me that they 
took money from anybody pro- 
vided no strings were attached, 
although anything over 4 per 
cent of their total income was 
subject to approval by the 
international executive com- 
mittee. A purely academic point, 
he added, so far nobody bas 
come anywhere near offering 
that sort of money. 


“Not true,” said Seamus, "he 
wouldn’t come in here." “FU 
bet you £5 it is,” said Paddy 
and both banded their stakes 
to the third who was told to 
go and ask the man at the bar 
his identity. 

Tm sorry to interrupt you, 
said the third, “but my friends 
have an argument over whether 
you are Red Adair and there 
is a £5 bet on it,” he said. 
“That’s right,” said the great 
man, “I am Red Adair." 

“So, would you mind coming 
over and telling them, because, 
to be sure, they wont believe 
me,” said the third. 


“And by the way,” he added 
on the way over, “I hope you 
won’t mind me asking a per- 
sonal question, but whatever 
happened to Ginger Rogers?” 


Paradise 


Twinkle toes 


From an advertisement for 
the Elbow Beach' Hotel, Ber- 
muda: “ELBOW BEACH is for 
SUN people, moon people . . . 
BEA CH people, pool people . . . 
THIN people, plump people 
; . . PARTY people, sporty 
people . . . ACTIVE people, 
sleepy people . . . BIG people, 
little people ... . MALE 
people, female people.” Hence 
the name. 


An anonymous reader in the 
Irish Republic recently sent us 


Observer 



Doesrit he realise 
he can fchone Extel 
for those 

shareholding disclosures? 


• • B|ta [has been jogging and updating all those 
shareholding disclosures since April, 1977 when 
holdings of 5% of more began to be published.; 

The complete record is instantly available - all 
you have to do is pick up a 'phone. There is no 
delay, no filing, no sending messengers. ~ 

Your subscription to the EXTEL SHARE-’ 
HOLDING SERVICE entitles you to 12 free 
^enquiries a year and a further unlimited number for 
a small fee. 

• Getthe shareholdings from EXTEL— by'phone. 


To Extel Statistical Sen/ices Ltd., 
37-45 Paul Street. London EC2A4PB. 
/Phone :01 -253340a 


i should like to know more about the Extel 
Shareholding Service. 


Name (block letters) 

Position or Title 

Firm etc. 

Address — 


'Phone. 
















17 


or 


Financial- Times W ednesday Janusy lS 1978 


ICIETY TO-DAY 


BY IOE ROGAL.Y 



How the elderly could help themselves 


lii .‘t 




*- a 

u;:\ 
x*. v* 
in « 


GENERATION does not 
‘ . iow to treat its parents. 
■ ; e them more money than 

• .d to, although not nearly 
h as the West Germans, 

and Dutch give theirs, 
probably treat them with 

• J idness than they did our 
. - irents, and we certa inly 

from the contemplation 
)g any more for them, 
: n terms of cash payments 
. uct care, than the rela- 
'ittle we do now. 

* 1 ■! result Britain has 'be- 
: ' » society in which the 
. : . respected in traditional 

. ' "‘ r .oities, and politically so 
‘ ^;j1 in a country like the 
re turning into a race 
They are often lonely, 

• * er, or simply too poor 

• J ; infirm to - care for tiiem- 
’• : :-^ ; -and there i$ no clear, 

• : ly accepted, prescription 
_ ng anything about it. 

' assertions are sustained 
‘ available evidence, most 
:h is available in a new 
: 4 Future for Old Age * 

ed this week. The author, 
Nicholas Bosanquet, has 
v\ned a useful service; 

• ■ are concerned about 

v - will be glad to bave bis 

s fhe tables on this page, 
.* ;g the growth in the num- 
; - , . gilder ly in Britain and the 
'lumbers who are. living 
...atively poor condition, 
en from it 

' p re Cations of the infer- 
he has collected will 
.’Vly differ. The table on 
' ht, showing the expected 
" in the elderly popular 
■ j said by B4r. Bosanquet 
“:-.:|icate that “there are 
' to be small increases in 

• v c-rs and proportions 


between 1976 and 198L" This 
Js probably truee, although we 
cannot be absolutely certain 
about the size of the total popu- 
lation— and -hence the propor- 
tion of elderly— in-1981 because 
rates of immigration; and the 
propensity to bave children, 
change with a -frequency that 
has long defied demographers. 

The uncertainty: increases 
when one looks forward to 1991, 
which is,- after all, only 13 years 
away. The decline in the birth 
rate' could continue,, which 
would make the proportion of 
elderly greater; or it could be 
reversed, which could make it 
smaller: We do not know. The 
actual numbers of people aged 
60-75 in 1991 we can now pre- 




PENSIONERS ON LOW 

. INCOMES (1975) 

Below Supplementary ' 1 
Level 

•OOQs 

Benefit 

Married couples 

180 

Single persons 

-470 

Total . 

740 

Receiving Supplementary Benefits 

Married couples 

5*0 

Single persons 

1,410 

Total 

1,960 

Others up to 140 per edit, above 
Supplementary Benefit Level/ 

Married couples 

1,710 

Single persons 

1,1*0 

Total 

2JBT.0 

Grand Total 

S570 

Soiree: Hansard (22 November, 

, 1976) 


dict with a fair degree- of 
assurance, since the life 'tables 
have a good record of accuracy. 
It is the rest of the arithmetic 
that must be a guess. • ... \ 


Again, the overall fall in the 
number of men aged between 
65 and 74, and women aged 
between 60 and 74 (335,000) is 
overshadowed by the far greater 
anticipated growth in . the 
number of persons of both 
sexes aged over 75 — a grand 
total of some 669.000. For the 
significance of this in terms of 
cost to the present confused 
and not particularly generous 
younger generation, one must 
turn to page 85 of volume two 
of last week’s Public Expendi- 
ture White Paper. 

This confirms that, apart from 
the delivery of babies, lie 
health and welfare expenditure 
per head on- people aged over 
75 is dramatically higher than 
for any other aged group. In 
1975-76, the estimated cost per 
person for hospital and com- 
munity health services for the 
population as a whole was £75. 
For the great middle range of 
people — those aged 16 to. 64 
it was £45. For the younger- 
pensioners, those aged 65 to 74 
-it was £150. For the over 75s 
it was £350. 

The same sharp increases 
apply to the family practitioner 
services — £25 a year for the 
younger pensioners, and twice 
as much for those over 75.. The 
spending per head on personal 
social services leaps fivefold, to 
£125 a year, between the age 
groups 65-74 and 75 plus. 

As the . White Paper com- 
ments. “elderly • people neces- 
sarily make higher demands on 
the acute hospital services, not 
only for beds, but in staff time 
and effort to enable them to 
return home quickly. In addi- 
tion, the number of people aged 
over 85 years, although small, 
is growing steadily . . .” 


Yet if you read Mr. Bosan- 
quefs book, it is plain that 
somehow we do not do enough. 
Some of tiie reasons for this are 
fairly familiar. The number of 
old people who live with their 
grown-up children, or grand- 
children, is steadily declining. 
The number who live nearby— 
within, say, ha&a-msfe or a mile 
or so — is also falling. The 
number who live entirely on 
their own, waiting for the rare 
letter, telephone call, or visit 
from a relative is rising 
sharply. The figures are all 
there. In the Government Statis- 
tical Service's Social Trends as 
much as in A Future For Old 
Age. 


THE ELDERLY POPULATION. UNITED KINGDOM 


MEN 
*5-74 . 
7S+ 

1951 
1,600 . 
700 

1971 
2,000 
. 800 

(thousands) 
1975 1976 

2.161 2,181 
871 894 

1981 

2,199 

1,016 

1991 

2,150 

1.149 

Total 

X300 

2^00 

2SOI 

3,075 

33215 

3399 

WOMEN 

60-74 

3,500 

4300 

4372 

4351 

4,461 

4347 

75+ 

1.100 

1^00 

1,911 

1351 

2,134 

2365 

Total 

4,600 

6300 

6,483 

*302 

6395 

6312 

Grand total 
as per cent, of 

total population 

13A 

1*3 

17.0 

17.1 

173 

173 




Scarce; 

Central Statistical Office (1976) 


Step forward 

Mr. Bosanquet takes us pains- 
takingly through the evidence, 
on health, housing, pensions, 
and social security, and points 
out the popular support for im- 
proving the income of pen- 
sioners. The Social Security Act 
1975 may be helpful— in about 
40 year's time. The TUC and 
the 1974-75 Labour Government 
have moved the pensioners a 
step forward. “Yet this mass of 
political and legislative activity 
must be deemed to have pro- 
duced results that are on bal- 
ance disappointing." It certainly 
disappoints people who have 
saved for retirement, and now 
live not very far from the official 
poverty line, taxed on their 
“unearned income.” 

Some of his suggestions for 
the improvement of our treat- 
ment of the elderly are interest- 
ing, if costly. He asks for a 
special pension for the over-75s: 
putting it up by a third would 


cost ffiOOm. a year, a figure that 
young taxpayers would certainly 
notice. Very elderly widows 
often find it hard to meet the 
cost of repairing their houses; 
he wonders aloud about an “old 
age endowment payment” of 
£150 payable on reaching 75. 

Perhaps a more promising 
notion IS his “ good neighbour 
scheme,” in which individuals 
or families would take on 
responsibility for particularly 
elderly persons. (As Mr. 
Bosanquet says, such people 
when in difficulty find them- 
selves suddenly surrounded by 
*■ professionals ” from as many 
as half . a dozen different 
agencies and services. This 
bewilders the client.) This idea 
should at least be costed, since 
the “good neighbours” would 
apparently be paid. Could the 
money be found by reducing the 
numbers of “ professionals ? ” 

If I do not sound over- 
enthusiastic about this line of 
thought ' it is because the 
principal fault in our approach 
to this major social problem 
lies in'nn absence of clear lines 


of responsibility. When 
individual families care for the 
grandparents, their responsi- 
bility is straightforward. When 
a charity makes up for the gaps 
in extended-family care, that too 
can be plain. But when local 
authority and central Govern- 
ment agencies multiply they 
trip over one another. If there 
had to be an administration to 
pay “good neighbours” there 
would be another self-interested 
agency; it would only be accept- 
able at the price of cancelling at 
least three others. 


Volunteers 


To those who ask who shall 
bear the responsibility if 
families themselves abdicate it, 
the answer need not be “the 
state,” or even “ voluntary 
organisations ” — although the 
latter are likely to spread more 
comfort than the former. 
Another possible answer is “the 
elderly themselves.” They do it 
here to a certain extent with 
help from young volunteers. But 


for the really big-time, one 
must turn to the US. 

■What old people—” senior 
citizens "—-have come to realise 
over there is that they have a 
great deal of political muscle. 
The prevailing theory among 
the pressure-groups that repre- 
sent them is that the favour 
shown to youth in the 1960s is 
now being balanced by more 
concern for the aged, as 
politicians realise bow much 
voting power people over 60 
enjoy. It is not only that they 
constitute a growing proportion 
of the population; they also have 
a far higher propensity to vote. 

Thus lobbyists from the 
“National Council of Senior 
Citizens” or the “American 
Association of Retired Persons " 
devote much time and energy 
to persuading Congressmen to 
support a National Health 
Insurance scheme, or an 
increase in the mandatory 
retirement age to 70 (actually 
the age lobby wants it abolished 
altogether). They campaign 
with gusto against what they 
call “ ageism ", asking for laws 
against discrimination on the 
grounds of age io employment, 
housing, or credit-card ratings. 
In many of these areas they are 
winning points all the time. 

Some of the smaller cam- 
paigning groups will even 
picket companies accused of 
“ageism.” One of the more 
energetic ones calls itself “The 
Grey Panthers”; it has the sup- 
port of young volunteers of the 
kind who in earlier years would 
have worked for Civil Rights 
for blacks. The bigger groups, 
notably the AARP, have local 
chapters that give health educa- 
tion, “driver improvement" 


classes, and assistance with fill- 
ing in tax forms to their elderly 
brethren. 

It will be seen that the Ameri- 
can pensioners’ lobby is not un- 
willing to campaign for state 
assistance: the one issue that 
will unite all of them, one 
gathers, is the sanctity of the 
social security system, and prob- 
ably next in line comes increases 
in the payments. But in many 
other areas there is a tendency 
to accept that self-help, or com- 
bination to win votes, or a mix 
of the two is the best way of 
achieving practical results. 

Britain is not so much devoid 
of such thinking as in a state 
of confusion. As with so much 
else, pensioners who were well- 
off during their working years 
are less likely to suffer the grey 
lives so many others must live; 
the class divisions persist. 

Civil servant 

The comfortable retired civil 
servant, living on his indexed 
pension, will do better out of 
the present generation of tax- 
payers, relatively and absolutely, 
than many others who may have 
given at least equal service to 
the country. We have no con- 
sensus about this, or about the 
right mix between State help- 
voluntary service, family sup- 
port., or the combined work of 
the help-lhe-aged groups them- 
selves. While wc remain con- 
fused. our care for the genera- 
tion that preceded us will 
remain patchy, and often 
inadequate. 


•A Future for Old Age. 
Temple Smiik/Keio Society. 
£6.00 hardback. £3.00 paperback. 


1 

• I .. 1 


Letters to the Editor 


'register of 
gineers 


protection against engineering 
incompetence. There is, .there- 
fore. fairly precise protection 
under the .present system of 
registration, though not - statu- 
Vfr. S. Tietz tory, as exercised by the jnstitu- 

-You report (January 13) ti0DS and backed by other/legai 
e Institution of Electrical eontiraints. ‘-'.V 

- *rs has told the Finniston If i however, the electrical 
: ittee that it favours statu- engineers favour a system which 
jgistration. Various bene- entails .hundreds of specialised 
e also claimed for this registers; each restricting eertain 
ation. Before we know activities to tbpse on the register, 
■r to cheer or to _ gnash then to one of your readers, at 
• ith. could somebody please least it smacks "very much 'ot a 
1 » what this registration is, great, deal of bureaucratic 
—It includes, -and hbw T the-' nation .of. the:', registration 
"S listed are to be achieved? requirements, a lot of adminis- 

• oes the register differ from ■ tration, a glorious future for 
already held by each hundreds of examiners (inci- 

..iering institution? dentally who, examines the 

Council of Engineering examiners?) and a lot more 
itions has for some time specialisation. Each time a new 
’ considering one register technology, is developed we will 

• agineers, presumably not have a new sub-register, to-day 

iry, which would aggregate he oil platform nodule 

i separate registers of the designers, to-morrow coal gasifi- 
s CEl institutions- The cation computer programmers 
\ including our EEC neigh- living' in Wales. This may 
: would presumably find this achieve jobs for the boys, but I 

tient and most % engineers wonid need to be persuaded that 
presumably welcome iL the benefits outweigh the dis- 
«rouJd however not expect advantages- to the public, except 

• ;se other benefits claimed perhaps in areas of extraordinary 
' electrical engineers from hazard- 

having a register and the It would be helpful If our eleo- 
. expected from making trical engineering colleagues 
•' ■ statutory ” is far from were to follow that most essen- 
tial engineering precept — pre- 
the electrical engineers cision of expression, and could 
about one register which tell us what exactly they mean 
is all chartered engineers? hy “registration," and who is 
t will contain a quarter of better - protected from whom by. 
;ion names, all of them making this statutory. - 

ed but qualified in a wide Stefan B. Tietz. 

5 , of specialised fields. The S. B. Tietz and Partners, 

‘‘engineer*’ means many 10-14; afockita Street. W-C-2. 

J to- many men. I- amVai. .■ ' -- 

jof two of the institutions 

•^nng.tb CEl, both dealing- - A rip>l 7 r rppnril 
<onstruction. I venture to xUJCA 1 CbUl U 
\ *t that my attempts in '• 

* r "5g advanced electronic Q6aiS 

.wuJd l» Jrttle brtter FrWl ihe Managing Director 

Automated Real-Time 
indeed my lnvest ments Exchange 
mer. Yet I would pre- sir xhe facts and figures 
be on the .register of given : in Lex's article on Arid 
engineers whereas the (jan ua ry 16), though selective, 
J. would not. The public were fiy and large correct His 
W ittiest efforts in TV end^on. however, that Arid 
C5f would not however have « ^ be a n6wed to fade grace- 
re much protection. It may fuUy sway ” is potentially dam- 
advisable to protect the .^g in jts implications both for 
ag a i n st the hazards - of those who work at Ariel and for 
downstream of a poorly 1ts subscribers; and it cannot 
e a ed dam (incidentally a risk possibly be allowed to remain 

■rtf Ili‘ rC*** ‘ < F covered by a register) unchallenged. 
k|l(Cs*’ achieved by permit- is, of course, difficult to dis- 

- f ^,,1 KIP chartered chemical engi- prove so' casual an assertion 

n rtf Mlflv *'** Js0 o£ course on the majn made about a hypothetical future 
l ‘i r of chartered engineers, date; but the following figures 

e f iBn it? So far then ' tbe may help to show just bow un- 

f *. i hinv seems to have, achieved realistic Lex’s comment is. m 

If If iH* *■ 4 .^'protection from the one the first nine months of Ariel s 

current year, that is. up to Dec- 
sTfltNv* 1 the electrical engineer ember 31, 1977, the number of 
im ** is mean several registers, deals effected through the system 

■ aade up of the members of rose by 28 per cent, to the record 

• >jeCLflc discipline?' As figure of -1.411, worth almost 
. stand, there are 16 £80hl, . compared with the same 
- er institutions of CEl and period of the previous yean 
;!With these there is con- and Ariel's transaction revenue. 
. ■■ '! ble specialisation: I would naturally rose in proportion, 
elish living next to and With Ariel having emerged 
ally downwind of the from the period of heavy ^ costs 
,.e works designed - by ' a Inevitably -associated with the 
■ engineer and the resident start-up of a_ complex techno- 
• .ter competently super? is- logical operation, your readers 
. . instruction of sewage works may find it unptansible to sug 
achieve a considerable pose that the A^pti^g Hous^ 
saarl-ub designing a should choose this moment w 
■ way intersection, yet both jettison their investment in 
■> b£ emt^ mei^ers ^ 

:• ““ gSi^fii|^ r ce yeaIS .. 0t 

Ping its would-be members, - 

, of whom have also pre- fSr ca * 

' y graduated from a uni- . 

y- The further institution « fifftio rtes. E.C3. 
lews and exams are 
tlty carried out by engineers m 
save achieved eminence In MlIllSt6rS OI 
penalisation chosen by the 
inee and the examination npopp 
.to be a test -of adequate F l ' avt 
practical technical com- From Mr. D. Edgertmi. 
ce. To that extent the Sir,— In your paper of January 
Or examination would .12, under a photograph of Mr. 

iy protect the public. G a massy and Mr- Weizmann the 
id that common law. aqd caption read: . “ Mr. Mohammed 
d in extreme cases ’ aW Gamassy, . the Egyptian' War 
nai law, would offer further: Minister, greets Mr. Ezer Weiz- 


mann, the Israeli Defence 
Minister, prior to the joint 
military committee meeting.” 
Would it be naive to suggest that 
the prospects for a successful 
outcome to the present negotia- 
tions would be enhanced if both 
the Ministers were re-designated 
Ministers of Peace? 

Donald Edgerton. 

12. Clovelly Avenue, 

Ickenham, Middx. 



Jim 


. Control over 
\money 

Mjom Mr. J. Stead. 

Sir,— Mr. Smedley (January 
10 )\ makes an admirable and 
enthusiastic defence of .the free 
market economy. 

. He might like to consider the 
thought that there is no fully 
free market while the Govern- 
ment holds a monopoly in the 
very basic matter of money. 
In Mr. Smedley's free market 
it should be envisaged that 
hanks could produce their own 
mdney. Consider a moment the 
advantages one might ima- 
gine. . 

H your bank does not honour 
the value of your money you 
could change your bank, sue 
the bank or otherwise take 
defensive action. What recourse 
have you against the Govern- 
ment? You can't even change 
to a foreign currency. 

- The Government itself -would 
need to borrow commercially to 
meet any budget deficit, pay for 
any -excess civil servants or 
indulge in . any extravagance. 
;Wbat a ' salutary control that 
would be. See how things bave 
got better already since the IMF 
took control l 

The possibilities make the 
mind boggle.. It isn’t such a 
way-put idea either when you 
reflect. It worked very well in 
Scotland for many a year, hence 
I am told all the different Scot- 
tish notes. 

Do the Young Conservatives, 
of whom Mr. Smedley is one. 
have tiie courage to push their 
belief in the Free Market that 
far? 

J. R. N. Stead. 

La Colliberderie. 

■Le s. Aubris, 78125 Grosrouvre, 
France. .. 

No truly free 
market 

From Mr. W. Plait 

Sir,— I agree with Mr. Smedley 
(January 10) in theory. Unfor- 
tunately “life aint like that” 
We live in a highly complex and 
sophisticated society, and I am 
afraid that complete freedom 
does not exist, nor does, of 
course, a truly free market Once 
this has been accepted, it bas 
to be decided what degree of re- 
striction we are prepared to 
tolerate, in the foreign exchange 
context, the weapon of interven- 
tion can be valuable, and is not 
one to be lightly discarded- ft is 
used, or has been used, by almost 
every country la the world, in- 
elnoing the UB, at some time dr 
another.. 

W.P. Platt 

SO,. London WoB. E-Cit 


value of not less than £75,000. 
1 do not know how many of 
those in the private sector, who 
do not enjoy pension rights, are 
able to save £75,000. 

On this basis, however, we 
must presumably as a starting 
point for discussion as to 
“ wealth ” equate those in the 
private sector not enjoying pen- 
sion rights, but with a capital of 
£75,000 with those in the public 
sector who have a right to the 
index linked pension of £5.000 
per annum, but are without any 
capital savings at all. . . 

The implications, in fact, go 
much further than the proposed 
wealth tax. It may be. in equity, 
that those who do not enjoy 
index linked pensions should be 
taxed at a lower rate on current 
income. 

Our rulers have secured these 
benefits for themselves and I 
wonder if they will correct the 
inequality they have created. 
Richard Knight 
52-53,- Old Ste me. Brighton. 


Investment 

surcharge 


From Sir I<m Bowater 
Sir. — I have searched in vain 
in- your issue on the Government 
White P8?er on spending plans 
(January 13) for any reference 
to a redaction or removal of 
the investment surcharge of 15 
pm* cent on so-called unearned 
income. This is a key to the 
future of expansion of small 
businesses. Without a change 
qo one will continue to invest 
or expand. 

Ian F. Bowater. 

Flat B, 22, Ebwry Street S.WJ. 

Keep the oil 
in reserve 

From Mr. P. Bassin gthioaigh t e 
Sir, — As your contributor Mr. 
Moreton says (January 17). the 
development costs of Dorset oil 
are infinitesimal compared with 
those in the North Sea. Would 
it not therefore be better, at 
present, to limit the expenditure 
in Dorset and other similar on- 
shore sites to exploration costs 
and to exploit now the North Sea 
fields on- which vast sums have 
been spent? If this were done, 
£be on-shore oil could be kept in 
reserve for the end of the cen- 
tury for use then if no better 
source of energy had been dis- 
covered or developed, a solution 
which would seem economically 
sensible and at the same time 
appealing to the environmen- 
talists. 

P. Bassingthwaighte. 

IX, Tanfield Dnoe,- ■ 

BiUericay. Essex. • 


Winners at 
crosswords 


What is 
wealth? 


From Mr. TL Knight. 

.Sir,— The many- letters 1 have 
received following my letter you 
kindly published on . December 
29 last, prompts me to take this 
matter one stage further. 

--■ An index linked pension of 
£5,000 per annum payable at the 
age' of 60 'with an assumed infla- 
tion rate of IQ per cent, per 
JBmnni is likely- to have a capital 


From Miss S. lewis 

Sir. — Would it be too simple 
an explanation to Mr. Caw dry 
(January 12) that the reason 
fewer women than men win 
prizes for the FT crossword is 
that the FT has fewer women 
readers than men readers? As 
for Mrs. Evans (January 14), 
surely she must realise that 
fewer women will win prizes if 
they don’t send in their entries 
(thinks: but perhaps she is 
being sarcastic?) 

1 am too intelligent and logical 
to waste time in being rude about 
men: I do the crossword instead. 
I' was one of the 55 women 
winners of the FT crossword in 
1977. It was the first time l had 
sent in an entry. Mr, Cawdry and 
Mrs. -Evans can draw tbeir own 
conclusions. 

Sheila R. Lewis. 

702, Grenville House, 

Dolphin Square, S.W J 4 . 


OENEBAIj 

Israeli-Egyptian political com- 
mittee talks continue in Jeru- 
salem. 

Index of industrial production 
(November — provisional). 

CBI Council meets. 

Mr. Ted Rowlands, Minister of 
State at Foreign Office, in Kings- 
ton for, talks with Mr. Michael 
Manley, Jamaican Premier. 

European Parliament in session. 
Luxembourg. 

London Chamber of Commerce 
half-day seminar on Understand- 
ing Foreign Exchange. 69, Cannon 
Street, E.C.4. 


To-day’s Events 


parliamentary business 
H ouse of Commons: Scotland 
Bill, committee. Motion on EEC 
documents on jurisdiction and 
judgments convention. 

House of Lords: Debate on 
Wolf end en report on future of 
voluntary organisations. 

Select Committees: Science and 
Technology (General Purposes 
sub-committee). Subject: Effi- 

ciency and durability of filament 
and discharge lamps. Witnesses: 
Britisb Standards Institute and 
Department of Energy (1020 ajn. 


Room 15). Expenditure, Defence 
and External Affairs sub-commii 
tee. Subject: CPRS (Think Tank) 
review of overseas representation. 
Witnesses:. Lord Home of the 
Hirsel; Lord George-Brown; Mr. 
Douglas Hurd MP (10-20 a.m. 
Room 16). Nationalised Indus- 
tries (sub-commirtee C). Subject: 
Bank of England report and 
accounts. Witnesses: Bank of 
England (4 p.m. Room S). 
Expenditure (Social Services and 
Employment sub-committee). 
Subject: Employment ' and Train- 


ing. Witnesses: Treasury: Man- 
power Services Commission: 
Department of Environment (4.30 
p.m. Room 15}. 

OFFICIAL STATISTICS 
Basic rates of wages and normal 
weekly hours (December). 
Monthly index of average earn- 
ings (November). 

COMPANY MEETING 
Hanson Trust, Great Eastern 
Hotel. E.C., 11-30. 

COMPANY RESULTS 
Allied Retailers (half-year). 
Henlys (full year). Magnet and 
Southerns (hair-year). Stock 
Conversion and Investment Trust 
(half-year). 


.. 

...... „ ..... . . ,aa. f M,M< «Ml..nHM MHvUMM* • HtMWHnn n .. ... ... ■ ... 


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UBSOB Corporation 

Veiband SchwafaerischerKKitonalbankm 
MAtVVbrbwg-BrutckrnsnrvWIrttftCo. 


| Amsterd arn -Rotterdam Bank N.V. 

Banca Commercial® Italians 
Bank fiir Gemalnwirtschaft 

Banqua Arabe at Internationale 
tflnveetissement [BAJJ.) 1 

Banqua GOnirate du Luaambourg S A -. 
Banqua Natlonale de Paris 
Banqua Rothschild 
Bayerisehe Verainsbank 

CaEsse das MpAts at Consignations 

Commerzbank 

Mowngr^tectian 

CrftditCommarcial’da Franco 
Credit Suisse White Weld 

limiMd 

Deutsche Giroientrale 
- Deutsche Kommunalbank — 

EufomobiHara S.p A 

Graupemantdes Banquiers PrivteGeneyoi: 
IstittitD Banca rio San Paolo di Torino 
KJebenhavns Handels bank 
Kuhn Loeb Lehman Brothers International 
Kuwait Investment Company (SAKJ 
LazsnJ Frtros et Cio 

Merck. Rock ft Co. 

Morgan Grenfell ft Cow 

LuniiM 

Nordic Bank ^ 

lane 

PSoreon, Heldring ft PfareoaM.Y. 

PKve t bsnka a 

WMUA 

Salomon Brothers Urta ma tton al 
IMjad 

Skudimwlea EnskiMi Barken 
Socidtf Ofaftml a 

Swiss Bank Corporation (Ovaieaas) 

UnuM 

Union BaakoT Finland Ltd, 

Veralns-undWaatbank 1 

MogeSsWi 

SjG. VMrtAngft Ca Ltd. 

Wood Gundy lirnKad 


WH11SW- — H— • DlftMMMW— Nil - D M # # # 




18 


COMPANY NEWS + COMMENT 


Trident TV advances £2.5m. to £7.36i 


AGAINST THE forecast of not less 
than £6.75 m. made at the time of 
the May, 1977, rights issue, pre-tax 
proSt of Trident Television 
jumped to £7.361X1, for the year 
to September 30. 1977. compared 
with £tS3m. Turnover expanded 
from £47.1Sm. to £60 ,54m. 

The directors forecast that the 
demand for TV advertising will 
remain buoyant throughout the 
current year. They say that the 
group remains financially strong 
and liquid and will develop exist- 
ing businesses, and continue 
efforts to acquire other sound 
profitable companies that will 
strengthen the overall base of 
the company. 

They see 197S as a year of con- 
tinued growth and increased 
profit 

At mid-way, when reporting a 
higher surplus of £3.61 m. 
(£2.33m.} the directors said that 
they anticipated continued growth 
of the group’s television contract- 
ing companies and they looked 
forward with confidence to an in- 
creasing contribution from other 
activities. 

Stated full-year earnings in- 
creased from an equivalent 5.7p 
to 7.6p per lOp share and a final 
dividend of 1.98Lp lifts the total 
to 2.829p (2.322p) net, which 

absorbs £1.3Sm. (£0.81m.) on capi- 
tal Increased by the two-for-flve 
rights. 

Tax- took £4.01 m. (£2 .9m.) and 
net profit improved from £L93m. 
to £3.15m. before a minority loss 
Of £23,000 (£203,000). 

See Lex 

Bootham 

Engineers 

increase 

TURNOVER for the year to Octo- 
ber 31, 1977, at Bootham Engineers 
expanded from £2.75m. to £3. 7m. 
and pre-tax profits advanced from 
£509.612 to £581^52. 

After tax of £269.886 (£57,399) 
earnings are shown at 61.?p 
(75.6p) per £l share and the divi- 
dend is 9215p fS25p) net Profits 
include other income of £10,716 
(exceptional income £7L355). 

AMAL. STORES 
£12,031 MIDWAY 

On turnover for the half year 
to Sap t ember 30, 1977. of £1264173 
(£52,100). profit of -Amalgamated 
Stores emerged at £12,031, against 
a loss of £42200 last time, after a 
nil (same) tax chare. Again there 
is no Interim dividend. Loss for 
the 1976-77 year was £22,836. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. Company r 

Page 

Col. 

Amalgamated Stores 

18 

1 Marston Thompson 

18 

7 

Amber Day 

18 

2 McMullen ’ 

18 

4 

Bass Charrington 

18 

7 Property Security 

18 

6 

Bootham Engs. 

18 

1 Ramsbury 

78 

7 

Courts 

18 

8 Trident TV 

18 

1 

Cowie (T.) 

18 

3 ■ Wilson Peck 

18 

3 

Dimplex 

18 

2 Wrighton (F.) 

18 

1 

Gcstetner HIdgs. 

19 

4 Zetters 

18 

5 


acquiring more dealerships- It 
would be allowed one more Ford 
main dealership, currently having 
four, but would also like to add 
a British Leyland business if the 
.price and location were right. 


group. 


motor distributors to reveal 


by 


interest and 50 per cent, at the 
pre-tax stage. The group has 
dealerships covering all the major 
UJC manufacturers apart from 
Leyland end it also handles 
Datsun imports. UJC. registra- 
tions for Datsun vehicles were up 
i a fifth 'last year with Datsun now 

25 per cent midway rise an- accounting for a larger market 
noun red last week but there, re- share than Chrysler. Overall 
tailing acounts for about 60 per pre-tax profits from the car 
cent of total and the clothing division jumped by around 69 per 
range is much larger. With about cent and in the current year 
30 per cent more selling spare Cowie reports continued growth 
available at least . FI 8 a wi (£ 1 . 1 m .) in sales, car hire, etc. The finance 
should now be possible for the side produced profits growth of 
full year. At 40p that puts the about a quarter in 3977 and the 
shares on a p/e of 8.0 (maximum fall in interest rates means 
tax charge) while the yield is 8J2 another good year this rime 


per cenL 


Six months 
progress 
Amber Day 

CLOTHING MANUFACTURERS 
and retailers Amber Day Holdings 
reports pre-tax profit improved 
from £553,419 to £615,422 for the 
six months to October 31, 1977, on 
higher sales of £8.69m. against 
£726m- 

With Christmas season trading 
at a record level, the recent 
successful opening of three new 
stores and the higher level of 
manufacturing sales being main-. 

tained,. the directors state that WITH £510,000, against £325,000, vdm m a "p/e of 4.1 and 
they view the outcome of the coming in the first half; pre-tax yfejd of per rent 

current year s trading with confi- profits of T. Cowie advanced from ^ L 

deuce. For all the previous year, £932,000 to a record £1,402,000 for 
a record £Um, profit was the year to September 30, 1977 on 
recorded. turnover ahead from £25-56m. to 

Stated half-year earnings are £37.05m. 

ti^ P interim* dividend Profits were struck after interest 

from 0 6fi65n to d 0 7331n ^II * (£807, 000). Tax takes 

absorb in" ffiS 511 f£M743)-l£t ^76.000 (£170.000) and £1.083,000 

wllB • £“ 14 £°o> * "SrtiCoBpm- 

After tax of £146^1 (£121.690) {» "**** tG 

first-half net profit was ahead 


T. Cowie 

reaches 

£1.4m. 


round— a target of £$m- is 
probably a minimum from that 
ode of the business. 

Meanwhile after the abortive 
bid for Colmore last summer 
Cowie remains acquisition minded 
in order to improve geographical 
spread. Another attack on 
Colmore cannot be ruled out — 
Cowie is still sitting on nearly 30 
per cent, of Colmore's equity. At 
44$p Cowie’s shares look very 




Financial Times Wednesday January B- 

Bass Charringte 
warns of drop , - ,ii2l 

/ft 

are** mm uSi 1 


„ *s weeks nearly wtttt t4* £ 

first « i ..— citron to *IM* tMk 

of me curm» ? 
what less than the record lm* 


RESULTS FOR « 5 E5 - 

of*® jSr^SdleJJl of paled demand for m****m, ft* 


price of its beers. 


FrfkldH.- Kjtounekl 

Mr , Ward Thomas, chairman of Trident Television. 


DIVIDENDS ANNOUNCED 


McMullen 
expands 
to £L5m. 


Current 

payment 

Amber Day .-...JnL 0.73 

Bootham Engineers 922 

Courts (Furnishers) iflL 1-56 

T. Cowie 1.04 

Gestetner Holdings 2.02 

3Iarston Thompson ..jnL 0.77 
Prop. Security Inv. ...inL 0.75 
Trident TV fl-9S 


Date Carre- 
of spending 
payment div. 
April 29 0.67 
Feb. 27 
April 28 1.42 
March 10 0.93 
April 3 1.79 

Feb. 25 0.69 

April 3 0.46 

April 1 1.62 


Total 

far. 

year 

SJ22 

1.7 

3.95 


2.83 


Total 

last 

year 

1.94 

&25 

3.18 

1.53 

3.54 
1.68 
J.RS 
222 


from £433.729 to £468,922). 

• comment 

Amber Day's 10 per cent profits 
rise in the first half can be attri- 
buted almost entirely to London's 


Dividends shown pence per share net except where otherwise stated. 
Equivalent after allowing for scrip issue, f On capital 


Earnings are shown to be up AN ADVANCE from ft 2m. to J - 

from 6.68 p to 10.64p per 5p share- £L46m. In group pre-tax profit is increased by rights and/or acquisition issues, 
and the dividend total is raised reported by MeMnBcn and Sons, 
from l_526p to L7044p net with a Hertfordshire ' brewers for the 
final of 1.0444p. year to October 1, 1977, following 

Mr. T. Cowie, the chairman has a rise of £160,000 to £672,000 in 
waived dividends amounting to the first six months, 
increased tourist traffic. In the £35,880 (£27,468). _ Turnover expanded from £9 J91m. 

retail division (one-third of pro- Net assets are given as 43p a to £LL3 9m. After tax the net 
fits) there was a volume increase share. profit emerged at £657.102 

of about 8 per cent, most of Profits in the motor businesses against £471,624 with earnings 
which came from the company’s rose some 75 per cent, to around per 25p unit stated to be up from 
five West End stores which con- the £lm. mark. The finance is.02p to 18.1Sp. 1 

tributed almost half of divisional div^o^ where interest charges The dtvidend of ^ closc com . 
sales; a similar volume increase were some .10 per cent higher u 3.450 I0 

came from the manufacturing than current levels, unproved 0.7 nwith a final of L35o 

division where the main customer, aromid^l2i per cenL p tZZZl 1977 Ta qn NET turnover of 

Marks and Spencer, now takes Mr. Cowie reports that trading $ r against £2.03 nu pre-tax 

almost 30 per cent of total pro- on the motor side has been Turnover — — 

children's buoyant. 


Zetters 
jumps to 
£360,998 


pleted for £275.000. satisfied by 
the issue of 440,000 Ordinary 
shares and £77,000 cash. The new 
shares will not rank for the 
interim dividend to bo paid 011 
February 4. Of the new shares. 
329,000 have been placed on behalf 
of the vendors. 

Sarnia, which is based in Guern- 
sey, provides a wide range of 
personal financial and insurance 
£3 56m.. services. Based on unaudited 


duction (ladies and 


WITH SALES static at £3 Jim. 
furniture makers F. Wrlghtori and 
Sons (Associated Companies) 
reports a drop in profits from 
£167,900 to £22.411 in the half-year 
ended eptember 30, 1977. 

The general downtrend of the 
furniture trade and the falling off 
in demand for consumer durable 
products, and particularly the 
contraction in the building and 
construction industry, are reflected 
in the figures, the directors 
explain. 

The results have been arrived at 
after taking account of a loss on 
activities of the French subsidiary. 
Action has been taken to stem 
this drain on resources, but the 
result of this will not become 
fully effective uutii the next 
financial year. 

Action has also been taken to 
increase the profitability of the 
group and this should result in 
an improvement in the second 
half. 

Turnover in the nine months to 
December 31, 1977. shows an in- 
crease as compared with the cor- 
responding figure last year and 
following the reorganisation of 
sales administration a larger 
share of the market is looked for 
in the future. 

Although the group has intensi- 
fied efforts in the export field it 
has round it a very slow process 
and it has been extremely difficult 
to make a satis Factory penetra- 
tion. The cost or developing the 
export market, which has been 
written off as Incurred, can be 
considered as a long-term benefit 
to the company. 

Nevertheless Wrighton has met 
with reasonable success in Europe 
where it has increased the num- 
ber or countries to which it sells, 
and has also negotiated a number 
of successful contracts in the 
Middle East. Export sales for 
the nine months represented 6.1 
per cent, of turnover, compared 
with 2.03 per cent, and the direc- 
tors are optimistic that for the 
full year the forecast figure will 
be exceeded. 

The' reorganisation within l he 
company during the year will 
create greater efficiency and the 
results or this should be reflected 
in 1978-79. The greater aware- 
ness oF the need to export, the 
strengthening of the group's posi- 
tion In the home market, greater 
emphasis on design and research. 


profit d£ accounts to March 31, 1977, net 

n ®S been Tnroover UJ85.223 9.905.00 Zetters Group more than doubled assets of Sarnia amounted to 

. — ^ - — . "7 th „ the . finance prm — — **55™ MS™? for the six months to September £147.093, and for the nine months 

coats), compared with about 24 business booming, we should do t — Jgjg 30 . 1977. from £177,200 to £360,998. to March 31, 1977, the company 

per cent last year. Group profits, quite well this year, he says. Net profit euw 47 l«m The 1977 results include a full made a profit of £1.833. However, 

however, fall short of Raybeck's The group is still interested m Extmo binary credit*... sura 26.512 contribution from Cope’s Pools it is anticipated that a growing 

' and three months* trading from and significant contribution to 
Empire Pools which were taken group profits will be made in the 
over on October 30, 1976 and July current and future years. 

4, 1977, respectively. 

Both pools and bingo divisions 
are currently trading satisfac- 
the company ceased to receive torily. the directors state, and 


SUPiS 1 V Wy-f M , r i »«- **** 

Derek Palmar. .w* 0 nmeU in the year and _ 

brewra Bass Chxrringtoa at U» ^ ^ 

annual roeenn-g. k% acquired for iwoj&rtbtr 

Beer sales in t*c ^ expected lo op 

^Sr S S? P u«ri>i n ^ <,n SK 

Rise for 

SrSTraon&s than Oie same i\i3v 

p whK 1 Scrfir Courts 

c Vr 

midway 

■i*»- PRE-TAX 

Seand vffleient way. wr helteve ( Kanilsbcre) ro*e J|«n 
-that toe underlying strength of for ® 

ourproducts and the people who September »77 M» 
work for us will ennblc w 10 cxcludini: V AT, of 

recover from this disappo^tou: aguinst fZl.Oim.r 
start," , . General trafiwtWJollKtt. 

He also said ihat it would lhe l’.K. and oversea* are 
shortly bo necessary for the j n g some tepTOVHBWt 
erouD to seek an increase in “^directors say, out not 
- - - - — ^ — - they feel, to prevent a 

operating profit fw Bd 1 
Although they antlcto«to 
profit will be similar to W J 
£4 87 in. they sv t tat ra 
fluctuations and aefetredi 
calculations make firm 
ing unusually dfflwBlt 
The interim dividend la 
creased to 3A565p net ptt- 
share compared wllh__Mt- 
last year’s final was L7tll& 
ston ihdimnh Results have been Mjilnii 
ami Vvcrshed. Burt on -on -Trent the context oT dlfficiuttew 
from riOBfim. conditions encountered both 
ro^ram ^hThalf-year ended the U.K. and bys«i» oftoe* 
4oteraber 30,1977 and profits Important ovwreas M., 
XTm have gone ahead by the dlfMl 

mgr nnn in P> iSffl. much UdSUCT .trUtSmT 19 * 

The directors point out that fi-rred profit has altevtettt 
costs continue to rise and future position. As in previous JSV 
results must depend on the account has been taken it 
k roup's ability to maintain interim atage of exebanc* 
margins. . fluctuations. ■ These would 

As indicated last tseptember adversely affected turnover 
sales of ihe group's lager have pre-tax profit by mbm ~ 
progressed and further invest- an d £300,000 respectively 
meat in this product is now in . 

hand. 

At the attributable level the ujsr 

profit emerges up from £0.87m. to mm tu .... u«r 

£ 1.06m. and earnings per ap T*xaUoar — J.w 

,r4«n lcd “ “ “ P gSu &»iSiSr=Z--^ 

The interim dividend Lv raised D ^SaKvAflV'Mii« suck 
from 0.6S73P to 0.7679P— the total * •* *. & 

for 1976-77 was l.6K42p paid from 0 COihWflfll - - • - 
record profits of £3^m. ||a r A drop ^ ^ 

is;; uts profit at Courts has turned a 
JSS 6 third in operating profits 

a.732 lO.^a a pre-tux advance of an ok 
Moreover these figure* t — 
i.7*a account of currency swings 
are based on March 1077 e“*“ 

J? rates. Last April saw a 
cent, devaluation In Ji 
(where Courts has three s._ 

Ramsbury Bldg. agA— *' 


Marston 
Thompson 
upsurge 

SALES OF Marswn Thompson 



Sain - — ••• 

Pcpiwiation .... 

Imerm ai"I o:\iaena* 

Prt-tM profit 

Taxation 

ExlraonUH-irr cr,-dit . 

Attributal'li 


12 .— 

174 
2191 
1 Ml 

29 

1.060 


Wrighton slumps to £22,000 in first half 


Society assets 
£llm. higher 


together with the positive action year profit of £114,012 (£204J}11) 
taken to make the French com- reported yesterday, 
pany profitable, suggests thai it 
Is possible to look forward to the 
future with more confidence, de- 
clare the directors. 

For 1976-77 a pre-tax profit of 
£341.474 was achieved from which 
a dividend of 1.083p was paid. 

After tax of £33,053 (£100.700), 
tbere is 3. ffrst-half loss of £12.642 


any benefit from Hatton Buildings they look forward to record pro- 


Wilson Peck 
reduces 
interim loss 


from April 30. 


LCP buying 
Ford dealer 


fits for the full year. Profit for 
the 1976-77 year was £594.726. and 
the dividend was l.i62p net per 
5p share. 

The administrative problems 


Midterm 
loss by 
PSIT 

Gross rental 


, , Income of Pro- 

envisaged at the time of the petty Security Investment Trust 
Empire acquisition are being re- increased from £L45m. to £l.SSm. 
solved and the full benefits are for the h a l f year to September 30, 
General retail music dealers , Subject to contract, LCP Hold- now beginning tobe reflected in 1977, and property and’ investment 

(£07200- profit) and the deficit per Wilson Peck incurred a lower loss mgs has agrred to sequel the trading resrnte. Tne bingo dm- income rose from £U22m. to 

10p share Is 028p (1.44p earnings), of £10,548 for the half year to equity ..capital of the HaUuw sion, with the benefit of normal £i.3fici. 

September 30, 1977. compared with £ ro FP f° r fi 4 m . cash and. 840,000 trading conditions, had a success- However, after interest of 

£14^08 on turnover of £167,285 Ordinary shares. ; ful first half, the directorsjwy. £i.46m. (£i.47m.) there was a net 

against £151,530. Again there is Halshaw's acts as Ford main 
no tax charge. dealers in Preston ' and Charley, 

For all 1976-77 there was a pre- Lancs, and Halifax, Yorkshire, 
tax profit of £14*593. No dividends Its profit before tax for 1977 is 
have been paid since the 0.68p warranted to be not less than 
net for 1972-73. £700,000. - ! 

The directors say that the first Completion is expected within 
six months have gone according to seven days and a circular will be 
The prospects of a 1 dividend plan and with the necessary steps issued in due course, 
pay-oat to creditors of Dimples, for rationalisation having already 

which went into Receivership on been taken, along with other AWnTTATnq TOV7AT 

June 1 last year are not very economies, they look forward to MouuAica x. tK.nxi 

good. ' an improved situation In the cur- Capel-Cure Myers on January 13 S^niudl of *Zetters C doubied witb trading profits, are already 

A report from the Receiver rent year, so far as the retail ride sold 7,500 Allied Investments at haif orofits on turnover ud sufficient to ensure an overall 
states that it will be some time of the business is concerned. 52}p on behalf of a discretionary hv ^ p - CoDes surplus on revenue account for 

«•" nronicroin oriirico jt should be borne in mind that Investment client already part of the groupin the fuU 7 ear ’ l ^ e y tell members. 


was annoi 

Jamaica apart, the rc — 
strength of sterling ur bound 
hit a group such as Courts 
half Us sales overseas. Tl. 
September exchange rates Ski 
- would come off of the int 

Total assets of the Ramsbury pro flt and current rates 
Building Soriety increased by drop profits even more in sterl 
Him. to almost £48m. in 1977, terms. Meanwhile in the UJ 
a 23 s per cent. rise. trading has been difficult . __ 

Directors sa.v mortgage the January sales have Khefif 
advances increased 44 per cent, rome relief. The outlook for .tM 
to a record £12.Sm. and new mort- second half is hardly buoyant mM- 
gages executed numbered 1.596 after currency adjustments tlri 
(U259) with the average house figures are not going to look 
purchase loan up from £7,318 to impressive. At 98p the maxlmum 
£8.123. yield of 5.4 per cent is counam 

Liquid funds now stand at able to other furniture retauerA 


Dimplex on 
payment 
prospects 


I9r7”° n ws los s of £100,000 against £251,000, 
e r of which £56.000 (same) is 

Turnover 3.S59.3S7 2,036.643 attributable to minority interests 

Fooiban. binso ...... 5.1S-K4 3.ni.T97 Again there is no tax charge. 

4.3T3.337 1.0*134 The interim dividend is up from 

Tax ... ist^oo 92j« 0.455p to 0.75p net per 50p share 

Net profit — 173.198 M.700 Last year's total was U375op. The 

r To pools winners and beauw tax. j 0 ss before tax was £588.000. 

Certain selected investment 

• Comment properties have been sold at 

The recent acquisitions 0 f P™flt during the half year .say the 
Empire and Copes _ have .contri- 


before he can precisely advise cre- 
ditors whether a dividend wifi be 
paid, but adds that be “cannot 
pretend after months of negotia- 
tion that he prospects for the 
payment of a dividend are very 
good.” 

A statement of affairs at the 
time oF the Receivership showed 
an estimated total deficiency for 
the group. of £3.48m. 


Californian stockbrokers 
to open London office 

ONE OF the United States’ big- the U.K. market, it 


second half last year so the The purchase of two major de- 
d ramatic growth rate may now velopment sites in Aldershot has 
slow but full year profits could re £? ntl y ^ jecn completed, they add. 
still be in the region of £lm. The figures include all interest 
Apart from the obvious saving on ant * other outgoings incurred in 
overheads land Zetters say that r ®spcct of properties in the course 
there may be more savings to °f development and land held for 
come as Empire's business f°tore development, 
reckons becomes fully computerised) the Following previous practice, the 


Dimoles incurred" heaw losses gest regional stockbrokers. Bale- that it ’cannot compete with the ffroup *s also able to offer a bigger °f P">P?rt>- and share 

in the two years to MarcbSl, 1976. man, Eichler Hill Richards IntL, London brokers like Casenoyes. jjg SSm^^Sket are^ St toduded “ ^ S1S m ° DthS 

( n ii«u..; n t> tho mlUnn, »r^ha »isM ,= tn eat ,.n Jti T -nnrlrm and Rnwp and Pitman. nel P «ners. maiiiwua lls marKeT. • wi luuuueu. 

Radio Tees 


following the collapse of the night is to set up in London. Sebags and Rowe and Pitman, . - W hich it eurrentiv 

storage hearer market due to ris- ' Bateman Eichler is a Cali for- who already have offices on the Ltimat es to be around 71 ner 
tog electricity prices. ma-baseiT .firm of brokers West Coast „ . STS the m SS%SfS 

specialising in West- Coast stocks. Nor will Bateman Eichler be ness ( W itb Littlewoods and 
TT j The London office will service seeking markets in any of the Vernons sharing the hulk of the 

Howard its existing “extensive ’’business shares in which it is asked to rest). Zetters reckons that the 

with European financial institu- deal. London representative Mr. underlying growth rate of its 
Clinfforiwrr tioq3 and meet the demand of David Cordery, who joined Bate- business is around. 10 per cenL 

anuuering U.K. institutions for information man Eichler from Kidder Pea- Meanwhile bingo earnings have 

about U.S. regional firms. body, describes himself as “ the improved after a rather fiat For the year ended Sept- 

In the interim statement the However, Bateman Eichler has original postman." Bateman period when the weather was ember 30, 1977, Radio Tees, made 


now well 
established 


1,0 immediate Intention of build- Eichler has 22 California offices ei *5 e r„*?' “ S?,? °£j°° a f roflt f °L™ compared with 

(Holdings) say that the fall in ■ business in the onnosite and one in New York. It Is a cold and wet in winter, to bring a loss of £27,847. Radio Tees is the 

“ *-asa IsSSsS LSfels 


new building contracts referred 
to at the year end is 
into the current year. 

While turnover increased in the 
six months to .October 31, 1977. 
the disappointing half year re- 
sults were due to a loss made in 
the shuttering and concrete 
structures division. 

All the other companies in the 

group contributed to the half 


Government encouraging DUNDONIAN 
£500m. dockland plan 


BY OUR BUILDING CORRESPONDENT 


is on a p/e of 6.3 while the shares South Durham-, and this was its 
yield 4.1 per cent at 47p. second full- year of operation. 

Accumulated loss has been re- 
duced from £110,919 to £19,656 and 

now been completely extinguished. 

COMPLETES In a little over two years the 

„ J company has become “soundly 

Dundoman announces that the based, well established and profit- 
acquisition of Sarnia Mutual able." says the chairman Mr J D 
Supply Company has been com- Robertson. 


Record bonuses 

For Policyholders of 
The Scottish Life Assurance Company 
Bonuses Increased 
for the 3 year period 1 975 — 1977. 


! LIFE FUND 

j POLICIES 

[ ANNUfTYAND ! 

PENSION BUSINESS i 
! FUND POLICIES j 

y ~ " *i 

Compound Bonm Serir»s 

£ 4 . 60 % p.a. 

Fk.nu* Series 

£6.50° o p..i. plus 

fV-nus j? 

