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, m 

I f 'll I , ‘.•IR^MNCHAM‘CAROJFF.E01WBURGH 

' ■ • * \lv- ASGOWf • LOKE)ON • STOCKTON^MTEES 
’ I \ SWANSEA;- WtGAN ' 


No. 27,463 


Thursday January 19 1978 ***i5p 




StBEl 

StoekliDiders 



CONWWiMTAL iWUJMC.Htl^ AUSTMA PrJSf PHWWK PBAWCB 6GRHAMY DM24; ITALT LiNj Meni Pi A Mn B H44; NORWAY KrSSf WHTUCAL SeJOi SWUM fmAtj «Wa>gN krJOSi SWnZBtUND- Fr44; EIRE I5p 


SUMMARY 


■'i‘. r;-,; 


Sadat orders his 

I j *ia I 

:;irt Sti- Israel peace team lldd f wages 

atRyton fw tWO yeOTS 


J.E. of 


to return home 


TCRR^DODWORTH^ KTER RfDDEU. EGONOHKS CORRESPONDENT 


. . Banipeaa Gooit of BnmaB 

- • Its yesterday denM Britain 
\...4ds cbarg^'fiiatTts SMOjfly 
' 'j es in Northern Iretand ter- 
• A'd suspected IRA terrorist^ 
It the Strasbourg court 
" ' ' ‘ that there was e^eoce that 
' . (sh security {brces used in- 
Van and degrading methods of 
-;;iTogation between August. 
''■> October, 1971. ' 

' Me Irish Govemrnent said'last 
-;.it that the ' case had' suc- 
• ^ed in onUawing in Northern 
.. , ;ind the use of interrogation 
' hods which tbe -'Biunpeah 
"'.'‘onission on Human ' Rights 
not hesitate to call toHure. 
Jt and. T^es 2, 14 

■riher WlP^s 

v-nivnijdy found ■■ 

•- ~r body of Mr. W^ter Scott- 
... . ot, Obe E 2 -year-old former 
•.;our HP, who had been ■mis&- 
'with his wife- fo^- more than' 
.joDth was found in Scottish 
' ' ^dland yesterday- Police said 
y. were inresti^ting at. leart 
" r other murders or suspect^ 

. rders. 

•3 men held , by Lolhians and 
. -der police are to appear at 
Idington Sheriff Conrt -near- 
. nburgb to-day on a holding 
'''rge. Del C 3 uef Supt.' Oeorge 
PhersoD said in IkUnburgh 
night. “Serious charges.” 

. 'ild folloW in .doe of tWo. days. 

rejEhnev puzzle 

. Leonid Brezhiiey, the Soviet 
ssident, has postponed g. 
. nued visit to. West Germany 
<t montir .00 health pounds, 
e pNgstponementhas grven risp- 
'.renewed speculation about. Itr. : 
'Tzfanev’s future.. 

fchiopia^.threat, 

Vhiopia is to.lauorii a. counter- 
eoslve aimed- at driyjhg..Son)ali. 
ices out' of the Ogaden region, 
{•enlor Ethiopian officii said 
' London. - Bariu Pages -4 and 
. Editorial etenment.Page 2 S 

irunwtck talks 

‘ r. George Ward, mahagiDg 
fector of the'^tflke-tdm Grun- 
:ck film procesrizig ■ business,, 
tld talks in London yesterday 
' Ith Mr. Jim HoiUmer. chair 
an of the Advisory: ' Cohcilia- 
Ai’soi^ATbitrationService:-' 

Veather chaos 

— -'^fter a chaotic' day oo 'the' roads' 
which a .trapped driver 
fa a buming w as.'d 80 se 
HH(» enveloped parts of the -Ml, 
rTVlBning fog covered many, parts.' 
^flUlRritain last night. . Heatipnov^- 
■ II toort-was badly hit with many 

L VyUp^tiomd arrivals-diverted to 
Amsterdam ahd 
I^VEnoo-. ' ahhoQgh . ;sotne. 
Lm fiiErtares were possible. 


improve^ 

.# EQUTQES took a tsfii. for 
the -better ajid dosed aeor the 
day> best with the FT Osdinaiyj 
Index 54 up at.4754,'Teeoir^agl 
half of the Ifrpoint faU - riaee 
last Friday. 

• GILTS ’bendted .fx^ late 

trading- ai«i - siiorts .| and 

-Idnipi. f. ;--''ne ' •.Gpyesmeht 
Seenritzes Index doseif -'0.26 .up 
at 77.00. - = 

•. • STEBUNG ' gdi^--5' 'points 
to . 514245, ks : tfade-wdghted 
Ibdez. uttiAaaged at.-6S.5. The 
dollar’s depreciatioB . aanpwed 
to. 4.4? per cent. • . . 

• GOZJ> feu gl to 5171?. 

• -WALL kiVEET wu .S^SO .ap 
at 78L22' jnst btfoi«"4He;;dbw. 

• COCOA 'futures for -M^ ftU 


CHRYSLER L‘.K. announced Lpnir ■r&'iv ^ 

TibQtftivIfiv thft^ It wAUlfl KATE of 113CT63S6 ID Mi iV- 

BY ROGER MATTHEWS: JERUSALEM, Jan. 18, . . ESfL £ 

Egypt’s delegation in Jernselem was ordered home to-night by President coveMiy ’ wages has nsen. 

Anwar Sadat after less than 36 hours of peace negotiatidns with Israel. fc w 

_ . ® mental shift m emnoasis frnm that toe rise in earnings is above zo, 

Despite Mr. Sadat s anger at days- talks were -provi^ useful, .Hr, 'Vance said : 1 would not the rescue deal negotiated wnh the GovemniDni's in per cent. 

Israeli attitndes.^ especially adding: “We vnll contioue with say that .the talks have broken the Government in 1975, and Phase Three guideUnes, but the 

towarite tbe Palestmian Arabs them.” down. I have been through a lot must raise questions about the underlying trend is still obscured " 

It IS still too soon to wlte The recall evidently was of internetional negotiations and long-term future of tbe Scottish bv the large number of workers 

off bis peace mitiaUve. Just how prompted by deadlock on the have seen ups and downs m the plant. who have delayed reaching new 

senoQs the recall of the toptian first Hem on the agenda. This past." Chrysler is believed to have pay settlements 

*heTMr”1a'aS^“LS'’SJ wSef ' ftould Deparimenl of En.plo.v- 

Benin ,o.morvp.- n.on.. rise 

Tbe 'Egyptinn delesnSop . to »3' ijence mLter!™rhed ^n JSlnrforor"b?tVer‘‘ t’™?'!? .! S 

the DO itieal ComniitteB which Egypt—?P« believed, to have *>.r hmsl uhsn Mr Sarist-e nnoratinn ran oPHRi-atr «,n..*ih t 


FHeentags meraases ever 
previous 12 menths 


^Retail 

rlVices 


J . 

Earnings 


the political committee ..vrtiich «syP* — aP“ ®®“®wd Jo 
was meeting here was caught been endomed by the U.S. 


in the hotel .when Mr. Sadat's operation can generate enough UopaHy adjusted*! 


was meeting here ^was caugnt call came from Cairo, pushed his funds to justify the investment. .... — ' 

totally off balance by President *®®" way to the entrance ball sbout- The new ear scheduled for indicates a 

Sadat's telephone call shortly mg but: ".lust leave me alone." Ryton is likely to be a deriva-lPf* been treated as a norm for bt‘-'c 

before-7 pm. to Mr. Mohammed Tb® ®f®*‘ when asked if be was going as tive of tbe successful Alpine ; the end of Phase TVo and icnnnnc no-isihle dnii* 

Ibrahim -Foreign planned to Egypt for the meet- model, and will be a four-door an annual rale of more than 14* - ^un noi^cloar^^how f.ir 

Mmisier. Journalists gave the c!" JJ™ iogofthe parallel military com- saloon with a boot. This under- P®>^ ®®"*- the ppo^uyJJvuv Pienient in -.nme 

mittee Originally scheduled for lines the present trend to offer- The significance of this trend .j, :>emiine]y self-financin- 

of tte , delegations who h™d to-morrow. Ing hatchback models like the should not be exapgerated, partly S? “i^ij ndd m Soil 1^11. ur r" ” 

to tbeir rooms in toe aiton H was later confirmed officially Alpine in more traditional con- 1 JJsfs 

** Cairo that the meeting there figurations as well. Ttmeansthe 


to their rooms in toe Hilton concessions on toe right to self- g 

hotel to prepared for departure detemimation for Palestinians. . • " ^ 

Mr. Kamel left the betel Members of the U4. delegation F ^go mat me m 

shortly ^before_ 9.30. Mid Altoongh it bad 


new Car will a front-wheel Industrial production has made 


costs. 

nflicials 


are becominc 


l25D0r£per1 


Shortly before 9.80 Md to were no IMS by Mr. though it had been antici- drive vehicle rather than reert little improvement in the last optimistic Ihan last aiilnmo about 

the Pnme Mtnirteris office tor f*^®} s ®n™unce^ Car- ^ ^ ^ wheel, as originally planned. few months, and is still at a Pa-'^ o»i®omc hnw. 

discussions with -Mr. Begm. He ter Hodding. n.s spokesman, said r • ■ Israeli delavine The Chn-Rler decision is lower levpl than at thp end nf ®''®*‘- 

was then expected to drive to that he was unable to give any u „ fQ., level than at the ena or ber of public brejiches. Althougb 

Tel Aviv awit where an explanation for its recall. f.it SnSffif ESrouera markStiS i®'®- 

Egyptian aircraft bad' arrived to Earlier tbe word was that pro- m? SSeSSns figures. Page 8 hall and the Treasurv, the latest 

collect tbe delegation. gress was being made but that hS« «hIS? fartor mast have been the Editorial eominent Page 22 indication given in iho Cibin-t 

Mr. Kamel said: “We are going tbe question ot the Palestinians b®« w®« noor nreduiSvift word the was nf a rise in enrninus of he 

round in circles. It is a vicious and the futore of the West Bank produemg Pwi^pro ■ tween 12 and 14 per cent, during 

circle.” and Gaza Stnp._and toe Jev-ish resulte d the . recent increases pha.e Three. 


llert tbe delegation. gress was being made but that "a v.yp been the Editorial eominent Page 22 indication given in iho Cibin-t 

— r ^ 

oli\y two hirars before, his sSSleniente in^'Stoai ww^ No. Sandi ^1 for Palestine sizeabfr^’SemenS^Sf 

Ispokesman had declared that to- stumbling blocks. Page 4 I haek-pay. Moreover, in the pre- '£!? . 


yiw“+ 
— wttBim' 
woo— 


i • AUO .-Se* OCT W iBfeJAW. I I 

to. a' 15-month low.of^b^SS/ai 
'tonne... . . 

■ ■' ' -I i 

fit'rnotes;' smafier' to^.. 
the present note and In.sertes' 
wito .toe £5 notea, are. to be> 
is^ed' meet .ihontot- ptobalaly. on 
Febrtioyry.S, toeiSeputy-goyeriior 
of the Bank cff./Englaad sMd^ 

• VAT payment tfmshold may 
be ..increased-:, from "£7,500 to 
JEIOAOO in -an oSort to help small 
'businesses, Hr. Harold Lever has 
Hid. Bad! Pa^i 


Healey urges Gennany 
and Japan to expand 


sieved ««istontlj. Ufo'S^phas^Ttoe pay'^oS^S "Tlo" Ifi ”pe? cent” 

earnm,. since the 

I W allow Ryton to concentrate on Only a fraction (rf the wrk- although this has not yet shown 

“•7 *^® ,.**®*' Injeslnient force had accepted ^se Three „p j„- j,,e 12 -month rate. The 

would be limited, as the plant deals by the end of November ga,.njngs index increased by 10 2 

was expensively re-tooled only and even by mid-Januan- only pan cent in the year to Nnvera- 

18 months ago. ready for toe 20 per cent, lor 2 . 4 m.) of those g" while retail rose 13 

Alpine. expected to ho covered by major Ln pent ^ 

Chrysler released its plans yes- pay deals had sptUed. -niis com- ^ ^ „ew eaminss index h.is re- 
terdsy to trsd? union nosriBBP" I p3r^s with 9 norwol totdl of 38 bpfci introduood cn\8rlnB 
sneot worUn; part^v responsible i p^r cent; a> fins stage of the pay * workers r^Vttor tnn tbe 
for drawing, up the planning 1 round jhe old series. hn» ii 

Goi-ernment. I officials elaiin that Ofi per cent, hes nol been operating lenp 
al!er stability tb down more than l nf thes« workers have settled enough to show the short-term 


5Y PETER RIDDELL. ECONOMICS CORRESPONDENT 


,V t 


.AN. URGENT apcftl 'to Japan, wv HwaiM-- » .>wu..^,v — « i.,^ , . ,, ,|. _ . •••.••.v,.. ... 

West German^ sod btoer strong- for . action to ewintato growth-. exdiaiige rkes by achieving within the in per. cent, guide seasonally adjusted trend. Orer 

er econdmies to take action to J*»tes made In the recent report greater convergence to inter- Bm the guidelines have the lart 12 months, tnis index 

- -niair ratat wsA I*"®™ Orgamsatiph- for national periorttiance OB gTOwth about Cnryslers model become rather amhimious as the has risen hv 83 per ceni ir. 

W 'S Of therein for 


Mr Healey was backing toe call to. aefaW«’*ni-''^ 
for . action to cuintain growth-, exriiange ' r^es 


• U(H«eT .iSUPPLY growth 
^ould remafii at 13 per cent.! 
throa^'out 'jBTS, but «hort-term 
interest' r^es' may rise again, 
according - to a monetary 
economist' -bdlletia. Page 7 . 

• fifORTGAGE brokers bave 
agre^*Id drop a maximum com- 
nrissidD . agreement rather than 
lace:’ of Restrictive Practices 
Coirii bearing. Page 15- 


luauv. . Wn alsn ri-ismiswl ffrniBth nrns. ran 01 XHe reason lOr rjie OCiay 

Healey, toe Chancellor of uie "®J®‘®E"®"!- ^ oeS ^ and*^tbe was the extensive discussions the 

Exchequer. ... He warned th«"^ depressed company held with Whitehall. 

Mr. Heaiey ar^ed that aban- 1®^®* of world activiOr was lead- “ i h^filve Department of Industry, 

docent by thi U.S. of its >ns to dangerous steams m th® which is closely monitoring 

growth target would not solve ®®^®“l'®u d^^^^ Chrysler's operations in the U.K., 

the recent problems of toe dollar *'”*** unemplo^enL This , . without^ any ^^sk of **®® requested consultation with 
and toe associated currency to- was producing growiT^. pressures f«ter of chiy-sler parent company in 

etahittiv hut wnniit hs harmful for protectioDisni which could reKinoiing innauon, tm »a. _ _ _ , _ 

to tS^‘ert if S worW consequences ^wf®"*®^ ?^*®®***L. Continued on Back Page 

T w -j *>. V M >. could only be countered by West Germany and Japan a^ to Lev-land- unions to see 

Instead there should be more pYoandioe u'orJd emwth faster Ibe structural problems m their ' d.«. is 

growth in countries outside toe domestic economies which it 

U.S. 'and effective energy pro- ^ would take' some time to remove. — ■ . ■ ■■■ 

grammes, not only in toe U.S. , , . "But if they continue to add « 7- v«rh 

but elsewhere too " in order pro- AmOltlOllS aim - to balance of payments deficits * 

gressively to reduce the present ^ elsewhere— which can be reduced _ 1 j-oour i‘ FWif«» 

extremes of balance of payments The Chancellor also streteed liy deflation or by protec- 

surplus and deficit. the problems caused by recent tlon— this would reduce their 

■ vir ttmIpv -wse snesUnc In exchange rate, turbulance and 0^, zrowth still further i 9\-9aixasu l sijissaMSo 

L«Sin"ff‘gLL'Lri£n”lr rf rfSutd Ibat grf,emm.pte>a , °™F£tatte7'u.l? ftS' should 


year 


the Ctarj'sler parent company in 
Continued on Back Page 
Ley-land- unions to see 
Varley Page ia 

£ Id New York 


[ si-osioaseu 1 sijusaaiw 

>0,1CLP.lfi iiiTin lO.I^-O.ll iirrm 


-n. j v-ui 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 

HIGH MORTGAGE lending prenous 12 months 
throughout 1978 was predicted This prospect, together with 
yesterday by the country's third the latest cut in the mortgage 
largest butidins socicly. the r.iie lo 8j per cent., would mein 
Nationwide. “ another good year for home 

Mr. Leonard Williams, its buyers and the housing market, 
chief general manager, said and better prospect:^ for toe 
societies should be able to bnilriinp industry." 
m.sintaiu their present mort- Mr. AV'illiants pninted nut that 
gage programme of about in recent years high inHation had 
£70()m a month for the rest of been arcompanied by high per- 
the year, whirh would mean sonal savings and m 19TT the 


^wUI 

^ye^Ians 


SnMoih» • total mortgage, iendinc of .varing.s ratio had stayed over 13 


1 MVUUWU AUUUB, uuiuu. w. , ,i,-|| JF..<.«..a . . . ... — rf w. .......... c orwUlf ■ ivxai {(.-riUlKL HI I 

the French Chamber of Com- **.'•*7 counter erratic ffuctua- their structural prolyl Pmonth- ;ai».i.iDi.i-.-ni ,i.i'M..virircm ,vg.5bn.. against £671m. in the per cent 

merce in Briteun. It was his first rates. jems by increasing domestic ! ■ - . ■ ■ - 


S lection test' 

lato yesier^y of; Mr., 
small. 68, Lsbour ^ for 

, GarscaddeiC-meahs toat 

verament -.w.lU ftice a 
by-election contest with' 
tish'Natronal. Party in tbe 

At ' the - general . election 
aU had a 7,637' majority 
i SNP. PagA 14 • ■ 

Jneharfced wiztera 

* Criifornian- bnrinereTis- tiding 
irisk teade seUtog' the 'fishing 
igfats of plots OB Mars apd 'Venus 
£2 a time,'.'Anglex^ Ifoll 
eports. ' • ■ ' ■ ■ V-. •' • ■ • 

’Utf briefly . . - ; 

l teacher ■* aoid 18. ’^ool^la 
vere injured 'to' a chemistry 
aboratory e^doaitn at a Tooting. 
)4mdon,. comprehenisiye, achooL' 

/ V' hr. Colin. Morrlst n Hetoodist 
fiiaister, has bMO appointed 
toad of BBC 'TV' religious pro- 
grammes. 

^ Uons ar a ■ Gelsenki^en,' West 

. . G^rtnaiiij xoo bavc eaten a.man. 
i^d broke into tbeir 'cage- after 

Br. Curds KeeUct 55, is to be 
British. ambBssador to toe Boviet 
DdIob.- •; • 

^Mibce Charles 'is*. to"pay. official 
visits' to Btaril'and Veaeauela to 
Hareh^ 


W. BSC has .agreed to submiLto 
the ' Select Committee on 
'^atioTtellsed indastries detailed 
intoraatioa of its fihagcial plans. 
At thg.same time, a steelworkeitf 
nnion.'is insi^ng on a 10 per 
cent wage elaun being met 
before- rediizidancy- discussions 
start for theisteel plant closure 
at Cardiff. Back Page 

• FURCBASING sauctious taken 
by toe' Go'verninent against"- a 
number. ‘of heating aod ventiiat-i 
lag contracting companies' have' 
forced revisinn-of a pay deal tO; 
about. 30.000 ■ fitters- to comply-: 
wjth tiieUO per cent guideline' 

15- ■ 

• ASlItfS has won union recog-' 

nition from the' multinational 
chemical .'company, Du . '^nL- 
.which "the union described as.i 
toe “most 'anti^niotf. . in 'toe: 
world." Page' 15 I 

• CONTINGENCT plans to the 
event of an oit taaker-dnvers*| 
Strike are being , given , the toial 
touches by Government planning 
teams. Back Page and News 
Analy^'~nige 15 - 

COMPAillES~ 

• AU4ED BEEAILSBS prB-t» 
profit for toe -'28 weeks to Octte. 
her 15 rose from- 6L 2nL to' 
£L.6Iin. Tage .24 

• ; iwai^ATWii: TU^AVl^ 

.directors -have' reached egre^. 
ment with S. Pearson -Son 
on the ' terms - of an Incretoed 
offer.- hge 27 .. . 


big speech on tpe interuational He advocated the "ambitious demand for their own industrial 
.'economic outlook since toe ernp^ aim " of creating "a basis for products and for those of their 
tion of the dollar erteis, collective international action trading partnms." 

iiiFee guilty in Racal case 


. BNAMCUL TMfiS ftfiPpRTBt 

8ENTT34CE WILL 'be pased to- 
day ou two former Racal ex- 
ecutives and an Army officer 
whe, were found -toulty at toe 
Ofd'Belley yesterday of corrup- 
tion '-.relating to a £4m. Iranian 
militaiy equipment contract 
r Lt.' Col. David Arthur Randel. 
4U of AldersibOit BCr. Goeffrey 
-EHmtt 'WeUburn, 41, of Beacons- 
fielA-and Hr. Trank Percival 
NunBu. 61. of Barnet, were each 
.donvicted of three cbergre of 
'teitoig 'bribes.' from or- offering 
tboh to eaPh otoer for help with 
a--;- contract whieh Racal Elec- 
'tebnics won in 1972 in toe face 
.Strong BritlA and U.S. com- 
petitiNi. - 

■ Bie' -contract was for the 
supply of radio equipment- to' be 
fitted in flOOoijworto of Cbief- 
taih tasks which Iras ordered to 
ttevelpp;it8 aimed forces. 

’.Amounts listed in toe charges 
totolTed £14,3Q0, but the Crown 
toat nearly £25,000 


passed in bribes or e^tenses be- 
tween the accused men while 
the deal , was being negotiated. 

As soon as .4rmy inquiries- into 
LL-Col. Randol’s -suspected cor- 
ruption began in 1974, after -he 
had been serving in Oman. boUi 
Mr. ' Welihurn, - then managing 
director ' of Racal BCG, and Mr. 
Nurdiu, the subsidiary's sales 
director were dismissed by Mr. 
Ernest Harrison, ebairman of 
toe Racal group, on toe ground 
that toey bad acted without his 
authority. 

. The trial lasted nearly three 
months. The jury wu out for 
two days before finding Lt, Col. 
Randel guilty of eomipUy 
accepting as a servant of the 
Crown sums of £7.000, £5.000, 
and £2,300 from Mr. Wellbum 
and Mr. . Nurdiu for showing 
favour to Racal BCC in 1872 in 
relation to toe affairs of- toe 
Crown. He was found not guilty 
on toe Judge's direction of a 


separate riuise of receiving £120 
in 1971. 

Mr. WelTburn and Mr. Nurdin, 
who have .since joined other 
business groups, were convicted 
of corruptly giving the amounts 
to Lt. CoL Randel. and were 
similarly found .not guilty 00 the 
£120 charge. 

Tbe Crown ' had alleged that 
Lt.-Col. Randel ' demanded the 
money while part of toe Defence 
Minjs^ team, in Iran in 1972, 
for bis eff'orte is helping Bfr. 
Wetiburn aod Mr.'Ntirdin to get 
toe contract to benefit tbeir 
future careers. . 

- He then .either banked It or 
put it in safe deposits before 
leaving for a' new post as a 
serving Army officer, helping the 
Sultan in Oman in 1973-74, 

Both Mr, 'Wellburn Mr. 
Nurdiu ctaiiped that they Xbought 
the money passed to LL-Col. 
Randel won1d.be used to bribe 
middle-level Iranian officiala 

The bribery factor ^ge -8 


Banington Laurance 

Property Investment 
& Development Consultants. 
Property Managers. 
Estate Agerrts.Valuers. 

CJairvoysits. 

Seteig intothefubfe iscHieofour 
moste^entialaKets 


CONTENTS OF TO-DAY’S ISSUE 


CHIEF PRICE CHARGES YEGTEteAY 



(Frieea to-pmee untes otherwise 
- intticated) 

■ iUSiK 

^easory ^pc *82 ..j£ 95| +. f ' 
Treasory-iSipe '98..j£lte| + |-. 
Allied Retallere’ ...... 185 + 7-, ' 

Automated 'Seimrity-.. '56--4- B 

RSR M + 5 

BarclayyBarik MS -4- 8 

D*hby fJ.V 22? 4: .7 ' 

Bluebird. Conf. .r^.. .182 +' 14 

Brent Walker ^ 48 -4^ 5 

Countryaide.Props. 39 4- 'S ' 
Bastern produce ....f.;' '95.1' '4. 7 • .. 
GlahfieU Lawibnce..' 35:4^ 5 . ' 

Henlyff^ .„,;.J,iei- + • 

Ladbroke . .4- B.v' 

Udeo .;.... aj-'+vt.-;- 

LendoD'PBrili^-:.,.::.-fYD; '4-. hfi ?. 


Btodame TusaawFa . 
Mills and. dJlen .. 
Paute ajpd'Vtoites 
Racal BSectxooks 
'Sturla (G.) ..u,... 

-Tecaleimt 

Thori^ Eleet ' 
Tube -Invs. - -.:j..m- 
•Tnrn'er Mnf. 
.WigfaH fH.) ..... 
jkTelieed 'Russal .... 
Blahbpsgato J^at' 
Cons. Mnrebison'. .. 

Durban Deep* 

Hoiig'Kong Tin. - .. 


... + Si 

.. 125 -h 5 
.. 133 -b-12 

.. 21s + 12 
.. » + 3 
.. J113 -r S '. 

,. 3$2 + IF 

.:m + B-" 

lid + -17 
+ 9 
.. 212 + iO 
.. 73 + 3 
.. 285 .+ 10 
.. 2ffi ^ .18 

... IdO-i- 10 


-tero^ft-newB 2A3 

Aineriton "news 4 

.‘Overm ntera 4 

Vteld trade news 1 .5 

.*Moitte Bewa— general 7-8 

^Parliameot ... 14 
: -i-ialMiir 15 


Mhsetev^.. rule in ‘-toe 
‘ Efhloptea war .....v— 55 
: Bdenomie ."Vlewpi^f: 'The 

, Poverty Trap 23 

.nt^ -Emopcu Conrt- of 

Btonan Eights. : 2 

TtaUair pitotics: Ripe for the- 
- spread^ ef.vtolnidB 3 


Tedinieal -page 


Ind. Companies 

^29 


19 

EtivnnuiYketF 


Arts page 

21 

TVall street 

.... 30 


28 

t^Arpira 1l!vriisn|»s 

.... 30 

UJ(. Ctenpanlea 

2447 

Farming, taw materials 

31 

BEtting 


UJL stoto-market 

.... 33 


FEATURES 


Jamaica: SwaDftwing too 

Utter IMF pill 4 

MoaamUqne: Stability gives 
hope for toe future ...... 4 

Bnainess and the Cmirts: 
'Whtiky and the EEC ... 28 

hanking recovery 28 


Angry fonpera wt for the 
NFU me^ag gX 

Awrithig verdiet on toe 
.film ittdtistry ;... 32 

FP aOKVEY 

IQddie East Insurance ... 9-12 


'JFALL5-" '-' 

Anglia TV A-: -82 . 

-■Blyreor. .; I.;— .1 2® 

Fafcqii Mines -ISO.r ff 
. AVe'se .Rand' CDna.:'..'."155 ~-H:. 


aMslHfiMnW - s 

.AMtUltmaStf Arfvu. 3Ua 

■fWW ' S. IS 

' nssbiaw'Oratt.. ...... 'xr 

-Crtdcat- L'..-. a. 

. Civm i sr d ; a 

'■CSBSBlIC IstflCBtBn " IS 


' gBtartsismsnt'Gside .21 nsciss 2S 

' PT.ActBsrfss-lsSfGSf ' a • itedas S 

'4th> Cshuhs a ' Salsromn 2C 

' Lsttsrs a . shira litformaJsB ... iMl 

Lex 0t TaLdnr'S'Ewnts O, 

.isnbuiri a TV sod Rstfs a 

Men aatf-.MaUers ... 'B - Unit Tnisto , M 

,' Fnr htiesfr Shore fnclBS ’{Ajme 01-^ 80Si8 


WsUhv .. 42 

Wimsr SssRi a 

.AHmUL STATUMENTS 
Tnutaa Swrlsa Ifc. a 

easaL Lmsma Rmm a 


Baninghm 

Laurance 

P/ffpeftrConsuHairis and Itefuers 
71 South Audley Street London WIY 6HD 
Tel; 01-492 OUl Telex; 261988 

in association with MBL Management 
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1 






Ffasandal Times Ttmrsd^f Jmway 


EIROFEA.N NEWS 





Talks begin 
in Ankara 
on Cyprus 


V David Tonga 


Soares now certain 
to be appointed 
Portugal’s new PM 


Soviet army underscores E. Germany 


BYusuccoLfrr 


EAST BEHUN, Jm. If. 


; ANKARA, Jan. la SY DIAIM SMflH USBOT.Jtan.l8. 

- AFTER raREE years of delays, _ eriAM» . ^ leadexshlp vvajits Moseow to 

• Torto and Turkish Cypriots ^ Oiristian Dempcrate holding withdraw its armed forces 

, ihis evening sat down to foimor ° Pwtugals three Minlstnes ^ ^ ^ from the eonatry and wants 

late proposals on Uie Cyprus dis- 5?* «“*ster in the next Later last week, Sr. Diogo East Genaasy to leave the 

; pute which they are eapeeted to hours. Freitas do Amaral, president of waiaav Pact allianee 

• hand Dr. Kurt Waldheim, the TtMlay. Sr. .Soares, who has th^hristian Democratic Party .1.1 «.-!* *s,«w 

UN Secretaiy-GeneraL «i12iin the been oaretaker Premier since bis (CDS), would neither confirm luiowieogeawe East 

neat two we^ minority Socialirt Govemmeot’s nor deny that he had been- P«»“ ««»««■ aw say top 

TWe TtMT KcBrtt OnnormnenfL defeat oB a motion of eonfidenee offered the position of Speaker soviet geMz^ in East 

io early December, told Preo-'of Parliament as part of the immy«fa^ onl over the 
SjSSing^Uie^Jni^Se U Eanes he was able to form agreement with the Socialists. 

" an essential step torords ending a new Admanistrrtloo. After an The formula will give 143 seats 

athiight me^ng of the Sodalist to toe new Admintotion . (102 & 

\.Telttk)iis with the West Party’s national council. Sr. |°cialBto and 41^CDS) in a 

T+ ♦« Aim. Soares was authorised this mom- Parliament of 263 seats. In « eternal 

. It also wishes to resume dis- . ... ^ e, _« ffiAArv tM* .wUi M«nr» «<-AMe end unbreakable,^ 


UiSBiW, Jan. 18. 


THE 40iM)0Oiitta Soviet Any 
in East Germany Is moving 
swiftly to emuxter ctmtinned 
reports is. toe West German 
news jpagazlne Der Spiegel 
that an aQeged oppi^tion 
groop in the East German 
leadership wants Moscow to 
withdraw its armed forces 
from toe coaa tr y and wants 
East Genaasy to leave the 
Warsaw Fact allianee. 

Knowledgeable East Euro- 


. K aisD wy n^ TO resume. U 1 S- . . . Giwarmnent irf theory tins win ensure stable 

CDsrtons with Greece on vanoiw ?^ ™™*™ „„*« losn 


r^^entatives <rf Greece. and 

l^ey are to meet m Pans to portonaiiaee. ^ ^ -erae of tisnina 

• resume discussions on the dis However, powerfiM forces, in- mi> ontt, 

. pute over toe Aegean continental eluding toe President and pro- SmiS^ast * rat toe 

On Cypms last wede. Hr.- *5?^ ?.* ”?? beforehand. It disapproved 

. Bcevit cKplained to Dr. Admimstr ation sh ouM nrt eol^ ^ ^ contents; the Gommumsts 
; Waldheim the initiatives wbidi sboujder Portugal^ largest, and were then offered a watered- 
...he planned to revive the inter- aiguab ly Mo st powerful party, down version, wUch toehy found 

• eommunld tafts. These indude toe Cantwmists. They came nnacceptable, and negotiations 
.' toe preparation of proposals fourth in toe 1976 general edee- broke down. How Mr. Soares 


many are fnmrtwj out over the 
country to tell East Gennan 
Commimigt Hrty fanctionarles 
that the “ alUanee between the 
Soviet Union and toe Gennan 
Demoerade Republic is eternal 
and unbreakable.^ 

Reports of toe activities of 
toe Soviet generals axe appear- 
ing in condensed form la toe 


Bast Gexmia GovenmoDt 
Press. The East Europeans 
say that although they, along 
with many Western analysts, 
doubt there Is an oi^ositioh 
movement of any consequence 
In tte East German pi^, the 
Soviet Army in East Genwy 
** pl^ly in not taking any 
dunets. 

This, toey note. Is probably 
because the Sovi^ fear that 
too many Bast Germans have 
already taken at face value 
the 0ials of the purpewted 
opposition movement, which 
indnde German reunification. 

The East Europeans report 
that East Germans have been 
reeudlng on tape the teat of 
Der SpiegeTs ".manifesto" of 
toe ** Federation of Democratic 
Comnm&lsts of Germany" as 
broadcast verbatim by West 
Berlin radio stadons. The 


Bast Bnropeana here In toe 
East Gennan capital note that 
General Teag^ IvanoMtl^ 
toe supreme commander, toe 
Group of Soviet Aimed FOtm 
I n Gennn? (as the Red Aimy 
tovisioiis in East. Germanr ace 
olBdany called), has.pemto- 
ally ttoen durge of the floa- 
paign to imprest on Bast' 
German party officials toat 
nothing will ever move toe 
Soviet Union to witodxaw Its 
armies from East Gennady. 

Gen. Ivanovrid told East 
German party functiOBariet in ' 
Leipzig earlier this w e efc toat 
the S^et farces in East 
many regard it as their ."Uo- 
toric mission to defend toe 
achievements of sodnUn In ' 
toe GDE** 

The Soviet genenl warned 
Us East German listeners toat' 
they are currently wttnsMtoff 


*mdilnato»s by toe main 
actionary fOrees of Inporla li an 
In Euope,” toat b Jb We^ 
Qcrmany, wUch are .being 
** tfawnrted hy the allianee be- 
tween the Soviet army in East 
Gennany and the National 
^People's Army* of « Gor- 
nany. The But Europeans 
H^toe East Gomans ndu 
heard' toe speeto took thb (o 
be a direct reference to Der 
Siegel’s report on toe alMgad 
GennaB opposlUoa djonp^ 
Ow- Ivuiovski assnred hb 
Leipzig listenen that toe 
saw Pact alliance with its 
"close fntaral relations ^ 
- tween the' members of . toe 
' Sortet army and the National 
Peoples Army* b sr®wh« U 
"strength and uitity> wUdi 
toe Eavt Gmnans ere said to 
have had no difficulty in do* 


ciphering. , 

The head of toe political 


•dmlnbtratlon '«r too Soviet 
Army in East -Genniay, Gen, 
Ivan Hednikov, pteked np tw 
■ fimn toenie Ih'n befnn to Em 
Gennan party thli 

week In toe dty^ Schwe^' 
He reminded too Bast GeviatBs,' 
that the Wanaw ftet b gdiu 
"to take aU m/rntmt to de- 
fend lb peoploo* ^bng>gi 
NATO «sbu and halldt hg. 
strength. 

Be assnred toe -GrnmaU Qgiio 
mnnbts that toe "Wartow- 
Fact b a voluntary alHa pm tf 
SoclaUst eonotrioa" ««ih 
among other totafsb toM^ 
defend the **M<m «C 
ian InferaattoBUisimr ->'* 

The latter pAraae «ai.;^< 
by toe SovM Union CajiK 
ita oceiipttta ^ 
iilovakte In ISSS and hatfShtn 
bitterly ,<9P0srd JfeJSh. 
cmemuttlsi pirtlee eg ^IPteSto. 
Earopa. ' 


Schmidt and Carter lay 
groundwork for meeting 


Call for look 
at European 


i badeed up by a map of the tem- tlon and have 40 seab in Paiilia- and his party negotiators will 
* tory which the Tnridsh side ment. but toeflr labour strength succeed in this exercise in cross* 


BY JOfMTHAM CAIffi 


BONN, Jan. UL 


-. witoes to keep under its Joris* far outweighs their ebetoral purposes still remains an open 

' diction. •I%e Turkish side is also results. ou^on. hte b«on an extoange of letb« 

to present couttitutional propo- Sr. Soares bas been advised. Once Mr. Soares is /WH,»uny Prudent Cai^ istwded 
sals for the island. therefore to eotiUnue to try to appointed Prime Ifinister. he 

. %Wm fVi_— rtoflMi a effinarsHtt mn im «arf44v «an11 limwA dsmwi wamarmwad XDMtlOg MtWMQ Olfi tWO IdSutfS 


CHANCELLOR .Helmot Schmidt Botm tteis tt hu done wfatt It 


insurance 

By Maiyret van Kattcm 


Denmark urges speed-iifi 
of Greek entry to EEC: 


BY GUY DE JONQUieRES LUXEMBOURG, Jan. 1& 

rwrC’TARK’S Foreign Minister, Greece’s ^ 

Mr. K. B. Andersen, said to-day European Coal and. Steffi 
ttiat his Gevernment infended to _ , _ , • ^ --^’11 

nress'frw a soeedinE-oo of nesoti* lUs would. IMW agtoXinai 


BRUSSELS. Jan. 18. 


Mr. Rauf Denktesh. the Tni^ reach a separate agreement wttii wiU have ten days to present 

r»-h I th« r*.Amimin{jrts Wa h9c Kami a /Vwafnmant »n to® Wtttera cconomic stood to hsve welcomeo Pmsi- 


HereSSSdt?btt« te Commimion to investigate utions on Greece’s application to as the most difficult 

an Ka,,* Ill .i^.w ii J “d«^|lt claims are eoormoM- ffiffer.|jojn“5,e Common Market during remaining to be ft h 


= kfsh Cypriot leader, arrived here the Communists. He bas been a Government programme to ™ euces in preminms for idenffical its sb-month presidency 'of 

iB! J«!Y- Bo EEC council of . 


the unlikely that this iubbet Wta be 


Common Harkot countries; 


tackled in depth until saa«-llBu 


In his maiden, spe^ to the fiSSSSLiS 


•oew Government. They are due but, ^nce the Communists insist have already been working on &»TTnna«* cnnrMe »aM vh»t Wn Common HarfcOt countries; vs- matdan sm**oh tn the after the French ebctiiw ii 

Turkish Cntnots brought ^ SS*SSorit?^S ^ underlined the Since toen the U5. bas token consianer oiganisations toreugh- that " subrtantial progress " must be fuito^ complieaM 

with tbCT var^ constitution^ ."1, S PortMaJ? «2?Sal Germany has made further steps to help the doUar, out the Nine showed that the be made in the course of his i£Sjt,»2 fc?S' 

_ proposals according to sources fa OmstoanDmoOTts Ins^ on to boost its economy and to tty and the bilateral swap accord most expensive Brttish premiums country’s presidency, because *1^7, 

.t heir te«T. induing a Presi- reriew ^ toe», eompro- meM^ ^ reduce unemplt^ent The has been readied. Nonetheless, were usually far cheaper than the credibility of the Community attato^ to toe B^s trwttBeal 

■ s?Sf». ?w«t is to.tty to head off any toe German view, remains toatitfae cheapest in other countries, was at stake. of Me^iterwnean 

.jrommunitiM «id a small Gov- Thfa formula, carefully avoid* further public etbortatioo hy the k«9 to a relatively stoUe Dtitob rates also compared fay* Mr. Andersen described as It is regarded 

ernmeut wito b^ednowers and mg the use of the word coalition, to® U.S. for further German dollar is passage of an effective ourebly with the far more **■ “ ootimistie but not unrealistic " Brussels^ 

an equal number Ministers a format to which the Socialists ^ measures of ecoaomic stimoJa- U.S. energy policy aimed at pensive German. Frenoh and an accelerated nttotiating time- 2®^** lundhug ^ 

from both communities . are oppos^, is likely to involve Editorial comment. Page 23 tiou. reducing oil imports. Luxembourg rates. table proposed to toe vtPft by Portugal _s EEC application. Tbi . 