£4.50% 

ct toe v.:r> .ivitur d 

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£ 5 . 50 % p.a. 

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£7.50%. p..-, pl.5 | 

lipecj.r B7"ius ot 

£4.50% 

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Make your next policy with 

SCX)mSHUFE 



Telephone 031-226 4611 


THE GOVERNMENT has moved 
to keep alive the. prospect of a 
£500m. trade mart development 
in London’s dockland. 

Last week, Mr. Horace Cutler, 
leader of the Greater London 
Council, said the scheme was 
vital to the overall development 
plans for dockland but was being 
jeopardised by the Government's 
reluctance to sanction the neces- 
sary guarantee arrangements the 
council was seeking. 

Planning permission for the 
scheme has been granted to the 
U.S. company Trammell -Crow 
and a consortium of British pen- 
sion funds and institutions is 
considering backing the project 
if financial guarantees are pro- 
vided. The GLC has been seek- 
ing powers to do this in a 
General Powers Bill now before 
Parliament 

It is understood, however, that 
the Government has now told the 
GLC that although it does not 
consider Parliamentary action 
involving the piecemeal guaran- 
teeing of loans to be “ appropri- 
ate," the promoters of the scheme 
could apply for loan guarantees 
under Section S of the Industry 
Act 1972. 

The council has been told that 


if the project were judged to be 
viable, the Government would 
welcome iU 


ISSUE NEWS 


Canadian 
Vickers bid 
talks off 

Directors of Canadian Vickers 
bave asked the Montreal and 
Toronto stock exchanges to lift 
the suspension of trading invoked 
last Friday now that take-over 
talks between its parent, Vickers 
of the UJC and unidentified indi- 
viduals have terminated. 

Canadian Vickers is 72 per cent 
owned by Vickers and it yesterday 
announced a 40c extra dividend 
additional to its regular 25c quar- 
terly payment. Its shares were 
suspended on Friday after its 
share price jumped from the 
Thursday close of C$21] to C$S1. 

Canadian Vickers said yesterday 
that preliminary discussions had 
been held after Vickers was 
approached by the unidentified 
group. 


Yearlings at 6|% 


The coupon rate on this week’s 
batch of local authority yearling 
bonds is 63 per cent. The bonds 
are issued at par and dated 
January 24, 1979. Last week's 
issues were priced at £99{-i per 
cent and the coupon was 6} per 
cent 

This week's issues are: London 
Borough of Hammersmith f£lm.), 
Borough of Scarborough (£lm.) p 
London Borough of Sutton (£im.). 
The Receiver for the Metropolitan 
Police District (£}m.), Sefton 
Metropolitan Borough Council 
(£lro.). Tendering Borough Coun- 
cil (££m.), Crawley Borough 

Council (£}m.), Oxford City Coun- 
cil (£Lm.), Newport Borough 

Council (£lm.), City of Coventry 
(£Hm.), City of Nottingham 
(£im.), Dunfermline District 

Council (£!nO, Dig town District 
Council (£lm-). 

TWo-year bonds carrvinr: an 8 
per cenL coupon and due on 
January 16, I960, at par are issued 
by South Staffordshire District 
Council Tunbridge Wells 

Borough Council (£jm.),,Clty of 
Chester (£}m.). 


Three-year issues with a coupon 
of S3 per cenL due January 14. 
1981, at par come from Chy of 
Aberdeen District Council (£im.), 
Horsham District Council (I0.7m.) 
Derwentside District Council’ 
film.), Suffolk County Council 
(£$m.). 

Rhymney Valley- District Coun- 
cil hag raised £Jm.for three and 
a half years. Interest is 9’ per 
cenL and the honds are due on 
July 15. 1981. at par. 

Chichester District Council has 
raised £im. of four-year money 
The bonds are issued at par and 
due on January IS, 1983. The 
coupon is 93 per cent 


ELBAR — 97% 


El bar Industrial's rights Issue 
has beep taken up as to 90.92 
per cenL The remaining 25,126 
Ordinary shares have been sold 
at a net premium of 22p each 
The net proceeds will be distri- 
buted to entitled shareholders ex- 
cept that no payment will be 
made for amounts less than £i. 




Thfe war that never ends 

' Vc British arc a peaceful people. When a war is *' 
Wf" over we like to ensign it to the history boeks -ana 

» - forget it. 

Bu t for some the wars Hvc on. The disabled fro 01 ^ 
both World Wars and from lessor campai g ns , now Mr 
too easily forgotten : rhe widows, the orphans and ^ 
children -for them their war lives on.cvery day 
ail day. 

Inmany cases, of course, there is help from a 
pension. But them is a limit to what aqy Qottnmifitf, 
apartment can do, 

This iswhcrcAnny Benevolence atepsin-Wift. ■ ; 
understanding. With a sense of urgency. * , and with 
practical, financial help. . 

To us it is a privilege to help theso brave mcn-and 
women, too. Please will you help us to ftomorc? Wo - 
must not let our soldiers dow n. 

The Army Benevolent Fond 

for soldiers, ex-soldiers and their families in distress 
Dept. FT. Duko of York’s HQ, London SW3 4SP- . 







19 




r mancial .Times Wednesday January 48 1978 


IS AND DEALS 



APPOINTMENTS 


7 igfall’s cold rejection 
' Comet approach 

e bid battle looks in pros- announced earlier this month a tracts 
•low mg a snap ££J-5m. joss of £353,000 for the 28 weeks Gsh l 
■' ™ ending October 13, 1977. The dustries. 

^ chairman said in an accompanying 


Gestetner increase 


Group changes 
at Pilkington 


AFTER RISING from SlSLOlm. to" collating and folding hare also 

£15.15ul in the first half,' pre-tax baaPD MFPTIMP'C increased. 

profits of Gestetner Holdings ,ntt 1 Export prices from the UJC. 

finished the 52 weeks to Novem- The roHowtn* companies hare nait&ed have mnTimipH to be fixed in 

her 5, 1977 at £2S.27in. compared Jaws ° r a “J!*']!* 88 t0 Stoj* accordance with current cost Mr. J. W. E. Hellhvell has been recently director-general for ex* 

- >,*-«=” « — . - u «« for the Scandinavian meat, for the vrenatuja pnn**e or^nsitoiiifmS P rinci P les accounting. During appointed non-executive chairman ternal relations with the Euro- 

•low mg a jmap £l£Sm. loss of £153,000 for the -28 weeks Gsh and food processing [n- y reekB - slightly omcUi imuradDns arToot avail- a period of high inflation this has of Weldall Engineering in place pean Communities In Brussels, 


lower at 
■£233.15m. 


C 1 '^TAoTVJ^fiL tinued and that increased costs 

OllfUmg days p^or^o the Wd £* 

"life 


against awe vimUmt dirMomis concerned” ait: ensured an adequate cash flow of Mr. Trevor Peppercorn, who has been appointed an advisory 

interims or finals ana Ujc sulHlirlsioBs although, in conventional historic has retired. Mr, Hell 'well, a director of UNILEVER N.V. Dr, 

Mr. D. Gestetner and Mr, J. ma * aly “ *“* accounting terms, it has produced director of Triplex Safety Glass. J. If. van Roijen, a former Dutch 

Gestetner. the joint chairmen ytar£ --- Vo-nav a' higher level of profit heads the aircraft and special .Ambassador to Britain, will retire 

mai iv a f am Btat ® t6at at the ^ ear the . . AinnH Z.Z „ , Gestetner*s British cates orani- products division at Kings Norton, as an advisory director of Uni- 

MALAYALAM pound was materia Qy stronger sation set new records of turnover Birmingham. Mr. E. T.. Judge and lever N.V. at the annual meeting 

McLeod Russel has been given “d^this bad an adverse effect inv^r*. Heron' Motor, MSgD* C *£It and profits despite difficult Mr - N - G - Sutcliffe, of the parent on May 17. 

i Take-Over on the results when expressed soaiberns, so* conversion wd invest- conditions while concern PILKLNGTON BROTHERS, * 

its take-over ta_tenr« o* sterling. _ toga. tv cournirride Gestetner Papers made a satis- ^ pe Jj e , c S n ?® nonexecutive direc- Mr. G. A. Squair has been ap- 

FiMis. «B»w. AagM TV. coumrrade — . ^ tors rf WeldalL pointed deputy chairman of the 

the . * SOUTHERN ELECTRICITY 

did Mr. Nigel Britten is leaving BOARD in succession to Mr. H. D. 

- — — t[ * n.ffj, ,t _ ~ j - r - — — uoi materialise ana increases in Board of B EL L Walker, who retires on March 3. 

and Crosfield, which has been re- 1)^0°. rfTect on turnover was, interim*- . turnover were, in some cases AND HkTiLAN on February 1 as * 

" to ujsrketmg director. 


Gofluifts P8*t 


W a Hill Samuel spokes- 10 ® asA ^ fiid tolf dpoi ttfl ud Crosfield. vbidi'has been re- lation effect — . — 

d WIgFall "was deter- produc e .a profit for the whole commendea by the- Makyaiam therefore, particularly marked, 
i oppose the bid at this _ Board. Although the volume of sal 

thich is totally made- _ Comet, which has 135ontlets, The H and C terms toooetl those facreaMd ‘ tarnover “ sterling 

J. .iso ewnJtf anger tt._r agug ? on. _of Y™ — - s* 

1976. if, however, the exchange bat industries Jan. ji "-r «»7 pc nrmnicaiinn I operations 

effect is eliminated turnover Derby Tmst'J - » Jan. M 1 NATIONAL 

.shows an increase of 1S.S ner D^rtrarar ran Partner Jan so again did well, and recovered I 

CENTREWAY TERMS I cenL to^26?7In?SfiS]ar]y profit Un}tod CraraDt ^ J>n a ground lost through the economic! Esperanza Group. 

INinPorTATi? before tax, e l i min ating the ex- ““ 

irNAUtQUAIll . (change effect, shows a rise of 23 


_ _ of 

t’s method^of approach being mainly a discotmttag opera- 
■ sonunced its Intention to tion - as opposed to WiRfal! which 
bid at 4.30 pjn. on Mon- 55 seen as -a rather more conven- 
' „ moon and called bn the tibnal retailer with traditional 
3oard to ask for a share lihes of finance for customenL Mr. 

M. HoUingbery. Comet's chalr- 


t« h •* turnover were, 

__ Aiihflnrt- fhe ™i«, beteue 'T jSm notably Prance, insufficient to »»«»■« Wpt. Mr. R. O. Adams, .Air. D. Grad- 

B< ^ d - ‘ ‘ fa crease [J turnover^ ster^ S.) jm. 2fl cover increased expenses and r * . . . *ey and Mr. J. C. R. Taverner 

The H and C terms topped those r ^ iS RmH- ' their contribution to results was Mt : Graham Fletcher has been have been appointed directors of 

Offered by McLeod Russel by 4*p tite'-SSnS w lower than in 1676. appointed director of European HILL THOMSON AND CO., a sub- 

a share. exchange bat nrfwlriea jan. n The Canadian sales oreanisation operations for BIX INTER- sidiary of the GienUvet Distillers. 

a member of the * 

I Dr. Ivor AlcGloughlln has been 

* appointed a director of TAYLOR 

Sh- Ales Smith, a former uiduj*- NELSON AND ASSOCIATES, with 


n 

Sit 


in — this was -refused- _ 

>ard of Wig fall claim to. .man. ^aid yesterday that he felt _ . 

strong position to repel his organisation could make more able Castings) and Its advisers,... — — . . 

;anted bid. The directors profit out of Wigfall’s 200 shops. Singer andFriedlander, are of the^n (30p) per 2op share and fully. £46^6m, (£47.36m.), and fixed which 

’ ; eet holdings .of. around He added that in addition to the opinion that the prtniosed offerj at 2o£p (22£p). The^ final assets an d^jn vestments (Inclnd- show impro ved r esults and thej 


The Board of BlakeyV (Mafle-lPer cent, to £32J5m. including liquid funds of £3535m. ^torn were commensurate with JJa d MiWjh' to reUrenlw special responsibility tor themar- 

- ^ 1 Basic earnings are stated at (£34.1901-), current liabilities of other office equipment companies keU R8 , and J development of iu 


J 1 
« i 


»nt. of the equity and. extra units, the 
it, with friends and asso- tion would benefit 
ley can muster votes of oh advertising. 

50 per cent mark, 
rms of the offer are two 
shares in Comet, plus 


take Comet into a 

environment,” he added.- '. '. r " pen 
The next event will be ihe post- bid. 


organise- by Centreway to* acquire the | , n *i 

i savings shares at 41p each Is totally in- 
It woidd also adequate, and shareholders are 


Africa, Asia and Australasia all ship of the SCHOOLS COUNCIL, family food and drinks panel, 
'ts and the which oversees school curricula 
particularly a ° d examinations in England and 


for the 67 per . cent 


e J? er 7 shares ing of the formal offer document Biakey’s not already held 
-'V -Vfc 1 Gomet 9p lower to Wigfall shareholders fey .fQeht- Centreway, was announced. 


■ ... ...- . „ — r — Centreway, was 

? n H us l . 1Jlace ? wort Benson, Comet's advisers. It Thursday. 

wiU *»' U P to 'Wigfall to 

-. the Stock Market, Wig- prepare its defence. . 

...ire price, soared by 82p F . 


by 


The Blakey*s directors 
aware, before the extra or 


fer comes just a month 
. ■ lited Dominion’s Trust' 


Bush Boake Allen, a subsidiary have defeated the. resolutions I t credit. 


Turnover 

1978-77 

□too 

228.03 

1973-78 

£000 

233.149 

Tradin* profir 

29.064 

26.244 

EseepBonal credit 


1.634 

I merest paifl _ 

4.009 

4.071 

Investment income ... 

3.198 

2,182 

Share or associates _ 

18 


Profit before Lax 

nan 

2MO 

Tax 

12,677 

12*33 

Wet profit 


13.785 

Extra -ord. debit 

U.H9 

tio^io 

tearing — 

3.92 5 

34.626 

Dividends 

J. 814 

1^41 

Balance — - 

2.1U 

23.08* 


for a ing long. term deposit) at £46^4m. directors ■ werfe pamcuiany H ““ Mr. G. I. IV. Dnnford has be- 

i &r uhlI. heartened by the results of the WUI ‘cave arter the come commercial director of 

In their product review, the Japanese company in its every dtocuMga reorganise tional international AEILVDIO 


chairmen 'say that on the stencil competitive market. Indian 


proposals — intended "partly 
it more responsive 


to 

to 


of stencil 


place of the Jatc Mr. Don Clemow. 
Mr. F. J. Morris suceeds Mr. Dun- 
ford as general manager aviation. 
Mr. Malcolm Muthln has been 


and of the company would be in the S l r «* e5 S. a *L ed , is a^o .director 
equipment f again hands of ‘oral shareholders. This a ‘ v P°' ntcd financial director of 

an improvement Sf °J S«t SSfW’Sjd SbS£ ^ERSOLL GROUP, ^hich^was 

ship is pressure of work. 


■which the Indian subsidiary was 


acquired by Heron Corporation 
a i the beginning of this year. 

* 

Mr. Paul Rntteman has joined 


Mr. John Sheldon, managing 
» nf oi »i*.uou director of CAROLLN A LEASING, 

T^e chairmen sav that all the “ transferring to the head office accountancj* prores- 

^ « of NORTH CAROLINA NAT- «on*a ; EEC team to succeed Mr. 


plate-making equipment . 

pe rcent.- stake In .Wig- of Albright and Wilson, has relating to the increase of capital Tax comprises (£000s omitted) suppUes.' : groups major processes have an jqnaL BANK {nr rZZ,'r~ a^v,rl Tom Watts as U K representative 

. 40-50 ctientg of stock- acquired a 100 per cent share- and scrip issue. They therefore UJC corporation tax of £6,885 Electrostatic copying, they say important future m the repro- presiden , interna tion^contracts on the GROUPE iy ETUDES 
. '? owe Rudd. These shares holding in Klevas Aremer AB. a agreed to the withdrawal of those (£4^17) less double taxation re- is the fastest growing area in graphic field. Competition. % n3TW W ns arH^Ma rk h-lt DES EXPERTS COMP TABLES 

hands at a price of 138p. privately-owned Swedish Company resolutions. This action was not lief £2.537 f£L327); overseas tax reprographics and the number of Particularly m the electrostatic ‘North Carolina National DE LA CEE (the Brussels- 

-. imet bid has come at an which manufactures high-quality an indication that they approved £8,800 (£8,882); Prior periods’ ad- machines, installed by the group copier market, will continue to be ^ fc vice-president anda based group of account- 


time for WigfaH, which spice products and alcoholic ex- the proposals of Centreway. 

*edk. Evans valued at £1.67) 
r McKechnie Bros, offer 


Ijnstments £471 credit (£183 has accelerated fast 
[charge). On paper handling. 

Extraordinary debits were that the introduction 
I losses on exchange translation the new Velo-Blnd Model 


fierce hut thev helieve that Di * UK 38 a vice-president and - 
^ . _ Gestetner wfll maintain its Dosi- dir ec!or of Carolina Leasing. Mr. ancy bod 

ti5?^ fa thrSiSeL SaSvSFa Davi d Freud htu, been made ««tcs of 
JEJJP^gJ stren^e t ning^oSnd H ^id *»•- direclor of Carotina Leasing and man will 


ancy bodies of the nine member 
the EEC). Mr. Rutle- 
progressively take over 
of the work from Mr. Walts, who 


mg units sold and has ««« tunas or a of NorS Carolina National Bank s 

gthened the position of this strong positive cash flow, and the ri oIb^uT mTf p <i 

K the G P esfetoer ra^i abiUty to borrow additional funds S manSr oP'lhe^fk? K5' « 
ln:Ahe field of document ? required, the group is in a J™ and is the ” 


ber 5 shows total net assets of strengthened 
£158. 76m. (£161. 63m.) with bank product 

overdrafts and other loans at and In inp nem of document 11 iciiuncu, u,c group » in a i 

ssr st sttws' a»j».£ffsr«e — , po3lti ^" ,, rac " h ^ I 


time being Mr. Watts will 
continue as leader and spokesman 
first on EEC matters for the account- 


PURCHASES 







■ijsnrtor i dd « r ' for Bumingbam- on six months previous notice September that Wereldhave 
1 istics company Frederick from the holder expiring on.-any intended making a bid for all the 
. is, whose shares' were half-yearly date for the payment 1.2m. Eupic bearer shares. 

i - d on -the Stock Exchange of interest, or otherwise on July ■ _ 

lay at 2Sp pending an 3L 198L - MORE HARCROS 

•ment, emerges as The bid follows roughly, two 
Je Brothers, the non- months of talks between, the 

.'metal' and engineering groups, which have-’ a trading Further purchases through 

- - - relationship stretching - ‘--back Dunkley Marshall on Monday have 

. Per, which places a value some years. The main attractions now taken the stake of the three 

. .s of around- £L67m^ is of Evans, which will continue to associates — Rothschild Investment 

nded by the directors operate as it is without.- any Trust, Hume Holdings and McLeod 

-ether with other share- rationalisation, is that it takes Russel — now building up a hold- 

have already given irre- McKechnie into highly, specialised ing in Hareros Investment Trust, 

indertakings to accept bn areas of the plastics ■ industry to 12.1 per cent.' 

of their own shares, such as components made of com- Hareros is currently the subject 

ely. these shares vepre- posite metal and plastic. ITwiH of a bid, at 82p a share, from 

'-per cent, .of the Ordinary also take the . group into 'the Harrisons and Crosfield, which 

manufacture of small components, with associates of its own controls 
olders are offered, one .\ McKechme’s- existing plastics just under 37 per cent of the 

...McKechnie, plus. 265p interests— represented by its Der- Hareros equity. The purchases 

.. of Floating Rate Un- went Industrial Plastics,, Wra^by on Monday were made at 84p a FOLLOWING the warning given quarterly surplus despite the because of depressed copper | 

, Notes 1981, for every six Plastics. Geeco Products and (£ G. share. by the company in October, South absence of uranium sales in the prices and the consequent drain 

Based on a market price Paxton subsidiaries— are tt>- la Africa's antimony-producing Con- latest period. The -latest working on its cash resources. There was 

•chnie shares of 89p, and large extent in plastic mouldings COSMOPOLITAN soHdated Murchison reports its profits are compared in the follow 

. -4 the Notes at par value, fpt the. household goods. . - ■ - • ‘ first quarterly working loss for ing. table- - 

■/slue on each- Evans share • 'Hie formal offer document wflf ’FuND six years of R578.000 (£343^00). 

. Cash alternatives are he posted through •■ financial investment advisers Joseph After _ crediting a tax over 

against both McKechnie advisers Baring Brothers. Evans Sanders and Partners bavcj provision mere is a net lw fo r Hinebwstfomein 


Cons. Murchison goes 
into 


* * 

*rsJ5iJ r * J - Hubbard, has been B.\R CLAY CAR D has appointed 

PER1AL METALS Mowing tht SM?k,5^h7ld tte SSl .f 
1 01 Mr - D - C* Caley. national sales manager. 

* 

Mr. A. E. Tyson, managing 
director of E. Green and Son 
(Brotherton Chemicals), has been 
appointed a director of GREEN’S 


retirement of Mr. D. G. Caley. 
Mr. K. V. Sul ton succeeds Mr. 
Hubbard as works director at 
Waunariwydd, Swansea. The 

E arent concern is Imperial Metal 
idustries. 



BY KENNETH MARSTON, MINING BMTOR 


nd Notes: 93p and 265p has been advised by S. G. War- acquired a 75 per cent interest j tbe December quarter of 1^5,000 Lorxine 

ely. An all -cash- bid is burg. , . in Cosmopolitan Fund Managers, M“ch leaves a net profit for the Murchison.- 


. Dec. 
• otr. 

M00 

17330 

1S3 


Sept. 

Ptr. 

RBOB 

U.SS3 

■S 14 


which, looks after the Cosmopo- Si®?. RZ ' 97m ' 

NV Beleggingsmaatscliappij ffVSKSS ^ - *- « - ^ ^ 

month sterling deposits. Wereldhavi and European Pro- revamped last year. 

Will be payable half- perty . Investment Company Two directors 


-,0p a share. 

?Kechnie Notes will carry 
it a rate l.per cent above, 
"don inter-bank Market 
! ruling from time to time 


EUPIC TALKS 
FINISH/ - 


against Pri«sfca 

East Transvaal ' -. 


37 a. 887 

3333 330 

1X33 '., BT4 
■ Loss before Sute aid. 


a net operating loss in the and continues as company secre- 
. December, quarter .of R127m. tary. 

(£761.000) compared with a loss * 

of R2.73m. in the previous three The Secretary of State for the 
13.355 months. " Environment has appointed Sir 

. *«3S 
ljm 
3,081 
SIB 


Continental Oil Company has ECONOMISER GROUP. Mr. C. A. 
appointed Mr. R. A. Fowler as Larking has resigned as a direc- 
m an aging director and chief exe- tor of Green’s Economiser Group, 
cutive officer of CONOCO in the * 

U.K. Mr. Fowler, formerly area Mr. C E. Elliott has been 
manager for Northwest Europe, appointed chief executive on the 
replaces Mr. R. J. Maison pierre. Board or GLIKSTEN VENEERS, 
who will be returning to the com- part of International Timber Cor- 
pany’s headquarters in the U.S. poration’s forest products division. ■ 
* * 

Mr. William Roberts has been Mr . M . D . Morrissey has been 
appointed financial director of appointed special adviser for air 
CONTROL EQUIPMENT matters Of the UNIVERSAL 
" * FEDERATION OF TRAVEL 


David Serpefl as chairman and 


AGENTS’ ASSOCIATIONS. 

* 

Mr. John F. Phillips has been 
appointed chairman of PRIVATE 


of 


to 10 cents, making a year’s total 
Jnwnnh of 30 cents against 140 cents in 
p the deterioration Ip the market 


Randfontein’s 


I OB lillJll UJdll Dim PiTTTrWTC or IM 

55/5 ^ j® r °ck- ^Vere Lady Bird wood 

URANIUM TALKS 
WITH JAPAN 


No application wBl be announre that discussions on a Sanders, Messrs. Sanders and fo antimonv Mnrehbum’s noor 11 Til Til'll 1T1 

^ the Notes to be' listed possible Wereldhave takeover of Morris, have been appointed to D«SS? auESZ UidUlUlll 


itock Exchange. They Eupic /have ended, 

edeemable in full at par Eupic first announced 


man, of tne COMMITTEE 
| THE ORDNANCE SURVEY. 

* 

Mr. Roger Putnam has been 
appointed sales director of the 
Canadian uranium shipments to sports car making firm of LOTUS 
Japan could resume shortly. The 10 Norfolk, 
two countries have started another t . 

round of talks on the nature of a . r - ?■ Walker has been ap- 


have 


fall 


in the ship- THE Johannesburg Consolidated’s nuclear itiM regime to Qjgf JgoSSwrn r^ntfSn 


ilbex bid for James Warren 


Mr. John Kelley has been ap- 
ointed executive chairman of 


and Sir Alexander Dune 
become vice-chairmen. 

★ 

Mr. J. G. Elliott has been 
appointed to the assistant execu- 
tive of SCOTTISH EQUITABLE 
LIFE ASSURANCE SOCIETY as 
deputy pensions manager from. 
March 1. 

★ 

Mr. Ross R. Cone Jnr. has been 


ta fu ” d SLffSrtgJUSL-JUH gW-BaBUTTSr: 5SS 

or= which tom quarts to :, a ;. rep0rt<,d from TOky ° ycster ' “Sftt’lfJ'tt appointed nionairtnn director of 

On the other hand, Anglo- nuclear matS^ again last su P n »'i s to both Japan and J a "g p e n d e / a Y m S a 0 „ C a^ r 1932 and 1S oT^j^'coraM^toe' 

Transvaal group’s youpg Prieska quarter. This followed the com- EEC countries were suspended in a S? nerai manager. a suDMOiary oi sun company inc. 

copper-zinc mine has done much missioning of the MTHsite plant Japnary last year because of 

better in the past quarter. Pro- at the original section of the faduro to reach agreement on 
albex Group, in which offered 28 Talbex Ordinary shares. The TaJbeX Board intends to j duction of concentrates has risen min i n g property. the safeguards issue. During 1977 

ast interests acquired a which fell 2p yesterday to 19p recommend for the current year I thanks to higher oregrades and It ^ pointed out that because V anada ^!2 uld o« n « sve . Michael BrannonT ha"; herome a 

ml stake at the end of on news of tiie bid, for every a dividend of.0.55pnet per share, (recoveries while the mine has Srt-Sp prSI ^^_ wlth 2 - M0 tonnes of SrecJS JndlSSerJf miSS? of 

Prestcold Southern within the 

chances of success in the LEYLAND SPECIAL PRODUCTS 


the safeguards issue." During 1977 1 E 0 ? ??*?, . chairman 

r,n» la • «hmu* I Pres t co Id Western and Mr. 



ve been suspended since is cash-- underwritten af 15P for advised by stockbrokers 
, .f ner. every .Talbex share, which values and Cruickshank. 

r /.•'/)* I 'er is seen by Talbex as each Warren share at 42p. The 

' ative to. a fund raising terms compare with a (suspension SHA.RE STAKES 


round of talks are better {GROUP. 


/} 




terms compare with a (suspension 
lince Warren, which, sold price last July of 63p.j 
airy Tops subsidiary to In addition to th» cash, the 


^ ^ uuu _ aa . = — ip. the sporadic discussions, 

KSS p»n«. « mT^SL I 

for three 


ealra loan mstalments Meanwhile, the higher eoJd price has sisned a nuclear co-operation 

i toj*"*!* obtataed^ has agreement with the US., which 

I *J*bjeet to Pneska having the worifiim surplus^ to tte Srt tSme sbouJd remove one of the main 

Iiden Holdings— Mr. N. Clothier. I Pf** 1 to convert the tastetoenU m ° nt ^ SU ^“ m 0,0 f* 3 ** ™ ree problems between Canada and 


Mr. E. P. Wellenstein, until 


Bodycote International has' 
appointed Mr. Ron Nicholson as 
managing director of its subsi- 
diary JOYCE FABRICS OF NEW 
YORK from February 1. 

it 

Mr. P. G. Hamilton Jr„ U.S., has 
resigned as a director of the 
LONDON SCOTTISH FINANCE 
CORPORATION. 


j \ ' \;mpany. 

. ,« - : i “■ ! 'yY >s mi 
, t -• / / i v ‘ J li be r« 


d Bntish Foods in April, offer-recommended £nd accepted chairman, has bought in name of -• r ^* s L . The quarterly surplus of the Ja £2?* - ,-u. _ „ . , ! 

r just over£2m^ Is largely by directors holding ‘8.5 per cent. Norman Clothier Holdings a )»L mareinaf WesternAreas mine . *5?, ( ! u _ esr * 0D of double- 

iy. Its only trading of the Ordinary shares — is further 38.7Q0 shares between 

insurance hroking, expected to add approximately 15Jp and 151p making his total __ . . „ uai ucl , , Q mKner _ — _ . ... -. 

retained and deve- £400.000 of net tangible assets to boldtag L509,000 shares (29.58 per Transvaal avouM lend additional ^ feting safeguard conditions from 

Talbex. An adjustment will be cent). Prudential Assurance and to Piuttka in the proportion g"“ 35 ■™ e accompflnyu3g Canada and the U.S. Uranium 


HOME CONTRACTS 


. ; .. w«ose mam at 

/ , . :f 7)1 iliil ' -ap and detergent 

| - . ■' i : l'* nd distribution, c 

' •/ ■ ' hairdressihe salir 


whose main activities made to the terms if these assets JTC Pension Trust were shown as of 50.16 to 46.18 to the U.S. Steel 

',000 valuation, bolding 8.65 per cent, and 5A8 per dedferred loan mstahne nt aga msS 


'■ < -V firt 


ps in Warren <*nt. respectively in the last 
to accrue to accounts, 
tion of the deal. Office and Electronic Mach hn 
farren’s 4.3 per Erich Markus has sold 115,000 
i are offered shares. 

U per cent. Con- Steetley Company— London and 
Loan Stock, Manchester Assurance has 


the issue to Anglo -Transvaal of 
simitar Notes. Middle Witwaters- Randhnteio — — 
rand Areas, the third share- ' w «*®™ Areas — 
bolder, would put up its share of As already 
adldtional funds. 


Dec. 

dr. 

ROM 

14.847 

7.407 


SepL 

Qtr. 

ROM 

IMS 

3.434 


announced 


xnauu- fall below the 
contract Substantial tax 
hairdressing salons (it are also _ . 

* i . robber mairufsctur- Talbex on comp] 

J/i>iets to 'net £l_3m. cash Holders .of 
»■ 1 • ■ Warren business. This cent. Preference 

ill be used to develop £3 nominal of 

1S Hmrtwit rdlm if tenaace baais aa from for rearoca^. 

ere are no definite plans Holders of Warren loan stock will cent-. Cumulative Preference 
*ment. be offered £1 bf the new Talbex shares making total 5SA00 (more 

shareholders are being loan stock for 'every £1 held. than 5 per cent.). 


£7m. anti-submarine 
defence order for Ultra 


Ninian 


destined for Japan is enriched in 

Jane ^ u C 

rood On Monday the Canadian H LTRA ELECTRONICS, a Dowty work on the Chevron 
u.MB Government formally lifted its Grou P company, has won a con- Southern platforms. 

*Js* ban on shipments to the EEC. fol- tra ct from the Ministry of Defence * 

the lowing an interim agreement ^ or sonobuoys worth more than GEC HANDLING, under a fS.Gra. 


group’s Otiibase copper mine in which involves European custo- The three feet long sono- contract, is to design and con- 

Of the group’s gold producers. South West. Africa (Namibia) has mers consulting with Canada buoys, which are omni-directional struct a new 400-ton surface 

the highbr boltion price has been put on a care-and-main- before using Canadian uranium P ass . ,v o units and part of the bunker and coal-washing system 

‘ Jezebel system for detecting sub- for coal mined from Rawdon and 

merged submarines, will be used Donisthorpe collieries. South 

by the RAF and the Royal Navy. Derbyshire, which are being 

★ joined underground at a cost of 

! FOUR regional transhipment ara - ^ 


NEY MARKET 


South Africa recruits more 
nihers from Malawi 


nail assistance 


centres being built : for F. W- BALFOUR BEATTY CONSTRUC- 
WooIwortb--in Bristol, Radlett tion (SCOTLAND) part of the 
(Herts), Warrington (Cheshire) Balfour Beatty Group of BICC. 
and Cumbernauld (Strathclyde) has been awarded a £i.4m. con- 
— are each to have Honeywell- tract by Cummins Engine Cora- 
made minicomputers under a pany to extend its existing engine 
The year-end labour shortage South Africa have made workers diamond drilling and feasibility £275.000 order. . plant at Shotts, Lanarkshire, 

on South African gold mines has reluctant to give up their jobs studies the previous year. Ore Tbe computers — series 80 level Work has already started and is 

boosted the Malawian labour eom* and the renewed .availability of- reserves are put at lm. tons 6 systems— will be used to help aue for completion in 8a weeks. 

Pjfnjent 10 i 7 - 600 about Malawis has tightened' up the grading 0.31 ounces of gold per distribute goods to local stores. „. wrvvvn CD * .™ PMf « 

term rotes. The S’ 060 * J? N ° w f ber and Ie5W 5 )ama market 38 ^ ton. Delivery will start this month ^ A SrJS?J!Sf E FiS 

„ r lur B-™™ ^ interert rate 2W e^[ lie / last year, reports Meanwhile Cocbenour Wfflans and the computers are expected SYSTEMS, , a GEC-Mareoni Elec- 

dosed at around wJffgent. “WartJWft from Johannesburg. TQ AJU SOUGHT TO 6o,d mnes ^ wolched ■» t0 fully operauSl by the ’S' 

pe January 6, 1978) J^y ^ , t a sffS cent, after opening at pw cent! . B «J ^ ere “ change wU«OI IU gest i0n5 o{ a resiHnption of pro- middle of the year. Bays Honey- *2™** % r 5°. ntract ? e 

lay credit was in . . . . arid compared with 64-7iV per * n recruitment from Mozam- ncVCf HP HTlEDtr duction -at its Cochenour and well’s Minicomputer and Tenni- Mimstiy of Defence (Navy) for 

short supply in the ^ cent - on Monday ^ ' b^e workers now number DE VELUF QUEBEC WJimar properties. Gold mining Ss DiviSon at Hemel Hemp- h ''° JT" 6 nuclear^ poorer plant 

Discount bouses* buying rates ^bont 38,000. . Tl PDODFOTV stopped In 197L The company stead, Herts. "• -control room somulatore. This 

- - ■ — Recruitment from Malawi was vv/LD t KUrr.RTY stated that a bullion price of $225 ^ nerui.. . order, which will be earned out at 

is the middle of last . an ounce would be needed to make * the company’s Scottish establish- 

... after requests from the Drawing encouragoneni from production economically attrao- ,CL has received the first public ment in Hillend. Fife, follows on 

a continued cent.: and there is little prospect Chamber of Mines, seeking the re- the trend ™ bullion prices. t j ve _ Yesterday’s dosing price utility order for its new 2950 from three previous contracts for 

**•“ -* - - - - - - -•* -• - — J 1 • 1 — — the Vancouver cXuJOrstinn mm- ..... O , -o: TnA/Htim-aiMrl /wmiuit— Iko Bnml Wn-u in lha nnalaxa 


if Eng fand Mlnlnm m 
« Rate -Si per cent 


Discount houses paid 6-61 per through to 
cent, for secured call loans in the.on e-year in 


souey market yesterday, -night- loans ■ opened at-6i-6| 


n 


. ,rn caci 

i, it m’ u — 

H* 11 I j* 


irket was helped by net shoSS^of funds 5i the of“any furSier fajT'lrT BarjTof turn of trained workers from the v ^ n ? 0l f^ r . ^Ploration com- was’ Sltif "an* ounce. 
Treasury- bills, but fairly immediate future kept interest England Minimum Lending Rate Malawi. . Wne^ is seeking 

’enue^ySents to^e rates - firm Sentiment In' the thS week. .. Malawi put an end to mine a loan of SCan£5«m (£1.17®.) to 

'rr exceeded Government market was even described, as Rates in tbe table below are labour recruitment in 1871 after finance a pnwucnoo.. programme 


- rather morbid, and this also fed nominal In some eases. 


(JloriinR 
Certifinta 
of depodts 

Interbank 

Local . 
Authority 
deposits 

lend Auth 

■■SSf 

House . - 
Deposits 

Company 

Discount 

.awim 

Iftwiiuj 

Bills® 

KliRiMo 
Bulk 
Hills 4 

6 IS - ® *4 

5-61* 

fta 

-BA -63*. 

.■6A-W s 
6^^-7^ 

6 Ib-64 

614-68# 
- , fi »4 

61^6*4 

6l*-61# 

734-8 

.j 

7L 

6% 

61 

’ 6i 

• fi 

-6S« 

1 ' 
-I** 

tL 

6k-63* 
618-63, 
688-668 
6l*-6le 
612-6*4 
7 ' 

71* 

6i| 

669-63* 

^ 65 » 

618 

8-61* 

' fr65s: 

6 . . 
"«K" . 

d. 


■ass 

asr 


I an air crash in which homeward- st the “B” Zone of its gold pro- 
(bound Malawians were killed. near Val ifOr ip north- 

Mt. Tony Fleischer, mana ger of western Quebec. 


jjjy x I ■ i l_ — — — — — ■- _ _ __ _ 

biu«* arm, said yesterday be md not eat- confidence in -the Can*tf$, gold for”lh^ustriai A^statemmt aas .. fae ? 1 a contract work of S170 interactive display 

ZT~ P«t empleymeut from Malawi to industry, whic h ■ has attracted from the Ministry of Energy and aim ? st . fiWMW-to design, terminals to .provide a telephone/ : 


medium-sized computer from the the Royal Navy in the nuclear 
Southern Electricity Board. Two power plant field. The two real 
ifnnn ¥ nni/C Ann °* these computers, worth time simulators will be installed 
&.UKJDA LUUba A1 £650,000, will be installed at the at HMS Sutton, the RN Marine 
mu vcumrorc Board's headquarters hi Maiden- Engineering 'School at Gosporti 
LUAL Y Eli 1 UKJto head, Berks- to handle -engineer- ★ 

ing appBeationa. HARRIS SfYSTEMS, Hltdnn.' 

LANDIS AND GYR, London. WA Hprts. is installing a pflHnB.il iwt. 
has been awarded 


| r ^h old levels aromd strong investment interest in re* Resources in Seoul said yesterday !^£&L- and heabn ^ **“* on-line inquiry service for caste*; 

1 130,000. He also indicated that cent months as an alternative to that there were plans to invest mere of Sooth Eastern Gas. Worth' 

labour complements are now near south African mines whose future in foreign kilning ventures, par- f 0 L?£ Packaging ball £350.000, a total of 143 Harris ter* 

optimum levels at about 97 per has been shrouded by political ticularly in Australia, Canada. P° und m Inals will be located at the 

cent, requirement. doubts. - • “SSaSdtheU^ SEGAS Croydon headquarters. 

The encouraging aspect for gold ^toonYs plw. reports onr Coal imports are expected to B5M. SK?5 l ^9«! , .t. - » n « * 22 ^strict offices, and 

lOnden 


65, 

6** 

65, 

Z* I shares 


our 

use 


I-Udi uuuuiu me w RniTftRrT r CD «1 n , ■ r _ viutcs, 

rise to 5m. tons by 19S1 from linked to a recently installed IBM 

1 Jim tnns in 1977 Inrreasnl Inca) - ^ to *haft seals for all 970/146 centra] COmuuler. 


1 \ 


l ^ 


ii f 




iilborlUev and ftannre bouses seven dan' 

'4UV three years 82-9 vat cent.; four yews 
wins rates for prime paper. Baying rat* ' 

mate Beilins rale for. one-mosUi Treasury 
'ntdiiui sollioc nu for ooMnmtb ,l_ 
Onv-mond* trade Mia a)' per ctaul; tKO-nioo 
Htm Base |tni fppbHahnl .by tbe .... 
. 'lit Rates (for email sums at seven days* 
,|]i Dlls: Average tttxte- rales of dasaam SALES 


U. oibers sown dare’ fised- - 

Ij-lOi. per coni.; five. yearaj.l8*-M9 per era*. 


is that production losses _ reporis 

suffered in P^t years because* ;?3S?bSa aJd ^ ^ 1B77 - lore) 370 ^ I4S reritral ““P«*er7 

tbe seasonal labour decline over .rTT 1 demand is cominc From nower P‘ , . n n > ™rtines at the Central . 

ic^n-»l!p% ftr soft coal, ZS^uX'SBSUli 

is unavailable from m vvaies. from Ross Foods, an Imperial ’ 

Korean * Foods Group company, for a 

_ _>t ye»r WILSON WALTON ENGINEER- £125.000 system to monitor weigh- ‘ 

rt“er "ccnL; and alw dm»Sonib^w per com. muw. . mill. . wa ? ““ e . l7m - . tou \ Domestic ING has been awarded new Ins machines data on each of 19 

Honan AMBdadwt) » ^ og Jsnnwy l im gsraWg I jow^tge co mplein ente were acfuabv rMifiari 2* tput l 5 increafil "e a** 0 ” 1 , 4 contracts worth about £7m. They production Unea at its frown food ; 

^ • R * l ^ a ^ r -^ nai ® ^ iBBt l^^steeas^MiaT** wodttloii* in ^ M at i 


51.* per rent.: M-Afi Wram.; aMJg^mmrth Sma per l2d^ S fibSldtaiTSi “g* hS3^Sti“S!ductto!! ,t h^ 

«S6- perrom.r tbrae-mumi, ssijrf nijreimied. At the December. » X ’°° 0 tQns M «»r9er day 


20 


financial Times Wednesday Januajy & |9fe 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


EUROBONDS 


All eyes on 
Occidental 


BY MART CAMPBELL 

MOST ATTENTION in the dollar has been quiet for the last 
sector to-day is likely to focus couple of days with prices more 
on the Occidental issue, which or less unchanged. Commerz- 
will be trading for the first time, bank is due to launch a DM200m. 
The i:i?ue was last night priced issue soon and the' issue after 
at 99 to put the yield- at 8.76 per that is expected to be for 
cent, over the five year maturity. Argentina, with Deutsche Bank 
Banks are currently paying about as lead manager. 

Sj per cent, for five year deposits The size of the Brazilian 
in the' money market. offering has been raised from 

There was good placing in the scheduled DM150m. to 
some of the weaker currency DM200m. It is due for pricing 
countries, the managers say, but on Thursday, 
less good placing in the stronger Panama's 5m. Kuwaiti dinar 
currency countries. The Swiss offering will be completed to-day. 
banks were absent from the' Th e pricing has been set at 991. 
management group. 


Th * n -_„ Two Japanese companies due 

“2n ag ! r ’ D l a f..^i tte F to launch issues on the Swiss 


i°e SSibteS ElecM? iSffJSa 

iXsss a vib£srz& sst a ^srz^ 


berSfse nf th® ilmii? JL«? S private placement of convertible 
S se (h ° f t Jj 1 * notes via Union Bank of 


SH 15 *+ Switzerland. The coupon will 

pared to deal. be 4 per cenLt according t0 


The Eurofima offering, which «nnrts 
moved to very big discounts late repurL * - 


Asahi Glass has reportedly 


last week, has picked ud a bit - . _ _ . 

—dealers suggested that it was T V 3 ^ Sw ' Fr f^ 0nL - to l * ve ?, ea « 
being generally bid at above 964 ^ P®, r cen f- v J a Swiss Bank 

yesterday 1 Corporation, also in the form of 

a private placement 


The dollar sector stabilised _ 
somewhat yesterday, with a • Venezuela s $178m. placement 
certain amount of business being promissory notes in the 
done, though not nearly as much Middle East is in the form of 
as last week. Dealers attributed promissory notes which mature 
the improvement mainly to tech- between two and seven years 
nical factors, but the dollar has hence. Each batch of $30m. worth 
picked up a bit on the foreign of notes contains tranches of 
exchange markets and Eurodollar S5m.. each which matures 
rates are easier where changed, annually between 1980 and 1985. 


The dollar closed yesterday- at The notes offer a floating rate of [/Budget Rent-a-Car car hire 


DM2.131 2 i and SwJ’rs.D8925. The interest — the margin over inter- 
rates last Friday were DM2.1215 bank rates is 1 percentage point 
and Sw.Frs.l.9737i. (rather more than Venezuela is 

The three month Eurodollar currently paying for traditional 
rate was 7}/4 yesterday and the syndicated Eurocurrency loans), 
six month rate 71/} percent On The financing was arranged by 
Friday they were 7j/i and 7jj/2 institutions in the Bank of 
per cent Credit and Commerce Inter- 

In the D-Mark sector, dealing national group. 


Moulinex sales rise 

PARIS, Jan. 17. 
SOCIETE Moulinex, makers of 
small electrical household appli- 
ances, report consolidated 1977 
sales of Frs.l.684bn. — a 10 per 
cent, increase on the Frs.L530bn. 
recorded in 1976. The 1977 figure 
included for the first time sales 
of its U.S. subsidiary. Sales of 
tiie parent company alone 
totalled Frs.l.459bn., up by 5.5 
per cent 


Usinor trading halted 

PARIS, Jan. 17. 

TRADING in Usinor SA shares 
was halted on the Paris bourse 
in early dealings to-day because 
of an imbalance of buying 
orders, dealers said. The Finance 
Ministry yesterday announced 
loans of Frs.500m., including 
Frs250m. for Usinor, had been 
granted to the steel industry. 


AMERICAN NEWS 


Two more 
United 
Artists 
resignations 


Supreme Court decision 
puts pressure on AT & T 


BY STEWART FLEMING 


NEW YORK, Jan. 17. 


By Our Own Correspondent 
NEW YORK, Jan. 17. 
DISPUTES over pay restric- 
tions and parent company 
control has sparked a series of 
resignations by top executives 
at United Artists, the leading 
U-S. film distributor whose box 
office hits in the past two years 
included Rocky, Annie Ball, 
and Semi-Tough. 

With two announcements 
to-day, a total of five top 
officers at United Artists have 
quit, including Mr. Eric 
Pleskow, president and chief 
executive, Mr. Arthur Krim, 
chairman and Hr. Robert 
Benjamin, chairman of the 
finance committee. Air. Krlm 
and Mr. Benjamin are also 
directors of the parent com- 
pany, Transamerica Corpora- 
tion, and have said they will 
also resign those posts. 

The row between Trans- 
america and its senior United 
Artists executives has been 
simmering for some time. It 
has come to a head just as the 
company, one of the nation's 
largest conglomerates. Is 
announcing a 46 per cent, 
increase in 1977 profits to 
$170m. on sales of over $3bn. 

Transamerica Is a highly 
diversified company, head- 
quartered in a pyramid-shaped 
tower In San Francisco. It 
operates the ninth-largest U.S. 
life insurance business, 
Occidental Life Insurance, the 


AMERICAN Telephone and Tele- 
graph, the company which mono- 
polises the U.S. telephone service, 
could face new competitive pres- 
sures as a result of a decision 
by the UJ3. Supreme Court not 
to review a lower court decision 
favouring MCI Telecommunica- 
tions Corporation. 

The ruling, in a case brought 
by AT and T against MCI 
allowed MCI to set up what it 
calls the “ Execuuet ” telephone 
service which allows MCI sub- 
scribers to make long distance 
telephone calls through micro- 
wave communications. 

AT and T has an effective 
monopoly of long distance tele- 
phone calls and argues that the 
revenue it earns on this business 


allows it to keep local call tele- 
phone charges down. 

The controversy surounds the 
fact that MCI subscribers make 
their long distance calls in- 
directly through AT and Ts local 
network. Thus, to make a long 
distance call, the subscriber will 
use the AT and T local network 
to telephone his local MCI office 
which will then route the call 
over long distance through micro- 
wave systems it operates, before 
hooking into AT and Ts local 
network again to complete the 
call at the other end. 

Although the Supreme Court 
has refused to review the ruling 
permitting the MCI system, the 
UR. Federal Communications 
Commission still has the power 


to decide whether competition of 
this sort is in the public interest 

AT and Ts anxiety oyer the 
case reflects growing concern 
about challenges to its monopoly 
from a variety of sources includ- 
ing the giant computer com- 
panies. 

Back in 1968, in a landmark 
decision, the Federal Trade Com- 
mission ruled that a company, 
Carterphone, could hook its 
equipment into the AT and T 
system. This ruling cleared the 
way to new competitors entering 
the communications industry. In 
such specialised fields as bust 
ness communications — providing 
private lines which, for example, 
let computers talk to each other 
over long distances. 


Rescue move fdi 
Spanish bank 


Securities industry profits dip 


BY JOHN WYlfS 


NEW YORK, Jan. 17. 


PSIT 


Property Security 
Investment Trust 
Limited 


Interim Report 


Increased Interim 


Rental Income Up 

■ Figures exclude surplus on property and share sales 


Sales completed so far are sufficient to ensure an 
overall surplus for the full year 


Two major development sites purchased in 
Aldershot 


Exchange fluctuation not significant 
Interim dividend 0.75p per share (1977 0.455p) 


6 months to 
30-9-77 
(unaudited) 
EOOO’s 


6 months to 
30-9-76 
(unaudited.) 
EOOO's 


Year to 
31-3-77 


EOOO's- 


Gross Rental Income 1,516 
Net property & Invest- 
ment Income after ad- 
ministration expenses 1,362 
Interest 1 ,462 


1,456 


2,948 


1,219 

1,470 


2,506 

3,156 


Loss before dealing and 
extraordinary items (44) 
Dividend 114 

(per share) (0.75p) 


(195) - (681) 

69 285 

(0.4 5 5p) (1.8755p) 


ZETTERS GROUP LIMITED 


INTERIM STATEMENT 

SIX MONTHS ENDED 30th SEPTEMBER, 1977 


Results 

The unaudited results of the Group for the she months 
ended 30th September, 1977 compared with the figures for the 
corresponding period to 30th September, 1976, and the audited 
figures for the year ended 31st March, 1977 were as follows: — 


Six months ended 
30th September 


Year ended 
31st March 



1977 

1976 

1977 

TURNOVER: 

• £ 

£ 

£ 

Football and Bingo ... 

8,132,624 

3,721,797 

11,184,293 

Less: Payments to 

Pools Winners and 

Betting Tax 

4,273,237 

1,695,154 

5,743,378 


£3,859,387 

£2.026,643 

£5,440.915 

PROFIT BEFORE 
TAXATION 

360.998 

177,200 

594,726 

TAXATION 

187,800 

92,500 

32LS06 

PROFIT AFTER 

TAXATION 

£173,198 

£84,700 

£272.920 


The results for the six months ended 30th September, 1977 
include a full contribution from Cope’s Pools and three months 
trading from Empire Pools. (The comparative figures for 
the six months to 30th September, 1976 did not include any- 
thing from either Copes or Empire which were taken over on 
30th October. 1976 and 4th July. 1977 respectively.) The 
administrative problems envisaged at the time of the Empire 
acquisition are being resolved and the full benefits from this 
acquisition are now beginning to be reflected in the trading 
results. 


The Bingo Division, with the benefit of normal trading 
conditions, has had a successful first six months. 


Dividends 

As in previous years it is not proposed to pay an interim 
dividend. 

Current Trading and Prospects 

Both Pools apd Bingo Divisions are currently trading 
satisfactorily and we look forward to record profits for the 
current financial year ending 31st March, 1978. 


business and Trans Inter- 
national Airlines as well as 
United Artist& 

In 1976, United Artists was 
a major contributor to Trans- 
america’s profits, earning 316 m. 
of the parent’s 3113m. net 
Income. A statement issued by 
the resigning executives claims 
that in 1977 United Artists 
established a new Industry 
record for global theatrical 
revenues and forecast an even 
more successful year in 1978. 

Hr. Krlm and Sir. Benjamin 
bought United Artists from 
actors Charles Chaplin and 
Diary Plckford in 1951 and sold 
it to Transamerica in 1967. 

Thev have expressed their 
opposition to the parent com- 
pany’s financial management 
controls in the past, which they 
claim do not suit an entertain- 
ment company. They argue 
that United Artists shoald be 
spun off as an independent 
business again, but Trans- 
america has insisted that 
United Artists is a business 
like the others it runs. 


AVERAGE QUARTERLY profits 
within the U.S. securities indus- 
try were more than halved in 
the first nine months of last year 
under the impact of higher costs, 
dwindling commission revenues 
and a sharp drop. in foreign pur- 
chases of American stocks. 

According to an analysis by 
the Securities Industry Associa- 
tion, 1977 looks likely to fit 
neatly into the - historically 
volatile pattern of profitability 
within the industry. However, 
the report says that securities 
companies are suffering a long 
term decline in their return on 
capital so that even In the good 
years it may be “ more and more 
difficult to convince individuals 
to commit funds in an industry 
where profitability is not com- 
mensurate with the risk.” 

Average p^e-tax quarterly 
profits in the first nine months 
of last year stood at 3109m. com- 
pared with 3246m. in 1976. The 
after tax return on equity 
amounted to 72 per cent, last 
year compared with 182 per cent, 
in 1976, says the SIA. 

Analysing some of the back- 
ground to these statistics the 
SIA paints out that although the 
average daily volume of shares 
traded on the New York Stock 


Exchange was, at S2L2m., 
virtually the same as in 1976, 
The price of the average share 
traded tumbled from $30 to 
$24.10. As a result commission 
revenues were bound to plunge, 
and the fall was sharpened by 
the - erosion of commissions 
charged to institutional customers 
due to fierce competition among 
brokerage houses. 

This shrinking revenue base 
from equity trading gave great 
impetus to the consolidation and 
merger trend on Wall Street 
which, says the SIA, caused the 
disappearance of 13 NYSE regis- 
tered firms by the end of Septem- 
ber. Some mergers and 
acquisitions were designed to 
produce a single unit offering a 
broader range of financial ser- 
vices to customers, but more 
recently the desire for economies 
of scale and an infusion of 
capital have given new motive 
force to the merger trend. 

Referring to the strong pace 
of merger and acquisition activity 
throughout American industry 
last year when a host of major 
companies from Babcock and 
Wilcox to Carborundum were 
taken over at prices considerably 
above stock market levels, the 
SIA speculates that “ something 


Is fundamentally wrong in a 
market - where investment 
bankers and commercial bankers 
value stock at a considerably 
higher level than . public 
investors.” - 

The SIA blames the weakness 
of the market for the flight of 
foreign investors whose net pur- 
chases of corporate stock are 
likely to have been less than 
S2bn. last year, more than 30 
per cent less than in 1976 and 
substantially less than half of 
1975’s S4.7bn. 

But institutional Investors also 
stayed away in droves. The SIA 
says that life insurance com- 
panies, fire and casualty com- 
panies. private non-insured pen- 
sion funds and state and local 
retirement funds all strongly 
preferred bonds to stock last 
year, investing $25bn. in the 
former and SlObn. in the latter. 
Only 15 per cent, of the increase 
in the new funds for investment 
went into stocks compared to 20 
per cent, in 1975-76. 

Surprisingly, in view of their 
steady flight out of stories In the 
last ten years, individuals were 
net buyers of equities to the tune 
of S0-3bn. In the previous five 
years individuals were net sellers 
of almost $30bn. 


Chase chief warns of competition 


New products 
lift Burroughs 


REPORTING HIGHER fourth 
quarter and year earnings Mr. 
Paul S- Mirabito, chairman of 
Burroughs Corporation, says 
rental and service revenue 
increased 14 per cent in 1977 
and revenue from the outright 
sale of products Increased 10 
per cenL, reports Renter. 

The strong performance was 
partly attributable to new pro- 
duct introductions, particularly 
in the expansion of the com- 
pany’s 800 series. 

Fourth quarter revenue was 
$679.1m. against 3589m. In the 
same 1976 period. Net profits 
were 394.07m. against 381.98m. 
giving earnings per share of 
$£32, against 32.04. 

Full year revenue was 
52.1 3 bn^ against $L9bn. for 
1976, with net profits of 3215m, 
against $186m» giving earnings 
per share of $5.31, against 
S4.62. 


THE PRESIDENT of Chase 
Manhattan Bank, Mr. Willard 
Butcher said that major U.S. 
batiks are encountering “ tremen- 
dous competition” from foreign 
banks, internationally • and 
domestically. The competition 
was expanding to include not 
only West German but even 
Japanese banks, he said. ; 

These banks are pursuing 
aggressive loan programmes even 
in the U.S, and that this is cut- 
ting into margins of the domestic 
banks. Mr. Butcher said Jhat 
the proposal by the U.S. Comp- 
troller of the Currency, Mr. Jjohn 
Hehnan, to impose a “10 'per 
cent rule” on foreign lending 


NEW YORK, Jan. 17. 
could also tend to make U.S. 
banks less competitive in the 
international market 

A problem confronting major 
banks is. how to increase base 
domestic earnings with the im- 
provement in. money centre bank 
earnings in recent years largely 
from abroad, he said. 

Base domestic earnings have 
shown no increase “in a decade,” 
he said. International loans are 
expected to continue increasing 
more quickly than domestic 
loans, but margins will be under 
pressure from foreign bank com- 
petition, he said. 

Reuter 


Levesque on 
Sun Life move 


Budd Board approves Thyssen bid 


BUDD COMPANY said Its Board 
approved in principle a proposal 
by Thyssen A.G. to acquire Budd 
by means of a cash merger at a 
price of S34 a share, reports 
AP-DJ from Troy. 

The proposals also con- 
templates that Budd's53 per cent 
Convertible Subordinated Deben- 
tures and 35 Preferred shares are 
to be called for redemption and 


the oustanding warrants and 
employee stock options are to be 
retired. 

The Board action paves the 
way for negotiations between 
Budd and Thyssen regarding 
terms of a merger agreement 
which agreement when final 
would be submitted to Budd 
shareholders at a meeting to be 
held probably in April. 


By Robert Gib be ns 

MONTREAL, Jan. 17. 
PREMIER RENE LEVESQUE 
says the Sun Life Insurance 
Company of Canada’s decision 
to delay for three months a 
policy-holder vote on moving its 
head office from Montreal to 
Toronto is “a return to a mini- 
mum of decency." But he said 
the promise that there would 
be no large scale movement of 
key personnel to Toronto for 
two years amounts to “no sub- 
stantial change” in its position. 

Speaking in Montreal he said 
the Government is open to 
“ constructive dialogue with the 
Sun Life or any other company. 
But we are not going to cave 
in to pressure. We are ready 
to discuss their problem with 
arrogance hut also without 
servility." 

He called Sun Life’s demand 
for constitutional guarantees of 
minority language rights 
“clearly a political manoeuvre.” 
The solution lay with the Parti 
Quebecois' proposals for reci- 
procal language agreements 
among the Provinces. 


U-S. QUARTERLIES 


INT. MINERALS/CHEMICAL CITICORP 

GEORGIA PACIFIC CORP. 


second Quarter 


un 

S 


ITU) 

S 


Frank Quarter 


Revenue 313.6m. SOl-Sm. 

Net profits 27.8m. 27.9m. 

Net per share... L52 1.59 

Six Months 

Revenue 624.6m. 581.3m. 

Net profits 58.6m. 

Net per share... 3.23 


52.5m. 

2.97 


1777 
S 

Net profits ...... 92.8m. 

Net per share... 0.75 

Net share dil... 0.71 

Year 

Net profits 3SQ.9ra. 

Net per share... 3.05 

Net share dil... 2.90 


< lin Fourth Quarter 1777 1971 

s s s 

111.6m. Revenue 937.0m, 768.0m. 

0.88 Net profits 65.0m. 54.0m. 

0.84 Net per share... 0.63 0.51 

Year 

404.9m. Revenue 3.88bn. 3.04b n. 

3.24 Net profits 262.0m. 215.0m. 

■3.08 Net per share... 2.54 2.12 


PENNWALT CORP. 


Fourth Quarter 


Revenue 

Net profits .... 
Net per share. 

Year 

Revenue 

Net profits .... 
Net per share. 


1977 

5 


2976 

S 


MANUFCTRS. HANOVER CORP. 


208.0m. 187.3m. 


11.4m. 

1.15 


8.7ro. 

0.8S 


S34.9m. 777.3m. 
41.7m. 34.9m. 


4.23 


3.56 


Fourth Quarter 1977 1976 

S 5 

Net profits 40 -3m. 382m. 

Net per share... 124 128 

Year 

Net profits 1572m. 1432m. 

Net per share... 5.15 422 

Pina three quarters re-stated. 


OLIN CORP. 


OHIO EDISON 


Foorth Quarter 

1977 

MT6 

Revenue 

353.0m. 

322.3m. 

Net profits 

9.4m. 

8.9m. 

Net per share... 

Year 

Revenue 

0.39 

0.37 

lfibn. 

1.4bn. 

Net profits 

78.1m. 

72.6m. 

Net per share... 

3.24 

3.03 


Fourth Quarter 


1977 1976 

S S 

Revenue 200.4m. 17L6m. 

Net profits 15.6m. 20.6m. 

Net per share... 023 0-52 

Year 

Revenue 796.3m. 6442m. 

Net profits 87.8m. 82.7m. 

Net per share... 1.97 2.14 


UNION BANCORP. 

Fourth Quarter 

IV77 

1976 


5 

S 

Net profits 

5.6m, 

4.1m. 

Net per share... 

0.48 

0.35 

CRAIG CORP. 

Second Quarter 

1977 

1976 


S 

s 

Revenue 

28.6m. 

33.5m. 

Net Profits 

L5m. 

2.5m. 

Net Per Share 

0.47 

0.S1 

MARYLAND NAT. CORP. 


Fourth Quarter 


1977 1976. 

5 S 

Net Profits 5m. 4.6m. 

Net Per Share 0.70 0.64 

Year 

Net Profits 18.7m. 16m. 

Net Per Share 2.63 223 


STRAIGHTS BM 

Alcan Australia 8]pc 1883 864 

AMEV 8 pc 1987 95 

Australia SHk 1092 83 

Australian M. & S. 9}pc "92 97 - 

Barclays Bank 8)pc 1882 ... 96 

Bowarer Sine 1892 964 

Can. K. Railway Sipc 1898 954 
Credit National 84 pc 1988 97 

Denmark 8 3 pc 1BS4 99 

ECS 9pc 1995 981 

ECS SiPC 1997 9fil 

EtB 8JPC 1SK 984 

EMI Mdc 1999 — 971 

Ericsson 8) pc 19S9 964 

Esso Sue 1988 Nov 

Gt. Lakes Paper Sipc 1984 
Hamerslcy Bipc 1932 ...... 

Hydro-Quebec Bpc 1892 ... 

TCI Sipc 1887 - 

JSE Canada 94 DC UBG ... 
Macmillan Bloedol #PC 1992 
Massey Ferguson Si PC 1991 _ 

MicbeUn Sipc 19S8 UK! 

Midland lot. Fin. 85pc M92 960 
National Coal Bd. Spc 1987 M 
National WStnmstr. Spc ’88 1924 
Newfoundland 9pe IMS . .. 881 
Norses Kora. Bk. Sipc 1992 93} 

NerplPO Sipc 1889 — 86 

Norsk Hydro Sipc 1992 . — . 95} 

Oslo 9pc 1888 391 

Forts Auionomes Vpc 1991 99 
Prow. Quebec Spc 1993 ... 

Pros. Saskatch. Sipc 1986 
Reed International Spc 1987 

RHM Spc M9? 

Selection Treat 8lpo US8._ 

Stand. EnskUda Spc 1991 

C KF Spc 1BS7 

Sweden iK’donu *}pc 19ST 
United Biscuits 9 or 1989 .. 

Volvo Spc IB87 March ...... 


991 

991 

Hi 

954 

Ml 

urn 

984 

UK 


9 Si 

98] 

94 

94 

91 1 

984 

92* 

331 

971 


Offer 

974 

934 

95} 

97} 

Ml 

97 

ft} 

. a?: 

991 

994 

97 

994 

994 

974 

1M4 

994 

1004 

964 

994 

103 

974 

1034 

101* 

97* 

943 

103 

99* 

98* 

985 

96 

100 

99! 

M 

994 

94} 

94} 

92 
09 

93 
s« 
98! 
931 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


984 

975 

96 

951 

96 


NOTES Bid 

Australia 71 pc IBM ......... 34* 

Bell Canada 73pc 1987 94 

Br. Colombia BM. 7Jpc *36 934 

Can. Pat *4pc 1984 

Dow Chemical Spc 1986... 

ECS 7} pc 1982 

ECS Sipc 1089 

EEC "JPC 1983 

EEC 73pc 1981 85} 

Rnso Cntzeli Sipc 1984 98* 

Gotavorfcen 7Cpe 1983 974 

Kockums Spc 1983 971 

Mlcbclln Sine 1983 994 

Montreal Urban 8|pe lfsi 93} 
New Brunswick Spc 1884... 9JJ 
New Brans. Prov. S!nc US lflij 
New Zealand Sipc 1S86 ... H! 
Nordic inr. Bank 7fpc 1BS4 Ml 
Norsk Hydra 7Joc 1982 87* 


Offer 

9tt 

944 

94} 

994 

9S4 

Mi 

96* 

964 

« 

97 

984 


300 

99 

964 

192* 

974 

95* 


Denmark 6 5 pc 1983 ...... 

ECB 8Jpe 1984 - 

Grand Met 7 pc 1984 

Hydro-Quebec Sipc 1987 .. 

!CI 6}pc 1987 

Montreal 7pc 1987 
Norse a Gas 7pc 1939 .... 
Norsk Hydro Sipc 1989 _ 
Norway Sipc 1982 .......... 

Shell 6!pc 1989 

Spain Sipc 19S4 

Sweden 64oc 1984 

World Bank Wpc 1987 


Bid 

:m 
1061 
10L* 
100; 
1034 
102 
103 } 
184 3 
1031 
1071 
1004 
105 
1034 


Offer 

104} 

106* 

102 

1014 

1064 

162} 

106} 

1054 

194} 

1M4 

1014. 

105! 

104 


Norway 7} pc 1882 

Ontario Hydro Spc 1887 „ 

Stager 83 pc 1982 

S. of Scot Elec. 8 } dc *81 
Sweden I'K'donl 7}pc 1882 
Swedish State Co. 7Spc 1883 

Te tales 9} PC 1884 

Tetmecft 71pc 1987 May .. 
Volkswagen 73 pc 1887 .... 
STERLING BONOS 
Conrfaulds Ojpc 1889 ..... 

ECS Sipc 1889 

E1B 91PC IH2 

Finance Tor lad. 9i[K 1937 

Flams 101 pc 1887 

Total Oil Slue 1964 

DM BONDS 

Austria 6Jpc 1383 

BFCE 7pc 1937 


96 

944 

994 

994 

97* 

951 

97} 

93 

934 


m 

954 

180 

1004 


FLOATING RATE NOTES 
Bank or Tokyo 1384 7U]60C 

BFCE 1984 7 DC 

BNP 1983 6Spc 

CCF 1983 Spc 


964 

984 

93! 

94 


CGMF 1984 6BUDC 

Creditanstalt 1984 7|pc 

Credit Lyonnais 1982 6ipe 

DG Bank 1982 7 SmPC 

GZB 1981 7|pc 

Inti. Wstmnstr. W 715 uspc 

Lkwte 1983 7|pe 

LTCB 1982 6ipc 


98! 

97! 

994 

994 

93 

984 


994 

9» 

99! 

SSl 

*84 


964 

100 } 

ft} 

M4 

ft* 

ft* 


97 

161* 


99 

100 
09 


Midland 19S2 Spc 

Midland 1987 7n«pc — 

OKB 1983 Bine 

SNCF 1633 6°wpC 

Scndd. and CltrmL *94 Bloc 
wms. and Glyns 1984 7pc ft) 
Source: White Weld Securities. 


904 

1084 

99 

991 

994 

uni 

98* 

99} 

ft 

ft) 


994 

100 

IMS 

994 

3004 

»4 

101 } 

ft} 

m 

W4 

ft* 

MI 


1084 

104* 


107 

1634 


CONVERTIBLES 

American Express 44« •97 TO 

Ashland fipc 19S3 884 


904 


Strike trims Joy 

JOY MANUFACTURING, maker 
of mining equipment mid other 
engineering products, announced 
net profit of $0.42 a share for 
the first quarter, ending Decem- 
ber 30, against $0.96 previously. 
Total net profit was S5.5m. 
(811.7m.). Sales were S153.8ra. 
($158-5m.). The company attri- 
buted the reduction in sales “ to 
the U.S. miners’ strike ” and to 
the continued strike at Its new 
Philadelphia plant All other 
lines of business experienced 
sales gains in the quarter. 

Roy West - changes 

THE RoyWest Group, of which 
The Royal Bank of Canada and 
the National Westminster Bank 
are principal shareholders, has 
been restructured for greater 
efficiency of operation, it was 
announced yesterday. It now 
consists of a holding company 
and three operating divisions — 
banking, trust and investment 
groups. To accomplish this re- 
organisation, two new companies 
were formed: RoyWest Holdings 
and RoyWest Investments, both 
of which were incorporated in 
the Bahamas. 

Babcock & Wilcox sjpe "97 *! 93 

Beatrice Foods 4fpc 1992 93 93 

Beatrice Poods 4* pc 1992 100 m 

fieeebam «Jpc 1992 98 m 

Borden Spc 1992 98 

Broadway Hale Cpc 1987 72 74 

Carnation 4 dc 1997 75 77 

Chevron 5pc IBS 8 111 j 113 * 

Dan 44PC 1987 78* Mt 

Eastman Kodak 41 pc 1888 si* 331 

Economic Labs. 4 .‘pc 1887 77 w 

Firestone 5pc 1988 73 * sin 

Ford 5 pc ISSS so Sr' 

General Electric •lipe 1987 79 8? 

Gillette 41pc 1937 74 w 

Gould 30C 1987 1ft in 

Gulf and Western Sgc 198S 74 73 

Barrls Spc U92 13i 533 

Honeywell 6pc 1986 ..... S4 ju 

ICr 61 pc 19ft 834 shi 

XNA 6 pc 1987 91* ft? 

Incbcape fi*pc 1993 lot* jtu} 

rrr 4 !pc 1987 .. — 73 * 

JUSCO SPC 1992 IDS} 106* 

Komatsu 74oc 19ft _... IU 13 ijm 

J. Ray McDermott 45oc *57 153* 1551 

Matsushita SJpc 1990 U84 iw 

Mitsui 74 pc 1990 lU} 

J. P. Mor#an 44PC 1937 .. 94 86 

Nabisco S4pc 19SS ft ]0 n 

OwaM miiwis 4*PC W87 ». Ill U 3 
J. C. Pemwy 44pc 1987 ... 74 73 

Revlon 44 pc W7 jjyjj j*-. 

Reynolds Metals Bpc 1SS8 81 JB 

Sanditt 8Jpc 1988 Ml* 103 

Sparry Rand 44 pc 1987 80 ft 

Squibb 4 } pc 1987 7 S 77 

Tesaro 4!pc 1 BS 8 73 ™ 

Toshiba 61nc 1982 ft oil 

Union Carbide 4Jpc 1BS2 ft so 

Warner Lambert 4}pc 1987 77 w 

U’araer Lamlwrt 4}pc 1988 714 
Xerox Spc 1188 ; 73 } 77 $ 

Source; Kidder, Peabody SccuriUesj 


BY ROBERT GRAHAM 

THE BANK of Spain has toon 
obliged tu come to the rescue of 
one of the country s smaller 
hanks. Banco de Navarra. A» 
trading in the bank’s shares were 
suspended to-day as the Bank of 
Spain announced that It tak- 
ing over control of the bank for 

an indeterminate penod. 

Although technically invited » 
assist Banco de Navaim 
initiative came from the BanK or 
Spain Itself, a senior official told 
the Financial Times. This is the 
first time that such action has 
been taken by the Centra! Bank 
for a number of years, added the 

Banco dc Navarra bas a «pital 
of Pesetas 170m. and holds t otai 
deposits of Pesetas 9bn. The Bank 


MADRID. Jan. 17. 


of Spain declined to go hr 
details of the rescue opera tio 
but said it would Roaranti 
deposits and hoped to rettoi 
the bank's financial health. 

Thr bank's problems in n 
to relate mo nr to some of i 
affiliate companies. lariinUr 
property interests. . 

■ The banking community 
pectcd to watch closely how ft 
Bank of Spain 1 >^y«lTW 
a widespread belief that thin, 
not the last of the small 1 Tub* 
that could be affected by i 
current economic vtIih— » no& 
demonstration of which 
given to-day by the annomu; 
ment that Babcock and Wilct , 
Spain was to put 2,000 of \ 
5.200 workforce on snort tin 


Sugar producer to 
maintain profit 


BY DAY1D CURRY 

DESPITE THE prospect of a 
substantially heavier crop. 
Societe des Raffineries de Sucre 
de Saint-Louis, one of the big- 
gest French sugar producers with 
both cane and beet interests, ex- 
pects an operating profit in 1977 
broadly the same as in 1976. 

The main problem underlined 
by the chairman, M. Hughes de 
Revel, in a letter to shareholders, 
is the one afflicting all French 
exporters of farm produce — the 
artificially high level of the 
green (agricultural) franc and 
the penalising effect of the mone- 
tary compensation amounts im- 
posed on trade prices to try to 
correct the distortions to uniform 
Community price levels caused 
by currency parity changes. 

In particular, this will hold 
back the performance of 
Generate Sucriere. a Saint Louis 
subsidiary and one of France's 
leading sugar concerns. Sugar 
is, together with cereals one of 
,tbe most important items of 
French bulk food exports. 

M. de Revel comments that at 
the end of last year prices were 
17 per cent, lower than they 
would have been calculated in 
francs valued at their parity in 
the world market. The French 
Government has already pro- 
mised a 2 J per cent, green- franc 


PARIS, Jan. 17/ 


devaluation next month but th 
will only mute the complain a t 
the French food industry "" 
short time. 

The. 1977-78 season should 
a production of around 3 
tonnes against 2.73ra. for _ 
previous year despite a sxn*M 
acreage planted, the chains^ 
states, the conditions being’ 
best for three years. 

Generate Sucriere outpf 
should top 600,000 tonnes cot 
pared with the 405.000 tons 
produced in the weatherafllicfi 
previous season. 



i 1 


CGE sees profit rise ' 


CUE GENERA LE d’Electrid! 
parent company profit in IK 
should rise around 20 per era 
from 1976’s net FriUlBArr 
chairman Ambroisc Rw 
reports. In a letter to shu 
holders due to be published.? 
full to-morrow, M. Roux repeat* 
his earlier forecast that t! 
Frs.30 1976 dividend would l 
at least maintained in 1977. 

In addition Frs.2.40 of tl 
1976 dividend that were carrii 
forward will be paid for 197 
making a total pay-out of at lea 
Frs-32.40. M. Roux said pot 
fblio revenues of the parei 
company rose to aroufl 
Frs.l35m. in 1977. 


Steel tube decline 


BY GUY HAWTINf 


FRANKFURT Jan., 1?. 


THE WEST German steel tube 
making industry has been hard 
hit by imports, according to 
Hoe&ch Estei, the German-Dutch 
steel manufacturing group. Pro- 
duction in 1977 declined by more 
than 8 per cent, compared with 
the previous year. 

The mass steel producers, of 
course, have seen the level of 
steel demand drop dramatically 
over the past couple of years. 
Producers of finished products, 
while they have not had an easy 
passage, have not experienced 
such a difficult time. 

However, it comes as some- 
thing of a shock to learn float 
steel tube producers, who in 
1974 manufactured 5.4m. tonnes, 
saw their output faH back by 
23 per cent- to 1977*s 4J2m. 
tonnes. Current steel -tube manu- 
facturing capacity in the Federal 
Republic amounts to 6m. -tonnes 
a year. The Hoesch Estei state- 
ment, however, said that the 
utilisation of capacity in the 
West German industry amounted 
to less than 7p per cent 


Despite the fact that We 
German steel consumption grt 
last year, demand for home pi 
ducts declined. At the san 
time imported tubes, as a propt 
tion of West German tube cc 
sumption, rose from 1976’s 
per cent to 40 per cent. Hoes 


Warned this on the lower pric 

th-it imnnvtAK ' wafa ^Kuwrinfr -O 


that importers were charging. 

Not only this, but Wf. !< 
German manufacturing cosj 
because of the rise of t f 0 
German D-mark on the inb ' 1 
national foreign exchange m: 
kets, were incresing in compa 
son to their international co 
petitors. Margins were bei 
squeezed closer and closer to 1 
floor. 

Hoesch. which after Mann 
maun and Benteler is West G 
many's third -largest steel mak 
bas been particularly hard 
.by these developments. As 
result its 1977 sales were 
peoted to total only DM315m. 
this sector — some 15 per ce 
lower than the previous, yea 
figures. 


!' ! 


t.- i 


GebeCo sales increase 


\ BRUSSELS. Jan. 17. 

THE GENERAL 1 , Biscuit Com- Antwerp, function as a separ 
pany, Gebeco, thejlargest biscuit entity from its other interests 
maker on the contijnent and now The Belgian management 
controlled 80 per «cent. by the Gebeco tried very hard to re 
French Group Ceralimeut— La the takeover bid of Ceralim 
Brun — after a takeover fight last year, even to the extent! ^ 
last year, has announced a turn- eliciting the support of the Sfr 
oyer increase of IS per cent in nomics Affairs Minister lO 

Flanders on whose territory 


1977 to BJPrsJWbiL ( E317m.). nanaers on whose tern lory 
Gebeco also announced to-day headquarters at H e re n taeis I 
that It has sold, its controlling But they were forced to ad 
75 per cent, stake in General defeat, after a laree number 


^ pe , r ®V lk t £ eneral defeat, kfter a large number 

£? te-Novesla to |a German shares were bought prival 
Leonard from minority shareholders, 
deal is -• - - 


Chocolate group ^ ^ 

Monheim Aken. Tthfe deal is With in seven Iwoh 

represented as suiting both employing some 11,500 peo; 
parties’ desire to } specialise Including 2J200 in Belgil 

KS?* 1 ™ 1 ?. Gebcco together with Ceralim 

lines. It is understood that the now ranks as the world's 1 1 
German company will) continue largest biscuit manufactm 
let General Choconate, which behind Nabiso an the U.S. i 
Txiftw 1,000 people near United Biscuit In the U.K. 



to 

employs 


The Bank of Tokyo, Ltd 


Negotiable Sharing Rate U.S. Dollar 
Certificates of Deposit 
Serie^ E Maturity date 
19 January 1981 


b ayes 




In accordance with th<^ provisions of the Certificates 
of Deposit notice is hereby given that for thp m ifol 
six month interest period from IS January 1978 
to 18 July 1978 the. Certificates wiU carry an ■ 
Interest Rate of 8Vi6% per annum.- - . 




The 


J Agent Bank 

Chase Manhattan Bank, NA, 


London 


I *.a < 

v,,/ 1 ' :i * 

'I. f i - 




21 




Times Wedpesday Jasaaiy . 18" 1978- 


IONAL FINANCIAL AND COMPANY NEWS 


Matsushita 



produc 

• in Proft 


DOUGLAS RAMSEY TOKYO,- Jan. 17, 

■ USHTFA ELECTRIC In- over- Net income per. share went 
. il Company to-day an- from Y41.U3 to 1876 to Y4&23 in 
mI- record sales for the 1977 the year just ended. 
ss year ended last Novem- . Matsushita’s strong sales and 
.0, « year in which the profit performance has largely 
• » largest electrical been mirrored in results of other 
ice manufacturer boosted major appliance inafcera. but the 
■nover by 9. per cent, to Osaka-based company ■■ foresees 
at present exchange rates slower growth in the -1978 busi- 
,151m.). Net profit rose ness year. The company to-day 
y. by nearly 18 per cent, predicted- that 1978 sales .would 
: - 8bn * reach Y 1,500 bn., tip by' about 5 

>rts of National, Panasonic, P er cent., wlth recurnng profits 
cs and other brand goods registering' something ; higher 
mted more than usual to ^ ian a ® pe 1- cent growth rate, 
hita’s sales success in Matsushita expects to do: rather 
, with overseas sales rising l ess well -in the current six- 
cenL to Y3Q3.3bn. As a ’ m0Irt k P^bd than in the second 
the proportion of exports half of 1978, and is assuming that 
1 sales grew from 19.8 per there will be a slight . reduction 
n 1976 to 21 per cent for 1116 growth trend for exports, 
ar just ended. Sales In 1977 were bolstered 

- by brisk demand fpr home appli- 

A*. 16 t0 -? e anees, facsimile systems, audio 

W L pi SS»t "2EL component systems and the 
IJ5» newest line of consumer- elec- 

f tropics* fee vided tape recorder 

f Mat^shta s consolidated (V TR), Matsushita's top export 

inRn?frtaTirt 7 ™o?i« earner were colour television 

Z^ sets (529,000 sets sold in 1977), 
? Allowed by radios , and tape 

i7, a Matsushita - spokes- recordere. By destination, the 
company’s exports went 38 per 
irring profits in the period cent, to North America,. 17 per 
’ p 16 per cent, to Y97.7bzL cent, to Europe and 14 per cent 
, --jod at 6.8 per cent of turn- to southeast Asia. ' 

jibota profit fall 
i first half 

-■■:TA LTD.. japan's leading Y226-377bn., up the relatively 
acturer of agricultural small amount of 1.8 per cent 

• ' ant, industrial pipes and from Y222.45Sbn. 

iery, has announced a fall Agricultural machinery sales 
' i per cent, in consolidated totalled Yli7-522biL, to. show a 
... ofits for the first half-year, gain of 8.8 per cent. from the 
s «' % October 15, to Y9.853brL, year-earlier Y108.021bn. 

■ - Y11.187bn. in the same Pipes sales' amounted to 

~ of the previous year, Y60.711bm, up 2fi per cent frbm 
. es report from Tokyo. Y59.226bn. 

■- s rose by 4 JS per cent to Industrial castings and 
112bn., from Y237.415bn. machinery sales fell 7.8 per-cent 
• . ~ come per American depost to Y42.B01bn^ from Y46.215bn. 

• bare was Y160, compared Bmldmg materials and housing 

. r iS7 sales rose 13.9 per cent . to 

ar u tie full year's reunite «™raira.. from Y23.95*ta 

TTdif^iTto “(JeSrt * A S GA ™ A r KOMUT ™ ™«- 

ire still fluid. ^ tion concern, has announrt^ a 

ire still SUUL • 45.3 per cent gain in net profits 

-mentong on % the half-year for ^ faa]f . year ^ November 30, 
■> Kubota said that the to y 1.521 bn., from Y1.047bn. In 
se in net income m the ^ same per j 0 d 0 f u,e previous 
was mainly .due to “ the yeaT> AP-DJ reports. - *&«.•- 
rom petition m some divi- Sales were up 21 per cent, to 

• * h 55? ?, nces were Y49 r 307bn.,_ from Y40.752bn. 
sed^ while selling expenses a somewhat sharper me-' in 

-* e “- _ . . ' profits Is expected by the com- 

11 eve ^’ Kubota recorded pan y {„ the second half of the 
sSiiAliiU. S u leS 4c°l Y *A.735bn., year. For the full year, it fore- 
1 1 Pi l|[|fy. by 45^ per cent, from casts a rise of some 47 per cent 
\IV V 1111^14.59/ bn. m the • same j n ne t figure, to Y3-250hn., 
a year earlier * by promot- fTOm Y2J»0bS. the previous year! 

. . --verseas inarketing. espe- Sales for the year 'are 'forecast 
in North America, Europe, at YlOObn. against .Y82.983bn. 

. uth Asia and the Middle- •* " * =' ■*- 

NISSIN FOOD PRODUCTS COM- 
. percentage of export sales paNY is to make a scrip issue 
rt total sales increased to 0n April 1 of one share for every 
;r cent, from 6.3per cent. five, to shareholders recorded as 
nestic sales ■” totalled of March 31^. reports AP-DJ. 

harp setback for 
orth Borneo Timbers 

H BORNEO Timbers Bbd. and high . operating costs and 
ited group pre-tax profits royalty . rates. 

• half-year ended November Prospects for .the second-half 

I sharply, to 0.46m. ringgits, year, it commented, were not 

• 12.24m. ringgits in the encouraging, and an improve- 
period a year earlier, ment could not be expected 

s Reuter from , Kuala until either the demand for logs 
Jr: improved or royalty rates were 

production was cut to substantially reduced, 
cubic feet from 12.72m., £ In the past financial year, to 
g sales to S.26m. cubic feet, May, North Borneo Timbers in- 
ll.41m. . creased its profits to 23.4m. ring- 

. company said that the gits, from 17.6m. ringgits the 
■esults were due to lower previous year, and raised its divi- 
ices, reduced production, dend by 16.9 peT cent., in addi- 

II in the value of the U.S. tion declaring a one-for-seven 

in the foreign exchanges scrip issue. 


CAPITAL MARKETS IN JAPAN 


Foreigners take the plunge 

AUSTRALIA, the City of Oslo eiably larger than the typical open the "yen door " even wider under consideration, but so far 
and the Korea Development Bank Y.lbn. borrowings of 2 year ago. In t&e near future. First, there there have been no official 
are among the increasing num- Fq sheer number3 though, the are plans, to increase access to approvals, 
her of borrowers who are turn- veo-denominated bond market Wlw** placements for yen with Finally approvals for Euroyen 
ing to the Japanese capital mar- j, ag grown more quickly than any Japanese banks. Such place- issues continue Although the 
ket for yen placements which ot b er money market in Japan, meats were first authorised in first two Euroyen issues (for 
may explode to over fLobn, m Foreign governments and 1372, then suspended after the E£B In April and for the World 
' institutions were first allowed to oil crisis. Much later than for Bank last summer) made head- 

a year ago, the Tokyo market borrow yen in Tokyo In 1970 as public offerings, the ban on pri- lines and have become the prise 

- P« rt °f a modest package of vate placemans was only lifted possession in many European 
~ *“ measures to liberalise foreign last summer with the decision to portfolios, new issues have not 

exchange rules and increase use let the Philippines come to kept the market going. The 

. . strength of the yen has put 


Stormy waters 
for Abercom 


BY RICHARD ROLFE 


JOHANNESBURG, Jan. 17, 


Interest rates were higher than 
those on the Euromarket,' and 
(he Japanese Government - was 
anyway strictly limiting foreign 
placements in Tokyo to about 
one every three months. But 
by the end of 1977, the market 
for yen-denominated bonds had 
become one of the most attrac- 
tive in the world, in December 
alone, three issues garnered 
Y85bn., or as much. .as the com- 
bined total of yen placements in 
Tokyo between July, 1975 (when 
the market was' reopened after 
the oil crisis) and. January, 1977. 

Thus, the dimensions of the 
y&P market for foreign public 
offerings have changed as 
dramatically as they have sud- of the Japanese currency in inter- market. 


Foreign borrowing in Japan more than quad- 
rupled last year. Writing -from Tokyo, 
DOUGLAS RAMSEY explains why this hap- 


many issuers is fear of exchange 

rate losses, and government 

borrowers seem especially keen 
to borrow their yen in Tokyo 
rather than Europe because of 
the interest rate differential. 
The Finance Ministry has let it 
be known, however, that new 
. . . , Euroyen issues will get almost 

pened and why foreign debt conld explode automatic approval. 

, , i ’■ . Clearly, Tokyo’s objective in 

np wards even faster in the current year. promoting growth of yen bond 

markets is some depletion of its 

. — • balance of payments surplus. 

The export . of capital, too, has 
Sin£e then, two other become big business for 
denly. Successive cuts in the national transactions. At its peak, borrowers have borrowed YJObn. 

official discount rate during 1977 the market in 1972 generated each from Japanese financial in- tbe P r ? n cipal un ,“*r*™ er * 
have left Japanese interest rates YS5bn. for issues (World Bank, stitntions! The Japanese autho- ,«««? 

among the most competitive in ADB. Australia and Quebec), rides would like to step up these y ®“‘ 

the world. One indication has wi-aiii hnrrnuMi v int>n i»» js <_ dominated issues with an eye 

been the drop in conpon rates 


One indication has Brazil borrowed Y.lObn in direct placements in cases' where i MUW **“* ' ,s 

oeen roe drop in conpon rates November 1973 before Tokyo interested borrowers might not , C0mratssi0n prot, . l ®N , ^ 1 his appointment as managing auditors Dele 

since the first placement of 1977 decided to suspend the market have the necessary credentials P lacemeDls a .I e ea lor j director effective from May 15. qualified the account* oa the lack 

,s- ^ ^ — * ' January and February. Mr. Herbert is at present mnnag- of provision for deferred 


{DURING an active week with no controlling shareholders, 
the engineering conglomerate, may face a deal engineered by 
Abercom, has lost its chief cxecu- its biggest shareholder, the 
tive after a boardroom row, Afrikaner life group Sanlam, 
appointed a successor from out- which has an 11 per cent, slake, 
side the group and may now face This could, they say, involve the 
a hid or partial bid. General Mining/Unlon Corpora- 

Since the resignation of tion group, which is firmly 
Abercom ’s founder, fir. Murray within the Sanlam camp, revers- 
McLean, in April 1976. the group ing some industrial or enginecr- 
has not had an easy passage. Last ing assets into Abercom, 
year it made an abortive bid for Sucll a deal would probably 
the rival conglomerate Protea not involve much benefit for 
Holdings and missed its forecast Abercom shareholders, but the 
a 3? cents dividend, though scena rio envisaged is that 
maintaining the oiu rate of -.9 Sanlam and its associates could 
cents. The share price has hit em j up W jjh 3040 per cent, of the 
new lows recently in contrast to enlarged Abercom, so consoUdat- 
. °^ eral “ ark . el trend. ing their influence on the group. 

In December, 1: was announced . .. r 

that Mr. John Feek. tbe group’s Whatever emerges. Abercom 
chief executive, was lo spend two shareholders may be prescribed 
years in the U.S. looking for some hitler medicine before its 
acquisitions for Abercom. a move ™ a rt- et rating can improve. A 
which — to outside observers — dividend cut to about 20 cents m 
appeared difficult to reconcile the current year is regarded as 
with hts position. At around the h u,t ® conceivable in some 
same time, the search began for market circles, 
a successor. In addition, they say. the slow- 

Tbe new managing director, down in business may revive old 
Mr. Peter Herbert, will join problems over the group's 
Abercom on February 15 with taxation policies. A year ago. 
his appointment us managing auditors Deloitte and Company 


a new issues has increased -ecnnd nhase of a nolif v Australia’s new treasurer. Mr. I mg director of Mono Pumps, a taxation. The directors justified 

ls dramatically — from Y^Obn in rhp tawJ John Howard, announced at the 1 subsidiary of Gallaber, and has this on the grounds of ongoing 

e 1975, to Y.65bn. in 1976 and to iJLSX “v? weekend that Canberra will raise I previously worked for Sime capital expenditure quahfving 
' — about SAI83m. in Tokyo in Darby and Otis in the Far East, the 


prove S ? fa f February as pan of the govern- 


(in February by the Province Since reopening, the volume of f or issuing publicly 
of Manitoba) which carried a new issues has increased 
coupon of 8.6 per cent, and was 

floated at par. By contrast, the 

final offering of 1977 (by Singa- Y .2 96 bn. in 1977. 

pore) was .priced at 99.7 hut . If present estimates . . . . ecuiu.. j oa , u> u,c gu>c,u- 

carried a coupon reduced to 6.7 accurate, the volume of issues tte ye ? nas been closed m ent*s overall package of borrow- 

per cenL will rise strilungly this year. The to pn ^ borrowers despite ing gASSOni. ^ fi SC3 i 1977-78. 

At the same time a trend to- Finance Ministry is reported apparent interest from several j n February, both the Asian 
wards larger issues has been ready to approve foreign yen major murananonai companies. Development Bank and the City 
readily apparent The Woirld. placements of between Y.TOObn Some companies have managed of pu bij C offerings o’f 

Bank set a record in December and Y^OObn. on tbe Tokyo t0 borrow indirectly, notably y20bn. each and this month tbe 
with Its Y.50bu. offering (6.8 per market — and that Is for public Singapore International. Airlines market will absorb a total of 
cent at par for 15 years), offerings by governments and which arranged its financing Y50bn- in certificates offered by 
although most issues since multilateral institutions only. through the Singapore Govern- Manitoba (Y15bn.), Denmark 

October have weighed in at Moreover, the Finance Minis- ment It, is understood that <Y20bn.) and tbe Korea Develop- 
a round Y-20bn. — still appro- try is contemplating a move to several corporate issues are ment Bank (Yl5bn.)- 


DOMESTIC BONDS 

Swiss offers 
total £ 26 m. 

By Jeffrey Brown 

THE SWISS market this week 
absorbs two new issues totalling 
Sw.Frs.100m. (£26m.). 

The mortgage bank Credit 
Foncier Vadois is to offer from 
Friday Sw.Frs.75m. over 15 
years, while a similar maturity 
went on sale yesterday from the 
power company. Misoxer Kraft- 
werke which is raising 
Sw.Frs.25m. 

Both loans will carry a coupon 
of 3}% with the bank offer listed 
at par and that from the utility 
>riced at 99. Proceeds of the 
'ormer will be used for conver- 
sion or repayment of loans fal- 
ling due early this year. 

■The Misoxer Kraftwerke i*«ie 
is being made to holders of an 
existing loan maturing in the 
middle of next month. 

In Austria, the Osterreichlsche 
Laesderbank is to raise 
Sch.500m. (£17m.) via an issue 
of a two tranche loan. With a 
life of 15 years the first tranche 
will be priced at 98J and carry 
a conpon of 8%. Running for 
six years, the second tranche will 
carry a coupon of 8% and price 
of 98.85... 

In. Tokyo plans to issue 60 per 
cent of Japan’s projected fiscal 
1978 national bonds in the first 
half year starting April are 
announced by the Ministry of 
Finance. 

‘ The Ministry intends to raise 
as mUch money .as possible — 
Y10.98bn. is projected for first 
half 1978 — before the expected 
upturn in . demand for funds 
from. Japanese industry in tbe 
second half. During the first half, 
the Ministry expects to issue 
more national bonds in April and 
May when, tbe ■ capital market 
conditions case for seasonal 
reasons .than in later months. 
Reuter 


MEDIUM TERM LOANS 


Refinancing is cheaper 


fe- 


BY mANCJS GHIUES AND MARY CAMPBELL 


THE PHILIPPINES and South 
Korea are joining the ever- 
growing list of countries which 
are prepaying medium term 
loans contracted two or three 
years ago. U makes sense for 
countries whose foreign 
reserves are higher to-day than 
two or three years ago, or 
whose balance of payments 
situation is healthier, to repay 
loans early and contract new 
ones on cheaper terms. 

Such refinancing Is not 
unique to south east Asia, 
where Malaysia, only two 
weeks ago and Hong KoHg at 
the end of last year have 
already taken advantage of the 
present borrowers’ market The 
UJL, Ireland and Iceland have 
been . among those -industrial 
countries which have already 
followed (he path of 
refinancing. 

South Korea has confirmed 
that it will repay in full a 
5200m. five year loan raised in 
1975 on a spread of 2 per cent 
above the interbank rate. The 
Ministry of Finance in Seoul 
said that $114£m. in principal 
outstanding on this loan which 
was co-led by Bank of America 
and Chase Manhattan, would 
be repaid by April 10 when the 
next interest payment is due. 

Alter Venezuela, Qatar and 
Algeria will be the next oil 
producing developing coun- 
tries to benefit from the fall 
in spreads and lengthening of 
maturities. The Qatar Steel 
Company is understood to he 
seeking 5100m. for seven years 
on a spread which may be as 
low as 3 per cent. 

Meanwhile, Algeria has 
succeeded in raising money on 
much more favourable terms 
than at any time in recent 
years. The state oil company 


Sonatncit is arranging a loan 
of "535m; ~for ten years on a 
spread -of 1] per cent, with 
terms .otherwise in line with 
present., market conditions. 
Lead manager is Marine Mid- 
land* and the loan will be made 
available in two portions: one 
of §22nt with maturities rang- 
ing from two-and-a-half to 
seven. years, and the remainder 
of the sum with maturities of 
seven-and-a-half to 10 years. 

This reflects the willingness 
of certain participants to lend 
on maturities of differing 
lengths; • The proceeds are ear- 
marked for the construction of 
part of iffie' gas pipeline which 
will eventually fink Algeria to 
Italy. The terms obtained by 
the borrower are finer than 
those It would ha\e obtained 
had there not been\an export 
credft element involved. In this 
case ao Italian one. Sonatrach 
is expected in the market for 
a 5250m. loan soon. 


Following hot on the heels of 
Mexico and Brazil, Chile 
becomes the third Latin 
American country to achieve 
cheaper borrowing terms. 
Morgan Guaranty has a man- 
date to raise S150m. (a larger 
amount than any loan to Chile 
in the past year) for Banco 
Central. Maturity is six years, 
and the spread the borrower 
will pay Is 12 per cenL Accord- 
ing to the latest Morgan 
Guaranty figures for Chile, 
publicly announced medium 
term credits for this country 
increased from S208m. in 1976 
to 5591m. last year. Other loans 
for Chilean borrowers are 
expected in the next few 
months. 

THE first Italian State 
guaranteed Eurocurrency 
medium-term financing since 
1973 was signed yesterday. It 
is f200m. for the state elec- 
tricity utility, ENEL. 


group for allowance's and 
Market and banking circles in leading in **nn real liability for 
Johannesburg now believe that tax arising from liming differ* 
Abercom, as an “open” situation, cnees.” 


Discount Bank to 
raise I£77m. 

FINANCIAL TIMES REPORTER 

DISCOUNT Bank Investment The convertible will carry a 
Corporation is to raise some coupon of IS per cent and be 
L£77m. through the issue in Tel convertible into equity on issue 
Aviv of new equity, convertible until 1987. The conversion basis 
debentures and option warrants, is one Ordinary share for 
The financing is being under- I£22.50 of convertible stock. The 
taken in order to further “in- options will carry the right to 
vestment in existing affiliates subscribe for one Ordinary 
and new business ventures.” share for two warrants at 
Nearly all tbe new Ordinary I£12.50 a share from the time 
shares together with just over of issue until 29S2. 
half of the new option warrants The public offer in the Dis- 
are being issued to shareholders count Bank will take the form 
by way of rights. The balance of units comprising 1£30 of con- 
( almost) of tiie warrants plus vertlble stock plus two option 
the convertible stock are being warrants. Price will be 1£40 
offered for public subscription, per unit. 


N.Z. Insurance ahead 

SYDNEY. Jan. 17. 

A STRONG increase in invest- higher net profit in the opening 
ment income enabled New half of 1977-78. 

Zealand Insurance Company to directors, in their report 

offset continued lessee in Britain ™ 

and Europe and an underwriting improved from SNZ3.75m. 10 
loss from its New Zealand opera- SNZ4.6m. 
lions and turn in a 23.5 per cent AP-DJ 


• s it f S 

ii **■ 


inert’* 



# 


V 


\ 


Thfe announcement appeals as araalter of record on^ 

AGRICULTURAL DEVELOPMENT 
BANK OF IRAN,TEHRAN 

DM 40 , 000,000 

10 Year Fixed Bate Loan 

. 1 . I 

This finan ringwasagariged hy 

BAYERISCHE LANDESBANKG1ROZENTRALE 

asManagec 

and provided by 

BAXEHS^ 

T.AN fnFSBANK BHEINLAND-PFALZ GffiOZENTBALE 
LANDESBANK SAAROTOZEfTRALE 
IANDiSBA^SCSnJSWIG-H0I5TEIN G3ROZENTRALE 
WORTTEMBERGISCHE KOMMUNALE LANDESBANK GIROZENTRALE 

• i r Novemberl977 ■ 


/l 


This announcement appears as a walla of natrdonly * 


US $80,000,000 


Agricultural Development 
Bank of Iran 

Eight Year Loan 


first Boston (Europe) 


Iimitcct 


Chemical Bank 


Arranged by 

Iran Overseas Investment Bank Limited 
London & Continental Bankers Ltd. 

twiita members of Um UN1CO Banking Group) 

Chase Manhattan limited 


Provided by 

The Chase Manhattan Bank, N.A. 


Chemical Bank 


London & Continental Bankers Ltd. Bayerische Landesbank International SA. 

(wilb mamboa of tke UNICO Busking Group) 

Iran Overseas Investment Bank Limited Manufacturers Hanover Trust Company 
Mellon Bank, N.A, Midland Bank Limited 

The Mitsubishi Trnst and Banking Corporation 
The Mitsui Trust and Banking Company limited 
Provincial Bank of Canada (International) limited 


AgenlBank: 

. Chemical Bank 


I- 




GEME 


tri 


Mrs. In 
Indian 
a Delhi 
tn lest! 
Shuh (. 
relatin* 
Mr .1 
• rial \vl 
in make 
said. il 
M-erecy 
came P: 
If cor 
•mprlso 
fine of 
rase 4 

Poll- 

may 

Mast «:i - 
lake p: 

m lilies 
icecpi.s 
•'port, 
use v. 
a bin-. 
n • nffi 
•iv.ni 
Paze 8 

-on 

.its 

leri: 
v nr 
*'i?r 
ner 
■'on 
.• am 
f'-miei 
slwrpl; 
T-rk r 
repres- 


!9 

POB 


financial Times Wednesday January IS 1978 



¥ ;m EKSM' 14 ®E 1 i 


rally in light tradin; 




+ FOREIGN 



improves 


GOLD MARKET 


Jan. l fl ‘ 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, Jan. 17. 


Gobi Bullion , 

The U.S. dollar gained ground tic delivery, and to 3M per cent <*fl aQ Mmce) _ 

tn the foreign exchange market in the International market, from. Okw- SISS'iSulSwIi. - 174 ‘ • < , 

yesterday. Dealing spreads tended the previous common level of Qpeai P8 --- r -,S|^ 1 ?-* 

to be much narrower than of 3.49 per cent. .\ . aorafawfis Iieoo.412) 


(£90.4121 
iS 174.90 

(£30.4341 


Japan inducing some bargain reason to account for the In weaker Foods. Carrefonr fell Dresdner and Cotmnerabank mouse r came back 5 points to and was not general? detected "by 
hunting and short-covering. firmness. 25 to Frs.1.257. Afrique Ocd den- DM7 higher apiece. Banks 261 after recent strength. dealers. The West -German 

The Dow Jones Industrial iicl Webb advanced U to S13 tale retreated 11.5 to Frs.31Z, CIT engaged in mortgage business MILAN — Irregular in’” thin Bundesbank did not support the 
Average was 1.74 harder at 773.48 and Teclmlcare J to fllOJ. but AJcatel 30 to Frs.820. and gained up to DM15. trading. dollar at the fixing m Frankfurt. 

■ Leeds and Northrap fell 1| to $20. Michelin “B" 32 to Frs.1,108. Montedison and Buslogi gained Although it was difficult to. 

Closing prices and market Biu Board actives included However. Motors and Metals patter, major Chemicals had n«!S ^j^tly on Bourse rumours of identify any particular factor as 
reports were not available Exxon, off 2 at S43;>. resisted the general weakness, to DM3.30, and Stores scored new pians t0 savage Montedison, being responsible for the dollars 

for this edition THE AMERICAN Si. Market with Usutoir being withdrawn after a i nnes . while Montedison's textile sub- rise, it was felt that the fortfr 

ior uiia euiiiun. . rising the dav's limiL havin'? taeen Among Engineerings. iMannes- o=ka ’■ 


Closing prices and market 
reports were not available 
for this edition. 


SWISS 
711 ' FRANC 

osi-sssesss 


AfMrn'olLs 'iriS 17S.9S 8174^ 

■ “(£69.961} ((£30.43 

Gold Coi*u~.l, ] . . 

•*r^h — "jsreKi-' 

|,£9 3 . M , H£e3S;_34»,/ 4 ; 

Kesr8owEnn. 553-5S ’ t 

- (£87ig-£81&.i • l£2»-2|' . =• * * • 

Old Sav , rgne 1 SS3-&4 Si';- 5 /'? , . fc *- 

i{227-28> !(C26 3 «-2 75 <--..; ; . 

Gold CoIiul.. j ‘if 

SI 78- 180 

- . j (£92*8-9318' |ljM3 s 4-94 3 i- ... , 

H*wSovr , giM | S53-5S (*SJ? t" 

i£S71n-98la> ,(£2754-29-4 Tv 


at 1 p.m. and the NYSE AH Com- 
mon Index shoved an improve- 


THE AMERICAN SJS. Market a ^ r ^ ^ Montedison’s textile sub- rise, it was felt that the fortiv- .“• 

Value Index, however, registered the day s limit, having been sidiary Montefihre jumped 35.50 coming State of the Unio a speech 

» fresh decline of 0.04 at 120.31 at !"*»**« an .mbalanre of buy- mano MM l DMi-bO -nd Unde 1 „ , .135. by President Carter wffl be fay- 


merit of cents at S49.47. while *?®?S "J* 

gains led declines by a seven-to- Salem jumped 13 to 815j on 


Volume 'amounted to L n " ~ 

•res f 0.97m. I. Pw^eyt-Cttroeo ffa 

i! J® “!L 2 ElSrical issues 


d aS inS *i JOHANNESBURG— Golds* were 0^™ The doulrt JrTde- 

sained 3.6 -t re ^°* d Bond oH^were mixed “tired with an easier bias after weighted average depredation 

M rrif i# ouE mHiw W witfi e dedinen Quiet trading, influenced by lower sinre the Washington Currency 

* s CGE and m ‘jgg* tr f ^ a Jn thI Bullion price IndicaUons. - Agreement of December 1971. as 

th mifortt^ThS R^datins Author! Financial Minings were lower calculated by Morgan J3«aramy. 