^ Portugal’s EEC application. Tbi ^ f|! 

n-nctonae Thi. Amncacmrf mm. tbc Portuguese casp, ongmul) r 


Over 80% of Australia’s 


hatifclwg tertninalft 

are siqifdied b^Olive^ 
Banks lumv iidiom to trust 


arisSS. iwi eSrisSed eSm! tbc Portuguese c«e^ ortginaltf r 

pletion of #n substanSe negoti- *?hL 

ations by midsummer, with ppstpooed until the end ffi 

foi^ eSlssion^Srriig early *•“*" 

next year. hshed until May or June. 

Although most EEC Foreign sm^iS ■ 

Ulmsters regard the Greek pro- ,to“t »t . 

posals as too ambitious, the beai^oa delayed until after the 
Lropean Omission is seeking Fre.Mh « 

to inject sMne fresh momentum o* *ts o^ ne^iaUons wito tin 
Into toe negotiations. It plana International Monetary Fund, 
to ask for authority early next Mr. Anderson aiso.- re 
month to enter final negotiations emphasised to*day the importance 
wito Greece on toe customs of setting a date for the flm 
union and a month later to begin round of European elections bj' 
final discussions on external rela* April, and of encouraging EEC 
tioQs. capital movements and cohesion on the external lida' 


THE EUROPEAN COURT 
OF HUMAN RIGHTS 


A useful 
safety valve 


BY DAVID BUCHAN IN BTIUSBOUKG, JAN. lA 


The pTohlem 

To assist Australia’s finMcial institutions in serving the country’s fast- 
expanding economy with flexible and reliable terminal systems for on- 
line handling of ^ banking transactions. 


The costomers 

The biggest savings banks and building societies in Australia, including 
the Commonwealtii Banking Corporation, State Bank of Victoria, Savings 
Bank of South Australia, State Wide Building Society, Hindmaish Build- 
ing Society, United Permanent, Joint Services Network, and others. 


The solution 

The new Olivetti TC800 intelligent terminal system. In a country where 
80% of the banking terminals already in use were supplied by Olivetti, 
today’s market eagerly welcomes the TC800, reafSimmg the success of 
earlier Olivetti systems. An outstanding example: at ilie Commonwealth 
Baniing Corporation, which uses one- third of the i^stems installed in 
credit institutions throughout Australia, aU the terminals were supplied 
by Olivetti. 


The choice 

Olivetti TC800 terminals are being chosen in prefeteiice to those of other 
major manufacturers because fliey are intelligent enou^ to function 
outstandingly on their own, yet can be adapted easily to join any network. 
The h^ reliability of Olivetti after-sales service is another important 
&ctor in their selection. 


THE BLACK robed jndg» of the 1974 ' Turkish invasion of tlri 
European Court of Human island is one of toe cases cu^ 
Rights to-day delivered toeir first ren^ being, dealt with by this 
ever verdict on a case brought Ministerial Committee, 
by one Govemment against The vast majority of eases— 
anotoer. The case — in which nearly 8,009— toat have come 
toe Court found toat Britisb before toe Strasbourg Commis* 
security forces in Ulster bad sub* or toe Court have been 
yected dffiainees in 1971 to complaints by . individuals 
** inhuman and degrading treat- asainst their own governments. 

meot” but not to "torture" be -considered in 

is nnprecedented. Strasbourg, the government in 

. question has. to have recognised 

To-days drasion wiM bare no the right of todividual petition 
dramatic practical consequences, to toe Court. • 

'Hie No^ern Ireland case bas The British are. the most 
ended in ^ a draw with the ligitious. There were 172 com- 
Dublin Government getting plaints to StrasbonzT by British 
some, but not all, of wfaat it citizens in 1974. 186 in 1975 and 
wanted from toe Court. The 139 in 1978 with oidy. toe West 
I Court areued tt was not within Germans near to matching this 
jits powers to grant the Irish record. A typical. ezpmple was 
request for a Court order against heard by the . Cffiitt- 7®sterday 
toe U.K 'to prosecute British involving an .-ainial against a 
seeiarily for the practices. birching of the.'-JW'.'of Man. 

Court officials are now mildly 

^ a^tor led to changes In' i^onal law— 
^ including changes^ la" Austrian 

» a Vt^ahle safety^ valve for criminal procedure. ■-Belgrom’s 
Gfwe rmy that might othe^ vagrancy iSwJcS&i* pre-trial 
wire rrem to other means to detention prectioasi Dutch 
settle toeir quairels. ministry discipline -rules, and 

Irish and British say changes in the UJC's-iminigrant 

that, toe case has been an ®PP®al procedurpL. .Ih addition, 
irritant between Dublin and decisions are - said to 

London but concede that the ®®f®blish ease -law for 20 

verdict may persuade Republican ®«niber Govennaents.r « . , 
extremists In Ulster to turn to Britisb and Irish offioais 

non-violent means to achieve agree that ' today's decision has 
tiwrfT- ends. established a European standara 

The Northern Ireland case **** "’*^ 


only - came before toe Court ^faues employed- ip -iNortbere 
because both Governments aro Ireland by Britito. tiXtoPS : sob* 


Companies everywhere are choosu^ Olivetti systems 
Here are the latest world-wide totals: 330-,000 accounting machines; 
140,(^ data processing systems and personal mini-computers; 65,000 
terminals and data collection units; 150,000 teleprinters and telecom^ 
muoicatiom units. 


because both Governments are by Britito. tixraps: aoir 

among the 14 Council of Eurooe detalne'^--to': boodiitfe 

member states that have acceot^ noises, redium lileep ana 
the court’s compulsory jurisdie. prolonged xunding-' . 

tion. Tbongb all 20 membu states ,. impose fines ana 

have rigned toe Human Rishts *®* dW.-noi anre 

Convention, Turkey. Grrece. caie because to® 

Malta and Cyprus do not aece^ Gtnrernnieni.:.liM already 
the Courtis jurisdiction. paid out £1^.25Q..>lA..'COoiPriU®' 

It is still hoped toat the Council *be defBiBees;> It 

of Enrope'a . newest arrivals chan»s Jtf national 

Portogal.tnd Spain-may An do *5® 



so. Psevifius inter state disoutes o?** asarfeid 

-only 11 in nuahmilhare ?l5 woold be hOLtepefr 


concerned countries not recounis- ^°J? PrtictWia' iq , 
ing the Cotut The StrasbouS of 


TBE INTELEIGINT (3I0ICE IN DISTRIBUTED PROCESSING 


oliuelli 


ing the Court The StrasbSure of 

Commission on HumaaRishm **®'*'*^*^‘ *bif behind t|>® 

initially examines all com^afata JS,“*** refusal to^.to o^ 
which are then dealt with by the P^wocoitor! 

Council of Europe’s Committee officials ties 
of Ministers. Thte body°”made member Govwnnwnts .OB^ 
up Of national representativre P***"^.*^**’"®**^*^ ^ 
makes UtUe pretence of reaSin” I“"««*«tion. . - 

anything but political verdicts TT* ■’ ■ ...■.■ 

The by Cyprui 

againrt Turkey following the 


RrMsk 01i7etd Ltd., 30 Be±eley Square, London WIX 6AH 


E^faestltal^foodinl^^ 

C^ooMoexursesnttma widesdectioo 







1 



^ j. 


51nai«ialTiinest lliu^ i9'1978 






It,.: 



•t- J: i, 



JROPEAN NEWS 


•■a:... 
S.*- • 

i s: 

>•■: 

' ® '*•■ ; . 
Hi- 




, f 


‘5',.'“ 'N ^ 

• i , “;i',.i' Cl- 

I •» r.i 1 

E.i- u •*, 

. " IlL.V,.' 


over 
Govemmenfs 



I'j.. 




BY ȣ5*4BIRITT 
FURIOUS debate haa broken 


DUBLIN. Jaa. 18. 
Wfaat it moxe important, how^ 



eurrenOF' ,enjp3^g ^ an ployed to 80,000 ' vtitbTn three 
■ :i> that is. topping years, They daim he has niiseal- 

EEC (diar^'.but a poUtical culated'titie' rate at'whieb further 



• 1 . 


urv 


i tfUrv 


•oEi 


“fyr:r;j;M“Ploymeat iafe':hy 1980*- . • :46bs...-.-' ' 

‘ if 1 ^' I Tile latest eneontagement ~lo -Dr. 0’’Doadg'biKj meaznvhile, 
i ®****®^& *v has a card op.his sleere that may 

>rgani 8 ar( 0 ti ' for Econopiic Co- issue, once -die debate 

peiatjoii and Deveiopment-sfaow- nyer. ratpioyment . targets dies 
f I * ^ l^ember'infla- down, will be the eztMt to which 

\ Cn|,.iOQ bad been bnragfat; • at 'an the Government can deliver. 
oUnlaiDualised raterOf 10.8 per cent. Over the? nest ■ three years Ire- 
' o 2.2 percentage points helow land can xonSdently. esect that 
le .. British' rate*, and was new 'foreign isdhsMte ' and 
iramatically down trom 18 per domestic investment will pro* 
hent ■ during . the 'comparable duce a core of -12,000 new jobs 
Leriod of . 1976. Ait -the mome'ot . annuall;. 
reland seems -to be on-' the way The Doblio aatfaoritlba. also 
' '>ward8 achieving an inflation' calculate that increased output 
, ^'^^bSte of 7'per cent, late this year coupled -with a determined *'btiy 
' -Ind 5 per cent 'for 197980. '7et Irish " import suBstitiifion cam- 
'tr. Maxtln ODonogbue, the paign . now being started will 
/ wbmster for Economic-Planning', each year increase the.- existing 

- ' at the .'centre of a bitter' manufacturiog woricforee by a 

• mpntfc further 1,500. Added to . that. 

- At the e^ of last week,.vriien Go'yemment boosting'of-ihe eoo- 
--:'.''itroduelng tus 'White'-Paper, Dr.'structloD' industry and' public 

*’Donoghue took- the radical services .will this' year produce 
tep of dismissing : lrelandl5jl5.0Q0. jobs. ~ ti^ile Hover the 
Seial ‘live register” of'-nnem- 1978.^ period service'industries 
- .^^ ioyment as misleading, pointing in the .private .eectdc'ihoold Te- 
. ^'Ut that.* the - jobless, total' of fleet hicreased manuiberturing 
' ' '".'07,000, .or 98 per erat., shonld activity and provide -.at least 
■1 ■ nearer-165,0(H>. . ' ■ 10.000- jobs .yearly;' . 


Comecoh growth in 1W7 
up on previous year I 

BY DAVID SATIRR . - . MOSaiW^Jan. IBi 


A?v CC'JF:! 
ICHTS 


E .> W A 


'-.-'HE ECONQUIES of Comeeon 
-.'.ountiies, taken' as a whole, 

- . .yew more rapi^y in 1977 than 
: '.n the preening year. But -tho 
. 'Umiecon results for the current 
.'97580 five-year plan still lag 
- : .«bind the pace set during 
-971-75, -according to .preUtainary- 
' esults aoBouneed byL Ur. 

' ?Jikolai Faddeyev. the Comeeon 
ecretary. 

Mr. Faddeyev ' said that in- 
~tustrla) output in the niife 
■'Comeeon member eonotries grew 
*~.4 per cent in 1977, a significant 
Dcrease over the 5.9 per cent 
ncrease registered in 1976 but 
till within the fr^ework of the 
areets of the Comeeon five-year 
ilans. 

The 197680 Comeeon plans 
sovisages an overall grow& ,ln« 
lustrial output calculated . at 37 
ler cent During 1971*75, -how^ 
ver. industrial: output in 'the 


ion, ] 

Czechoatovalda, East* Germany, 
Bungay, Bnlgaria. .Oaba, and 
Mongolia grew 47 per-cent. 

Ur.. Faddeyev told rihe. Soviet 
News agency ..Tass - that national 
income for Comeeon eoBStries, a 
measure similar- -4o: 'biit not 
identical witti Groip .National 
Product, grew 6.0 per -MnL in 
1977, with most of ^...incFease 
attributable to a 5.0 percent rise 
in -the productivity .'jiif--labour. 
This was . a moderate improve* 
mem over 1976. yi- 

The overall targeted increase 
In Comeeon natioi:^-.-. Income 
over the 197680 five^fcar plan, 
-however, has been ca^lated. at 
only 30 per eent.;^[^ down 
significantly from the results of 
the 1971-75 five year plans during 
which national income for 
ComeCon. countries increaseu ?6 
per cent; - . - 


ITALY’S POLITICAL CRISIS 


Ripe for the spread of violence 

BY PAUL BETTS TN ROHE 

WHATEVER .tiie politcal. align- Italian media as “defenders of and incendiary bombs. These clearly the majority of its 3m. extreme, and despite die efforts 
ment of the new Italian Govern- democracy” and the country's you ng sters are not all from votes would go to the Christian of the Communist party to re- 
ment one of the key isshcE it will genenJ bang-up following the middle class extraction Many are Democrats and could alter the convert these- uncomfortable 
have to tackle together with the (all of fascism. sobh of nortAi-K i>hnnr»PB Present political balance of splinter factions and bring them 

economy is tise steady and so far when tW Sis Ginrein new groups 

unarresied .rise of tetris™ AlmSant? the ^eitari of ^ OlRciallv the communist Tiey have become 

nourished by left and right es- take .to violence, because the even more extreme and have 

u!tra^ConseJv!?UTC “o» tottansigent «traparila- friehleMd the 

of anarchists. selMabelied '‘National Right mentary elements of the extreme both from the Right and from SJlSft lefl. Last Septembw 

Rome, in the words of its wing" and Anti-Coinmuzust right send them out on to the the Left. But its critics suggest ,, 1 -®,i. syippatnisers 
mayor, has become “the »intal Party^he spoke about ”.a 30 streets, someliines with promises cynically that In the late l9S0s [iV.1® «f ^ 

of political violence m Italy, year poUtical conspiracy" of jobs, sometimes with a few when extreme Left-wing violence JJJJ. . 

The . city is periled by an ex- against his party which effee- tbeusand lire, more often than erupted on the iwene, the Com- in 'iSt 

Optional ** not with emotionally charged munist Party, as an opposition jiSt ‘ 

official vigilan^ Poh^ri political arena in spite of its now - of virulent anti- P««y. was not as vocal as ?S’ ‘ 

being the country’s fourth largest 'eoimnumsm and the utopian perhaps it could have been in SluL'nf'ThJ' rv."mm?i5?«°Pa^rt^ •' 

ordinary crime, has, nevertheless, party after the Christian Demo- social nationalism and fanaticism condemning the serious wave of Communist Party . 

irrepressibly contiBued. erats, tile Communists and the of Mtusolmi's " Verona Charter*” disorders. To these same critics, 

The police seem helpless. In- Socialists. in ^le face of the country's the Communists have now been 

deed, over -tiie week-^nd only Extreme- nationalism has deep-rooted economic, caught off balance. During the T^SnCYDrnilC 

hours before the resignatioo op always been a highly emotional docial aad mstitutiona? malaise, la-st ten years, the party has Ai^ailgc:! UU9 
Monday of 3ig Guilio Andreotti. -and important' component of gained political respectability. There is also a third and 

t^ Prime Minister, the c&e^f Italian political life. The MSI *a^ - x j ^ ® Govenment. it is potenuallv more danaerous 

Rome’s police was replaced. The was founded shortly after the E/Xfl&SCrfltCu attacked by a Left- clearly at work It consists 

poUce fcrrcK. ^e war to attract the yStes of sym- ^^nge of extremiSR This 

parties are divided withm them- pathisers with Mussolini's de- Accordmg to Sig. .Mmirante, « one of the biggest differences “armed nroletarian S# 

selves over the Issue. ceased "public republic-" Despite a hi^y exaggerated and ten- between 1969 and 1977. In 1969. nuclei “ which are anarchists " 

For the police, like the magis- repeated but balf-bharted dentious picture has been painted in the wake of the Paris student self-confessed aim is to 

tiature. is also influenced by attempts to outlaw It. the Party’s of the MSL “ When I went to riots, ultra Left groups of whole pack of 

political ends and as such re- fortunes bave ontil recently pro- address some young scboolgirls, students and the younger genera- cards” in Italy They have inter- 

fleets tbe various contrasting greuively gone up. It has gen- at the end they came up to me tion of the working classes in a^tioDat links renutedly with 

positions of the political parties er^Iy gained at times of tension and ^ so you are tte guy the industrial north espoused German terrorist groups, 

themselves. As for the lower and public anxiety. While not who' *ey tell us has killed so Marxist ideals. They were com- y*,.- attacked durinc the 

police ranks, inereasin^y the dfrwtly affiliated to it. tbe MSI many partisans.” ponents, perhaps extreme and 

target of violence, they feel has. oevertteles^ always main- To aU intents and pnrposes, dustrialists and iournaiists. 

restrirted and exasperated. S55!r5g« ^ «« « isolated, the Communist party. Sub- They have ,error^^ a ctiy like 

Public opinion is shocked, be- nationall^with the death, of bombed factories and 

wildered and. resentful. Jo many “ General Franco, it has lost its «2? regional party office both of Ihe profound cconimiic uncertainty 

ways, violence was instrumental to don the^ eSective link wilh the out- Sct=h?f^f ihe Icfl. They are and in iho ihroes of a whole 

in bringing about the fall of -Sig. , rannortihiiTtv tha en.c9ii.kH world except for perhaps armed with an .trsenal of modern series of acute social problems. 

Andreotti’s 18-montli-oId-minority ^ so-criled gug two distant South .Ameri- repre.sented in weapons and effectively manipiil- is ripe for the son of orchestra- 

administration and in prompting, . double-breasted suit in which can countries. In Italy, it has groupiets like potero operaln gjg ,jjp j-jjjht and the left, tion of violence c.scaiaticin that 
however artifirially, the Com- its leaders were caricatured in been split down the middle with ■rotta cominua. greouiiy 'f]^y believed to have in- can iransfonn what effecuvely 

munist Party to demandjn'g the the early seventies. nearly half of its parliamentary became an emnarrassment. filtrated the universities, the amounts lo .in apparently 

establishment of an emergency To-day, the younger elements deputies breaking off to form a factories, and the extreme groups wolfed incident between m*o 

govemmeDt. «— — new more moderate grouping from tne Lommimisr «rty ann r>«»«r«,,r,.«ic i^i'nl ganqs of younqsicrs in the 

It is coDventlonal wisdom, at called Democraria Narionale. But Labour movement as ^ -nH n« tha h* t>P uei Anri ^>d>«rb.s of one city into some- 

least" in the .Italian meffia. to longer equipped with bicycle ft is also useful to tbe Left-wing dramatic change which 1969 and on the ri«.hi of the MSI. And ihing approaching giienlla wai^ 

blame politically motivated chains, knuckle dusters or parties, especially the Com- heralded did not matenalise. Italy to8ay, in its state of con- fare in ten other major citiei 

violence on the extreme right, truncheons, but witii revolvers . mnnista. If it did not exist. They have since become more fused political transformation, barely 24 hours later. 

In fact, it is obvious that violence 



comes frojtf both, ends of the 
political spectrum as well . as 
from a third force composed of 
anarchists out to bring down tiie 
entire system. 

Last November, the Interior 
Blinister, Sig. Francesco Co^iga, 
addressing the Italian senate said 
there had been L693 terrorist 
attacks in the first ten months of 
last year including 46 against 
individuals four of whom were 
murdered. The ' deatii toll has 
since risen. TTiree young neo- 
fascists were VdDed earlier this 
month, another older right wing 
sympathiser has been shot dead 
as has a security chief of the 
Fiat car company. At present, 
in terms of pending prosecutions 
according to the Interior Minis- 
ter. some 300 members of- ex- 
treme right wing groups and 388 
1eft*wing extremists are awaiting 
trial. 

In raan;r respects, the belief 
that all violence stems from the 
right is seemingly tbe result of 
the self-appoint^ role Of 'the 


Madrid cautious over reforming police forces 


BY ROBERT GRAHAM 

THE delicate problems 
inherent in tbe change from 
a fascist dictatorship to' a 
parliamentary democracy have 
been hi^i^ted by proposals 
for Uie refonn of tbe Spanish 
seenrity forces. Ibtber tiian 
distaa^ one arm of the secority 
forces, the Polfcia .4nnada, 
with primary antbority for 
pnblic order, the Governmrat 
has chosen to rename it and 
bring It under closer dvtlian 
control 

This kid glove approach to' 
tbe Policia Armada Is .the 
salient point in a draft Bill 
approved by the Cabinet last 
Friday, the test of which was 
this* week. ' 

le threat— implied or real-^ 


MADRID, Jan. 18. 


M- A aMJAJO -t 

reteased 

tiu 


of serious army and police 
oi^ections to a demilitarisa- 
tion of the secority forces, com- 
posed primarily of the Gnardia 
Civil and the PoHeia Armada, 
appears to have inhibited the 
Government from making any 
ri^eal changes in their stra&^ 
at this stage. The 
original draft Bill proposed 
that the PoHcia Arma^ be 
renamed (be Gnardia Naeional. 
.-Bat this has been subsequently 
. changed. Their essential fuac- 
. of public order, riot con- 
trol and the guarding orpablte 
bttlldings remains unaltered. 

The recruitment process, 
either from the armed forces 
or tl^- of the Guardla 
Dvil, *also 'riiinains onaltered. 


llie Bin specifically states 
that the Gnardia Naeional will 
be a “military body organised 
on military lines, responsible 
exclusively to .the Ministry of 
tbe Interior." However, the 
new Gnarffia Naeional win be 
considered as part of the 
national police force and not 
a branch of the military, 
presided over by a newly 
appointed Director General of 
Secority who will be directly 
below the Interior Minister 
(at present a ciriUan). 

The PoUda Armada was 
created In 1941 and since then 
served as a powerful arm of 
repression under the late 
General Franco. In December, 
1975, a major expansion of the 


force was annonneed raising 
its strength over a four years 
period by almost 100 per cent, 
to 39,600. But since then a 
change in pobiic attitudes has 
led to a drop in the level of 
recruits applying to join the 
force. There has t^n no 
snggestion that the Gnardia 
Civil, first established in 1844, 
absorb the Policia Armada. 
Nor has the draft bill sought 
to give'a clear definition of the 
distin^shioa competences of 
the tub security forces. The 
63,000 strong Guardia Civil has 
prime responsibiliiy In niral 
areas, which according to some 
reports extends up to 
• townships of 10.000 inhabiiams. 
However, tbe dnft bill allows 


the Interior Minister disrr»> 
tion to use the Gnardia Civil 
in exceptional circumstances 
beyond its normal competence. 

The law will hav*r to be 
debated by parliament. But 
the government is said to he 
anxious to bave the bill passed 
before a special parliamentary 
commission of inquiry pub- 
lishes its report on the riots in 
Malaga and Tenerife a month 
ago that lead to (he fatal shoot- 
ing by riot police of two 
demonstrators. IVItnesses then 
were highly critical of the 
behaviour of (be security 
forces. The parliamentary com- 
mission began work on Tues- 
day. 



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.Financial Times Thursday January 19 1978 


:RfCAN NEWS 


Manley 

swallows 

the bitter 

IMF pin 

By Canute James in Kingston 



Carter prepares to combat 
public doubts on economy 


[ OVERSEAS NEWS 


Chmese visit to Cambodia * 

naval 

heralds new moves on war sheuing 


SY HJREK MARTIN. EDITOR 
fE STATE of the Union 


WASHINGTON. Jar. ‘» 8 . 

Driving home this po:n; was blacks, whose persistent enti 


BANGKOK. Jan. 18- 


A TEAM from 


neraias new moves on war sheumg 

BY RICHARD NATIONS BANGKOK. Jan. 18; confirmed 

A HIGH-LEVEL Chinese delega- rapid solution to the border con- “ importing •* a pro-Hanoi party _ . 

. -THir sraiK «- r- • ^ ■ . . .. ,tioa arrived in Phnom Penh to- flict that will preserve thmr into Cambodia ."which they sy Aian uaroy 

es in Kingston Union Driving home this point was blacks, whose pcrsister.i j jay q„ ^ mission viewed here as inBuence in Cambodia. All the planned in set up or proclaim KHARTOL'M, Jan. 18 

tha Pavif,. •**? anoiber public opinion poll, asms of admlnistratioa ecoaomic an outward displa.v of support current signs, however, suggest at the time they snceeeded in the battle for the Eritrean sea- 

I St-—!**. * J“?« fflofning by the .New policy have lately takeri more fo^ 0 ,^ Cambodians in ^ir that the h«o sides are as far oeeopying some of Cambodian twn of ^ssawa. one of 


A HIGH-LEVEL Chinese delega- rapid solution to the border co» “ importing "* a pro-Hanoi party 
tinn arrived in Phnom Penh to- flict that will preserve their into Cambodia ."which they 
day on a mission view^ here as influence in Cambodia, AH the planned m set up or proclaim 


IConeten -.T- Ir TT''” 1, iff** morning oy me .>ew policy nave laitriy mrco for the Cambod ans in their that the two sioes are as rar occupying some or uamoooian nort town of Massawa. one or . m 

SS^shoiSv ?o 1 n!lhL v. four-month-old border war with from meaningful negotiations as territory.- ESopffs“tv!i outSs to the Red f 

™ negotoie, a night. conrenirato pnncip- which found a weakening in pub- .A^socradon for the .Advancement Vietnam, couaied nosslblv' with ever to wnat some observers here coa %wm 9 in« a utatemate be* f;- 

!.V7 °° Mr. Carter of Coloured People, for esarapl^^ private^ppeafs f« negotfations. Laisf week Hanoi released' a rwd as a sSgni^t esalation S,«:,n ErittSaa euSuias and the 


port town of Massawa, oo«_oj 
Ethiopia’s' two ontlets to the xtod 


IMP tor a SU^.74m. loan facility The message will be the first „t?ng ?rifSd said «t would fiaht against 

of ® . o* “aior this latest mrvev^kM ho^-epn planned S25bn. tax reduc- ----Y,. tions between the two countries, ttae -pretext of difficulties in the , ine wrrespoo^ 

^ o“® of ^0 administradoo policy state- j“nuaw kTe ai tions. because neither blacks nor >n the Ctonese capiUl intelligence reports post-war period and drought . . daUy shellng from the m of 

IMF’s ent^ for the island's ments. They will include what inner cities would benefit roSrbfr match fSiol’s altega- to beg alSs." ® clmHaii parts of the town, ^ee- 

ecoDomy. Its collapse forced a 10 is being described as an unusu- Ti?f« sufficiently from across-the-board ^ired speculation here that the ^ans with deMriptions of Khmer "^ese barbs are aimed to quarters of which they uid m 

per 5 »nt devaluation of the ally detailed economic message ^ action. Chinese mission may be carry- Sjrriira-type artlons deaUng stind HahoPs tender stmts." heW by the BritreM PeoidM 

Ja^can dollar. to Congress on Friday, the un- “S^non tSd fo?‘ nrSdents \i “r. Vernon Jordan, the league proposals from jSJfJiyj significant blows to a. .^teraa Indo-Cbina watcher Llberatipn Front (EFtF) with 

For the battered Jamaican veiling of the tax i^duchon pim- president, was much , , . , ^ Vietnamese positions along the commented. - Not the' sort of « massive backup of ctnllM 

economy, the devaluation could gramme iplus some tax reform decline was sh»™U th^« thJ of Administration indifference The Chinese mission Is led by border inside Cambodia. thing designed to betray a volunteer fighters* and weU 

not have come at a worse time on Sunday) and the formal pre- ^grienc^ bvmoA recent than be bad been six moniJi.* Chou En-lais widow. Ten ymg- .ridresa vesterday on wHHngness to talk.” organised convoys of soppHee. 

or under more unfavourable SCTtation_ on Monday of toe presidents, exeebt Mr Ford and praising toe “ many positive Chao, a CMtial Committee tenth anai%rsary of toe Collna MacdougRU wrtkes; The This is perhaps toe biggest 
drc^stances. The Government Budget the flrstover which toe Nixon at toe start of his s^cps" which had recenil.v been mem^r « toe Qiinese Com- f. „dinc of the -tounbodian departure for Cambodia of the baale in toe Ikira of Africa yet 
could hardly have been prepared Cart**" ad^istration has had second term taken. But be argued strongb munist Party who is viewed here ^„iu,iJ„srv army ” Premier Chinese delegation Indicates a said BBC television reporter Mr. 

for it although thought had been full control. . that tax cuts should be carefully- « a prMUgious figurehead. _ _ new effort by Peking to. mediate Simon Driog. Mr. Dring said 

gi-ven to a much smaller devalu- Senior administration officials _ aimed at areas In greatest need. Accompanying her are two , . ^ime and again in the border war with Vietnam, there was nutting evidence that 

ahon at the start of toe forth- have acknowledged the need to ?.“S!Sr®^ hanJn^®** pubUc opinion poll also senior officials of the Foreign 72-mliiute speech The last-minute nature of this much of the bomWdmeot was 

coming financial year. present to toe natiM a coherent wit? timViI suggested that this countr- still Mmistry who are^^ considered to {Je c^Sbodian Premier rep^d mission is suggested by the fact coming from vessels at see. Two 

The circumstances of toe economic policy Even toou^. does not believe it.has an energ> Phnom Penh’s denunications of that Madame Choc iro to Soviet-built rocket lauochexB had 

. 1 — ...... __ 5 .,t-,-«,t,«n 9 T * 1 ,. 00 per cent. SIX months ago. ana w,n ,i.o h*. a *® yi®^m«rter of toe Foreign 5,'“^ '‘in«olence, arrogance have a meetmg with the French been evacuated from Massawa on 


deva„ati?n™™st als?ha?; been S sSodardTThe Sroblem. TOs' ;:ii] also' be a toe vic^Minlrter of toe Foi^Tgn 

painful to Mr. Manley. When it US- economy had a wtisfactory {SSehl toat toS”p?fn^^^ S! ?nd Jttempte at* expansion. 


approved the SU.S.74m. facility, -'^ear m toe f 
toe IMF set several conditions Hee- mentio 

for the funds to be transferred, business commum 
They included targets for public economic prospec 
expenditure, public borrowing different and that ti 
from toe banking system, foreign ability to cure e 
exchange holdings, and domestic ments Is marginal. 

credit expansion. The economv. 

Bcconhng to llfr. David Coore. 
toe Finance Minister, " passed ” A * B ^ 

the first three tests, but narrowlv A B dB • J 

failed the last. ' ■ ./jkJL'l* ® 

The Jamaican Government basj 
claimed that the 10 per cent I -y ,ohn wylp 
devaluation was much higher JOHN wrue 


particularly apparent among 43 per cent believe it 


met between Hanoi and the Pol victory against toe viei- vice-i..nai™an oi ine .>aaoDaij ^ Greek sea captain who has 
Pot regime in Phnom Penh to ciamese agsressors” by claiming reople's Congress has no first! been stuck in Massawa for some 


Aid ^cut’ may benefit NY city 


de’^uatioT'y^r mvcb^Vgb'eil 

protect the a NEW SYSTEM of federal had said that federal payments According to Senator 
♦I.I.* being accounting has appeared to on such items as interest on Moynihan. the Federal Govern 

^ remove up to S14bn. from the national debt and for foreicn ment collected SlObn m'^re in 

amng Wto Cne IMF demands, it V.S. Government's financial sup- aid which are channeled throuah 1976 than it paid out in New 

WM not in agreemenL port for New York state whose New S’ork were misleadingly York State. “TTiis pu‘.« New 

■^s must have been a bitter Governor. Mr. Hugh Carey, sub- listed as direct supoorL York city’s fiscal crisis in a 

pill to swallow in particular since tnitted an election year budget Yesterday. toe senator wholly new light.” claimed to' 

— ■ which seemed to promise an revealed that he bad won a vie- Senator. 

extra S350m. for New York city, tory with toe federal Com- Governor Carey yesterday did 
Britain has granted a £20m. v . e. m • u- i. munity Services .Administration his utmost to suggest that the 

loan to Jamaica to heln with ihf ir?hnH«? which had agreed that in the State was meeting ib obligations 

D 9 innMf« * 11 -^ budget on future pavtnents would be by scheduling more than S” 3 »m. 

paymrats tor essential imports, paper, while piling up ever in- 3 ^ indirert support. funds for the city in the 

OUT Kingston Correspondent creasing deficits, Nw lorkers This change could strengthen budget submitted to the iegisia 
writes. The loan agreement, h*^® learned the bard way that. yop^ city’s case for more ture. 

signed hy Mrs. Judith Hart, toe rnnnT°®”Ti'.°i®.i mm, nfr aI «ijk? fed®**®' help to balance its budget Informed analysts are cla-.mms 
U.K. 0«r«M olTederaf thi nate ^ be- Hiis momins that Gorarnor 

Mlnietop anH M- n k *®**®™, cBUse It undermmes the conven- Carey^s generosity vnli he worth 

•fc- » jbe more of a help ID puttmp New tjonaj wisdom that toe balance only S150-20Qm. because Mayor 

toe Jamaican Fmance Minister, i ® road to recowry than payments between Washington Edward Koch, of New York, hsd 

is being made retroactive to to^'^a cr'ltnbs from Governor state was firmly already included some of the 

cover porehases made from ouoget. tilted in the State's favour. extra money in a budget proj^c 

Britain by Jamaican nubile Credit for toe change in As a result, it has been argued tion which is believed to point 

MAtA.- hAiiiA., .1 federal aid is being claimed by the Slate could and should do to a $5Q0m. deficit for the fiscal 

1 *a5a « *. Since November Senator Daniel Moynihan, who more to help the ailing city. year to b^n on July I. 

1, 19d6. It Is to be repaid over 

25 years, with a three-year 

‘ Chinese official ! Talks nn TaiiP Hnrn rnw 


rni regime in Fanom Penn to namese aggressors oy claiming rapies no jg Vaecawa for some 

which they have extended con- Hanoi had suffered politicai, hand expenonce of such nego - 1 awaiting repairs to his 

siderable diplomatic support in financial and diplomatic defeats tiations, su|gests that F®kingjg|)|p witnessed the evacuation 

recenun onths. Diplomats here as well, He claimed Cambodia wishes to givg added status 'to: frAm Massawa Hp aim eiaimpd 

ibink Peking is eager tn find a bad smashed Hanoi's design of .the team. positiraly IdeSfied 

^ : ■» ® vessels now laying off 

Japan to ease exchange control S’sSffiSlsS 

- was in Massawa as well as voices 

BY CHARLES SMITH. FAR EAST EDITOR TOKYO. Jaa. IS. • with: "heavy ^nisb accents.'* 

.. w,. .. He said consistently reliable 

J.APAN plans a sweeping would be toe third attempt by by a separate bank law, applying ePLF intelligence sources bad 

_ . . _ reform" of its foreign exchange Japan to achieve ^ foreign aiso to domestic lapkizig trails- 'hold him^^t In addition to 

jvernor. Mr. Hugh Carey. suN listed as direct supoort. York city’s fiscal crisis in a control system which would sub- ®*®,fi*“8® control li^alisation actions. . . . ' • Russian involvement in the 

itted an election year budget Yesterday. toe senator wholly new light.” claimed to** stitute a short list of sneciflcallv ^o^^owng iniual onslau^ts on under the bank tew the open- Eritrean war; there were also 

hicb seemed to promise an revealed that he bad won a vie- Senator. the system in the late I9S0s and ing of new branches eitoer at Cubans and South Yemenis. 

rtra S350ra. for New York city, tory with toe federal Com- Governor Carey yesterday did P^>»b«b »ea transactions for the mid-1960s home or »b^^ n^res tbe ^ 

.... munity Services .Administration his utmost to suggest that toe present system whereby all The Mmistr.v of Finance was approval of the Ministry of Fin- { 

But alter lO years jn^ which f, 3 d agreed that in the State was meeting its obligations exchange transactioos are pro- -generally’' in favour of ance and the Ministry -has. In ' "XTA Qniteli rail 

bibiled unless specifically liberalisation. Mr. Matsukawa practice, severely rationed both, i tU OslUUl Ull 
approved. said, although there were those Foreign exchange . control « 

The new legislation, however, who felt too rapid a change could liberalisation would also leave SUHDIVa Dfi3.C6 
A'ii] take at least 18 months to be dangerous. He personally felt unaffected the .Government's . w*' 

draft plus another six to pass the that -the time is ripe to announce ability, and intention, to regoUte ' Hamanelc linlr 


extra SSfiOm. for New York city, tory with toe federal Com- Governor Carey yesterday did 

V » e, in • u- 1 . munity Services .Administration his utmost to suggest that the present 

But alter lU years in ehich j,gd agreed that in the State was meeting its obligations exchange 

the city balanced its budget on future sueh payments would be hy scheduling more than S”5»ni, bibiled 
paper, while pmng up ever in- 3 ^ indirert support. funds for the city in ?ne approved, 

creasing deficits, Nw lorkers change could strengthen budget submitted to toe iegisia- TTie De* 

have learned the bard way that. xe„ York city's case for more ture. 

il federal help to balance its budget Informed analysts are claimma 


*^‘se long-term loans, be- this morning that Governor Diet In the interim there will a study group” (the initial rtep overseas lending activities by 
« teaerai am to me waie may ggyse it undermines the conven- Carey's generosity wli he worth be "piecemeal*’ liberaiisatioD of to which the Prime Minister, Mr. Japanese banks Hedium- and 

Oe more of a help in puttme ^eiv -innal urlertnm that tha halani-a anlir Cl <in.*>OnTii Sr.,,-A.. rha aviEfina enetam Sm. TalraA FllbtliTa hae «A Far mm. Inna.fann AVarcaae' TAnHinD Ww 


No Saudi oil 
supply, peace 
demands link 


j : • tional wisdom that the balance only S150-20Qm. because Mavor the existing control system, in- Takeo Fukuda has so far com- tong-term overseas lending by 

® road to recowry than of payments between Washington Edward Koch, of New York, hsd eluding, for example, increased mjtted hiTn.selD the commercial banks, requires 

raraJ?fifa7i^n Govertior and New York State was firmly already included some of the travel allowances for Japanese Mr. Matsi ' " 

i^areys ejection ouogei. tilted in the State's favour. extra money in a budget prnjsc citizens going abroad. the eomini 


.. .. ........... .... — uiieo in me aiaies ravour. extra money in a ouaget prnj«c 

Credit for toe change in As a result, it has been argued tion which is believed to poto^ 
federal aid is being claimed by the Slate could and should do to a $5Q0m. deficit for the fiscal 
Senator Daniel Moynihan, who more to help the ailing city. year to b^n on July 1. 


Chinese official Talks on Cape Horn row 

expects better by robert undley 


tb, Gover,.»eM h,d for U.o oloe eXpCCIS OeUCr BV ROBERT UNOLET 

months preceding last June led a t t i BUtrsun Aintb, jan iS. 

campaign against the terms U.S. relSuOnS SOLUTION to the impasse three islands are on the Atlantic 

which the IMF attached to between Argentina and Chile side of the meriiian. .Argentina 

facilities extended to poor By Colina McDougall oy®r C&P® Horn boundary reluctantly accepts ibis part of 

countries, dispute is expected to result from the arbitration. 

WhafBivAi. ei.nn-ce.,, A CHINESE Official has said the meeting of the respective th* mnar rAP#-it nnnfrttrt-tnnn 

obtained from the campaign must erneefs PekinE Serate * government here is that 

now be considered lost as toe Chile wii lask for the Inrer^-en. 