Gold Coina... 
-.(tn£aemG*riy) 


five ir-r«in Tradin- volume heavy turnover, with the company ‘ Ariphrlinw tn rixm or, ; n the Bullion price Indications.- Agreement of December 1971, as 

came to ~ IT.TSm. sha>es. little unable t*. put forth a reason i for & majodtyrThe ReSl^tmc Autbori- Financial Minings were lower calculated by 

rhan-’ed from vestordav's l d m. the stocks activity. Fays Drug. ,, . _ J boueht nui o™ nominal of while, elsewhere, De Beers narrowed to ia6 per cent, from 

SofSr y P »n contrast, dropped 1 to S6j. ..^SELS-^o decided trend ^k F^orei^S K ^ were declined. 5 cents more to R5.70 on 4.79 per cent. 

_ 0 I o i"l_“ rtf mfaeUef rpL. TIG 


l£27i2-S8i s 
Old Sovr'ciu S3 2-64 
(£27- 28 1 

-320 Eagles — $255-258 


(£2754-29-* * 
S51 la-63 ‘c 
(£265i-S7J«' 
S256-259 


figure or 13.39m. *n contrast, dropped l to sej 

IBM, after rising 11 yesterday — ^ „ 
on reporting higher earnings. _ ______ 

slipped back 3 to £<267i. while OT&IE53 MARKETS 


MONDAY'S ACTIVE STOCKS 


W o S blShed ‘ ^ . - - . maintained lack of interest. Tho U.S. currency - rose to 

m 2 SWITZERLAND— Stock prices HONG KONG— Shares continued DM2. 13124- against the. D-Mark 

BJ r rs.3.b < o and Electrobel 60 to izjvm^ai>u — atotw prices recover in active trading with from 1W 1 1225 and 10 SwJFrs 

BJr-ra.6.170. but Vieille Montague remained firmer-inclined in ™ ™co\er m acuve tratun^ wim trora anq 10 owji s. 

lost 20 to B.Frs.1.500. moderate trading on the more concentrated on property ijiszs 

A3TSTERDAM— Higher in fairly stable currency market. Jardhie Matheson rose 30 cents I Stex 


! I.. |C77|«78| 

oct not m m 


FOREIGN EXCHANGES 


llv ket Baten 


issues. 

Jardhie Matheson rose 30 cents 


1.9925 in terms of tho Swiss CURRENCY NATES 

franc, from SwJrs.lS725. ' • ■ ■■ . 

Sterling lost ground against f Sp ecial I S 



Slocks 

Closlnc 

hr 


traded 

drive 

n.-iy 

Verer 

C-I4.0IH3 


+ IU] 

Sid. Oil Caldornia 

TiXj.LK) 

Eir 

- i 

Amer. Tt-I 4 Tel. 

212.7ft') 


— i 

Dow Chemical 

l7‘.ion 

n: 

— i 

Kennecoit Copper 

ITJ.KllI) 

2-it 

+ t 

Columbia Pictures 

1H7 '.'DO 

r:; 

— il 

T-lodyr-:- 

137.101' 

m; 

T ui 

r.v,ntln-:ni1 Airlines 

M7.30n 

w: 

— 4 

Conrrol Diu ... 

l-TC (no 


4- ; 

Coastal Stoi-.s Gan 

li’j.lfli) 

12! 

- 7 


A mixed trend was apparent or 
Canadian Stock Markets at mid 


yesterday following -ta"£T™'~7r - the market PireUI nut on 4 more to Sw.Frs. S^rS»"h“5«m ffii™ STSSin mISTSST - 
moderate activity. The Toronto shares with gains exceeding -64. Utilities were again higher eae u «hK 3 50 nnd 3HK2 07H The nound’s trade-weighted in- — 


Comiwsite 


managed a Fl.1.00 included Helncken. Naar- on yield considerations. 


each to SHK3.50 and SHK2.075! The pound’s trade-weighted in- 


mareinal gain of 0.2 at 1.004.2 at d e '„' an d Dell, but Bljenkorf shed 
noon, while Oils and Gas picked Fl.1.00. 


Drawing 


0.688870 

1-21309 

1-33270 

10.4784-. 


I yiem cousiuerauons. respectively. dex. as calculated by the Bank mssoo 

howfve^wfth^Rr^f " 35 TOKl’O — Share prices made a of England, Fell to 65,8 from 65 ^ ISitIot 

however, with BBC A mixed showing in moderate trad- and also stood at 6a.8 at noon Daut«.-ben»r* — 


^' J J,?,i B n a r, ks , ’iMf State Loans improved afresh in 23 at SwJrs.1623 but Sandoz ^ in the ab & sence of fresh fac : an d in early trading. ^guilder 

a iu. Utilities 0.^4 to 160.10. active dealings. losing a0 to ,Svv.Frs.3.9oO. , ors Nikkei-Dow Jones I Gold declined under the in flu- non-* bum- - 

rV,c Hrmur ITS Wnltklr- Tf 16*1(80 III* 


— : 22U.0a. and utilities 0.34 to ISO. to. active dealings. 

Burroughs rroro rloun ! gt M7! J2KSS.J2JI STOCKHOLM-;... c nan a o» •■»>« — muiAciiiaucu •■**-■» nveraye snea i.iu 10 a,<uo.»* an i ence ui uic muin u— ■ uuuai. u Jamue** von..l 

despite announcing improved w-He the Communications predominance of _ gains, with on a dull note, with the General volume of 210m. shares. closed at $1721-173}, a fall of $2} tarow 

urofiti; ' index fell nj points. Bofors featuring with an advance Index receding 0.73 to a new 19(8 Export-orientated stocks and on the day. The krugerrand's pre- spunpa«t«._ 

4r( I velv traded Citicoro reflect- Dominiiin Stores, which plans to of 14 to Kr.120. CelJuJosa, how- low of 96^8. Both .SeaL down 2 most leaders lost ground on profit- raiuna over its gold content wid- Si*wii*b krone 
in^p lower fnurlh-Guarter results lower prices as part of a market- ever, receded 5 to Kr.lSG. points at 83. and Union Fenix. taking. Canon declining Y7 to ened to 4.12 per cent, for domes- swi»> fr » nc — 

eased ' to S21 while Manufac- ,n - smite- y. lost i! to «15;. GERMAJVY — Market was genei^ 3 easier at 327, wore over-offered. Y428 and Pioneer Electronic Y20 

lurers Hanover were unchanged PARIS — Shares gave further ally firmer, led by a strong run on hut Et Aragonesas resisted the_ to YM10. , rooee da-t-p-o 


Actively-traded Citicorp, reflect- , yon,ini,,n Stores, which plans to of 14 to Kr.120. &IluJosa. bow- low of im 


iM— There was a SPAIN — Market started ihe week Average shed 1.16 to 5,038.92 on ence of the firmer U.S. dollar.lt 
■ of gains, with on a dull note, with the General volume of 210m. shares. dosed at 31721-173}, a fall of $2} 

ing with an advance Index receding 0.73 to a new 1978 Export-orientated stocks and on the day. The krugerrand's pre- 


2.67418 

2.74704 

5.71062 

1061.19 

6.24941 

97.8464 

5.66452 

2.39707 


Unix at 
Account 
•iunuy IB 

”0335290 

1.32363 

1.34671 

18.6094 

40.1964 

7.03684 

2.59786 

2.77800 

S.76341 

1071.43 . 

295.463 

6^9766 

98.6475 

0.71539 

2.41456 


■ New York. J 64 1.8175- 1 .s 88 B!i. 8S!8 5-1.824= 
Montreal-.. 7ia 2.1085-2.1 180)2.1145 .-.11=5 
Anutentoor 4k 4.35H.9B j 4,£7^-4.36» 

H niw i, His M- 15-63.70 BS.iS-W.'lJ 

CopenWen 9 11 Jll*-l U6* 11.151-11.16* 

PrMldart... 9 4.08^.12, 4.09 J -4. 10= 

Lisbon. 13 77.25-78.25 77.86-78.15 

M*drid_„„ 8 I55A0-155A0 155.40- 165.50 

Mil— . l.bOS-l.GaO 1,085-1.684 

Oslo 0 d.Sia^i 9.s4f-3.S5l 

PfcTML 913 9-B5i-3.12* S.lU-a.ICj 

Stockholm.. . 8 B.583-9-036 8X1^9.02; 

■7uky-g 44 4SM70 4B6-467 

Vienna 5k> 2S.35.-29.60 29.45-23.55 

Zorich. llg 3.793-3.843 ».83-3.t4 

i Rates given arc for converdUe Jra^c- 
Finandal franc 63J543.95. 


OTHER MARKETS 


N.Y.S.E. ALL COMMON 


NEW YGS3&-D0W jonis 



i i 

1 JUU. 

l Jnn. 1 

L377-73 

16 

i 15 

12 

11 1 



Rises and Fails 

Jan. 16 Jan. 13 -fan. 12 


. am y n ini tv lai (■ 


49.40- 49.57: 49.60 49.5? 57.U7 


! Jnu. - Jan. . Jan. , Jan. Jmi. 

: 14 . is I iri ; ii lu 


MONTREAL 


In-ynea traded Mlll 

1.669 

X.85e 

F«ii» 

960 

605 

1 nchange-i 

453 

436 

Xetv Hitbs... 1 . 

4 


Sew Loet 

93‘ 

— 

; _ [ 1377-76 


AUSTRALIA— Markets displayed EXCHANGE CROSS-RATES 
mainly narrow irregular move- 
ments a Her a thin trade. “jSHTfinVrooJrtiiri'Se" Varkl — EGG ' 1! 

Hyer were notable in Stores for u — j. — — 

a rise of 6 cents to SA 1.91. but Frankfurt J — 2.L38M0 46.1080 6. 


InductiMl... 771.74 775.75 778.15 775.90 731.53 7S4.BB *ir.75 : 771.74 105l.f0> 41.22 

•3.! -77) (l^/l.Tifidl l»/3i i2(7/iit 

H-nira'D.lK* 89.75 59.69 89.70 9 9.89; 99. 16 1 9D.I5 .3.87 89.69 | - j - 

I ' ii. ■Si (13(L/7fi 1 

Trannvit.... 1 207.69 2D9.17 207.64 205.69.205.74 706.61 246.84 Im.WI 1 27'-.8B IS-?i 


Trann-vrt....' 207.69 206.17 207.64 205.69, 205.74 706.61 246J14 
I'tilitie* 106.351 105.63, 106.46 109.60' 107.04 107.50 : 1 IS.57 


InrluBlnsl 

Lomhine- 1 


166.16 166^9 167.03' 167.15; 188-47 tl7/5t 
172.36 173.30' 17S.41 : 175.56 197.95 <l£*.I/TTi 


Tra lln^ i.-I 
t 


16.760 18.010 23.750 22.350: 23.160 77.990 - 


i ; (13 10 1 rn2im «, 7i321 TORONTO t'»iiii>«itei 1Q04 .Pi 1008.0' 1006.6 1006.3- 1087.4 «2?/7i 

37 ! 104.97 I 163.52 ; 10.56 , 

i I (2b/& .'2u;4«i*i«2ci4.42i JOHANNESBURG < I ! ^ 

i , tin). i [ 210.3 208.3! 211.4 , 2DS.fi ! 214.7 (I7;l>li 

! — | — , — lanuet rials [ 211.3- 211.81 21 l.B ! 212.0 214.4 1 4/ L’7?) 


155.02 (25/10, 
165.60 <35/101 


lad.4 (24,tii 

ItS.l (22.-4) 


Industrials leader BHP shed. 2 New Tort *j jJLlajU — 2L2frffi 

cents to SA5J1S. 15.4448 5 iffr’as fl.9447 

Among Banks. ANZ, still on the [^, Qlloa I a.u^.ioj i^23M6 9_LU-llu 

bonus issue, improved 5 cents A(usidam..;i06.fi7>62fi2Ji£92-27I7 47.97.4JL0 

more to SAB. 40, but CBC, awaiting /nnch 1 3o.SS5-42fli amo- 25 |4L9a-4B.0( 

the results, eased I cent to SAI .64. s jn Tomato ujs. s , 

The Mining sector had Renlson Canadian S in New Xntfc = 91.00-08 

Tin 6 cents cheaper at SA5.T4. but Snwiint: in iliian 1661.0-188! 

CRA were 4 cents firmer at 
SA2.27 and Thiess 3 cents up at 

SAI. 85 ; ... 


48.10-20 6u460-«73 4.0B2-LCB 92.88-94 £9 107.1545 K 

2L26-Z8 5JH93-0537 LB3SW320 44^8427 &0.70-75 

— W^5&289 19.1055- 1266 90BA5-8S 258-7-9 £ “' nu ^r- 

0.94-97 - 6325-46 IMM.' 16J5BA5 if 3 ® 11 **- 

-lii-iai 63A545 - 4-574-384- 3JS3-84 £**£*4 


Botes I hi tri 

Argentina. 1189.34-^4 axHeat1uaJll50-lS^ 
Australia.. 1.6818 1 6966 Austrta_. J. 23-30- 

Brazll 30.62-50.82 IVHfiiDin ... 62i-6<4 

"Xnrtrii Finland.... 7. 75- 7-/6 Brazil j 42-55 

Greene.. r .j86J41-70.48B Canada ... 2.11-2.15 
iwj i&.e Hook K'uzl &.B&4-4.68I Den mark, JU.0&-U-S2 

60.m7S 14f-t57 Prance. B.=5-=.13 

^Tqo Khmui — BA33-0A42 Germuv.. 4.00-4 -15 

Loxemb's. 83.3B>68.4S Urvece 76-Ul 

Ha lay. la -j<-&465 4 Aefilltaly 1 700- IP 0 • 


b'JS. S in Toronto liJS. 5 =109.(58-91 1’jiniwllan uenta.. 
Canadian S in New Xnrk = 91.004)2 cent*- U A. S in Milan 874AOAAQ. 
Sierllntr In Milan 1661.0-1^2.0. * Bates for January 181 


sandi Arab 

SShe 3 

tTjJ; i 

I jumuk' , 

Cfll J 


EURO-CURRENCY INTEREST RATES 


Bis la of index cbaiucd from Augusi 24 

Jhii. 15 -la 
In-1. -In . vlei-1 ^ ! 


STANDARD AND POORS 


Juu. ! Jhii. .Ihr. -Iiln. 


3>ar aui- lH)>{jn>v.l 


.-Mint/ L'-nii-ilat'n 
! Hu-li 1 !<•« 


' J*n. ' Prw- 1377-78 1977.73 
‘ 17 j ieu« ! High txi\r 

Australia di) 464 ^0 i«.7u 173.43 4Isjia Spain 
<4/1/781 (L6:Zl 

Beislum <L> 9I.M • 91.W • sfl.l? 90.45 Sweden 

i i i 10/1,17 (12/ 1 778 

DenmarkO 9»E-01 ; IC fl.fts 964>4 Swite 

(9/6) <2t,ll! 

France -m 51-0 K:.4 5t.« as;? —— 

• , ,i7/l;77i 1 10,0) ..Indh 

German v<::i 807.0 1 £01.3 do-o 712.6 JJ* * 


J Jnn. 

' Pro- 

L977-7? 

l977-7c 

‘ 17 

! rions 

. Hi"l- 

Low 

nii W.23 


i-.:*.*.-.' 





1 17(1/78 

(til JJc.M 

543.55 


■c-.bd 




CJ'll) 

[ r 3oi.: 

239.5 

Si:.: 

i?J.C 



ii* i'j- 

li/Ji 


NOTES : Overseas prices sbown oelow ■ ■ 

exclude S premium. Belgian dividends , ,, „ 

are after u/iUdioldins tax. Jan - 17 , oierim* 

• DM30 deoom. unless oiberwise suited — : „ , " ' T" 

. 9 Ptas.SM denmn. unless otDerwise stated. 1vo' , n term....; 

A Kr too deaam. unless oiherwise stated. / dar»nnt(ue.| ^ S-o/a 
® Frs.500 denora. and Bearer sltores Montli .... 


I. S- Zealand] 1 .8730- f .8 1 1BLlapui 4M-i - 0 

i ipujo-wi Ma(U 1, .62-6.72 nNrthcrt'nrt 450-445 - 

Sin^aporB J4.4910-4 A1 WNortrty 
S. Africa. JlJAlfl-I.M^Ptottngal-.i li--:*-. 

UA. Spain. JISB.'-lfj^ 

Canada.™ Switz'laudl 

Cfll J TJ! 1.52-1 • & 

ILS. emtaj B0A3 90.96 hfuguafevial 37. • ^ 

Rate Erven for Argentina Is a tree ] \ ^ 
-- J'.l** 

FORWARD RATES ,^ f - 

I One nnmth 1 Three ui 
— I —-3 »»»n 


4 Kr 100 deaam. unless otherwise stated. 7 days not tea. 

0 Frs.500 denom. and Bearer shores Month .... 

unions otherwise slated. 9 Yea 50 denom. Three moaihs. 
Urdus* otherwise stated.. S Price at time Hi* moaths...., 

01 suspension. <t Florins. 0 S chill inxs Uneyw — 


' n I fJTi*. 77. 2Z2Z |T2 SlISjf New Tark M6-D.16 «. die 

srr.^: 6.JSS I IS?* 7^3 Sg tt ga*;;: 

ee months. 6 ^'- I 67 B - 7 l 4 714-718 4 Je- 44 B ifrl* ' 8 ^ 2 il ■ n Tn* dfs 

moaths.... 6;v-7r5r 7 r >7ft 76a-77 B 4«B-4Sa lJe-llfl 37e-3 taliR/^Hi. 

-y^ -LifoS 1 7 gV j 5 S a»fc ift ?w!l SSte-lWrA 

Eurn-Fr«f.-h deposit rates: two-day 61-8} per cent: seven-day 9h8* per cent: r 6 5‘^®5.v- ‘if 3 


«a» SPJ5E ttF-— ^ "* ***;****** ** 


iH |-j, i;/ji senp and-or rights issue, fc After local 
' (axes, m % (ax tree, n Francs: including 

Indices and base dates tall values , - ,n f la £ «v. p Nom, 0 Share split s Div. 
11 except NYSE All Ccuimod - 50 ^ /Md exclude special payment t tndl- 


: lo lii.-trial- 


£4.44 £8.74 96.89 S8.7; S9.27 93.86 II--.M2 «•« 44 134.64 3.52 

i>.I,i' 7- (15/1/78- ill 1/ij- 10O 6:32i 

99 43 63.69 89.32 69.74 90.17 90.69 IU7.00 125.?b 4.40 

S:1 • iTi • 16i l.-i*»V • 1 1f l*7J« < t 0 3I-. 


ln-1. hi v. \iel-l % 

In 1. I*/K Kali- 1 
|j--n-» i-i-tt. >— n i t it- i.i 


J.m. 11 

-Ion. 1 

U+ . !> 


5.16 

4.96 

4.90 

; 3.77 

8.65 

9.01 

9.13 

11.21 

8.19 

6.04 • 

8.02 

5.81 


Holland t'Sv W-7 
Hong tone *C-3i 
Italv l„.i 5^-30 
Japan iei 375.2* 
Singapore 262.6t 


il7/ll> (10(3) 
33.2 7a.b 
(4/5) (2V»9i 


SMS? Jasaas 


Long-term Eurodollar deposits: two years 8i-U per csul; three years 8MR per Onlo — li;-13f aru din 

cent.: lour years aj-si per cent: five years 8f-Si per cent Paris |£V£3« c_ din 

The rullowing nominal rates vtr* quoted for London dollar ca rt M caten of deposit: Stockh’lmmio-fiia oro ritu 
onc-momh 7.Dn-7.10 per cent.: three-month 7A0-7JS0 per cant: six-month 7.50-7.60 Vlmruu. J7-17 i-p, -lti. 


ooci-l. ow. the Iasi named bav^o >n 1975) 
t Ex-dudlnfi bauds. ni/o [niusu-iaJs 


d bat, d ->n 1975) Holders only n Merger pending. • Asked. 
1400 " iniiustrtaJs * Bid. J Traded. : Seller Assumed 
40 l-'i-j -u-.v jml ST Ex rights, xd Ex dividend xe Ex 


£np iiSr« Ek XL a IMS te days ' nor1ce for mMm-ani Swtns francs, 
incroascd. ■ ■ ■ ' 


-tnoiuh 7.0H-7.10 per cent.: tbree-mooth 7A0-7A0 per cant: six-month 7J5-7.60 
cent: one-year 7.73-7.S5 per cei-L 
* Rati-s are nominal closing rales. 

Short-! erm rates are call far sterUnK, DA dollars, and Can adia n . doilara: two 


Zurich l2ae-l 3$ & pm 


Three ui rt ** 11 

-i *en 

JA 5 -U .5 

u.io-u.r: 

3-8 f. i ; tin 
15-25 / ,|-ct 
I353-3&T 

3^11-65 -Sitll 

:f»- 

31 -St -S 

isd [l * 

Shi* 


ix-mantfa forward dollar 8^ 
12-mtmih 828-lAOc die. 


2K.G5 255.17 CSS.O.* 24V.23 


GERMANY ♦ 


Bank 31/7.64 Hill) Milan 2/ i r; c ■ Tokyo 

New SE 4/L6S. *bi Strails 'inws Ui66 Jnn. ti 

(•■■Closed. (./■ Madrid s:: ■sru :? ici 

Stockholm lndusin.il fi/S* il- Swiss AWi— 

Rank Corn. 31'13'S* iui Lmvailahle \.ii«nz Yersich._ 


[TOKYO U 



:» Price* 

4-or iDiv.jYld. 

Jnn. 17 

. i'en 

-!*!■* 


OVERSEAS SHARI 

NE W YORK I >rwv ! "fi* 


Investment premium based on osjer.---.- 

92.60 per £-72% (69i%f. K.' v £% 


\iIihiiz Versich._: 4B3 !-*-8 

UM1V Z35 —2 

BA»P : 139 . 0 + 0.9 

Buyer - j 136.1 +1.8 

lUyer. Uvpx. B 9 Bid, + 5 


Ahin't- 51 | =0»4 

A-ctret’-'-si-Mi’i . 15 ■> ; W 

.\-m« laiex Lm-' a3Si , 

Air riv-iui* *5 

Air.t, • -=>3 '« *5 

Al'.wn \Uiiiiiiiniiii c4lf| . £+•) 

Al ' ^2 • •43 1 : 

.MlecliL'ilt til'll. 18'C 1 1® 

A Ilea hen e l'i-'*ei 19''i» • 19 *e 

AlluM •- lieiiii-ni.. 1 a"j; ■ 37!| 

A I lie-! S-tMre^ • 19- i s 19’/ 

AUis I. uei»u-?r»...i 23 ij 25% 

Alt AX a-*'.) 

Amein-l" Hes 2& . -5'c 

Amer. Air'die.... 105;. lOig 
Aniw. brand- ... +0i« **0^-1 

Amer. Bnw-I n-l. 3]7ic 

Amer. I-'ho 364) J.'i 

Amer. franunu-t ^45;. 24-j 

Anirr.LV. I'-#.- 23 (J-J 
Amer. K\ (in "... a 3 J : ■ 33 -'t 
Amer. H* one l’re» I, H&’n - *7 
Amer. Me-u-.ni... 16ij , 1714 
Amer. Motor- — :-jh . :•*» 

Amt-r.Nu.lja-— -I4ja j J4U 

Amer. aun-lKPi . J2J« *3': 

Anicr. store-, 301, , 30 

Amer. lei. X lei. 58*3 • TiS* 

AmeteW 29 ^914 

AMF 16ij . lb’r 

AMP 

Am|vk ID *J'J 

.Vii ,-lwr Hin'kitu. 474a ^7-j 

AliUeu-ei B-i- lu I8 1 ’ IBf- 

Arinx-uteel ^6': 

,VA.\ i2lt 22i) 

A aunein 3 • > S 1 i 

A-ani.' '4i® 14 

A r Illnu- i Ull 

All. Kl-'lllK'l-l 45 1 1 45 

Aiil-i'Ua - 6 ‘- 

A VC 9>4 IU 

Ai-oM 16'. l*:* 

Avou l'ro-1' n-lt.. 457|i 46Ta 
ton liH., Eie-u .. 25 i) 45-i 
tonk Aunsrlen.... 20 -*t 20-4 

Bankers Tr. N.V . 34'; a4ij 

Barber Oi- 38 ; J 

Ha.tiur Tniveu- -I. 343: 34^4 

Bettri.-e F--.-1 22ia 2S5a 

be.-i-.nL 1 ! •heiL-*iii 52-') 3-'; 

Bui A HmWoi- .- 14)j 14 li 

Berolix - *4w> iSj? 

Beiuuet Cuiij'B' • 2-j 

Betbi-.-nein suw. 8-j7e 20 is 

Bin K v IW-'fcer-. 14 «4 14i^ 

lfcelm: 2Si s 

B*ii>e U** lif 2 1 * ^ 

Bor led 29ta 29 a; 

Bur. W-mici io-a - 

Brunt) i last 10 

Brasen-A' is 13 

Brill-- ll>ers *1>J 31-4 

Bru. Pei. ACM... l = ! t , 

Br-arkwLj litis-.. 28U • 89 'i 

Umn^uicK 1 4 5a . }4iB 

Buvyi’i.- Bne 18 »1 ■ 19 5 

Bu-.l-l 31?a ; 32 ij 

iilil-iVH VVnls'h 3 

Burliuiii- ■" Xlhn' 39 14 ■ a9 

Burr-uighb 68 ; 661; 

Oini|il«l< Si-up...- 33 4*'S 

LaneJiau Hn-.'ifi--. Ib'e . J6 

Cirui Uamlolpli.. 10'ij . ID 1 -; 

Cario: 28 »? ■ 287s 

earner i General 12li . 1^1 1 
Ciriei Hitt ley ... 1/-5 17-a 

Caterpillei Truer- 521* ' 32'; 

46!| 47 

C clniivt-c C'»-n-J«— * 39 1- 391; 

L eClITll A 'V l3 l 2 
Ccrtunlee-i 20 20'; 

C'esana Air-iUi •• ZOij . 29'- 
C hic-e Maulialian 27-, 
cneim-'Hi Bn. 30ie ; -9); 

U» n/l-rah 201) ■ 31a 

Uieuieairtotn...; | 3i-e 

Cbiaugl Bri-iu-.... 43 j 4| « 
I'lui/niiiUuT • 14 Je . 14. 

Lbrrjier «•= 

SSSmSss::::; 175’; 

c : !ue"*m^:::r.| ^ m 

Uiiy Inveuina .... “ - 

■ Coca Cola j 45»a 

Cuiraic Hu.qi ! V0I» ZOls 

I'.aJI i n- Aiki»ian..j 1050 105a 

Coluaibin | HBJa | 24j+ 

Columbia fleL... 1 131; , 14*2 

Con u f uiC» -.- -i V mj 3 ) ; 15 S 

LMnihu^tlnn hiittJ 55 --fl 
Cviubusu.-n l-4|...| 18 1B--9 

Cnlvlli K'liwu. 1 27-; ; ‘■‘•1 
Ci-m'w tb 1 ><) l-'el ®*a 
l mum. sitelbe— ' 30. a . aOia 

*o\\ 2o,\ 

p b 

I'-jmumer Boner. 4-7 j *3 _ 
C-intineplHl fiq-. Js 41-a 
Coattneatai *711... 2b >j • *-6-3 
Cunt menial TeJc.; 15 r i| 

Control LfcUC j 2514 , 24 7 

Cvwj^i- Indue..— J 40-4 . 41 s 


i l‘i. Ini'n'iiuun J 45 

Crane Ss41i 

mvUerNu ! 23'; 

Cninii/.ei'erlaii.'li; 325s 

■ iii.nniiHlsn-mr 34 
curl Wru-bt ■ IB'? 

tone 221; 

1'nri Iii'liisl ni.i.. 34 

Li.ir- 2^ J P 

:'ei Mi-nie 237; 

MeUmn b*; 

Ueiiisiily liner.. 18 


Dviiim ln-iuiine>. 121" 

linjr tUdl'-l • 181 1 

l-asl ■ il lllii-r ! 6;; 

1 ji-i iiihii K-.Hk.J 481, 
bnl-iii...-^ — .....j 331; 

I.. '• I* • 161; 

..• I’i-o Nil. It-, lbix 

Lira • ,61) 

hmer-iiii B-eclric 33 1; 
: im/riAir hr'i/m 38i, 

b'liiwrl 1 291 4 

I K.M.I : J'; 

I Luge-Ltnl ! ^5); 

* i.-iiwrh ! 2t>; 

f tun i 191, 

; L.ii-n -t4ia 

i mivUii-ildiiierH 1 £i 
■ r-,1. Li-irt. ai.-pt-l 57 
I Kuwii-nc Tire.... | 141; 

- )•'-(. lil. a3 7j 

l'-i ,, ;i Vm 17 ir. 

I t’-iuikvie le*.; 

( .• mi Mm I'-mci — 3ll) 
Fliwr 33 


2 9r 4 j r . M ,C . 


: • 

! I " -I - I-IIH-.I M-.-k 

! i"-..i»iii- 

! Frank I lu Mini ' 

■ -M-ei'-rl Mmeiil 

1' llrliiu/ ' 

Inijiin 1 n-liinrlvs! 

j i, i on el ■ 

.-ii.Amoi.li: • 

■ j. 1.1. A 1 


'■cii.’.rtl-ie 117- i 11 *4 

i - -.11. Uinnml ■»..., 411; | 411; 
■ ir-ii. Lie Ui- -.... 461; ! 461* 

-,-n-ii F--I-... ^*'2 | 297) 

•• .•non- M- •• 1 27 i, 1 28 

•-••■i».ni . bBH bfll; 

i.- ii. l'-,'-. l ■•-... 2o»a 

i,e-«. 26 I ^6'« 

■,eii. le<. 29': 1 29'; 

—•ii. tin/ 231) I S3lg 


3^>a | 5i-e 


I '—.-.-ilk to ui- 24 1. 

'■•(U. t»i- 163- 

I eii* 1 23.* 

(iV'.K 19:. 

l.-.-.H esr Tin- 16»; 

• - *-il-t .. ..... 27 ■ ; 

urnett.ll 2o.j 

Alutn to 1*1 7-. 

Crt. N-riC le n.. 24-.- 

’■is'i b-i-'ei l2:i 

' '-Mil V H'tfl- - it It!' 

l-i.lliui 25'; 

\ f I.iilln*l l--li 59 j.. 

H-tiiiit .’I I'liil;. . 36 

| HHir:l->.li'-.utr ... la-i 

Kami l.i -rfiii 4li.- 

I lUn. . H..1 34.; 

tieuijleiu. 241, 

| Her let I I’d- kai.l- 69: : 

U-.n-iu.v lnn> Iui. 

39 h 

ll"HH)'»i'U : 43-1,, 

H-.»-ve* 1 1 

d »j. l-.i (- Amei l 22:-. 
il.niil.in Nil. !■■*. 26 
Hmili Hb.A.iL'Iim! lila 
tlnlk-n iK.F.i I 121a 


231) i a3'a 
4:, , 4i, 

24 1. I 34 >„ 
163 •; | 164 


li-tiimManiilie... 
J-bniun J-.-hns.-n 
J-iinein luntn-i. 


35-s KilneiA umirn'm 29 

19i0 miiMM luiluarin- 45s 

h.meiaieei 24 m? 

22 is K.ij 6-’j 

34'; i hui ne. ull 1 *51; 

24 I K ; hell ll.-i See 45 i] 

24 1 a | 

51; ; KimbeucvClMik. 1 3&! 4 

181, I Ki-|-|-er» i <21; 

lo’i | K-ail 431; 

U7U I h-ci-rt. 45is 

I2i.> | lovi ^trails. • 27 (a 

43 LKibyUnr.Fieiil.. : kBig 

55:- 

3SSa I Group...' 27 

i=5s Lilly ■ Eli:. 37 u 

4U; Llll-'H in-lust | 140o 

109 * b.-cklieeii Auvr'il. 131; 

i2>e L>.-ae sitar la-i%... 18*; 

lb It IfiHir l-lxu-i U'l. Jd; 

r ij I^niisuuii La □■!... 214( 

48 ); LubriM-i a57g 

3570 liii>.-k\ ah ires ' 131s 

I L'kc*.T'uii;i'l , *iii 5'6 

.Uiu'MiiMii ' 10 1; 

- 'lies It. H 565| 

Mire Han- iver.... al-; • 

»IH|« 4618 

no, MhibIIi-ii ml.... 43Jfl 

Marine Ml- linn- 1 . 12U 

'-IkisbHM Kiel-- ...- 29 la 


3Gi« -l-ty UejiU blurt*' 24'; 

44 1 2 MIA 347^ 

I M L/erirh-o. 61 5a 

371; j M Ik-line- 1 •■■ii” 25 

14-; I 'I l-re-v HU 173a 

^41, j Me if; 261, 

171; Mer-fc P4I; 

19 MernuL-n.il... 14*: 

31ifl Ur-* Kelojleiini . 36i-) 

531. M'.M 26 :» 

Minu Miii-a Mi-. 46Ja 

alls M-ci. C.-rp 99A; 

4Iij M. olj, 

17^i Mur;iui J. I'. 411; 

BSlj .\i--ton-iH 35U 

7!; j .'-liirpliy I.I|I 34 

20U Nnl-iv -i iGT; 

L4J; Aal.TiCbenii-ai... ;6(l 

8'e Nil iiiiin Can lb 

H'a 

35 Ail. Uirtiiieri.... 2U); 

9i, Nil. "wriiL-e lu-l. 151; 

2ji, AiIii-imi alee i ... bia, 

111; Nilviiu*!- 36l'i 

41 J ; Nl It 57); 

46 lj S-|Auiu Inti- 14 

29 7 3 New hnijMiiil El. 21^, 

.%*» biiglin-l lei' a45; 

581" 'HIT*) M-ilwnk lb 

MOm -Ni.ifiii 'hurt...- 10 ia 

^6 1, -V L. In-iiijj rle».. 16 jh 

29 i; -Nurl— Iki Wretern 1 27*2 

a3 i fl .s-jnii Nil. Uiu-... 3750 

a i, .Ninn arates I'm' 46 1; 

-4 3)1 .vibe *81 Airline- ;3Je 

164 Mlnx.il tmi’-r). ill, 

.N'-rti-n ainmu 18-’j 

7a> lenlul Kelt- J| 20 

Jr;* 'J-Iivy Mntbrr.,.1 o7/; 

* J 1 '.'hio blinn IMi, 

min i 16 


-Inn. 

16 

Jon. 

15 

23'r 

28Ja 

69 V 

69 i] 

25 v 

• 255s 

al.’i 

31ii 


251; 

29 

283, 

4 b, 

4i 2 

24ij 

241s 

6’? 

7 

t.51; 

243o 


J«n. J Jan. 


Davor. V erolnulil. . 322xr + 9 
Uibalnt.Neri.wn«! 1BO +4 

Cuaiinerzhunk 229.S +7.0 

Cwiitl liuiumi—,. 77.0.— 0.3 

bonnier Ben.* | 3 16.U 


t 6ia ! 26G 


Kevl-iii 

Uevn-iMs Metals. 

Ke.rnolile IL J 

Iticli'vin .Morrell. 
Kiekirell Intel ... 
Ui'tuu 1 Haas.... 

K«v*i l>iil.-h 

KTfc 

Kll»k L«s 

Itvdcr Tiy/ieni ... 
aaieH.t> dtnn.-i 
SL Jie Milurai,. 
at, lletfi-j l'arKrt... 
aania Feliuh.... 
ran- Invent 

aa^oa I mis 

•> lllit* Uiew in-.. 
a.-nhii(iter-er.... 

>CM 

a.T)U tojer. 

>i*i'll Hr; 

a-mlr 1 Uunr Vest. 


oiel cVwim r fieri... 21)0 

3J 1 ) J dearie -)J.U., 12i; 

13*2 | Mm llieliuiik... 26 

6 jaEUCO 551; 

lj j jiiDi i.iji 28 1* 

36-; i-jtoi Tran-porc.. 39 “ 

al); | jijjm. 29 

361; j 35:, 

7? - ; aiiilpiiell.v Fat.. 1 1 ’.r, 

12i0 ainaei 19 is 

e9‘t ainil.'i Kuue 47 ); 

■J-'lllPiD i:; 

24 ■„ I a-nilh-iottit 18 

351= I ■^-utliemi.ai.il!. 25:> 

jjj ■JC-ulLern 17'; 

25 j Nftt. Iter... 501; 

17i, s-iaiilieni I'n. iri. 33:- 

27 a-juthc.-nl&uhiar 48^-. 

I4s! a f >ull:laa«: 22.’s 

‘7* Hnn.N,.,:„ 2*i; 

26i. Tjfciry H-iicii lfei, 

4fi}' »1"frry ton.! 351, 

«!"«» 22:; 

511; 1 3lari-tir-i H-hh-'t 25;- 
ail? | ai-CC-ilCVu-.nilH i4 :i 

3sS I 4M. cm lnm-.il*. 44 

341, I WO- Ull (Mu.. 651; 

i aUiuff t.'hemlcki. afi";. 
w Merlin- l--,- ... 13); 

-Cl, aiuitetml.ei 44.; 

13 ’ aim l. ,- 39=; 

jqss 6»»nd *ir.n- 1 325; 

13^ ?•»« - 

r«i;hi:i..s.|..r 9i, 

?ij 5 leklP-.ni* r4 

lu-e-lyne 611. 

J’ 1 * 1 elleev 1:8.; 


41 1; ! 11 u--rt!i 

30U I Wriv 

5550 j.V-mx. 

2173 [/i|(xTn 

29 la .'.enuh to-1i-.- 

291* l .a.Trv. l-*-' 
• l’t>.Trefi-4|%a5 «■ 
>A | v.S. *j Lmv bn'*. 


Uecixsati — 270.3 — 1.0 

L'eiiui" ; 151.3 14 

Ueniwbe Ihuik...; 316.0+8.5 20 
Ureulner tonk .... 253 +7 20 

iiyvkerbntr ZeniL 151 i— 3.5 
211 ;+l 


6.45i | 6.45% 


I di|ai- lai-y.l | 


CANADA 

; Mill II -l i'n|-ei 

A;iiU.« La -it.. . 


101 ; | 101 ; 


45; j Hum VI ii ' n:n i ii ii > 261a 

10i, i .U--n:a SUs. HI; 

665; j VsWMra- :;8i] 

18 i usnk -i M.-iitt-n. 17ij 
I3»a Janl V-rt*..iii, 18^; 
20!a to-i-.* l-i-'HiM-., 7 

bid d*-ll Teleiih- nr.... 53 

■ <••« Valid - i - . LOl; 
Z Z 

207; kFcamula J6i s 

121; ura>i!D 141; 

25 -a j ..nui- ;3.25 

45 |s : Uisir. K-vitr... 4b 
28->: j c-um-li LeiiiMiu,, fli; 
391- , CniM-la M 1 . Iwtii-I lOi; 


Han»i,er I 259 1 i j9 

H.ecli-1 i 129.8, + 3.3 16 

H.e».-li 44.0 i-U.5 4 

Horten | 131.5+0.5 lO 

k -.ii mill aal; 149.B —3.0 9 

334 i + 3 | 20 

Haul liul »... 213.5'+ 1.5 i 20 

itiiwlkii>>i< Um iuo. 91 i + 2 [ — 

KUII ; 171 |-1 1 12 

Knipp ' 100.0;— 0.5 — 

Linde I 241 ( + 4 16 

L. w'uL-rauUii) HJ0, 1.520' 20 

Lunbwa f 112.0; — 0.5 7 

JIA.n : 204 1 | 12 


llaaueoinanii 

.Meuuluea 

iluiii.-lieiier Kia-k. 

Ac Kerinunn 

tTvii.srai; Dot 1U9 


Kliein West Llecl . 207.51+0.3 


INA .....| 37 j 


higv-Nj: ltan-l 541; 

14ij ltiiau-1 atrei 3c»i^ 

151, ln*i- *i ■ 15 

35 1; 

is « 1 1 uens -in fanerjii 

27 ;j I DM 267.5 

iij l ii li. !• ui * lira. ... 8li. 

5Q jJ, lull. !1 , ip+i-'I .. -: 8x> 

8.1 loll. Mill A Miem 39-; 

20il lntl I V ■ ,f " “ l • - 41 

£410 III'"**; *?"• 

24 InU. tof* 1 '' • 39 

40>; , “*'7 

iii- , I ui. l(«*.'r»i>c fa. 

3i: a 1 l >u. Tei. A T-.-t 39 -v 

267a I li.vi.-ni -il- 
ls jl..*wlto*i... : -*8-; 

241- JU InterTwin-iuil- ilij 


541; | 3 3ip 


j i iver^HHD i js 2 >o 

24^1 I ijuenjCurnim;.. ' fcO'i 

IZ-*] l i/.ini, Ii-iiii.ii... 20-H 
11 j to in ( . H*. 2a j* 

^51; I i'n,.,h l,i-jliiiris.. 19J* 
6I ?. I to . I’ll r. A 1.1. . .. Zl <h 
f K.,nAi«IV -rx Vu 5/; 
JY'-J I'nrke! dniimlHi.' 215a 

‘ T * , 7 fwi-.lt III! , 20 

341; e«n. to...NU... . : 221; 

-’ , ' 1 fmnei J.l'_ 1 a4 

6912 (‘i-mi.T-l 1 Z7’2 

141; l'e--|-us> Llnu; I 7 l j 

4gij I'eopiesi.nv : 43^; 

4310 «■-»•»» ■»■ ( 25i« 


I Perkin timer | 175* 

l‘el i i3 

I toner M5| 

l*liei|n LV-'ae 1 40 

I'll, in- .<'i;-lil.> hi* i 1^'« 

Clilill- M--.ri-.... t6‘; 

I ‘Ini ill-- I'-li.-i'n. 27 

1’iM-iin ; 47'n 

t*ilnei IS ‘ I9i? 

1*11 iii ■ ii 23 


e\ Ll-i V Ull! 165 j 


r-.-utpn-l ■ 241; 

iM-iui-u- k lal, 

rt'ii m-iTMirie-..' z6*a 
I'n-el-:- «1 

FuU Si-rie i-mx.. If iso? 

I'ul-in-in 24 

fuiu- . 15 -a 

yuiik-'r'Hi'..-. . -12') 

Iixr-:<1 Ainenoin.. tU 
(iH'-iiiLs-ii • BBh 

liCA 23 i 3 

l.'eptiblie ateel — i 23 1« 


le---n- Petnilei.rn' 

l-la-v 



I -tuu J llslin 

ItX-h-I.'! iii-i-.,. 
l-;*- Li i -ii 

line Ine 

I ime- .'Jim-ir 

1 unkeii 

trine 

I rqn-fliT3* a n-3i 

l rnu> is...^,_ 

Irui, l-ni.^n 

lniLswiiv Ini'm. 
Iran- VVi-r..) 

rroeuen 

I'n i.'-niiii-aiM-... 

! l - ,i *' v 

I 'll- i^i-iiinrv to 

i «- a: 

IAKUU 

Iui.il 

j L'-IK 

L unev+r 

. I.idie.-: IV 

I L ni-.n fanutre-'.-.. 

I l.-ui-’li tii i.i e.... 

] t ni-in t.-nnii..-,— 

j L- Ii II UI <.«|- Ca.-.l.. 

I i. in-in to.-inv 

! i, ii'n-ya: 

Lnii+l Ursn i* .... 

C»i'l— l ■ ■ 1 1 

c?. I*ii..'h 

I. a. *.»\! run- 

I. S. • 

[ L. in,-. ...i^ 

| -. V Ii,- -i-in>- ... 

I IV ij. 


j U -truer toim-e-i. 
J4& ,»*»!■ Mt-.'-r.-iu 

Isl] . Ftr-. 

deh - " -i -*ni Um * r; 
cl>. vV stern N. v.-». 
22*4 ! l '\iierr; 1 . m-.i;... 

2S : A-.-tirj -h— Llr. 1 

Ifal; ! V.'^u-.-w... 


8 8 

261; - 261: 
121; . 1<55* 

70-; 69: S 

30 305, 

19-'; 1?:?. 

;6l; ; 461; 
231, ! 231; 
47 ■ 47 

33 - 1 1 33'; 


j inli I in:. 1. 1. hi ■ .; i . 
1 l ma.li lu iii.|,,,. 

Can. H*. Hi 

chi. to in In-... 

kail. Till -.T ■ M .... 
' iir-iny »■ I- — tr .. 

Cs-M-r .-•le-iw. 

Cl- let l» II l 

t. ••■yin-,- 

jatiin • 

l.'-ririn-'.:; ■ i,.. . 
C'.-ekji I.V-'.ijr-*. 

■_ •"-> r ii 1 1 1 l: -r!; 

Kellis . -ii ,*.| uje-.. 
j i ■-•iii- M:n..-. 

. L*. .-j i— IV-i-, |,. .. , 

I L« .mini. .n I.;: 

I Kei-l .r 

i Uuj. .iii 

I l'ro-n’.*- 
I 'l-.i»- ■.in.. 

,'(imi»i • 

: ■i.ini V-.r. i- 1 
I i ui; i*i vkiL,.*,.. 

; tia* »e ■*(.;. i. an 

j riv'iinar 

! H..:iie -.i, • i 

' il-i.i-.il mv viiia' 

, -l-i.i-.'-ii i , , - 

ri'l tv.r,- - \ 

| l-A.V- • 

|l'u.«-ii Oil. ..- 

j lu 


Ml, “ 95a 

in -iii-t :.,i. ui,. i jo J« 

in -I.; - . I'l'-L.,,. 13J; 

hin*vr i-, [j 

Ln-irii-'i 1 mi. v >; 71; 

l^'-.ie I (j.Sa 


*“■4 “ *» -V 

17a* I 1714 
53 Li ! 53 i; 
3.10 ' 3. 10 


> del ill-: .... 

^leaieiL- 

7H I An her 

I l».Y— ell A Ji 

V «rta 

‘ L MA. 

V'-ieiiiA B'wl Hh 

> --ksnijen 


AMSTERDAM 


93.4, e-O.l — | - A sab i Linus. ! 316 i j 14 

483 ! + 3 sl8 1.9 Can-vi I 428 !— 7 12 

225 -2 20 1 4.4 to-ax ; 665 J— 3 26 

139.0+0.9 17 6.1 Chtnoa — J 419 1 + 12 20 

136.1 +1.8 16 5.9 Uai Nippon Print; 630 [ + 3 IB 

29810. + 5 20 3.3 Fuji- Photo aJ. 498- +8 18 

322xr + 9 20 3.1 Huai hi Zl 193 12 

160 '+4 - - Honda Motor*-. .. 483 +3 18 

229.5 +7.0 18 3.9 Uuu* Port ! 920 +26 35 

77.0, -0.3 - - C. Itoh i 233 H* 12 

316.U 19 3.1 llo-Vnkado il.260 1 - SO 

270.5 -1.0 18 : 3.3 Jaeuv ; 603 L ! 13 

151.5 14 4.6 4.AJ~_ 12.720 1+20 - 

316.0+8.5 20 ! 3.1 hanw Ktot.Pw.i 1.070 1—10 10 

853 +7 20 I 4.0 Kamafa-u | 881 I 18 

J51 1-3.5 4 | 1.3 Kubota. — 875 +8 ; 16 

211 ! + l 12 | 2.9 Kyoto Ceramic....'2,440 +50,35 

116 |+l I 12 j 5^ Maieuabna lnd-,.| 576 -6 i 20 

259 —1 <9 3.3 Miuubiahitonlu.i 279 10 

129.8, + 3.3 16 6.4 MiuuibubiBmvy 147 +1 12 

44.0 i-U.6 4 4.5 Alit«ubi*l)i CV>rp... 411 +2 I 13 

151.5+0.5 lO 13.9 UiiamJiCo. ! 318 14 

149.5 -3.0 9 2.9 illtaukoabl 1 623 ^5 20 

334 , + 3 20 3.0 Ni|]|arti riwwo.....! 1,040 -20 15 

213.5'+ 1.5 1 20 4.8 Nlpj.,a Shlnpwi... 540 -5 12 

91 i + 2 — — Nissan Motors--.,; 699 +4 16 

171 |-1 1 12 3.5 Fume** 1.410 1-20 48 

100.0;— 0.5 — — Sanyo Electric. — ' 200 1+2 12 

241 | + 4 16 3.4 sekiHJi Peetab — I 999 -11 30 

1.520' 20 1.3 31iuicirio 980 ' 20 

112.0;— 0.5 7 3.1 deny 1,850 (—10 40 

204 1 1 12 2.9 l^Jahu lUnnft-...| 255 11 

166.11+1.6' 14 — luhwl* CbemmuJ 277 +6 15 

245.51 + 2.5 1 10 2.0 ?Uh — ~.~.ll.420 —10 50 

485 i-5 18 1.8 lejiu .......i H7 +3 10 

121.5; ‘ — — luhiu Marine. j 499 —1 11 

120.5; ' 7 5.8 l»hhit;ie'LPriw'i >1,160 +30 9 

207.51+0.3 j 16 3.9 lokyo 3au>ii_ ..^1 230 12 

£69 |+3 20 3.7 U-h\«:>bi(jiuni...| 124 —1 10 

298 ' + 1 16 2.7 luiav — 126 +1 10 

250.0-3.5 17 3.4 1-uea Vl-mr | 782 (-8 2u 


[AUSTRALIA 


14 2JZ 

12 1.4 ACllIL(2)ceat). 
26- 2.2 Arrow Aiutraite^ 
20 2.4 AlUartUntwTMiL 
IB 1.7 Vmpol Bipd^acki 


16 1.3' Ampot-PeteoKwrif j 

12 5 .Z Aaroe. M 1 raa«(a. , 

} o AamK - Pulp toper 5L.— 
fg i"c Aeaoc. Con. I ndoatriei. —... 

?■; Ausl Ftmudarioo InvesC- 
»S AJir.i_c: 

13 1,3 Audiawii 

- Au*t- Oil £ Goa............... 

no blue “«*“ 

*8 4-* UooipdQjriUe Copper 

16 2.7 broken Hill Proprietary — 

35 0.7 bH Sooti,,. — : 

20 1-7 Carlton United Brewery 

10 LB OJ. Coles 

12 4.1 LSB(fll) 

13 1.6 Com. GoMfleld* Ans.__. 

14 ' 2J Cortfalner Cfll) 

f? q'S ConxiBc Btodnco — 

! V', Coattfln Amdrathc ...... 

“ Lraniop Unbiw fSl).— 

^ 88C02 ; 

12 3^0 


10.73 HU2 

10^0 

tZ.25 

.11.87 ........ 

. ttU7 

tass 

tijon — 

$1.78 ' 

10.98 

tlJSS — 1 
. - 10.38 +0411 
• t0 ,87 +0.02 


fljBB 

11.83 


1827 f+iUM 
fL30 


-*ato 

4 

IV m 

» j 

-M the 


l-dl to 

P" 

. 

i .4 

A ^ 


beccen tonn 100 L*i tn 

barregaanL. 63 ^ tu 

c cedi toank 114 1 

Komnai. — 300 -been 

Kroifticainea. U2.5 +. the 

Norsk Bjnirbkr.it j 


sen UM|t. The ‘ vv 

IfbkTJt ^186.d-ir^ 5 i rh . . . 


— BRAZIL 



1.1.54 — l 

jdio 

ton-o licnni HP„ 

3.92 -< 

>-10t 

tWHcoAIlnoiniOP 

| 1^1 -t 

>.* 

LKmos UP™ 

| 0.96 -t 


Legos Amec. Uri„ 

2.70 -l 

>.? e 

Miuuw-auu! L)P„ 

2.60 -A. 

US’ 

totaXw-t. PP„_. 

_ 3.00 -C 

1.05 . 

PPreitiAJP 

1.87 h-C 

LOli- 

^uuao b'tuzOP-. 

3.49 J+04M il. 

Vale BloUcVe KP| 

1.68 MI 

i.oa j„ 


Source: Rio de Janeiro SE. 


166.11+1.6' 14 
245.5| + 2.5| 10 
485 tS 1 18 

121.5 ; — 

120.6 ■ 7 


11 22 
15 2.7 


BJL Industrie*: 

f - ® Get*. Property Tnnt., 

H 


i'69 1 + 3 
298 ! + l 

250.0 -3.5 
120.3 + 0.8 
176.5 — 1.0 

118.0 +0.2 
298 .+3 
216 !-2 


7 5.8 
16 | 3.9 


20 1 3.7 L'uh\<i (spibnura 124 — I 

16 2.7 lumv 125 + 1 

17 3.4 J.-ma Vl-tnr 782 1—8 

1 1 4,6 — 

14 4.0 Source NlkKo Secnrlttes Tokyo 
13 s!s 

!u j ii BRUSSELS/ LUXEMBOURG 


Viiui-' (F-. Mi 99 

23 

V-.Mi,. ,iukiF-.l'.iO 323 
AJIKV.iFi.lOi...: 74 

inir.. naukl+'i.iV), 66 
Liije'iknrl if -All... 63 

tnkrtlV-sd'iiiit'i.iGj 121 
bnlimi -Teiwn ilel 66 
i.isener lHuSii....: Z4S 


Pra-e + or Dir^iTi. ’roeil.... |2,10O 

Kli. — • i ' t, i , q.Brx.lamib.._^il I 4b2 

i-ekcrt **b" ; 1,750 

99.0' + 0.5 : 24 j 4.9 c.u.lc.Cemenu...| 1,196 

23.8 +0.4 ■ I — t'ockerin 374 

323.5;— < 0.5 I.V22.S 6.8 bbUB 2,350 

74.6 +O.Z A >44! 5.9 !««“***- 16,170 

66.3 • ii2y 6.B lebrlqneNat 2.470 

63 1 23 15.5- ‘l.B-inno-Bra..-.. 1,845 

121 j + 0.5'l 70 6.8 lJilZ 

66 -rO.8, 25 7.6 Unl-*en_... _...... 2,650 

245 1—2 ' 121 1.7 , i | (f(’«m_. MM ..^.|i t 810 


* ' ' J earrings Indnstries 

-1 11 l'l — 

+ 80 8 34 H«*» B^ptarattor 

la SB HIM Holdings 

-i 10 4io Mjmr hhnper nnn. , 

. 1 in an News . .... . . 

-8 au t'k ^*chiAaalntenmtloo»4_ — 

— — — — Narib broken H’ l loan l50c> 

lies Tokyo QqkbrKlKC-.. 

Ull Beard*.'.. ... 

Pioueer Uoncwne— 

JRG H. u alergb — — 

_ .. . ^ ’W VTThtosVl M tiff 

aivTi Ibutb (fll).^— 

+ -« Pra.lYM. VfMtmM 

— Net 1 t iVestern Minina (fiOcents). 

~ ~ ~~ ~ — 1 ffoolworthfi — . 


- Nel| * 


+ 100 - — - 

-4 60 4.2 

-30 112 6.4 
-2 90 7.6 

+ 5 4 177 7.6 PARIS 

+ 60 430 7.0 

+ 55 170 6.7 • 

+ 10 130 7.0 J 

+2 80 6.6 TZZ^T - 

+ 145^160 6.8 “SSJte: 


+ 145*160 fi tooted 699^+31 

* “I s ! ?:S ^"^ Vk ii i.±: 


KnninN.V.Hearcri 122.8' +0.3 ■ 32.S 4.7 hradiettank ,6.300 —10 265 3.9 Amdrali 

I'linAamiT'stFi.lv 61 9 4,bi 6.7 L» IL-.vale Unlee .16,160 ^.305 5.B o)C__ 


i H '.. U--*n-n-l...| 

liLM < +'■ 100) 

mii. tin .ei (i.- <1 
V >iai. leu iKIWi ....| 
\ *i .Vallili.ll'L.+'j 
i C .si C're-i L)k (+'l_- | 


39.2—1.3 22 6.6 Pan HoMfna fK.600 

03. lu) : i- 1.2 ! 14 1 3.4 I’etruiiru 3.675 

27.0 '11I.2& 7.6 b'l-Ueri tonqur J3.68O 

24.5-0.1' 12 ! 4.9 eec iton Beiinqiie 1.900 

15.5 — Q.3 ; 10 0.4 ^miIiih. ...,i2.920 

125.2 J- 0.2 I - : - """vey B,o95 

39.5 -0.4! IB 1 9.1 I imcnrai kl«a 2.430 


38 +1.5! 10,2 6 B - J1.0U6 +2 - 

99.7 t 0.5 146.2' 4.8 Miii -I.I- ...j 73B 60 

49.4 +0.3 l 20 : 3.1 * iei! li*_M 1 aitugnei 1 ,500 —20 100 


fl/j/fi 331 eouyvuea. 

+ 66 174 4.8 S3EK Gfe) 
-15 189 7.1 0 mS«h. 

+ 1E “5 1 - 1 uSTr. 


319.C 

497 

™... 379.0 

>*— 360 
— . 1^57 


205 7.1 u.l.X.AfaSld J 

In A ,00! 8.4 Cie toncaire— .- 


— ! '863.a-ijj afjJio.a lta 


JOHANNESBURG .. 

MINES 

Jan. 17 •." 

An^ip Amerimn Corpn. „ 
Charts Coniolldiietf' — 

East Driefootein — 

EttfWg — 

Harmony - 

Kinross 

KlOOf 

Rastenhnrg Ptattsam — 

St. Helena — — — 

South Vaal 


.09 De Beera Deferred 5.70 

.43 Blyvoaitrimcht 5.SS 

,79 +U.B1 East Band Pty .... 6.50 

20 Free. Slue Cedtdd 2SJ0 

78 President Brand 1S.40 

,94 President Steyo 13 08 

21 StOfOuein — 4.95 

(50 -Ml WeUoom 4.30 

West Driefbnteln — 135-60 

Western HoJdings 28.5» 

Western Deep — 13.00 _ 

INDUSTRIALS 

AJ5CT 2JM 

DfvJrkL AnglOiAncr. Industrial ... S.S0 

Pea. 2 Barlow Rand 3.53 

— 1 CNA Investments 1.40 

4ig a6 Carrie Finance J0.5S. 

21.15 6.8 Edgars Consolidated Inv. 1^0 

lfi.5 6.6 Edgars Stores 21.50 

24 7J5 Ever Ready SA 1.75 

U.lh AM Federale VoftabeleRglngS . 11.30 

3U6 8.4 Greaternuuts Siorea ' 2.45 

37J) UX6 Guardian Assurance (SA) 1.80 

60 4.7 Hnfetta ' 2.07 xt 


fLOO 
■ iai7 

MW2 

-0-01 

. tL73 


tU81 

+0-M 

ts.is 


•10*93 

— 

tl.ll 

+CL01 

fl-67 


' f0.09 

Mt#1I 

tl.43 


10.79 

fQ.ni 

16.20 


11.78 


10.94 

..... 

1L21 


-1U50 

-U1 




Hand 

+orj - 

5.10 

+ u. .' '• 

3.30 


10.00 

-8.7, •' 

2.55 

+B.r< 

7.05 

+ 0.^ 

6.10 

-0 M •- 

8.00 

-oi” 

L45 

-ot 

15.00 

l. - 

9.M 

+o5 j - - 

22^3 


4.70 

— o ■ i. 

5.70 

— OB ! 

5.SS 

6.50 

j • 

2550 

-Ml j 

16.40 

+of i- 

13.06 

+0 fi:^V 


6eJU 7.1 McCarthy Rodway 

12 | MedBank 


ineaimi tiieci .2.430 +35 162 6.7 1 i_)ub He-iltar .'j Sas’aT— 15^ 6J3 Lg OR Baxaara 


22 1? | 


'1*' r«:r;li-..li 
4 lmv*.. ! 


U.6n i i3.5a 


22 it i 23 In 


.1 i«.Mi>IHi.(F'1 1, 180.2*0 | 20 1 5.6 

■■•Cvlf-nJi I 153 (-I A 34 1 4.4 

1 111 (Jmme:cu....l 137.5^0.2 1 8 ! 6.0 

I'lSb-roKPi+v.'i... 4 1.O: +0.5 I 21 110.2 

i'U 11 ir ■(•'.}'.'■ 26.5ji-0.1 16 6.1 

'iunacliV erl'i.UXi 65.81 + 1.3) — | — 

■v H.13- iKl.iV) | Xo7.2'+U.7 i-VZfi.2. 7.5 

-t'liiiLi- iFi^iJ) | llfa.7j + 0.2 - 5 2.0 

'm-wiu-- ir :.>. | i....i 1V!B.8 +U.1, *-9 - 3.5 
KmniL'illflllFi.A 127.7. + u.5 ',:\50 i 7.8 

*-^,v+nIi,iii- ; 239.1 — 0.6 | 19 j 8.0 

•*)+viii«n>(F ..ijni 146 8. + 0.2 . 27*1 3.B| 
l'-K>»HivH-li>8.l 88.5 — 0.1 ! 30 10.8 


137.51^0.2 i a ! 6.8 SWITZERLAND • 

41.0: + 0.5 I 21 110.2 — 

86.9j~0.1 16 6.1 . ._ ^ 4 

65.81 + 1.3 — I- Jan. 17 Fro. 

Iu7.2' + U.7 iA2fi.2. 7.5 

lla.7>0.2; 5 2.0 _ 

129.8 +U.1 ■ -0 t 3.5 Aluminium — 1,290 + 

127.7. + U.5 ;.V5J | 7.8 U 14 ; A'...---.™ 1.688 +, 
239. 1 -0.6 | 19 j 8.0 •- itoGsusyfFr.lBi 1.100 — 


Do. PL Certs... 875 

Ua. Ueu 620 

i+-t!l .*>uiase.— -. 2.225 


fcO'i 

ei'; 

non 

20Sn 

2a jk 

231; 

193a 

20 5p 

ZlU 

21:a 

5 fa 

s 

215a 

21ia 

20 

20i» 

KJi, 

AS. !■_ 

04 

3>ia 

ZTi 

28 

7i ■ 

Us 

335; 

335. 

il5-4 

25i; 

17 i. 

iui. 

>3 

a 3 19 

k«>>8 

Xfal'i 

20 

20 


.*<.•1111 Ih ,i) i m—... 

>--rwi; h::..r;,»..! 
NlLu. l.,i- .jiTi,... 

.'U.IIH- t 1 ! i, . 

K-ir'ii 

to-.-ilii 

r" i-(tf|... '*■ ; . . i , |- . i 

■ Peru 

Pm n* 

• V.*l- — ? I /-*| 


Lu..e» -.■riKi.au, I 121^.4 1.2 -.\)i. a 6.9 ' .i«*lil hubiil -. 2.225 

[ V ■Lins Kro.lm. 1*1 ! 43.0 1 • 20 j 1.1 bwromatt.. 1,640 

Vntllbd/ll. Hank! 408 ' + 1 ,J - ‘ nan 


-5 22 

+ t aa 

16 


— — Credit Com Price. 102.0+0.1 11.110.9 Premier Mining 

60 8.2 craiuot Loire-.— 60.9 —1.1 12 23.6 Pretoria Cement 

00 6.7 mime*.;™. - 435 —24 i&jjfi 3.7 Protea Holdings 

r+.Petnxra 95 JS — 2.0 14. IS 14.8 Hand Mines Properties .. 

Did Ueevienteie [179.0 a) +0JS a2&j 4.6 Hemhrandt Group 

I - l i t' SSSE=: ILSVi 

Logrand 1,345 -25 37.86 2.4 

6 0 Moiroo* PbeobL. 735 -6 J9J M T^aToato and NaL MtHg. 

,q “.3 vib-beiin “B — 1.108 — 32 3JJ6 3J3 nSL 1 " . 

32 |° liou Henneray- 341 -10 12^ 3.7 n an g Ttl* 

Sf 2*2 Moulinex—— -164.0 — 8.1 3 lb Secoilties Rand Dis 


Fi* her (Gei-ree). J 720 
riuimon Pi.Certal 87.251 


Laetanb 1,345 —25 

, „ , Pbenlx,. 735 -6 

tn in Ua-tWlin-B". — 1.108 —32 
£2 1° Itou Hsnnwy- 341 -10 

Sf g*2 Moulinex -164 Jl — 8.1 

“2 I * tontat-. 1383 n —2Ji 

“ f-f Pe-hiuOT.. 7L5-2.0 

“ f'S PerttoTKilimd- 197^-5.2 
* I'Z PBugeocAatnwn.. 273J +3.6 
PWtoln 104.5 -2^ 


a.7 Protea Holdings 1.07 

14.8 Hand Mines Propertiea ... 2.M -( 

+.6 Rembrandt Group . — 3.45 +i 

__ Reteo 0.41 +t 

*■* sage Holdings 1.45 

,r o SAFPI' 1-fcS 

c. G. Smith Sugar 7.00 

f*f Sorec 0 « 

f*2 8k Breweries 1.16 +( 

5*2 TMter Oats nnd NaL Ming. 9.30 

1 ^ Securities Rand Discount 33' 

14.6 


^ | 8.700 i + loOi 55 | 0.6 ueifotue 


5801 0*8 S3 35s3P5u 


—2.0 7^ 10.5 

—5.2 . 12 6.0 SPAIN • 

+ 3.6 15 5j4 , 

—a ft _ January IT 


Intenort H......... 3.350 +28 

JeiinoU (Fr.KO) . 1,450 ... 


3.0 [ ttbone PouIool- ~.j 


COPENHAGEN * 


Nwi'eiFr.KM.... 5.620 1-10 |«B5J 2.4 f (torabrooL 


1C ID j 1U>& 


Vi«-i--'i-jifct-o.... 

V. at . .. 

v»m H*. IIAXlL 

-I-! c 

I'llH'lilnilklll.... 

K -i.o: i ;v**n--i . 

i.toi". 

l( imi.ij-in 

»!.. K — - 

, « kii--. 


_ liu. lieu | 2.220 

Pn-'e" ' + or ' Dir. fui. 'Joriik-n ''..F. 2c. 2.475 —75 
In-nrr — * • Pin*"! SIP t.lCO 284 j^4 

j 'iiu.lu/. Ki.xOi.. 3.960 I 60 

139(j lu ' Ut'to IWu'crtft.. 484 +4 

430 .... 15 3.30 ! -cliloill+rCtuFI'X 308 *3 

1291.*' 11 I a a 'H-aer iCfcwt.lU. 372 ^ 

240);. . 5, l 12 5.0 H»i-*aiMFJ00l.. 808 +2 


23 U I 22 -a 


. l - -i-ri|.-’-i 

| While fn (.. 

'Vsllufti L 

ft ioxxuin Linn.. 


j BU | 

ai. 

1 J“l2 , 

I L3 

• 1S--B I 

1 1° 

. J.65 | 

4.65 

;4li I 

I -4J, 

J.bO | 

4.35 

. +5ia 

;3 

;.4j 1 

l t;.Jl 

., ;6'i , 

36 U 


| I6 ; a 

14!j 

14 5; 

. de 

8-J 

■ lu 

llv 

u 

1 J 

iS/a : 

ZBj« 

ad 

S3 

141; 

14^ 


. 139lj 

430 

I 1291*' 

240 )j 5 4 

iiavj 

34o .. .. 

795;' - kl 
133 < 

, 25 l'i . ... 

1 252 ,— 2 

• 95 .-1 

' 136 

I43'j. . 

■ jee , - 1 

• 187); . . 


1-1 - 6.0 '>»i --mi iF^bO).. 808 + 2 6.S7 3.7 rrnratlOIM 

13(11.3 +wim tonu O-.luc 428 +8 10 xj bTUCRnUUil 

12 3. n +*M*. Ute-F.'am.. 6,025 —50 4 a 1 

tt iio.l l mon ton*. 3.245 +15 ZO slo r_- tv 

11 I 6.3 C'.iichln* 11.326 +26 4Q l.g V 


11 I 6.3 

12 14 3 

12 4.7 


M.8 3.9 sues — - 

J2 5-7 L'elstaeranlque— 
IB 5.7 I'Hmiiwi BrasEdt. 
26 1.6 Uni not 

26 a.a 

9 1^ 

14 3.7 


52.1 

+0.6 

120.1 

—2.1 

1,040 

-10 

210^ 

—5.6 

868 

—12 

134.8 

—2.7 

29.1 

+ L.2 


■-"•(■•‘i- I., 
••I ••■■III ) ill 


•w*4f.T«i. t Bid. * Asked. 
5 Tr;c-.-c. ; »ww stock. 


rcillUilMdll .... 

'Vnni'urafr 



»nt(iiT;t 

-toyi L wi niicr ....■ 
1 'i-it It..... 1 


3SO 

261 -5 

S79:.r 

94 -1 
192 t 2 
230 !+4 


'i-nVi - 9,410 I — 27ol 2001 2.1 

■' — 103.0-l.5l - I _ 


! 1 .UiiAo fKvJto.. 

Vila InvslWkTOO 

AiLA(hLr2)0) 

AthwCcvco (KriX) 

uilierud — — ... 

+ --r Ulv.VUL bolMrt — 

— Lire - 

■ 1 — — Ce) i um — — — 

+ 5 — __ biect'iux *6<hJ>U 

+ 14 — _ Kiuwn'irtKruX. 

+ 1 — - — I^Wi. M U* 

-23 ISO 8.0 Pka*ni*~ ■ 

-30 150 10.2 iJtonse* (froei. — 

l — — HanrteiabaBken — . 


I A|M '' , 125 +5 — LiMt'iux *tHh4*U 

Ausinla Anne..... 948 |+I4 _ __ Kiuom'OTKr.st 

I 380 1+1 — -H- 

}*B72 -23 ISO 8.0 fSSS.-. . IZ: 

- u -: *' 4 22 1-ao 15010.2 uransw te-. 

u<i , 1 ** . ui-ai iw 72 +a — 1 — H*oiieiBt»akciD — . 

i : r Ibi.-cim-nti- 9,410 (—270 200)2.1 iinr r 1 ^ 1 

“ — “ | lim>i-1ei «... 103.0 — l.sl — I Uu (Job Uoanu. 

lu 2.9 j ll(><l>4aiiioi 30.030 —480 l.W an ZLmi. a H 

*9 3.4 Uo.ilrt.ron 143 7a CT°t 

“ I 7- J L: - 1.895 (7a4 HOI 5^ Andsalk ‘BT&koO, 

*7 I T W- S P" 081 —16 80' 8^ jl ilrlahnlm ... 

Jfu A* vnia V t*-rwa.^.”i| 409 +10 _ f._T y-Sro/^fiO) 


Mu (lob Uomiwo_| 


Oiuan 4.0 1 Sand via AJB | 

I — ! — ! 3-iCF. -B-Kra 


110 

62 —2 


_ January IT 1 

26.fi 1JZ arfmit 

84 6.0 Banco Bilbao — 

9 lo.O Banco Allan tlco 0.000) 

ILGfi 11.4 Banco Central 

39 2.J Banco Exterior 


—12 2ub sjb Banco Granada 0.000) 

—2.7 I6.1B1L3 Banco Hlxpnno 

+ 1.2 _ — Banco tod. CaL (1.000) 

T~. B. tod. Hedltrrraneo... 

Bonce **cDular 

Banco SanucnJaa '*50* 
Banco Orqniio (I.OOvi 

Banco Vlxcaya — „ 

- Pru^ — i,^ TiT Banco Zaragoxano 

+OV are. IUL B.nlnnlnn ... 

.Krone Kr. % Banns AndaJnda — 

175 75" T5 US™* wu “* “ — 

iM - — a 3j DSwdrt" i7: 

>nn' —■•*—.• 6 S.l intnobanlf 

'S? k + i ■ _5 4 J| K. I. Arasonesaa ....—! 

,25* fi+ 9i B ^ ?'9 Eananola Zinc 

if? ti* iS S*5 EWi. HK> Ttnio 

+ S 18 8,8 Fecsa il.OOOi 

f®S " lo - 5 * 1 Fenosa (l^OOi «... 

}*8 +2 0.5 4.3 Cal. Preciados 

laa S 4J Grow Vekmraez item 

319 +1 8 3.8 Itldrola : 

78 —2 8 10-2 Tberaw-ro 

48 — Olarra 

273 • +1 • 14^)7 3,6 Papeleras Reonklaa ... 

8 7 s Mroittn” 

—2 8.3 io'b Petrolens 

—2 3 jos a.4 ffrrio Panalem 


131 -2 
89 [+2 


8 7,3 

6.9 10.6 


+O.S 4-n re.4 


Sntoca 
SogeBsa 
TVieffflriea 
Torras Boate 
.TBhsewr* 
"nmn Elec. 


31 

— 9 

123 

— 1 

222 

— 6 j 

126 

-1 

SfLSB 

+ 2.- 

101 

— i j 

UB 75 

- a ;1 

£750 

— ajl 

71 

— oil 

100 


Ufi 

--3 

75JS 

4- 0^ 

B6J50 

~ u 

87 

— 1 J 

61 

— i » 

141 


18&2S 

~ 3.+ 

73 

- ?h 

37 

+ i 

135 

— 

85.75 

H 

Mb 

— a ; 

100 

— t i 

*7 



> . W,t/ ,■ \ C/\ ! 

r : ' 









What’s i 




a name? 

■ • • _ i 

A name that’s; recognised can inspire awe, 

J 3nvy or, in this case, confidence. 

It’s a name with a reputation for accepting 
: only the best, and maintaining the highest 
standards. An assurance for the wine-buyer 
that his choice has been expertly selected and 
carefully shipped. 

A very good wine reasonably priced. 
Distinguishing it from the ranks of all the rest. 

In other words, a name such as ours can 
’"'sometimes be all the guarantee you need. 

Because when it says Bouchard Aine on 
the label, it says a lot for the wine. 

read the small print first 




Burgundy specialists and shipper i of fine wine 
13 ECCLESXON STREET, LONDON SW1 
*Ame denoting the eldest son of the family 




AHNANCIALTTMES 

CONFERENCE 






USI 
WITH SPAIN 

MADRID 

February 22-23 1978 

4s a result of numerous requests for an international business sympo- 
sium on Spain, as part of the Financial Times’- series of conferences on 
-natters of substantial current interest, the Financial Times is arranging 
a conference on Business with Spain in Madrid on February 22-23 1978. 

The conference will cover the outlook for the Spanish economy, political 
developments, an assessment of the impact of the proposed European 
Community membership and other significant relationships, such as that 
of Spain with the Arab countries. These topics wHl be analysed by a 
distinguished panel of Spanish and non-Spanish speakers of unique 
authority. 


The list of speakers includes i 
H.E. Professor 

Don Enrique Fuentes Quintana • 

'/ice President of the Government 
for Economic Affairs. 

Mr. Per Haekkerup. MF 
Minister for Economic Affairs, 

Denmark . - 

>H.E. Sr. Don Juan Antonio Garcia Diez 
Minister of Commerce and Tourism 

Sr. Don Jose Mana Lopez de Letona 
Governor, Bank of Spain 


The Rt Hon. Sir Christopher Soames 
GCMG. GCVO. CBE- 

Director 

N. M. Rothschild & Sons Limited 

H.E. Sr. Don Joaquin Garrigues Walker 
Minister of Public Works and Housing 

Sr. Don Felipe Gorizalez 

Secretary. Socialist Workers' Party of " 

Spam 

Mr. Abdulla A. Saudi 
Chairman., 

Libyan Arab Foreign Bank 


THE HUMBER BRIDGE 


Spanning more than a physical gap 


By RHYS DAVID, Northern Correspondent 


IN JUST - OVER a year’s time, 
after more than 100 years of 
debate and at a cost of more 
than £60m., the world's biggest 
single-span suspension bridge 
will start carrying traffic be- 
tween the two banks of the 
Humber. 

With a span of 1,410 metres 
the Humber Bridge exceeds the 
present largest, the Verrazano 
Narrows bridge in New York, 
by 112 metres. But although its 
outline has beeo dominating 
the approaches to Hull for some 
time, its forthcoming comple- 
tion has caused as much doubt 
as delight in the new county of 
Humberside. 

The bridge has doubled in cost 
since contracts were let in 19T3 
and the long-delayed announce- 
ment of the toll charges is 
awaited with some trepidation. 
Furthermore, though it will cut 
some 50 miles off the road 
journey between Hull and 
Grimsby it has been dubbed the 
bridge to nowhere. The popula- 
tion on the south bank is rela- 
tively small and in some parts of 
the area — formerly in Lincoln- 
shire — there is not much love 
lost for the ex-Yorkshiremen on 
the North bank. Grimsby, in par-, 
titular, has been fighting its 
own cod war with the rival port 
of Hull raising the issue to 
angry levels last summer with 
a report suggesting it had the 
best claim to be considered the 
principal centre for fishing in- 
dustry investment in the area. 

Mainly, however, the Humber 
Bridge calculations bave been 
thrown out by the slowdown in 
UJG population growth since the 
1960s, when the Government was 
casting around anxiously for 
areas, such as Humberside, 
capable of absorbing the extra 
millions expected at the turn of 
the century. At that time the 
area was thought likely to see 
an increase of 750,000 by the 
year 2000: latest predictions put 
the growth rate at only 0.2 per 
cent a year. 

But while doubts remain, the 
bridge's supporters feel it repre- 
sents investment in infrastruc- 


ture in potentially attractive 
locations of the kind which the 
Continental countries have long 
been making— but which 
Britain, to its cost, has 
neglected. 

Britain’s entry into the EEC, 
and the completion of the M62 
from Liverpool, have already 
transformed Hull’s previously 
isolated position and the bridge 
seems certain to faring further 
change. For a long time mainly 


land and one that points the 
right way towards Europe. 
There are not many large sites 
close to deep water in North- 
West Europe. The Humber 
estuary can as a result play 
an important part in the U.K.'s 
economic recovery," David Gill. 
Humberside's director of plan- 
ning points out. 

The bridge could, some 
planners believe, result in the 
creation of a British Rotterdam 


could result in 
the creation of a 
British Rotterdam : : . 


an importing port. Hull bas 
developed a substantial export 
trade as a result of the switch 
since EEC entry in the orienta- 
tion of UJC trade towards the 
Continent, and shorter road 
times to many parts of the coun- 
try by motorway. . In addition, 
the area is now close to much of 
Britain's new sources of energy 
— gas arid oil from the North 
Sea and the Selby coalfield in 
Yorkshire. In the southern part 
of the county the now-completed 
Anchor scheme has given Scun- 
thorpe modern steel making faci- 
lities capable of producing 6m. 
tonnes of steel a year, backed 
by deep-water port facilities at 
Imminghain. 

Hie southern bank of the 
Humber, where a number of 
large sites close to deep water 
are available, is expected to 
become much more attractive 
for development as a result of 
the opening of the bridge, 
which 'tfill give access to the 
big city facilities — such as 
engineering, technical and pro- 
fessional services— which Hull, 
with its population of more 
than 250,000, can offer. 

“ This is the last of the 
undeveloped estuaries in Eng- 


around the Humber, providing 
the U.K. with an important 
national asset. Equally impor- 
tant, they feel, the area would 
have the opportunity to tackle 
the serious structural problems 
it currently faces. 

For, as the granting of 
development area status in 
April recognised, major diffi- 
culties have arisen in Hull as 
a result of the decline in job 
opportunities in fishing and 
other industries. The late 1960s 
and early 1970s saw port 
employment cut by about one- 
half as a result of the switch 
to container methods of cargo 
handling. Two years ago one 
of the biggest employers, Litton 
Industries, closed its Imperial 
Typewriter factory with the loss 
of about 2,000 jobs. Altogether, 
in the period up to 1976, it is 
estimated some 7,000 jobs were 
lost in docks and engineering 
alone. 

The most recent blow has 
come in fishing, which employs, 
directly or indirectly, some 7 
per cent, of Hull's total labour 
force. Around 2.500-3.000 jobs 
at sea and in supply and pro- 
cessing industries have been 
lost over the past two-three 


rears as a result of the closure 
of fishing grounds off Iceland 
and Norway. Unemployment 
stands at 7 per cent, in Lh«? 
county us a whole, anil more 
Ilian 11 per cent, among men 
in Hull. 

Some major new projects are 
now under way — notably a £15m. 
expansion by Rerkitt and Col- 
roan, the biggest industrial 
group based in the city, which 
is building a new oud.000 square 
foot pharmaceutical complex. 
BP Chemical 1 * which already has 
major facilities nn the nurth 
hank, is spending £55m. on a 
I50.000-tonacs-a-year acetic acid 
plant, due for completion in 
1979, and the tiK-ally-owned 
Armstrong Equipment group is 

taking over the typewriter fac- 
tory to expand production of 
motor components. The city’s 
main new industrial estate, Sut- 
ton Fields, has also recently 
topped ltn. square fnot of fac- 
tory space with the start of 
work on a new unit for Dew- 
hirst, the clothing manufacturer. 
Nevertheless, as Ian Holden, the 
city's industrial development 
director, admits, the gap 
between jobs lost and new 
opportunities remains wide. 

But while the bridge remains 
the best long-term hope for 
attracting new projects, the link- 
ing of the two hanks will have 
other, more immediate conse- 
quences and it is these which 
lie behind the lack of 
enthusiasm on the south side 
in particular. 

Hull clearly will he able to 
play a wider role as a metropolis 
fur the whole county, and be 
able to attract consumers from 
the south bank who now go as 
far afield as Sheffield and Leeds 
for major purchascsL Total 
spending power in Hull's new 
catchment area is put at £560m. 
a year compared with £360m. on 
the North side alone. Some 
retail development has already 
taken place over recent years 
in Hull to cater for the 400,000 
travellers who use the North 
Sea ferries from the Humber 
each year — many of them on day 


trips to take advantage of 
cheaper U.K. shopping facilities. 

Some rationalisation of ser- 
vices also seems likely to take 
place. Bui whether Hull, be- 
cause of its size, will be the 
more attractive location fur 
bases— as some of the towns on 
the south bank fear — remains to 
be seen. Grimsby is currently 
the main headquarters in the 
area for most of the big frozen 
food processing companies and 
they could chouse to consolidate 
activities there. 

However, the impact the 
bridge makes will depend very 
much on Lhe level at which the 
toll is set. The Humber Bridge 
Board has borrowed 75 per cent, 
of the cosL of lhe project from 
the Government at favourable 
rales of interest on condition 
that the loan is repaid over 60 

years. There an? provisions fur 
capital repayments to be 
delayed, enabling a lower initial 
toll to be set, but failure to pay 
within lhe required period 
would impose high costs on local 
ratepayers. 

The difficulties of making 
bridges pay Tor themselves have 
recently been demonstrated by 
the Severn Bridge, which ran up 
a loss of more than £tm. last 
year. 

But if. in spite of niini*terial 
statements that no special 
government assistance will be 
available, a relatively low toll is 
set for the Huiuber bridge, the 
bridge could finally play one 
other vital role — that *if welding 
the Humberside county together 
and removing some of the 
suspicions of each oilier which 
the two sides hold. 

Until the bridge is function- 
ing. the only alternative to the 
long road route will remain 
British Rail's car ferry service 
every 2tl minutes. The current 
fleet boasts a coal-fired paddle 
steamer, claimed to be the last 
of its kind in operation any- 
where in the world — an efficient 
craft, but not the best symbol 
for the strong links between the 
banks which the county is seek- 
ing to promote. 



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K CAPITALS PLEASE 


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more efficient administration, and agrowing reputation where it matters. You get, in a 
word, success. 

Thaft how the Alexander Howden Group has grown. 

We now own Insurance and Reinsurance Brokers, Underwriting Agencies and 
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Alexander Howden Group Limited 

22 Bpter Street, London EC3M 2&A. Telephone: 01-4S8 0808. Tfelejc 88217L 







24 


Financial Times Wednesday 'Januaiy. 


FARMING AND RAW MATERIALS 


French buy 
more U.K. 


livestock 


By Christopher Parkes 
BRITISH AGRICULTURAL 
exporters had a good year in 
French markets last year. They 
almost doubled tbeir shipments 
of live cattle, sent 75 per cent, 
more live calves and raised 
exports of lamb 21 per cent 
in the first 21 months of the 
year. 

But in a year of unusual 
shortages in France, when 
imports of slaughtered beef rose 
30 per cent to 189.000 tonnes, 
u.K. sellers managed to increase 
their exports of meat only 10 
per cent to 51.000 tonnes. 

The West Germans, raising 
their shipments of beef 25 per 
cenL, overtook Britain to be- 
come France's main suppler. 
The Dutch, too. sent 40 per cent, 
more beef between January and 
November. 

France imported 203,000 
calves from all sources during 
the period, compared with 
112,000 head In the same part 
of 1076. Britain, viewed abroad 
as the “bargain basement” of 
the European calf market sup- 
plied 185.000 of these, compared 
with 106,700 in 1976. 

Apart from the public row 
over the travelling conditions of 
these young stock, farmers in 
Britain are worried that the 
best of the calf crop has been 
skimmed off by the French 
buyers. 

Beef rearers in France pre- 
fer pure-bred Friesian bull 
calves to replace the young 
animals they sell off tbeir own 
farms to the lucrative market 
in Italy. 

While French imports soared, 
exports shrank noticeably, re- 
flecting moves to build up the 
national herd again. 


Talks on EEC fishing 
headed for deadlock 


BY MARGARET VAN HATTEM 


BRUSSELS, Jan. 17. 


j NEGOTIATIONS for a European 
common fisheries policy 
appeared to be heading towards 
deadlock here to-night 

3L Antoine Humblet, the Bel- 
gian president of the EEC 
Council of Ministers, warned 
that a crisis was possible and 
called for a united stand against 
Britain. 

“The eight must exert pres- 
j sure on Britain to modify its 
! position,'* M. Humblet said. “ We 
j have the Treaty of Accession on 
our side. If there is no agree- 
ment. we must make Britain 
face up to its responsibilities.” 

The Treaty of Accession pro- 
vides that until 1982 EEC mem- 
bers may restrict fishing within 
a six-mile limit, to vessels which 
have traditionally fished in these 
waters. 

This was later extended to 12 
miles in certain areas of Britain. 
Denmark and Ireland. But it is 
argued that the treaty's defini- 
tion of fish as a common resource 
would preclude any type of 
preferential treatment. 

The Commission, West Ger- 


Soyabean 
crop estimate 
hits market 


PRICES OF soyabeans and soya- 
bean meal fell sharply on 
European markets yesterday as 
traders weighed up the impact 
of the U.S. Department of 
Agriculture's surprise new esti- 
mate of the 19// soya crop. 

The news came From Washing- 
ton late on Monday that the 
USDA expects a record l.716.3m. 
bushels of soyabeans from Iasi 
year's harvest. This is almost 
2 per cent higher than the 
■previous estimate of 1.682.7m. 
bushels, and about 33 per cent 
up on the 1076 crop. 

Traders said that to achieve 
•such a result U.S. farmers must 
have increased their yields per 
acre by 3 per cent 


many. France, the Netherlands 
and Denmark have strongly 
opposed Britain's demand for 
exclusive fishing rights within a 
12-mile coastal zone, with the 
phasing out of any historical fish- 
ing rights, and for a 50-mile zone 
of “ dominant preference " in 
which it would have control over 
fishing operations. 

Mr. John Silkin, the U.K. Mini- 
ster of Agriculture and Fisheries, 
said after the talks broke off this 
evening that these were mini- 
mum demands on which there 
could be no compromise. 

But he saw the possibility of 
a solution in a suggestion by Mr. 
Brian Lenihan, the Irish Mini- 
ster. to incorporate the major 
elements of the “dominant 
preference'* concept into “fish- 
ing plans "• — an accepted Com- 
munity formula which provides 
for control by coastal states over 
restricted problem areas. 

The idea has yet to be defined 
but the Commission is expected 
to submit proposals based 'on 
Mr. Lenihan's suggestion to- 
morrow. 

The Irish, who also want tight 


control over a 50 mile zone, are 
supporting Britain in principle 
but appear anxious not to com- 
mit themselves . irrevocably, 
pending clarification of the term 
“ dominant preference.’* They 
fear the British may be pre- 
pared to settle for a looser form 
of control they they would 
accept 

The French are suggesting 
that they might accept a con- 
tinued six-mile exclusive zone If 
they could retain their historic 
rights in the six to 12 mile zone, 
particularly along the South 
Coast of England. 

Exclusion from a 12 mile zone 
would be catastrophic for small 
French boats and is out of the 
question, they say. 

West Germany and France 
both appear to support Danish 
demands for increased fish 
quotas, but agree that Danish 
industrial fishing, which is held 
responsible for depletion of 
breeding stock of North Sea 
herring, haddock and whiting, 
must be reduced or phased out 
altogether. ' 


Cocoa use 
down 20% 


in France 


By Our Commodities Staff 
FRENCH COCOA bean demand 
in the last quarter of last year 
was 20.7 per cent below the 
figure for Gctober/December 
1976. the Cbambre Syndicate 
de Chocolaterie said yesterday. 

Provisional estimates put 
fourth quarter grindings at 
7.000 tonnes compared with 
8.830 tonnes in the correspond- 
ing period a year earlier. The 
third quarter total was 7,455 
tonnes. 

Provisional French grindings 
for last year are 35.630 tonnes 
against 35.660 tonnes in 1976. 
the Chambre said. 

The French grindings 
announcement encouraged an 
already "bearish” trend in 
the London folures-raarket and 
nearby positions moved £20 
lower at one stage. Dealers 
reported chart, speculative and 
commission house selling. By 
the close, however. May 
delivery cocoa had recovered 
to £1.574.5 a tonne, down £15 
on the day. 


Copper producers in U.S 
seek curbs on imports 


BY JOHN EDWARDS. COMMODITIES EDITOR 


CONFIRMATION THAT U.S. 
copper producers planned to seek 
curbs on what are described as 
“subsidised” Imports unsettled 
the London copper market 
yesterday. 

Reuter reported from New 
York that Phelps Dodge and 
other leading U.S. copper pro- 
ducers planned to apply to the 
U.S. International Trade Com- 
mission this month for relief 
against imports probably In the 
form of an ad valorem tariff. 

Mr. George. Munroe. Phelps 
Dodge chairman, said be was 
hopeful legislation would be en- 
acted to impose a 10c a pound 
“ environmental equalisation " 
tariff on certain copper imports. 

The argument is that UB. 
copper producers cannot com- 
pete with foreign competitors, 
partly because UJS. costs of pro- 
duction have been forced up 
by environmental controls 
which are not applied in other 
countries. 

It seems unlikely that U.S. 
producers of copper and zinc 


will receive the protection 
against “cheap price” imports 
which they are seeking in- view 
of the political implications, 
particularly in the case of 
copper where developing coun- 
tries such as Zambia, Chile, 
Peru, Zaire and the Philippines 
axe the leading exporters. 

But it can be expected that 
the UJS. Government will do 
something to help the industry, 
in addition to the possibility 
of backing proposals for re- 
plenishing the strategic copper 
stockpile with funds provided by 
sales of surplus stockpile tin. 

U.S. import restrictions on 
copper would be fundamentally 
“ bearlsb ” for the world market 
based on the London Metal Ex- 
change! But the situation is 
clouded by the fact that a cut 
in U.S. copper imports would 
be “ bullish " for the New York 
market, which bas a powerful 
influence on London market 
movements. 

New York copper values 
steadied on the Phelps Dodge 
news after a decline which was 
less then feared, despite break- 


Wheat pact 
proposals 
‘likely to fail’ 


ing through a stop-loss chart 
point which was expected to 
unleash a wave of speculative 
selling. 

London was initially buoyed 
by a report of unrest among 
white mine employees on the 
Zambian copper belt reacting to 
the murder of the wife of a 
senior accountant with Roan 
Consolidated Mines and demand- 
ing improved security measures. 

The market soon resumed its 
downward trend, however, and 
cash wirebars closed £5.75 lower 
at £652 a tonne. 

Lead values also continued to. 
decline, although rallying from! 
the lower levels later on trade! 
covering of previous sales after 
a further burst of speculative 
selling. Cash lead dosed £425 
down at £347. 

Tin recovered strongly despite 
a sharp fall in the Malaysian 
market overnight. After falling 
initially and trading down to 
£6,155 for three months, trade 
covering of previous sales and 
some new buying interest at the 
lower level brought values up 
again. 


WICHITA. Jan. 17. 
THE CARTER Administration's 
proposals for an International 
Wheat Agreement appear likely 
to fail. Sen. Bob Dole told the 
National Association of Wheat 
Growers* annual conference. 

Mr. Bob Bergland. the U.S. 
Agriculture Secretary, and Mr. 
Finn Olav Gnndelacb the EEC 
Agriculture Commissioner, ap- 
peared to agree at a meeting last 
month to discuss feedgrains in 
parallel with the IWA negotia- 
tions. he said. 

“ There has been no announce- 
ment of what the US. gains from 
this concession to the EEC.” Sen. 
Dole said. “But the disadvan- 
tages are quite apparent It 
seems this Administration is 
dedicated first of ail to inter- 
national commodity agreements 
at any price.” 

The UJS. had been seeking 
access to the EEC for its feed- 
grains in the Multilateral Trade 
Negotiations in Geneva. With 
the U.S. capitulating by includ- 
ing feedgrains with negotiations 
of a new wheat agreement in 
Geneva “I fear thar US. agri- 
culture will gain practically 
nothing from these GATT nego- 
tiations.” he said. 

The result would be the same 
as in 1987. when U.S. Agriculture 
was short-changed in the 
Kennedy Round of the GATT 
negotiations. 

Reuter 


SUGAR MARKET 


Brazil seeks solace 


in alcohol 


JLY. JOHN EDWARDS, RECENTLY IN SAO PAULO 


ONE COUNTRY which should 
be most concerned with the 
success or failure of the new 
International Sugar Agreement 
which came into force provision- 
ally on January 1 is Brazil. 

It is not generally realised that 
Brazil is the world’s second 
biggest sugar, producer, after the 
Soviet Union. In 1973 and 1974 
it was the biggest supplier to 
the so-called “free" market* 
which the new International 
Agreement is supposed to 
control. 

Cuba is a bigger exporter 
overall, including the special 
arrangements with the Soviet 
Union, because it has a much 
smaller domestic market than 
Brazil. 

Australia ton has expanded its 
exports to the free market in 
recent years, following the loss 
of its sales to Britain under 
the Commonwealth Sugar Agree- 
ment. 

But Brazil, os one of the “big 
three ” world sugar exporters, 
was allocated the same quota of 
2.35m- tonnes under the new 
agreement as Australia, just 
short of the Cuban quota of 
2.5m. tonnes. 

Brazilian production of cane 
sugar has accelerated rapidly in 
the past ten years. Output this 
season is forecast at more, than 
8.5m. toones compared with 4.3m. 
tonnes in 1968 and 7.6m. tonnes 
in 1976-77. There is tittle doubt 
that the country could become 
the world’s* biggest producer 
given enough price Incentive. 

The fall in world sugar prices 
to below the cost of production 
in Brazil and the consequent 
loss in valuable export earnings 
has meant at least a temporary 
bait to the expansion of produc- 
tion. 

The Institute de Acucar e do 
AlcooL which control Brazilian 
sugar exports and marketing, is 
estimated to have lost about 
$200m. last year as a result of 
having -to export sugar at well 
below the minimum price 
guaranteed to growers. 

Consequently it is not putting 
back into the industry the funds 
previously available for produc- 
tion expansion. 

Nevertheless there is no move 
to cut output, and no great alarm 
about the future as might have 
been expected in view of the 
huge surplus of supplies which 
threatens to keep world sugar 
prices depressed Cor some time, 
despite the agreement 

The reason for this lack of 


despair is that Brazil is confident 
It found a viable alternative 
outlet for its surplus sugar pro- 
duction. in vh.it could prove to 
be a valuable import saving 
product — alcohol for mixing 
with oil in manufacturing petrol 
for cars. It is estimated (hat up 
to 20 per cent, of alcohol cart 
be incorporated into petrol with- 


THE EEC requested the Inters 
national Sugar Council meet- 
ing in London yesterday to 
accord It observer status lu 
future meetings of the coun- 
cil. reports Reuter. 

In a statement to the coun- 
cil the EEC said its interest 
In joining the Agreement 
remains active. The timing 
and context of its joining the 
Agreement through negotia- 
tion of special conditions of 
membership arc still under 
consideration. 



out any modification in car 
engines.* 

It is claimed the ateuhot con- 
tent at this level improves the 
octane rating without increasing 
pollution. 

Research has been done on 
engines which could be totally 
alcohol fuelled. 

In the past turning sugar into 
the measure of last resort since 
it gave a very low and unecon- 
omic return to growers. 

But the steep rise in oil prices 
since 1973 has altered the situa- 
tion considerably. The saving 
in imports of ail— one of the few 
raw materials Brazil has to buy 
from abroad in increasingly large 
quantities — means it is economic- 
ally worthwhile to encourage the 
conversion of sugar into alcohol, 
although a considerable capital 
Investment is required. 

Growers have been guaranteed 
the same rainitntmi price for 
44 litres of alcohol as for a 
80 kilo bag of sucar. 

One snag for the sugar mills, 
however, is that no account is 
taken in this calculation of the 
earnings from by-products 
(alcohol and lecithin) received 
by the mills in normal production 
of sugar. 

This is an important considera- 
tion, particularly at present 


when the mills claim to be h# 
up to S1QU a tonne on sugar p 
duction. ^ . 

With nu funds now tool 
from the Sugar and Alcoi 
Institute for improvements 
production, mechanisation - 
cane culling and various oft 
met hulls of reducing costa a 
be delayed, but the sugar ml 
have to keep producing or 
out of business. 

Under the new agreement 
is expected that Brazil's exp, 
quota in the first year at l« * v 1 
will b c cut by between 1®; j J J V 
per cent- reducing the qattK 1 
which can be -wld abroad^ 
about 1.9m. tonnes. This a 
pares with exports of 
2.5m. tonnes lam year and 
expart total of nearly 3m, flip 
in 1973 before unfavour! 
weather temporarily reduf 
supplies. '] 

The sizeable jump in the U * 

? S crop, after the previous if 
lively disappointing years, met ., 

Brazil will have a larger urni-M 
available to export Just ' 
world market is burdened 
record surplus which will Ine 5 
ably mean export cuts- - 

The target is to ntiso 
manufacturing capacity to __ 
litres a year and to 3ba bbFtt 
19SU. 

With Brazilian domestic' or 
sumption of sugar having riser 
more than Sm. tonnes a yearj 
would mean sugar pTodnri- 
would have la be raised i 
slantially if present export^ 
raw sugar were to be maititihi . 

Many people in the sugar V 
in London consider the Brazty ■ 
plans for alcohol productfat 
this scale to he a pipedream. I 
it does make goad econj* - 
sense in killing two birds y.- 
onc stone — swapping of * as 
sugar surplus for a new indw 
which could save Brazil 'll ‘ 
amounts of the valuable ton 
currency being spent on,"- 
imports. ' 

The problem is whether--: 
new alcohol projects caa - 
alFordcd, and put into operit,. 
in time — before tbo sugar sux“ 
circle turns again into short 

Once sugar prices rise agal- •' 
may be difficult to ensure t~ 
the new alcohol-producing a- 
receive sufficient supplies.!, 
more attractive return cant 
made from the sugar market. 

Nevertheless it is a const* 
thought for the hard-hit Brazl 
sugar producers to see at 1» 
some prospect of better tr 
with a big new outlet opening 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


COPPER — Easier although forward 
metal was Initially steady at 0570. Fears 
that stops might be touched off on Com ex 
led 'o uneasines and the price drifted to 
IGM. The stops were touched off on 
Cora ex oat the fall was not as sharp as 
had been expected. Indeed Comes rose 
on news of a U.S. copper producer's 
approach to the International Trade Com- 
mission for la rill protection. London re- 
mained sluggish, rising to £W7 and 
closing on the Kerb ai IMG. Turnover: 
14.400 tonnes. 

Amalgamated Metal Trading reported 

r.iii. + or. ' “p.m. tf+ur 
Oftit-uii ' — I L'nn/druif , — 


that in the morning cash wirebars traded 
at £851.5. three months £667. 68, S3 j, 63. 
64. 84.5. cathodes, cash £641. Kerb: 
Wirebars. cash £651. three months £664 3. 
64. KL5. Afternoon: Wirebars. casb £633. 
three months £663. 63.5, 66. 06.5. 67. 86.5. 
66. 63 3. Kelt: Wirebars. three months 
£887. 66; 

TIN— Gained ground after a quiet start 
when forward metal slipped .ITom E6.1S0 
to £8.160. The East was lower overnight. 
Bui bear covering and consumer interest 
emerged In the London mutter. The bear 
covering continued throughout the day 
with some U.S. physical business in the 
afternoon, luting the price to £6.390 and 


CUITKlt. 


I a. m. i+ or! p.m. r+wr 

T/.V | Official ( — I L'noflteraf [ — 


, £ . X ' £ | £ 

Wire barn 

651 2 -8.75 653-5-3.5 -5.75 

Sunlit It*.. 664.5-5 — 0J6 665.5-6 7 

Spttl’m'nt 652 8.5 — | 

Cathodes 

I’mh. 641. .5 -8.25 

p inmith-.. 653.5 4.5-9-25 
Scrxl'm'iu 641.5 , — 6.5 
L.S. Suit.. — i 


Hied Grade £ • £ £ I £ 

Cwfli ; 6330-5 [-10 1 6300-5 +77.5 

A month*.; 6233-45 '-2.6,6290-300 + 60 


a dose OR the Kerb of £&2S0 r Turnover: 
1,240 tonnes. 

Morning: Standard, three months 

£8.200. £8.195. £6.200. 05. 10. 30, 25. 30. 
High Grade, three months £6030. Kerb: 
Standard, three months £6236. 23. 36, 40. 
Afternoon: Standard, three months £6-240. 
so. 60. 78. 80. Kerb: Standard, three 
months £6-290; 85. 80. 

LEAD— Lower, but forward metal 
moved In a narrow range as commission 
boose selling was wen contained by short 
covering and trade baying. Forward 
metal moved between £332 and £334 in 
the morning and between £932 and fi53 a 
hi the afternoon, closing on the Kerb ar 
1353. Turnover: 12.370 tonnes. 

Morning: Ca*h £M&5. 49. 49-5. three 
months £3 32, 53. 32 A 33. 53.5. 54. 54.23. 
Kerb: Three months £354.5. 54. After- 
noon: Three months £333. 52. 52.5. 33. 
53.5. 53225. Kerb: Three months £3335. 


Seuieoi'tli 
Standard 

Cash ' 6230-5 

A iiHintiis. 

Settlem't 

Strain h’..| ;$1679 1-21 
New York; 


6235 


-10 


641.9-2 -75 
654-.5 -8 


60-62.5 




; -10 I 6300-5 ; + 83 
6225 30 i— 10 1 6280-90 .+58.5 
't . 6235 i-10 


I a.in. |+ nr! 
LE.VL1 1 OBI rial I — 

Unofficial | 

;+ «C 

! £ i £ 

£ 


Ca»h ;3«.&-.76-Z£7B 

347-8 

-4£5 

i miinth»_| Sbfr-.S ,-}S J 

3 63- .3 

-4 

SctL'Im’ill 348.75 | — 3 

— 


.N.Y.SprtJ — ! 

■•33-33 



l.G. Index Limited 01-351 3466. Three-month silver 260.0-2G&2 
29 Lamont Road, London SW10 OHS. 


CONTRACTS AND TENDERS 


APPEL D'OFFliES INTERNATIONAL 


CHAMP DE GAZ OFF-SHORE 
DE MISKAR (TUNISIE) 

4 Inggnierie des installations 

de traitement off-shore 

Le groupe etude Miskar, agissant pour le compte 
de la future entite responsable de la realisation 
du projet de developpement du gisement de gaz 
de Miskar, dans le Golfe de Gabes, lance un appel 
d’offres en vue de passer comnumde pour: 

INGENTER1E DES INSTALLATIONS 
DE TRAITEMENT OFF-SHORE 
Les SociStfis d*Ingemerie interessees par cet appel 
d’offres sont invitees k retirer le dossier correspon- 
dent k paitir du mardi 17 janvier 197S a l’adresse 
suivante: 

GROUPE ETUDE MISKAR 
11 Av. KHEREDDINE PACHA -TUNIS 
T61ex 1212S TN 

et ce, moyennant le paiement d'une somme de 
cent cinquante (150) Dinars Tunisiens par dossier 
ou de sa contre valeur en devises Gtrangeres. 

Les propositions relatives & cet appel d’offres 
devront parvenir au plus tard 
le mardi 28 ffivrier 1978 5 17 heures. 


SILYEH 

per 

troy m. 

Bullion 
fix Inf! 
pnclne 

‘t. 0 * 

LAI.E. 

dose 


Spot 

iiniomlls_ 
> mouth,.. 
2 room hr. 