U.S. relations 

By Colina McDougall 


^ move which 

into the IMF. ® reported. A AeconH meetinc between toe Ai-c'eniins urnnid find diffli-itii in 


enuu«. .nrseuuua. American States, a move which 

A second meeting between the Argentina would find difficult to 


The devaJuatioii i« Ht.iv tA Chen Yi-sung, a member of the two presidents, Ukely to take block. It Is believed that a 
cause some Doliticai nain tA tha National People's Con- place In Chile on Tuesday, is majority of OAS member coun- 

Ma^ev (lovernmenL^^ tS? sress (NPC) Standing Com- also unlikely to clear the way tries favours Chile over Argen- 


Tanzania 
freight row 
with Zambia 

By Michael Holman 

LUSAKA. Jan. 18, 


~ uiwT lOBo wrm wouiug.. cummnr. j^otnutd mlartera that Saudi 

wonld continue to be governed ment Arabia ‘ has mad? no firm aid 

agreement and would only offer 

Amnesty plans campaiga 

• j rx A fi* • • .f - If Jordan, was jsot hostile to Saudi 

against S. Africa torture ^ ... 

BY mart™ DicRSON ^ » 'SlSf: 

THE SOUTH African Govern- ings, electric shocks, beinff made Carter, as has' been reported, tn 
ment was yesterday accused by' to stand for long periotoi, murder exchange for IVautoingtoa bring- 


Peoples National Partv was snlit a pivage “vwo ^ oacH any uniivaa move ro turn 

between moderates who advo- in dispute over to the OAS. paper headline here as a A^ca. the bumaa rights move- little over the years to jav'esti- ment was found, 

caied acceptance of the nff-g Taiwan. fbink it is | f®MUiTea lo oe Argentina apparentlv would "swindle," to lift the special low ment said: ‘'All the evidence in- gate such cozhplauits and to en- At this stage Saadi Arabia is 

monev and its conditions, and 2"? neceswry ror pma toiaeio m .an. tiumry. feel less uneasy ahouMh'e dispute for Zambian cargo at the dicates that torture is extensively sure that-those arrested are not actively Itoking its desire for 

hardliners who argued either for nmlaterali> that it is| It is known that next wpdnes- going to the UN uher*. it Port of Dar Es Salaam, intro- inflicted on political detainees protected front abuse by security pressore on ' Israel • with U S. 

continued campaigning to 'navel’"^® maintenance ofjday, Argentina will announce its believed. Argemina n.'uid have duced after Rhodesia's unilateral and that tiie Government sane- police. energy reqilircmepts, according 

the conditions altered, or for ***® Taiwan area. rejection of the British Crowm s support of the U.SSR China declaration of independence in dons its use." The report The Goveroment's attitude'To to informed- sources here. 


seeking 


The U.S., Chen added, had ®*'^^ti'ation decision in the dis- Egypt, and Saudu .Arabia. aTnongl^®*^ 


traditional sources, possiblv in. begun to "switch from the policj'ipP^ about sovereignty over islet others, 
the Eastern bloc. ' 'of maintainina the presenii’o *'1® Beagle Channel, on 


19^ coincides with the start of a the use '-of torture to "ddmon- Beater nports from Kuwait: 

In an editorial to-day tbe{ worldwide campaign by Amnesty strated by toeir inaction in. deal- Saudi- -Arabia, and Kuwait are 
Government-owned Zambia Daily: for the release of prisoners of ing with known iortureri Tbe expected to make a joint media- 
Mail called on Mr- Amir Jamal, [conscience in Sourb Africa, the names of certain security ^lice- tion effort soon lo close the rift 
Tanzania's Transport Minister, repeal of discriminatory and re- men recur time and time again in toe Arab world over Egypt's 
in deal wiib the problems created | pressive legislation and tbe end detainees* torture allegations' yet Middle East peace initiative, 

they do'. not appear-to be'di^i- oSeiils said- bere to-day. 


neruelan by an 8 n. 00 n-tonne backlog of j to torture, 
south- Zambian ra.'co at the port "in' The report 


available plined or dismissed.*' 


The. bid is likely to follow a 


BRIDGET BLOOM, recently in Mozambique, reports on the grim economic problems facing President Samora MachePs Gov^rnni^ 

Political stability gives hope for the future 


witbstaadmg, the Jamaican! cult for China to announce itslticcuoy rcri-sin islets ar.d 
Govemmept now seems to have | intention to make a contnbution|ea.sT Vif the Cape' Horn 
little aUernative to go alor.? with 'to the peace of th“ ’•-•hole world, The Araenlines claim tois- 
toe MF. I including Smito-E.i’‘l Asia, under I the dividing line .i* 

Of toe U..?.S74m. which the ] ^‘rciinistaoces." [Chilean Pacific waters 

niF w'as sraming under the] While Chen's seat '^n the stand- ! Argentine Atlantic waters 
now defunct the [ ing committee probabiy does not i The islets— Lennnx. Pictr 

first trancM of l >5^2m. was,gjTe him access »o the details nflNueva. which were awarit 
^awn 00 October 10 last year. i policy frirmafioD in Pekina. heichile in the arbitration— a 
*1116 second tranche of Slim., j may well be io touch with toe Ischeduled for occupatio 
Mbeduled to be taken up on , general line of such thinking. 1. Argentina, it seems, althou: 
December 15. was not takea — ■- — 
because of the domestic credit 

ho>re«r. «nn,t do BRmGET BLOOM, reccntlj in Mozai 

Without toe money. The official 

reserves are still in a net deficit ~m m 1 J 

— latest available figures from I Of 

tbe Bank of Jamaica put it at ■ B I I I I ^ .^1 I ^ B 

minus U.S.S170m.— white several 
bilateral aid packages and loans 

'*^0 ■YEARS AGO. when lo other parts of Mozau 
Mozambique was a few months no dou'ot tbe picture ii 
® . ... , into independence, elegantly brigbt. For Mozambique’s 

^.^he devaluation is likely to hit coiffured ladies still took tea appalling problem to-day 
the domertc each afternoon in toe cavernous economy, gravely affected 

although the Government hw lobby of the Polana, Maputo's exodus of Portuguese fs 
announ^d plushest hotel. To-day. only one and others, by toe closi 

5^®® O’" t'''® remain, crowded out — the border with Rhodesi 

wheo offices downtown close — by the escalating guerilla wa 
week to ^™4^ altoouch ® multi-coloured. casually- by natural disasters whict 
SJ2*,Sfn nn dressed assortment of Mozam- included io the last two v 

S?the effects of the d?rafuation* bicans, foreign technicians and cyclone, floods and a hai 

ftf SStert Door con^mers from diplomats from East and West, m the capital. -*vth ston< 

such as flour and rice, and un only a superficial sign of change 

essential drugs and medicines, a in independent Mozambique, w t ■ i -, 

SJlfim. surplus accumulated by though it should be noted, lo UnDHJflnC6Cl 
the State-oumed food importer, view of the dire predictions that 

Jamaica Nutrition Holding, wiU the eountiy could collapse once Mozambique's ecoaomv 
he used to provide a subsidy. toe 200,000 Portuguese left, that never been well balanced' 
%etrnl nrices have been raised toe hotel seems buster than ever and rail deralopments at to 
f Ml M uer gallon to SJ2.2S. and functions pretty well, it now of the century were prii 
TaroalMn Government has belongs tn tbe State, .snd its designed lo serve the 
^ to retain the two-tier workers have some control m its faster growing Transvaal 

*®®i, nm'^rate system which, management. Many of the old Rhodesian economies. 
s-?i.«5iT4-<»d last AoriL was I'aoes — stewards. porters or Portuguese built up the cm 
control price in- waiters— are the same, though domestic lnfra.structure oi 
jntenc^ range Of essential tess cowed now, and its rooms response to the challen 
Consequently, with toe are as clean and the prawns pin guerilla war waged by Fi 

SSrt^evS^Son the new rates piri as g ood av ever. in the 19^ But under « 

exchange for the Jamaican That Moumbique has in no toe traditiooal i*ade 

ai IDtS ......J ,_..|i T.. -IOT3 Rha laet F„I1 




the friendship of the two States." that the Government fails tn in police, deiie&tion and. ffiv^ gSded. 
According tn reports here, tbe remedy the situation. The result statements by .six people alleg- . The - 


"waterl^* Tad number' jcrior.<‘ \n fh*- t)a« According tn repnrts here, tbe [remedy the situation. The result statements by.six people alleg- ■. The : two CQuntrieg, which 
• water-: apparerii'v .-npd ^ a' Tanzanian decision to raise thejis that from time to time the ing tll-traabnent or totmre while underwrite much of toe military 

embarro^sin" rh^' n.-.- .-rnniPnl of vargo storage rates froraipolice appear to have "got -out in police custody. A Mr.' M des- and finanda! bills of Egypt and 
nx. Picton and president Carlo« .Andr-^^ ppm.- in 7p (l-'.K.I per toone to 43p per of enntroi and to have been res- cribed how one end of. a piece of .Syria.7.are like^ .first to try to 

tonne from July 1. and impose ponsible for the deaths of string had. been -tied to -a jack settle dlKreoces between Cairo 

the full rate of S5p from January detainees in their custody." and toe otiier.endjo hte testieate. and • X^ascus. .and. apparently 

1979, came without prior Alleged raethods of torture tn- The jack '. Was toen - drapped, believe'- tbaM 'differences can be 

warnins. iciude physical attacks and beat- twice.' - -■ .Yeaolved. 


ON OTH ER PAGES 

International Company News: 
Eurobond reflows 

Zenith Swiss wme-down ... 28/29 

Farming and Raw Materials: 
Australia artacks EEC farm 
policy 


Two YEARS AGO. when 
Mozambique was 3 few months 
into independence, elegantly 
coiffured ladies still took tea 
each afternoon in toe cavernous 
lobby of the Polana, Maputo's 
plushest hotel. To-day. only one 
or two remain, crowded out— 
when offices downtown close — by 
a multi-coloured, casually- 
; dressed assortment of Mozam- 
bicans. foreign technicians and 
diplomats from East and West. 

The Polaoa's new clieotele is 
only a superficial siga of change 
in independent Mozambique, 
(hough it should be noted. 10 
view of the dire predictions that 
the country could collapse once 
toe 200,000 Portuguese left, that 
toe hotel seems buster than ever 
and functions pretty well. It now 
belongs tn tbe State, .snd its 
workers have some control m its 
management. Many of the old 
t'aoes — stewards. porters or 
waiters— are the same, though 
tess cowed sow. and its rooms 
are as clean and the prawns pin 
piri as g ood as ever. 

That Moumbique bas in no 
sense collapsed is evident to 
anyone spending a few hours in 
Maputo. There is power, -water 
and electricity. Tbe neat 
suburban gardens remain well 
tended. The city has been 
Africanised and seems more 
relaxed because of it. It runs, 
despite transport and food short- 
ages. a good deal better than tbe 
capitals of some other .African 
statp.c that have been indepen- 
dent a lot longer. 


In other parts of Mozambique 
no dou'ot the picture is less 
bright. For Mozambique’s really 
appalling problem to-day is its 
economy, gravely affected by tbe 
exodus of Portuguese farmers 
and others, by the closure of 
the border with Rhodesia, by 
tbe escalating guerilla war. and 
by natural disasters which have 
included io the last two years a 
cyclone, floods and a hailstorm 
m the caoitai. wTth stones toe 
size of cricket balls 

Unbalanced 

Mozambique's economv has 
never been well balanced. Port 
and rail developments at the turn 
of the century were primarily 
designed lo ?erve the much 
faster growing Transvaal and 
Rhodesian economies. The 
Portuguese built up toe country's 
domestic lnfra.structure only in 
response to tbe challenge of 
guerilla war waged by Preiimo 
in the 1960s. But under colonial 
rule, die traditional trade deficit 
was usually made good by earn- 
ings from South African and 
Rhodesian fre’ght. and from 
tourists from those enuutries. 

In 1973. tbe last full year of 
Portuguese rule, the overall pay- 
ments deficit was only some 
S7m.. though exports were oniy 
SlSOm. against imports of nearly 
S400m- Exports increased some- 
what in 1974. but since then the 
deficit.^ on the trade and balance 
of payments accounts have 


increased alarmiogiy. The pa.v- 
ments gap in 1975 wa« eslimated 
at around S30m.: in 1976. follow- 
ing toe closure of ihe Rhodesian 
border, it rose to around siSOm. 
Last year’s forecast was for 
S2S0m. with little hope of allevia- 
tion in 1978. 

.Apart from rhe severed 
Rhodesian links, this is also due 
ti a steep Tall r.f asnculTural 
production and co,-i?prineni rise 
in food imports, both ^i- rausc o^ 
rhe white exodus jnd natural 
disasters in food rrouing areas. 
Capital equipment 3*>pded to 
restore Industrie* has also 
swelled the imper r-ili. Major 
South African a.s.sistancp to keep 
Maputo port and the railway 
going has mean* ih^i eamings 
have held up relatively well 
there, but there have been other 
drains, such as the estimated 
SSOm. in transfers by departing 
Portuguese. 

Une Goverumest is 'living from 
band to mouth. .Accumulated 
budget deficits, despite increases 
of ia.xation and spending cuts, 
have risen from some S22m. at 
toe end of 1975 to an estimated 
.5125m. at the end of last year 
Morauibique !.« relj-ing on 
foreign aid iRntaia. with over- 
si! comnmmenrs of some £ 20 m.. 
is the tecond largest sjnete donor 
after Sweden ‘i and on th<» “Bold 
deal with Souir. .Africa which 
Mozambique sp.h«rt«d from 
Pnriuaai 

This curious sysrem is prob- 
ably s?n: the coanrrv? »a-gest 
sicg.e s-ource of foroigo gz- 


ebange. Under it. part of the 
salaries of Itlozarablque miners 
working in .<«outb .Africa are paid 
hy South .Africa m gold at the 
official price (as used by central 
banks for valuing reserves). 
When the gold is sold at market 
prices las tt is now without 
apparently ever leaving tbe 
South African reserve hank i 
Mozambique reaps d ij^oudfall. It 
wa.s e.stimated at SlSOm. a year 
when there were lOO.UOO or so 
miners in the Republic, though 
lost year, with only some 40,000 
there, toe income has probably 
been halved. It may stop 
altogether m a few months' time 
if tbe official gold price is com- 
pletely abolished. 

.Against this background of 
economic stringency. Mozam- 
bique's Marxist-Leoinist ideology 
has not surprisingly continued 
to be tempered by pragmatism. 
‘Hie Marxist-Leuinist rhetoric of 
last February’s Third Party Con- 
gress, pragmatic economic goals 
were set. The ultimate objec- 
tive may be total workers' con- 
trol and tbe establishment of 
heavy iudustry, but the itn- 
mediate aim is to restore agri- 
cultural and Industrial produc- 
tion ID 1980 to 1973 levels. 

Small achievements are noted 
(cashew, for example, once a 
major export, is now being col* 
leoted agarni but Mozambique's 
riverai! dependeoce on foreign 
aid. and on South Africa, is 
likely to continue for a long time 
yet.-Joaqunn Chissano. Mozam- 
bique's Foreign Minister, u an 


interview at toe week-end. to be 
broadcast on the BBC. admitted 
that toe country's dependence 
on South Africa conflicted with 
its ideology. “ Our aim is to des- 
troy our dependence, but this 
can only be done by economic 
development in Mozambique it- 
self.” Though Mozambique ad- 
vocates sanctions against South 
Africa by those who can afford 
them. " we have to be realistic 
and recognise that we cannot do 
it ourselves at toe moment.” he 

says. 


Citizenship 


The biggest single problem in 
developing the economy is prob- 
ably the lack of skills. Diplo- 
matic sources believe there may 
be 00 more than tOfiOO Portu- 
guese in Mozambfciue now. a 
total ivtiieh could inc4ude both 
toose who opted for Mozambique 
citizenship and “new" Portu- 
guese who have arrived rince 
independence. 

Politically aoceptable for- 
eigners. inrtuding apparently 
some 70 people from Brftain 
are coming in to flU some of the 
gaps and Mozambicans are 
crashed trained. Biat toe country 
is also finding like other African 
States before it that /oreignera 
are not cheap, western diplo- 
mats la Maputo say wryly that 
Conunumat experts, whetoer 
Rusrian pitots or Bulgarian den- 
tists. tetid to be even more 
expensive toga oieir Western 


counterparts;, they- elaim -that 
Russian pRdts in Maputo harbour 
earn three tones the rate of Qieir 
Portuguese predecessors and de- 
mand an " equivalent sum ' 4n 
foreign exrtunge in Moscow.- 
But if 'Mozambique' bas'llftle 
going for it economically, . at 
least in the short term, toe poli- 
ticai stability established against- 
beavy odds. . since . independence., 
could prov’e .a '.very' irnfArtant' 
asseL To' Western, eyes, the -iriec- 
tmns held -between '^ptember. 
and December would liaEdly be 
called ' d^ocratic. Voting', ma 
by show -of .bandA-. aad (he. 'ekn- ' 
didates were .from the. 'same | 
party. But,* 'ss "Mr. Chi^no: 
argues, most Mozam.WcaM;haye^ President Samora Blachel 
never participated in elections - 
of any so'rC Many party candir - 
dates vere rejeet.ed (“ sometimes 

to OUT - embarrassment “3 ' -In to replace the Porbigaese' (which 
tough- self-criticism sessions, he.' Mozamblcazis ray applied oniy 
says. And toofway' bow, Mozmn- to a white elite) has still to be 
bicans ask, can you- delimit eon- . ozmuuaed. . . 

stituencies and draw up' vatezy'- 'But Mozambique to-day bas'ta 
rolls when tbere:has never beeiTT be set: less against Wertern 
a proper censns and over 90 per Ideals than agaiiwt its own 
cent, of the pc^tedea la -Ifllt' telozdal past, and- perhaps also 
erate? -i.raainst the experience of otoer 


There, are eiiticiims aplaity already' independent AMcan 
of the official poUcy of destroy^ states. Frelimo's leadershiu 
ing all colonial - institutions tn -ooder President Macbel is cer 
enable • the State -to.- be ., buiit tslnls^ multi-racial and tribal 
along Hancist Leninist - lines.- dirisions seem to play much less 
Mozambicans, endorsed.by. many of a. hart'-. than elsewhere m 
W*estem diplomats,.! daim that Africa. Frelimo appears to know 
toe roucb-.'Cntic»ed:'fe«dneat{on «diece-it wants'-tb go, and to b» 
camps are primitive but '.refa-. its own master. .It is dominated 
tive'Iy .benign.. But. thare- bare' neither byitbe Communist bloc 
been especially in the eaily days nor; despite its'- now. greater 
of Frelimo's rate many arbitraiy., 'openn'era fowarto the West. h« 
arreeu as3 :a lyrtem of' justtoe -aiiyhne .els«r J . ^ ' 


iSO-- ' i.-:- 4 


'i 'n . ' 


'IV i^ivVBUiirai iiueiaiiMUUU UI c iiimc’ u«un9. sbciuuui- aim I JLnthonu Mrp i .i.i i |i 

the existing control system, in- Takeo Fukuda has so far com- long-term overseas Fending by ' #Mwnonf newernmn 
eluding, for example, increased mitred him.^elD the commercial hanks, requires | JEDDAH, Jan. 18. 

travel allowances for Japanese Mr. Matsukawa said that with approval b.v the reFevant section j SAUD! ARABIA offered, during 
citizens going abroad. the coming of liberalisation, of the Finance Ministry although ! Ptosident Jimmy Carter's recent 

These cianfleations were pro- Japan would have the option of this has become something of a I visit to provide- fimoeial aid to a 

•’ided lo-day by Mr. Michio making Tokyo into a major inter- formality since May last year. . Palestniian state set up on tbe 

Matsukawa, Japan's Vice-Minister national financial centre, but be Between July 1874 andNovem* West Bank and Strip, 
of Fmance for International was not prepared to prejudge tbe her 1976 the Ministry of Finance ^ ennviB«Tiv 

Affairs, following tbe announce- desirability or otherwise of tek- *' lo. principle " prohibited long- 5i«n hwe M 

mem, last week, of Japan’s ing such a step term oversens lending by cenh SaS^ 

general commitment to liberalise Liberalisation however would mefe iai banks because of ite eon- offered to ‘‘buy" these two 

its exchange controls ID the com^ substantially affect the ex- jIlJ ^,f.L2Sw Israeli-occupied areas for the 

muntque at the end of the visit . ‘ , .niK excessive sm»t term iibb»«fmian« 

of Mr Robert Strauss, the U.S. operations of Japanese liaAtties in order to support c^hasised hero in 

special trade nwotutor. foratf eechanee b^lra. Xhe« u.* lend term ^endta»,«>mmi^. 

Mr. Matsukawa said that this would continue to be governed ment ^ . A„x,«a k-c ha Arm a>#i 






5 






; Moving yoiirbuan^s to a foreign land is truly a serious 
business. 

We want y ou to know why rnoving to New York S tate coijld 
be the best business rnove you’ll ever rn^e. 

Tax adrantagi» most other states canK off er. 

Of all the tfairigs ypii have to take under consideration the 
most important thing tp consider is the bottom line. 

In New York corporate income tax is for most com- 

panfes on net income alcpe. A company pays tax only on.its profits. 
Which means, you orJyhave to pay tax when you rnake a prcrfit 

AndNew York State doesn’t tax a company’s personal 
property such as machinQiy, equipment and inventories. Connecticuti 
New Jersey and 44 other^es do tax some form of a manufiicturet’s 
personal property. - ;t 

New York Stete affiO pennits multi-state companies to 
allocate sales rec^ts on irdpstmation basis. Which means only 
, lece^ts ftom.sales witfaia Nsiv Yorkare allocated for tax purposes. 

Agr^incenilivetocomehere. 

No other state has more incentives than New Yorkln New 
York your compaW can get Job Incentive tax credits. Pollution 
Control tax credjte. Capital Investment tax aedits.Local property 
tax^xemptioiisandevenmore.. 

And New York does not tax raw materials used in manu- 
facturing. Qt^ a few other states do. We even give sales tax relief 


part of thefinail product. 

But tax incentives aren’t the only way New York helps 



half the,isalary of new employees-in a training prtJgram paid by the 
State. / ^ ■; ' 

And you yin find Newark’s labor force to be an extremely 
stable pFoduetiye one. Of the lO leading industrial states New York 
ranks tiurd in productivity per woike^^ 

. Overthepasttenyears,19^75,wc)tkstoppagesinNewYork 
have been bdow the U.S. aver^ and below the average of the 
10 lading industrial states. 


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by . 

New YodcwiU prepare atyourtequest a cbrfii 
compteiscmbetwem actual locations in New York State and ctny 
other state. 

I^year we did this for a number of cornpanies.ln 88% of 
the das^yte phJyedNew Yo:k to-be lowen A rathar 

fespet^le j^Ureany way^ 



offer yon one of the financdal 
cstpitals of the world : Newlbrk City. 

There’s only one dty in the world like New York City. And 
it’s in New York State. 

New York City is the investment capital of America.lt is the 
site of the largest money market in the world, with the inftastmcture 
and communications network to support it 

It is a dty that has niore international banks than anywhere 
else in America: Two hundred and thirty-three-representing 
sixty-five countries. 

What’s more, 300 of the 450 member firms of the New York 
Stock Exchange have headquarters in New York City. 

And finally, every financial or business service you need to 
.. do business in America is available in New York City. 


Two free books that explain hofwyou 
can profit by a move to NewlfisrL 

We can’t begin to cover all the ground you need to know 
aboutNew York State here. 

So weVe recendy published two books to give you more 
detailed irfibrmation: “How To Do Business In New York State” 
and “Why It Pays To Do Business In New York State? 

To obtain these books or to have a confidential tax com- 


parison prepar^ write to the Governor, Hugh Carey at the State 
Capitol, AlbanyNew York 12224, or contact John Dyson, 
Commissioner of Commerce, 99 Washington Avenue, Albany, 
NewYbik 12245.For fester action call him 
directh at (518) 474-410C 
Or if you prefer, 
contact Canos Basaldua, / / 

Director of Europe, kl 

25 HaymarketLondon, 

SW1Y4EN. 

Tel: 01-839 5070. ^ 

CometoNew M 
York State. 

Nobodygiyes 
businessa 
we da 





NEW YORK 
STATE 



6 



''Shipping 1000 tons of equipment by aii^ 
we need people who'll really lookafter it" 



Mr. Sven Q g n‘m. Skipping 
Mttnagtr, TelefontUaiebolaget 
LM Ericsson, Stockholm, Sweden. 

Teople wbo 'H’ill care about 
my cai^ at destinations as far 
away as Caracas and Meiboume ■ 
that’s what I look foi: 

An entire Eactoiy can be shut - 
down waiting for special eqtiij>< 
ment. Switching devices for 
telephone exchanges to senre 
entire cities must be shipped 
quickly. And efficiently ITiat's 
why our carriers must be relia- 
ble - and keep us reUably 
informed. In short, our harness 
depends on people wbo care 
.about oar business. 

KLM cares. They know that 
service • good service - is essen- 
tia]. And that air transport is 
an important part of my producL 
IVeVe worited together for mor^ 
than 20 years. And they'va been 
hdpful and vrarked ha^ to get 
it right Mot that there isn’t 
always room for iDnntiv*emeat, 
but that’s why among the U - 
carriers we nse.wa value our 
assodariou with our biends 
at KlJM Cargo tremendous!/.’ 


A valued customer 
andaftkl 

I t's true we’ve worked 
with Mr. Ogrim a long time. 
But there's notlung ccay or 
complacent about our 
relationship. We carry a great 
deal of his air freight. Tint’s a 
big investment. And he can’t 
afford to be senti- 
mental. Sowhen he’s \ 
critical w«e listen. And 
leam. He’s the kind V . ? 
of cough customer V ' 

who’s helped us build '• ' 

up one of the most \ ‘ . 

'soL’d, reliable and 
modem oiganizations 
in air Erd^t today. It 
hasn't been ea^ 


• Eatwe didn'toomeinfo 

• business57yearsagolooking 
: foranea^u*ay toeam 

: a living. 

Aneweia 
a of airtfansporC* 

• Companies lite 

: LM Ericsson are relying more 
I and more on air freight. And 
: demanding more and more of 
: the people who cany iLi 
! That's fine with us. We’re 
ready for it - with flights 
‘into and out of40 places in 
Europe and 70 others w*orld- 
wide.Wi(hthelatestin 
, w-ide-bodiedaircraft.umt 

'!<>^<^ces, the right ; 
computers.schedules, • 
contacts and charter 


possibilities. And, most, 
importantly, with the right 
people - 2500 people who care: 

ResponsMity 

fsi&tanXtn^ 

Every* day, in 2S0 offices 
around theu*orld,KLM 
Cargo teams prove their 
sense of respondbflity' and 
reliability. They are Qexible, 
innovative and predse. It 
comes from w-m-kuig with 
, people - not just them. 

As 3000 cargo agents will 
confirm, our service ts part 
^ your product. Wth deman- 
ding professionals like 
Mr. Ogrim about, well never 
forget it! 


KLM 

CARGO 










Bayerische Vereinsbank - like Japan - 
combines tradition with progress. 

With total assets of DM 61 billion Bayen'sehe 
Vsreinsbank Is one of the major banks in the 
Federal Republic of Germany. BV - a bank 
with a tradition dating back to 1 780 - has 
considerable experience and a wide range 
of services in international business. 
Branches In NewVbrk, Chicago, Los Angeles 
as well as Grarto Cayman. 

A Euromarket subsidiaiy in Luxembourg. 
Representative offices in Caracas, 
Johannesburg, London, Paris, RiodeJaneiro 
and Tehran. BV has been represented in 
Tokyo since 1969. 

For further information Bayerische Vhremsbank 
please contact: Head Office Munich 
' Kardinal-Faulhaber-Strasse 1 

0-8000 Miinchen 2 
Telephone: (089) 21 32-1 
Telex: 52 33 21 bvmd 
S.W.I.F.T.: BVBE DE MM 


Bayerische Vereinsbank - full service 
in our new Tokyo branch. 

Covering the important Far-East market is 
no easy task. What it lakes is know-how, 
contacts and experience. And that's just 
what our branch in Tokyo is equipped to 
provide. To make the Far E^t seem that 
little bit nearer. To give you the qualified 
advi^rs you'll need. And to offer you an 
efficient and comprehensive International 
service .for Japan and the Far East 

Talk to us, we’II gladly advise you. 

Bayerische Vereinsbank 
Tol^o Branch 

Togin Building, 1-4-2 Marunouchi 
Chiyoda-ku, Tokyo 100 / Japan 
Tbiephone: 284-1341 
Telex: 126361 bvtyo 


BAYERISCHE 

VEREINSBANK 


INCORPORATING BAYERISCHE STAATSBANK AGl 




Financial Tunes J«nt«tty 


WORLD TRADE NEWS 


Caracas 
Metro bids 
shortlist 


By Joseph Hann 

CAR.ACA5, jah. 18 
FRENCH AMD Japtues« bid- 
ders for ooe of the biggest 
eoDtracts to be let fer the 
Caracas Metro bate been sel- 
ecied for final aegot'ations 
with the VenezQdaB Govern- 
ment ont of a gronp of eight 
loitial eompetUors, sources 

told the Flnandal Times to- 
day. 

Two cOBsortla beaded by 
Soefete Generaie de Tech- 
Biques et d*Etodes (SGTB) of 
France and C. Itoh of Japan 
an now meeting Venesnelan 
Government representatires to 
woric out a fisu evaluation of 
tecbnleal. commercial and 
flsuidal aspects of thdr offers 
to pnn*lde rotling stoefe. signal 
and train control sterns, 
electrification and steel rail 
for the trunk Une of the 
Csraeas Metro, a modern rapid 
transit line currently under 
eonsCruetton. 

Last March SGTE placed the 
lowest bid among eigh t Int er- 
national groups , asking $2S9m. 
for the rolling stock contract. 
C ftoh pnt in the next lowest 
fender at $M2.8m. 

Other bidders were Socleie 
FTanee-Belge de Materiel de 
Chemins de Fer (SBMArn.), 
Westinitiionse Electric of the 
VS. {^0B.7m.), Pnllman Stan 
dar^ alM of the VS., 
<$304Jlra.). Urban Transporta- 
tion Development of Canada 
<S374Am.), and Siemens 
($259.3m. for alnmininm 
eoaebes and gS5T.Pm. for stabi- 
les steel). .A BrttUi coumt- 
tinm led by GEC entered the 
highest bid at SBOSAm. 

Other bidden on the rolling 
stock eoniiact have not been 
fonnaliy eliminated by the 
Teneenelan Government. One 
sonree close to the metro nego- 
tiations said that the Govem- 
meot is sot immediately dis- 
carding other tenders since it 
wants to - keep all its cards in 
hand ** for eontingendes in 
both the present and fntuie 
contracts. The Japanese and 
French proposals are now 
bring stndled by three Gorem- 
tnent panels. 

Aside from the tender evaln- 
ations already mentioned, 
metre engineers are also work- 
ing with Japanese and French 
r ep res e ntatives an alterations 
the Government is seeking in 
each of the proposals. 

Informed sonrees say the 
Government will make a final 
decision on the rolling stock 
coDtraef by April at the latest. 
Observers, while admitting that 
both the French and the 
Jananese have presented good 
offers, tend to ^ve the French 
the better chance of clinching 
the deal. 



Japan puts conditions on 
tariff cuts offer 



y 


BY CHARLES SMITH 


Mitsui wins 
Aqaba contract 


By Ram! G. Khouri 

AMMAN. Jan. 18. 
MITSUI TOAT5U Chemicals of 
Japan has been awarded the 
technical management contract 
for ooe of the two key indus- 
trial projects In Jordan — the 
S32Szn. chemical fertiliser plant 
cow bring built at the sonthern 
port of Af^ba. 

Mitsui’s appointment comes 
after six months of negotiations 
by the Jordan Fertiliser 
Indnstry Company to replace 
Agrieo Company of the U.5., 
vbidi last year withdrew from 
its ori^nal technical manage- 
ment role beeanse . of 
manageihent changes at its 
headquarters in Tulsa, 
Oklahoma. 

Unlike Agrieo. Mitsnl does 
not hare a share in the glOPm. 
equity capital of the fertiliser 
project, hut rather is iwn- 
tracted to provide teehniial 
assistance and training during 
the 30-month eonstmctlon 
phase of the fertiliser planL 
and for a three-day operating 
period after the scheme comes 
od stream. Start of pro- 
duction is schednled for mid- 
1380, general manager. Dr. 
Hahmond Uardl. told the 
Financial Times here lo4ay. 

He also said that the major 
contracts for the civil works 
and the port construction for 
the project would be awarded 
Ibis spring. Ttaere are some 
SSBCm. worth of contracts still 
to tre awarded. Sple Batignolies 
of France ' is providing engin- 
eering and construction snper- 
vision services for the project, 
and is respoDSlble for all 
equipment proenremenL 

Dr. Mardl said that tbe 


flnanelzig package for the 
project will be completed in 
Bfarcb after a trip to Arab Golf 
state financing b^es In Febrn- 
ary finalises the equity shares 
that will be taken by. several 
groups there. 

He added tiiat the fertiliser 
company wonld soon stirt con- 
tacts with qnallSed inter- 
national companies with a view 
to Budiug a partner to provide 
marketing expertise and ser- 
vices. 


TtHCYOi Jan. IR 

JAPAN H.AS decided to propose which is about to “jjamSS ^ 

Uriff cuts of over 40 per uanL diie to bo unj^emented from ofiriws. te 

on some 2,W Items at the ngltl- .April ' ^ 

lateral trade talks which are due Although there are advanced WY ^ 

to eater their final stage.ln cuff, it if underriood.Uai Japw 
Geneva next week. • ^u'be entitled to compensaling 

The offer exempts a nnmbm'of tariff reductions by other M ”JcS«,uW 

specifically revenue-raising Items countries taking part to the co»P*“lw .wW a wmnw 
plus some which Japan elaitns GATT negotiations, 
are no longer competitively int^ rhHstooher Dunn adds: Mr. 
nationally from the tariff liberaU- 


crease in toelr sales te BrHui 
^ » this year should be avrided: t( 

nanonauy irora me tana anerau- Brimin’s sfcrrtary gJJJSo ismStt 

satlon. Its unplcmentatiQu will 77^1*,*;“ Trade comroenting 

rtiU b, dependent on to »»Pe "',X,U iS.nMb.».d. ' 


af offers made by other- major 

trading countries or. rsrioas t • London that 




Ministry of International Trade, vi-w TinnnM» t&rifTs miant ne i-ir 

and Industries. Tariff Sections brigbier. « «**<*J»‘»* aM 

told the Financial Times to-nIghL Vehicle emrXs In 1B77 bylll 

If that fails Japanese negotiators The Japanese had made pr^ Toyota and Nissan wjaWfaLjl* 


extent. 


But. he said that cutting 
tariffs might be 


Toyota added. howevoMiMNi 
would seek a gradual ineroiieS 
its riiare as proKpeets (nr (S 
British market were now- mneb 




will react accordingly, but the liminar)' concessions during tbe yp jo por cent., and 1.3301, 
HITT director declined to say current round of negottritons. g) per cent, resperiively, bae. .. 
specifically - that the tariff offer ^hey had also accepted that a py active shipments to-lbt -.lBB 
would be withdrawn or scaled' nonstruetive approach was enii Britain. ■ ^ 

down. neces$ar>’. Toyota sold 561,410 to 

In addition to Its proposals for Mr. Dell recognised that the U.S., up 2J-LJ5®.*’ i 

the MTN talks. Jaoan has already Japanese were in a “ negotiating year ago. 108,694 to Saum Ajwg^ 
announced its intention 'to cut posture," like the other trading up *25 per cent., and ■.oissq 
tariffs on 31S items by an aver^ partners. But Japanese Indus^ 
age of 23 per cent in advance appreciated that there would m 
of cuts by other countries. These a firm reaction from tbe U>S. If 
cuts should be approved ^ the (he talks did not make rapid 
Japanese Diet during the session progress. 


BritniOi UP ^*8 Per cent. 

Nissan’s sales to.t^jU.S,- 
IBJI per tnt. to 4B$iW 

prevfe u a year. Tb^ to 

were 102,975. up 39B per ceht 


U.K. 



BY CHRIS SHERWELL 


Of opportunities for ovcrseis 
representatives to acquire rele- 
vant exporilse. 

The purpose behind' such pro* 
posals would bo' to combat the 


THE FAILURE of both White- Britain's trade with developing Whitehall and on post." tmt 
hall and Britain's representa- countries. It professes surprise committees are proposed; and 
fives overseas to appreciate tbe on learning that the Bank of the report also suggests a retisw 
interdependence of trade, aid England did not keep records of of tbe traiosng of comineisUl 
and foreign investment is the flow of investment to such officers abroad and ah expansion 
severely criticised in a parlia- countries, and calls for a reviaw 
mentary report published yeriOr- of its creiterla for assessing 
day. investments overseas. 

The report, from the Hou.se of The maximum llabiUty of 

^mmons Select Committee on ^75^ under the Export Credits . ... . 

Ove^as Developmmit. attacks Guarantee Department’s scheme Problems of aid and 
the lack of co-ordination on these for insuring overseas invest- wtuch the Mi»mmsb}mi> 
matters among Government mAn»s mainst nniitiral riaks like identified. It mentions, fw 
departments and suggests that it W^cribS % the failure of Bnii^ 

deprives Britain's foreign gj committee as a facility which f ^ (ll I 

economic policy of PeUticri not well known. It also »>■* by British ^ 

coherence. nnrtartment feels the faeiUtv toe problem of Britain s dcclffi' 

The committee also lodges a !S* q? he *"g share of multilateraUy,- :ir : ■ 

strong complaint about the reluc- K fv wo financed forei.qn proeuremenH; 

tance of Government to supply “ *od the problem of ensuring Hut 

parliament with sufficient in- the British exporters do not iOM . 

formation to determine whether Pwi^als mrinte the ratablish- business to competitors who uje 
policies are being preperty 0 Cabinet committee ^ „ore judicious mixture of aid 

formulated. Relations W ri>- and commercial finance. . 

Information and expertise In wterolepartmwlar con- tj,is. the rnmmiliee 

Whitehall Is not used, the report rideration of the mteraeuon of grants a '•fundamental shift ill 
says. ConfUcting departmental “cmestic and overwas policy, attitudes.** At the moment. It 
interests lead to a “ reactive and .^s. says the report, should keep gays. tj,e Government has not 
usually ad hoc approach." And i^lf mfoimed nbout t^ work arcepted the need to »*ho{i»n 
foreign economic policy Is no- 5?. the Crown AgencL the between aUernativc -stratcRfes 
where seen as a whole or geared for trade with developing copn- 

to domestic economic policy. ' toe ^Trig®, But poHti.caUy and- 

On overseas investment the Ggmmonwealth . Development adirinlstratively. the Goveffr 

committee urges an examination . CorporatioU. ■ ment ** is weighting the prahahlll- , 

of the effect a relaxation of The committee also wants tics against it ever bring able', 
exchange controls would have on' additional co-ordination "within to do so~^until it is too late.*' 


Outlook for French aerospace 


BY DAVID CURRY 


PARIS, Jon. 18. 


iniii 

lel\ 


THE FRENCH aerospace in- In early spring tije prototype of of day in tbe current vear and' 
dustry booked more than the next generation Mirage the ' produetios lines 'at both.„. 
FrsilOba. of orders last year— figbtec^bomber will fly —> tbe Bristol and Tonlouse will come ‘'*'- 
tbre^narters of them being Delta-wlog 2000— while the com- to a halt in the absence of 
receivM by. tbe Dassault-Breguet pany is independently) develop-' further orders, 
private aircraft manufacturer, ing a twin«ngtned version of tbe • on nnr»iv 

torages. the Franco-German . already decided to re-open the- 

Alpha-^ trainer, and the very lines to build the tWin®turto- 

aircraft orders, the acceptance deemon of Eastern AirUues 


^ deciaoD of Eastern Airunes as 

^long lasrofthc^Alrbus'lnto '0 the plunge 

wider airline use (27 export ®?!! 

was a useful 
total, together 


sales in 1977) 
addition to tbe 
with sales of missiles like Exocet. 
Milan and Otomat. and Avionics. 

Helicopter sales, benefiting 
Aerospatiale, the State-owned 
constructor, had their best year 
since 1974 with 326 units sold 


It is understood that Eastern 
wonld want to dispose of some 
of its RoUs-Royce-powered' Tri- 
stars as part of a deal involving 
tbe purchase of Airbus. 

The decision- to launch the 
B-10 shortened version of the 
Airbus will also come about the 


port and is seeking . orders for It 
stressing its capacities In rouch 
rountries as' a poor man’s 
Hercules. Aebspatiale would 
also like the hlgh-wing twin- 
engined Nord 262 relaunched as ^ 
a third level passenger aircraft-- 
eum-maritlme reconnaissance . 
machine. 


10 


Finally, the GoveinmeDt is . - 

.... , „ . still to take the ope-third stake'. * 

overseas. lu a spectacular change tms year— ttls seems m Dassault promUed' by M. . . 

of relative importance the home lu f*!^®*^?** given Raymond Baire, the Prime 

market was responsible for only r*®. Lufthansa to Minister, at last year's Paris Air 
per cent of sales in this toegmne»pig for me versien Show. Apparently the eonve^ 

and: strong /interest from other sion of outstanding 'loans to ' 
‘“eluding Swissair. Dassault will not brtoa tbe state 
a sufficient shareholding while 
ordered -some FralObn. of equip- 1™“^ Germany and the UJt the principle and mechanics of 
ment during 1977, taking the ““ for a European bringing Dassault and Aero-j 

Industry's total order books seater spatiale closer together— the jq..#. 

beyond tbe Frs.30bn. mark. stated object of the exercise— Is \ 

™ ^®™*Patiale already does for i3r( 


sector against more than 40 per 
cent, five years earlier. Alto- 
gether tbe French Government 


the present year will be decisive _ 

in many ways for the industry, final Concorte ^rtU s'ee £e light ttV'^ivatreom'S^ 


Venezuela curb on luxury cars 




BY JOSEPH MANN 


CARACAS. Jan. 18 . 


Iranian order 
for Bofors 


By John Walker 

STOCCTOLM:. Jan. lA 
NOBEL CHEB1.4TUB* a snl^ 
sidlary company of Bofors, the 
Su’Odisb armaments, steel and 
chemleals eoneern is to build a 
chemical plant In Iran valned 
at Rr.SOOm. (£55m.). Nobel 
Cbentatur has previously 
delivered eqnl^ent to the 
chemical industry in Iran and 
In 1974 won a Kr.200m. con- 
incL The new order is tbe 
largest that the company has 
landed and should be com- 
pleted in three years. 

Iran is expanding Its 
chemical industry very rapidly. 
Bofors managing director 
Ciaes-Ulrik Winberg says that 
be estimates that the ^fors- 
contract accounts for about 20 
per cent of the total expendi- 
ture fer the- whole of a new 
large complex. 


THE VENEZUELAN Govern- 
ment has announced new tax 
regulations on imported motor 
vehicles wb.icb effectively ban the 
Importation of cars different From 
those types assembled in Veo^ 
zueia. 

The regulations, contained in 
a resolution published by tbe 
Ministry of Finance, are designed 
to protect local auto assemblers 
by cutting off the flood of 
luxury cars that has entered the 
country in recent years. 

Prior to this, people importing 
cars here generally paid an ad 
valorem tax of 250 per cent, for 
models not produced in Vene- 
zuela and 120 per cent, on types 
assembled here. Now, however, 
only passenger cars and jeep- 
ti'Pe vehicles of tbe same makes 
and models as those produced 
here may be imported. Paasengor 
cars will carry a 120 per cent, 
tariff while ** rustic " (jeep type) 
upits will pay a 50 per cent, tax 
No other types of passenger 
vehicle^ may be ' imported. 
Development Minister Lula Alva- 
rez Dominguez said. 

The new regulation does not 
affoct tru<^ imports. 

Tbe big three American manu- 
facturers, plus European and 
Japanese auto makers maintain 
assembly plants here for pas- 
senger cars, trucks and outdoor 


vCbl'eles. The American makers, 
though', account for most of the 
Sales. of. passenger vehicles. Local 
content according to value, 
ranges from around 30-45 per 
cent, on passenger eara 

Despite the fact that luxury 
models of Fords and Chevrolets 
assembled here can cost more 
than 2144)00 apiece, well-heeled 
Venezuelans import dazzling 
quantities -« of other cars-~ 
especially Mercedes .Benz— which 
may cost around $50,000 OE-more 
after all taxes and other charaes 
arc paid,. 

The Government has com- 
plained. though, that in many 
cases the value of the imported 
ear is vutly understated so -ttat- 
an Individual here pays far less 
in taxes than he would, if tbe 
true host of the vehicle were 
reported. 

Pre,eise figures on the number 
of luxury vehieles imported in 
recent years were not Imme- 
diately availaMe. but a seem- 
ingly endless parade of lar^e 
American cars and expensive 
European-made vehicles can 
observed in Venezuela, 

Venezuela's Foreign Trade In- 
stitute (ICE) reports that in 1976 
the country Imoorted complete 
vehieles and CKD’s rknoek-down 
units) valued at 864Sm.' 

This figure represents some 11 
per cenL of total 1976 Imports 


of SS.Sbn., ICE said In a rSCant 
news release. The U.S. was the 
biggest supplier to Vehezuela 
(58 wr rant, of imports), foi- 
Cjaada, Japan. France. 
I“* Mexico and Sweden. 

The ICE figures, though, do not 
include all luxury ears brouitht 
jnte tbe country during that 

In announcing the new regula* 
lion OB car importa, development 
mimster Alvarez Dominguez said 
that the- Goveromdot was also 

establishing reference prices for 
vehicles which may be imported- 
Thus, tariffs wUl be computed oo 
toe basis of these reference 
prices and not on the figure 
appearing on bills to individual 
Importers. 


:i 

iii 




Edbro In joint 
Irish venture 


Bolton-based' Edbro- Holdings 


■ \. 


has formed a joint venture eom- 
pany— H,vdrq Hoist— in the Repub- 


lic of Ireland, to export hydraulic 
Rears to North Amerira. Edhro’s 
partner Is Thomas TbompAoa. a 
family firm producing - tipping 
mars in Carlow, .soultL-weai of 
Dublin. The Qvo companies -will 
manufacture hydraulic;', tipping 
gears for cooMnercial vehicles and 
hydraulic loading ptatformc.' — 


i.. ' i 







’yi^yjsa. 








survey 


the coziservation' of 


9S-. 


8Y RAY DAFTOt, £N^GY CORftE^ONDENT 

'/.ENTISTS at the ,.Harw!1 signed to help r^oer fiieV bills, ative to 
•loratoiy of the Atomic Energy Iofrai;ed emission can be - de- energy.” 
i, learch Establishment are and displayed as a map Sir Frederick was speaking at 

' nning an aerial surrey of , PP" foor.resojutioD a London -conference, . Energ}- 

* 77 ^ AQQ $OOWil?^ Hi nor. ^ 

{^JJ.enees as s 

°«“S Centigrade. worlung F^cratioa and 

. - i , Building Advisory Service, 

end IHSUJStlOd " There wlli, no doubt, be con- 

An. tinued pressure for a cheap fuel 

.iinportanee of .insulation poijpy niwme wii« can- see 


"■ .H ior Industrial ikes' to d^t showing tpperAure differ- Conservation in Housing 
.. ■ amounT of^ organised by^the Britidi Wood- 1 qualttY 


BSI does not 
check quality 

in lamp factories 

BY LYNTON HcLAlN, INDUSTRIAL STAFF 


:led; 

. pdustrial companies 
lional' autboritieb -are- -among 
initial sponsors of the fe- 
rch programme. A •'pilot ^ • prevent beat "waste 
i^.'vey. using airborne, infra-red stressed yesterday . 


the 


was 

Sir 


no-one who can- see _ 

the consequences -of this wUl { pf'uilL lamps was ” com^^ 
want to do iL So oili even our — ■ - 


- i;naing deric^ is expected to ^*:^*^‘* own North Sea oil, will continue 

■< made .w-ithin two or three of the- Britisfa Overseas Trade expensive” 

• ,nths. the establishment said ^ard. Referring to Ihe ben^is of 

■ lernay. . '”^ergy is. the lifeblood of timber for energy conservation 

' • ''Tie survey, which has so far hidnstrlal society.' Cutiz off and in housing. Sir Frederick said 
wn considerable support from . you destroy the - ability' of a that trees were produced by 
' horticolturaL. petrsehemieal sodety to sustain itself. ' .There- solar energy— the cheapest 

1' brewing industries, is.'.-die- .fore, it is hard to see any.akern- source of all 

g:Oil groups jfight sip case 

.ro OIL groups yesterdiqr tried lated use ^ a* pipeliar liatit by 
• ^ ..block a public Court, hearing -Lonriio from.Beira to a 'refinery 
allegations .that th^- -bad at Feruka, 'near Umtali in 
' ^ iken sanctions by supplying Rhodesia. 

to .Rhodesia. ‘ Lonriib eomplalii^ 'tbat since 

•.w . Shell Petroleum and BP' asked m>i, o«i had been implied to 
Justice Brights^ to put a Rhodesia! by some or-lll of the 


IJolicv 


Ur. Dillon said that there- was. 
a Government inquii? Ibokihg 
into the same matters, which the 
Government bad directed should 
be in private. He said a'lhitra- 
tioD would be a quicker way of 
dealins with, the dispute tbu a 
lay" on proceedings brought 29 defendant other- court oMring. . ^ ' 

' -Jinst them by Lonrho and its than through the'pipeline. J"® 

zambique/Rhodesia pipeline and -that ihia lead ' to'-a breach ShelL C^tex. and 

-.«idia5- Th^ are amoo^ “‘lhfSrSi«f St“bT^- 

compame facing a £X00ih. . the nSrfntenJStio^lSr AirS^t 

i ^efrand*BP*’floiSnded that alleged hiring all^ «,ou!d be left would be the 

®°°*®“^®“ “fj gations of breach of the. U.h. “ ragbas” of remaining English 
dilute slm^ ^ dealt with Govemmeot .Order--. imposing companies. 

•*fvately by arbitration rrtber mncOoha on. Rhodema.-^-*^ Whether Th^earing contioues to-day.' , 
m by.; public litigation. there is any. •sudr'.'inreach; will be 

dr. Brian- Diiloo. 'QC, for BP strenuously . .disputed^-; - - The 
d that the case, coocerned the sanctions . order. Ooald''a^Iy. only- 
'■'pply of oil to Rhodesia- since to U.K..cbfflpanies^d'eoiDld.DOt 
'> )I iu November. 1965! bind forei^ companies ..operat 

' :Lonrbo and its subsidtasy, ing outride' tbia.hoonriyV - ; . 

^ mpanhia .-l^ Pipeline Ifocajn- • Sldppeis* Agreem'eht con- 
• . jue/Kodesia. based their claim tained an arbitii,t|W clause in 
the “Shippers*.- AgTeement,” the widest terins, and irwas lhis 
- .tde in October, 196^ between that BP invoked, slicing to stay 
nrho and seven oil companies, 'the court- action agd^' them' 

'-.riuddng Shriland BP. It regu- pending azhitration. 


control in British a compulsory standard, 
household lamp factories is not G. M. Asbwor^ BSI joint 

checked by the British Standards secretary, said the institutioa 
Institution, a House of Commons valued a free market covered by 
select committee was told yester- effective - technical -standards, 
day. although a high proportion There had been no agreement in 

' by BSI committees that lamp packs 
BSI. standards. should state life expectancy 

These embrace household lung- dr compliance with British 
sten filament and fiuorescent Standards. 

(lamps, and high, pressure A diffiealty in cberking -lamp 
mercury and low pressure sodium life might have been one reason, 
street lamps. Separate standards said Ut;.P. Blngiey, deputy tech- 
cover long life lamps for cars, nical director, 
traffic lights and signals. Official , consumer bodies had 

: The institution told tbe com- shown no interest in the Issues, 
ihittee investigating the dur^ Last yeair the' Consumer Assoda- 
abillty of filament and discharge tion was invited to attend the 
lamps that the Kitemark symbol. Illuminating Standards Commit-, 
indicating ' compliance with tee of the BSI. There had been ' 
British Standards in mannfactur- no response, 
fog, had not been requested by. The IJlOO faonr life standard 
the lamp companies. BSI does for honsehold filament lamps bad 
not chew quaUty control unless been unchanged since the 1920s 
products bear tbe Kitemark. when BS161 was introduced. Mr. 

similarly there was no inform Palmer asked why. 
mation on bulb packs telling tbe Hr. Blngiey said: “ Only Nor^ 
buyer a lamp met standard wav had strong feelings for a 
BSI6I for the LOOO honr life 2,500 hour lamp." This had been 
household ' tungsten filament " pushed into the agreement 
lamp or standard BS/853 for against general disapproval.” 
fluorescent tubes. Makers had There was little support for tbe 
no obligation to meet the long life lamp elsewhere, 
standards or to say they had Wm AshworUi said that in 
done so. 1969 it had been suggested there 

Mr. Arthur Palmer, Labour was a case for a British Standard 
Co-op HP for Bririol North East for a long life lamp, but only for 
who is tbe- committee chairman, “special purposes" and not for 
asked if lamps should be made to use .in the home. 


Corporation 

chooses 

shipbuilding 

director 

By Our Shi^qin^ Correspondent 
RIB. JOHN PARKER, maiiag- 

ing director of Austin and 

Pickersgill, has finally acceirted 
an appointment as full-time 
director of shipbuilding acti- 
vities for British Shipbuilders. 

He has been working as 
tune head of marketing with 
the State eorporatloa since last 

summer, lif his new job he 
will have responsibility for 
<H>enitional matters as well as 
marketing. 

Mr. Parker, 35, Is a native 
of Norihern Ireland, where he 
trained a$ a naval architect 
and worked with Harland and 
Wolff, the Bdfast shipblnlder. 

— SUCCESS 

He has been with .Austin and 
nckersgill since 1974. daring 
which period the Weaiside 
yard had a remarkable ran of 
success with Its SD14 standard 
cargo vessel design- 

Mr. ' Parker^ appointment, 
effective ftom next month, 
means tihat British Shipbnlld- 
ers now needs only one more 
key full-time Board member— 

■ director for Indnstrial rela- 
tions. Of a number of candi- 
dates for that position, none 
has proved acceptable to the 
leaders of the shipbuilding 
trade uiUoiis. 

With Mr. Parker, British 
Shipbuilders will have four 
falMIme Board-members, seven 
part-time and a ctaairman. It is 
entitled to have np to 20. 


Lotus exports doubled 
to £6ui. last year ^ l 

BY TERRY DODSVYORTH, MOTOR INDUSTRY CORRESPONDENT 


ynis CARS, the Norfolk-based 
• orts car manufacturer, doubled 
•4 export sales 1^ 3rear to £6m. 
. le company ' is hopiiig for 
-iotber 30 per cent Increase this 
, .-ar. 

'Most of last year's extra sales 
■ittt to. the U:S. whibh took 
■out 500 cars. But the company 
90 made encouraging advances 
Europe and Japan, where all 
*j cars have .now been approved 
"r import 

' ^ Plans for developing Lotiurthls 
•ar include a new project with 
re American Expr^* Banking 
-orporatJon to help finance- 
ealer stocks. Amex will in 


future make finance available to 
dealers -to enable themvtb- car^ 
A larger number of cass in their 
showrooms. 

Jtt the past, Lotus defif^ have 
found difficulty in raism money 
for such a limited ..^ge of 
irebides and the co^any is 
hoping that this schen^ which is 
starting now. In -the will 
eventually be used ,iB(>j(xport 
markets too, , . 

With tbe help of., this nbv. 
financing arrangemeii^ iLetds'U' 
also hoping; to raise preduetioa. 
from 1;070 ahits lastyear io 1,400 
this year: 

The urn Is to Inerease avail- 
abilhy of' its cars^^in the UJC. 


Goyermnent hints 
at tougher 
poUutioD controls 

BY DAVID nSHLOCK, SQ^CE' EDITOR 

\A STRONG hint that tttd Gov^ control other than prohibition 
onunent is planing tourer had to be found, 
controls on air pollution in Agreement on a standard and 
indurirfal premises came from on tbe use of sophisticated 
the Health ad Safety Executive monitoring equipment had been 
last night crucial in attaining control of 

A coninr ««« I ^ WfiW in OiT 10 the SIX UJL PVC 

A semor offinaJ rf tte plants. Everyooe in the plants 
said m Buminshain tiacyt the target and the planfs 

moDiToring of all indurinaS pre- performance 
miMs using potentially toric g j ^ ^ 

substances was the most P^s- yjde ^rnio\ and monitoring on^ 
ng way of preventing probi™ substances already identifled 
IikecancCTSca^ among-workers hazardous, said Miss Pittom. 
^0^ to asbestos vinyl several other substances could 
chloride moooraer (VGH). also be dangerous. 

Very high standards of oceu- ” We have been faced too often 
pational hygiene would be with evidence of irreversible 
needed to protect woriteis, pre- disease arising from long-term 
dieted Miss .Audrey Pittom, exposure when it is impossible to 
director of -tbe HSE^ hazardous put the clock back, when the 
'substances dirision. Sie was knowledge comes too late to 
giving tbe Hans $. Botiiager rectify tbe^ harm done by lack 
Memorial Lecture on I9ie control of control in the past." 
of toric hazards. Too often history showed that 

Th» best daxjt frnm Toviettv industries With a long latent risk 

testing Stalled lifrreeorS S ***** precautions. 

Chemical substances, especially 
of recent origin, should be 
TMOTQS of biolOfilCdl MfvnrHpH as until nmvMl 

responses needed to be ^aluat^ iS5oSS-“a5d Lch prJSf te 
against e^jtosure levels if hazards notoriously difficult to obtain." 
were to be tdentified and stan- 3})^ -warned, 
duds _^t with any confidence. Highly dangerous substances 
she said. were already handled without un- 

Tbe discovery of VCM’s car- toward effects in the pharmaccis- 
cenogenlcity had shattered any deal and fine-chemical factories, 
lingering faith that man-made Miss Pittom said. Their $t.indards 
materials were likely to be safe, should be applied to other chemi- 
But VCM had also forced the cal plants. The ahernative would 
world to recognise the economic be still more onerous restrictions 
and social importance of such on innovation and economic 
materials— and that method of growth. 


GoH^lzNal 

And makeyDur money go further 







rates. 


:h aiTOSpLimit on money gi-0wth 
‘liJ^ely to J)e unchanged’ 


BY MICHAEL BLANDEN 

RE- GRO^VTH of money supply 
ill probably be kept -at about 
e present 13- per cent, ceiling 
rougbout his year, -but short 
'rm interest rates might have to 
5e 'again, according to Mr. 
ephen Lewis, chief monetary 
'onomist at stockbrokers 
iilMps and Drew. - 
He points out in an article In- 
e latest issue of The Factor, 
e quarterly bulletin published 
> H. and H. Factors, that the 
lancellor has yet to set mohe- 
- ry guidelines for 1978-79. i 
If confidence is to' be suStalhed 
the financial . markets, , tbe 
lidelines will probably ba^e to 
! similar to those for the past 
.■ar. These provide a target 
nge of 9-13 per dent, growth in 
e sterling mooey'stock on the 
ider definition < M3}.: ... 

Mr: Lewis • says-- fohr main 
ctors are Jikely to affect the 


outeome/next year. The piiblic 
sector xborrowing requirement 
might.;'slightly exceed the level 
in - current financial - :fear 
aftv the expected tax reductions 
in Ae Budget, and sales of gilt 
etfted stocks might be less easy. 
> Company demand for hank 
finance.; might continue . to 
'advance at only a moderate paee. 
but personal borrowers will 
probably -increase their demaods, 
be' says. 

. Mr Lewis says tbe original 
forecast of £6bn. domestic creditl 
for expansion in 1978-79, incor- 
porated in the 1976 Letter of 
Intent- to - the International 
Monetiffy Fund, will leave little 
room for - 'expansion in the 
economy. Unless wage settle- 
mchts.are more moderate than 
seems, likely; the DCE outcome 
for'this period will probably be 
closer to £8bn. 


Bertyonhg hopeful 
start business rent-free 


lU-MlfJ 


BY RHYS DAVID - 

PRIZE Of fljlQO, - plus rent- 
ee accommodation for two 
.'ars, 'and marteUug.and .mao- 
lerlal help'- is being' .'offered In 
1 com petition to encourage new 
Easiness projects. 

The idea fbr the. competition, 
hieb wlU 'be open to young 
• tople in Greater Manchester 
tiWMb the ages of ‘.18-25 
lines from Mr. Martin Abraham- 
- ih. chairman of Ronald Martin 
-•eigh), distributors of office 

iuipment' ' 


It is being backed by Man 
Chester city counciU whidi will 
provide tectory r^ace for the 
winner. .Support Is also belhg 
given by- National Westininster 
Bank, which will provide the 
marketing -and managerial estis- 
tance. 

The organisers hope, "that; the 
competition, to be known aa the 
Ronald Martin Young. Entrepre- 
neur' of the' Year, award. Will 
help ■ poteutUlly successful busi- 
ness schemes get off the ground. 




Light aircraft ' 
sales in U.K. 
rise by 33% 

Lynton Madain - 
^LES OF light aircraft In 
ritain .last year were. 33 per 
mt higher Than in the previous 
ear. .All but five of the air^ 
aft were imported. . ' , 

The Dumber oE new reglstn- 
OQs reached 120, a continuation 
f the improvement in 1976, 
ten sales totalled 90 compared 
,1th 40 In 197S.. • 

. CSE Aviation of Oxford Air- 
ort safd tiie figures eonfirmed- 
move away from expensi-ve 
orporate jets. • 

Hawker . BiddeleY, . part of 
British Aerospace and maoufac- 
ureir of the' HS125 business jet 
Isagreed, saying it wasrstilL a 
thriving business.?- Last Year 
ve. of the aircraft wOre sold:— 
t nearly. £2m. earii—to' -British 
ostomezs.: ineludin'e -Barclays' 
leak Bristow; H^Uoavters, , ^ 


Mrtricafion of 
floor coverings 
delayed 

TEVi'lLBS- AND floor coverings 
will go-metric later than planned, 
.the .Retail ^nsortium said yeS;. 
terday. - •' • 

H^ieatlon eo'nsaltation docu- 
ments were not doe to be com 
pleted until the end of this 
.month,- but mail order traders 
had to print their catalogues six 
months in advance and those fbr 
tile . second half of -this year were 
already ‘due with the printers." 

As- a result, the ca.talogues 
were having to be printed using'i 
imperial messuremmils. 

. Ur. John Fraser, Minister fpr 
Prices and ConAnner Proteetiou;. 
had agreed to postpone theinetri- 
cation date from July 30 this year 
to-Februgry S, 1979^ "tiie censor- 
tiamaaid. 


CAR MODEL 

DAILY UNLIMITED 

WEEKLY UNLIMITED 

Ford Resta LIL 
Ford Escort L3L 
or similar 

^ LONDON & ’UlI OTHER * 

BELFAST LOCATIONS 

£10.00 . j^.50 

LONDON & ALL OTHER 

BELFAST LOCATIONS 

£60.00 £59.50 

Ford Cortina 1.6L 
or similar 

£12.00 ; £9.50 

£75.00 £66.50 

Ford Capri L6GL 
orsirnilar 

£14.00 : : £11.00 

. r . 

£90.00 £77.00 

Rent-it-tiere/Leave-it-there service available for a minimum charge 

*IU&iirnum Two Days. ^ 


Available at aU locations, including airports. 

AHertz N0.I man has always gmie places hist. 


A Hertz N 0 .I man has always gone 
places...fast 

As of now however, hell also be able 
to go places even more economicallji; 
thmjks to our new unlimited mileage 
rates. 

Fact is, they make Hertz more 
competitive &an ever. 

Yet while the rates may be lower, the 
standard of service is every bit as high. 


Speedy, ultra-efficient and thoroughly 
reliable: 

And thaif s not to mention all the 
■ exclusive benefits that come from being 
a member of the 2-million strong 
Hertz N 0 .I Club. 

So now more than ever. Hertz has to be 
your number one choice. 

Go Hertz No.L It pays 
in more -ways than one. 


Effective until April 1st 1978. 




Hertz rents Fords and other fine cars 


LONDON 
01-542 6688 


fS]gn,andgo. 


MANCHESTER BIRMINGHAM GLASGOW 
061-4378321 021-643 8991 041-248 7733 








8 


Rnandal Times .Tbttrsa^ 


HOME NEWS 



Hattersley 


tells 
brewers 
to compete 


BY KENNETH GOODiNfi 


THE GOVERNUBNT is deter- 
mined tbat the talks it has been 
having witt the brewers should 
lead to greater competition in the 
industry, Mr. Roy Hattersley, the 
Prices Secretary, said last night. 

Mr. Hattei^ey was making his 
first public c«nments aboot what 
he described as ** the controversy 
surrounding beer and the brew- 
ing industry'’ at the annual 
dT^er of the- National Union of 
Li^nsed VletQaliers. ' 

He considered diere was 
scope for action in three main 
areas — the ownership of so many 
licensed premises by brewers and 
the control that gives them over 
licensees; local monopolies and 
the absence of dioice between 
Piiblie houses; the "tie" 
arrangement which restricts the 
tenant to the beer of the brewer 
wlio owns the pub. 

This last restriction in the 
bouse, said Mr. Hattenley, was 
"Usually more than either the 
licensee or his eostomers wish." 

■a" After our preliminary meet- 
ing with the Brewers' Society 1 
felt convinced tbat they were 
genuinely prepared .to extend 
competition within their industry. 

"1 do not preteni that they 
endorsed all our criticisms, but 
tfiwy certainly seemed willing to 
meet us on a number of impor- 
tant points. 1 hope that they were 
equally impressed by the Govern- 
ment’s determination to make 
ppogress. for it is very real." 

iAs to beer prices^" the most 
immediate and controversial 
issue facing the industry,'' accord- 
ing to Mr. Hattersley — the time 
oT three-monthly increases was 
over. " If there ever was a real 
need for such frequent increases, 
the time when they were nece^ 
s^ is past 

~**For Six months we have 
enjoyed a steady fall in the rate 
of inflation. The fall will con- 
tinue, and it will become more 
^ more difficult to justify, 
either td the Price Commission 
dr to public opinion, the regular, 
indeed routine, increase in beer 
l^esL" 


Twelve face 
^barges 
over heaters 


Financial Times Reporter 


TWELVE people will appear at 
Hendon, north London, to-day on 
charges arising from a Scotland 
Yard inquiry into certain types 
of home-beating equipment sold 
to householders throughout 
Britain on a large scale in re- 
cent years. 

-'^ore will be more searches in 
other parts of the country in the 
nwt tew months after details 
were studied about a north Lon- 
don business firm which supplied 
tteusands of heating equipment 
Ittms. 

People interviewed yesterday 
at Holborn pofice station have 
been charged with procuring the 
sale of electric beating - equip- 
ment to householders in the Lon- 
don area by deception. They ace 
accused of obtaining loans by 
deception from United 
Dominions Trust and Lloyds and 
Scottish finance company in re- 
lation to products offered for 
sale by Highest lastaliations, of 
London. 




commisMn 



for 


BY MJNOR GOODMAN, CONSUMBt Af^AtRlCORRESFONOENT 



■revital 


MORTGAGE BROKERS have latitude os tbmmission was bnng Mr..- (fordoi^ Borrie, tiiei 

agreed to drgp certaiii.jnutually- abused by - mortgage .brokers Diivctdr-GeBenl of Fair Trad-|^ 
agreed trading practices ‘ rather ' ing, said yesterdiv that the lests-! 
than face a hearing Ih ' the It. claimed that consumers no lation had.alreitds:' led to a more 

Restrictive Practices Court. The‘Io“ 8 er had a yardstick to judge competitive climate in the ser-1 „ , ^ ^ .. 

Corporation of Mortgage Finance offered by brokers. vice field. INDLSTK^ production 

and Life AssMance Brokers bas Since it was set up in 1968 the la au, ]ie ggld, some 16 asree*! 
abandoned the clause in its wrporatien -has- iwmmended a,«,ts had* been abandonpdi la ^ 

terms of membership which lays f^at members should not c^e partieuTar, * he referred to ihej «f 

I maximum commission on * commission of 2 tcf cml In changes already annoonced by * 


Evidence in Racal trial 
reveals ‘bribery factor* 


BY MARGARET REID 


f" 




Pe^.Rldcfin* CdMoraics:-.:^ 
inSeftt 

has 


down a 


deals. 


with'th. Office of 


p 


exports and the detenntnation 
many companies to reduce 


The agreement is one "of 16 **^5 ®o*Poration teleVUion repairers. 

which have voluntarily been f^ne^as the cdlUng ^and^nS agreements.? 7 «riouri 7 *excestiv« le«el 

dropped.by^de associations In either^ abandoned or .in pro-1.5Sbel«^ ^Led goo«fi?wS3i 

the service field since restrictive stnaaic rate. ^^55 dropped are ones hufft ud lart 

trade practices legislation was nr incfiFv ^ recording studios, finaficial ^eial view Is that the 

extended to services in 1976. -LirOp OF jnstlty - pews operators, the hotel trade. | lev^^pf rioSa Sould have b^ 

Among others now known.to But the Office apparently took and. coach comn ani es . - .| reduced to a more, satismetoiy 


be disbanding are those operated . the view that it . eonld . become Mr. Borrie .said* that perhaps! level by -the end-of December 

e pi the] after the 32 ptf'cenL‘jump in the 


by. direct mail companies.', loss the. standard charge, and that the most telTihg^ evidence .< 

assessors a&d cold [storage the recommendation fell witbin "hidden value", of fhe. Office of! volum'e irf'.iVtail sales Ustmonthr 
companies. the terms of the resirietive prae- Falr.Trading*stra.rk in tnu sectbr j PtlREGACT* . 

The Corporation of Mortgage, tice legislation. ' * the vray that major ‘reairic-| -With consumer deniand 

Finance and Life Assurance This meant that the coniora- tions had Been -^mantled atiexpected to recover further and 

Brokers, which has about' 700 Uon' either had- to .drop: the little or no cost to the taxpayer | investment also arising, officials 

members, agreed to make the recommendation,. or -be prepared Tbe benefits, .to: the* consumer 

change extremely - reluctantly, to justify it before the Restrie- were oftep widespread, Be 

Yesterday it said that the new live Practices ConrL claimed. 


Coal Board to spend £3(Mtiv 
developing Yorkshire seam 


BY JOHN UOYD 


THE NATIONAL' Coal Board The pit at present employs est, Is'elght feet thick. One of 
plans to spend £30m on develop- about ^,000 men and has a yearly the faces, the Beestsn K49, pro- 
ins a new seam at one of the output of L 6 m: tonnes. The out- doees 20,000 toomis a week, 

put per manshift— the standard making -it the most productive 
m<asu«ment of pnidurti-rity- fWlI thd tadMtiy. ■ ^ . 

Kellingley Colheiy, in Yorkshire, 80. cwts.. .almost double. Besidea cdnrinieting ac^s to 

The investment one of the the cucteat national average. the face, the- -money w!U be 
bluest under consideration by Mostoftheinvestzneat wilL.be spent- equipping the coal faces 
the Board still needs final used to open the Silkstbne seam and on cMsCcueting a new col- 
approval. If it goes ahead, as to complement the output, from ‘Uezy .wash'ezy. - - 

seems certain, . it will create ISO the Beeston seam. - • l^lUngley Pt^ conriraeted in 

extra jobs and win bring the The' Silkstone seam is 'more If^'.Was one of the eolUeries 
pifs output to around 2m. than five feet thick: The Beestwi wid^* asked for a productivity 
tonnes a year by the early 1980s: seam, one' of the country's ‘ sdine weeks ago. 


EEC help for flood victims 


BY JOHN LLOYD 


THE EEC Commission yesterday Government aid to * aff'eeted elsidn on how*, much 'Govern- 
approved in principle, the grant- areas. m'ent money* 'would be spent 

ing of emergency funds to aid Mr. Harks was i-speaking dui^ eoald take months, 

victims of the gales and floods ing a visit to Cleethorpes. near ' Mr Ron Faimer dUef ntccu- 

which caused widespread deva- Gnmsby, where 1.600. homes tJ»e of Cleethorpes * Borou*’h 
station last week In the UJL, have been affected Jiy flooding Council, saM tbat the councii 

France and BelgiuztL. and gale-force, winds. .. had spent £150,000 on emergency 

A figure has not been put He talked 'to victims and said relief, total bill would be 
upon the aid until local author!- he would repoh this week to more than £400,000. ^0,000 of 
ties assess the cost of damage. Mr. Peter Shore, Secretary of which* would be spdpt.majnly oo 
The Commission, which met in State for the EnvifohmenL He repairing damage to sea defences. 
Luxembourg yesterday while the was convinced that there had Mr. Farmer estimated that a 
European Parliament was sitting, been real hardship fand *that the fiorther £l: 6 m> .of -damage had 
will decide the conditiozis of the local authority vrould have to be^ caused to private property. 

Uid_at. its..ngxt meetiiig, i..^peDd_huse sums.^jnoney.. ... ifar ir* 

Mt. Ken Marks, Under Secre- But it would be up to Mr. ment of the damaj^e te-morrow 
tary of State at the Environment Shore to decide whether or not when be meets UPs from the 


Department said yesterday that there bad been an undue bu^ affected areaa and bnld^ talks 
he could not give assurances of den on the rates. A final de> with insurance companies. 


Aid sought for small builders 


B.Y MICHAEL CASSRL, BUILDING CORRESPONDBiT 


URGENT MEASURES to . assist the Committee of AMOciatibns of -ful Ibbbyfng force when dealing 
small businesses are called for Specialist EngloMting ' Con- with the Government ' " — 
by leaders of the construction tractors; and the E^ort Group 


industry in representations to the for the <k>nstiu<rtionar Industriei ..Jj^^^^®^^®“^Sri.S7ii 
Chancellor of the Exchequer. • Protesnonal 


lanceiior ot tne jsxcnequer. m,. Peter Morley. president of 
In a pre-budget memoiauduni the NFBTE, is a l&er to -Mr, 
several representative bodies join Healey, stales: rOur aim in col- 

forces for the first Um'e w ask labocating In this way 1% of welcomed by the.Govein- 

Mr. Healey to make " funda- course, to preheat more effeo--™*®^ 


cour^ to preheat 

mental changes in. the cUmate.of tively the viewt of. the contract-: .. pre-Rtidget . memorandum 
taxation " to encourage growth of ing side of the construction says wt small businesses are 
small businesses. industry, both in connection with ** ibn indispensable backbone of 

They are Uie National Federa- work in the U.K and overseas." the constiiucUon" industry " and 
tion of Building Tradw The joint approach ie the latest that out 'bf 88,000 companies over 
Employers; the F^eration of iiiove in the industry’s new 90. per cent have less than 25 
Civil Engmeenng Contractors; atrategy for presenting a power- 


hope industrial ontput- will-sfart- 
to revive. ^ They are" stidciag! to 
last OetOtadz's forecast of a Sf 


per eei^ ziro in manofacttirii^ 


prodnetion ‘between the secon< 
halves of I97B and 1977,- thou^ 
this win naturally be affected by 
the export performance. 

Centxal SUtisiiical Office figures 
published yesterday' show that 
both the *all-fndastries and the 
manitiactming' indices between 
Septeznbtt and* November were 
per cent, higher than in the 
previous .titree mootiis, 

' But - this almost -certainly 
exaggerates ‘ the . .underlying 
improvement, since* the earlier 
period taelsdes the exeeptionally 
Zbdr June- :oat^t -u^eh was 
affected by the -Jubilee holiday. 
The -Central Statistical - Office 
suggests . -that the underlying 
level of output changed little. 

lOn'.a longer-tecm eomfiacison, 
the alMndustries Index was about 
I .ptf ieenL lower timn 12 mosrtfas 
eiriier and there'*was a 1 -per 
cent *-decliue‘ iff manufsetoring: 
The ‘^-inifostriro Index', in 
November was 102.1 '(1970=100. 
seasonally adjusted) bontpared 
with 101.5 in t^prerious month, 
and 100 at the low point- of the 
recession in summer 1975. The 
current level is stil inore than 7 
per cent below the peak figuip 
reariied more- than foor years ago. 
- The detailed breakdown shows 


iNbuynuAL production 

too, seamiall)r adjusted 
All 

Industries Manuftetaring 


1976 1st 1DT.1 
2 nd ‘ 1012 
■ * 3rd imS' 
4th. »-ia2.9 
iin 1st ' 10M 
2nd 101.9 
Sid 102 J 


101J 
-.'103.1 
.* 1033 
104.4- ■ 
1053 
1D2J 
1033 


,10X9 
1033 

"m'S' 

1023 

_ '1033 


July 

1023 

.Asg-__ 

Sept.. 

102> 

OcC. 

101J3 

Merv. 

102.1 


ThbaJwrtiMDentappean»ainaRerofrccanlml}b 







JUGOBANKA 


us $25,000300 


MEDfUMTERMLCAN 


KanaseijM 


Grindl^ Brandts Limited 
. Daiwa Europe N.V 
T Wrawnfai aMrers Haimver Limite d 

The Saitama Biuilc,Ltd. 


andpnriUby 


DafwaEnmpeM^ 

Grindlsq^ Bank Limited 
Japan Intertiational Bank Limited 
Manufiictoi^m Hanover Trast C^mipaiiy 
Mitimtal BankofBftnth America 
NederlandsAib MiddenstaiadisliankM^ 
The Saitama BankyL^ 

DBAF BankLimited 


Agenc 


Gzindley Brandts Limited 


that the' do ly advance m Hie lari 
three months has beeo in the out- 
put of consumer and mvestinent 
goods industries •— up abotLt*li 
per cent The production of rnter- 
mediate goods indusLies, such as 
chemicals, bas been a sinitar j>er- 
ceotage lower. 

ProduetiOD of the mining and 
quarrying sector, ucluding 
Nortii Sea oil, has not changed 
in the last three months but 
should ROW rise as two more fields 
come on stream. 

Food, drink and tobacco pro- 
duction was 13 per cent up. 
partly because the good harvest 
has boosted vegetable canning 
activity. Textile ontpur was up by 
a similar percentage, mainly 
reflecting improved- .-consumer 
demand for chithing,. . 


U.K. clothing exports 
increase by 50% 


BY RHYS DAVID. TEXTILES CORRESPONDENT;. 


BRITAIN’S MUCH criticised 
clothing industry increased its 
exports by about 50 per cent, 
last year to reach a final fi^e 
for the year of £614m., according 
to preliminary figures from the 
Clothing Export CounciL 
The Improved performan^— 
the result of a major push into 
Europe which now accounts for 
two-thirds of overseas sales— is 
likely^to produce a snbriantial 
cut over tiie wbole year in the 


industry’s trade deficit, which in 
1976 reached a record £271m. 


after being in balance as 
recently.' as 1871. Though com- 
pile import figures are not yet 
available It seems likely they 
will be about £7S0m., compared 
with £6S4m. in 1976. 

In addition, Britain’s riotblng 
industry Is estimated to have 
sold goods to tbe value of £240m. 
in wholesale, prices to tourists, 


so tbat for tbe first time, for 
several years imports have been 
covered by sales to overseas 
customers. 