253. 2p 

262. Ip 

266.5 p 
e?6.2p 

-O.fri 257. 15p 
-0.51 261.15p 
M)-4j - 

-0.4{ - 

■— U 
— 1J9 


WEEKLY COMMODITY CHARTS 

NOW INCLUDE FRIDAY'S 
CLOSING PRICES-LONDON AND 
NEW YORK— EVERY MONDAY 
MORNING 

Pfeasesendfreecopresto: 



Name 

Address. 


EUROCHARTS INFORMATION SERVICE 
15-19 Fish Street Hill, 

London EC3R 6 BY. 


Tel: 01-283 2298 
Telec 887954 


ZINC— Little changed tn a market lack- 
ing fresh features. Forward metal re- 
mained between £278 and £278-5 through- 
out the day. and closed on the Kerb ar 
£275.5. Turnover: 6.590 tonnes. 

Morning: Cash £269. three months £274. 
73. TaJj, 78. 7S.3. Kerb: Three months 
£273. Afternoon: Three months £2755. 
78.5. 78. Kerb: Three months £276, 7iS_ 


changes there was good short-covering 
interest in a thin market and initial losses 
were Quickly erased. The market 
remained steady, dosing on old crop 
wheat 20-65 points higher in steady bat 
featureless trading. Barley in tbfe after- 
noon saw large-scale commercial short- 
covering and closed 55-70 points, higher. 
New cm pa remained steady tn thin 
conditions, reports Adi. 

IN PORTED— Wheat: CVTBS No; 1. 13} 
per cent.. Jan. 53.50. Feb. and: March 
83 £5 Tilbury, UJS. Dark Northern Spring 
No. 2. 14 per cenL, Jan- 80.56, Feb. 8L06, 
March 81 -56 transhipment East Coast. 
U.S. Hard Winter unquoted. Australian 
wheat unquoted. EEC whear unquoted. 

Maize: U.S^French Jan. 8300. Feb. and 
March 1 00.00 transhipment East Coast. 
S. A mean grades unquoted. 

Barter: Unmiotcd. 

EEC IMPORT LEVIES— Effective to-dav 
in order current levy plus Feb- Match 
and April ore ml urns, with previous in 
brackets, all to units of account a tonne: 
Common wheat— 86.61. nIL tuL nil <SaL25. 
Dll. nil. nil): durum wheat— 117.64. ML 
nil. nil 'samei: Rye— 74.00. nIL nil, nil 
t siime i: Barter— 77.33, nth ml. nil (same): 
Oats— <66.90. oil. nil, nil (samel: Maize 
(other than hybrid for seeding/— 78.88, 
nil. ML nQ < samei: Bndtwbaal AD nil; 
Millet— 7Z.44, mL nil. Ml (samel; Crain 
sortilt inn — TB-Sl. mi. nil, all (same). 
Flour: Wheat or mixed wheat and rye— 
132.74 (130 £4): Rye— 113.46 (UA37). 


JUTE 


DUNDEE— Firm and few offers being 
made. Prices for afloat Jute: BWC £268. 
BWD £232. Tossjl- BTC £260. BTD £S32. 
Calcutta dosed but prices reported tn 
be notninaUy unchanged. Yarns and doth 
quiet but prices very Am. 


SUGAR 


LONDON DAILY PRICE for raw sugar 
£112 f samel a tonne dJ for Jan.-Feb. ship- 
ment. White sugar daily price was fixed 
at 013 <0141. 

Good brain* Iran one Quarter lifted 
prices about lOO poiJiU at one stage. 
ProfiMaktng developed Infer which pared 
half the gains by the dose, reports C 
Czanukow. 


Indoor 1.W-1.T0. Cabbage— per 4-bag Prtmo 
0.70. Cauimswera— Per 12 Kent 2.70. 

Beetmts— Per 28-lb 0.70. Carrots— Per 
bag 28-lb 0.50-0.80. Onions — Per 56-lb 

1.00-1.40. Cclary— Naked to* 0^0. IBs 

1.S0. Swedes— Per bag. Devon 0.454.50. 
Apples— Per pound. Derby 0.10-0.12. Cos's 
0.16-0.25. Brantleys OlI 1-0.26. Pears— Per 
pound. Conference 0.14-0.17. Cornice 0.16- 
0.18. Sprouts— Per pound 0.05. 

COTTON— Live-pool— Spot and shipment 
sales amounted to 395 tonnes. tH-iUKin* 
tbe tola] for the week bo rar to 845 
tomes, reports F. W. TatrersalL Rusi- 
ness in the raw cotton market remained 
fairly active, attention was moused on 
Middle Eastern descriptions but buying 
support was also evident tn East African 
growths. 


PRICE CHANGES 


Prices per tonne unless otherwise 
stated. 


; Jan. 17 Vonth 
'. 1976 - n K u 


U.S. Markets 


Dlipt 1 

Pra. lYertentay’* Frerioui 
Cumin. 1 CIuk Ulnae 

Biwinen 

Doaa 

Conn. I ! 



£ per tonne 
March.. 120.G0-20.75jl1iLB5-18.76|121.1Q-lfl.50 

iUv ! I25.7B4SJM 126.15-ajKISa J0-86.IW 

Auir. .... -I29J® §a«H 129.45-28 Jff 129.70-20.00 

151.25-51.58)153.00-51-26 

154 JW-54. 15hB6 -00-34.50 
187.80-37 JO;1«8JWBJO 


UW '162. bO-62. 55 [ 

Dec. ...... H4-BB~55JM| 

March..: ISO -Sa-88.761 
May_...[ 141 .MM1.25 il 4tU0-W.7Bh41 ,70-41 JZ5 


Indian jiite 
industry 
study planned 


COFFEE 


7.1 SV 


a. m. 1 + i P-m 
Official [ — ' Unofficial' 




! £ I £ I £ j £ 

Last , 26BL3-9 -.625 270-.5 i— .23 

5ii«Mihs..| B75>..5 -.5 j 875.5-6 1-1.5 

S'itimI ! 269 —.5 — 

Prm.lVnt] — I 30.D-31 i 


Robusus were strong in the force of 
more dealer short-covering, reports 
D revel Burnham Lambert. Tbe January 
post don was especially strong, reflecting 
anxiety over the large open interest. In 
the afternoon, however, the muter suf- 
fered a reversal as New York failed tn 
strengthen. At the duse values were at 
the lows. 30 (nwer on the day- 


Sales: not available IL139) lota of 
2 rminew- 

Tate and Llye ex-refinery price for 
granulated basis white sugar was £213.40 
(same) a tonne for borne trade and 
£177 (same) for export. 


WOOL FUTURES 


■ Cents per pound, t Op previous 
unofficial close, i SM per picnL 


COFFEE 


j Yester, lay's 

I'kne ; -f- ur 


LONDON— Dull and featureless, reports 
Bache. 

i Pence per kilo) 


|£iwr tonne I 


Bmrtnm 

Done 


SILVER 


Silver was fixed 0.4p an ounce lower 
(or soot delivery in the London bullion 
market yesterday, at 258.2p. U.S. cent 
equivalents of the fixing levels were: 
spot 498.5c, down 2.2c: three-month 585.5c. 
down 1.9c: sts-moMb 315.2c. down 2.1c: 
and 12-mo nth 534.7c. down 2.2c. The 
metal opened at -25S-259p <4374-43810 and 
dosed at 256J3-2S7.8P (4B4M96C). 


January 2020 8021 !— 02.0:2045 2020 

March ; 1830 1831 -JJLO. iB54-iB2S 

May [1740-1745 ' — SESjD! 1770-1755 


July 

September .. 
November - 
January 


11691 1698 -24.5! 1723-1690 
1640 1655 —55.0 1685 

lb 10-1635 I — 52.5] — 

1580-1600 -60.0 - 


Australian 
(; reu.v Wool 

leslenta) 

Close 

+ -l 

Business 

Dune 

March 

235.0-40.0 

1 

— 

July 


‘ 



October 

December... 

Z5BJM5.0 

238.0.42.0 

Z4BJM3J1 

-i.a 


May 

242.0-47.0 



Julv ... ..... 

242.0-47 .IJ 


— 


LME— Turnover 69 (1141 biu of 10.000 
ounces. Morning: Three months 203JL 
5.4. — . 2. lA 1.9. Kerbs: Three mom Ire 
261-9. I.S. l.G. .tho noon: Three mnnrhs 
261. 7 LI, 1.2. 1.1. 1.X 1.1. Kerbs; Three 
months 261.5. t.4, 1.3. 12. 


COCOA 


Sales: 2.063 <3.4«9i lots of 3 tonnes. 

ICO ladles ter prices for Jan. IS (ELS. 
cents per pound): Colombian Mild 

Arabics® S83JM (207 Ja}; . unwashed 

Arabicaa 219.00 (same): other mUd 

Arabian 2 009 imssi: Rabatras 1 79 JO 
(ITS. 00). Dally average I93.V2 flWJB). 

LONDON ARABICA COFFEE— Ex- 
tremely (ruler and interest once more 
confined to local dealers. At the rinse 
values were unchanged to *1 lower a 
50-kllo bag. repons Drezel Burnham 
Lambert. PRICES iln order buyer, seller, 
change, business) <s per 50 kUosi: April 
I33.0O-Z3.S0. 1.39. 2J4.0iK3.0th Juno 288.73- 
10.00, L15. 210.5049.65; Aug. 5ffL2Mk25, 
1.62, 204.00-03.53; 0 cL 19L50-93.00. 1-65- 
1S4.2O-O3.G0; Dec. 182.7553 JO. LOG,. 184.20- 
33.20; Feb. 1TO.<W-$0.00. 3.30. nIL Sates: 
111 12111 lots ol 17.250 Kilos. 


Sales: ND (same) tats of 1.500 fcflra. 

5 YD KEY GREASY— Close i In order 
borer, seller, business sales) — Micron 
embrace— March mi .3864. 337.tKO*2. 
70: May MLS, 342.0. 343*3424. 47; July 
349.0. 348.5. EC.M4U 38; Oct- S31-D. 3SL8 
K2.S-35L0. u: Dec. 35A5. 337.0, 35SJ^56A, 
144 March SSLS 302.0. 3Q2S-382.9, 10: 
May 363 j. 363J 385.0-384.0. 6; July 355.6. 
8^8. 36B.0-385J, *- Total sales: Z13. 


MEAT/VEGETABLES 


RUBBER 


Ye*ienl*v’» +or | Biislmrur 
fi H'i.iA Cl>«e — fluiie 


\»J> U'mr't . 

IlHn-li 1 689.5- 90.0 --12.25 1E90.0-74X 

Mac 1674. 6-7S.il --J.PO 1677.0-hO.U 

Julv 195o.0.a7.0 : toa7 .0-25.0 

<e[d f5fr.if-2fl.fl ,-i.OO J6I8JM10 

Dm- l464.0.BLa -2.B0 14K.B-75.D 

Mnn-h 1450.0-66.Q -7.75 1470.0- 95. S 

May 144J.U.M.0 -—1.00)1440.0 


SLIGHTLY EASIER Opening on the 
London physical market. Little 1 Merest at 
higher levels and the market dosed dulL 
Lewis and Peai reported that Malaysian 
pod own price was U02 i204i cents a kilo 
•buver, Keh.i. 


V11. 1 [Yeetenlay’s J’ruriuus 

Bnsinras 

II. ] cliMe • vlnsa 

ilnno 


Sales: .njfiW t3.4l9i lots of 10 tonnes, 
lutcrnetfonal Cocoa OrsaiHsaUon (UjS. 
corns per pound)— Daily price for Jan. 18; 
137.14 (Uffl.BDl. Indicator prices Jan. 17: 
lo-day average 159.33 <13968;; 22-day 
average 141.70 fl42J!3J. 




GRAINS 


Feb 

Msn.'b 

Apr-Jnel 

Jljr-SoiiJ 

Oct Dee 

Jsn-Mr.l 

Apr-Jne 

Jl.c-Sap. 

Oct-Dee] 


4B.i5-4B.4Q 
48.75J18.8Q 
50.00-50. IQ! 
61.B0-b1.5Q 
53.i5-S3.4Q; 
54.9064.95 
66.4JL6B.BQ 
57J0J7.Bfil 
59.20-59.401 


<9J5-49Ja 
46.50-60 JB! 
50.00.50-85; 
B2.fitL52.BQj 
64J1544.1r 
66-BQ-&6 
B7JHL57 . 
58.7848^01 
GO- 1 


4B.8M0.3S 

49.05-48.75 

Sfi^D-50.10 

6Z.50-51J5 

55.9U3J5 

&&-Z064.85 

5fi.70-SS.B5 

SB.VU7M 


WHEAT 


BARLEY 


[Yesterday’ij + or YasMttlsy'd 4- or 
JTntb i-low [ — ■lose — 


Jan. i 
MBr. | 
May 1 
'«‘|.lf. 1 
Xm. ■ 


83JDO 
84.55 
86. SO 
82.40 
84.70 


+0^01 
! +-0.851 
> 0 . 86 ! 


-0.10’ 


71.60 
73.00 
7 a. ida 
7B.90 
79.25 


I+0.7Q 
1+0.60 
1 + 0.65 
i+O.OS 


Sales: 2U (290) lots of 15 tonnes and 22 
uoi at 3 tonnes. Physics) dosing prices 
(buyers) were: spot 4Sp (4&5): Feb. 
43.5P (48.4): March 48 ip (49.41. 


SOYABEAN MEAL 


‘Y«Ment\« +ut : Hurinesa 
Ow -- I Mom 1 


Huxinch done— Whaat: Jan <3 08-Sj.fij, 
March M.6Q4B.93. May SG.55%45.3j. ik-pi. 
S2.-W-ICJW. Not. !rt.6n-S4M. Salet: 125. 
Barley: ijn. 7t^fi-Tn oa. March nj. 00-75. m. 
May 75.10-74.75. Sep'. 77 00-78.70. Nnv. 
7B 75-79.25. Sab-4! 109. 

CRAIN FUTURES fOAFT.-tl— Tin* 

market nponed tin chanced on wheat and 
in points lower on barley. In early ex- 


.Ujicrii.inne 

r cliruNn .... IQa.DU.EB-a —4.45- 1 11.00-08.00 

April I0fl.2il415.4- 4.45-1 10 JftJSJJO 

J uih- 100.6-1-067 — 3.5QM 10.Sh-U840 

Aujuvl 107.lu.ti7 x B5 1 IQ M- 08.0(1 

»>• l-lwr 1 0 7. 60 418. Q — 1.70! 108.54-07^0 

|)««niiwr.,..' 107.80-08.5- 1,53 1Q8.0O-07.S0 
KrtiHmrj,. ..! 107.60. 10,5 — 1.75! — _ _ 

Sales: 238 (87) (ou of'lOO tfl Mies. "~ 


SMITH FIELD— No Prices available be- 
cause of Industrial dispute. 

MEAT COMMISSION— Average fabtbefc 
prices ai repreaemadve mutets on 
January 17. GB— Carrie SSATp a- tec. l.w. 
(+0.62). UJC — Sheep 127 Ai a kg. 63L 
d.c.w. (+1.91. CB— Pigs S7.9p a kg. Iw 
i+Ofii. England and Wales— Cattle down 
10-0 per cent., average price 59.53 d 
( + 8-£3i. Sheep down 10.O per cent.. 
average price 12SJo (+2.31. Pigs down 
11.5 per cent., average price 57.sp (+0Jti. 

Scotland— Catlie up 10 per cenL. 
average price SOJNp 1 +0-$S). Sheep down 
32 per cent-, average once 120 . Id 
I- 5.IH. Pigs up 9.7 per cent., average 
price 5B.4p «— 1A). 

COVE NT CARDEN fin sterling a 
package unless otherwise stated!: 
imported produce — Oranges— SpaMa: 
Navulpus 2jb5.j0 Navels 2J8-2JW: 
Creek: l.Gb-2.00: Jaffa; 3U5M-85; Cyprus: 
Ovals sddtox. 16 kilos 54>'?0*a 3.Q0--120: 
Moroccans: 2 JO. Lemons— Italian; IN/120 
330-3.60: Cyprus: 3,20-4.50. Grapefruit— 
Cyprus: IS kilos 20 kilos 2J90- 

3JMk Jaffa- 20 kilos 2^0-3.50. Soars— 
Scania Approx. 404b 5. SO. Oertentim*— 
Moroccan: 3.00. S atn r m a» - S patda; SUM- 
250. Apples— French: 404b Cranny Smith 
8.30-7.50. Golden Dolletoos tAOSSO: 204b 
72/110 Granny Smith L34M.M, Golden 
DeHrions S.«L3.2fl. Stark Crimson sjo. 
jumble pack . per pound. Golden Delicious 
0.10-6.13: Italian; Golden Delirious 0.12: 
u.S.: Rod DfiUrions 9.60-9-50: Hungarian; 
Rod Drilclous T.OO-7JQ. Grapes— Spanish: 
Almorta 2.00-300: Californian: Red 

Emperor per pound 0.40: S- African: 
Queen of Vineyard 7.00. Bananns— 
Jamaican: Per pound 0 18. Tomatoes— 
Per G kilos. Canary; IJM-3.IHJ: Spanish 
Mainland: D.iD-ljO. Capsicums— Canary: 
Per 13-lb 350: Israeli: 12-lb 2,58: Senegal- 
G klloR 2.50. CBeumberr— Canary: l /a. 

2.20 OnlaiK— Spanish: sjmks.W. Cauil- 
nawer«— jersey: 5 Oit-SJO: French: S.30. 
PotaUMS— Italian' 20 lb 2.70: Canarv; 

25 trlkri 6.80. Celery — S Danish: 24's 3J6-4.00. 

English praduce— Pouires— Per Sfl-lh 
Whites/ Reds uo-i^o, Lattu«— Per 12, 


CALCUTTA, Jan. 17. 
THE INDIAN Government plans 
to make an in-depth study of 
the jute Industry in an effort to 
find a long-term solution to its 
problems, Mr. George Fernandez, 
Union Minister for Industries, 
said here. 

After a meeting with repre- 
sentatives of the West Bengal 
Government, central trade 
unions, the Jute Corporation of 
India and the Indian Jute Mills 
Association, he said the JCI must 
act to prevent speculation in 
jute. 

According to Government esti- 
mates there is enough jute avail- 
able for tbe mills to operate, 
and “I do not believe there is 
any need for the import of the 
fibre," he said. 

In Geneva meanwhile, jute 
producing 'and consuming coun- 
tries have started a one-week 
meeting in an effort to draft out- 
lines of an international agree- 
ment 

The UN Committee on Trade 
ana Development, which is 
organising the meeting, said 
the inter-governmental working 
group meeting would also explore 
the prospects for agreement on 
an international jute buffer stock 
to help stabilise prices. 

The group, which will hold 
another session from February 
27 to March 3. will also consider 
ways of reducing costs of pro- 
ducing jute and jute goods in 
the race of growing competition 
from synthetics. 

Reuter 


S.E. Asian 
buyers for 


Thai rice 


BANGKOK, Jan. 17. 
THREE COUNTRIES of the 
Association of South-East Asian 
Nations (ASEAN) are interested 
in buying 870,000 tonnes of rice 
from Thailand this year, accord- 
ing to Mr, Danai Tulalampha. 
deputy director-general of the 
foreign trade department. 

The interest in Thai rice was 
expressed at the second meet- 
ing of the ASEAN group on rice 
which took place here last week 
to discuss the rice supply and 
demand situation in member 
countries— Malaysia. Singapore 
Indonesia, The Philippines and 
Thailand. 

Reuter 


Matal# 

Aiuiiilnhiin £680 ........ C68Q 

Free Market torii &980- 10 i 650-70 

Coppercub W. B»rn£653 -5.7&LB82 

A ranatljs da, da XSS5J75 —7.0 : £696.7fi 

Caah Qubode— |ji64l.7S —7.5 '£67 1.5 

A month* do. da :E654.25 — 0.0 £686.25 

ttakl JYwV ut. ,8172.8 75,— 2.3 S 158.B25 

Lead IC347.5 — 4J6£366^5 

i month*...... £3 53. 26 —4.0 i £270. 5 76 

Xli-nei : — I — 

Free Martel (tfn...a 179-2.tr -51.70 0-2 


Platinum tn-y w.. £96 £88.5 

Free Market £102.25 -1.0 £94 

yulcUilver I7fflb.l. 8130^6: 125-30 

Silver Troy <v B58.2p I-.-0.4 |246J9p 

5 numtlis...... j262.1i> —0.6 >25Q.7ii 

Tin Creh;.„ £6,502.5 : + Q0.O-fiB.65O 


A rnontba. £5.285 +S6.»£6.395 

Wnl{ram3Zj0lb.«clf,S 188-17* 188-78 


Zinc cash. j£270.25f— (L2S&289.25 

A rnontlu £275.75 -1^ ;E285.625 

Pnxlueere...— . — >9600 |S600 

Ofla l 

Uwnrat fPhil). — I6547^ri— 17J.654S 


>p —1 

Groundnut- £609 +8.0 :SS97 


rinaesi Cnidefri-lS260 ! j3253 

Palm Malayan 5602m I— 5.0 ‘8490 


Seeds i ! 

Copra Phillip 'S38Qy ’—7.5 .3387.5 

SoiaUean |L.S.)....:S041( [ S246.4 


Grains ’ 

Barle>- EEC I • j 

Home Future* .. £71.6 f + 0.7 £70.45 

Mai« ! , 

French So .A Aui £98 ! £94 

Wheat I 

No. I lied Spring £83.5 .—1.0 £89.25 

NaJiLHanlWiinei ; i ; 

tiOKUab Mil linn-: ‘£95. 60 m £91.25 


Cocoa dhlpioeai.... £1,75S 1—14.0 - 

Future Jtay .£1.574.5 -3.5 £1.854 


Coffee Fututvn... 

March (£ 1 . 830.6 — 12 . 0 . £ 1 . 7 17.5 

Cotton -A* Index... | 64.1 t - +0.05 60.3 
s43? ^ 


JuteU AHU— ... 


Kabber kilo. 1 ‘48p 

«5I 


dfsal £ BA3L- 1 SB 6 O./O: 3560.70 

ffjbllog 64v k iki...; 267p ! 272 p 

Nominal, t Unearned, a Seller's Quota- 
tion. c Cents a Do and. v Ex-tank Lmdoo- 
Hnfl. m Feb. p Jan.-Keb. r Dec.-Feb 
* % b ‘“ ar - J March- AnriL n Fcb.-AprlL 
w March, y JstL-SI arch, x Per ton. 


FINANCIAL TIMES 

■Ion, 17j~ Jon. iV'Uonfii opt. Year ngu 


232^7 1234.80 j 837. 47 ! 236.63 
(Base: iuly I. iBS3a'inoi 


REUTER'S 

'JiiCTl?: ‘Jan7 W M«mir «Boj” Year"ii»i’ 
1415.2 (1423.7 1415.6~f 160Ll" 


1415.6 ! 

(Bate: Snntemhri IK IfttismQ) 


DOW JONES 


niii 1 Jau.~ 
■Iiint.'s 1 17 


Jan. : Uiuith> Y^«r" 
In I ! Hsu 


Spot ....347.57349. 36.363. 18382.79 
Fill ore»336.87;338. 68423 44 375.27 


(Avenuu* I K14- 25-28= 100) 

MOODY* 5 

Jan. | Jno. jMniiui 


Handy' 


17 16 


{ *KP 


Yew 

OfiU 


3pta C'tomnuy]899. 9 895.7886^ 1878. 1 

/December six. 1831=1 m7 


VEGETABLE OILS 


PALM Oil— Unden, Closlni!: Jen. un- 
bunted, Feb. 27U.05-aW.iH). March 270.00- 
S0.Q5. AnriL Mu-. June. July. Ausuat and 
SUM. 260.00-270.00. Sales ■ NU. 


GRIMSBY FISH — Supply poor and de- 
mand goad. Prirc-s .1 stone 41 shin t vine 
iniinnKY&a-di: Shell end U.M-Hinfl rod 
llnpa FJ. SO- £4.40, lar»- hJtlrtock 14 \0-£3 .-n 
medium haddock £4.A)-f4.jd. <nna!l tud- 
dock CUft-£LW. wedtum plunv (4 -9 
best small plaice EL 75. eiiiniunl doullvh 
Marae) £7,40, tncdlwm IE. 00, aollhe £2.40- 
0.41. 


NEW YORK. Jan. 
Cmm— lfjnii (40. rtf < I-tt.I.i I, 

125JJ (FILLS). July 124.00. MW. t 
D ec. IISLIS, March Ilu.7J. SUj f 
Sak-o: 1.0OS lots. 

Ceflbe— - C " Contract : March 

r;0I2^>. May 133.21 il37.»i. Julv 
Sept. 170.00-171 .UO. Dec. liLiki- 
Manh 133.00 a:Ai-d. May unq 
Salcx: 3M) luis. 

■ Copper— Jan. 5S.70 (SF..*iHi. FVh. 

. 155.701. March 39J0. Maj fiO.ju. 

61.20. Sept. 62.10. Dec. tB.30. Jan. 
March 64.90. May 65.80. July Ut>.7ft 
UT.fiO. Sales: 3.800 tala. 

M Cotton — ; No, 2: March jj.15-5J.2ii •: 

May SUJ2.56J3 « 36.421. Julv J7.38- 
Ocl. 5S.7O-S8.40. Dec. 5S.B0 bid. 1 
30.65-3BJO. M.U tiO.Ofr4X.75. ! 
330.000 bales. 

M*Gold— Jan. 173.40 H75.fi0i, Feb. 

1 1762201. March 175.18. April 176.W, 
179.00. Aug. 151.50, Oct. 154 Oti. 

1S0.OU, Feb. lgl.30. April IKLOA 

134.50. A us. 197. till. Oct. 20U.40, ! 
112100 iOiv 

tLard— Chicasn loose 21.00 i20-5U>. 

York prime- ueaw 22 jfl traded 
traded'. 

tMalzc — March 222-221? 
ff2frC2fl| (5-G3>. July 2571-227, SepL 
Dec. 2251-278. March 2331. _ 

IPailum— April 203JMKIXN r2i 
July 207.30 1203^01. Oct HL00, 
214.150-214.80. Apnl 218JM1SJD. I 
820 (ora. 

GSlhrcr— Jan. 493.40 I4M.101, Feb. 
iJOMOi. March 4BSM. May 
311.70. Sept. SUL SO. Sec. SM.20. 

532. 50, March 539.90. May S17.«. 

334.20. Sept. 561.40. Sales: U.080 
Handy and llarman spot ..bullion 

■ 496,30'. 

Soyabeans — Jaa'. 555 ( 379 S'. Slarri 
502; i3Stil 1. MOV 568 1-378. July 7 r. 
\ua. 572-574. Sept. 561. Nov. U 
Jan. .BUS 

liSoyabean Meal— Jan. IJS- 00 " 
■136.50L March 1J1JMC1J0 (137J01. 

1 34.50-1 53. oa July . 13S.W-U7_i>, ;• 

15S.00-159.00, SepL 1 53 JO. Oct. 

Dec. 137.50. . _ . - 

Soyabean oil— Jan. lfl.90 '2U.J5*. 1 
20.UU-1B.B7 120.64). May 20.10. Johf 
2U210. A HE. 2IL20, St-pf. !>-&• UCt- 
19.33. Dec. IV JO. Jon. 18^M9.'JQ. 

Sugar— , Yu. U; march 9.46-9-4S 
May 9JJQ.B.SS <9.711. July I'M*. . 
i02?4. on. 10.36. Jan. i0.80-io.nr. 
ULSd-iOAQ, May UJ3-11.U. Sates * 
kit*. _ 

Tin— NM available I3KJU4M a 

**«MMi-M<ireh 8T0M71 SW*. . 

2779-2773 (2731*, July 2341, Sept. Wl* 

301 4-301. March 909J-31M- 
W1NNLPEG, Jan. 17. ffRter-S** J 1 - 
I'lOSJMM, Jul> 106.90 bid (IM.» * 

Oct. 106.30 asked. Nov. lO&JO rate 
ttOMa—sfajr 74 JO Wd («.«'■ 

(732(0 aritedi, Oct. 78.00 aited. 

XBarlo— May 77.0# (77J4*. Jg 
asked <78.19 asked). OOL 7f» M 
JlFlaxsccd— May 2l»iQ W 
July 2U210 hid <214.40 anted i; Off. 
asked. Nor. ”18.90 anted. 

Wtrew-SCWRS 13.5 per «ol b 
rontent cif si. l.awrcni-c 393i 
All wnta per pound cteWBrj 
unions Ditx<rwt:4- stated. *» B w ! 
miner— 1Q0 miner tats. tCWraku 

Ss nor mo Un;.— Dept, or as. onee 

vjnus day. prime Si ram f.o-fc-NJ 
tank cars. ; tlnita per 35 U* 1 lH ?5 
warehouse. 5.IW0 bushel loU- 
tr.iy uumv Tur SO ounm.- untu> " 
tent, purtiy dilm-rrd NY. 
iny "unce ec-w-archoiuc. K hew 

romraci m te a shun wn tor, 
nr too short tun*, tk-Uvrtvd MJ) 
I'lUiaiBo. Tuied o. Si. I .rails M® 

Ont- per sg lb. hushcl ro 
i> rents per 24 |h, h^fiei. 

4s ih. bushel rs-waruhoiise. H CJ8 
56 lb. bushel, cx- warehouse., * ™ 
lots. 


Australian 
meat exports 
record 


SYDNEY, J«>. 
AUSTRALIAN MEAT « 
reached a record-.996^80 0 
last year, the 'Australia 0 : 
Board said to*day. 

Mr. Geoff Jones, chairm. 
the Board, said: the fl£ 
which compared with the 
record of S33JJ6Z tonnes - 
due mostly to .the .record /. 
tonnes or beef antf.vcal esp- 
AP-Dow Jones - 


Ivj'liii'liSBfi 





25 




Financial l^niw Wednesday Januaiy t8 1978 



Wednesday January 18 1978 




i . 



Industry 


Britain is one of the relatively few countries allowing fruit 
machines to be widely used and the introduction of electronics 
has transformed the traditional amusement arcade. 


,t the 
ress 


attitudes of successive Govern- 
ments have is fact helped to 
five Britain a relatively healthy 
amuseaneaat industry.. 

" Britain, is still one of. the rela- 
tively few : countries in the 
world which allows . fruit 
machines to be widely used. 

f The rewards to the. players, may 

t-j be limited when the, machines 

are used in public places and 
the whole business is very care- 
fully policed, but the nitt-result 
is that the British industry has 
a firm domestic base, from 

■ , which to operate. It has, for 

sOME degree it is the hum- example, enabled Bell Fruit (a 
•t everyone loves to hate; The Cope ' Alhnan subsidiary) to 
• •ir whose club relies for its claim to be second only to 
dity on the fruit machine American giant Bally in the 
he bar will rare!* have a ^machine basinest/and to 
' . i .. be determined to catch np. 

.. word to say for it; the 


utton 


Jer whose child plays an 
: orate television game will 


It also means that the - British 
industry is singularly \ well 
placed to take advantage of 


- w“« is 


..gone jnto it; the teenager 
chooses a record on the 
box will never Know of the 
e, near cut-throat, competi- 
; that lies behind the music, 
yet there is dear evidence 


•“! a 

-le handed 


a substantial expansion irworld 
markets for machines. -,- Several 
American states are Ioo&ening 
their gaming laws - in such a 
way as to admit the ; use of 
- - +>,« Machines, and the same thing is 

the JSSfSSS* happening in Emrope and Other 

hotch ‘ p< SU^; »*«• « «- v v 

come of age-in recent years. A . 

easingly the industry has \^lllXJlIlallOIl r-.~ 

<* JSTiPil* The amusement Jbrasfiuas in . 

r S2S?nn' nflto- $ M'*!® tods its base. ntcourse, 

pment on offer, but also in jg ^ old fairgrounds: ^ Some- . 

management techniques em- w jj ere ai on g the line ipmeone 

■ -introduced an element of one arm and, with 70-80 per 

»-day an impress ive range automation . to. climbing greasy cent of the money going back 
electronic gadgetry (an poles and throwing ’ balls at to the player, not so much a 
irently simple game can coconuts and the am us e ment bandit. Instead the machines 
. over £1,000) is the glitter- industry was bom. are euphemistically ■ called 

.front of house display, b& The . admission, of c fruit AWPs, which means amuse- 
which lies a substantial machines .and electro-mechanics ment with prizes, and change so 
: ider of employment and a changed . the world of -amuse- rapidly in facilities and games 
of high technology. The ments considerably in the 1060s. that they have an active life 
eminent and its agencies To-day the industry does not rarely longer than two years. 
■- not be the most popular or approve of the phrase onearm There is nothing so sad as a 
—>Ie with -the ■amusement^ifc..baadit3^"if^only^because few, .of second hand? AWP. showroom, 
ry at the moment but the the remaining machines have the machines, gathering dust 



This Report was 
written by 
Arthur Sandies 


Amusement machines fromRuffler and Deith. 


and with their bright lights 
dimmed, stand almost despair- 
ing, as if waiting to go to that 
great amusement arcade in the 
sky. 

The phasing out of as much 
mechanical operation as pos- 
sible bas been a top priority 
with the industry for some 
**. Mechanics need far too 
much servicing in this age of 
expensive manpower. _Tn-day. a 
great many APWs and amuse- 


ment-: only machines boast the 
coin; acceptance system as the 
only, mechanical part of their 
anatomy. 

The introduction of electro- 
nics in succession to electro- 
mechanics has produced a situ- 
ation-in which service engineers 
often need not spend the hours 
they, once did in greasy strip- 
ping of equipment on site. Many 
machines- can be serviced - with 
somewhat more ease than the 


average domestic television, 
while back at the central base 
there are much more sophisti- 
cated facilitieis for detailed 
fault correction. A company 
like Associated Leisure, which 
boasts the largest range of hire 
equipment, in the world, is 
able to plug a machine into a 
computer, which will then put 
it through its paces and come 
up with any fault, from light 
bulb to micro-processor, without 


the intervention of human hand. 

These strange new devices 
have transformed the traditional 
amusement arcade, constant 
source of both pleasure and 
abuse. The questionable fringe 
of the arcade business is the 
cross the amusement industry 
has to bear. While the vast 
□umber of arcades simply pro- 
vide innocent resort entertain- 
ment. there are those whose 
location and opening hours seem 
to attract unfortunate business 
and considerable public atten- 
tion. Manufacturers and opera- 
tors seem universally upset by 
the image projected by some 
arcades, or perhaps by the criti- 
cism of these arcades, and the 
British Amusement Catering 
Trades Association members go 
to considerable lengths to keep 
the industry clean. 

BACTA is a surprisingly con- 
stant presence in the industry, 
much more so than is normally 
found. This is probably due to 
the fact that the industry, being 
regarded by Government as part 
of the overall gaming business, 
is under the watchful eye of the 
Gaming Board. Almost every* 
thing the industry does has to 
be done with a glance at the 
Board. However, fears that 
Britain would soon be awash 
with fruit machines once they 
were allowed in pubs and clubs 
seem to have proved totally un- 
justified. In recent years there 
has been scarcely any rise at 
all in the number of machines 
in use and they have contributed 
extensively to the survival of 
many dubs and commerdal 
operations. 


In a couple of weeks' time 
the industry wilt be having its 
annual show at Alexandra 
Palace in North London. It is 
at this show that the industry 
normally displays the goods 
which everyone has been work- 
ing on all winter. In this 
spectacularly fash i oii-co.isciuus 
business, the new models of 
machines are as anxiously 
awaited as any at a motor show. 
Rumours of new lines abound, 
and of companies which have 
failed to produce the right 
equipment for the coming sea- 
son. Arcade operators normally 
use the show for their final 
decision making, placing orders 
for deliver?' in rime for the 
summer season. Club and pub 
operators, however, are in a 
year-round business and norm- 
ally use the show- simply to keep 
themselves briefed on what is 
available. 

Spectacular 

In recent years probably the 
most spectacular thing that has 
happened at the show has been 
the introduction of video games, 
a. mixed 'blessing as far as the 
industry is concerned, thanks 
to their relatively short enter- 
tainment life. Less obvious but 
perhaps more permanent has 
been the growth in popularity 
of pool tables, a bar game which 
has successfully crossed the At- 
lantic. This year the revolution 
is behind the scenes, with more 
and more of those huge glossy 
beasts having works inside 
which could be packed into a 
very small brief-case. 


. ' i" 1 

Making people happy 
is a responsible business 


Associated Leisure is Europe's largest supplier and operator of 
amusement machines. 

We are a public company long- established in the amusement industry, 
whose main divisions cover a good many of the heeds of the ever-growing 
leisure market. . ■ > . v 

We run a country-wide network of hiring and sales companies 
which provide a comprehensive range of services offering an 
unrivaljed choice of machines, spedalised'rharketing advice and 
seven-day-a-week back-up service. Behind -these services stand the 
management expertise and technological 'sWIis acquired 
through years of experience. : 


\.H r ! 

n< 

,^' r : 


,i s s 



•Among our clients we number leading breweries, clubs and hotels as well 
as commercial and industrial organisations and local authorities. 

We also own and manage a number of leisure complexes such as Margate's 
Dreamland Amusement Park, a holiday centre at Sandown, isle of Wight, and other 
amusement centres and arcades up and down the country. 

And with an eye to diversification, Associated Leisure has moved into the 

hotel industry. 

Our aim is to keep everybody happy - 
especially our customers, our employees and our 
shareholders. . 


ASSOCIATED 
LEISURE 
LIMITED 

Associated Leisure Limited, 
Phonographic House, 

The Vale, London NW11 8SU. 
Telephone; 01-450 5251/5221. 

Cables: Phonograph London. 

Telex: 27436. 














.1 


Financial Times Wednesday January IS 1978 


THE AMUSEMENT INDUSTRY H 



Keeping ahead of the field 


: A FEW MINUTES playing the 
machines demonstrates the way 
in which amusement technology 
strives to keep several jumps 
ahead of home entertainment in 
:this field. A few years ago 
isimpie tennis and soccer games 
on TV were so novel as to be 
.rivetting. Pubs and clubs were 
buying them for £500 a time or 
3nore, only to discover that the 
price tumbled and that to-day 
any householder can buy one 
.for £20 and attach it to his 
‘domestic TV. Now the tendency 
is for operators to let someone 
else take the financial risk and 
to rent equipment, throwing it 
out when the customers get 
bored. The problem with TV 


games is that boredom sets in 
pretty quickly and you have to 
keep changing games if the 
audience is to be retained. 

The more you see of the 
amusement industry the more 
you realise it is like the fashion 
business. Every few months 
whole new ranges of games and 
machines are on offer, and 
every few months distributors 
and operators have to decide 
what they should order. As far 
as the' television games are 
concerned most of the impetus 
comes from the American west 
coast Thousands of highly 
skilled technicians thrown out 
of work by cut-backs in the U.S. 
space programme went into the 


business they knew best — micro- 
technological applications. Oddly 
enough the amusement industry 
rivals the computer industry as 
a consumer of such talents. 
Dozens of new companies have 
sprung- up in California. Some 
will survive, some will not, but 
meanwhile they are tearing each 
other apart in the fight to pro- 
duce something a bit more 
elaborate, a bit more sophisti- 
cated and with a little more 
audience appeal than the rivals. 

For importers of the games 
the agony of choice comes in the 
autumn when they have to place 
orders. The time scale is simply 
not long enough to allow the 
process Df having arcade pro- 


prietors make their choice and 
then order on the basis of 
customer requirements. The 
successful company is the one 
which judges the market 
correctly. Being left with a few 
dozen television games which no 
one wants is an expensive 
mistake to make. 

For companies like Associated 
Leisure which, via its hiring 
division, lays claim to being the 
biggest operator of amusement 
equipment in the world, and 
Cherry Leisure, one of Britain’s 
biggest video game specialists, it 
provides a constant brow-furrow- 
ing concern. 

Since a great many sites have 
only a few machines, perhaps 


only one, the maximising of 
revenue by an operator is more 
than just seasonal fashion. Com- 
panies have to become expert 
on where to site machines. “It 
is surprising,” says Mr. Nat 
Solomon, managing director of 
Associated Leisure. “But a 
machine can be turned from a 
failure to success simply by 
moring it to a different spot. 
The skill comes in knowing 
where.” 

So elaborate have the games 
become these days that the 
sounds have to be added elec- 
tronically. This is obviously the 
case with the new video 
systems, but it also true with 
pin tables and fruit machines. 





A DECADE OF PROGRESS 


Just finding its feet some ten 
years ago, a new but exciting 
industry, is today thriving and 
/ pleased that it adopted the 
United Kingdom as its manu- 
facturing centre, operating 
base and hub of its ever 
increasing export trade and 
overseas operations. Bell-Fruit 
pioneered the manufacture 
and introduction of fruit 
machines into pubs, right 
across the country. From their 
original manufacturing plant 
in Nottingham they supplied 
the demands of brewery out- 
lets. 

In those early days breweries 
tended to receive the idea of 
installing a fruit machine on 
their hallowed premises with 
not a small degree of appre- 
hension. Indeed the idea, born 
across the Atlantic was sur- 
rounded by an aura of mis- 
trust. a ‘not in the best of 
circles’ reputation, a Scylla 
and Charybdis industry. 
Fortunately, breweries quick 
to recognise the economic and 
entertainment advantages of 
this innovation, and keen to 
maximise their revenue, 
agreed to the installation of a 
limited number for a trial 
period. 

Success came, but whilst the 
revenue was right the image 
was still one that brought a 
frown. 

Probably the most important 
factor in the change of that 
image, was the 1968 Gaming 
Act. Legislation that initially 
was considered to be ill con- ‘ 
ceived, turned out to be that 
which granted respectability, 
endowed the business with 
acceptability and generally - 
became the watch dog moni- 


toring the activities of 
multiple mushroom com- 
panies. 

Following this major piece of 
legislation, Bell-Fruit were 
able to take a leading stance 
and actively support the newly 
formed Trade Association, 
now known as BACTA. This 
organisation has received 
applaud from many countries 
as a model, as has the Gaming 
Board itself, and many are 
emulating their ideals and 
methods. 

The effect also was that the 
‘one armed bandit’ image 
evaporated rapidly. 

Bell-Fruit had appointed new 
management and put its own 
house in order, rationalised 
the many companies involved 
into the structure it is today, 
becoming the second largest, 
manufacturer o f fruit 
machines in the world arid one 
of the two largest operators 
of them in Europe. 

Today, Bell-Fruit manufac- 
tures 25,000 machines per 
year, employs over 1,300 
people, operates over -13,000 
machines and in addition pro- ' 
vides the same service to the 
three armed services at home 
and abroad: The company has 
seventeen per cent of the 
world demand . for fruit 
machines and has the immedi- 
ate aim of increasing this to 
25%. 

This success has been the . 
direct result of hard work, the - 
right people in management, 
in the field and on the shop ' 
floor, combined with a high 
level of research and develop- 
ment 

Indeed it can be said that Bell- 
Fruit has converted ‘the 


totally imported into the 
wholly home produced’. 

This has been possible by the 
trust enjoyed by Bell-Fruit 
from their customers in the 
industry who have supported 
the Bell-Fruit product by con- 
stant purchase, the Breweries, 
Licensees, Clubs, the Armed 
Forces and everyone involved 
at home and abroad in under- 
standing the difficulties in- 
volved from the outset and in 
maintaining trust despite this. 
Whilst Britain is the base, 
Bell-Fruit is well represented 
in operating and export sales 
in many countries throughout 
the world. The USA, West 
Germany, Austria, Switzer- 
land, Eastern Europe and 
Spain; the company has a 
sister company operating in 
Australia, and interest and 
sales are moving into Japan 
and’ surrounding countries. 
Bell-Fruit has always ensured 
that the quality of their 
machines is second to none 
and this in. itself has produced 
a healthy growth for everyone; 

• we believe that our personnel 
training programme is influ- 
encing the industry as a 
whole, and providing a work- 
force ably guided by a sophis- 
ticated management team 
with the determination to see 
■ that the next decade produces . 

the same financial success and 
- growth that this fast-moving, 
fashion-engineering business 
demands. 

. If these demands are invest- 
' ment in funds ’and people 
geared to innovation, if these, 
and more hard work are the 
secrets of even greater suc- 
cess, then Bell-Fruit will meet 
these demands. 


BELL-FRUIT GROUP 


LEEN GATE, LENTON, NOTTINGHAM NG7 2ND - Tel: 0602 781231 

A MEMBER OF THE COPE-ALLMAN INTERNATIONAL GROUP 


Ruf f ler& Deith Limited 


BRITAINS LARGEST PRIVATELYOWNED 
GAMING & AMUSEMENT EQUIPMENT 
DISTRIBUTORS IMPORTERS & EXPORTERS 


cca 


LONDON 

127 Wandsworth High St., London S.W.18 4UB Tel:01-870 5238 & 5224 
Cables: SLOTS LONDON Telex: 92922 
NORTHERN 

82 Reed Street, Hartlepool, Cleveland Tel: (0429)76031 
WESTERN 

“Bridges" LuxulyaaSt. Austel^Comwall Tel: (0726) 850658 


DISTRIBUTORS FOR: 



allied leisure USA 


Midway 


USA (fjsjj&f 

RECEL SPAIN 


a Bell-Fruit uk (jjttikl? USA 
Sardi ITALY WURLHZER GERMANY 


With the mechanics largely 
removed the machines would he 
virtually silent unless artificial 
sound were supplied. In this 
field the designers have had as 
much fun as with the basic 
equipment Some of the pin 
tables of to-day give much more 
solid thumps and noisy ball 
ringing than did any of their 
predecessors. 

By the way. even the tradi- 
tional pin-table is changing. 
Although the exterior remains 
much the same, it being almost 
impossible to sell a machine 
anywhere in the world unless it 
has that quaint- thirties, style 
American decor (a large slice 
of the market is now Italian and 
Japanese ' machines) < the' 
interior electronics have given 
the designers more scope. 'The 
single player machine is rapidly 
giving way to two- and four- 
player equipment.. These 
machines even manage to keep 
score . for each player ' in 
sequence so that no one has to- 
botfaer with , writing notes. - 


prospects for holography, the 
uses of laser beams to create 
three-dimensional Images. At 
the moment manufacturers are 
fairly successful in providing 
the .impression of space and 
depth with the use of mirrors, 
hut holography promises a con- 
siderable advance. At the 
moment the use of holograms 
is in its infancy, although there 
have been several interesting 
demonstrations. Since public 
broadcast television using three- 
dimensional holographic tech- 
niques must be thought to be 


some way off. although riw 
matic usage may be nearer. «& 
can assume that this is one lid. 
which the amusement bnsincs 
could have to itself fur a white 
Once again, of enur^c, initu 
costs are likely to be high. 

Bur all that is a Ians way of 
(wo probably said that li* 
years ago about TV L*Atnes! i an- 
meanwhile the industry has t 
learn to live the patterns p 
to-day. The Amusement Trade 
exhibition will give some ind 
vatiira of what the fashions «r 
likely to be for the coming yeaj 


Reliable 


The pin table remains as the |$£ 
most reliable bread and butter T-62 
earner for the business and its 
consistence appearance says a 
great deal for its impressive 
popularity. However, its reli- 
ability as an earner is marred 
somewhat by the fact that even 
in the most modem equipment 
the very presence of the balls 
means a measure of mechanics 
and therefore a weak link as far 
as maintenance and suscepti- 
bility to vandalism is concerned. 
Oddly enough, however, 
vandalism is less of a problem 
in the business than might be 
assumed. fA. quick look at 
machines will show a surprising 
amount of glass and apparently 
destructible apparatus which in 
fact survives remarkably welL 

It is difficult to say where the' 
current swing towards sophis- 
tication and innovation is likely 
to lead, although clearly the 
industry believes that most of 
the bruises in to-day's frenetic 
scene are likely to end up on 
.the faces of the manufacturers 
rather than distributors and 
operators. 

Perhaps that is why British 
electronics ‘ companies and 
amusement machine makers pi'' 
have shown little enthusiasm gU 
for leaping into the video end 
of the business, sticking instead „, 
to fruit machines and other 1 
equipment 

There is the beginnings of 
interest in the Industry in the 



\\VXl 


JLSA. 


Tlie BeU Fruit “ Nudge Gambler" machine j rhich 
incorporates a fourth reel. 


A mood of 


IF ANYTHING has marked the 
amusement industry in recent 
years it is the volatility of the 
trade. Even a cursory glance 
at the records of the companies 
involved show how many of 
those involved seem to have 
quite violent swings of fortune, 
provoked doubtless by a mis- 
judgment of public tastes, by 
the machinations of the Gaming 
Board or by the sheer vaguaries 
of the market 


There is little doubt that at 
the moment there is a feeling 
of optimism in the air. The 
past couple of years have been 
relatively good ones, at least 
for the public companies in the 
business, and no one is in the 
mood to suggest that 1978 will 
be anything but better. 

Fart of the reason for this 
is, of course, the general mood 
of economic optimism that is 
around at the moment If more, 
people are in thedr clubs and 
pubs; if more people go on 
holiday to the British seaside 
resorts; and if more Britons ! 
are tempted into day trips, then 
the amusement industry can 
only benefit At the same time 
-the manufacturing, distribution 
and operating industry appears 
to have settled somewhat from 
the frenetic days of not so long 
ago and although competition 
is still extremely fierce, it may 
well be that there will also be 
some reasonable returns. 


At file same time the fashion 
element of the business may 
have produced problems, but It 
has also enabled operators and 
hirers to trade-up and the 
average rental from machines 
is likely to show a marked in- 
crease over the next few years. 
Only consumer resistance to any 
increase in the machine fees 
is likely to hinder this upward 
movement and there is no sign 
of such an upward movement 
at the moment 

Of course, (there is always the 
possibility that the Government 
will do something extraordinary, 
but in fact such a prospect is 
highly unlikely. Far too many 
voluntary organisations, includ- 
ing both Labour and Conserva- 
tive dubs, rely on fee revenue 
from the machines to stay in 
business. Removal of machine 


revenue now would have f 
too serious an impact to 
seriously considered. Some foi 
of thoughtless tinkering is mo 
likely but that too wou 
probably be temporary. T 
thought within the trade is th- 
post-Rothschild Government 
likely to be preoccupied wi 
off-course betting and t. 
casinos, particularly the Jattt 
and not to be over concern ' 
with the activities of fn 
machine operators and amu; . 
ment arcades. 

Given this fairly bright vi* 
of the future, and the fact tl 
foreign markets are likely 1 
be a source of revenue in t * 
future, it is probable that tht » 
will be a mood of optimism 
Alexandra Palace later tl • 
month when the industry T 
its annual get ■ together. . 


™ t A 

to r\ 

e foi A 


COME TO 
ACE 


Lotteries 


It is doubtful whether the 
apparent “ competition,” from 
such -things as the new wave 
of local authority lotteries, will 
have any consequential impact 
at alL To believe that the lot- 
teries might take away some of 
the amusement industry’s busi- 
ness is to misunderstood the 
very basis of the industry itself, 
which is entertainment rather 
than gambling. 


AT HOME 

' ACE COIN 
EQUIPMENT LTD 


OVERSEAS 

ACE. 

INTERNATIONA 




Quite clearly many operators 
in the industry believe that an 
increasing share of the market 
will come to them as the 
specialists, and that the sales 
aspect oE the trade will lose 
a little more of its market 
share. With operators investing 
so heavily in service equipment 
and van fleets it is difficult to 
argue against this view. 


WE’RE GOING 
PLACES! 


" 71 » J } 


PORTER OF COIN OPERATED. 












^financial Times Wednesday January IS 1978 

THE AMUSEMENT INDUSTRY HI 





Playing the machines in Las Vegas. 


IF THE Gaming Board and f ^ ‘ r 

Government really wanted to ^ 

upset the amusement in- ‘ ^ 

O dustzy the surest way of doing s . 

it would be to change the rules *' 
of the game within a few days 
of the main trade show. Sure 

t enough, that is exactly what 
seenis like happening. At the 
moment the maximum pay-out 
on AWP pub fruit machines is 
50p, and the bulk of that in 

t tokens. The industry as a whole 
is not particularly keen on that 
figure, believing first that tokens 
should be abandoned and that 
a £1 total cash jackpot in pubs 
Mrs would not lead to an outbreak 

inch of gambling fever. 

a D Some months ago the industry 
to ( was asked to make suggestions 

Sha about changes in pay-outs, an . . , . . T 

rela invitation which suggested that Playing the machines ill Las V egos. 