Mr. Peter 'Randle, director of 
tiie Ciothing Export Council, 
said yesterday there had been a 
great increase inMhV'-nuaibef of 
companies exporting, partly as a 
result of tbe continued depressed 
trading conditfons at 'borne. . It 
was hoped that direct exports 
could be raised to £lbo. by 1980. 

Poor home market conditions 
and the continued pr^sore from 
Imports is still affecting :butpiit' 
in the cotton. and allied textiles 
Indostry, figures publlsbed yester- 
day by tbe Textiles Statistics 
Bureau show. In Navembec 
single -yarn production was 
marginally up on the previongej 
month bnt 12.5 per cent dbwir' 
on Hay. the peak month in tbe 
current cycle. 



Sir Shapeor Kepoitier — finriag the arms deal trial to have received a £lw« eoniBrisffiM— 
■pletBred-wiai-hls family after being knighted In 1873. 


THE LARGE scale of arms sales 
to tite Middle East and tte 
controvezxial ^>eelal payments 
Involved in vanning amhunents 
eb&trecis- were highlighted ht 
the lengtiiy trial conoerning a 
£ 4 zn. military radio eqiiipaumt 
deal with Iran. 

*At' the centre of the faic - 
which ended yesterday ^—.weeh 
paymenri of £25,000 ghmh ^ 
two - former executives - IM 'tii'e 
Racai Electronics group .to an 
army officer to help win a £4m. 
cooCract for radio equipment to 
be installed in £10Om. of British 
Chierain tanks sold to Inn' in 
1972. 

DtrCol. David RahdeU fonheriy 
in the. Ministry of Defence, was 
found guilty at tiie - Old BaUej 
of eormptly accepting the. pay^ 
meats. Hr. Geoffrey Wellburn, 
previonsly managing director of 
Ratal BCiC, and' Mr. Fnadc 
NurdiOv who was the oompaoVa 
^es director; were found guUO 
of conveying the money to- 
Randel. 

In the 'course of the trial there 
were freqncht references to -the 
stiff international, rivalry, parti- 
cularly from -American suppliers, 
for' orders to the Middle Bari 
and to additional commission 
payments on them, sometimes 
referred-' to as the "bribery 
factor ** or ** the envelope." ' '• 
The Ministry of Defence, 
through which a major part 
Britain's arms .exports ate 
handled, is looking* closely at 
evidence gitren during the pro- 
ceedings; and questions from 
MFs are-expected about commis- 
sion payments un British arms 
sales. 

One the major features of 
the trial was vvhen. the Court.wax 
told that a. 1 per cent commis- 
sloD of £lm,‘ had been paid to 
Sir Shapoor Reporter, a friend 
riid confidant of the Shah; in 
eoimection wi-A the £l 00 m. tanks 
deaU Sir Shapoor. a Parsee and 
a British citizen, who baa acted 
as agent and consultant to the 
Ministry' of Defence, was 
knighted in 1973 for services to 
British interests. 

There- wne also references at 
the trial to commlsion payments 
to^ir Shapoor from the. Racal 
group In connection irith various' 
contracts. 

BrtllBirsnhr»ithrto tran aftf 
generally on a Governmentrto- 
Government, basis, on tbe U.K. 
side* through the' Ministty oT. De- 
fence; with^its KUlbank Techni- 
cal 'Services arm-;^ former siil^ 


aidlary of the Crown Agents— Iranian ParllanMt. The single, 
cairyins out supply, installation article Bill laid ^wo prim 
and tnuRing services. terms of thi^ <o 16 yMra..for. 

The Foreign -and Common- anyone eonvietw of ginng* » 
t^allh Office has imporihnl re- accepting orihes re .deals wift 
spohsihilities fOr policy iconecni- mullMiBlIpntl compuies. - - 
has arms sales. An official of Ao British 

During the- trial Mr. Nurdin, Defence Ministry said last night 
who, in accordance .with these in reference to^sugmtiiw 
acraingeraents. was not dealing Ministers- had-.:'‘caiM tor -ah 
direetly with Iran, said payments urgent report ts eriaiMi^.ltaa 
qiade to ^L Randel for use in extent of bribery on. Brltlth 
looklhe after certain junior arms sales:— 
people . in Iran and were in- * it is not true to say that a 
' tended for transmission to them, special rei»rt has been orderu 

. . by the Ministry of Defeitee iMo 

Raw nerv 6 • bribery and corruption, lirto 

I\*ivv J 1 CI.VB Briiaia's overseas arms sales. * 

' The Crown made a eonenmon «* procedures in thH field are 
under which it said that; if Mr. (ontinuaily kept nnder rovlew 
'Wellburn and Mr. Nurdin could possible steps are taken 

show that they ,hellev^ all the ensure that -Uintstry o£ De, 
money handed to -Oil. Kandei fence employees in the Defence 
was for transmission to Iranians jajeg Organisation observe the 
they- should be acquitted. CoL standards of honeste and 

Randel said from the dock that demand^ of Ml Gov- 

he had never received the ernment ser\-aats.'* 
monei'. . , Hr. Kenneth Rlcharibon. the-* 

;The publicity given tn witain sgeyting, said Sir Shapoor " wu 
to the Court allegations at tobes 'understood to bo employed, as kh 
to Iranian - officials .touched a agppt and consultant of MTS-ud 
nw nerve in Tehran. - Racal. He was in no scBSC -a st^ 

.Most sensitive wax an asser- the Iranian Government 

tiqb -tiiat the Shah had »t up gg fgr as MTS was concerned. 
.« special fund— the Pahlevi That'S why the Crown says pay- 
Foundation, referred to as a ments to him come into quitch 
charitable fund— to siphon off different rstefEOry from payments 
rommission payments. to cnl; Ran'd^^ 

' In a rare Press conference last clearly an Important issue 
November General Toufanian. raised the trial is the question 
Iran’s Deputy War. Minister in of the payment of comnilssLoa on 
charge of proenremeni, scorn- British arms export contracts, a 
fully dismissed the allegations as part of which are nego- 

"ridiculous'* and “ nonsense.**^ tiated by the Ministry of 
He went to unusual lengths to Defence, with the actual supply 
demonstrate that there was no and Installation being arranged 
room for bribery in Iran's by MTS on its bch.tif. The order 
defence contracts with Britain, book held by M1B at the end of 
General Toufanian disclosed 1976 was morethan £1.2bn.. mndi 
tiiat in 1970, when the Chieftain of It for Iran. Including the big 
tanks deal was first discussed, naval complex at B.indar Abbass. 
Lord Carrington, then Britain’s in accordance with its role on 
Defence Secretary, assured the behalf of the Defence Ministry. 
Shah that the British Govern^ MTS. is the conduit for. payment 
ment would take the responsi- of commission on the arms deals, 
bility of checking all the prices In this capacity, it has paid 
quoted on defence sales, and millions of pounds to Sir 
would not allow the involvement Shapoor. and large sums to other 
of any middlemen. recipients. 

General Toufanian denied Hr.'.Jabn Cuckney, has been 
that ' the deetsioo to boy tbe chairman of the Crown Agents 
caiUos had been influenced by during its recovery* period after 
anything other than Raears its £^m. losses on bankini! and 
raperior tefhnology in the field, property. He is still chairman of 
contract bad been made bn its rortner inibsidfa'ryr MTSr Dn 
a > Government -to -Government talcing office Mr. Cuckicy soufibt 
TnCffk aud*altpayment5‘had"beBir tbe -advice- of- leading counsel 
made directly to Britain's about the legitimacy of cop- 
Defence Ministry. mission paiments to agents for 

Wltbitt'tu’O weeks of 'tile Press arms transactions, 
conferehce^a new anti-comiptlnn He was told the procedures 
Bill was rushed through tbe followed were proper' and legal. 


•I 

I 


i' 


111 





staits in fraud trial 


re’ 

sp^ 


THREE partners in tbe stock- 
broking firm Chapman and Rowe 
were accused at tbe Old Bailey 
yesterday of knowing it was 
being run disb'onesily before it 
was found to-'have a deficiency 
in April 197A • 

Mr. Alan Harman, 34. of 
Putney, Mr. George Hiller, ^ of 
Wimbledon, and Mr. Ralph 
Clarke. 49, 'of South Kensington, 
together with Mr: ^oba.Goodsell, 
former managing clerk; 35, of 
’Shaptbbrae, -Sussex, .deny con- 
spiring ' to - defraud . clients 
Mtween 1873 and 1874 ' by 


pledgii^ shares .without 
authority to cover bank loans. 

Mr. Neil Denison, prosecuting, 
ended bis opening speech and 
the ■ court ’-started bearing evi- 
dence yesterday-bn tbe third day 
of* -the 'tiiat,' which is- expected- 
to last more than three months. 

He alleged that the firm’s posi- 
tion was concealed because its 
balance sheet for the Stock 
Exchange authorities for Sep- 
tember, 1873.~’had presented a 
false' picture of assets - and 
liabilities. * • - . 

'* Tbe Crown suggests- . that 
when yoii have heardl ' the 


evidence there can be no doubt 
that these three partners, 
together with Mr Goodsell, must 
have known that tbe affairs of 
Chapman -and Rowe were being 
conducted dishonestly is the last 
six months of 'its'* life.” he told 
the jury. 

He said that -the position of 
two other defendents, Mr. Victor 
Andrews, 33, of Petts Wood, and 
Mr. John Gordon, ^ of St Mary 
Bonrne; .-flant$k.-.ini^"be dif- 
ferent ax', -:were junior 
partners, :.*' “'“/.** 

Th'e eise^as adjourned until 
to-rday.v . - 


Ni 


industrial assessment list 


BY fOHN LLOYD - 

THE '* BRITISH Standardis 
InstilatioD' has -Introduced a 
register Cor. ”firms of assessed, 
capability” to provide accedita- 
tion for areas of industry not 
covered by certification schemes. 

U will cover sectors Cor which' 
no ^tish Standard - exists-, or 
where the standard is unsuitable 
for certification purposes. The 
system •‘assesses the ability of a 
company 'to manufacture pro- 


ducts to a defined standard. 

A- separate technical schedule 
is produced for each type of 
product 

Firms seeking registration 
must first complete* a ‘detailed 
questtoonalre. then submit to 
ipspeetion -by. BSl in^etors. 
BSl intends to produce a register 
of assessed . firms listing * the 
approved companies and' outlin- 
ing their manufacturing abilities. 


• .-V • ' 

New Radio Scotland in November 


BBC • SCOTLAND- is to spend 
more tb» £750;000 a year bo Its 
first excIus'ive-Radio Scotland net-' 
work, to be launched oo Novem- 
ber ^ when, there is a ziatlonal 
ebanke-in wavelengths. 

Mr. John Pidtles new head of 
radio in Seotiand, said yesterday 


mat- more than 90 new staff, 
incinding producers, presenters 
and joarnallsts, were to be re- 
cruited, bringing BBC Scotland's 
total ..to 1300 . 

Bimdcasts originated in Scot- 
land ,V4U double to 80 hours a 
week- from November, increasing 
to 120 ” as soon as possible.” 


Farmw^ 
leader on 
electricity panel 


MR. L^ONARDjPIKE. Midlands 
organiser of the National Union 
Agricultural Workers, will be 
vice-chairman of the new Elec- 
trieiQr Consumers Council. Its 
chairman. Mr. Michael . Barnes, 
tbe ' former Labour MP. was 
named last October. 

-.- .Other- members of tbe council 
announced yesterday arc: Mrs. 
Alice Ayerst a law lecturer; Mr. 
John Chesshire, an eeonomiri: 
Ur. Peter Houghton, director of 
the Birmingham Settlement: Mr. 
Tom Haley, a computer operator, 
Mr. Syed Rasul, a community re- 
lations officer: Lady Ricketts. 
Miss Norah Kiddtngton a scr 
rices administrator. Mr. David 
Seymour, a sub^itor and 
Councillor Clive Wilkinson, ' a 
carpenter. 




Cromarty bids for petrochemical plants 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


CROMARTY FIRTH yesterday, 
became tbe first area to bid 
publicly for the lucrative down- 
stream petrochemical industries 
which it believes will inevitably 
spring up around the landfati’of 
tbe proposed gas gathering .pipe- 
Hoe linking aeveral mlfields. 

The three development authori- 
ties around* the inlet— the High- 
land - Regional Council, the 
Highlands and Islands Develop- 
ment Board and the Cromarty 
Firth’s port authority— have 
completed a series of ecoDomic, 
planning and marine studies 
wbleh they say suggest that tiie 
area offers a unique eombioalion 
of attractions. 

As well as being near tbe 
North Sea oil and gas fields, the 
area has ample flat land ideal fbr 
siting heavy plant, deep water 
channels capable of taking ships 
up to 250,000 tons and, possibly 
most important, local authorities 


which have already fought and 
won tbe battle for public accep- 
tance of new industrial develop- 
ment. 

Consultants’ studies show that 
tbo cost of setting up a plant in 
tbe area, which is 40 miles nortb- 
.east of Inverness, are comparable 
with any other part of Britain. 
Cromarty also . has natural 
harbours which would be cheap 
'to develop. 

Against this is tbe area’s 
distance from' U.K. marttets and' 
the fact that potential developers 
would be faced with a greenfield 
site. 

The next step for the three 
bodies Is to approach individual 
oil and chemical companies and 
present each with a taiior^nade 
cose for coming . to Cromarty. 

** We know tbat there are world 
economic factors, which will in- 
fluence companies' investment 
decisions, but our general vierw 


is that the Cromarty Firth's time 
has come,” Professor Kenneth 
Alexander, chairman of the High- 
lands-Board said yesterday, ” In 
due course development will 
come here.” 


Brighter future 


Bringing industry to the firth 
has been a consuming interest of 
both t^ Board and the Hlgh- 
iarid ebdncil for* a number, of 
years, but so far tbey have had 
only limited success. British 
Aluminium has built a smelter 
at Invergordon and Highlands 
Fabricators, jointly owned by 
Brown and Root and Wtmpey, 
bas a steel platform yard at Nigg! 

There Is also the controversial 
proposal by Cromarty Petroleum 
—a company owned by tanker 
milUonaire Mr. Daniel K. Ludwig 
— to built a refinery next to 
Highlands Fabricators' yard. 

Planning permission has been 


granted, against fierce opposition 
from other oU companies, and 
the blasting of underground 
caverns for storing crude oil hu 
begun. Local cynicism over 
whether the companv will go' 
ahead with the full pla'n persists, 
however. 

Despite these developments, 
the firth has not taken off as a 
home for tbe petrochemical in- 
dustry— the role for which many 
people feel It Is best suited. Its 
promoters have discovered that 
merely being an ideal location Is 
not sufficient to attract com- 
panies willing and able to under- 
take. large-scale investment 

Tlie ehcraieal industry' is 
divided over whether expansion 
of capacity based on the availa- 
bility of raw Toaterial from -the 
North Sea will be Justified by 
future demand For the products 
and has- therefore been hesitant 
to commit Itself as fully as the 


Government would like. New 
projects are therefore scarce and 
the competiton for them from 
areas of high unemployment 
intense. 

Shell and Esso, which are 
planning a Scottish gas separator 
and ethauc cracker, looked at 
Cr^arty and went elsewhere. 

The future looks a little 
'brighter, though, llie Govern- 
ment's InsLitencc that Mesa Pet- 
roleum, operator for the Beatrice 
Field a few miles away in tho 
Moray Firth,- must use-a pipeline 
to bring its oil ashore has pointed 
strongly to Crmarty as the 
likely landfall and location of 
aironshore base.' 

The possibility of ■ gas gachcN 
ing pipeline also holds out new 
hope. The joint public and pri- 
vate enterprise company set up 
to study the project is to deliver 
its second, report to thb. Govern- 
ment in Ms 


4 






i^yi^yjs&k 




9 




Financial Times Thursday January .19 1978 



SURVEY 


Thursday December 19 1978 


MIDDLE EAST 



The biggest and most hazardous growth area for insurance over the past five 
years, the Middle East, has turned out to be a tougher market than first thought. Local 
- Conditions often .lead to high risk business and awkward operating conditions. 


^oming 
;o terms 
with the 
narket 

<y Richard Johns 

'.iddle East Editor 


OTHING COULD have been 
' fitter contrived to concenlrare 
„''‘cie attention of the insurance 
''' r'orld. -particularly its Lime 
‘itreet heart in the City of 
-iondon, than the fire at -the 
. ‘-ulfa customs area on Iran’s 
1 .. order with the USSR in 1S176. 
.. ''hat blaze resulted in material 
- '^ss amounting to some $175m. 

• .« similar one at i^orramshar 

1 1975 cost $75-^m. It was 
'nnically appropriate that 
hese mishaps s’lOuld have hap> 
-ened at these Import entry 
‘ ' oints of a booming oil state 
' ;here the congestion eontri- 
' - uted to the heavy bills and 
eflected the rapid development 

• which has made the Middle East 
.'. he biggest and perhaps most 

iszardous growth area for die 
^ asurance business over the past 

• ive years. Similsrly. the explo- 
: ions at the natural gas liqne> 
-action plant at Umm Said, 
jatar, with damage assessed 

STSm. and~at Saudi Arabia’s 
'Vbqaiq oil field with losses 
aid to be about $Kim. has 


sbovm the- vulnerability of the 
installations generittihg' the 
wealth of the Middle East 
intemationaJ insurance; like 
other forms of businessi. felt 
the lure of potential profit In 
this period new links hdv6 been 
evolved in parallel with the 
phenomena] growth in the in- 
dustrial countries trade with 
the oil producers, their con- 
tractors intensive involrameni 
in the implementatiOB -Of pro- 
jects, and the creation of new 
financial relationship^.' • 

Proportionately, however, it 
has probably been less tban in 
other spheres of biiMness be- 
cause of the restrictions ^placed 
by developing conotries of the 
Middle East with the aim of 
retaining a TWTimtim .. propoi^ 
tion of premiums Overall, the 
bulk of the increase accruing 
to the intemationaT markets, 
especially London iiss' been in 
reinsurance. And the spread of 
risks undertaken has hardly 
been reasuring. 

'For the more ^ditional 
cargo business. difBciiJties have 
been experienced' bmuse . of 
port congestion. More Mriously, 
a new ehaltenge baa been posed 
in the Gulf region by ^ abeer 
magnitnde and value of pR^ 
jeets, the vulnerabiU^.. of oil 
and petrochemical installatioas. 
and the problems of-issesslng 
risks associated with, these 
developments of high; tech- 
nology in an environment un- 
familiar to newcomw to, the 
area. Complicationii -.fti the 
Lebanon arising Cro 0 the 1975- 
1976 civil conflict- :and the 
accumulation of war-ri^- claims 
have yet to be resolved.; In the 
meantime, indigenoda . 'institu- 
tions- have expanded;' most 
notably in the yoonser^Utes of 
the Gulf, to cover direct Insur- 
ance requirements aild even 


undertake an increasing reinsur- 
ance capacity in absolute terms, 
though not in relation to total 
demand for cover. 

For Lloyd's and the big insur- 
ance companies the Bliddle East 
in terms of business may pale 
into insignificance in compari- 
son with North America, even 
if the risks in the former 
market are increasingly worry- 
ing. Nevertheless, because of 
its nil wealth, the region has 
been the fastest growing one'in 
the world and this year It will 
pmbabty be worth over $2bn. A 
big majority of the direct pre- 
mium income is retained in the 
re^on but an even bigger pro- 
portion of it is reinsured mainly 
in the City. . In tbe region re- 
insurance capacity is limited 
despite the creation of Arab 
pools which as yet are reeetving 
only a small proportion of total 
income. It has been estimated 
that no less than 80 per cent of 
Middle East business, comes to 
London as reinsurance of- which 
about 30 per cent retrocedes 
overseas. 


Income 


At the Arab Insurance Con- 
ference 1977 organised by the 
Review last Novmnber, Dr. 
Mustafa Rajab. chairman of tbe 
Ir^i General Instnanee Com- 
pany, computed direct premium 
income from tfie Arab world — 
with the exception of Saudi 
Arabia and Lebanon for whidi 
figures are not available — at 
$L04bn. This showed an in- 
crease of 19.2 per cent over the 
level of 197S which itsdf bad 
Shown a rise of 24.4 per cent, 
over tbe prevtoos year. 

He broke down insurance pay- 


ments as f<^ws*. those of 
Algeria, Morocco, Inq and 
Egypt in the 

range: Kuwait Libya and 

Tunisia -in the .$S0m.-$100m; 
bracket Syria. Jordan, Qatar 
the United Arab Emirates and 
Sudan at $10m.-$30m. eadi: and 
Hahraifl. Somalia, Oman. Maure- 
tania and the two Yemens 
below siom. According to one 
recent estimate, direct premium 
payments -in Saudi Arabia are 
now ninning at a level in excess 
of ibn. Saudi riyals, ^e equi- 
val^ of about 3300m., a sur- 
prisio^y high fi^re in view of 
the Kingdom’s small populatioo 
and the taboos affecting in- 
surance there — but not with 
the ri^ involved In its enor- 
mous and rapid developmeoL 
mere has been an enormous 
expansion of business in Iran 
where the market was valued 
at $367m. last year. In tbe 
1971-76 period business grew at 
an average rate of over 50 per 
cent, annually, with a stagger- 
ing 100 per cent recorded in 
1975, according to Mr. Javed 
Hansour, president of Bimeh 
Markazi, the big state-owned 
concern. But wi& the general 
slow-down tbe Increase was 
down to 15 per cent last ^ai 
and is expected to be In the 
same regaon in 1978.- 
As in other spheres of 
financial activity, Ira stands 
alone from the rest of the Arab 
world — and is also exceptional 
in respect of the premiums that 
have to be paid for cover 
against the hazard of earth- 
quakes. In what has become 
a very toi^ and unprofitable 
market, Bimeh Markazi enjoys 
a predominant position, not the 
least from a compulsory 2a per 
cent re- insurance requirement 
fnem the local companin which 


include-a number of joint ven^ 
tures irith foreign partners. 
Despite efforts to promote 
bigger. re-insurance capacity, 
the outflow of premium income 
on 'that account remains sub- 

stantiai. 

Within the Arab world the 
local insurance markets present 
a variegated scene in terms of 
development of diffeTem mar- 
kets and their sophistication as 
well as the scope allowed for 
foreign interests. Generally 
Ihey are able to look after tradi- 
tional business including marine 
and cargo but lack the native 
expertise' to handle the complex 
problems associated with risks 
involved -in large and sophisti- 
cated construction projects. 


Services 


There are the long-established, 
state-controlled systems in. such 
coontries as Egypt, Iraq and 
Algeria offering a comprehen- 
sive range of services and pos- 
sessing significant reinsurance 
concerns but not the fiexibiltty 
that would come with competi- 
tion. Id line with its merchants 
fiscal aptitude and fortunes 
Kuwait was quick into the busi- 
ness in tbe 1950s. Now 17 com- 
panies operate there including 
a substantial reinsurance con- 
cern in a well-regulated market 
restricted to national concerns. 

Bahrain, too. has a couple of 
decades of experience in part- 
nership with foreign expertise 
and .is reported to have recently 
been receiving an inflow of re- 
insurance premiums several 
times higher than the ontflow. 
However, free-wheeling Dubai 
is now reckoned to be the 
biggest market among the 
smaller Gulf states with, about 
70 eurrently operating includ- 


ing 10 locally meorporated, and 
the market there has been in 
consultation with Lloyd's about 
reinsurance facilities. Abu 
Dhabi is far more restricted. A 
Federal L'.\E legi.<>!atinn regu- 
lating insurance is planned bnt 
it remains to be seen when and 
if it will ennie into effect. 

Enjoying a quasi-monopoly at 
home, the Qatar Insurance Com- 
pany has alsn undertaken under- 
writing commitments in the 
Eastern Prorince of Saudi 
Arabia. It also provided the 
full cover for the l.'min Said 
NLG plant, placing the reinsur- 
ance in full in London. Vet the 
loss of $75m. compares Mith » 
full premium domestic income 
in Qatar of less than S15m.— 
highlighting the imbalance 
tween locally * generated funds 
and the enormous liabilities. 
The Oman National Insurance 
Company is just starting opera- 
tions and should be in a posi- 
tion to take on tbe Sultanate’s 
direct risks but will also have 
to rely heavily for the indefinite 
future on international markets 
for reinsurance. 

Saudi Arabia is in the 
anomalous position of not 
ofBdally recognising the insur- 
ance business— on the religious 
grounds that usury is wrong and 
one cannot insure against the 
’’Will of Allah**— but still 
effectively constituting a free 
market and the bluest area of 
growth. The device used to 
overcome this inhibition is to 
establish loc^y incorporated 
agencies with local partners 
who- are reckoned to retain 
something like two-thirds of 
total premium income. It is an 
arrangement which has tended 
to eliminate the intermediary 
role of the broker, which has 
been a matter of concern. 


Before its civil v,ar, the 
Lebanon was the most vigorous 
centre for insurance in the 
region v.ith no less than 72 com- 
panies npcraiin^. nf which 16 
were whuHy Inc-dlly nwii*'*! 
Quite apart tr»m the tail that 
many had ihcii •ihit.-i^- 
destroyed, oppraiiun.'- have liocn 
paralysed by rpin-iirei':*' a>-cr- 
tion that did not titver 

“war risk< "—whether th**y 
concern proper'.v or ;:oiids lost 
in Beirut harbour. Outstanding 
claims amnmii in at least 70Um. 
Lebane.<c pnimrlv .\t least the 
iinre.-ntvccj dispute ni'er contrac- 
tual interpretation and Govern- 
meni responsibility has not 
affected adversely the har- 
monious relations between the 
Middle East markets elsewhere 
and international reinsurers. 


Disparity 


On the Arab side, despite the 
wide disparity between markets, 
a surprising measure of co- 
operation has been established 
since the General Arab Insur- 
ance Federation was established 
in 1964. Five pools have been 
formed and collective arrange- 
ments to underwrite big pan- 
Arab projects like the ASRY 
drydock in Bahrain. But many 
of the 80 or so established Arab 
insurance companies do not 
participate in the pools. In- 
digenous reinsurance capacity 
remains very limited especially 
in comparison with the high 
incidence of peak risks and low 
rate of locally generated 
premium income. 

Notwithstanding the new- 
found wealth of the oil pro- 
ducers, reliance on and 
collaboration on the inter- 
national markets is as great as 


ever— w» the extent that 
increasingly, the large V.S. 
companies, in the pasi almost 
whtijly min!vpr| in domestic. 

buvinc'v. Mirnci iheir 

ai|piii|i.ii) the rc;:iiin while 
havinc nii«”ivm.7S .ibiuii many 
■•r ihr risks beinc undertaken. 
.•\nd, with the iniTeasin? onm- 
pl» Mi,v i»f the hii.<in«*?s. the- 
Middle Bast will still need 
assi.itanrc with iraminc and the 
prnvi.«ion of personnel 

For Western insurers the un- 
precedented difficulties in the 
wake of the oil price explosion 
caused by port concr.stton h.ive 
largely been eased by harbour 
improvements and shorter wait- 
ing times, as wi‘il a.-> the inrro- 
duciion of the “ port delay 
clause " premium. A much mot e 
serious and coniinumg problem 
has been the need to draw up 
a.id price (he “ contractors' all- 
risks " policies for the jumbo 
projects being tmpiemented, not 
least because of the harsh con- 
tract terms imposed by clients. 
Most intractable has been ihe 
obligation imposed on contrao 
tors by their Middle Bast clients 
to give unconditional bn.tds in 
respect of performance and ad- 
vance payments. Only cautiously 
— at a heaiT cost to their custo- 
mers — is the insunincT market 
finding ways to tackle tins 
responsibility 

Like the bankers, co.itractors, 
and other commercial bees, the 
insurance men flocked tn the 
Middle Bast. For the brokers, 
the experience has been profit- 
able enough in certain coun- 
tries. The insurance companies 
aid underwriters have fnund an 
alarming incidence oi peak risks 
in relation to premium inenme 
in a competitive and difficult 
markel. It has certainly not 
proved to he the honey pot that 
many contemplated. 




kil 


dtrt 




0 



msuranc© 
specialise in/ihe Middle East 





As values rise and risks muftiply in the 
Middle East, clients need not only sound 
markets and competitive nates, from 
brokers but fast on-the-spot action from 
people who know the area and 
understand its probfems. Total service. 

Nasen Karaoglan provide it at strategic 
centres-Lebanon. Saudi Arabia and United 
Arab Emirates.- through a network of 
offices and partnerships. 

The international connection is through 
Nasco kanaogtan in Paris and the ‘ 
newly-formed Nasco Insurance Brokers in 
London. 

Serving the primary buyer of insurance 
and the insurance business, Nasco 
Karaoglan can act Immediately at both 
ends of the connection to insure or 
reinsure almost anything, from a ship to a 
whole industrial complex. 

• Whatevertheproblem,and wherever . 
it is, Ndscb'Karaoglan are there to 
help you. 



Nascof Karaoglan (France) SARL 

6 Rue de Bern 
75008.Paris ■ ■ 

Tel: 35916 34 
Telex640197F 

Nasco Insurance Brokers Ltd 

Knollys-House 
11 Byward Street ■ 

London EC3R 5AS 
Tel: 01:626 2291 . ■ 

Telex 88147^- 


If Youte looking 
insurance in 
l^erangoto 

Yorkshire. 


Whatever class of insurance you need- 
fire, accident or marine - it will pay you to get 
in touch with the agent and attorney for the 
%rkshire-Nahai & Bros., Alborz Building, 
234 Sepahbod Zahedi Avenue, Teheran 15. 
Telephone: 893201, 



G^eral Buildings, Perth, Scotland. 36/37 Old Jewry, London, EG2, 

A member company of 

^ ^rnSTwruJ^mm 




Accident 











^^^^999999%9999990090009999S999999999999099099999999099900999>f 


10 


financial times 11101:^ Jan«aT7'iff 


MIDDLE EAST D^UBANCE II 









eonstdeisbSe ri. wlKwtnnors nuy ensure defcieney »"■ the Jlh. SSI®" 



f»6n work on a scale rarely seen menis. He will need to ascertain U.K. constniction companies construction bazaednus. 
elsewhere as the oil producers the reinsurance arrangezoeats of are baring to battle under \ery L'p to now. 


the local insurance-company and stiff conditions for 
at a timp when involvement early rn against companies 

companies were °’’**®*’ variety o£ couiuries. 


endeavour to industrialise. 

TbU came 
construction 
seeking work, so there was 
intense competition for the pro- 
jects being put up for tender. 
The countries concerned have 
in general not hesitated, to use 
this buyer’s market to impose 


fbr credit insoranee facitiUes to can do about it. Tw*# Htempti Gatrantee Department offers default en iha anL 

und<-n.Tii!iii supplmeni OR i. esscmi.l. made in tlie U.K., COUM by of infiirMW agi^ unfoir 

eontractiw*! to hold un hankc calls, as well as Proridmg- « 


contracts experience in the Uiddfe East 3 ut more potenbally contractor*: 1 

r.p... U... MM ‘tnitt. . .. _ I makinRi nav 


hold up banks calls, as — — ; , ^ tnr naen 

from a has not hem satisfaetorj*. indi- dangemus'iV ihV 'political risk Und«r the KUaranices 

The U.K. eating that insurers, m tb«r involved. The common practice l>on?S7*tJic Harbottle case and ti^al risks >n»uranre for cimirM s 
insurance' broker, on the other endeavours to get into the area now ’ "* • 


insurance arrangements. . insurance oroKer, on uie omer enneavours to g»*x iruo m«* «r«;« now m ^ 

.Similar considerations apply hand, stands supreme in arrans* and its alleged riches, have not impose on^emanci 

where the Middle East country ins C.^R insurance and Is usu- only 'nit their margins to the hondf 

as employer provides the insur- ally involved in arranging bone, but have operated on in- normal commercial 

ance. The contractor has to be insurance on Middle East pro- adequate premium rate.v The 'fhese bond 
aware of the shortfalls in his jects,' irrespective of the position Is being reaniv*ed. bm ^nr 

rpnr harsh terms in fhoir rnn ** «Tigin of the cofl- if hiij asaiff underlined the need whether tiiere 

arrange a “differences tractor. for prudence when operafiag in actual breach 

tracts, ostenably to s^eguard ponditions” policy. This is not Next. underwriters ■ have a compiratively tiew and iin* 
tough terras g satisfactory arrangement found that there are very dif* known ana. It ha? also empha- 

_ ^ either from a cost viewpoint — ferent operating conditions in sised the need for complete • 

the coDibined premium is higher the Middle East, which make co-opention between insurers. 


to unfair -eaUg’iStt 
The eompviy -ferii 
of this baud Kilt 





able raie.«> 

A leading U K 


crcdil :ns'iirer 


Eric^ SkijA 


the 


conditional guarantees, 

conUnuance of fixed-price con- — jjjg claims settlement assessment of risks quite a brokers and contractors in 
tr^ts and the s^itive area of where two different In- problem, Ereiy schoolby knows order to provide full insurance 
pertormance bonds. surers could be involved. But that the region is largely desert protection. 

The contractor has to tie up it is a fact of Ufe when operat- with an annual rainfall of less The other sensitive am in 

a considerable amount of his ing in certain areas of • the than 10 inches, ll'bat was not th^ insurance of contracts 
assets in the project should he Middle East appreciated was that this rain- relates to the provision of 

be successful in his bid, so ^ ' fall tends to come in one heavy guarantees and performance 

failure to fufil the contract and ]Prni6Ct^ downpour, known as a “ flash bonds. This is a normal bu«i- 

the calling in of a guuantee or ^ flood.” A single heavy fall can ness procedure and relates pri- 

bond can spell financial trouble Contractors usually have their do more damage than ten times marily to banking and er^it- 
for him. Insurance is very own insurance departments the rainfall spread evenly. operations. Yet the Insurance . 

necessazy for contractors oper- which are used to . arrange its significance was not industry, in becoming more 

ating in the Middle East and a insurance on projects. Getting appreciated until people began involved .since the sUe .of 
new chapter is being written on involved in the Middle East has to find out the hard way, incur- guarantees and bonds » auch 
Constniction ”A1J Risks” (CAR) been an enlighting experience ring severe losses. The neces* that a Call on them 'can spell 
insurance based on the expert- for them. More and more con- sary statistics were just not trouble for the contractor 
ences of insurers in the re^on. tractors are using the services available so underwriters could The contractor should ensu:? THE 


Learning to 



the big 



iU^ 


C-v »■ f • 


IDEA that the suddenly ling relatively' few Urge poten- April JUIT (about ^5m. of needing special arrangemei^ 


The eontraetor needs to build of an international insurance not assess the frequency of that, his own work under his “ rich” Middle .East companies tial ealastiophe risks, virtually losses): and fir» in the Abqaiq for adequate dtre<U-eo«e^ sudl 
his insurance costs into his broker who is faimliar with both occurence of “ flash floods.” own control is . of sufBcieiuIy ^d governments would prove unbacked by the bread*a'.‘Ki> oil pumping station and pipeline procedures as- Potmial Vayli 


tender, therefore it is necessary CAR insurance, the local insur- The other natural hazard of high standard so that a cal! is to be among the best and least butter income which insureTpin in Saudi Arabia in May tup to mum Xjoss rating, the iatrodue* 
fhat insurers become involved ance set-up, and has access to which underwriters took insuf- not made under the contract trouhiesome insurance risks th.e industrial countries earn from $85m.}. limits per occumDoe. 


at the outset 


international reinsurance mar- ficient account was high winds. But local conditions and the use 



NRG 


]VEDERLAM)SE mSSOLffllE 
GR0EPN.V. 

(Netherlands Reinsurance Group) 


World-wide reinsurance service 
inidl branches 


Gross premium income £ 101,000,000 

Net premium income -£- 67,000,000. 

Capital and Rcserv'cs £ 136,000,660 

Total Assets £ 181000,000 



In whatever field - and wherever - 
you need insurance, Minet is the _ 
name to remember,- . _ 

Minet are lAoyd’s Intematioiml 
Insurance and Reinsurance Brokers J. • 
handling all classes of business in 
over 100 countries and with a 
special knowledge of the Middle 
East, b^^ on over 30 years’ 
experience - Contact Michael Hagerty, 
Manning Director, Middle East Ai^ 
Dmsion, J. H. Minet & Co, Ltd., ^ 
Minet House, 66 Prescot Street, 
London El SBU.Tel : 01-709 0707 
Telex:' 888225 Minsuret. 



^S13 


1lK naiM thafi recognised for HMura^ 
reinsiawice bi Hie Niddfe East and worldwide 


world roarkei had yet en- their wide spread of routine *^0 iiJrteuUiM facinB vwdu ^ 

eouplered was perhaps the most low-risk business. busiuMs. tiermanept ' er 

unXortmiaie bit of folklore to Caustrophe risks and claims ^ m ?o low 

gam currency at the start of are not new to the- Arab- ^ underwnterw havj^ew 

tb...I974--6 .U price boom. The «erld. Ire^ Ir.» »d J^E„y «? .eo eulcK 





new Arab tanker and dry ew 


ml- auies, rapidly building up laige-scale oil production by xj-m notential claim here " 

huge capital assets, good the IWOs (as virtually their 

weather andj-at least only indigenous industri') and ™ income (SI 1 6m ) teiBsurance field. 

from the Arab-lsraeh war zones the then foreign operators altewpls to ieiaih pwrahim » 

-political subflity. proved would have been accustomed to the Arab %-orM and to apte^ 

Irresistible to all ton znady dealing with occasional fire and ^ ''' risks regionally are m far 

foreign direct insurers and blow-out losses. This was • . meeting with less success.- Be* 

brokers. . mainly through recourse to Jtn*61DIUlll ‘ sides some six national' prof^ 

Many insurance. professionals ?« a«h »«rM « reinsurers In various 

(and not only foreign onesVex^ wlf-msuranee funds. Now, In.the Arab-IraniM world as countries, there are two regional 

pected that given this environ- nationalisation Of oil- a whole, direct premium incoinr teinsurance companies set up 

Sint the imSenL^S^^ in most Middle East companies m l9.-6prnb- GAIF auspi^^ 

of industrial, .pon ^ao?°*B«5 countries. effectively completed. “Wy' not exceed Union Re: and 

toum construction started goveriwients are inristing that. t^««dmg 5300m. In Iran). The specialised reinsurance 
Saudi Arabia, the Calf statK ^ transferred mainly top half-dozen U.S. insurance p^^js each managed by. .a 

and elsewhere in 19?4 would ^ national (or whtfe they firoups, the two leading UJ\- national company — aviation 

produce the ideal mix of Isree nationalised) insurers. wmposUcs.and at least one (Egy^l). engineering (Iraq), 

premium inflow and reiativelv important section .of European continental company fire (Tunisia), marine cargo 

few maior claims.^ ^ Pptentinlly -large industrial each have a written premium (Kuwaiti, and 

- c»^,j u..r*r. i tiisks, thprefons.* lortilly avgU- Income equalling^this total pc i(Moroeco)^ 

- Sustained belief in this able capacicy'has aetuallf becn esceedingit by a big margin, 

urter-iVuthK wriiild ..m" -* 




\i .. . . 


marine hiAl 


h^^epende^n intematioiaal market now hal^ieS 

developmeais (or m some cases f* 


lack of developmeots) fn the 
region’s insuTaoce markets in 
the past three years not taking 
place. Fortunately for all opn- 
cemed in both the international 
markets and • ibe region's own 


. .. — sympa&ises with the retrbcesalonalres. Bearing' In 

longer control. I aspirations of Middle -East gPVr. mind that some 80 . national 

Beyond oil, the MiddlA East ernments and the General .^rab companies now belong to the 
insurance markets are now.- at Insurance .Fedention to create GAIF, it IS clearly di;«ppoint‘ 
the suge where the biggest and develop a strongr efficient Jng that onIr27 belong to the 

__ bnauiess .and .the biggert regional industry and market, aviation pool, 23 to engineering. 

tyro Insurance indimriw potential losses are not yet in capable of dealing with large 17 to fire, 25 to marine cargo, 

tioilariy in relation to handline obvious — direct fire-pro- catastrophe risks as well as run- and 17 to marine holl'^and that 
- ® perty branches but in- what of-the-miU ‘’tariff* business, they tend in each case to be 

amourvts to development-risk Eor their part, the GAIF and the 'sairoe group of companies. ' 
insurance — conlraciors' all- optional «>“haDies increasingly Outward- foreign reinsurance 
risks (aAR) and engioeering understand that the way of Middle East risks, large and 
covers for Riant, boildings, ports toivards mis ultimate objective small, is also dealt with In more 
and infrastructure in course of ^ * combination of inter-Arab detail elsewhere in this survey, 
construction, as well as workers* wllaboration .of all. insurance, activities. 