M change was imminent. When no 

irm such alterations came the 

f»i3 tfhe Rumn and Deith, cannot be invite Governmental action: but many is currently the worlds 

• ccr iinSe wi h Uie prl “s the amused either. the commercial one is simply largest market (second to the 

c 7, bestTilg wLd be to lea« What is particularly upsetting that larfie pay-ouis mean rare IcKlin taking probably around 

in," well alone. Now the worst for the trade is that it has been Payouts and such ranty (per- ooOOO friut mschines a >ear 

So? seems about to happen, with pressing the Gaming Board to haps a jackpot every three other markets are on the point 

Pagi rumours in the' trade that there avoid just this sort of circum- would simply produce of rapid expansion. 

is to be a change in the prize stance for three years now. boredom among the players and Brokers de Zoete and Bevan 

p p rules Once the trade is asked for its mrn 016 machine into an unused recently said of the world poten- 

”*• ‘ views then word circulates in loss-maker. Recently one manu- tial: “Growth in demand from 

mS the trade and no one places facturer did let it be known the U.S. could be explosive, 

jjosi OHI DMHI1 OH orders until the position is he wa « about to introduce Formerly Nevada was the only 

uke clear. Protests have, however, a . ^8^ pay-out machine. His State prepared to licence 

»olit To an outsider this may not fai | ep on dea £ ears so r ar an d rivals talked him out of it gaming machines, but now New 

jcce seem to be of particular conse- ^ ^ trade * s f ears p rove correct Jersey has liberalised and it 

'po quence. However, such is the timing of the change on this Tn 30£ltiriri seems only a question of time 

sophistication of fruit machines occaS j an j S likely to be the ■ fi AlTC3lig<lliUU before numerous others follow 

,V: these da ? rs ,!J ia J a “ y ch *|? ge m worst yet There are various other suit - Potential »* appearing in 

TI * industry has high hopes things the industry wants to see ws re^fefu casinos 

p » se which will, in turn, lead to pro- of the Rothschild investigation from Government and is look- be iinsed^ Austri^ 

duction hold-ups and possibly into gambling that the constant ing to the Rothschild investiga- to ,^ ' n d 

-0» labour lay-offs. Fruit machines changes in pay-out will be the turn for support. Notably these ™ X 

H are no longer simple three-reel subject of some sort of pro- include some re-exaramation of ^ P; 

devices which pay out when a nouncement and subsequent the ways in which gaming P r o m,i > ,n w maineis. 

lei certain combination is achieved, action. Many in the business licence is levied: the right oif In order to exploit these 

'/They are complex °araes would very' much like to see appeal against Gaming Board markets the British need a firm 
np systems which have to be pro- the end of tokens. The theory revocation or refusal of a domestic base, and it is for this 
o "rammed with the care normally behind tokens was that they suppliers licence: and the free- that they are looking to Govern- 
* ar associated with computers. New would turn the machines more dom to have more than two meut. What is proring worry- 
f..mie prize levels mean new game into amusement machines than fruit machines in club premises. i°S in particular is that in the 
sharp patterns and new prize combi- sambling devices. However, the The industry is also particularly possible move from direct to in- 
T>nk nations. The chances are that industry reckons they just make concerned that in the wake of direct taxation some form of 
rep re most of the machines on show things more complicated and devolution there would be three luxury VAT is introduced which 
at the forthcoming show will add another item to those which separate Gaming Boards each bites into the modest take/pay- 
LOS be designed to deal with circum- the public can attempt to use introducing different rules and out structure, 
i .„| v stances which are out of date, for other coin-operated devices, making the problems of manu- There are some who think 
V ‘mhrand that buyers will want to Most would argue that modest facture. distribution and opera- that the amusement industry 
?L-r \vsee working models tuned to the cash prizes cannot do any harm, rion very much more compli- may have some reason for 
'■$Vb3new prize system. Already the industry has cated. optimism as far as the present 

</-. jnno, Dr. C. W. Pilkington. who shown itself remarkably success- One of the chief concerns of investigation of the industry is 
& ld heads the leisure division of ful in keeping the pay-outs on the industry is that few people concerned. Fruit machines 

jl Cope Allman, could scarcely the unlimited club machines seem to realise its size or have not proved to be the evil 

f*Q contain his anger at the report: down to an acceptable level. In economic importance. There that many people suggested 

“I am speechless that they theory these machines can pav are well over 100,000 fruit would emerge, indeed a great 

£ could do such a thing.” out hundreds of pounds if pro- machines of various types in deal of social activity would not 

jSjp Dr. Pilkington ‘s fury is under- grammed to do so. but at the operation in Britain in clubs have survived without financial 

64 standable. Quite apart from moment it is a rare one which and pubs, each one of them assistance from the machines. 

having a substantial operating pays out more than £100. There worth probably between £300 The industry could well be 

92 activity. Cope Allman's Bell are commercial and political and £800. At the moment the pleasantly surprised by the find- 

f Fruit makes around 25.000 fruit reasons for this. The political industry is poised to take advan- ings of Rothschild. Meanwhile, 

ml machines a year, but major ones are obvious, too many lage of the explosion in demand however, it feels itself m need 

importers and dealers, like £1,000 pay-out machines might from overseas. Allhough Ger- of more immediate sympathy. 


lo 


A source o 


IN THE wake of the 1968 Act Rental is also the trend in At the other end of the scale cial success of a particular ; 
which made gaming machines a amusement-only machines, such the Cherry group offers a range disc, even though juke box 
possibility for many clubs and as the video games. In this case pf ^ dP0 J a * es j, U ji c j n t 0 tables iales do not enter into the, 
pubs throughout the country site -owners t that is. single _sites .. r * ' fInil L tlpss hnrpri assessment of the record mar-! 

there were cries of horror in rather than the more sophisti- ^at couples dim bUess bored ^ for T(ip Ten piirposes> 
many a committee room. “ Over rated arcade operators) have at 1,,n Kmg into each others eyes p or individual operator 
my dead body.” And yet nun- become thoroughly alarmed by can Push their cocktails aside the great decisions come over 

dreds of operations up and down the servicing problems and the and play video tennis instead. which machines i*j insta!. and 

the country have found fashion element of the business. There is one area of the where on a particular property 
machines, not only gaming but As a result all the major com- amusement industry where to site them. The difference- in 
also amusement and even juke panics place a great deal of money is not necessarily the performance from what might 
boxes, to be a life-line providing stress on their servicing facili- over-riding reason for the in- seem to be relatively small 
not only entertainment but also ties. To read some of the promo- stailation. Juke boxes require a changes in machine type or 
cash. It is now a rare place of tional material one could get the particularly refined type of location can be striking.’ 
public drinking which does not impression that the ability to be specialisation and one which Usually machine movement 
boast at least some form of elec- instantly on site to correct some seems to be concentrating in- has to be frequent and well 
tronic device. There are even fault was rather more important creasinglv- into a few hands as thought out. Most «.f the higser 

some country pubs which lake than being able to offer the most far ^ operation is concerned, distributing /operators :.pnear to 


more from their machines than innovative equipment Once again there is substantial reckon on a two year basic lire 

they do over the bar. ri-i i | design change underway, with for ar. .-VWP machine, with a 

Yet the take/pay-out ratio is JL 2Q16S the Americans apparently lag- move on average every six 

normally controlled very _ ging behind in the face of Ger- months for ih at inavii-uc. In that 

strictly. Most operators find that me outstanding example of man and French competition way pub cum. rimers ger their 

if the pay-out rate falls below 70 “ nw . J e lrad £ ha « become whii:h has adapted t0 new tech- interest revived !.y an] 

per cent of the receipt custo- about this involves pool no i 0y y ,„ Ui; h more quickly, occasional change c [ view, 

mers soon sense that they are tables G^vcn that this 10 However, the problems do not Arcade r.nr-ralnrs tend in 

being cheated— afficiandos call a d ?vdopmentwh'ch has an ij e in the technology. They arise knov.' bu^ine^es w«)I and 
them - mean machines "-and J P«™| ««« abo « Jt many out of the fact Tha ^ records are ^ ful ^^S^of 

in many cases the pay out creeps P^bs and clubs plunged into full- expensive and that juke boxes thcl*- o wn mi'- UiLia iu. ?. 

towards 80 per cent P^hasc^f ^^ ent - normally demand more sereic- means putting a low cost, hi'ahlv 

The cash cost of a modern lost balls stolencu^ rTpp^i han ?^er forms of amuse- popular, machine somewhere 
AWP machine is something in ta bj e tons and i^er'incidente^s ment ^uipmenL near the entrance lo ensure 


AWP machine is something in tabIc tops ' and other incidents is 
the order of £500, but very few provoking a rush to rentaL 


The great asset of juke boxes that the pa-sing trade secs that! 


of them are bought. The vola- One-off! or small group. * s ,bat audience is not only you have a busy facility, 
tility of the trade encourages operation uf amusement choosing the form of musical 


tility of the trade encourages operation of amusement choosing the Term of musical 

site owners to rent them and n]a chinerv presents its own par- entertainment it wants, but also A 

thus in particular free them- t j cular problems, if you have paymg f»r it. Companies Mich * 

selves from the problems of ser- ever wondered whv amusement a i> Management .\gency and Management of sivad^^ 

vicing. Rates vary enormnusJy machines seem to have an odd fy Music have become highly mu-.h l-.ss >.-mirp!vx than -night 
and are subject lo variation f ara jiiar shape and colour, re- sophisticated at the business, ar first appear, partly duetto 
according to the machine and ganlles.s of manufacturer, it is which requires a high degree me -.ery .-ophistir.-aiinn or 
the site potential. It is possible, a n thanks to the particular of sensibility about public taste modern machinery. su>ck loss, 
in a poor location, to a tastes and needs of the trades, as well as normal managerial and in the amusement business 
machine for less than £10 a Taste apparently demands that ability. Juke box records are that means cash, is relativelv 
week, but current equipment in most 0 f them ore made in that often chosen weeks before they light compared with other retail 
a good site is likely to cost dark, almost greyish wood go into the charts and it is the activities. The machines them- 
nearer twice that amount which, I am told, merges into company which manages to anti- selves normally have meters on 

There has been a tendency for most backgrounds without cipate consumer taste best that them which record the number 
clubs to buy their machines — causing offence. The shape is makes the greatest profit. «>f pla;-?. and thus the amount 
they have substantially larger due to the need for most Usually there is little point in of mr»:n-y which should be in 
payouts, cost somewhat more, machines not to have any sur- waiting until a record is in the them, and mo t machines 'a re 
but are usually rapidly self- faces upon which to stand a Top Ten befure ordering the also fitted v.-;rh separate *.a>-h 
liquidating. However, iacreas- glass or cup. Allhough I was lO.uou or more copies that vnu o. which ;h-.- arcad.' 

ingly there is a trend too for shown the deep glitter running need — by the time you have management u,eif has n-f ! ev, 
clubs to shie away from the in- round the inside of a German installed them in your machine.-! T'r- im; i ; . sugg -st iha: 
vestment involved and to take a juke box, ready in case the beer the call for that particular tiin-'* aniu-vmc.nr ><-ntre >-r^-rati<*n' iv 
cautious view of changing Mowed a little too freely, most will have disappeared. The 3n In;>ine--i. m>*r\ 

fashion. The result is a swing l»» manufacturers go utit of their result is. of course, tliai a an* rclativciy rare ilu ie ri.ivs 
Ion q term leasing with contracts way to ensure than the insides decision by juke box operators and with the whole scene • ■!?.■» of 
running for years rather than nf the machine do not get an to order a record can have a t'ucii vunstjntiy changing facets i 
weeks. unscheduled shower. significant effect on the ffnan- who can bldiiiv liD.uu 


12 months 
to Dee. *7 6 


Turnover £ J 000 
Staff at period end 
Vehicles at period end 
Districts 

Increase in equipment 
Increase in takings 


6 months 
to Jnn. 77. 

1,500 


400% (to Jan. 76)’ 
7x (to Jan. 76) 


250% Tto Dec. 76); 
2x [(to Dec. 76)[ 




Sa%. 


SPECIALISTS IN VIDEO GAMES/TV GAMES 

Cheiry Leisure [(U.K.): Ltd. is a subsidiary of Cherryforetagen AB, 
Sweden, with an annual turnover of £30 million, making it one of the 
largest, companies in its field. Trading in Scandinavia, Europe and 
England with offices in Sweden, Denmark, Norway, Eng land and Spain. 

WE TAKE FUN SERIOUSLY 

387 High Road, Willesden, London, NW 10 2JR* TeL : 01-459 2236/9 




Our name is Management Agency 
and Music Limited, but there’s more 
to it than management and music. 


Three of our subsidiary companies 
are major suppliers to the 
amusement and leisure industries. 



Juke Boxes, Amusement With Prizes 
Machines, Background Music, even 
Rentable Microwave Ovens: MAM 
Inn Play is behind them all. 

One of the country’s leading Juke Box 
and Amusement Machine operators, 
known and respected throughout the 
licensed trade: that’s MAM Inn Play. 
The suppliers of today s most authentic 
and flexible system of Background 
Music. A stereo sound system involving 


continuous play horn standard 
cassettes. A system of music repro- 
duction which is pleasantly welcome • 
in factory and shop. That’s MAM 
Inn Play, too. ' i • : 

The supplier ofllentable Microwave 
Ovens: a unique rental service which,* 
with the expert back-iip^ of radio* 
.controlled engineers, guarantees almost, 
continuous use for the busy caterer: 
Once again, MAMInilPlay. 


KfinmaflijgiwTM 

This MAM subsidiary knows all there as a major source of income. Kenmar . • 

is to know about Fruit Machines, which Leisureis also, a big supplier to the 

sports and social clubs now recognise licensed trade in theNorth ofEnglandL 

.1 

Rhein Aiifnmaten T jrf: 

The British main distributors for N.SM. * electronic Music Boxes and remote 
Music Boxes:N.S.M. are in the forefront Wall Selector Units, 

of the world market with their fully 



Management Agency &.MusicLti, 24/25 NewBond Street,Iondon,Wrf 9HD. 


Snbsidisrcv Companies: 


.45 OxtordSme»ir, Umikin.'WiaiLE p-7345671) 


5- 1.8245 
b -I.11S5 

b-64.4.- 

6- I1.IS4 
■.’-4.10; 
&-78.I5 
0-1M.50 
5-1.6M 
fc-s.55* 

HrSr* 


' \ Or ' i '- W y 


K - 
£ 


0.-T- v- 

o!v- 

0 v. . 

.&• -- 


II 










Financial Times WectaesSay January 18 1978 


STOCK EXCHANGE REPORT 


Gilt-edged come on offer and end with falls to £11 

Speculative shares prominent but index sheds 3.3 to 470.9 


financial times stock indices 

- — -■ — f^VfrYirT^ : r ^Alsr : ‘ 

■ 77 4» 77.93 "■iV.aS ■ 7747 77.88 64.08- 

80,56 BO. 7 1 60.80, 60,80 M.MT W.K. M O, 


Account Dealing Dates 
Option 

"First Dedara- Last Account 
Dealings dons 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 

* " New dm " dealing! roar taka placn 
from 9J0 a^m twa bus in ess days earner 

Offerings of British Funds 
found buyers extremely reluc- 
tant in a market still showing 
some concern about the dis- 
appointing December trade re- 
turns and continued nervousness 
ahead of tomorrow’s announce- 
ment of money supply figures. 

The Government Securities in- 
dex, down 0.74 at 76.74, had its 
biggest single-day fall for over 
seven weeks, reflecting wide- 
spread falls to 1} in long-dated 
stocks and to j in near-dated 
issues. 

The flow of new bid announce- 
ments, three more were made yes- 
terday, maintained interest hi the 
more speculative equity counters, 
but investment interest in lead- 
ing shares remained at a low 
ebb. In the event, the FT 30-share 
index made a relatively good 
showing in view of the weakness 
or gilt-edged in closing with a 
loss of only 3.3 at 470.8. 

Price changes in the major 
issues were usually small and the 
overall tone whs reflected in a 
near rwo-to-one majority of fails 
over rises in FT-quoted Indus- 
trials. The widespread nature of 
the dullness was seen in the FT- 
Actuaries equity share indices, 
not one of the 46 group and sub- 
sections showing a quotable rise. 

The All-share index shaded to 
207.79. about 8t per cent, off its 
I9//-7S peak recorded last Octo- 
ber. Unsettled recently by the 
Price Commission's investigation 
of Allied's proposed' price in- 
creases. Breweries yesterday soft- 
ened further following the Bass 
Charriogton’s chairman's re- 
peated reference to presures on 
profit margins, while Food Re- 
tailers were again vulnerable to 
selling. 

Yesterday's official markings 
amounted to 6.184 comuared with 
Monday's 6,474 and the week-ago 
7,130. 

Gilts deteriorate 

This week’s aclual and potential 
economic indicators were too 
much for the market in British 
Funds An early marking down, 
often by 3 or so at the longer 
end. failed to deter those with 
stock to offer and. in difficult 
trading conditions which reflected 
the continued absence of any 
sizeable investment funds, the 
tone progressively deteriorated. 
Relief was not forthcoming In the 
after-hours’ business and the 
longs as a result finished at the 
day's lowest with falls to 11 points. 
Intermittent rallies occurred 
among the shorts but they, too, 
sustained losses extending to {. 
although quotations here were 
sli^htlv above the worst after the 
official close. Corporations were 


caught up in the easiness and 
suffered falls ranging to l: the 
recently-issued Kensington and 
Chelsea Hi per cent 1985-87 
reacted that much to fl4J, in £10- 
paid form. Southern Rhodesian 
bonds attracted selective 
profit-taking and the 25 per cent. 
1965-70 gave up 4 points to £65. 
In contrast, the 6 per cent. 
1978-81 hardened slightly to £92. 

Institutional and other demand 
again found a short supply or 
investment currency, although 
trading was brisk and two-way on 
occasions, with the result that the 
premium rose to 73 per cent, 
before softening later to close a 
net 21 points up at 72 per cent 
YesterdnVs SE conversion factor 
was 0.7880 (0.7953). 

ANZ up again 

Still reflecting the proposed 
scrip issue and dividend forecast. 
ANZ moved up 7 more to 252p 
among Overseas Banks which 
were also firmer in line with in- 
vestment currency influences. 
Hong Kong and Shanghai added 7 
at 233p and Deutsche Bank picked 
up 2i points at £95. Home Banks, 
however, drifted lower in thin 
trading. Barclays and Midland 
both lost 2 at 335p and 3Sop res- 
pectively. 

Business in Insurances con- 
tracted more and prices- eased 
with the general trend. Sedgwick 
Forties fell 7 to 333p and Sun 
Alliance 6 to 574p. 

Davenport returned to the spot- 
light in Breweries and rose 9 to 
79p on bid rumours. Late yester- 
day a company, spokesman denied 
any bid approach. Allied 

Breweries closed marginally 

higher at S3 Ip following news of 
the management reorganisation, 
but Bass Charrington fell 5 to 
145p on the profits warning at the 
annual meeting. 

Buildings generally gave ground 
in thin trading. Taylor Woodrow 
shed 6 to 329p. H. and R. Jobnson- 
Richards Tiles 9 to 329p and 
James Latham dipped 5 to 120p, 
as did Newarthil] to 165p. John 
Mowlem lost 4 at 129p and Magnet 
and Southerns 2 at 188p: the 
latter ahead of to-day’s interim 
results. Still reflecting the first- 
half profits setback, Howard 
Shuttering slipped a penny more 
to 25p for a two-day fall of 7. 

Little of interest occurred in 
Chemicals. 1(3 closed a penny 
dearer at 335p and Janies Hal- 
stead were 2} better at 17p. 
Flsons ended a few pence harder 
at 378 d; late details of the Price 
Commission’s report on the 
group’s agrochemical division 
made no inmact on sentiment. 

Trident Television A softened a 
penny to 54n. despite the sharply 
higher profits. 

H. Wigfall jump 

The bid from Comet R&dlovision 
nrompted a sharp rise in Herny 
WigfalL which closed S2 up at the 
day’s best of 245n: Comet ended 
9 cheaper at I03p. after 102 d 
valuing the offer at just over 


24 Ip. Leading Electricals were 
inclined easier again and Thom 
reacted another 4 to 330p, while 
GEC shed 3 more to 239 p. 
Adverse Press mention left Decca 
13 down at 470p and the A 8 lower 
at 450p. United Scientific also 
encountered selling and slipped 
9 to 276p. 

Leading Stores closed steady at 
the lower levels. Comment on 
the annual report and accounts 

left Burton A 4 off at 114p, while 
House of Fraser eased 3 to 131p 
as did British Home, to 207p. 
Marks and Spencer. 150p. and 

Mothercare, 176p, cheapened 2 
apiece. Elsewhere, Court 
(Furnishers) A shed 3 to 99p on 
the disappointing first-half figures 
and the Board's bearish remarks 


Among Shipbuilders, favourable 
Press mention left Yosper 6 higher 
at 160 p. 

J„ B. Eastwood remained on 
offer in Foods and fell 4 to 95p 
for a two-day loss of 31 on the 
interim statement British Sugar 
eased 10 more to 465p, while Geo. 
Bassett, 14ap, and Associated 
Dairies, 232p, gave up 4 and 6 
respectively. Fitch Lovell eased 
2 to 37p as did J. Salisbury, to 

17Sp. Bluebird Confectionery, on 

the other band, improved 9 to a 
1977-78 peak of 168p for a two- 
day gain of 15. Still reflecting 
hopes that the U.K. will get a 
satisfactory deal from the EEC 
on revised proposals Tor sharing 
this year’s fishing catch. Asso- 
ciated Fisheries hardened 2 more 


WINES & SPIRITS 

I F.T- ACTUARIES INDEX I 


MAY JUN JUL AUG SEP OCT NOV DEC JAN 


concerning second-half prospects. 
Lee Cooper gave up 5 to IlOp in 
a thin market and Martin the 
Newsagent ended 6 lower at 228p. 
In front of to-day’s interim 
results. Allied Retailers lost the 
turn at 178p. 

Apart from Hawker Siddeley. 
down 8 at ISSp, on scattered offer- 
ings, and Tubes, 4 cheaper at 37Sp, 
the Engineering majors barely 
stirred from overnight levels. 
Occasional selling was evident in 
secondary issues among which 
APV were noteworthy for a fall 
of 9 to 2l3p in a restricted market. 
Braithwaite. a firm market of late, 
came back 5 to 145p and Deritend 
fell 4 to 152p, while losses of 3 
were sustained by Capper Neill, 
65p, Percy Lane. 62p, and Young 
Austen and Young. 60p. Still 
reflecting adverse Press comment. 
Spear and Jackson eased 2 more 
to U6p. Of the few bright spots, 
Wolseley-Hughes put on 4 more 
to 196p. while demand in a market 
none too well supplied with stock 
left West Bromwich Spring 3 
higher at 27p. Alcan Aluminium 
(U.K.) 9 per cent Convertible 
continued to reflect tbe increased 
profits, dividend forecast and con- 
version details, rising 5 more to 
£144 For a two-day gain of 28. 


lo 63p. In Supermarkets, Williatfl 
Morrison eased 5 to I90p and 
Hillards 3 to 217p. 

Kursaal featured late with a 
rise of 10 to 85p on small buying 
in a thin market Brent Walker 
continued firmly, gaining 2 more 
at 43p, while interest was also 
shown in Warner Holiday “A”. 1} 
firmer at 29lp. and Wbeelers 
Restaurants. 5 higher at 245p. 
Grand Metropolitan gave up a 
penny at lOap in front of Friday’s 
preliminary figures. 

Gestetner please 

A complete lack of investment 
interest led to fresh falls in the 
miscellaneous industrial leaders 
which drifted lower from the 
start Beecham ended 10 off at 
63op and Glaxo shed 8 to 577p as 
did Unilever, to 5l2p. Metal Box 
declined 6 to 296p and PUkinglon 
5 to 440p. Rank Organisation 
softened 2 to 258p; the results 
are due next Monday. Elsewhere, 
Gestetner rose 7 to 16ap, after 
169p, in response to the better- 
than-expected annual profits and 
London Pavilion added 25 more 
to 415p in a thin market following 
the Board’s swift rejection of Mr. 
Victor Sandelson’s cash offer of 
S50p per share: this, in turn 
prompted a sympathetic gain of 


S to 95p in Picadilly Theatres. 
Demand in a market short of 
stock helped Hubert McBride 
improve 10 more to 360p and 
renewed speculative buying 
helped Avon Rubber put on 3 at 
18Sp. Whatman Reeve Angel 
added 6 to 275p in a restricted 
market and Mitchell Cotts Trans- 
port closed 4 higher at 53p. 
Kelsey Industries shed 5 to I08p 
and Hanson Trust declined 7 to 
340p. Talbex. a recent specula- 
tive favourite, eased 2 to 19p 
following news of its agreed offer 
for James Warren, currently 

suspended. 

Motor Distributors closed with 
widespread gains following a 
reasonable business st i m u l ated by 
Monday’s bid from Inchcape for 
Pride and C large, unchanged at 
515p. Adams and Gibbon figured 
prominently at 93p, up 6, while 
Godfrey Davis. 85p, and Alex- 
anders, 184P, put on 2 and S 
respectively. Appleyard moved up 
7 to 88p. while rises of H were 
seen in H. and J. Quick, 38p, and 
Jessups, 35p. British Car Auction 
hardened 1} to 42 ip following 
Press comment, while Benlys 
edged up a penny to 114p In front 
of to-day’s interim statement 
Elsewhere, Jonas Wood head 
reacted 4 to lOOp and ERF S to 
142p. Lucas Industries remained 
dull, losing 3 to 262p for a two-day 
loss of 10. 

Oils quiet 

Quiet conditions persisted in the 
Oil market. British Petroleum 
drifted down to S00p before 
sealing at S04p for a net fall of 
4 and Shell ended a few pence 
lower at 506p. Royal Dutch, how- 
ever, continued to benefit from 
dollar premium influences and 
improved i further to £362. Out- 
side of the leaders, Oil Explora- 
tion, a poor market of late, rallied 
to 27Sp before dosing only 4 
better on balance at 272p. while 
lasmo hardened 2, at 138p, along 
with Tricentrol. at 166p. 

Thomson, a further 10 lower at 
615p. continued to be over- 
shadowed by a down-grading of 
the Claymore and Piper North Sea 
oil reserves. Elsewhere, London 
and Provincial Poster met with re- 
newed support and gained 6 to 
177p, while revived bid hopes 
lifted Wave 3 to 33 p. A firm mar- 
ket of late on the excellent re- 
sults, McCorquodale were simi- 
larly dearer at 245p. 

Properties displayed widespread 
falls of a few pence or so. Leaders 
to give ground included ME PC. 3 
lower at 124p, and Land Securi- 
ties, 2 off -at 218p after 222p. 
Disappointment with the half- 
yearly revenue left Property 
Security Investment 4 cheaper at 
146p. Elsewhere, Berkeley 
Hambro gave up a similar amount 
at IlOp, Hammeram ‘A* lost 6 to 
56 7 p and Dorrington, a recent 
speculative favourite, came back 
1£ to 58p. In contrast. Overseas 
issues made some headway. Hong- 
kong Land improving 3 to 93p, 


Lend Lease 2 to 174p and Swire 
li to 34p. ^ 

Booker McConnell featured 
Overseas Traders with a fall of 
7 to 225p. , . . 

Small fans remained the aider 
of tbe day in Investment Trusts.. 
In Financials, R. Kitchen Taylor 
moved up 3 to 57p, but Fashion 
and General declined 5 to 173p. ' 

Shippings were quietly firm 
P & O Deferred held at I12p. 
while Fumes Withy. 343p, and 
British and Commonwealth, 289p, 
p ut on a penny apiece. 

HKT were again outstanding in 
Textiles and closed another 5 up 
at S2p. 

With the exception of Grid 
Fields Properties, which 
cheapened 8 to S5p, South African 
Industrials had a firmer bias. OJK. 
Bazaars rose 12 to 300p and Anglo 
American 20 to 440p. 

Teas provided the occasional' 
firm spot. Rosefaaugh featured 
with a speculative rise of 15 to 
145p, while McLeod Russel Im- 
proved 10 to 202p after the laps-, 
ing of its offer for Malayatom. 
Warren, due to report results on 
January 30. rose 5 to I93p. ' In 
Rubbers, Press comment directed 
attention to London Sumatra, 
which moved up 4 to 98p for a 
two-day gain of 13. 

Golds subdued 

After being quietly firm in ster- 
ling terms m early trading owing 
to the further rise in the invest- 
ment currency pr emi u m South 
African Golds eased back in the 
late trade with prices marked 
down following the downturn in 
the bullion price, which closed 
SL50 off at $172,873 per ounce. 

Turnover in Golds was. only 
moderate, however, and prices 
moved within relatively narrow 
limits. The Gold Mines index was 
finally showing a rise of 0.5 at 
143.9. 

In contrast Platinums were 
again heavily traded with buying 
inspired by Press mention. Rus- 
teoburg and Blsbopsgate were 
both 2 better at 77p and re- 
spectively. . 

The only firm spot m London- 
domiciled Financials were Rio 
Tinto-Zinc where persistent 
“ cheap ” buying left the shares 2 
higher at 176p. On the other 
hand. Gold Fields came In for 
profit-taking which left the shares 

2 off at 195p. 

South African Financials traded 
quietly and merely reflected the 
harder investment premium. De 
Beers put on 2 at 290p, “AmcoaT 
5 to 440 p and Sentrnst 4 to 183p. 

Tins were mixed. The Cornish 
producers lost ground Following 
small scattered selling which left 
Ceevor 10 lower at-470p. South 
Crofty and Saint Piran were both 

3 easier at the common price of 
55p. Malaysian producers, how- 
ever, moved up in line with the 
premium. 

The latter was also the major 
influence in Australians, where 
Mount LyeU, 20p, were outstand- 
ing with a rise of 5 following 
further speculative buying. 


' 47M; «« 

.bold *«■* 

Oni, Div. YtcM 5,1 t 67 ' 

Kuninca Y'ur&tolUi*) *7.3?; l7 - 24 17 
P/E Batin dirt) (**i— 816 ajW: 

Dealings marked 

Kquliy turonver £<■>-, 


i30j 13&3: m.r 

5.92 5.53 SR 

-16.7* 16.82; IBM 
■ BAS'. . 6.4F 769 


^ iTkla 6 194 6.474 5.034 A** ».«* 7.130 7*9 
‘ «.«' 80.43 76.03, 6».23 : MU 9S.lt 
Bquhy lunmvcr £n... ; ^ j 4 i0 87 1 4, 39ft 16,841. 16.741 

Jb| ulty ■!»«■«» wa».j _ - - t — , 

m am 4K5. 11 >D1. 4TCJI. NuM £3.2. 1 pm. 473.:. 

» a.m. s 471X JWjt-ffl.- 

' — anr* m 

H UW112 » j5. SE Aiaivtiy Jrtr*n«f. 1*4- • 


HIGHS AND LOWS 

” Smw» r.«ntpiUiiim 
HirIi , Ujw j Hjah 


S.E. ACTIVITY 


TMf, 
nuJlm... «aj. 

; tss. 

QdU SlinM.; WM I 


60.45 : 127.4 49.18 

,4 ; t, iA‘I3K> >.< t. ioi 

60.49 150-4 50.55 

357.6 ’ 549.2 » 49.4 

ilSfl . 

95. 1 442.3 ! 43.5 

ll-a . 15' 1 all 


— IklUV 

Iniintrin. 

^m-uhuve... 

TfUh. ' 

^Uav-M'mar. 
iilK-K.i||dd 
<Rpiu>t»«Ui ... • 
Sj*t utallw.. 


JiMi. . Jmw 
11 


Z30.fi ! 2S0A 
914.9 KM*-' 
58.9 • -4L* 
141.0 : WTi* : . 

>04.3 ; ni: 
800.5 9Q&0- 
44.0! 4ti 
Ilia 156.0. 


OPTIONS TRADED 

DEALING DATES Card Clothln* 


First Last Last For 

.Deal- Deal- Dedara* Set tie- 

in es Ings Hon meut-_ 

Jan. 11 Jan. 23 Apr. 13 Apr. 25 
Jan. 24 Feb. 6 Apr. 27 May 10 
Feb. 7 Feb. 20 May 11 May 23 
For rule indications see end of 
Shore Information Service 
Calls were dealt in 1CL British 
Land, Town and City. English 


Card nothing. Pacific ‘ 
Grand Metropolitan, CossoUdrf 
Gold Fields, Camford EoKfa* 
Ing. Hasten bn rg PUK&, Burt 
“A.” Fitch LovcU. Duple 8 
London Sumatra, and C. Marv 
Puts were done In Britbh Uf 
Trust Ilouses Forte and Roy 
while doubles were arranged 
UDT, Trident T\* •’A,” Af 
elated Sprayers and British Lat 


NEW HIGHS AND LOWS FOR 1977/78 


The tollowiAQ securities Quoted In the 
Share Inlormatton Sce»iee_ yesterday 
attained nor Highs and Lows for 1977-78. 

NEW HIGHS (50) 

COMMONWEALTH & AFRICAN 

LOANS 127 .. 

Anst. S': oc *75-78 Sth. Rhd. 6M *78-81 
REARS tW _ 

Go nab Bras. 

BUILDINGS HI 

Galll ford Brindtcv Marsballs (Hallluil 

McNeill Grour Mllbury 

CHEMICALS <11 

Halstead U-l 

ELECTRICALS (1) 

WlglaJI (H.) 

ENGINEERING i«7 

Alcan 9 pc Cnv. West Brom. Sorlna 

Astra Ind. Wofcelev-HughM 

FOODS 127 

Assoc. Fisheries Bluebird Cent. 

HOTELS 07 

Kursaal. wheeler's Restts 

INDUSTRIALS (SI 
AGS Research McBrfdc |R.) 

Elswlck-Hoooer Wood CAJ 

Fogarty (E.l 

MOTORS 19) 

Adams & Gibbon Heron ML 10 k C«. 
Aiexanders Jessups., . 

asBr.T. o j j*i 

Heron Motor ^ 

Lon. & Prov. Poster Wace Group 
■NtOPERTV (G) . 

Clarice NieLolls McKay Sccs- 

Control Secs. Raglan Prop. 

Fair* tew Esc*. Winston Ests. 

SHIPBUILDERS It) 

Vos per „ 

TEXTILES r3) 

MKhinnon Tomkmunc 

R.K.T. 


TRUSTS Ml 

Derby Trust Inc. Harem Ur. 

Eouity Consort DM. KiKbeo tR ) V«yi| 
OVERSEAS TRADERS tl] 7 
Nigerian lice. 

RUB BE RS 12) 

London Sumatra Melaualaen 

NEW LOWS (II) 

BRITISH FUNDS (4) . ' 

Each. 8i*oc 1981 Each. lOUoc SJ 
Each. Soc I Ml MUodJ 

Trees. 1 0*3 ne 

(XSSoa: 

ELECTRICALS II) ■ 

EMI 8 icO Cue. 81 

ENGINEIRlNG <18 - 

Cummins J’ipe 78-9* 

INDUSTRIALS (1) 

5 “ %-Slts „> 
wen 

Patino NV Com. Murchison 

South Crofty 


RISES AND FALL 
YESTERDAY 


British Puds 

Up 

Dan St- 
71 

Cor pas. Dominion and 



Foreign Hoods 

5 

14 

Industrials 

250 

45> - 

Financial and Prop. ... 

51 

2U 

Oils : 

U> 

• 9 ■. 

Plantations 

t 

4 

Minos 

« 

29 

Recent Issue* 

3 

12 . 

Totals 

574 

W L, 


ACTIVE STOCKS 

No. 


APOLLO 

Edited by Denys Sutton 

The world’s 
leading magazine of 
Arts and Antiques 

Published Monthly price £1.50 Annual Subscription £21.00 (inland) 
Overseas Subscription £24.00 USA & Canada Air Assisted $48 

Apollo Magazine. Bracken House, 10. Cannon Street, London EC4P 4BY. Tel. 01-248 BOOO 


HNANOAL1TMES 

BRACKEN HOUSE, 10, CANNON STREET. LONDON EC4P 4BY 
Telex: Editorial 886341/2. 883897 Advertisements: 885033 Telegrams: Fin an tun o, London PS4 

Telephone: 01-24S 8000 

F.r sh,« sgjstrisssssr&vnsst EirmiBglum - 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Birmingham: George Howe-George Road. 

Teles 338650 Tel: ttl-194 0922 
Bonn: Pr«tL<.hau$ 11/104 Heussallee 2-10 
Telex 8869542 Tel: 210039 
Brussels: 39 Hue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040- 
Tel: 938510 

Dublin: 8 Fitzwilliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 3? Geoige Street 
Telex 72484 Tel: 031-226 4120 
FrankfLrt: 1m Sachsen lager It 
Telex 416263 Tel: 5557*0 
Johannesburg: P-O. BaxiES- 
Telex 8-6257 Teh 83S-7M5 
Madrid: Esproudceda 32, Madrid 3. 

Tel: 441 6772 • 

ADVERTISEMENT OFFICES 

Birmingham: George Eou^George Road. 
Telex 338650 Tel: 021-154 0922 
Edinburgh- 37 Geor^ Streg- 
Telex 72484 Tel: 031 226 4139 
Frankfurt: Ini SachwniagCT 13. 

Telex 16263 Tel: 554667 
Leeds: Permanent House. The fleadrow. 
Tel: 0332 454969 


Manchester: Queens House. Queen Street. 

Telex 666K13 Tel: 061-834 9381 
New York: 75 Roeketeller Plaza. N.Y. 10019. 

Telex 66390 Tel: (212) 541 4625 
Paris: 36 Rue du Sender. 75002. 

Telex 220044 Tel. 23645743. 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska Dagbiadet. Raalambs- 
vagen 7. Telex 17603 Tel: 50 60 88 
Tehran: P-O. Box 11-1870. 

Telex 212634 Tel: 682698 
Tokyo: 8tb Floor, Nihon Keirai Shimbtu 
Building. 1-9-5 OtemachL Chlyoda-ku 
Telex J 27104 Tel: 241 2920 
Washington: Second Floor, 1325 E. Street, 
N.W„ Washington D.C 20004 
Telex 440225 T&: (203) 347 8676 


Manchester: Queens Bouse. Queen Street. 

Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. lOQli. 

Telex 423055 Tel: (212) 489 8300 
Paris: 36 Rue dn Sender. 75002. 

Telex 220044 Tel: 236.88.01 
Tokyo: Kasahara Building. 1-6-10 Uehikanda, 
Chiyoda-ku. Telex J27104 Tel: 295 4050 


SUBSCRIPTIONS 

rnn ,„ obtainable from newsagents and bookstalls worldwide or On regular subscription 
L-opics fygm Subscription Department Financial Times, London. 


Denomina- 

■ of 

Closing 

Change 

1977-78 

1977-7 

Stock 

tion 

marks price (p) 

on day 

high 

low 

BP 

£1 

13 

804 

- 4 

966 

776 

BATh Defd 

25p 

12 

227 

— 

260 

202 

ia 

n 

12 

335 

+ 1 

446 

325 

Wigfall (H.) 

25p 

11 

245 

• +S2 

245 

94 

Marks & Spencer 

25p 

9 

150 

- 2 

173 

96 

GEC 

25p 

8 

259 

- 3 

284 

163 

Gestetner A 

25p 

8 

165 

+ 7 

190 

126 

Reed TnU 

n 

8 

138 

— 

233 

118 

Royal Insurance... 

25 p 

S 

400 

- 3 

490 

280 

Shell Transport.. 

25p 

■ • 8 

506 

- 2 

635 

454 

Barclays Bank ... 

£1 

7 

335 

- 2 

350 

228 

Beecham 

25p 

7 

635 

-10 

893 

372 

Debenhams 

2op 

7 

105 

+ 1 

120 

661 

ICL 

£1 

7 

260 

- s 

270 

I4S 

Rank Org 

25P 

7 

258 

— 2 

276 

12S 


FT— ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actnari 

and the Faculty of Actuaries 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Igoras in parentheses show number a 
stocks per section 


RECENT ISSUES 


EQUITIES 


;5 Jos! 1977/0 I 

JjNN Bfi zfiZS 1 Stock 

Hr** =c- - J §3 H| . , i 

p j ■< cj nlcb Low . 

H.I*. - 1*70 I SSB KKGOlKO^O 

104 H.H. ao/l ! \2S j 109 Firmer IS-W.1.... 

S2 P.P. 27-1 I S9i«! S3 1-M.l 



460 I— 10 1 F» ; - I 5.7i - 

123 1 «-5tl 2 J 1 9.3! 7.0 

581c 1 — ’ ali.K: 8.7> 8 J) 6.3 


FIXED INTEREST STOCKS 


= - 

C ^ ; 

1 a i 

1 1 ±1 1977/8 

*?JSi ' Stork 1 

— ~ ~ ! Hiab ■ Low 

it 

s 

£100 

i&Wz 

!rao 

I — 1 1001s > ItiOieAgrk- Variable 1963 

ili , *»!«■ -ataltMih Lll% UfcC i 

'101 

1 5. 


KlOO F.r. 
£99 (£6u 
81 Ju I F.H. I 
•10 J F.P. I 
SIOj F.P. 
Cl Ju l£10 
CliXJ F.P. 
ClOu - 
C1JU F.P. 
rtratJ P.P. 
39812 >.**. 
C98> S C50 
- F.P. 
P.P. 

£99J« F.P. | 
£991* £10 . 
t.P. 1 


. lily ’ JAjD 1 

I » j*. lUentei & Sheer-wood LQ% Uos. La. l9tiL_,. 60 ! ...... 

I 61 uj ff/la|OrnDiptan UBK-K-iZ 18* -— I 60 ^, —19 

I 49 ; 9eJfiHeiu>»iciw V*rinbie 1962 — 98t a i 

390141 596U iDrofci* A’omb 1564 S9614 ...... 

SU61« Do. n* Deb. 1892 596 1* 

ISJa! U14 Keasiugton A L'faelsee Hit bfr-tV 141* —I3 

! lOjl* ■ 1*97* Do. Do. Variable ’02 1003® .... 

I0U iHIe Leeds Ynrtsbie l«fe_ ilOO 


— I a' 1 1001* Lcii-ester VerWWe 1902 IOO 

3/3 IOU 2 100 1 « Min Kent Water 1% 1902. -iiOlls 

— »'.+^S 4 wf SorsL Hydro TSiWotes IStSi. S974 

3/2 54 *9ig it. Helens llJS Red. 1386 ».| 53ij —U 

— 5971b 89t> ■ Shell Inti. Pin. KiV. tinar. Motes 1890. '597 

27/1 10 Zi 99p Stae Pumlture 10%-Ciim. Pref llOfitpl+m 

I — 100,: lOOri- TamesMe VartaWe 1963 100*8!—— 

— I 10as- U4 Do 101*5 Hed I lO^UU 

I 61 | 107|., lOa^York Trailer 10* Hrei 1106 | 


“RIGHTS” OFFERS 


1 CAPITAL GOOD6(170) 

2 Building HstexIalgZT) 

3 Contracting, Cotutruction (28) 

4 Electricals (15) 

5 Engineering Contractor^ 13) 

6 Mechanical EngineeringCR) 

8 Metals and Metal Fonning(17) 

CONSUMES GOODS 

11 (DURABLES*) 

12 U. Electronics, Radio TV (15) 

13 Household Goods (12) 

14 Motors ondDisbributontaS) 

CONSUMES GOODS 

21 (TWKV-DURABUSaW) 

22 Breweries (14) 

23 Wines and Spirit (6) 

24 Bntertahuneat, Cate ri ng (18) 

25 PoodManofactoring(22) 

26 Food R etaili n g (16) 

32 Newspapers. Publishing (13) 

33 Packaging sad Paper(15) 

34 Stores (38) 

35 Textiles (25) 

36 Tobaccos f 3) 

37 Toys and Games (6) 1.. 

41 OTHER GROUPS (97) 

42 Chemicals (20) 

43 Pharmaceutical Products (7) 

44 Office Equipment (8) 

45 Shipping (10) — ; 

46 Miseellaneoas (54) — 

49 INDUSTRIAL GROUP (4flt) 

51 Oils (4? - — 

59 509 SHARE INDEX 

61 FINANCIAL GROUP DO®) 

62 Banks (6) 

63 Discount Houses (10) 

64 Hire Purchase (5) 

65 Insurance (Life) (10) 

66 Insurance (Composite) (7) 

67 Insurance Brokers (10) 

68 Merchant Banks (14) 

69 Property (31) 

70 Miscellaneous C7i 

71 Investment Trusts (50) 

81 Mining Finance (4) 

91 Overseas Traders (19) 

99 ALL-SHARE INDEX 1673) 


Tues., , 

fan. 1 

[7, 1978 

Mon. 

Jan. 

16 

Fri. 

Jan. 

13 

Hum 

Jan. 

ia 



Est 

Gross. 

Est. 


V 




Earning, 

Div. 

P/E 




Index 

Day’s 

Yield?. 

Yield* 

Ratio 

Index 

Index 


No. 

Change 

(MbxJ 

(ACT 

CNetl 

No. 

No. 

No. 


% 

Corp- 

at 34*K.i 

Corp. 






itaa*. 


Tta** 




20553 

-1.0 

17.24 

5.68 

819 

20733 

208.99 

210.04 

18834 

-03 

1635 

5.60 

8.74 

189.82 

19166 

19484 

33074 

-1.1 

1733 

3.83 

830 

33433 

33639 

33917 

43936 

-L2 

1538 

4.01 

9.48 

444.70 

449.78 

45196 

290.95 

-0.6 

20.17 

6.44 

6.79 

292.81 

295.06 

29613 

162A0 

—13. 

18.02 

633 

7.91 

16337 

16437 

16435 

16035 

-0.4 

19.61 

830 

6.75 

16113 

16175 

16222 

188.06 

-03 

1735 

4.93 

8.18 

18925 

19031 

19313 

223.93 

-0.4 

15.95 

3.71 

936 

224.80 

227.01. 

23124 

17124 

-L0 

1739 

20.93 

6.55 

7.86 

18L05 

18223 

10.49 

19531 

-0.9 

3532 

533 

923 

19730 

199.83 

20029 

215.72 

-13 

15.17 

6.14 

936 

218.51 

22232 

22033 

236.11 

-03 

17.26 

5.85 

839 

ZJ732 

24327' 

239.73 

25638 

-0.4 

14.02 

638 

1039 

25728 

25875 

25086 

19229 

-0.9 

20.74 

532 

6.94 

193.96. 

196.10 

19734 

196.02 

-13 

33.83 

430 

1032 

19837 

199.78 

19099 

329.80 

-L0 

9.90 

3.79 

1527 

33317 

33889 

344.02 

130.03 

-0.7 

2030 

8.92 

7.09 

138.98 

23250 

13226 

18633 

-13 

1035 

424 

1520 

18838 

19122 

19L91 

173.31 

— 

20.05 

7.64 

632 

17325 

17437 

17434 

21735 

-0.9 

2221 

BM 

6-00 

219.61 

22230 

22439 

103J07 

— L6 

20.03 

5.76 

638 

184.79 

103.40 

102*9 

188.01 

-03 

16.60 

5.75 




24934 


19.85 

6.72 

7.11 

249 JO 

253.08 

25430 

24837 

-L2 

1135 

3.98 

1L60 

25L80 

254.61 

256.26 

13L44 

-02 

1737 

437 

■7.62 

13165 

13334 

13112 

47274 

-02 

20.83 

6.19 

539 

473.62 

47262 

47233 

205.71 

200 JO 

—03 

15.70 

622 

9.03 

20174 

29336 

20220 

-03 


5L7X 

838 

26335 

206.04 

-206.94 

45240 

22335 

-0.4 

-03 

3539' 

1634 

433 

530 

7.90 

837 

45436 

22434 


r 45i30 

22833 

17037 

19735 

-0.7 

-0.4 

25.00 

512 

527 

6.10 

17213 

198.00 

174.74 

200.66 

174.91 

20014 

21723 

-03 

— - 

730 

_ 

217.47 

21637 

21639 

1M« 

-0.7 

11 IB 

469 



141.05 

-13 


537 


14295 

14536 

145.79 

333.82 

—0.6 

— 

632 

— 

13439 

137.72 

13035 

318.76 

-12 

1332 

429 




8284 

-03 


536 


83.12 

8162 

Mil 

24539 

-Ll 

28Z 

2.79 

66.80 

24734 

250.40 

249.92 

109.68 

10836 

-03 

23.49 

726 

5.96 

109.15 

10931 

189.13 

-0.8 

328 

4.85 

3033 

190.66 

19223 

193.06 

9035 

-0.1 

1722 

6.47 

6.76 

9030 

9134 

-■90:0 

278.64 

276.01 

-02 

17.46 

6.91 

727 

276.46 

277.33 

207.79 

-0.7 

— 

5.45 

— 

20931 

21235 

21227 


I 5 — ■ lane- 1 

" - I It 1 m rii'. I 1977/8 1 

Price! = 3 U.ir- 1 i 

i>: • < S « ! ' Hub 1 am ; 


95 I ail 
2 V 1 K.l‘. 
SO 1 F.P. 


1212 ult 
Sj F.P. 
6d F.P. 
10 . Dll 

166 nil 
»Ai.fS nil 
l?i«| P.P. 
56 nil 


31/1' 24/2 
lb’12'2 /. t 
6/1. 10/3 
23/ U 27(2 
24/2; 10/3 j 
13/1' 10,2; 
24/1 6/2 

flU/ll* 27>1 
6/1 10/2. 
1/2 - I 

26/1 9/3 

17/2 3.31 

23/12 18/1: 


18/1 3/3i 

lb. Le e i 1| 
19/11 16/2 
U/12 18 1; 


22 pM>\rliugtua Sii'itrtr,..,. ; 

j2i2'bri<itiurt GuiNlrv 

60 iLlaL'ieiunn 

Bpni ChrirlA Bin; 

36pni.Uouini. Bnnknl Aunralia | 

luimlBihir Industrial ........ 

ig/iQi JofanEun 3: Banies ■ 

1 S4 (Johnsoa Firth Brown._ 

71 |(veain[ni( Motor 

26pmiL.R.C. Inienutloaal 

aOpmUolrhaul 

Si pm Matlonal Hit. ot Australasia. 

Prtw uiW L 

lfipm Preedv (Alfred/ 

374 «.GJ. 

6- Kccuni KhLtnav 

l|iin r -iturla (Geo.1 ... 

-ll il'tf. 'i-IrnWIr 


; L'hisias 1 . 

! Price- ;+ « | 

' v : •. j 

26pin' ...... | 

74 , 

14pm — | 
42|'ni— 1 
Z8pni| 


FIXED INTEREST PRICE INDICES 


F73CED INTEREST 
YIELDS 

Br. Govt. Av. Gross Red. 


^!-t 

79 1+1 
2Bpmi + l 

iFI :::: 

16pm 


British Govern meal 

1 Under 5 years 

2 5- 15 years. 

3 Over 15 years 

4 Irredeemables 

5 All stocks. 


Tucs. 1 
Jan. . 
17 

Day's 

change 

■ ■ 

xd adj- 
To-day 

xdadt. 

1977 
to dale 

109.02 

-033 

— 

0.13 

12319 

-L01 

— 

032 

13L14 

-114 

— 

037 

14536 

— L03 

— 

OOO 

12033 

-030 

__ 

032 


1 Low 5 

2 Coupons 15 

J 25 

4 Medium 5 

5 Coupons IS 

J _2S 

7 High S 

8 Coupons 15 

9 25 

10 Irredeemables 


5 years..; 
15 year* .. 
25 years ., 
5 years... 
15 years... 
35 years... 

5 years... 
15 yean... 
35 years... 


26232 3 
22639 1 
24430 1 
26230 1. 
199.09 1 
267.72 1' 
35332 2 
13312 
192.11 1. 

174.69 1 

225.88 2 

101.42 

193.42 1 
257.66 2 
25911 
13L08 

47 ZU 4 

265.70 1 
28837 _1 
46130 4 

229.88 1 
17636 1' 
28237 I 

218.70 1 

16831 .' 

146.64 I 
139.91 J 
328.94 2 

•4.21 ’ ! : 
24934 2 
109.62 
J.92.D .1 
-9L26-, 
2783? i 
213J8fl 


Tuw. Mon. \ 

.Jan. Jan. 

•17 16 <*l 

~lA7 

938 942 

10.16 M.01 

9.78 939 F 

1637 . 10,43 -V 
16 JO 1637 , ~- 

30J» 10.08 - ' SQ (Vi 

1131 1136 . • 

1137 - 1L42 

1L35 1121 T/- . . 


•Ut*f. ri /rntiflr 

!W*i ism- iJ • 'snllR).. 


84 1-2 
2pm — 

208 

41 


Tncsrtay, Jan. 17 Monday Friday Thun. IVctL Tuev llondav Friday 
' 1 ~ ‘J." Jan. Jan, Jan. Jan. * JaB. 

1 Miles ) Yield 18 IS 12 n in B 8 

No. 1 ft * 


RenunaatiOD dab.- usually losi day tor dealing free of stamp tuts. 


| or other otBrial esilmaies (or 1 S 18 


dlridenda. 4 Haring pnee 
by tender. ;| Offered in 
by way nf capital ibaUoti. 


r Figures assumed. 


rr Mmlmnm tender price, it RclntrndiKed. 


s IS 

|20-yr. Red. Deb. & Loans ( 15 ) 

6338 

tll.73 

63.13 

63.14 

■ 63. IB 

62.09 

eff .43 

5 16 

j Investment Trust Prefs, ( 15 ) 

5733 

1235 

57.47 

67.43 

07.58 

S7.71 

57.57 

17 

a 

iComi. and Indl. Prefs, (20) 

7B.43 

11.50 

78.5 J 

70.BO 

78.34 

78.80 

'7&33 


in connection with reorgaDisatien merger or latce-owr. i;;i 1 Introduction. ^ Isjued lanK. a list rr the cnnsiliBciib is waitable frem the Publlittera, ton Financial Tiimc. mdiM Home. " 

to former Pre/e rente Uohlers. ■ Altotmoni leitera cor mUy-paJdt. • Provisional street, London, EC4, price 12a. b* nB « ^ financial tiibm. womtu 

or partly^iaid ajlntmeu letters. ★ With warrania. — * . . 







Mi 




OFFSHORE AND 'OVERSEAS FUNDS 


rfl 


1 


553 


=J 


m 




Mm 


?vl 


IS £Sffi£S 


till 


& 


1 


1 ill >" 


nmrrrr. 


m 


'Mi 


tmt. 


m 


rm 


BB 


nm 


i'vn 



raw 


m 





m 


;ia 


INSURANCE, PROPERTY, 


m 


a 


fG. & A. Trust 00 (g> 

5. Rayleigh Bd. Brentwood 
G.&A p#7 XU. 


CLIVE INVESTMENTS LIMITED 

"yal Exchange Ave., London EC3V 3LU. Tel.: 01-283 1101 

x Guide as at 11th January, 1978 (Base 100 at 14X77.) 

-live Fixed Interest Capital 134.97 

3Iive Fixed Interest Income 1 27.53 

CORAL INDEX: One 469473 

INSURANCE BASE RATES 

t Property Growth i.... .. 84% 

- •.T/ Cannon Assurance. 4|% 

i t Address show*. under Ingoranca and Property Bond Tahle. 


BASE LENDING RATES 




Mi 


rr 


rM 


HranitfniW 




Si 

. T. 


■Vriir . 




S± 


v 


:N. Bank 

,ed Irish Banks Ltd. 
irtcan Express Bk. 

>o Bank 

.* Bank Ltd. 

ry Ansbacher - 

.co de Bilbao 

-k of Credit & Cmce.Jf 

k of Cyprus ... 

•k of N.S.W 

que Beige Ltd 

.flue du Rhone ...... 

iilays Bank 

,-iett Christie Ltd.... 
nar HoldingB Ltd. 

.. Bank of Mid. East 

.-•n Shipley 

-ida Permanent AFI 
itoi C & CFin. Ltd, 

.ser Ltd 

;?r Holdings 

iterhouse Japhet... 

;3. Coates - ..... 

soli dated Credits-. 
..perative Bank 
nth'ian Securities— 

'l lit Lyonnais 

Cyprus Popular Bk. - 

■can Lawtde .... ..f 

1 Trust — 

/fish Transcont. ... 

'X London Sees. ... 

• : .t Nat Fin. Corpnf 
•t Nat. Secs. Ltd. ... 
">ny Gibbs 1........... 

f 3e Durraat Trust... 
Abound Guaranty... 

J idlays Bank ..-t 

' tness Mahon 

'ibros Bank 

r Samuel ...7.;.v.-.....5 


6-^Hoare & Co.' t 61% 

JnDsn S- Hodge 74% 

Hongkong & Shanghai 64.% 
Industrial' Bk. of Scot. 7 % 

. Keyser UZlmann 6J% 

Knowsley & Co. Ltd.... 9 % 

Lloyds Bank 64% 

London & European ... Sl% 
London Mercantile ... 64% 
Midland Bank 64% 

■ Samuel JKontagu 64% 

■ Morgan Grenfell 64 % 

r National Westminster 64% 

Norwich General Trust 64% 
P. S. Refson & Go. ... 64% 
Rossminster Accepfcs 64% 
Royal Bk Canada Trust 64% 
Sehleringer. Limited ... 7 % 

E. S. Schwab 84% 

Security Trust Co. Ltd. 74 % 

Shenley Trust 94% 

Standard Chartered ... 64% 

.. .Trade Dev. Bank 64% 

Trustee Savings Bank 64% 
Twentieth Century Bk. 74% 
United Bank of Kuwait 64% 
Whi teaway Laidlaw — 7 % 
Williams & Giya’s ... 64% 
Yorkshire Bank 64% 

■ Members of the AcceMias Houses 
Committee. 

• T-Oay deposits 3%, l-nuass deposits 
81%. . 

t 7-day demsfu on pzms of nO.OOO 
and under *%. tip to £25.080 34% 
mid over £13.808 

't CaU depofflw over JELMO 3%. 

I Demand deposits <%. 

1 Rate aim applies to Sterling lad. 
Secs. 

6 7-dear deposits 33%. Sates for Term 
Deposits over £1.000 negotiable. 



re rSr 


sg 


s 


9WS 


■g rt rr- i. io 






m 





WM 

Acc._N7A 


9. 




ffl 




\'~i 


$ 

li 


S3, 



M 




EST IN 50,000 BETTER TOMORROWS!! 

) people in the' United Kingdom suffer from progressively 
ysfog MULTIPLE SCLEROSIS— the cau se an d cure of 
T are still unknown— HELP US BRING TBQi RELIEF 
HOPE. 

teed your donation to enable us to continue our work 
he CARE and WELFARE OF MULTIPLE SCLEROSIS 
.dts and to continue our commitment to find the cause 
' cure of MULTIPLE SCLEROSIS through MEDICAL 
iARCH. 

Please help— Send a donation today to: 

Room FJ, M 

The Multiple Sclerosis Society «f GJLandNX 
4 Tachbrook Streep 
London SW1 1SJ 


gmne M - - 

wWQi Ibt. . 


m 






tv) 


m 


m 




m 


s 




i m 



















































— 80 



Bifurcated 
Engineering 

: RIVETING SYSTEMS* PARTS FEEDING AND 
ASSEMBLY SYSTEMS«0THER AIDS TO 
INCREASED PRODUCTIVITY Seed far 
"The Guide to the BE Group' 


1 Bifurcated EngraHring Ltd, 

1 P.O. Box 2, MsndflviHe Rood, AylesburyT" 
iBucfcaHPil SAB Tel: Aylesbury (0298) 5911 ■ 



**BRITISH FUNDS 


W7-7! I 
£i|h low I 


Stock 


I 


101-, 
104 
10 
107 
97% 
98% , 

975# 
107 , 
105% 
96 
98% 
112 


“Shorts " (lives np to five Years) 


w 


94, 

104 


a 


30 . 

s 

m 

a’s. 

«% 


102 


95% (Treasury Ope 10785 — 
97% (Treasury llftflc T8£t_ 

90S Each. 5pC78ftH 

95a (Treasury 


84S |Treaiicj-3pe 
85% 0eetric4%ne 74-79.— 
92 rreasuiylfepeTKt- 
84% Etectrie3%pc 16-19— 

Treasury 3%pe 77-80 — 




Treasury ll%pc 

//% Treasury?; ' 
86A IreasuySi 
96% Etci.ffl»pc 


*& 


97% Eu±.SjpcIS81_ 

87ft Erch.3pelflBl 

96% Treaa. Variable m«_ 


96% lExeh. lMtpcMljp-. 




95% Treas. Variable .. 

& 8335862= 


87% 

114% 

101 % 

3% 

87% 

94 

7& 

121 % 

94% 

112 

76% 

118 

96% 

113 


lEldLftpC 

five to Fifteen Years 

81% latch. 3pc 83- 
95% Treasury 12pc 
96% TreasroySfcpe 
72% VumUngZac 
77% Treasury 8%pc 
66% Fbnd&gObpc' 


116% 


1»; 


129% 

W 

30 

120-.’, 


124 

50 

122 % 


72% 

136% 

97 

56% 

44% 

SZ% 

59 

80% 


ese 

VP* TransnoitSoc 
53% Tre*wty5pCaM9._ 

90 Treasury 13pclflMtt_ 

67% Iterauy8%8790tt_ 

88% Treasury U%pcI9Bl._ 

8W» T^^Sy^pcT^^I 

89% Treasure tope I9B2 

89% ExcLl&pcTE 

Over Fifteen Years 

i 



9.60 

1L35 

HOT 

11.43 


Treasury 12%pc?3t 
Funding 6pclS93» , 

Treasury 13%pc 1»3#1 
Treasury 14%pc Dt#-. 
Rich. 32%pctoW_ 

TnasrayOpc’W# 

Treasury 12pc "85... — ■ 
Ga»3pC90/B5— 
EmhiOGpc'ffi i£3(h 
Treasury 13%pc w 
Treasury toe ftMIfll*- 
Treasury 15%pc "EB# _ 

. , Exchequer lftpcWtt 
31% iRedaniti(a3peB»Mtt_ 
Treasury 13%pc Yltt _ 
Exchequer lWjpe UV7. 



Undated 


38% 

n 

st 

24 


26% 


20% 

17? 

17? 


[Consols 4pc_ 


I War Loan 


Cont. 3%pc 1 

Treasury 3pc 66 AA. 


Consols 2%pc 

y2%pc 


(Treasury! 


-1% 11-58 
-3, 8.75 
-1% 1190 
1 - 1 % 12.01 
-1% 1162 
[-1 10.42 
—1% 1150 
!— % 5.99 


(-% 1085 
-tfJlL67 


z k 


raJ 




-r 


t* 


M.55 

12J3 

1176 

6.25 

1175 

1113 


-1W10.59 

-53 9.85 


1210 

10.74 


-W1U2 


10.46 


-1 

10031 

-1 


-h 

10 99 

-h 

9.78 

~h 

9.38 

-h 

11 16 


10.73 


1101 


1139 

li.ai 

1158 

1162 

1149 

10.77 

1142 

859 

10.97 

2150 

10.87 

1179 

1157 
8.67 

1158 
1123 
10.90 
1053 
1183 
10.92 
1121 

9.69 
10 & 3 
10.40 
1050 


“INTERNATIONAL BANK 

88% | 75% |5pc Stock 77-82 | 87%id|._...[ 5.70] 826 


^CORPORATION LOANS 


100 

94 

107 

112 

102 % 

94 


29% 

lOOA 


92% 

85% 

79 

79 

27% 

9312 

100 

107% 


76% 

% 

9 

75 


70% 

60% 

52? 

5% 

20 

76% 

84% 

90% 


82 BmnHa&i9%pcT»8L_ 

81% Bristol 7%pc 7981 

93 OLC12%pc’8Z 

95% Do. 12%pc 1883 

851? Glas£0«9%mffi 

Herts. 5%pc 1880 

Liverpool SVpc 78-78 _ 

DuShfX’am 

Daftpclrred— .. — _ 
Um. Corp. 6%pe 15-78 _ 
Da9%pc 


85% |LC.C.6pc 18-18 



Middx. 5%pc I960 

Nerastkftpc-TBBO- 
Warwick 12%%IW)_ 


98% 

106% 

■« 

93sd 

JSs 


?6% 


83d 

73%hI 


io§3 


-% 


937 

BJZ4 

1177 

1165 


5.64 
5.80 
1 9.80 
1197 
16.49 

BS 

5.95 
6.62 
750 
1 882 
1185 
15.63 
1 932 
11.74 


9.66 

9.65 

1056 

10.73 

9.97 
858 

6.97 
9.98. 


636 

9.86 

833 

7.84 

8.98 

9.92 

1010 


IS 

9.79 


C0M0NWEALTH & AFRICAN LOANS 

un% 

94%d 


100 % 

96 

£8% 

98% 

89 

94 

69 

94 


88% "AusL Srpc 15-78... 

79% "DiJ.Sapc 77-80 

69% '•Do.ftpc’SMO — 

8fc% **M2. 4pc 1976-78 

81% "DatocTMO 

66 "DO-TljpcWJB 

85 Stb.AfneaBijpc’TML 
31 5<1 l Rhodope ra-W. 
47 DaOpcTMl 


LOANS 


•s 3 


65 

92 


+% 

555 


583 


6.36 


400 


657 


8.62 


1059 

-4 

— 

+1 

— 


6l74 

8.65 

9.45 

724 

8.99 

9.80 

12.09 


Public Board and Ind. 


66 

95 

33% 

11b 

»6 

100 


44 

68% 

22 

101 

77 

84 


Ajsric.M.Spc'SMB.— 
Alcan 10%pc DO-M 
**Met.Wlr.3pc*B , _ 
iTSM C Spc i pP 
Do. without Warrants. . 
[Ultramar 7pc’7MS — 


Financial 


64sd 

TK 

108 

93% 

100 


107 

111 % 

116 

85% 

S3% 

97% 

99% 

100% 

73 

71% 

84% 

83% 


44 

98 

100% 

68 

67% 

95 

95 

96 
51% 

9 

59% 


FT5%pcD 

jDo.GGpcDb. *81-84 

|Da 10%pc UnsLn. ■86- 

Do. llpcUnsln.'88 

'Da XlVpc UnsLa. *80- 
Da1%pcADd».»at« 
Do7%pcADb.m-M— 

[DoOpc‘A"81-M 

[DoS^ipcLn. '82-97 


107 id 
109 

112X1 

eS3 

98%id 

99%al 

78al 

7D 

82% 

76%xd 



753 

+% 

1L68 


952 

rtl| .. 

8.44 


9.77 


704 




1331 


12.59 

-% 

650 

-% 

759 

JUJUS 


1.107 


JJ.J8 

-A. 

1056 



Ulil 


10.48 

1L80 

10.99 

730 

1L25 

950 


1037 
11.00 
3135 
10.80 
1055 
n m 
XUS 
1180 
1150 
1152 
1187 
12.05 


FOREIGN RONDS & RAILS 


ijtt.ts 

High UM 


Stock 


Price |+ erj Mr. ftl Red. 
£ I - 1 Gren Yield 


22% 

37 

4B 


355 U98 


bO 

58 

04 

42 

77 

% 

287 

79 

165 

75 

599 

DM©! 

94 


[Chilean Mixed — 
Kknaan Yog. 4%pc. 


46 (Greek Tpc Ass.. 


46 

38 

32 

48 

69% 

65 

228 

63 

150 


[S94 , 
D 62? 


Antofagasta FUi — 
Do.SpcPret 


□a Ope 2BStab. Ass. — 
Dot pc Mixed Ass.. 

Hung. "34 As* 

llcelaad6%pc *83-88 


ireJaod Ji^eWl-83 


Do Mpc 
lapan4pclOAss_ 

Do6pc*EM8 

Pern AssJpc 


75 bGL6%pci90O. 


Turio9pclS9l_— 
[Turin 6%pclOB4_ 
Uruguay 


3& 

98 
355 
46 
96 
42 
42 
75xd 
88 uf 
90%, 
265at 
79ial 
160 
75 

S97% 


+% 


23.06 


3% 17.73 
6 A- 72 
«.77 
687 
-1| 1035 
-J 10.42 
11.41 


9.05 

189 

8.67 

9.23 

9.90 

4.00 


U5. $ Sz DU prices exclude iov. $ premium 


1PTT-78 
ZQgb law 


AMERICANS 

1+ M 1H». 


Stock 


I ASA. 


AMFWCcbt.W- 
LlxsaxSl 


American Express, 
i Amer. Medic. Ini — 
i Asarcolnc — 


Baker IntnltVp. SI J 
[Banes Grp. Sg — [ 


lBendwCbmS5„ 
itectsa 


Beth. Sled 
Brwn'gFer.clffj. 
Brunswick Cdrpn.B. 
Burraush3Corp.55 
CBS £150, 


[ CJ>.CS% 

CsrfaanuKhun S L50 
Caterpill^rtl— — 
Chase iThtn Sl?.a... 
ChesebroighSl — 

> Chrysler S6% 

. CIllcorpS4_ 

) [City Inv. SL25 
, Do.Gn.Prf.BSl- 
Colgete-P.Sl— — 

ColrLukSl 

i CooLlUlKaaSIU— 

CooLOilSS. 

Crown Zell. S 

Cutler- Uamtner S5 . 

DannOorp. 

Eaton Crp-Siai— 
Esnork 


Exxon 8— 

Firest one Tire H — 
*lDt Chicago SSL— 
Floor Corp.S%— 

Fted Motorffl 

GATS 


i Gen. ElecL52%— - 
, GilletteSl— — 
Houeywdl SL50— 
9 Hutton ELF— 


lLaJH.Corp.S- 

Incenoll-Rl 


togs?soll-RSl 
t isL^ti«Ki'C«.n 
s LU. intern sUonalB 
. Raiser AL ft. — ■■■ 


42% 


+% 


+39 

+% 

:+% 


,3 


+18 

+% 


a 

+4 


% 


80c , 
59^ 
SL75- 
5140 
24c 
50c 
64e 
90c 
S2JB 


S100 

40c 

60c 

5100 

S2.&0 

,5250, 

♦S12<4 

5180 

53 M 

84c 

S1.00 

& 06 
00 
52 

5100 

S2.75 

1132 

5140 

5190 

5140 

124c 

52.00 

5184 

53.00 

OLID 

96c 

5120 

5320 

3250 

$160 

5150 

5190 

50.60, 

51152 

52.80 

25c 

90c 

5140 


rid 

CvrlGr's 


< 


rtnaiwial Hmes tTecIn«d*y 


FT SHARE INFORMATION SERVICE 


AMERICANS—Continued 


jsn-7* 
BEgfa Low 


20 


ft 


14% 

16% 

10i 2 

14% 

247p 


Quaker Oats PSS5- 
ReHajs? 


133 


21% 

19% 

938p 


385 p 
75Bp 


Stock 


Karri Han. USS750 
:: iyuaP)US£L5l 
Norton Sn»a lac JLj 
Ouwj-C133J25—| 


lance $025 
Rep. N.Y. Cdrp. S5. 
Uteaardg — , 
Rrcbdsn.-HrdLSl% 

[SauIiB.F.iJl 

[Shell Oil Si 

SngerlBOl 


Sperry Rand S05D- 
TBWInc.SU* 


Tesneco- 


^■Da.mLa.Sk.9US| 
SBpScamPLCSWJ 

|16% (Texaco 


22% Dime Inc.. 


865p iTraniamerica SI— 


Uld.Tech.SUS 

US. steel si 

v etn>MSl 
Woolc8ithsS3%— 
Xenix Corp. 51 _ 

XonlciInclOc 

Zapata Corp. 25c _ 


+ orj Kt. 


Grou 


5192 
52.36 
, 76c, 
'hSZOti - 
$1.04 
15c 
$ 1.00 
80c 
90c 


1 

+H 




+% 

-% 


65160 
60c 
SU2 
XL 60 
52.00 
10%^ 
SIM 
52 
5130 
80c 
SL80 

20c 

5140 

5160 


TV 
Cn Gr'i 


4j; 

a 


AL 


3.8 

*2 


35 


4.B 

26 

27 

4.7 
631 
H5 

31 

5.1 

4.6, 

Hf 

6.7 
3.0 
10 

141 


SJE. List From tun 87%% (bated on fUSL9195 per £u 


. 18 
(ran 

26 

35 

27 

20 

19 

75 

73 

66 

Z7 

24 


Conversion factor 0.7880 (0.7953) 


M77-78 

*S|h Lew 

*13 


CANADIANS 
c M 


17% 

42% 

JP 

& 


468 

33% 

s 

70p 

24 

22 


990p 


10% 

Si 

uv 


940p 


16' _ 
935p 


ffi 


955p 

840p 


BkibrntrealSS 

Bk. Nora Scotia JL. 

BcH Canada 25e 

BowValleyfl 

Bnusasag 


ran Tmp Bfc c 
Can.PacificS5 _ — 
DatecDeb.£U0. 

, Gulf Chi Canl 

Hanker Sid. Can] - 

HoQingerSS 

(Hudson's Bay I 

[HiZaOjiG.jft— 

mnpgialOUg 

laco 


InLNaLGuSl 

^m£!SS=z 

/Place Gas 51 

fRioAlKOm.— 
jBqsalBk.Can.S2— 
imCaCSl— 

[Tor.DaBLBk.Sl 

(Trxis. Can. Pipe 33%c 


Die. 

Grou 


;fe 


+20 

-% 


-10 




|gSL06| 

92c 
54.08, 

■ 10c| - 

SL00 
5144 
80c, 
4%| - 
SL06 
40c 
$194 
65c 
5176 
86.4c 
5160 
80c 
51.00 
66.4c 


5108 

$146 

92c 

76c 

95c 


] ru 


CnlGr's 


53 

43 

67 

0.4 

H 

i!f 

33 

5J 

5-7 

3.4 

3.0 

3.8 

8.0 
64 

5.8 
2Q 


SwK. Lint P iwd mn 27%% (based on $2.1122 per £j 


BANKS AND HIRF. PURCHASE 


1*77-73 

High Law. 


337 


[232 


305 Q80 


£114 

595 

168 

195 

£25% 

363 

065 

27 

210 

500 

315 

E34% 

350 

210 

360 

95 

238 

*£14 

£21 

24 

£18% 

157 

£103 

83 


1Z% 

210 

55 

280 

31 

126 

230 

257 

116 

£20%i 

341 

88 

187 

52 

80 

134 

300 

52 

177 

400 

£91 

£99 

65 


*247(172 
58 


300 1205 


485 0.0 


290 

100 

430 

58% 

sir 

56 

V 


£88 

1350 

,87% 

[105 

£13% 

1195 

£100 

18 

1170 

Mh\ 

U5 

£14% 

£84% 

25 

% 

% 

7 

1128 

D55 

14 

.53 

[150 

1140 

73 

[400 

1223 

,54% 

1102 

21 

57 

76 

185 

25 

86 

1245 

£64% 

£69% 

40 


i 


37 





Uv 


rid 

Stock 

Price 

- 

Net 

Cir 

tir's 

ANZSA1 

252 

+7 

tQlfir 



4.0) 

Alexanders D.0 

77? 


F14 31 


8f 

Aleemene FL100 
Alta Harvey Q. 

£92% 

505 

+'£ 

8K 

2.5 

3.9 

9.4 

Allied Irish . 

16M 

-1 

t^iao 



6‘) 

Arbuthnot L £1— 

165 



as 

Bank Amw SUBS- 

00% 

+% 

Q94c 

113J25 


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BUILDING INDUSTRY, TIMBER 
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BUILDING INDUSTRY—Cont 
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CHEMICALS, PLASTICS 


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700 

101 

287 

94 

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70 

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189 

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CINEMAS, THEATRES AND TV 


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55 

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117 

110 

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63 

59 

62 

31 


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Ihim MlNnlH UuBcMmL Kim ud Mi dividends an la 
p CH Cr — ^ dmanlaMlMifl arc ISk Estimated KManb(> 
ratios and covers are baaed on fadest annual reports and aecimnta 
sod. «bn possible, arr updated ca halt-yearly figures. PfEim 
raknhted on (be bools of net dtstribntfoa; bracketed figures 
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9.5| Yield* are baaed on middle price*. are grass. adloatcd to ACT of 
33 1 U per cent tad allow for value of declared dlnrlhutUau and 
5, 6| rights. Securities with deoaodBatloaB other than aterUaf am 
quoted inclusive at the investment dollar pceudnm. 

t Sterling denominated securities which include Investment 
dollar premium. , 

• •'Tap" Stock. 

* Highs and Low# marked that have been adjusted to allow . 
foe rights Issues for cash. 

-I- Interim since increased or resumed, 
t Interim since reduced, passed or deferred. * 

ft Tax-free lo non-residents ob application. 

6 figure* or report awaited. 

It Unlisted security. . 

p Price at time of suspend ou- 

9 Indicated dividend after pending scrip and or rights issue: 
cover relates to previous dividend or forecast. 

** Fteo of Stamp Duty. y * 

6 Merger bid or reorganisation in progress. J 

6 Nat comparable. 

♦ Same interim; reduced final and/or reduced comings 
Indicated. 

f Forecast dividend: cover on earnings updated by latest 
Interim statement. 

t Cover allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend, 
ft Cover docs not allow for shares which may also rank for 
dividend at a future date. No P.E ratio usually provided. 

9 Excluding a final dividend declaration. 

4- Regional price 
H No par value. 

a Tar free b Figures based on pnwpeclua or other official 
estimate, c Cents, d Dividend rale paid or payable an pare 
of capital; cover based on dividend on full capital, 
e Redemption yield, f Flat yield, g Assumed dividend amt 

r eld. h Assumed dividend and yield after scrip issue. 

Payment bom capital sources, k Kenya, m Interim higher 
than previous total, n Rights Issue pending q Earnings 
based on prehminnry figures, r Australian currency, 
a Dividend and yield exclude a special payment, t Indicated 
dividend; raver relates to previous dividend. P;E ratio based 
on latest annual earnings, n Forecast dividend: carer based 
on previous year's earnings, v Tax free up to 30p in the c. 
w Yield allows for currency clause, y Dividend and yield 
based on merger terms, z Dividend and yield include a 
special payment: Cover docs pot apply to special payment. 

A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and P/E ratio exclude profits 
6 I ± I Of UJE. aerospace subsidiaries. K Issue price. F Dividend 
and yield based on prospectus or other official estimate* for 
1877-78. G Assumed dividend and yield after pending scrip 
and/or rights issue, H Dividend and yield based on 
prospectus or other official estimate* for 1P7&77. • K Figures 
baaod on prospectus or other offirial estimates for 1878. 

M Dividend and yield based on prospertu* nr tuber official 
nil males for 1878. N Dividend and yield baaed on pnripccbu 
or other official estimates for 1976. P Dividend and yield 
based on prospectus or other official estimate* for 1877. 

Q Grass. T figures assumed. l> No significant Corporation 
Tax payable. Z Dividend total to date. « Yield hosed to 
assumption Treasury Bill Rare stays unchanged until maturity 
of mock. 

Abbreviations: id ex dividend; k ex sc rip issue; vex rights: a ex 
all; ri ex capita] distribution. 


“ Recent Issues " and “ Rights ” Page 28 


Tills service is available to every Company dealt in oa 
Stack Exchanges throughout the United Kingdom for a 
fee of £480 per annum for each security 






House of Fraser. 1 32 1 Trust Houses. J 33 IRioT-Zitie | 

A selection of Options traded lx given on the 
London Stack Exchange Report page 















































































































































































S2 


VALUERS 
TO INDUSTRY 


BERNARD THORPE 


LONDON, SWT TEL: 01 -834 6890 


FINANCIAL TIMES 



Wednesday January 18 1978 



Head Offc&Hrfkjh Street 
BD23 1DW 0756^455! 
London Office: 81 MM 
■W: 07-242 8147 

ftmlnww^tW nil l in . 
fcwwwariM W w 


Israel and Egypt 


put out feelers 


BY ROGER MATTHEWS 


JERUSALEM, JaiL 17. 


ISRAEL AND Egypt to-night 
began informal contacts aimed 
at bridging the substantial differ- 
ences which divide them on pro- 
gress towards Middle East peace. 

After the opening session of 
the joint political committee, at 
which the Foreign Ministers 
delivered set speeches along pre- 
dictable lines, the two delega- 
tions exchanged documents 
spelling out their proposals. 

Mr. Cyrus Vance, U.S. Secre- 
tary of State is waiting to see if 
there are signs of movement 
from either side before putting 
forward his proposals. 

Both sides are waiting to see 
if and where the U.S. starts to 
exercise some pressure. 

Mr. Vance flies to Cairo for 
talks with President Sadat on 
Friday and to deliver a message 
from President Carter. He then 
plans to vsit Turkey and Greece 
and could retarn to Jerusalem 
if he thought he could help. 

Mr. Vance said to-day: “The 
solution must recognise the 
legitimate rights of the Pales- 
tinian people and enable the 
Palestinians to participate in 1 'ie 
determination of their own 
future." 

The basis of the U.S. plan, of 
which Mr. Moshe Dayan, Israel’s 
Foreign Minister, to-day denied 
all knowledge, is understood to 
be for a lengthy period of 
limited self-rule for the West 
Bank and Gaza, as proposed by 
the Israelis, to be followed by a 
form of self-determination which 
would involve the area’s being 
federated with Jordan. 


Despite an apparent willing- 
ness by Israel and Egypt last 
nigbt to avoid mutual recrimina- 
tions, there was . nothing re- 
strained about ' the opening 
speeches. Mr. Mohammed Ibra- 
him Kamel, Egypt’s Foreign 
Minister, again insisted that 
Israel bad to withdraw totally 
from all occupied Arab territory. 


Saudi Arabia is reported to 
have offered to provide the UJS. 
with all the oil it needs in 
return for a satisfactory solu- 
tion to the Palestinian problem. 
The Saadis were also said to 
bave offered to buy the West 
Bank and the Gaza strip from 
Israel, in an message trans- 
mitted through. President 
Carter. Page 3. 


Including Jerusalem, and had to 
recognise the rights of Pales- 
tinians. 

Mr. Dayan countered that, 
although his country deeply 
desired peace, it was difficult to 
accept assurances from Egypt 
about the “ attitude of a future 
Palestinian state, run by the 
Palestine Liberation Organisa- 
tion." 

Michael Tingay reports from 
Cairo: President Sadat of Egypt 
is giving himself three days to 
decide whether the current peace 
negotiations with Israel should 
go on or whether he should 
recall his delegation. 

But a sudden breakdown in 
the political committee’s Jerusa- 
lem talks is not expected here. 
According to officials. Mr. Ezer 
Weizman, Israeli Defence Minis- 


ter, will arrive here on Thurs- 
day to resume the work of the 
complementary Egyptian-Lsraeli 
committee, which was adojurned 
last week after differences over 
the Jewish settlements in Sinai. 

Having accepted the U.S- com- 
promise on the agenda at Jerusa- 
lem — this omits the key phrase 
“self-determination for the 

Palestinians"— the Egyptian 

leader has gone Into self- 
imposed' seclusion to decide 
whether the rewards for pushing 
on with less than his cherished 
"declaration of principles” out- 
weigh the hostile conseqences in 
the Arab world. 

Palestinian self-determination 
is an amost sacred catchphrase 
in the Arab vocabulary, while 
the declaration of principles, 
which . Mr. Sadat hoped to 
squeeze from the Israeli Prime 
Minister at the Ismailia summit 
was to have been the political 
umbrella under which separate 
negotiations could in effect be 
pursued, leaving other Arah 
parties to join in when ready. 

The difficulty of the Egyptian 
leader’s choice is amplified by 
clear signals from the Arab 
world that even hardliners would 
welcome him back into Arab 
ranks if be were to declare the 
negotiations hopeless. 

Conciliatory remarks by Mr. 
Salah Kbalaf, who ranks second 
to Yasir Arafat in the PLO, 
bave not gone unnoticed here, 
after three days of bitter 
editorials in Egypt’s Govern- 
ment-owned newspapers against 
Israeli intransigence- 


EEC approves proposals 
for new trade talks 


BY GUY DE JONQUIERE5, COMMON MARKET CORRESPONDENT 


BRUSSELS, Jan. 17. 


COMMON MARKET Govern- 
ments to-day approved a series 
of proposals for the GATT multi- 
lateral trade negotiations and 
indicated that industrial tariff 
cuts could not exceed 35 per 
cent. 

That was devised at a meeting 
OF EEC Foreign Ministers to 
satisfy objections by the French 
Government 

France has expressed reserva- 
tions about the 40 per cent 
average tariff cut envisaged in a 
formula which the EEC and the 
U.S. have provisionally agreed 
to use as a working .hypotheses. 

Instead of setting a firm 
objective, the Ministers agreed 
tbat the final tariff cuts should 
be decided towards the end of 
the negotiations. 

They should depend on the 
extent of concessions which the 
EEC obtained from its trading 
partners in other ureas such as 
safeguards and non-tariff barriers 
to trade. 

Mr. Wilhelm Haferkarap, the 
External Affairs Commissioner, 
said that the package was con- 
sistent with the understanding 


reached with the U.S. and Japan 
earlier in the negotiations. It is 
hoped that those negotiations can 


be completed by late July. 

Mr. Edmund Dell. Secretary 


of State for Trade, whose 
Government has been none too 
enthusiastic about deep indus- 
trial tariff cuts, said that the 
omission of the 40 per cent, 
figure represented a shift of 
presentation, and did not under- 
mine the working hypothesis. 


Inevitable 


Mr. Dell said that because the 
EEC agreed that products 
exempted from tariff reductions 
should not be compensated for by 
deeper cuts on other items, it 
was inevitable that the overall 
average cut would fall below 40 
per cent. 

Britain was satisfied with the 
package, which will form the 
negotiating mandate for the 
European Commission in Geneva, 
because it recognised all the 
main demands made by the UJv., 
he said. 

They included: — 

• A proposal to amend the 


GATT procedure of safeguards, 
to permit Governments to impose 
trade restrictions against disrup- 
tive imports selectively, instead 
oE having to act against all trad- 
ing partners indiscriminately. 

• A proposal for a “break 
clause" after five years of im- 
plementing the tariff cuts. GATT 
members would then decide 
whether world economic condi- 
tions warranted putting into 
effect the remaining tariff cuts 
over the final three years en- 
visaged in the negotiations. 

• Agreement on the principle 
of “parallelism,” which means 
that no GAIT member need com- 
mit itself to an agreement in 
one area of the negotiations until 
it is satisfied by the progress 
made on other issues. ' 

The EEC package also seeks 
a change in the U.S. rules on 
countervailing duties. 

That would require material 
injury to be shown before the 
U.S. could impose countervailing 
duties on imports, which bad 
benefited from a bounty, or grant 
by tbe government of the 
exporting country. 


Beer chief goes 
in Allied row 


BY KENNETH GOODING 


A. BOARDROOM dispute at 
Allied Breweries, Britain’s 
biggest drinks business, has led 
to tbe departure of Dr. Bernard 
Kilkenny, chairman of tbe 
group’s beer division. 

The news indicates that Allied 
is about to embark on a much 
more aggressive a preach to the 
beer market Its brands include 
Double Diamond, SkoL Long 
Life and the Ind Coope and 
Tetley beers. 

Dr. Kilkenny, 50, was probably 
the highest-paid director of Allied 
apart from Mr. Keith Showering, 
chairman, earning more than 
£32J>00 a year. He will be 
receiving some compensation for 
loss of office as his contract had 
between three and four years to 
run. 

Long considered one of the 
brightest of the Allied directors 
— one of his . colleagues said 
recently : “Some other groups 
would give their eye teeth for 
that man’ —Dr. Kilkenny was one 



THE LEX COLUMN 



s gam 


Dr. Bernard Kilkenny 


of the six-strong executive com- ^ busiljess> is t0 ^ replaced by 
“«S , kn0WI1 as inoer by a marketing-oriented team.”* 

cabmeL Mr. Derek Holden-Brown,! 

n:ff deputy chairman of the group, 

Ultterenees becomes chairman of the beer 

known as Allied 


In 1976, Gestetner, closed its 
books for tbe year only, a week 
after sterling touched Its all 
time low, so the stock market 
has been understandably ner- 
vous about this year’s out- 
turn given the. fact that over 
80 per cent, of the group ’6 net 
turnover is overseas and the 
pound has appreciated by 11 per 
emit against the dollar in the 
interim. 

However, the group seems to 
have withstood the fluctuations 
on the exchange front remark- 
ably welL Pre-tax profits . for 
tbe year are 9 per cent higher 
at £28.3ra. The previous year’s 
profits were inflated by £3.5m. 
because of exchange rate move- 
ments while this year’s profits 
were deflated by £3-9m. 
Stripping out the . exchange 


Index fell 33 to 470.9 



AUG SEP OCT MOV KC JAN 
1977 


roughly doubled to nnr' 
in the period to Mar c h 
At Thames overall _ 
up 41 per cent, at CTAfiJ 
the year to June; HTVv 
tract mg profits wen* up <0 
cent, to ILfm. fur the yefj 
July and London W«f 
showed an Increase of 25 
cent, to £4m. for the 
period. .. . 

All the indications so 
that the advertising boom’ 
continue, during the cat' 
year, and contracting pi 
should also benefit from fas > 
increases in- charge! g». 
Trident has already inens 
its rates by a further ifii 
cent, from October, and. 
seek another increase dq 
the period. . - j 

Trident’s other activities 
duced a mixed 




His status is reflected in the {gjjjjjjgl- /h?"? 1 nhiat 

fact that he was the director with SFW’ £ 55 °, 4 J£ 

the greatest number of shares SS? f S £m‘ 
in the executive share option who J° med AlIied fro “ 

scheme and had options on Guinness some 

34,172 shares compared with an iJJjJBS 01 th^nrtunes 

avprapp n f *jn haa thp nttipr group by reviving tbe fortunes 
’ of its Britvic soft drinks and 

aireviurs. fruit juices offshoot. 

But tbe other directors became The beer division also gets a 
more and more convinced that new finance director, Mr. Harold 
Dr~ Kilkenny was taking the beer Smith, who came to Allied a few 
division along a wrong route, and months ago from the British Air - 
were apparently disappointed at craft Corporation, 
recent results. One of Dr. Kilkenny’s last pub- 

There was “a difference of lie appearances on behalf of 
management philosophy and Allied was at the Price Commis- 
sometimes such disagreements sion, which subseqnently decided 
pa mi nt be resolved by debate,” to investigate the group’s pro- 
said one of his former colleagues posed price increases. But it 
last night was stressed last night that this 

Significantly. Dr. Kilkenny, had nothing to do with his 
who was seen by many observers departure, 
tiou and the technical side of Bass-Charrington rises. Page 6 


effect, 1977 profits rose by -23 -it gives no clue as to how. this rmitS 

ss- I 

Too much should nol i* re.d “hat may !n«e* ln»f{ 

into Gestetneris performance. £more difficult for the expected. The sham trel 

?ti i-* ,25 commission to piece together P/E of 7 and they^d 


many U.K. companies with aver- commission 
seas earnings. Its reliance on FIson s thinkings, 
direct U.K. exports is limited 1 The Commission is attempting Unmet/WipfaH 1 

. ructnin Ficnw-j’ nrirt* rises * S’*** - 


- .T 

’.■* M; 


(£45ra. against total sales of to restrain Fisons’ price rises ^ r 

and it seems to be to the consumer because it feds On January S Henry Wll 


£2 28m.), 


maintaining 


Its 


overseas 


Incentives strike 
shuts colliery 


BY ALAN PIKE 


Ministers consider economic 
boost for industrial strategy 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


MINISTERS are to consider 
during the coming two weeks 
what form of economic policy 
statement, including a possible 
projected growth rate, can be 
announced next month to give 
new impetus to the industrial 
strategy. 

One possible answer is that the 
31 per cent growth in the gross 
domestic product, mentioned in 
last week's public expenditure 
White Paper, is given wider 
publicity as a firm political 
target instead of merely being 
an economic assessment 


Alternatively, with the debate 
on the use of North Sea oil 
revenues still unresolved, the 
Government could delay a deci- 
sion on such a figure for a 
month or two and issue a state- 
ment calling for increased 


industrial investment and pledg- 
ing that it will do what it' can 


to provide a stable industrial 
climate. 

But if decisions are delayed 
for long. Ministers might find 
a reduction in tbe enthusiasm 
of the other parties to the in- 
dustrial strategy — represented 


Weather 


UJL TO-DAY 

SNOW showers, mainly in EL 
London, SJE, S.W., Cent. S. 
England, Midlands, Channel Is., 
Wales 

Sunny, scattered snow show- 
ers. Max. 3C (37F). 

Cent N. and N.E. England 


BUSINESS CENTRES 


Amsirdm. 

Y-dar 
mid-day 
■C *K 
C fi 43 

Manchstr. 

Athans 

C 

9 

46 

Melbourne 

Bahrain 

S 

20 

Ss 

Mexico C. 

Barcelona 

S 

9 

49 

Milan 

Belfast 

0 

0 

32 

Montreal 

Belgrade 

c 

t 

34 

Moscow 


s 

5 

37 

Munich 

Birnuhm. 

c 

3 

37 

Newcastle 


s 

3 

3V 

New York 


t: 

6 

42 

Oslo 

Budapest 

c 

O 

36 

Parts 

B. Aires 

!» 

31 

bY 

Perth 

Cairo 

S 

1# 

66 

Prague 

Cardiff 

s 

3 

57 

ReyKJavlE 

ChlcaRo 

c 

-5 

23 

Bln de J o 

CotoHne 

V 

6 

43 

Rome 

Copnhasn. 

F 

.3 

37 

Slnsaporc 

Dublin 

V 

0 

32 

Stockholm 

Edinburgh 

s 

1 

H 

Strasbra. 

Frankfort 

s 

2 

36 

Sydney 

illabiunv 

s 

n 

26 

Tehran 

Helsinki 

Sn 

-!i 

27 

Tel Avw 

H Kong 

c; 

HI 

btf 

Tokyo - 

Jo'boni 

c 

2T 

9U 

Toronto 

Lisbon 

H 

s 

46 

Vienna 

London 

SI 

3 

37 

Warsaw 

Luirmbrc. 

KS 

0 

re 

Zurich 

Madrid 

c 

3 

37 



_ 36 
17 63 
IS 64 


Y'day 
mid-day 
*C *F 
F 
C 

S _ 

S S 46 
S -S 17 
S-10 14 
C -3 27 
C X 34 
SO- 3 26 
S 0 32 
C 7 45 
S « 79 
C 1 34 
C -4 35 
S 30 56 
S 12 54 
C 3B « 
C 
c 
R 
s 
s 
c 


Sunny intervals, snow showers. 
Max. 3C (37F). 

N.W. England, Lakes, Is. of Man, 
S.W„ N.W. Scotland, Argyll, 

N. Ireland 

Sunny, scattered snow show- 
ers. Max. 3C (37F-). 

Borders, Edinburgh, Dundee, 

Aberdeen, Highlands, Moray 
Firth, NJE. Scotland, Orkney, 
Shetland 

Snow showers, heavy and pro- 
longed at times. Max, 2C (36F). 

Outlook; Bright, sleet or snow 
spreading to W. and S. 


HOUDAY RESORTS 


0 32 
21 70 
5 40 
IS 64 
5 -43 


012 10 
C I 34 
S 0 32 
C -2 28 


AJaedo 

Algiers 

Biarritz 

Blackpool 

Bordeaux 

Boulogne 

Cuablnca. 

Cape Tun. 

Corfu 

rubrOtttilc R 
Faro 
Florence 
Gibraltar 
Guernsey 
Innsbruck 
Inverness 
!. of Man 
Istanbul 


Y'day 
mid-day 
‘C -F 

12 54 

13 

7 
3 


55 
45 
37 
8 43 
3 4J 
10 50 
34 74 
16 61 


11 52 
S U 52 
V II 50 
R 11 oS 
C 5 41 
K 1 34 


Jersey 
Las Pirns. 
Locarno 
Majorca 
Malaga 
Malta 
Nairobi 
Naples 
Nassau 
Nice 
Oporto 
Rhodes 
Salaburs 
Tangier 
Tenerife 
Turns 
Valencia 
Venire 


Y'day 
mkJ-day 
•C *F* 
F 5 « 

is n 

2 36 
12 54 
12 54 
15 59 
23 73 
10 50 
S 24 73 
C 12 54 
S ft 48 
C 15 59 
C -1 30 
R 11 52 
C 11 52 
S 15 ES 
S 10 SO 
It 


5 41 


R— Rain, c— Cloudy. S—Sinmy. P— Fair. 
So— Snow. SI — SfceL Fg-Fog. 


through tbe Confederation of 
British Industry and TUC. 

The CB1 wants assurances 
which will encourage Indus- 
trialists to invest, and the TUG 
wants assurances that faster 
economic growth, together per- 
haps with an expansion of the 
public sector, will provide jobs 
to compensate for tbose lost 
through Increased industrial 
efficiency. 

At the same time, however. 
Ministers do not want to attract 
criticism by plumping for an un- 
realistic forecast. They remember 
the loss of .political face the 
Labour Government suffered in 
1964 through its abortive 
national plan. 

Equally, some industrialists 
involved in industrial strategy 
work would prefer to feed their 
own growth forecasts into an 
overall Government plan rather 
than feel they had to fit in with 
a national target. 

The issue will first come to a 
head on February 1 when the 
National Economic Development 
Council . considers reports re- 
viewing the first two years’ pro- 
gress of the Government’s in- 
dustrial strategy and a Govern- 
ment policy paper from Mr. 
Denis Healey, Chancellor the 
Exchequer, and Mr. Eric Varley, 
Industry Secretary. 

These reports have been 
studied recently by the Govern- 
ment's industrial strategy steer- 
ing group, which consists of 
representatives of the CBI and 
TUC under the chairmanship of 
Mr. Lawrence Airey, a second 
permanent secretary at the 
Treasury. 

The group’s members now feel 
tbat the Government must pro- 
vide some overall policy pro- 
jections if the industrial 
strategy work carried out in the 
past two years by- nearly 40 
sector working parties is not to 
run out oE steam. 


Into the third year. Page 16 


A PROTEST strike by eight men 
over incentives stopped coal 
production at Park Hill colliery, 
Yorkshire, yesterday, less than 
24 hours after miners in the 
area bad voted in favour of 
productivity schemes. 

Although the strike at. Park 
Hill, near Wakefield, has been 
called for only 4S hours there 
were fears last night that the 
dispute could spread to other 
Yorkshire pits, and men at Leds- 
ton Luck Colliery, near Castle- 
ford, later decided to strike 
to-day. 

The strikers — engine-winding 
men responsible for lowering 
and raising men and coal up and 
down the nit shaft — are objecting 
to the level of incentive payment 
which thev will receive. Like 
other surface workers, they are 
to have a 40 per cent bonus, 
compared with 100 per cent for 
development and face workers 
and 50 per cent for other under- 
ground men. 

However, in spite of initial 
problems of introducing Incen- 
tive schemes, there are already 
signs of Imoroving outout in the 
coal industry, where productivity 
bas been declining steadily in 
recent years. 

Tbe National Coal Board said 
yesterday that provisional pro- 
duction last week was 2.334m. 
tons — 108,000 tons better than in 
the same week last year— with 
output per manshift last week 
the highest since last May. 

Four Midlands areas which 
were the first to start incentive 
schemes improved on last year’s 


productivity by 7.4 per cent, the 
Board said. 

Ray Permzn writes; Militant 
leaders of the Scottish miners 
suffered a second defeat on 
incentive schemes yesterday 
when pit delegates voted to 
accept the Board's insistence 
that such schemes must be on 
a pit-by-pit basis for face 
workers. 

Last month, a conference of 
the National Union of Mine- 
workers Scottish area reversed 
an earlier decision and accepted 
that some form of productivity 
arrangement was inevitable. 
However, it voted for an area 
scheme which would bave calcu- 
lated incentivs on production for 
the whole of Scotland. 

Yesterday, a delegate confer- 
ence in Edinburgh agreed to 
open negotiations on a pit-by-pit 
scheme for faceworkers. Mr. 
Mick McGahey, Scottish miners’ 
president, said tire Board bad 
refused to make an offer on any 
scheme except one based on its 
own proposals. 

South Wales miners will be 
urged instead by their leaders 
to vote against pit schemes, in 
a ballot later this month. Tbe 
South Wales area executive 
decided yesterday to recom 
mend rejection of individual 
schemes. 

The Board made it clear in 
talks with the South Wales 
miners’ leaders on Monday that 
any incentive scheme must be 
pit-based, in common with . the 
rest of the country. 


B t hat the home gardener is came tout , with seise (tit 

margins. At the" “same 'time it brand-loyal, insensitive to price interim figures-* prejw-- 
has managed to push U.K and thus, it implies, in need of £3M,000, though a profit 
profits up by 25 per cent of the commission’s protection, indicated for the full year— 
In North and South America, Curiously, the commission also Jt seems that Comet Radion 
where profits rose by 24 per challenges Fisons’ use of just sensed an opportunity. Tw : 
cent., Gestetner was to some this price-insensitivity as an sequence was yesterday s i 
extent recovering lost ground excuse for not going all-out for tor £ 

and the only area where there increase in volume sales of a ^ a «d MHb of 
was a noticeable setback was in lawn product while the price ® f ui 

the EEC countries— profits fell of the product was Government- f. “ « store. .Od 

by around a quarter— and here, restrained. Is the consumer though, the otr ^ c omw £ 
at least margins did seem to be P rke sensitive or isn’t he? The more than a month after:? 
under pressure. In the current answer could be that the Price “' d °“* »** ' * 

year Gestetner seems to be Commission is consumer-sensi- J or a paltrj IJSp a share, 
tadtafTTW* around tire. Or maybe it is leadiae km. number of clienU- 

£Ser b l™ h e W S’ " P 

LTe^rrraTb^™ TV contractors J- * <£-»• 

and next November. Trident Television, holder of although the directors 

I?'* tbe Tyne Tees' and Yorkshire strongly placed with just" s 

r ISOnS franchises, is the latest TV con- 35 per c^t. under lheir COl * 

After three toothless reports tractor to reveal how much it The Wigfall directors, 
the new-style Price Commission has gained from one of tiie j ess t o say, are resisting Cof 


has nibbled a little at Fisons. most buoyant years in television attempt to put them ot^J 
The company has had its e 1 P 0 r _ s 013 G rack ahead of a likely 


planned price increases on borne Overall profits are up over 50 j n consumer spending* d 
gardening products pruned. This per cent, at 17.35m-. while the durables. A major plank w 
restraint is of little significance contribution from _ TV contract- defence is plainly going 1 1 


to Fison’s overall figures. Its iT1 ^ alone has increased by the value of the TV rental < 

horticultural f products, both a L r ^ 0St 831,16 Percentage to tracts, in the books at a 

amateur and professional, only * ™ raes during a figure of £8.7m. last April 

account for about 8 per cent. P en od m which’ net advertising airily claimed by the Wig 

of group sales. revenue earned by the industry C amp last night to be w 

Once again the commission increased by about 30 per cent, more like £25m. How a comp 
gives tiie object of its enquiry Of the major contractors the worth so much could have s 

biggest increase in profits seems a poor profits record is. h 
to have come from ATV, where ever, a discrepancy the Bo 
profits from TV contracting will have to explain. 

- — 


* i, 


a dean bill of health on ** effi- 
dency,” its new sine qua non 
for price rises. And once again 


C ?■» f;.:- ■ 


tinn J f . s j 


Continued from Page 1 

U.S. rejects Somalia 


involved in the war over tbe 
Ogaden. 

Over the past seven weeks 
there has been an increase in 
the scale of Soviet arms delive- 
ries to Ethiopia which is fighting 
wars in Eritrea and the Somali- 
populated Ogaden region. Ship- 
loads of equipment have been 
supplemented by an airlift in 
which U.S. intelligence sources 
believe about 225 aircraft have 
been involved. 

There are now thought to be 
1.000 Soviet military advisers in 
Ethiopia and as many as 2.000 
Cuban advisers, the majority of 
them military. 

Their role is to train new 
divisions, familiarise Ethiopian 
armed forces in the use of new 
equipment and advise on tactics. 
There have been unconfirmed 
reports of the advisers actually 


taking part in the fighting, on I 
land and In the air. 

The UB. bas made clear to I 
Moscow its concern about the I 
scale of the Soviet build-up in 1 
the Horn of Africa, which it 
believes threatens the vital 
Western trade route through the 
Red Seat, as well, as being 
uncomfortably close to Saudi 
Arabia, the world’s biggest oil 
exporter. 

Despite pressure from Iran 
and Saudi Arabia — which have 
said they will help Somalia if 
it is invaded — to supply arms to 
the Somalis, the U.S. has been 
unwilling to act. It considers 
that the Ogaden conflict 
threatens the principle by wbich 
African borders inherited at 
independence should be 
unchanged. 


Continued from Page 1 

Order to Villiers 


Any request from Sir Charles 
or Mr. Varley for commercial 
confidentiality would be met. If 
necessary, the committee would 
examine financial statements in 
private. 

Some MPs last night regarded 
the committee’s move as .an 
attempt to reach a compromise 
in the affair. They expect the 
committee now to be provided 
with further information and the 


pressures on the Government | 
for a special debate to be lifted. 

In tbe Commons yesterday Mr 
James Callaghan deFended Mr 
Varley's conduct In his dealings) 
with the committee. 

Rounding on Tory critics, the 
Prime Minister declared: “ I 
would like to ask some of you 
what you are striving to do with 
the steel industry. Do you want 
to destroy it? ” 



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