Ai;.'' 


the area's iritra-iarge property 
and liability risks — events in 
1975-f/ quickly dispelled most 
of the myths. 




Jumbo 


In dealing with the so far compensation and other llabUUy the international market reinsurance ha$ bWn- subject to ''rilN f 


relatively few (but fast-growing) business. (CAR problems ate rated xainsurance (he warmest: cbllaboratioa and 

jumbo risks. Jack of national dealt with elsewhere in this ?i?, •?* trust Jieiweea the Arab 

and regional capacity remains sur>’ey). But the Wg operating •'J worid and Inn od'one hand. 


the number .one problem. 
Despite a hig increase since 
1974 in both intra-Arab collabor- 
ation and. in percentage terms, 
volume of.premiuzDs written by 
Middle East-eontroUed com- 
panies. the so far essentially 
” lumpy ” nature of the regional 
market has held up. the desired 
development of a true pan-Arab 
or Arab/lranian izisuraDce in- 
dustry. 


risks and the need for cover of 
large installations Ivhen fully in 
use «re now emerging. Three 
major disasters in the 


and the .iniefaatiolial market, 
*^bl? notably the Ldbdon market, on 

reinsured nsks. both foreign ^^e other. In the field' of 

catastrophe rfeks. 


East over the past ll dfoSSl stve^'^^petiUon however,:Lp^ SLL-era 

tave, gi„n a dmnatic wamih* will pay dividmds in 

longer tezm. writers in London ' (and iii New 

At tba recent Arab insurance York; - Munich .- and Zurich, 
77 oonfevence fn London. Dr. where Middle--- East traaty 
A..d„. . Mustafa. Rejab, vice president arrangements also exist) 
io?B ^ ™n«ill7 OTphaaidns tho need 


•VTi 




of the problems insurers' face 
in handling jumbo risks. 

These were, the fires at the 
Julfa Customs warehouses on 


... r . , TO-'C aailoAv » 1 ia Tm C a Cs ■ **-■-*' WUiU Vlll 

Insurance is all about trans- live of Irab Re, described how for an adequate reinsurance 

SnsuSS ‘ 9^. Arab market was develop- promium income from 'Middle 






ifarbugh (he premiums of those 


^ Pfp***Wy ing a yxoving. number . of Ea&t treaties and a 

insured over as wide and as ateorbed mort of the est^ methods for utilising, the poten.- time .more prudent 
balanced a portfolio as possible. Sliaoi. of. buddings and. cargo tiaj of Arab insurers before treaties som«* Arab 
The Middle East industjy is still lossw: the devastatino by ex- having' recourse to foreign re- particula'ily the newer ohm 
at the stage otf trying to tackle plosion of the gas Hqulfaction insurance. These included, for . ■ ' 

the appalling probleins of hand- plant at Cmm Said fn Qatar in larger and more complex risks . . J. L 


‘ ( 1 


at the- same 
use of by 
Arab companies. 


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. o 

s 

8 

J 

■ • g 

X 



Head Office: 

SHEIKHA MARIAM BLt)G.. 

LEEWA STREET— OFF SH. KHALIFA ST 
P.O. BOX 839 
ABU DHABI 



ABU DHABI MTIOMl 


THE LEADLNG 

« 

INSURANCE COMPANY 
LN THE 

UNITED ARAB EMIRATES 


Tel: 43171 Telex; AH 2340/ADxNIC 
Cables: ADINSURE 



DUBAr BRANCH 


AHMED AL MUSSA BLDG . 
AL-MAKTOUM ST., 

DIERA 

DUBAI 


Tel: 81957/8 
Cables: ADINSURE 


mSDRANCE EO. 

(Incorporated 1572) 


C.APITAL PAID UP . . . DH 10.000,000 
(ABOUT U.S. S2, 500, 000) . 


AL-AIN BRAN'CH 

SAID ALBADY BLDG.. 
M.-WN ST.. 

P.O. BOX 1407 
.iiL-.^UN 


Tel: 41S34 
Cables; ADINSURE 


4ss 


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0 

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0 

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0 

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11 




Hnanqal /rimes Th^ 1ft 1978 


MroDlJE EAST INSURANCE m 


rs 


Reinsurance facilities essential 


rSURANCE CANNOT operata, 
p 'xepc oa a amaM BC»le, with* 
. It adotjnatf rainsuraince -focili* 
' This is azioinstic in the 
sazaoce woiM. The ■ msurer 
.>e(fe an adequate portfolio of 
' ifiwess so that he can spread 
/s riska— iMt that, in itself is 
, It enou^ He needs to actum 
I eves greater ^read by 


The riste to be insured in the 
Middle East are massive-H}!! 
instaUatioDS. petroncbemical and 
other industrial . complexes, 
harbour and other construction 
projects, Fcpresentiog insurance 
in hundred of millions of 
dollars. But the normal ** bread 
and butter" rl^ are sot avail* 
able .in sufflcieiit. quantity for 


wg reinsurance facilities, insnrers to achieve a . balanced 


for the Arab insurance industry fluctuations in experience which objectives behind the formation is entrusted to a member com- sounds excellent in theor%’. has amounting to 10 per cent, of 
to (^erate efiicieotly.' can jeopardise solvency. They of the pools. First, they were pany. and understandably, the not been in line with nnginal the rist*. There have been other 

The need for reinsurance fad- have also accepted the' need to desigjieil share business manas^rs of the pools are expectations. Cirmvth has been reinsurance compames formed 
lines has been highlighted by protect .themselves against among member countries to spread over the region. .Aviation comparaiively slow for three with the objective of increasing 

the explosion at the Umm Sa'ed regional catastrophes by reinsur- ensure that the retention is managed in Egypt, engineer- main reasonV Tn start with, capacity within the region as 

gas liquiScanon plant at Qatar. numide the ipcaJ insurance capacity of each was better mg in Iraq, fife in Tunisia, there is only limned participa- well as accelerating regional 
'^e cost of this' disaster is put industrj'. utilised. The. pools were in- Marine tcargot in Kuwait and iinn. and tUp pools do not have cooperation, 

at some S75m.— six times the A landmark in the develop- tended . to assist the overall marine thiil!) m Morocco. The the full support of all members But these developments ha\-e 

total annual insurance premiums mem of Arab insurance was the insurance industry in management company handles of the General .Arab Federation, not stopped .Arah insurers from 

in Qatar. formation in 1964 of the Arab more business within the administration and receires Bj- 1976. 75 companies had seeking wnrid-wide reinsurance 

The problem facing Arab in* Insurance Federation, which a small percentage of the joined the Federaiion. but only fanliiirs. indeed the spread nf 


• • * a , — ' — — — ^ ^ — — me DrOOlcIIl lainiiA in* a cu^aaiaun* nim.ii iim . ^ - • m •• r- - - - - * * amt a <ru«ri rAin, uui uaaa^ • - 

Hs B JcQown in Insttrance portfolio spread in the region, gurers has been to deride how lead to greater co-nperation he- tended that they would restrict premium income as remunera- 24 supported the enginecrin? risk.i on a world-wide basis 


TgK)n as .providiBg additional 
pacity. ■ 


The need for reinsurasce oa a 
-worfd-wide basis is -paramount 




^I'ead 


:s 



Insuiance Cooijpaiiy Ltd 

(Incorporated in England No. 1SQ37SS) 

T2ie Insurance Company badbted by 
over 250 years* experience 

Uanagera 

The London Assurance 

I In SaiduMi Boss] mtartar Ja iTSO 
'LaoxcnrLaau, 

ftlXLcipal Office and Jeddab. Office:- 

P.O. Sox'%09, Jaddali. Xd: 86161- 

Tel«s: 4018 I ZEBALSnC: 67 

Siyadh Office:- 

P.aBox89S,B' ~ 

•aEt.S70a875! 



8991 

20018 


39986.86900 


9913.391 

Aussasj 


Dammam Office;- 

P.O.B«K77e,X>UBia«a, T«l: 26898 
XelMS 67021 ZBSAimZS? 


froB Snrm zD«r ta the flrat iiictaiiee be directed to ' 

DeptJ. 1. BartholMumr Iaim. ItOttdoiLTOSJT 8AB. 
0:^01*6888848.Talec 888810*0 SUKALIX»]:.OHDOK 


. PetroMoney Report, a Financial Times-/^. 
Business Newsletter reviews the finsmeiaV _ 
implications ofoil rnbriey.flpws. R-egula^^ i*:.; 
/features include: 

SPOTLIGHT-The big storiesof the forchig]^^ 

• often with an exclusive PetroMoney an^e- 

I ANALYSIS An importan^but notneces^lly 
topical aspect of oil money rec&ves in^dglith 
investigation. ^ 

BANKING AND FINANCE New linking 
institutions in the Middle East and o^er 
6nancial centres — OPEC surpluses— loans by 
and to oil exporters— placement ^ petrodollar 
deposits. 

INTERNAL OPEC EXPENDITURE 
{Reports from each Middle East country oh : 
budgetary spending plans —infrastructural and 
industrial developments— .who is tx'inning the 
big contracts. ' 

EXTERNAL OPEC EXPENDITURE How 
the money is spent in the non-oil Arab 
countriesi the Third World and the de\'el,oped 
economies— aid. investment in shares/ propertv’, ■ 
activiry with international organisations. . 

produced by FINANCIAL TIMES BUSINESS . 
NEWSLETTERS where ‘Specialist subjects 
receive specialist attention*. 

If your business interests demand regular information 
. about what's happening to OPEC oil revenues, please 
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Name ^ 

OrganiMfion - - ‘ ■ - • . . - 

Addre^s 


Send to: Siibscriprions Dept {PMRL Financial Times Ltd., 
.Bracken House, Cannon Street, London EC4P 4BY. 



much business should be re- ^ween Arab countries in provid- the Mtflow- of foreign e^hange tiori. pnoj_ |7 p,j.p 

lained bv the local insurance reinsurance facilities out which resuited from effecting Thg. management company i« marine icargn) pool and only 

indnstTj- and where 'reinsurance side the local area, but within reinsurance outside the .Arab responsible for dealing directly n the marine ihullt pool. The 

should ’be placed. There is al- the Arab world. This resulted cegion. rinaUy. it was a mg step member* of the port and aviation pool, by ns very nature, 
ways the desire to retain as eventually in the creauon of promotiog closer collabora- deciding on lechnlcal matters, only accepts a limited nninbor 
much of the premium as pos- various .Arab reinsurance, pools. 1'°” including the business which is of Arab aviation risks, 

sible within the country, partly The aviation and engineering accepted. The terms and condi- -phen thoee members w-ho do 

for pure nationalist reasons and Pools started in 1968. followed- resulted m the t^ons on which business is use the pnnLs dn in a verv 

partly to avoid an outflow of cur- by the fire pool in 1971. the ‘al^cn are in line with those modest wav. insuring onlv a 

rency abroad. But Arab insurers marine (cargo) pool in 1972 and J,rhr«^=,Jr ' ‘ ' 

have appreciate that too high the marine (hulli pool in 1976. more will be said later. 

a level of retentions' cause There were four primary The maliageraent of each pool 


Uneven growth in 
the Gulf States 


THE OIL price explosion of lems ofUnporting, especially in 
1973-74 posed new problems and Saudi Arabia, 
challenges to the iatemational Before the economic boom the 
insurance business— as well as mainstay of insurance business 
the lure of profits. Inevitably. mostly freight-related. The 
also. it . led to a growth of cujf states hare to import 
indigenous institutions in the ^most. everything they consume. 
Arab producing states of the Cover was arranged through 
Gulf. The development of the agencies of major ‘Western. 


plays also a major role in Saudi lowed 
Arabia), Arabia Insurance (also traffic 
with a" branch in the Kingdom), 1960s. 
National Insurance of Egypt. 
Ammican Life and Atlas. 

These were all operating in 
Qatar in the mid-1960s. 

There is no doubt that las 
with the banicing sector) the 


which the ceding company enniparativelv «niall percentage 
receives from its mam insurers. „f original risk. Insurance 
This de^■eloprae^t. which and reinsiirancp requires eonfi- 

denee that rlaims. when they 
arise, will he paid promptly and 
in full Perhap* there has si ill 
nor been .eiilffciem time in huild 
up this ronfldencp. .Anyway it 
would appear that ihe manaerrs 
of parh pool arc making per- 

sonal rontacis wjih members to 
endeavour lo persuade them to 
increase the *izc nf ' risk re- 
insured With the priul. 

Finally, tlie pnrifniio spread 
is not adeqiiaip on ii« own and 
the pool ha.>i to sppk further 
common a>'coinii mnsurance 
proleriion lo avmd the dancer 
of aeriimiilaiion and calastrnphe 
hazard*. Thi.s course of action 
involves extra expenses for ihe 
on the introdud'.on of pool, placins an undue heavy 
regulations by the mid- burden on Die limited premium 
income. 

A number ef locally^iwned Indeed it seems like a vicious 
companies operate in Bahrain. ctedP. The members will not 
developing support the pool because 


should not he held back b.v the 
need to stop the outflow of 
exchange. It is money well 
spent. The relations-hip between 
Arab in.*uranre companies and 
the iniernational in.snrance and 
reinsurance markets has always 
Iteen harmoninus and has been 
strengthened despite this dnve 
TO be more self-reliant. 

Technology 

There are many way* in which 
overseas in.*-uraiu'c and reinsur- 
ance companic.* ran matcnaliy 
help .Arab insurance beyond the 
provision of reiii-iirancc faciii- 
tic.*. The rapid nr>iwih m 
tcrhniilii;jy h.'i« meant that 
assessing and iinderwntins risks 
has hccniur extremely complex, 
espmaUy in the encinoermc, 
peirn.cheimcal and even marine 
areas. flxpeniM.* lakes years tn 
acquire and these ilay« under- 
writer* need the ha»-k up of a 
team of experts. Iiiii'rnationa! 

rompaniec ean materially assist 
in the lUfiienvritmc proeps.* by 
heme involved at rhi- hc.^TnninR 

when a ri.-k is under considera- 
tion 

Now miiclj nion- empha*i* la 
heins placed on risk control and 
risk manacement and insurers 
are hema clo«ely involved in 
management on the.se 
subjects. It IS a new science 


“It is not only developing supporr the pool because it t.s advising 
nationalism but also interest in ^'5' enough, and it cannot 

cash flow that leads people to ^'’w b^fausc of lack of support. «hirh i,« jrowinc rapidly and 

, ___ ^ set up local insurance com- he interesting to see how thp lamer insurance companie.'s 

sector in the region, while principally British, insurance UAE will eventually produce panies." pomraented one ‘his develops over the next are passing on their techniques 
expanaonary, has also- been companies which were held by some .regulations to control the observer in Bahrain. Natio.ial ' ,• u i assist .Arab insurance opera- 

uneven. the major Arab trading families, still burgeoning insurance Insurance Servire.s. a wholly ^ en- unns. Finally, the insurers are 

Predictably. Kuwait — with its In Bahrain, for instance. Y. B. A. business but hopefully there will Bahraini-owned insurance and ‘h® establi.vhment by a^.sjsting m many ways with Ihe 

relatively greater financial Kanoo acts for Norwich Union be no crisis similar to the reinsurance broking company. __ irainmc of Arab insurance 

expertise — has evolved the best —and in other states where it closuip of the Ajman-Arab Bank has just been formed. pools. The first perennnel. 

.*egulated market That of the has offices. There was a little last summer and the temporary However, almost all the other J Keinsurance Cum- reinsurance is not likely 

United Arab Dmirates has scope for life insurance — most suspension of the Janata Bank Arab owned insurance brokers ‘1 tn remain a onc-wa>- flow from 

expanded faetest — ^with all the for expatriates. Motor business (of Banglashesh). operating in the peninsula have *>> members of .Arab companies to the major 

perils involved. Tyincally, came about as stales made third . The UAE draft leHislation brokerage houses ’'•'"fid insurance centres. There 

cautious SaucU Arabia has been party insurance compulsory (not aotihrentlv follows fairly closely n^***”****? partners. Bahrain, for I*" ® world-wide problem 

sJow to- assert itself despite the aJl do). SS^e Kuwi^JT Datte^ unidentifiable reason, has of flndina sufficient capacit>*. 

enormous fortunes generated Locally incorporated, or business there is by far the best IlSp 

Hapid^growj, has meant lo^iy'Lneed i^^ran^ com-' Sa«d iJ Ihe XuH lS^c 


there. 

that the probleiM Mve bum as panies are fairly recent crea- banks, insurance companies in 
big as the reward for local and jq most Gulf states. The Kuwait operate under tight 
interaationai institutions. major exception is Kuwait where restrictions. 

Econonuc recession, or ^ow* there have been local concerns «n,- , 0 -, __ 

down, tn be more precise, that n operation since the late ,h.» Kr..iIsH 

began -ln the Gulf states In the 1930s. By contrast, it is Impos- SISm mus? ? mtn? 
-riiig of. last yeas. Jias. given sible to re^ster an .insuraoce'S S^^ 
the . insuijuoce . companies a compaaj iit. Saudi Arabia, fMSTOoni nr KD 225 . 0 fin 

cEanpe to assess their new^ where charging Mr premiums 
, found markets and review their for coverage against risk is 
marteang-^tegies. For iasur- reckoned to be os imethicol os ‘ 

We men os. for coniroctors, chorging imerest on bonk loons 

ft?* “enS 

men, the. boom in the Gulf wahhabite tradition), i* v-T\^nnA& ...s 

-io«ei.i..omM •- - ---- ^ . JT, ^ .. business it is KD40Q09 and for 

States has been a mixed bless- Of all the Gulf states the aij other sectors KD^nonn 
ing Ittere wos certoinly o vost itaE hos the highest munber ot ' “ 

increa^ in business but it was insurance companies present. It Some Kuwaiti in^rance 

sometimes both diflicult and is estimated that there may be believe that, given the 

expensive to-secure. For some as many as 70 operating there inflation of recent 

it. has proved'.more unprofitable of which only 10 are locally in- and . the increase in .;he 

thah comfortable. - corporated. The oldest of the compensatimr for 

indigenous houses is the Dubai of KD6.000 per canita 

Insiranee Company incorpor- 
ated in 1970 which has a fully 
The. two areas of greatest paid-up capital of 2m. UAE 
TPwtb for tiie . insurance mar- dirhahta (£270.000). In 1976 its 

-fceting men were marine risk— free resen'es stood at 6m. dir- 

including the iiuuring of cargo hams. .A joint stock companv. 
in transit— and contractors’ “aH started by eight merchants of 


according to the local ne was reinMiranre intiiistry taking 

broker, could mean that it ^ b^ *be bf hiisines*i from the rest of the 

would draw tn more than Its *^sypL_ Libya and Syria In Z9i6 ^>orId will be regarded as a wel- 
fair share of reinsurance op®78ting from Damascus. It ^ome move in the development 
money. handles comptilsnrs.- reinsurance of global insuranre. 

— ■ companies transacting 


from all 


l~. ■ T’L. liuiii au vumpamcH irdnsHCling 

LlOina 1 nomSS insurance in the three countries. 


Eric Short 


Misgivings 


these deposits are not hich 
enough. The companies also 
have to keep in Kuwait fund 
eqna! to 30 per rent, nf th<>ir 
mtal premium income from life 
and eeneril accident biistnps« 
and 13 per cent, nf the nremium 


ri^:' which kept pace wth the Duhai and chaired' by Majid al 
building bODju in all tbe Gulf Futtaim, it now has around 64 
Stores. With the dramatic slow- shareholders, 
down- in imports in recent gjj insurance com- 

jnonths and the completion of panjes in the Emirates, how- 
^ny . eonMTuction con^cts. are as solid as DIG. The 
fire and' other post-completion weakness of others is a matter 
risks ^ seen as a major growth (,f concern to officials and 
area: Motor business is rather 
miiddied with the exception of 
th'e markets in- Qatar and. 


income on marine business. 


In come 


There are-abonf-21 ln«»ra.ncp 
comoanips^onerating m KuM-ait 
nf which four arp Incal com 
nanip< Th« Three T»r>nrina( 
Fiiwa*ti insiirancp enmnanie 
Al .^blia. Gnif rnvuranco 
Kuwait Insurance — were all 
operating in the 1960s. It was 
nn( uniii 1976 that the Kuwait 
Government permitted the 
establishment of another 
Kuwaiti in^rance 'company. 
Wahba. in which ii.took -a share- 
holding. " For almost J3 years 
there were no new insurance 
companies In Kuwait: this pro- 
lecled The market and enabled 
strong companies to be bmlt 
up." according to an insurance 
man in Kuwait. 

Total premium income in 
Kuwait in 1976 was KD29m.. an 
increase of around 39 per cent. 
on the previous year, during 




Internationaf Insurance & fleinsurance Brokers 

Head Office 

Sl Clare House, 30*33 Minories, London EI3N 1 DJ 
Telephone ; 01 -5S8 41 1 1 Telex : 885588 and'883397 
. . Cables; Kulisagei London EC3 ; 


senior insurance men. An asso* 

(iiation was set up in 1973 to 

« , . t , act as a self-policing body for 

the business. Legisl.non to con- 
^ ^ monitor insurance 

misgivings are apparent. companies has been promised 

Problems' with .freight insur- for the past three rears, 
ance.sieuuned -largely from the Third-party motor insurance 
rapid growth in imports which is only compulsory in Abu 
totally swamped al? the Gulf Dhabi and Fas a) Khaimah 
states’ ports and airports, far Competition is fiercest in this 
outstripjiing their handling field. •'The degree of competi- 
abilities. Most nf the Gulf states tion in all insurance sectors 
found themselves trapped in a here is quite ridiculous" one 
>1jaous circle. They needed to expatriate insurance manager 
Import marhinerj- and equip- comments. casting unkind 
ment in improve their port fad- doubts on the abilities of some 
fities but capacity was too over- of the smaller companies to 
handle the cargo. One meet claims promptly or in full. 
piE-b«ed insurance consul- -Most of the insurance 

tanrtae UAE does not author- business in the Emirates has **■ (* expected to have 

ise brokers .) comments that gone to loial companies.’’ com- reached arduset KD40m.. largely 

the insurance • sellers eonsifr ments the matmget of one sudi owing to ioflation. The most 

t^tly underestimated the prob- insurance buslssas. But only in profitable sector of the Kuwaiti 

' Abu I^abi is there any official insurance bigness is fir.e and 

preference to use local com- accident fexduding motor) and 

panies. Goremmeiit contracts go Qiarine is vtituaJly running at 

throogh either the Al Ain ^ thou^ improvemenfris 
National Insurance Company nr expected thig.year because the 
the .Abu Dhabi National Insur* 9^^ be- better equipped 
ance Company. Until this month Third parly 

the Sharjah National 'Insurance insurance has been com- 
company enjoyed a monopoly in m -Kuwait since 1959 

liigi Emirate but its Ruler has 300.000 

now declared ills strong enough ''Abides m Kuwait: a number 
to face competition. that' increases by about -oO.OOO a 

The Sharjah Riijer’s decision if’erstandard of driving 

leaves the Qatar Insurance 

Company as the only Gulf con- Bahrain has nnnaged to be 
cein with. a virtual monopoly in a relatively orderly market with 
its market. .All Qatar Govern: *(^1® ‘UThc way of regula- 

ment business is placed through tions. The obrious reason for 
QIC Much of it is big premium this happy stole of affairs is the 
business related to Qatar's oil relatively stnall scale of risks 
and ^ facilities as well as its insured thereand its busmesses, 
developing heavy industry. The as well as its long'established. 
position can have its disadvan* self-contained trading ti^dition 
tages when major disasters -As m Kuwait, insurance in 
oceur*^u<d) as the destruction Bahrain began to develop in the 
of one of Qatar’s natural gas mid*1930s with a number of 
processing plants. agencies being held by .leading 

While QIC lakes over 70 per merchants. ■ -The advent of a 
cent, of total premiums there labour law added the concept 
are five olhpr agencies also ^f liahiHiy .insurance to the 
operative vn Doha— .Arab Com- existing trade related busine.«s. 
mereiaJ Eateipriaei' (wiiicA third party jaotor luuraace fol' 


•1 


VJetaik 
international 
insurance 
in any language 



We re particularly fluent in Middle East insurance. 

Our knowledge of the world insurance and reinsurance 
markets is allied to a profound understanding of local 
conditionsand requirements. Which is why we have been 
appointed to handle many of the Middle East’s biggest and 
most difficult insurance risks. 

Whatevenhe insurance or reinsurance cover required, 
wherever in the ivorld. Lowndes Lambert Group have the 
resources and expenence to handle it economicallv and 
efficiently. 

Lowndes . 

International Insurance and Reinsurance Brokers 

53 Eastcheap. London EC3P3HL. Telephone 01-2S3 2000 
Tcle.xSS146.31 

And at Lloyd s and worldwide 







i2 


ftnanciai limes 






\JT: 


MIDDLE EAST INSURANGE IV 





? 


GREIG FESTER LTD 

5peciaUst Reinsuranee Brokers 

Begis House, 43/46, King WiUiam Street 
L<Mid«i EC4R 9AD 

Associated Offices 

Greig Fester (Australia) Pty Ltd-, Sydney 
Greig Fester (South Africa i (Pty) Ltd. 
Johannesburg 



INSURANCE 
CO LID 

(INCORPORATED IN THE UNITED ARAB EHIRATB) 

Head Office: 

UMM AL QUWAIN 
P.O. Box: 460 
Tel: 66223 

• DUBAI ABU DHABI 

Cables: TICOST P.O. Box: 3196 

P.O.Box: 4623 Tel: 62665 

Tel: 226761 & 229698 
Telex: S800 TICOST DB 

Transacting ail types of General Insurance. 


More measured pace in Iran 


irc. . • majur csruiquaAs lo whib ui (fie ooom. sse.n& \eiin Isst years 14 per -Cent. aiLTSCUW. 

Tehran, and a lot of companies had been ^ iu,, . Ma^e Iowa were hi^ 

viU go out of business" a lead- ”*?.® ■ beginning to climb out of what IS 


couple of years several -rafn* 


IjP’ 

..*.4. « u.iiwiB socio- cum- , . -V .1 .J. Of rtngftstion at alriranYemry taKw by^airihT^c^V*"*®^^**' Sf***®^***^^*^' 

In fha Mcr panj®s new eperatiha. half with described points. b.v land and sea, and Tt«p, but the state^neti giant. , ui^ - 

In the psst .« ^ ._t_ u ** th^ nupMt as oil nradttwr MPtYv*K*«*aTicA 9 u.*a WLABc#9vas»0 e«t-M 9i«4 nil th^ of blisitl 9 lf. 


All the coidp^sfe compete 


ably Imle space for new entries- 


SOONER OR later there •*U1 ante companies which came in per cent. twi« ye^r eoiapared has, in its own way, been un< The cost of repairs and tnedleal BlBieb^TehrtlL The BBWHt la 
be., a major earthquake in At the one of the boom, seeing \nVn !as« vear's 14 ner -cent attractive. . treatment has been soaring. Uie INA 'jrf®: P®™**b of 

• ■ * V — - ■ - Ki* „ , Thifr automatic loss maluflg pert of 5hB«h *7 

seeibr is srudjriogly under- which wU| <|xve ^ taeil ftnj 

mg insurance man commented- '' ^4 pnnate sector com- 

the other d.y;' I„ rte pest “ “ ““ '>“’«* <»!«•«•» ^ih Imn. tekes the bruBt ^ 

■ eao get to a recession, and as fires. The one at Khoirai»< th» indu^riat'firc 2?? . 

picks up so the insurance shahr.on the Gulf In July, 1973, 

- - In $75m.-$80m. losset which has surteasful 

Clnims arislnVrwrJVhe bl^ 

Julfa customs area on the land J *® puMiCi-^ firat 

company expiair^ tnsuranre mmpany to do ae. - 

the first from life innmqce 

finanaal- which , is begitmin;^ to cet^ eg 

DesD'fe 4 raa*d divvrxifirafinn which seriouslv affected' the J^oar. tw’O fiRs alonc, ill (and last, year • tuined 'inn. 

ihree“«rs““ e 

hiShTr*-- rS^Tasirm'! SlngT^ Ve“ ciSr sSJe^i 

tey of the country’s In- year, and it will continue to be where in the worid.- but a hMlfh. returns kTe^being 


;c picks up so the insurance shahr.on 
iiidiistiy is expected to go with resulted 
it. 


panies,hoth IrMian and foreign- 

joint-Tenture, have been run. ^tate coatnriling bodv. Bimeh 
ning very dose to the margin Markazi. have gope begging for 

The period since the oil price ma^’ montiis.- Instead the as a -whoie Iran remains *0*^ company t 

explosion of 1973.74 has been *tttb<KTbes would like • to see rastly underinsured, both in are put at $170m The market 4tspondently how in 

tato^tSLed’T;^ '“™® life. IS still aigenin* these wo 10!wes "T.1"* .L'”'!. 

Of biiaess^has shot up, particu* 

larly on the marine side. Bui. iLNA) 

* ■ jjgyg <fcd recently when :t paid 


dainu 


proportionately, 
been 

adequaQP w. o ».■- ^ it— ~ v ■ — * 

frastructure-— whether it be Iranian coauiaoies. 

port congestion or the lack of The market as . a whole vas 

fire-fighting -facilities— and too w'orth . Some B367m. last year, rapidly to 30 per cent, and ffR. horrifvinglv 
low ... - 

despair 


;-iry' rwrtanV in the’eomi^ nowhere more » than in J2 fSlo« ^d"' ***'’^-- 

3-10 years. Vehicles has grown where the accident rate -Is J$ 

.•_» TMb . MM^nlAfn eOnTfm0 WAPkB 



improves 


xt wiir-^ake sosi 

hiah •!.. V problem getting worse aS time to educate the puUie to 

premiums have been the and the industry is looking for mainly industrial, is another 22 capital has the highest inddence 1*™*^ sector industrial growth 

lir of those foreign insur- a voiiune incxease of about 13 percent Each of these sectors of road death in the woriA «nt«Dues. 

All might be well, they argue, 

if.lt were not for some features 5i“pI!SiJ5* 

of the industry peculiar to Iran. ?"*',*• ^ rVfri?£^”y2! 

Above all there is the ovet^ fiJ2 

whelming dominance of Bipieb ^«%i52tef2 

Iran, the State wnipany which 

takes over 60 per cent of all P**^.**' . Gradually the brokem 

business and has a monopoly on ,i?i . f,, . .i!i? 

the lucrative public sector. peaoiml raU tioii^ ip 

^ - education trainees in the U.K . France and Second, the offidally set mini- *“*) oslaoiwnea innmie* 

the operation of an insurance turn it down.; ud that could and training. There is a long tile U.S. learning ax first hand nmm premium levels in practice conipames nave with thefr 

industry is money. Without a . be embarrassing on -both sides, history and tradition, gning back how insurance operates in those become the norm, because of clients in Iran— thus provKbag 

strong capital base wftieh has Fortunately, relations bet-ween over 100 j'eus. of general educa.- countries. the fierce competition that better service^ 

the capadty to expand with Arab insurers and the inter- tion between the Arab countries TRis training can take many exists: and it is generally 

increasing business, no insur- national insarance markets have and the West, especially the forms. There 

ance industry can gei off the remained extremely cordial. The U.K.. France and the U.S. overseas students 

ground. Insurers have to old major world insurance mar- tnmwg at a university how ihe unique world-famous Third, there is a mandatory ^ j ^ „ aiithonlief in 

■y kets can do much to nelp pro- f«r a career in m«»rane» w miv insurance - insutution-^loyd s 2d per cent, reinsurance require- th» 

claims when th^- arise without ride expert and management Ij^e first step to^ “weiring of London-^functions. fnsunnee nwnt with Bimeh Zr^ and iwal reS« 
going out - of business. The to Arab insurance industries: brokers alike tasuranre comp-my «»cutivcs '1^ « 

need for adequate reserves is help- that takes two forms- have Minees working in their say this retention does not 

in the direct and indirect . towards iaaiirJ^ ReaMraS offices alongside regular, aUow them to build up sufficient wSTsLll fmiJni in tli iS 


THE BASIC raw materiai In suranee market can do, except' Arab insurers— 4n 


is a course for agreed that these are too low 
ients' ' explaining ro. allow rea.sonable profits. VjrrUvTlU 



DUBAI EASTERN GENERAL 
INSURANCE COMPANY 

(Regd.i 


P.O.Box 154 
Z>ubai 

United Arab Emirates 


Phone: 226486 & 328683 
Telex: 3441 - DB ZRWAM 
Cable: DEG1N5 DUB.\I 


Transacts all classes of insurance: 
MOTOR — HRE — MARINE CARGO 
MARINE HULL— PUBLIC UABILUn’ 
WORKMEN’S COMPENSATION 
PERSONAL ACCIDENT — BURGL.ARV 
CONTRACTORS ALL RISKS 

Offices in .Abu Dhabi and Sharjah 
Representatives in U.K. and Pakistan 


in gmetnl Tim provision of ednenUon Insurance is an oddly stra^ attention for the industry as 
Expertise was im^iately are still as much an art as a training is possibly the hired industr> in I^. ^rith a whole is on the sovernment xo 
But like all other industries, available both through the ex- science.. The fundamental prin- , useful and abiding Buneli Iran, two other lar^ j,g^ ^ y^jj respond to the 
capital by itself is not sufltcient. patriates themse'ves and from ciples-and dii^mplines of under- hy which the inter- cdmpanies— Melh. owned by the difficultie.i most companies, are 

s'^fi'cient labour the head office parent company. - writing have not altered becaaw national market can contr.bute ' ounlatioi^ and Albor*/ faejiyj. After a puri^ of rapid 

*7?ii neewsary This benefited not only the the rides have become more Arab insur- jorl^ire (of the General gro^-lh ii is settling down to a 

skills to luke good use df that branch and its local employees technical. In the . inrorance R®®®- The third ingredient for more manageable pace: and 

rapital in an efficient manner, as regards training,- but other indnsti?. there' is still nn snh» ? succes^ul insurance iteration. Jf. gno that ought to bring a more 

The msurance industry, needs local insurance companies in stitute (or experience in the t^tween all parties c^ .Snnsh pj-pfessional approach to what 

expertise of a high order and the country. Now matters are insurer’s or the broker’s office, cemed- in The • transactions.-."^^ repr^nw through recently been a badly 

irith special **lls m order quite different and control of insurance companies brokers *?“ Rjmrth managed industry. Realising 

to ^ncuon successful’. Some insurance is in local hands. a„d ■professional institutions in to promote trust and eon- SjwCLrSiaTflS^S Sfk^i«Sfc * fraction of its potenli.al. 
Arab countries, such as Egypt, However, some Arab compan- m between Arab inSurera gon^ciai « insurance in Iran is still 15 

Iraq. .Algeria _ and _ Morocco ies have appreciated that direct ma?LSSSio5ai?n^^ «he Middle.Sj;;’ ?^ars behind banking- a fot^ 



In general, however, the avail- suranee and b in everyone's in 
able expertise is i^read far too terests. 
thirfly over the region. The One form this invoU'ement 
Plans for clo^r. co-operation takes is to allow the overseas 
hetwefen the various Arab Insur- insurance eoneern to acquire a 
anre industries has helped con- minority equity stake ip a local 
siderably In making best use of insurance company and allocate 
expertise and spreading it one or two seats on the- board 

around. Many of the to that concern's representa- 
national insurance companies tires. Such t more provides the 
are run by experts from the local insurance company with 
better developed insurimee mar- expertise at the' top, available 
Egypt and Iraq. when required, as well as pro- 
This overall lack of sufficient Tiding the necessary contacts 
expert manpower has serious with 'international insurers *«d 
consequences in areas where reinsurers. This practice has 
nationalist pride insists that ail been followed in some cases in 
nsurance is placed with the Saudi Arabia— one of the big- 
local market m the first instance gest insurance markets but with 
** through a local no national insurance company 
agent. If the busine^ is bad'y _,nd in. the Gulf states. Both 
•ATitten m the first place, either the U.K. insurance companies— 
at inadequate rates or with un- like Commercial Union-and 

^'-K. insurance brokers—such. as 
little that-the int epiational rein. -Hogg Robinson and - Sed^.ick 

^ Forbes— have been involved. ' 

; .U.K. insurance brokers hav'e 
also been steadily expanding 
tlieir branch network in the 
Middle* East with the nb‘ject~bf 
keeping m close contact 'with 
local insurance centres. Not 
only do They then have men on 
the spot liaising regularlv with 
local . insurers and agents, but 
they can call in top management 
and other expert help from 
head office at short notice. 
Ayiation has made the world a 
much, waller place, and the 
senior ^cutives of the leading 
U.K. , international Insurance 
brokers now expect <o spend 
much of their time abroad and 
are need to living out of suit, 
oases. . 

This branch establishment 
now means that expertise is at 
the elbow of local insurers and 
agents when required. And it is 
a necessary requirement when 
jumbo-sized. risks are being 
dealt with. ' Local ' insurers are 
getting, the reinsurers involved 
at the outset, thereby achieving 
guidance on terms and Oondi- 
placing ns^. In 
addition, underwriters. ' thMe 
days need a technical ba^-up 
staff to help undersund and 
assess the risks Involved. The 
branch establishment can 
materially assist in providing 
this lechtiical expertise tp 
supplement that already avail- 
able tO' Arab insurers. 

The strong sense of cameradie 
which exists between insurers 
throughout the world has 
already been referred to. This 
has not . been affected by 
increasingly intense competi- 
tion between world insurers. 
There, has always been frank- 
discussion on the morO genera! 
aspects of insurance and a free 
interchange of idea-s between 
insurers. The close links 
between .Arab insurance indus- 
tries and international insurance 
markets haie maintained this 
flow of mforraalion in both 
direction^. 

This leads to the indirect 
means through which overseas 
insurers and insurance brokers 
are helping in the provision of 
management and expertise to 


Arab students and Insuciince 


.E.S;: 


inferests- -are repremrted iff - 






And we look -at the Middle 
East practically every day. Its 

politics, personalities, business, various Middle East countries 
trade and industries. and areas of interest through 

The r^uit is the widest, regular Surveys. - ■ 
mostinformed.coverageofthe Recent FT Middle-^st 

Middle East you're likely to find in Surveys have bee,Treprinted in 
any tngiish'language newspaper. . book form (copies are available 


Besides the latestnews. the The list of those appearing 'n 

Financial Times also reports on ■ the IT during the next sixrtorrtte 

■ .shows our interest continues 
unabated. 

: & if keeping up to date with 
the Middle Ea^-is important to 
you, Keepup to date with the 
FinandaiTimei 


from our London office). 


Middle East Surveys appearlfio in tOfi Rnancial Bnies February ^Juiy 1973 


Old' 

Figwi;! 

Sludi A-«b'l 


Febr-JS'y 
MakK 
Apt, I 


Na-.tti. Te^en 
)»r44fi 
UAE- 
Su4»n . 


I .Arib Cwiitfgitia-i 

hint Fn|ii:e' 

OT.Ai* : Ejypi 
! l.-ei 


' lalt ■ 

/ii>v 
. ' IbI* 
or BA 


Far funner ^nierfflaciofl contact; 

LAURfiTTE L LECOMTE-PEACOCK. 

ASSKTANT OVERSEAS MANACER, HIDOLE EAST. 


hnancialtimes 

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14 


Knandal Times Thursday. January j;%. M 


PARLIAMENT AND POLITICS 



Tory MP wins vote 


on picketing curbs 


BY JOHN HUNT, PARUAM»ITARY CORRESPONDENT 


Ethiopia 
warned 
hy Owen 


THE SERJEANT-AT-ARMS 


A history of evolving 



BY PHRiP RAWSTORNE 


Bjr Iwr OwmrPvrmmmbrf 
Staif 


COLONHj peter THORNE, 
Serjeant-Bt-Aims in Ordinary to 
Her Uajesty, yesterday pei> 
fonned one of hla nuHe extra- 


TO THE ACUTE embarrassment This is the normal fate of 10* He explained that tinder tts 

of the GowmmMt a Tory back- minute rule BiUg and last night terms, pickets would give the ««« m* 

bMcher. Mr. Ificholas bdley Hr. Ridley - reigned to the police their names and would THAT a major conflict ordinary duties with the despatch 

(Cireoeester and Tewkesbury) fact that it has little chance of wear arm bands. Their numbm develop- between East and of the Commons order to Sir 
yesterday succeeded in intro- being aired again. Nevertheless, would be limited to 10 or 12 at in .the Horn of Africa were cKwrl es ^miiMS. Rritirii Sted 
dociog a Rill to limit picketing he was perfectly eooteat to have each factory ^te. expressed in the Commons fh»hmaTi 

and to prevent the ocearrenee of won a tactical victory and to have In support of his case, Mr. ^st^day when Or. Da^d Owen, ..nw more- ftnAtar role fttnmr 

violent scenes like wbieb given the Govenuneot a black Ridley quoted the words of Lord -2*® Forei^ Secretary, was ques- ^ Qf ceremonial cua- 
took place outside the Grunwiek eye. Birkenhead on picketing in 1906, J*o“ed Somalia’s request todian of Commons authority, 

plant' The measure, the Picketing *^® : “If peaceful The Serjeant bears the gold 

■Si^ificaotly, the Labour (Registration and Control) Bill, ^ ^® object, why Maee^-symbol of Uie Commons’ 

benches could not muster enough wonld give the Home Seccetan necessary to do it?” He made It clear that intense power— on his right shoulder in 

MPb to block the measure, even power to restrict picketing' to a Opposing the Bill,- Hr. Park diplomatic activity was under the procession that ushers The 

-t. -.L .L- .... - described' It at a **bubble«0d- way, aimed at securing broad- Speaker to bis seat 

served up to the House and b^d support for action through ij, tfie traditional uniform ot 
rejected before. the UN Security Council to pro- black cutaway coat, lace ruffles^ 

He reminded MPs that Ur. an mvasioo of Somalia by knee-breeches^ bteck silk- stock- 
Albert Booth. Employment Seo- ^ Russian- and -Cnban-tiacked isegand sUverbnckled shoes, he 

retary. was already in consul- Ethiopian for^ ^ seat at'lbe Bar 

tatioo with Interested parties to Dr. Owen took the unusual Of the House during debates. 

Oeoffrev Howe shadow Chancel- ti.2 " — isZ — *®® ^ alternative on course of telliTig igpg m. advance The rapier and scabbard girt 

£r°of the^rTlSniSg he at Wa Sit. a badge of Ida 

_ , . Lni K^ai.n.^ noiKOB- which would command general intended to deliver to* the historicai duty as enforcer of law 

The propos^ c^e under i^ersial J?® support . Ethiopian deputy Foreign end order in the protection of 

attack from Mr. ^rge based on words wed J>y Mr. He thought • Hr, Ridley’s Uinister later in the day the rightt of MPs. 

„rS’uMSSa.'"-?be%“rre’„-‘L^^^^ ««, F^n-ten. a.,1. ta of d» S«Je»rf..-A™. deparUneot. axalo.. at «.e 

the activity of pickets and 

hobble the trade-union mov^ jggjtjmate pickets staould be with the methods adopted by 


thougb the Liberals joined with limited number of people who 
them m voting against it would be auLhorised and identi- 
• .Among the Tories voting for by the trade . unions con- 
the Bill were Mrs. Margaret cerned and would be separate to 
Thatcher, Leader of the Opposi- teose who wished to demonstrate 
tion, Mr. James Prior, shadow in support of a strike- 
Employment Seerotary, and Sir To add to the discomfiture , of ' 


Terrv'Xire 


solve gnj (j,a( those who ^hed to deali^ wit^mate picketing. On «ihq«. would .-be borad to view to the proty. of £12.y5 -for wMt inade in ambi^ for - his 

-a grave eracern. • ** **'* * * *“ “**' “* * - — - •" »» .«!> m «i 


or any subsequent day. 


Bill as one of its sponsors. 


meat. 


Monday^inronsultation with her of clothing at Chitoas. iitr'ctistody.’ To-day, he feose >f CommoM houwkeeper. 

allies. But the ofSee. -was wOrto./^iQ.pi • mho— ^ nredecessors when necessary-, on- the • He has- an offi^cjal residence in 

Dr. Owen described the conflict P®®^ ^n times that amount IdS? anTa iSo? P®««® force stettoned at West- 

in the Horn of Africa as complex unofficial fees and gratui- nrlme du^of ““oster, under his supervision ®f the ^rk of his well 

effect arresting offenders and faelU- u, tho order in the Commons. administrative. Helped by a 

“We have worked actively for tating petitions and private SSSJnJ nrwiSte ^ “ - »«* *be Serjeant himself stiU deputy, assistant . and deputy 

a negotiated settlexn^^and Bills. The City of London was i-* «scorts any offender who is assistant, the Serjeant Is con- 

believe the conflict should be heavily — and. usually willingly He Is empowered to .tw into called to explain his conduct at cerned with the upkeep and 
settled within an African context — ^mulcted in any of ite dealings custody or order the w^drawu the Bar of the Commons; and maintenance of the building and 
and without oiitslte interfer- with Parliament. ' of anyone guilty of misconduct could escort the unfortunate to its staff or doorkeepers, mes- 

ence.” By 1543, when the Commons, and, if ordered to do so. by. the the Tower if his breach of sengers, attendants and eleauera. 

He maintained that tile central for the first time, brought a de- Speaker, dlscipUuary ]^Pliamentary privilege were Offices for MPs, reporters’ 

— ‘ deserve such a places in the Press Gallery and 

the admission of tourists all 
Commons committee’s come within his jurisdiction. 

Meanwhile, the British Council table. 


Think Tank report criticised by 
two former Foreign Secretaries 


RNANCJAL TINES REPOftTai 


Ecnrn on the Government Think foreign role as “an alliance 

Tank’s report on British over- power and Inevitably as an r~ Mi> taw.. 

seas representation. alliance leader," wbelher “ bas hit back at the Think Tank s ■*®™l“*«^ ahadw 

- that the council Secretaiy, sud put 

uidi. ui« muuw expenenee suggested that the 



suggestion 


Lord Geors^-Browii said tha Europe or NA’I'O. 

rowrt wS^ave Lord feorge-Brown arid he shoild perhaps be abolished and ?v%*Sero 

D*%rovided" and Lord Home ®8®”«®®* Sir 


C^as''i^nrsE?e'’c'S.'i Si SS 

;3Tiey were answering questions of.effort might be bard to over the past 30 yeartf-had built ^ 


SSt« e.Sminlne ®*®™Pi®. w)»i‘i “S"** ^®*r that could disappear, 

mtnee e.xamimng tue reeommen- •« choVoar.Aapa" wUhnnt . . 


dations of the Central Policy wtthout eduction of the councU’s supply, arms to Somalia, Mr. - . . 

* i» .*-• He believed that the report had commented that if they the DEATH yesterday of Mr. to capture flie seat. ' Their ov» the < 

^^rd ®®>.^ _ibat Britain a very depressing effect on , 5 T®*!? would william Smalt Labour MP for aggresrive electoral tactics mean was aslei 


reports, that tiie 
U.S. had alieady refused to 
of the councU’s supply, arms to Somalia, Mr. 


Scottish by-election test 
for Labonr in Spring 


Clear choice 
for Liberals 
on pact 


BY RICHARD EVANS, LOBBY BtilTOR 


By Richard Evans, Lriiby Edittf 


THE SPECIAL Liberal Assembly 

™ ttae 

althourii M nright do some good «J®tiQns were needed, free band. ^Government will have to could be a severe bloWto tiieir of--February or e«ly March. :Son to^itt^w i SeS 

“ a crucial bynelection con- morale m the . critical run-up Tbf one .at -Garscadden wiH w the nartv leadprahin 

test; with the Scottish National period to a General Election. prob|bly be delayed by the gov- .. -. 

Party in the spring. .* The SKP has already.. pidied erna^nt.utdllafterthe budgetfar.; 

as its candidate lfr. Keith BOvey. rofiApril-, whirii Ministers expect t 


and this depended, in part, on 
the qurilty of representation 
abroad. We oiisbt to spare as 
tmicb inonoy as we can to get the 
best men in the right places," he 
said. 

:*’I don’t wont to see the 
Diplooiatic Service cut down 
further than it is now. On the 
whole. I should be inclined to 
eifpand it” 

Lord George-Brown was asked 
how he would have treated tbe 
report If be were still Foreign 
Sem-etary. He replied: “ I re- 
gard this as an addition to the 
buimf which would have been 
baUer not provided and 1 would 
baye placed it in tbe appropriate 
recfCptarle ' 


in stimulating its thinking. He 
did not think tiiere was much to 
be said for- an Integrated borne 
and foreign service. 

Suggesting that tbe report 
placed too* great an emphasis on 
visiTs to overseas posts by 
London based staff. Lord George- 
Brown said: “The visitor will 
.roend nearly all his visit learn- 
ing where to go and how to get 
thero." 

Mr. Douglas Hurd, a Conser* 
vative junior foreign affairs 
sonkesnun and former diploma.t, 
said that the review had “ far 
too much of a whiff of Whitehall 
warfare about ft Far too many 
axes were out." He did not 
believe tiie Think Tank was 


Smoking ban protest by 
79-year-old peer 


The bv-eleetlon will be a oo tv* v*u,uu,miw jm». mumwwno cai,cv.v _ ....iw • w,,..., . _ 

ticularly significant one as it wiU !?'® tan second to to toost L|bour’s electoral 


He felt the GPRS had set about suited to carry out this kind of 


Itginquiry with many prejudices. 
'n» report they had produced 


report In written evidence. Mr. 
Hurd defended embassy enter- 


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LEGAL NOTICES 


SALE CONTINUATION LIMITU 
■In ralununr lioulMtloiil 


notice hereby given tmt hw 
Omtmnf Moeung m tiN Civdlion or tne 
•bovc-MneO ComMnv will W heltf M Iha 
C«kMWM Ul«UT«iK« l«Wtvt«. 20 AlMr- 
mnittMin. Loneon. B.C.2. on Fridny the 
3rd- d«Y 0* March 1978 at 3.00 n.m. tor 
the ngnwie ol racernno an account al 
trie Licaldator'f acts and deallA« and Q< 
ti!«. conSuCt of tM windino-w for the 
veat ended 27tn Scpienocr. 19rt. A 
CrMHor amitird te attend and «Me at tlw 
anove md-Ooned mwtlnd. la entitled to 
aenoint ■ pr^or who need be a credi, 
ter 'Of the Comoanv to att«*nd and vote 

adssssN’”"- 

UouMMorw 


SAU, CONMNUATIOH UMtTtO 
;in voluntarv iiqwdaeien} 


^ NOTICE IS HEMBY GIVEN that the 
Gewat Meetino oi the MemOm of the 
above-iwRied Gompany ytiii be held at tna 
Cbanered inwMMe Inadtiite. fto Aieer- 
manburv. Lwoon. E c.2. on Fndav me 
3rd day el March 1978 at 3.00 ojn. for 
the ,PurOM of rKMvnp an account el 
the Lieuldator a acti ana dealinoa and of 
the eoediMt af th« windlng-ud for the 
year ended 37ni Sedtember. 1977. A 
maniber entitled tg attend and rote at 
the abeve-Rientionea meeiine. i* entitled 
la apooint a urery, who need net M a 
member of Cnmeanv 16 attend arte 
vote inatead of Wm. 

Dated tliiB I6t«i day ef januNV 1978, 

I, R. NICHOLSON. 


A 79-TEAHOLD peer raid 
yesterday he was prepared to 
go to the Tower to defy a new 
ban on smoking In the Hoose of 
Lords. 

^Ex-miller and fanner Labonr- 
HP for Merioneth, Lord 
Haelor, Is angry that the only 
“ silence “ room— the Tniro 
Room in the Lords library — 
has been allocated to non- 
smokers. 

He told peers yesterday: “ 1 
shall continue to smoke in that 
room. No one will be able to 


stop me because tf anyme 
speaks, 1 will say It Is a silence 
room.” 

Lord Peart Leader of tbe 
House, replied: ** I must, ask 
you to respect the courtesies 
of tbe Honse.” 

Afterwards, ontside * the 
chamber. Lord Maelor 
declared: “ I have said 1 am 
going to fight them acn 1 am 
going to smoke (here stilL I 
don't know what they can do 
unless they put .me in the 
Tower and. yes, I am prepared 
to go to the Tower.” 


..show for the first time in this Mr. Sm^ lari time. . pc^ A labour can^date hw aLeSSt 

ParUament the electoral strength As toe Conservatives o^ not been chosen, although Mr. ^ 

<rf the Nationalists and toe managed X3 per cent of the Small had announced his fnten- 

'iGovenimenrs: abiUty to with- poll m 1974 -there is BWe oppor- tion of -retiring 41 toe general neirt^eSon?“ * * 


stand their advance. 


won or lost in Scotland which 
.’Is why so much emphasis is 
. being put on the Scotiand Bill 
now briore the Commons. This 


FOCUS ON DAVID STEEL’S CONSTITUENCY 


Pact fits Borders’ 
view of politics 


BY RAY PERMAN 


MR DAVID STEEL faces the 
biggest test of his leadership at 
the special Liberal Assembly on 
Saturday secure in toe lamw- 
ledge that his own constituency 
party Is solidly behind him 
whether he wins or loses. 

The Liberal Association in 
Roxburgh Selkirk and Peebles 
tbe Borders seat that Mr Steel 
has held since be took it from' 
Che Tories in a 1965 by-election 
— ^ould prefer the pact -with the 
Government to continue That is 
bow its delegates voted at tbe 
Scottish Liberal conference last 
week-end. 

Members would also like their 
UP to Stay as party leader. ’The 
local association was 100 per 
cent, behind him in toe leader^ 
ship contest in 1976. But if the 
pact is killed at Blackpool and 
Mr. Steel feels forced to resign, 
then they are ready to accept 
that decision. 

The people of the Borders 
will back David to tbe hilt 
whatever he decides to do,” says 
Mr. Thomas Dumble. Liberal 
agent for the three counties. “ If 
it comes to resigning, the consti- 
tuency will accept that.' 



tunity for . tactical . switcbii^f of election... 

Mtoi'ctprs acpMf fhat tiiA nert Mr. Small, aged 68. . died. sud- Acceptance of this .option' 

cewral e?e(S^r co^W wril ^ * «*enly after being taken iU at his woirid mean that Mr. CaUaghan 

general election coujd wen oe Liberris..wbo.cajne a very London hoteL He had. been ih -.conld fulfill his plan of compiefr 

poor fourth last time and have Parliament since- 1958 and sat for tog the present Parliamentary 
virtually no local organisation, Garscadden from Febraary 1974. session before deciding whether' 
would probably • prefer not- to He was . sponsored by the to hold a -General Election in 
riveRTe^owou^”*™ fight the seat, but might feel Amalgamated Unioh of Engineer^ October or continue into next 

rowJd nSwer to an Attempt to do ‘so for .toe sake ing Workera. year. 

bdaii nff the Nationalise ehal- appearances. • Lord Bttckton, who has died at 'The original recommezidation; . 

lenM naaonaiisr coai with two by-elections outstand- Settrington, Yorkshire, on toe which left the assembly to decide 

own 09inMf qi n^r npnr tog— the other is at Ilford North eve of his 82nd birthday, -was when to scrap the pacL could 

GarseSde^® in ”^® go’®™“ent is in a chairman of Ways and Means have led to a chaotic dliteome, 

oVtfthSr 1074 Commons mtoority of seven. But and Deputy 'Speaker of the House But "the assembly committee 

* ne^v ®’®“ ^ Labour were to lose both of Commons In 1965«. meeting in London yesterday saw 

a swing 01 nearly lu per cenL contests, the government could His career at Westminster the danger and . opted for- the 

still survive relatively comfort- began in 1931 when, as Samuel simple choice, 

ably so long as the Liberals main- Storey, he was elected Conserva- The preamble to the resolution 
tain the Lib-Lab pact . tive MP for. Sunderiand and held recogni^ that tbe pact has been 

The chances of Labour holding the seat--uhtil 1545. From 1950 In the national interest because 
Hford North appear to be ex- until 1966, when be b^me a life it has scra^ened'the economy 
eeedingly slim as their majority peer, he was' MP tor"Stretfbrd.' maintrined the attack on infla- 
tion, and changed the direction 
oL..a “doctrinaire socialist” 
GoveriimenL 

But. it goes-oo • to deplore the ' 
action, of many Labour MPs in 
“frustrating democratic reform 
and European - ideals ” — a 
reference to the failure to secure 
a proportional representation ‘ 
form of voting to the European 
Parliament. 

_ _ * •,, L. * • u*. . • ’The choice Is then - given of * 

SJJ rf“n' “"ng __the .^™ent_imm,di. 

The nearest Mr. Steel has come 
to losing tbe seat was in 1970 


Assembly shaiM 
oil, argues SMP 


BY JOHN HUNT, PARUAMENTARY CORRESPONDENT 


when, following his- promotion 
of the abortion Act and his anti- 
apartbeid campaigning, his 
majority was reduced to less 
toao 1,000 by a local mill-owner, 
standing -as tbe 
candidate. 


last' night tried to persuade the Ministerwho is' piloting the Scot- waiting until the 

Commons to put North Sea oil ' land Bill torou^ the Commons. Finance BUI \% enacted in the 
and all toe energy industries He said that the amendment summer, when toe pact Would 
under toe control of a proposed sought to' extend devolution into ."^ve achieved its immediate 
Assembly to Edinbugh. aroas which abciuld be retained 

As toe devolution legislation by the Westminster Parliament Tbeo “the agreement should 
I luiu-uwuBi entered the tenth day of its com- with undlvidi^ responsibility to continue, only untiL in tbe light 
Cooservative nalftce stage. Hr. Gordon Wilson order to. preserve the eeonoiaie resolutio.n, toe Leader, of 

(SNP, Dundee Elast). argued that unity A.'llie U.K. toe pa^ in consultation wibh.. 


It is a measure of bow Mr. to® Proposal could provide The He thought that MPs knew toe senior officers. 'ind with toe 
Steel has become accepted toat economc malosprins*' which bettw ..than .to be .beguiled, by . PariPr decides, to 

he held toe seat Abortion was needed.^ The SOT such taillq.whieb he dismisaed as **’ 


a sensitive enough subject, but uioved an amendment to add 
on the touch line- at control over gas. electricity, coal 


SNP pnpa^nda.' 


The main .motion wUi in- 
troduced -by. Mr. Richard Wain- 


appearing on the touch line- at control over gas. electricity, coal jj- claimed that there was an *“• Bichard W 

^wick. where rugby is a way of a"** toe oil industry to the ranee amraing- 'tflfferenro betwee^ the '*^9**^ Colne Valley. 

Ijfe,. to. protest, agai.nst the of matters on - -which the way the SNP presented its caee 

to in tbe Commons and the way it ra-ii 

. was exploited, in Scotland for ^OuipaDiCS Klil. 


Springboks', was almo'm heresy. Asseinbly would 
At toe next election— as at legislate, 
most since 1965 — he will face a They pressed 


be able 


their 


new rat of opponents. He is the d^ite the ftfet toat on the' pre- The SNT^ plans made no tllis SPCCinn 

S to- economic . sense, he maintained, tm a 


Ur. Steel . . . a ** nattual ” 
Liberal majority 


attack, electoral purposes. 

Jie pi - . 

only familiar face and it la one vious day two similar attenips 
of the reasons for his success and give toe Assembly power over It *^wouW to *ti^C^to^dlri^e**UD ^ ^ COMMONS question yester*- 
hnm . Scotland’s industrial develop- energy resoonS, when Britato Higgins (C.. 

hn? h,« finsnaal institutions had such marvellous reserves of ^ remained 

.V ^®*“- overwhelmingly oil, ga&and coaL Government’s Intention to' 

made himself toe am best thing rejected by the Commons. Hedeelai^; "To transfer ‘“tooduce a Companies £111 in 

by morag into the ara md Mr. Wilson hoped that the legislative responabili^Md ^Prosent session of Parliai ' 


irf - • 



nuttee to look at energy mattera to the Scottish Assemblv covering the 

In quiet rural communities. Sjn? mS wh2» sSt? ^ Industries .would be a separatist ^ prohibition of auditors holding 

where life goes on untouched wStainster - in detol. It was desirable not For ithe Liberals, Mr. Jo f *“ companies which they 

toat ri^e great steam sTbeco^g rnidonal name G^ond (0^ and 


i®veu toe ;itrem« to po^ he hal“^lv« to^ 


oil todus^, but said ^ party would oppose any Airoctorships In other 


towns where most of the elec- , of Right and Left seem to have Borders sometotog' It felt it background in .Soot- Interferanee by toe Assembly in ®®“P®p*®a reslricUons on loans 

little relevance. needed: recognition. At first t?'.— ^ matters. This was not an penalties for 


torate lives supported this asser- 
tioo. Certainly in Galashiels 
Liberal Club, tbe 

thfGc thrivinc clubs uaqa mawwim^ • * 

the^DacL* Th?main”cM^ toerf"RoxbuiEb! But beneath the surface there 

to^'^toe ^lacS Xembfy 

will mean toe MP missing the Dumble has m estimate of ^j^pt low by continalSemten- 

annual Burns Supper for the what he rails toe “natural" ^on of young people to the ALLEGA'nONS OP a sell-out bv a raikeut- on limitii mi/.*.. . .. 
firri time to 13 years. mi todu^r^ansU Is U.JL Ministera to toe BraieU ranra^tio™ 

The pact — or at lerat Mr. elections ^ i,ig concern. For much the fishinfi talks were 


Hr. Clinton : Davjs, Undep- 
Secr^ry for Trade, confirmed 


Fishing ‘seIl-oufdeiiie(l 


24 . . SaVUUtllffCU- 

* »it? intended tot totrodueer ? 

a -Bill this session. “ it will- be - 
The scope ;of • 
ro®. B'ti has not been 'finally ' 
deuded, but it wiH not- contain - 
new restrictions On 'auditors 


Steel’s Vr^CTtetion orff -as'-'a ®®“® ^ ai^t' “toe*’^ro^^or‘ti: " UVCl 

excesses of Socialism— fits In well “* promiMot nicture caotion 


No action over 


excesses of Socialism— fits in well 
wdtii toe Borders’ view of poll- October. t, 400. 
tics. Apart 
committed to 


issues. 


Commons yesterday. 


rde.*- rtew af poH- ^ A, 'teader of a major U.K Hrriafo Sp^Ma.. Aberdeen iSpr^Ss ‘a'bou^'SfltaS G««*o' 

from those already Between the two contests, toe party and participant in Govern- S.) said that Common Market pro- of fteindn^ narticSarlv rl! P°"’®s*iy«terday recommended 
o one of toe two Cw^ativa 1®^^. *®ir ‘ «®o«...Mr. Steel has focused posals to resolve toe' dispute the ' Semite feWng fuato aSd 








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I 


5^ The Tory KP recalled that Mr. account of the difficulties facing tart^ from om^dT^ inMnm appointed toe firri from among 
to Callaghan bad told the Commons pickets. The BiU. did not deal Somalia’s terrltorv^^ it would his own bodyguard. 

— •"''-'0* that legitimate pickets should be with the methods adopted by . ^eveionmeni nf Hi« n^nst Anotoer Serjeant, now incor^ those of tipstaff and Jailer. — . _ . 

ment. It would be liable to p„per^ ideotlfied at Gniowick’s newly fonned police groups In ^ pointed into toe office of Black Today, the Serjeant Is prtd a Speaker’s warrant, though not to man- yesterd^-wero sei^ W 

exacerbate rather than helo solve .wl- .i..... ...u. .... .(..ii.... ....... n. a^onraees -wmea we, ana our /.e ci04AS-8At. a !...«.«« <« emhneli tHe' '.Rerieant’s behalf 


Into, any boose to execute toe ordeto -to toe Britirii Steel drip*' 


. .. by toe 

problems." demonstrate in support should occasions, these method" Sr^-iave^ccmroiS****^ ” ^ toe Lort Cbane^or to able variety of tonctioxn on be- qtiany. 'Mayors, sheriffs, under Clerk in Chaz^ and Wanut 

, By a majority of six (187-181) be separately organised. The amounted to provocation. u t ^ -n * va_! j toe Lords. half of toe* Commons though sheriffs, bailiffs and constables Officer in his departme^ Miss 

kto. Ridley was given permission Prime Minister had also Mr. Park suspected that Mr. ,,, learo mm- under no Eight Royal Serjeants are his appointment is still mad^- Kave bran enjoilned to'give him Mary Frampton, -who- is toe first 

to bring in tbe Bill under the suggested tbat there should be a Ridley’s Bill and tbe wide support “toriormaoont -Ute- dangers or gtjji appodnted for purely after • •'consultation— by • toe anyhelp he should nedd-to make woman to told tto port. • . 

10-minute rule. It has been put limited number of pickets out- it received from toe Tory-«irty aavenmnsn^ ceremonial duties. In Elizabe- Quera in: a irarrant' from toe arrOsts. Since 1812 tbe Serjean^ 

down for second reading on side Grunwiek. was an indication of the new, Britain, be explained, .was care- than times, toe. Serjeant-at-. Lord Chamberlain to .'attend In' 1810, toe Serjeant-«t-Arms duties as poHeemah, jailer and 

Friday, April 21. but has little Hr. Ridley said he hoped to tougher line of the Conservatives fully consideriiig Somalia’s Arms was paid twelvepence a upon the Speaker. " - called on a magistoate and a ceremonial attendant bara .rara 

chance of being discussed on that put Mr. Callahan's name on the towards the trade union move- request for arms — received on day and given a yearly livery, •hia nnit its iisiisiTv hdd bv a military detachment to take one greatly extended tO include 






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"Hnnsflaj Jantzaity 19 1979 


R NEWS 


15 




uUtin Heatmg groups 
fan in wii& 
pay guidelines 



BY-PAlflJNE CLARK. LABOUR STAFF 




pOVEipiMENT saueticiiis against 
'' beat and ventUation cqq> 
, idragrcboipaiiies have forced 
re^dsTon of a pay deal to aonie 
^ BOiBOO fitters to comply with the 
y - s’* 10 pet cent. guideUnes. 

. i AettoB by . Government ^ pnr- 
^ lehashiK departments against the 
^vueating .and ventilating indnstry 
is believed to be only tbe second 
case of Government 
.-being applied, to companies 
which have' overstepped the pay 
polios; • 

The first case was last Septdm- 
er ' when James Uadde and 
one, the ;Mlfast- engineering 
pany,; fo^eited its . export 
':t ' i^rastee' beesoso. .it 
'retted .to vritiidxaw a 22>23 
cenL wage rise - for its 4,000 
' 'workers* 


"1 


ladicatioiis 


'‘'m The Heating ud Ventilating 
.Contractors* Association • yester- 
'-:';-'day azmoimeed a renegotiated 
' ' ' .V settlement' to give-- an increase 
■' .-•.of “marginally .under r 10 per 
'. cent, on overall earnings. It said 
that employers h^ no option but . 
v.';to revise -the deal because 
' - • .'Government purdiasers -last 
' -' ..^.November' had •“ stiurted to use 
discretionary 'powers on whether 
' to place contracts.” 


It add^ that theie .had been 
no written evidesiM of this 
action fniyt -thii. Goveritment or 
from the companies .-concerned 
but “ tbe iod^tions-.were clear 
-enough.** •• 

. “Othfinnse, fhe ieaegotiation 
would not have taken place,” the 
Association said. ' 

Toe • new deal ■ replaces an 
earlier. agceeinent'which would 
. have added 13.86 cent to 
-the wage bill and -vtmld. have 
given some fitters iherea^ of 
.up to so per. cent. ' - 

Tbe - empl<n^ers .'baye', been 
anxious to reeti^ a ^ per cent 
disciepaiicy'betweea wages paid 
to fitters and to bnQdi^ crafts* 
men. Tbe new deal trill iedace 
this gap to 12 i per cent only 
temporarily and the . employers 
believe it could lead to an 
increasing shortage of skilled 
fitters “who have been leaving 
to become postmen-'and milkmen 
and all manner of other occupa* 
tions.” 

. They rfaitn that the nature of 
the wotir is too complex for 
application of a self financing 
productivity deal, ' vdiile long- 
term contracts would -make any 
other kind of : bonus- ' scheme 
against -the best , interests of tbe 
industry. 


New famworkers’ leader 
elected in 47% poll 


BY PHUP BASSETT, LABOUR STAFF 


( 


ear 


VR. JACK BODDY. a fdrmer 
farm worktf, was elected genex^ 
secretary of the National Union 
of Agricultural -and' Allied 
Wort;ers yesterday. 

He replaces Ur. Reg.Bottini, 
f ,, who is retiring for medical 
J^llj^ip^ns after eight years in the 

Ur. ^ddy, aged 55, tiie onion's 
f HI district secret^ for West Nor* 

|Ju^i folk, received 31.4 per cent of 
the vote in a ballot in wbi^ 
■ " ?46.6 per cent of- the member- 

sUp participated. 

.Bis election, came as ri^eal 
staff at. the union's. head office 
. ibfeatened to strike over a pay 
claim they say has been ignored. 

Ur. Chris Kaufman, chairman 
- of the agricultural workers' 
union branch of the- Association 
. of Professiuial; -fxecative, 

. .'.Clericai and Computer Staff, said 
yesterday that nnlees 40 clerical 
workers in the farm waters 
union's head office got-an assur- 
ance by mid-day to^y on the 
opening of negotiatibas on their 
pay claim— due on January 1— 
tbe staff would walk out until at 
least Friday. 

Winders halt .pits 

. A second Yorkshire ' coUieiy, 
Ledstone Luck, was stopped by 
an unofBcial- 244iottr strike of 
six winders over incentive pay' 
levels. Tbe first 'was Park Hill, 


near W^ceSeld.' for^dS hours. 
Botii end at 6 ajm. tP-day. 

Nearly 1,000 Yozkstri» miners 
have been made idle.;' 'Winders 
raise and lower cages (lifts) 
carrying men, coal. and 
machinery. 

Under area Incentives schemes 
they stand to receive tmly 40 
per cent, of the pay of face and 
development workers.; ' . 

»r>*. 

Swan Honter ^pe 

Swan Hunter boilerinakers on 
the Tyne wHl' not, aft^ all end 
their iob fleriblUty eereevnent 
today in tbe row with outfitters 
over pay dlfferentiala. r ''' 

5b<^ stewards have agreed to 
a temporary bait untll.'at Ipaat 
Uonday. If talks tomorrow with 
executives of British Shipbuijffers 
make progr^ oo thei 9ran 
Himter pay Tangle, the a'tftibn'' 
may be dropped altogether. 

* « ' ' 

Row hits dodks 

London’s three, endowed docks 
were disr^ed ^hen dockers in 
the National Amalgamated Steve- 
dores and Dodkers. who are in 
dispate over 'a pay offer, refused 
to work -mtun the eristmg shift 
system. ' 

Uanage^enf declined to " book 
In ” the men for work, but most 
dodceis ki the Transport and 
Generalf Woi^ers’ ITiuon, who 
have Accepted the pay offer, 
work^ normally. 


Du Pont 


recognise 

ASTMS 

^ Our La^r staff 

THE ASSOCIATION of ^en- 
tifie, Tee&nicaL and Kanagerial 
Staffs has achieved recognition 
In Du Pont, after a prolong^ 
struggle in ' which the muon 
accused the moltl-natioaa] 
ehemical company of being 
** the most antl-ojilon In (be 
worid.** 

Recognition of the 400,000- 
strong wUtedoUar union was 
agT(^ is g result ef a ballot 
organised at the company^ 
fmly JUJ. mannfactnriag plant 
^Kaydown, in Northeni Ire- 
land— which produeed a 65 per 
cenL vote In favour among 132 
foremen. .... 

In a row Iasi Ocloher. the 
unioo eUmed that for six 
months the company had been 
running a f psy^ologleal wai^ 
fare exerdse ” among its staff 
to defeat the ciuob’s recegnl- 
tton 

This led to Asms with- 
drawing the SDgg^on of a 
ballot, but it was eventnally 
agreed that the Northen Ire- 
land Labonr B^tioiis Agency 
should organise a ballot follow- 
ing a promise of. co-operation 
tram the eampany. 

Hr. Roger Lyons, the union’s 
national officer for the Indos- 
tiy, yesterday haOed the a^ee- 
ment as “ a breakthrongh ** In 
what he des^hed as a world- 
tride organlsfaig drive In Dn 
Pont ivhleh is being organised 
by tho Interaatlonri Chemical 
Workeis Federation. 


Civil servants 
to press.for 
more tbaji 10% 

By Philip Baset^ labear Staff 

MORE THAN 230,000 civil 
servants are to lodge a pay claim 
in excess of tbe Government's 10 
per cent, galdeimes at ^e end 
of the month. 

Seven of the nine clvrl servant 
unions .representing 500.000 non- 
industrial civil servants have 
agreed to try together for a pay 
deal later this month, but the 
executive of tbe Civil and Pnblic 
Services Assoriatkm. the largest 
civil sendee union,* decided 
yesterday to go ahead with its 
pay claim irrespective of any 
decision by other unions. 

Tbe CPSA executive has in- 
vestigated wages and settlement'' 
in industry and based its claim 
on the results, , • 

The CPSA said:- “The claim 
wni certainly exceed the Govern 
menfs 10 per cent, guidelines.” 

Busmen to vote 
on wage deal 

PUBLIC TRANSPORT workers 
in West Yorkshire are to vote 
on vrttether or not to accept' a 
pay offer witlfin the Govern 
meat's 10 p»- cent limit. 

About 4.000 bus worken in 
Leedk Bradford, Halifax and 
Huddersfield are involved in the 
ballot the result of which shotild 
be known at the week-end. 


APPOINTMENTS 


Actuaries Institute president 


Ur. Peter E. Moody has been 
' riected president of the INSTl- 
rUTE OF ACTUARIES in suec^ 

- uon to -Hr. CL MJebael OErien, 
.'-nrbose term of office will expire ' 

.- on June* 26. 'Mr. 'Moody is the: 

joint- secretary and in v e s tment 
manager of Prudential Assurance . 
lod a directoc of Equity Capital . 
ior Industry and Unit^ Domi- - 
aions TTusL. 

it 

Mr. Arihur A. George has re- 
linquished tbe position- o f jo int' 
managiag .director of LITTLE- 
WOODS POOLS and has been 
appointed . joint rice-chairman. 
Mr.Netl D.pMer, at -present joint 
managing director, becomes -sole ' 
managing director, and Mr.# 
Kalcolni A, DaridsoB has been 

- made a director.- 

. -it •. 

Mr. Alan Reid . has been ap- 
•Minted a director of SCRUTTONS, 
(be main Board of the Scruttons' 

< uroup. He wiil 'continue ' aS 
managing director, of Victoria 
Deep Water Terminal 

Mr. Ptter A. N. Game has beeti . 



Hr. Peter Moody 


director of the Newell Dimford 
fingineering Group, of which 
Robey is a member. 

★ 

- ' Hr. Arthu r McC arten has joined 
■ POOD BROKERS as marketing 
director and a meinher oC- the 
Bo^ of Food Brokers Bfarket- 
and Consultancy. For the last 
four years he has been with 
. UnicUffe. 

V- 

Mk. cure Nottiii#uun has been 
appointed managtog director of 
CONTROL TECHNOLOGY. 

■* 

' Mr. N. G. Prowse bas been 
aiq)ofnted a director of ROBERT 
.filming INVESHdENT HAN- 
' AQEMENT. 

* 

. Hr. C Lk Tbwen and Mr. J. D. 
Arpel have been ap point ed 
assistant directors of FRIZEtEU 
INTBRNAH074AL. 

• * 

' ;Mr. Biyaa QulRer, managing 
.-director of Granada TV Rentals, 
has been elected to succeed Mr, 

. Darid Hurley as ebalrman of the 
Counefl of tbe NAHONAL TELE- 


i » 


I » 1 1 ^ 


. ^appointed group marketing direc- *" VISION RENTAt. ASSOCIATION. 

,..,fi t*tor Of LUIPBR HfflJMNGS. and .',“6 OTPpmg Mr. Hurley remains a membw of 

; l> ' Mr. Aha A, Malden has become yoridmde, eonbaue to be the CouncU. Mr. Ronald Weedon. 
director of sales, Fhcific regioo. located ^-London ami wiUucvoto . managing director of ' British 
« result*. ^ Workn^ with Relay, replaces Mr. Quilter as 

*■ • Hr. R. G Room 'hSA been ap- esecttUves_ in New Ywk. Mr. deputy chairman of the Counril. 

, roimetf general manager and Arthiir SL Rogers Jr^ vice-. * ★ 

commerclfi direotor^MrTx. Ab«- P«sldent of Morgan Guaranty Mr. Pyter Phffllpa has joined the 
ajeiiy fioancial dHSetor and com- Inteixiationa) Finance Corpora^- X^don office of CROCKER RANK 
pany ’secretarv- Hr A. EL succeed Mr. Lapsley as' afs vice-president in charge of 

technical director: mid Mr. P a! head of d» I^ndon offices’ generu. merdiantbanto^ in. Europe, the 
Deem 'nianufacturiBg director Middle East and Africa. He was 


an 

rreufell 


yATTWJIe • Alhffn MS , yr i _ 

parent edneera is ItiomBiectrical J?-!**!! JSSfl -^don wd to ^ennany. * 

Indnriries. — — — •- 


ternational in 


★ 

Mr.: It. D. Kettle has been 
Appointed a director of WlLMCiT 


N(> 




.HA3I POLAND SCOTLAND. 

4* * _ _ ■ 

Mr. I. Qmrd has been appointed Ian Matki and Mr. 

H- director and Productiem Rold bare been appototed to 
MMiager of Burgem ArcWteetural Board of RESB.4iRai SURVEYS-: 

: £S. r. 

Hr. RE Oarke has been nude The Secretary for Eneiw hM who .js now fiiiantial director of 
a director ' and eagineeriog appunted Mrs. Naour-E. ^ 'Wfimot Breeden' Electronica. 
tnanager (deslipi' and develop- BifaMft, tite new dhairman of tte. 

ment) of that concern. BURGESS ■ National Gas Consumers’ Couiwll Mr.S.Biriffi.nrevionsIv 9 sfflefate 
PTODUCTR COMPANY (HOl^.es- a member -of the B?fflRGY research manager ffllms). is now 
INGS) is the perenL COMMISSION, She succeeds 'the plastics division research manager 

■* ■ former chairman of tbe NGCC, at IMPERIL CBEMiaAUNDUS- 

. MORGAN GUARANTY .TRUST -Barones Uaetead of-Borve. .TRIES, ^.succeeds Mr, A.- H 

. / OOT4PANY OP. NEW YORK- Ls to ' . . . * ■ • Boyes, who -retires on March 31. 

make the foHoudng changes from, N. c Beei is to berome -Mr. j. F. H. Park has become 

' ..March IS. Hr. J<4ui W. lApslcy, -mansfHng director of ROBEY OF marketing Tnanaggi- (vinyla), 
. '.! vices>resjdent and ' assistant LINCOLN Vrom, February 1 .in plasties diriSon. and has . been 
general manager, \riB' be genoval place Of Mr. P. C B. Ll#tifoet,..tephKed as -maTketing .muagw 
manager . London' offices. ' Mr. who remains on tiie Board. Mr. -'($ 0001 ) by Hr. p. C Fekey, pre- 
Rflliert G. 'Engei, as .'tiie- sealbr Ri:--G. Mari^' preridusly pr<muo: .'Vioii^' -packaging films vates 
vfce-presideirt .in '.charge' 'of ^ the -ikm-- director, will be 'engineering, contra and -.market research 
bank's buniete . end -InveaUKatS dii^or. Mr. Idgditfoot.u financia] 


Steel iMons’ merger 
ballot called off 

AY CHRISTIAN TYLAR, LABOUR EDITOR 


PROTRACTED merger talks be- 
tween tile biggest steel union, 
the Iron and Steel Trades Con- 
federation, and the smatier Steel 
Industey Management Assoeia* 
don, have failed. 

The news is a ' considerable 
blow to the hop^ of ^C and 
the leaders of tlm two unions. It 
comes only a week- after the 
nationalised industries select 
committee report urged liniu be- 
tween the two in the interests 
of better mdustrral relations. 

Mr. Robert Muir, SIMA general 
secretary, bas mitten to Mr. BUI 
Sirs of the ISTG, saying that a 
proposed baUox would not go 
ahead because it was unlikely to 
produce a “yes’* vote. - - A vote 
against would amount to a rebuff 
for STUA’s leaders who have 
recommended amalgamation, he 
says. 


SOLA'S national council 
decided as long ago as last June 
to accept the merger terms bat 
the idea had a poor reception 
from members. 

They earn between £3,000 and 
£11.003 a year as BSC employees 
and {bar loss of identity if 
merged with the ISTC's vrblte- 
eollar section. 

. 50 CA .origisally wanted to 
join the TUC in its own right, 
but since 1969 has been, it says, 
■’proscribed’' by a decision of 
the TUC general council 

The select committee also 
urged links with the National 
Umtm of Blasthumacemen. the' 
third steel industry union. In 
spite of approaches by the I5TC. 
the blastfuraaceinen are thought 
nnlikely to come forward. T&y 
have been talking reccmly to the 
National Union of Mineworkers: 


Unions to seek assurance 
from Varley on Leyland 


BY TERRY DODSWORTH AND ALAN PIKE 


SENIOR union leaders repfesent- 
ing Leyland Cars workers will 
meet Mr. Eric Varley. Industry 
Secretary, to-day to discuss tbe 
problems facing the company. 

Union officials were hoping last 
night that tbe Prime Minister 
would join the talks, although 
there has not been an official 
rquest from tbe trade union side 
for a meeting with Bfr. 
Callaghan. 

The decision to seek talks with 
the Government -was taken after 
the unions saw Hr. Michael 
Edwardes. chairman of British 
Leyland. on Monday. 

Officials will seek a clear 
assurance from Mr. Varley on 
bow the Government sees the 
future of Leyland Cars, stress'ug 
the need to maintain employ- 
ment and stick to the broad 
strategy developed since the 
Ryder Report 

They will revive calls for 
stronger action on Japanese ear 
rn Doris 


Plans for British Leyland's 
new mid-range car, code-named 
the LCIO. have been approved by 
Mr. Edwardes. The ear will be 
built at Cowley, Oxford. It is 
due to appear in 1981. 

Details of the LCIO project 
which "have been given to trade 
union officials indicate that it 
will Involve large-scale develop- 
ment of Cowley, inclnding a new 
paint plant The car wul form 
the basis for a family of vebides 
designed to replace the Allegro. 
Marina, Maxi and Dolomite 
range. 

There have been suggestions 
that Leyland might seek to 
licence a car in this class, pos- 
sibly from Renault the Frendi 
ear maker. But L^land and 
Renault both said yesterday that 
talks between the two companies 
were concentrating on a system 
of exchange of manufacturing 
licences for components under 
normal commercial conditions. 


STRIKE THREAT TO PEJROL SUPPLIES 

Oil pay row may stop 
the wheels turning 


BY NICK GARNETT, LABOUR STAFF 


SHELL management and shop 
stewards are meeting Department 
of Employment officials to- 
morrow in tbe latest of a series 
of meetings involving ali tbe 
major oil companies aimed at 
negotiating pay deals with their 
petrol tanker drivers. 

Although at- least one oil com- 
pany believes it is on tbe point 
of reaching a satisfactory settle- 
menu within pay guidelines and 
without any iurtner threat of 
industrial disruption, most com- 
panies appear to believe that the 
chance of some form of national 
industrial action Is more likely 
than noL 

Contracts 

At its worst the prospect of an 
enormously disruptive national 
strike* is haunting both tbe com- 
panies and. tbe Government 

Since Tbe first pay claims — 
ranging around the SO to 40 pec 
cent, mark on average weekly 
earnings of fSD-flOO-^ere sul^ 
mined to the companies towards 
the end of last year tbe Goven^ 
meni bas been kept in close 
touch with developments. 

The seriousness with which the 
Government views both any 
significant attempt to breach pay 
gnidelines and the potential 
threat of a rapid starvation of 
the country's oil supplies was 
measured by the response of Mr. 
WHLiam Rodgers, Transport 
Secretaiy. 

Within a short time he had 
met tbe oil companies collec- 
tively and told them not to 
budge outside guidelines. 

D) response, the companies, 
most of which have sizeable con- 
tracts to supply Dll to Govern- 
ment-owned services, said they 
were prepared to do that and 
that they viewed the possibility 
of Government sanctions as very 
real. 

They also said, however, that 
if the Government was deter- 
mind to hamstring the oil eom- 
nsn«M. tho chapes of warding 


off a crippling strike might be 
slim. 

In the middle of 1874, Mr. 
Michael Foot, then Employment 
Secretary, helped the companies 
to settle a large pay deal for 
drivers and depot workers, now 
widely regarded as helping to 
Start the inflaUonary spiral. 

The present Government 
conscious of tho way some road 
hauliers motored torough the 
guidelines with a 15 per cent. 
deaL appears to be standing firm 
against any pay-busting by the 

tanker drivers. Instead it bas 

fallen back on attaching the nuts 
and bolts to an emergency con- 
tingency plan to come into force 
if the drivers stop work. 

Some Government advisers 
seem to believe thaL aithongh a 
strike would cause severe dis- 


NEWS 

ANALYSIS 


TANKER 

DRIVERS 


location to a la^e section of the 
population by hitting power, heat 
and transport, it would take on 
nothing like the doomsday pro- 
portions of a national nower 
workers' shutdown. Most oil 
companies take a more pessi- 
mistic view and think most of tbe 
country wonid grind to a bait 
within a week. 

Shop stewards and the oil com- 
panies are well aware that tanker 
drivers in a number of areas are 
showing little stomach for a fight. 

The companies axe conscious 
that even restricted industrial 
action by what is a relatively 
small group, with only about 
2.000 workers at the biggest com- 


panies, could have a dispropari 
donate effect on supplies. 

Some estimates point to a off 
per cent drop in delirery 
capacity if only a ban on over- 
time and rest day working is 
introduced. 

With petrol stations usually 
holding no more than five daj-^ 
petrol supply at any uoie ihe uU 
companies believe that m the case 
of a national strike severe short- 
ages would start occurring within 
three days coupled with the 
rapid shutdown of industry and 
transport. 

They also sec little, if np 
scope, for rail-hauled oil plug* 
ging tbe gap. For one thing, the 
few large industries which are 
geared up to take rail-moved oil 
now do SO. 

For another, the companies 
doubt whether any oil could be 
moved by rail during a national 
drivers’ strike. 

Oil still could be traosparted 
from refineries to oil depots, as 
it is done now, by mil, ship and 
pipeline. But, at the depot^ the 
men who load mil tankers aro 
in the same union, the Transport 
and Genemi, as the tanker 
drivers and may be expected to 
also stop work. 

Hardship 

Perhaps a more cj’nical view 
expressed by some company 
officials is that tbe rail oil load- 
ing gear is not tJie most difliculc 
of machinerj* to sabotage if the 
Government decided it could do 
nothing but send in troops to 
the depots. 

In the meantime, while 
separate talks continue, Govern- 
ment advisers grapple with the 
problem of trying to prevent 
hardship among those sections Af 
the population most susceptible; 
to the effects of chronic fuel 
shortages in the event of a strike. 

Some oil company manage- 
ments arc nnr too optimistic that, 
thev womM have much success. 


These incentives could transform your ideas 
about your own company’s investment plans; 

!j5 Capital grants of 20% or 22% for new buildings and, 
in many places, for'new plant and machinery. 

Jk Loans oh favourable terms or interest-relief grants. 

5k Factories with rent-free pariods, low rentals. Leases 
of 99years can be purchased. 

5k Removal grants. 

These are available in the Areas for Expansion. 

If you are a manufacturer considering ejqjansion, you could gain from 
these incentives. Companies already in the Areas for Ejqpansibn and others 
expanding or moving into them should take advantage now of the help available. 

In Northern Ireland selective capital grants up to 50% are obtainable. 

Telephone one of our Industrial Expansion Teams today for further 
information or send in the coupon for our free bookleL 


J? 


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FTlfe/IG 


JSSUEDBYTHEDEPARTMENTOFINDUSn«' 
InaiuxaiifiDn with DwikoRibhEcanoiiiic Planning DepartmeniaDdihrWelsliOllice. 







itodal Times rhvli^ss ^ 




Time of insight 


BY C. P. SNOW 


Eyes, Etc by . Eleanor Gark. 
Collins £4.S0, l74>page$ 


Eleanor Qark has written dis- 
tinguished books, notably Eonte 
ond Q Villo. She is cultivated 
and highly educated, and it is 
easy to imagine her transposed 
to the 19th ceutuzy and in the 
Company of her countryman, 
Henry James. She is married to 
Eobert Penn Warren. Aitogetfaer, 
by birth, talent, character, she 
has bad much enviable fortune 
in her life. Secently, in her 
fifties, she has had a stroke of 
fortune which no one . conld 
envy. She has been struck by 
glaucoma, which means not tot^ 
blindness, but near enough. The 
condition Is getting worse. Sbe 
has lived very much by the eye. 
She has been a.vrriter and even 
more a reader. She will not be 
able to read again. 

Her new book is an account oF 
how she is living through this 
fetality. Much of it is stark. 
As anyone who knows her work 
would expect sbe is taking it 
with hard stoicism. She has no 
use for, and will not accept, 
false comFort Many people have 
bad greater miseries than you, 
■he hears an assembly of Job’s 
Mends saying. What conceive 
able help is that? In an extreme 
condition, and this is one. you 
live within it and the thought 
of starving and dying millions 
doesn't filter. . 

The condition is with her all 
the minutes of her days, and she 
wont pretend otherwise. Not 
only is her sight going but so 
often 16 her spirit Eye com- 
plaints, even those less irre- 
vgT^bie than this, are not to be 
separated from depression. All 
the more so, when there is some- 
thing to be depressed about 

She reflects about what she 
has enjoyed, and people sbe has 
known. Before this distress, she 
didn’t like a good deal of what 


was happening to heir world, tSie 
contemporary western world, her 
privileged slice of it, soft, in- 
dulged, looking for an ^tematlve 
life-style (on which she is 
savagely funny). Now she t 9 - 
gards all that as a joke in the 
worst possi.ble taste. *niere are 
affectionate passages ahont ski- 
ing, which used to be one of 
her delights. There are less 
affectionate passages about some 
Of the money-era^ vulgacUns 
who clutter up the ^pes. 

She writes about people she 
has admired and . loved— not 
many. In tbe whole waste of her 
acquaintanceship, but when she 
gives love, she gives it totally, 
particularly to the decent and 
honourable, who have done their 
best, for example as teachers in 
small colleges, and never made 
it. For people too gentle for 
this bitter cut-throat existence 
she has tbe softest of hearts and 
one guesses that she has l^ven 
help when she can. 

She finds, not comfort but a 
kind of consolation, in being 
read to. It passes the time. It 
does more .than that, since, 
though listening-pace is five or 
six times slower than reatting- 
pace, she has a good ear. and 
actually enjoys a sensitive 
human voice. Her choice of 
material for listening to may 
strike most of us as rather odd. 
For weeks, or perhaps months, 
it was tbe fliod and the Odyssey. 
Those who have been . throu^ 
similar trouble usually prefer 
something less heroic. 

She has shown great resources 
of personality, and has needed 
them. It is disagreeable to have 
to say that, as a whole, the book 
isn’t as effective as one would 
like it to be. Perhaps for two 
reasons. Ooe is that the con- 
dition itself is monotonous: she 
hasn’t a stoty to tell of a disease 
progressing and changing from 
day to day. Multipie seleiosls Is 


one of tile most dreadful of 
extreme conditions, but it did 
give Barbellion a dramatic nar- 
rative. Eleanor Clark’s giaucoiua 
doesn't vary much, apparently, 
though 'she tells- us at the end of 
the book that her sight is dim" 
than at tiie beginning. 

Otherwise,' neither she nor any? 
one else could have much to say. 
Sight is failing and won’t get 
better. Driftizig into growing 
hopelessn^. Never able to read 
again. Defiant rage against one's 
ludb Refusal to soften it. That 
is about all there is, and like 
some of. the grimmer human 
sorrows It is not communicable. 
It continues. One knows it only 
when one has to go ou suflezing. 

The second reason for the 
book not bei^. entirely success- 
ful is the curious idiom in which 
Eleanor Clark writes iL Once 
upon a time, cultivated persons 
like herself might be crude in 
mann^ and speech. ..But they 
then put on their best Augustan 
dress when tiiey sat down to 
write. Now they tend to do tbe 
exact reverse. They are com- 
pletely civilised. arUenlate, and 
well-mannered when they speak. 
When they write, they put on a. 
new kind of fancy dress, as much 
unlike Augustan as they can 
think up. ‘ 

They seem to have their own 
idea— which incidentally they 
get quite wrong— of the langu^e 
of Uie knockabout proletarian 
young. On paper, the cultivated 
suddenly become at tbe same 
time faeetions and pseudo-rongh. 
Too often for truth. Eleanor 
Clark does precisely that It is 
maddening, for when sbe is, so 
to speak, off-duty, as in the des- 
cription of her eristence as a 
20-yearold in New York, one 
sees how well and strongly she 
can write. If only she would dis- 
card a verbal usage vdiiCh would 
be impossible for an^ne* to 
speak, and is impossible in whld 
to 


Fiction 


End games 


BY ISABEL QUIGLY 


In Between the Sheets by Ian 
McEwan. Cape. £3.50, 144 

pages 


King Kill by Thomas Gavin. Cape, 
£4AS. 39S pages 


Fault Lines by Kate Wilhelm. 
Hutchinson. £4,50, 10a pages 


Ian McEwan U an extraordi- 
nary young writer whose First 
Lore, Vast JiUes was an obvious 
winner of the Somerset. 
Maugham award for 76. In 
Beticeeu the Sheets Is again short 
stories; seven of them, in all 
kinds of settings, all but one (an 
interior monologue of sorts 
called ” To and fro,” aptly titled 
because tidal and restless) rea- 
listic and, in form, straightfor- 
ward. Nasty and brutish they 
sound, and at times seem when 
dipped into, certainly macabre 
and startling; but tbe mastery of 
language shown in them gives 
them power, even beauty; the 
bcautj' of control, exactness, 
lucidity. The style recalls some 
darigerous activltj-: skilful driv- 
ing too fast round comers, say. 
engine singing, perfect pitch, 
hubcaps almost but never quite 
scraping the kerb. 

” Pornography ” is about a 
man who makes love to two 
nurses, and thrir • joint ugly 
revenge upon him. “Two frag- 
meots; March 199- " is set in a 
time of decrepitude and filth, 
with London silted up. violent, 
apathetic, without fresh food or 
communications, post nr trans- 
port. “Dead as they come” has 
a rich man who finds a girl to 
adore, loads her with his riches, 
kills her when he believes she is 
haring an affair with his 
ehauffonr. 

“ Psjchopoljs " is about a few 
people in Ln»i Angeles meeting 
and talkmt!. whose lives bri^y 
overlap: and the title story is 
.about u divorced nr separated 
husband whoso daughter conies 
to slay, hrininnc a schonlfriend 
(that's all? Well, it could be: or 
not. As in a Bimuel film, the 
«iinip)e.sT iiin-zr may hide the 
-.veirdest subtruth; nr, equally, 
may not). 


As with the stories in the 
earliec book, it isn’t the outline 
of the action that says wbat 
they're really about. Form and 
content are so intricately linked 
you can't divide them, nis is 
a writer whose plainest combina- 
tion of words is. like the 
draughtsman’s nroverhial dot, 
uDffliAakably telling. 

Ghess is perhaps the best 
mieroccsmic image anyone has 
yet thought up, a man-made 
world of immutable rules yet in- 
fiuiteiy variable action, the com- 
puter mind conceived before 
computers were physically 
achievable, the miniature enor 
raity, infinity In the pocket (etc., 
etc. . . ). and ebess as a world 
on its own — not just an obsession, 
an intellectual passsion and a 
way of life but in Itself a form 
of life, a way of peopling the 
world with its own myths, 
characters and actions — gives 
tbe chess-novel a satisfactory en- 
closure in which to function. 
King Kill is an .American first 
novel of promise and interest, 
well-stacked, myth-engendering, 
overlong but with plenty of 
arresting moments, with images 
and feelings to make you look 
and feel again. 

It deals with fraud in the con- 
text of chess— an ' automaton 
supposed to pla> chess against 
all challengers, which in fact is 
moved by a player hidden inside 
it. In 1825 its inventor, Johan 
Nepomuk Macizel. hires a man 
who is potentially the world's 
greatest player to sit inside it 
and work the switches, fool the 
customers, defeat ail comers. 
William Schlumbcrger is a 
hunchback from Alsace whose 
cenirc is a Parisian cafe when? 
chess is played in a looking-glass 
land of mirrored walls that 
reflect to infinity each infinitely 
complex move. 

Love lures him to America and 
a two-by-four-Fi'Ot box in squalid 
fairgrounds where, writh love 
turned sour and his own level of 
chess abandoned, he rots out a 
dozen years till he get.s his own 
back. The wriiing Ls so dense 
it's sometimes hard to follow 





Ian McEwan: stories of dUoaition 


exactly whafs what especially 
where dream and reality, symbol 
and object overlap: biR in spite 
of what seems too modern a 
dialogue tiie rythmic writing 
suits the patterns of disaster, 
grief and anger, the violent yet 
ritualised movements of its 
suffering, chess-centred hero. 

Fault Lines is another 



• This porphyry sculpture of two Brown’s brilliant Tbe World of 
Tetrar^s, Iroiffl Vatican late Antiquity (Thamea and 

Library, is chaneteristic of the Huds(^ 1971) by those who have 
appar«it- rejection by 3rd cen- visted, or plan to visit, tiie two 
tn^ artists of tbe classic- truly major e.vhibitioQS ’’The 
canons of Late Antique art. It Wealth of the Roman World,’’ at 
illustrates one of the phases of the British Museum last year, 
the evolution firdm (Sassieal to and *“nie Age of Spiritu^ty,** 

Jew Yi ■ 


Medieval art, between the 3rd now in New York at the Metro- 


and 7th century AJ>.. which is politan Museum of Art. 
the subjeert of Rrnst Kitrioger*s Many of the objects discussed 


Byaantue Art fa> die Making in . Erzist I^^ngeris book are 
(Faber, 223 blaric4nd-white Ulus- amnwg masterpieces that 
trations, 3 ooiour plates. ITS were and are on show. Both the 
page. £15.00). exhibitions and this book will 

While the hook— based on a demons^te that the **Dark 
series of leetnres which Professor Ages” were a period not of 
Kitxlnger gave in Cambridge in decline but of creative experi- 
1974 when he was Slade Fro- ment wherein is to be found the 
fessor of Fine Art— is a must for genesis of Byantine and— 
scholars, it ndll -also fascinate although l>r TGtzinger does not 
all those who care to understand refer to th^— of T fiawn> and 
the roots of their own European Romuesque art 
culture. It should for example 

be read together with Peter DALU JONES 



BY GEORGE MALCOtM THOMSON 


smart It one 


of tiie (1) 


Rosa Levis,, a eook 
who started Ufa 


of 


Tim Efiwaxdlan Woman by duty days; a remmfier genius who swtea w 

that the brS. Edwardian age SSS 


Unwin, SSM. ■_ 231 pages ^ simply a procession of ^ ^ - - - . 

was am wmifv ^ Qve^ Alexandra proposro to glveiea. 


Pnisnlt .of .Pleasnxe: 


w^eavy gjgla baccanit, to tiie worst-oft women In the 
Mcty in the .1^ by K Sn“she was advised^to enteS ' 

Middlemas. Gordon and «« Ji-r nom- fin -len tbousand. “aliVMrt- 

Ctemones'i, £1250. 191 pages .champagw ^d uver 

plaints. It vas 


com- tain ten tbousaad. ^ staveys.'* 
a ratiier Each got a brootii, “ A ptesot 


Sole* 

((rid i» 


AS if it had happened yestw- strenuous time; above all, a time from the Qu^." 
day, 1 can remenUier my meeting of diaage. ^ — (2) Sister Ag^ wser, porB : " 

with King Edward Vn. ”Meet- The first brides of rich a^ deteimio^ a womito of , ; 
ing” is perhaps not quite the State -were bdng laid. fiery energy • who founded a . ? r:.!*' 
word, for we were never formally Fabiins were bnrrowug aw^ famous hospital She.was one. of : > *' 

introdne^ At best, we- were on The • tdephooe, the typewnw had ak^. ; } l‘" ‘ 

bowing terms, Ifte Voltaire and and the motor ear were com^ ^ Buckingham Palace Gardens, ■/] 
tiie Almighty. • 1 bowed and he 'in. :The King lovedm (g) Lady Warwidc, Soelaligc,. 

waved . a baton. - the sueed limit, The - w v _ 

Hb was in the 
uniform of a fieldAsaxahaL 
vras riding a home. 



Standard, he was an impressive diumeur 
spectacle, although one could see her umbrella 


speeiacie, aiuumgn one couutsee ner umoreua. .But, 1° ^ ^EdwaSu^ TOltt- 

why he was nick-namei “Thm- such, hasards, the roads w^ featured in 

turn.- But at that time I was stiU not too dangerww for the ^o are featured m Mneant 

disloyal enough to reserve my multitude of bicycles. . . I: 

(**Elita.-: 


SS “S: Vth“" mduucal and Elsie 
KalS^who wore a helmet with sociaL *And UberetiOTi — here ^tSs.' k£1‘ 

an eagle on top. Sensatixmall due credit should be ^ven to beth ), M^c k 

F?Tme. that day in 1908 out- iOng. He was autocratic, self- LKiyd, JgSSS’ 

side Holyrimdbouse was a indulgent, Intellectu^ly ImT; Gaiepf girl who became Couatais ^ 

turning-point. .. Up until then- I ^preferring men to booto and of aan. . .i 

had been a Victorian. Hence- women to either,” yet he dW ^ tor w trtiBn 

forward I was to' mnst men to nreaK women nad stiii lo •uih 



s. 





wirich is^l iS?*Sbjert^ !S^®^°by“ihe “iStviiS^UtiS 
these two absorbing books. One not. as Gladstone put , it, re- achievements. Leavi^ 

of them; The Edmardton 
fs a Utile more 

statistical tiian the omer -wnico, siums iwnen «« w*a . w. urifh taaia «b<I- 
however, casts its net nn»e colty restrained from: «« Egynt to 

vridcly than ftx title suggests, aw^ all the sovereigns in his tateAlma^^e^tot^ to 

Tire Pwwtto# Pleasure was. no poSet) and had. from tiiat dv. paint ™ 

doubt the maia occupation of a left social reform the worid’s 

small upper crust altiiough ^ Adoring the company of pretty Weetoan when 








y'lliJi •• 


small upper cnisc, aiiaongu one Auonne me wj. w when 

might more accurately describe and amusing women, he had no foremen SJJSt^^en'by his 
itas “The Flight from Bore-, sympathy with those whou^e taken to Covent GaidMW 
dom.” CItf tiie other hand It was ^ly Mail named “ suffragettes. the ' 

not their only aefivUy. Yet 'in the roll of the women to b^ness igob^J^ w^ine 

On the day 1 saw him, the pioneers are the 3 Weosare. 

tex of the eodal pyramid did of the King’s closest friends:. in Pursmt of fteastiTe. 




apex 

not seem to be particularly 
successful either In the quest 
the flight The drains .in. 
temporary residence, Holyxood- 


i Wheatley" s way 


bought 4.000 books, .and 




Cornish clashes 


house, were bad. ..The smells oncer and Temporary Gentle- r^mmehds Mr; Perrin Mr 
from the nearby brewery were Memoirs of Dennis 2*niiZl (Mills and Boon. 1911). 

pungent And, the .occ^oo— «. wheatley. Vol. 8. Hutchinson, two-fifths through 

£5.95 2^ pages Wheatley’s ' chronicle of 

I should really be kinder to emWa^i^ aelMi^Mure. For ; 

Mr. Wheatley’s second volanm of all 

memoirs than I was to the first censor” not worki^ 

nar rative when he wrote it. why eise 


review of the Scottish volonteeis 
—was neither glamorous nor 


BY ROBIN LANE FOX 


memoirs than 

pictures — as the storm of World as that nude drawing of himself? j 
War One breaks over him and why tell tbe world how, 

his generation, and because the tha t ” particularly severe” 
self-praise and obsession-with- winter of 1917, " my ^ves were 


f, CHiiiLABl 

Inve 



Revolt of the Peasantry 1549 

Julian rinmwalL 'RAutloriea mat iney were proiesung lor re- i oe .un Anguan nauig leu vy uuwu. iuc 
£6fi0. 2S3 pages ^ issues, they meant iL Kelt, a none too hupoverif^d by no mea y p ast: 


I 5® . • 200 cigarettes, as well as cboeo- 

They objected to the Reforma- tanner, has bees familiar sinre monstrous clever^ fellow^^ be biscuits. The men must 




tlott, to the banning of prayers the detailed aeeoont by -,S. T. says. But I dont believe ne jja.ve suffered severely* But there 


Anneals 4 a the -tradirinnal fo>* Mt^s in purgatory and to Bindoff. Hence It is ased here as it serioialy. 

Appeals to toe rraoinaoai tn ri,.i kbaHk... * ^ • «,,ii This time, we ha 


.V# anina ana possible deUys in the baptism a contrast rather than as a full This time, we have Bonnls the 

Bnush way of doing_^ags are thoi*. hahioc ThnoA «a 4 .fKnma Tn Wrtii+«.TV fha siibaltero (father flxed lt>, 


was nothing 1 could do. 


by compromise ■ and 
refusal to become ' tp' 
should read this 


not 0000 . 00,00 >rv.o*r of their babies. These were not narrative theme. In Norfolk, toe subaltern iinmcr Nnr abnuld he have 

assume that this way is smoothed to life has compar^ hiuBeffJn ’ 

ivy 0 


Well hu could have shared his 


- eo.,ori P“«ts were later hanged as in- Cranmer. no doifi>L 

% ®o^c stieators. the story -is here told their vu^r tactics, they did tfot 
. strew on the role of . the clainr to detest 'Cnnmer’s -new 
iotorocrioo hook ' Tolialo woTshippers who also j)nyeN>dok: Bather, flicy 

hurried their clergy Into action, objected to eodbsure and the 
I?Cnfch^f mss t nSb« ^ ^ convincing. miiace, sensed too in the west, 

to dSble Tudor Cornwall’s Celtic isola- f 

story clearly and forcefully. *“WecL of the least Sheei>floi^,bmltotrodrt 

avo^g mori blame and tb^ academically unpopu^ of A. L 
consequential use of modish s popular books. Againrt (or 

terms His suhieet is neither new tts background. Mr. Cornwall The men of Norfolk wanted their 
iw^j^B?tS?handl«ttwS observes that ^wwwt the total 

enjoyable vigour and has a casualties in 1549 too low, men, they tolled to retneve It 
pleasant way of slipping in some living misread the number in They, too, were. soon made to 
of the wider background, tech- fflanuroript. For to part, «eem out of date.The prire ^ 
nical, social or admSiistrative, so W play up the rebel- wool began to toU In toe 1550s 

that it beips his story alooe with- greater scale and menace, and (heir nostalgic world slowly 

out deslro^g its l^ad. perhaps correctly. There are lost Us urgency as sheep-profits 

- j n 11 scenes, well-told, at the lessened.. In Coruwall,' likewise, 

-■_? » « ®^®**J?* Gornvwl and ipn® gieg^ of Exeter. Tbe Cor- the rising ended in the “wMte 

parts of Uevoashire rose m arms nisb rebels are argued to have terror,’’ oniy obscurely traceable 

better armed than others in autumn 1549. When -the 
pitojubed, were rentred on have thought because arms in Cqrnisb next rose in 1585, they 
.American novel, intelligent racy I v Coniwall were not controlled by were to be Protestents to a 

c^JriS a Mof gfou^^^^^ They hsi all but lost the 

ite herome, IS like the drowumg J5t U is not. however, clear that Coraisb language which, for 

nianwhosresalUetimeinaasb-l contemporaries described them tneir great grandfathers had 

back, as she w-aits “like a S^gf^that Sere wm I* otoer an B^Lsb PWr ^k 

salami in a sandwicli." after anlS^ciJiiJ ifS So. too, their rout U attributed fwm preiwsteroua Each rebel- 

earthquake has stuck her ‘ JaeSate in part to the despatch of skilled Imn, Mr. Cornel apUy points 

between piles of masonry in an toreign mercenaries by Protector out was aimed at restonng a 

isolaiod Californian cottage shn Somerset and bis advisers. This traditionai style of life, felt to 

may be right, thongb it is to- be endangered by change. Unlike 
grand-iho United to one ferJed. not slated in^e sources, toe 16to century Gennan 

rf^-Dii «iTT To prove it the mercenaries peassot toe men of East and 

Corowml relates it convmdngly, must then marcb right across West .Anglia were not rallying to 
j®" of toe ^posing Engiaj„j to East Anglia, for tbe a "revolutioiary" cause. They 
armies, levied in part from the gecond of Mr. Cornwall’s risings, lost tbefr violent protest for' toe 
.toose convenient event at which they did In- past and, by losing, allowed 
exuorcen of social order. . deed assist. Besides Corowalt change to come about It is here. 

Otherwise, social protest can- Yorkshire and Oxfordshire had not in compro mi se or gentle- 
iiot be claimed to have been felt brief tremors. But Norfolk, men’* deals, that the traditional 
central. Rumours that toe cry above all. daimed atteation. not “British wav” bas tended so far 
TO “kill all gentlemen'' was heard least among historians who to make itself most dev 
10 Bodmin’s streets should prolv hitherto have looked east rather history. 


off the' fat of'the land,” Churchilt- 


JOHN DUNSTAM. 


t.K. ECONOMIC INDICATORS 


sees life, her father's, 
father's, not neatly or consecu- 
tively but iu scraps that finally 
make sense The fault-lines of 
toe earth there revive memories 
of oihcr suc.-i fauii-lines In her 
life, from her birth in another 
earthquake, tbe great 1906 one 
in San Francisco; a life of 
energetic liberal causes, friend- 
ships, unorthodoxies that seem 
mild but shock her square rela- 
tions. older or younger. Again, 
that doesn't tell much about the 
book’s quality, which Is likeable 
and warm without being too cosy, 
and manages a throwaway air 
without being glib. 


Crimes in short ^ 


WILLIAM WEAVER 


The Man u1ih the President’s 
Mind by Tod Allbour.v. Peter 
Davies. £3.95, 2lS paces 


Wbal will tbe dovjlisb KGB 
think up no\t? Now (that is to 
say, in the ver}* near future of 
this book, perhaps the 19S0's), 
they have decided to create a 
uiock-US.VPresidcnt. a man who 
is the same age. bas the same 
personality, as the man in the 
WUie House, only this unc. the 
Russian. i.s sealed off at a top 
secret base and asked, on the 
ba.vis of his owti knowledge and 


instincts, to predict what the 
real President will do nest, .^n 
ingenious story, very neatly 
worked out Two cavils: on page 
42 an Irish girl refers to a 
singer. John MeCkiriniek (sic) 
and. a pace later, she refers to 
a composer as “a man named 
Charainade.' Libbers, arise! 


A Morbid Taste for Bones by 
Ellis Peters. Macmillan. £3.50. 
L92 pages. 


Ellis Pcl-?r?> — now apparently 
It can be told— is. in reahty, ♦he 


APOLLO 


Edited by Denys Sucton 


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 S48 
Apollo Masazine. Bracken House. 10, Cannon Street, t-jfioen, 
EC4P 4BT. Tel: 01-248 8000. 


noveKst and translator Edith 
Pargeter. By whatever name she 
writes, she is always thoroughly 
professional. Her latest book is 
subtitled “a medieval who- 
dunit," aod it is set in the 
Beoediotine Monastery r.f 
Shrewsbury. Its protcKletective 
is the delightful Brother Cadfael, 
expert in herbs and simples and 
in human nature. A band of 
brethren goes off to remote 
Wales to collect tbe bonea of a 
saint (toe monastery is short of 
relics). A local opponent to the 
removal Is hunself removed, by 
‘he foulest of play-. Cadfael 
straightens it all out, mends 
some broken hearts, and returns'! 
to Shrewsbury. TTie medieval 
atmo^here is knowingly, tightly 
done, and there are hardly any 
anachronisms (except some talk 
of “entry" and “exit'' wounds 
which has a distinctly post-Dallas 
1963 ring). 


Seared to Deato by Anne Morice. 
Macmillan. £3.25, 193 pages 


in 


Conjugal rights 


BY PETER KEATING 


_ _ . — ”■ 7" . — — r "OB toe whole” mean there what to fight a kind of rear-guard 

Tbe uark jMgn:^ Aspecte of they usually mean, then the action by calling in scientific 


Victorian Sexuality by Frarer second sutement is plainly non- aotf medical evidence to prove 
Hamsoo. Sbeldoo Press. £6-50. sense, and the first probably, conclusiveiy toat women were 
2 oe pages .k.,..-,. . . — . — 


toou^ less certainly, an inferior to themselves. 
— * exaggeration: it is actually eon- 
pf tradieted by 'some statistical 


Cranks and charlatans are dis- 


The opening sentence 
Fraser Harrison's ITi« Da^ evidence given a few pages later, pww w JJ? Harrison wnto 
Angel reads; ^ To study Victorias In a survey of I£X)0 wromen sympathetic firnme^ and the 
sexuality is. in effect to trace condurted in 1853 a profesaionai ambivaJent ronteadicto^, 
the evolution of Victorian gynaecologist found that 23 per often nypomtxcat public ara- 
marriage." That may well be cent of the -women bad been tnd« 

true, but unfortunately, and yi totally unprepared for their ftrst analysed, but The Dark Angel 
spite of toe increasing number of period, 13 per cent of that 35 is stUL ^^ally,. a disappomting 
books published on toe subject per cent bad been very book, raising many questions but 
we know very utUe about frightened by the experience, falling dom on the answers 
Victorian marriage, or at least and 5 per cent believed they, because of its flimsy evidence, 
about toat part of it with which had been physically Injured. Clan it really be true that sex 
Hr. Harrison is concerned. Tbe ignorance revealed Is in tbe Victorian period was as 
Perhaps it is our lack of reliable certainly horrifying, but it grim and unpieasvrable as Mr. 
evidence toat makes toe subject doesn't seem to cdiaraeterise “the Harrison • m^es it out to be? 
so tempting. It provides an majority." Were tbe working classes and 

opportunity for mid-twentieth jir. Harrison is more convtnc- toe poor (frequently confused 
centory openness about sex to ing qq- ujg patrlarcbal nature b®”) s® downtrodden and worn 
rontront Victorian reticence, and ©f Victorian society and toe out by work, and toe mid^ 
it forces the historian constantly materiaiiatic basis of uppe^ riassea so obsessed with money 
!•*»?? sene^^s®' aiddlwdass marriage. Jk wife ignorant of their bodies, 
were is really little else he can stuart MllTs words, toat they . coBldat enjoy sex? 

“toe actual bond-servant of her Tbe troth is. we don’t know but 
husband." Until late in toe cen- « sounds unlikely. 

approach. Of the middlSclass he «rt*ons.of Tft« Dark Angel are 

vmtes: “ Not odlv were the toere; sbe could be imprisoned those in which Mr. Harrison 
majoritv of middle*-dass women *?r *«fhsing him his “conjugal offers specific case studies, brief 
ignorant of the fate that awaited “eir children weli>$ketcbed vignettes that 


Miss Uorice’s actress-sleuth 
Tessa is slaying with her cousin 

Toby, the playwright while re-, - — — 

hearsing his new play for a i them in their ‘bridal bed.**tra^ belonged legally to him, not to stan^among toe gener’aUsationi 
provincial festival. Naturally toey were also ignoraot of the toem. The images of There is George du Maurice's 

there is a crime in the area, a' meaning of what had been taking toe pure woman and radiant long and impatient courtship: 

particularly puzzling one: a | place within their own body oiotber so valued by the mid- Lord Leighton’s statuesque and 

tiresome rich lady is frightened] since toe onset of puberty." And X^^orians were often, weapons ambiguous nudes: and IVUson 
to deato by repeated apparitions i of the working class: “ Harriagc undeclared battle between Steer's curious* personal and 

of her Dpppelganger. As usual, [was not common among working tkc sexes, la The Dork Angel artistic relationship with a young 

people who on iiw whole toe various ways in which this girl model. probably tile 

obtained their wives and battle was opened up— by femi- way it should be done. Forget 

buebnads s^ply by taking up nists. birtb-controilers, and legal abont the sweeping unsupstan* 

residence with them.” reformers-i-are examined, to- tiated assertions- and concentrate* 

If toe words “majority” and getoer with- the attempts by men on human beings. 


too author is good at delineatitig 
with economy tbe marginal 
characters — notably two' elderly 
ladies who like race-meetings-— 
and toe social eont^ 


ECONOMIC ACnvnr— Indices of tedustrial production,^ 


w 


facturiue output engineering 

100); retan\sales valoe (1971^100); registered 

(excluding school leavers) and unfilled vacannes (QODS). a« 

seasonally adjusted. 

IndL Mfg. Eng. Re^ Retail . Unem- 

grOd. output order • vol. value ployed Vacs. 


WM. 


1976 
4tb qtr. 


103^ 


1977 
1st qtr. 
2nd qtr. 
3rd qtr. 
July 
Aug. 
Sept 
Oct 
Nov. 
Dec. 


103.5 
102£ 
102.4 
108.8. 
108.7 
■ 102.7 
miA 
mi 


1044 

106 

1084 

105.6 

m 

105.0 

103.1 

104 

.103.0 

103.1" 

108' - 

1064 

1044 

102 

1074* 

103.5 

117 

1074 

103.7 

104. 

.1064 

1024 


1054 

1034 


106.1 




na ! 


w, 


217.1 
2SIJS 
235.7- 
232J8 

227.6 

236.6 
234A 

237.2 


1,330 

1,330 

1.418-- 

1,394 

1414 

L446 

1433 

1433 

1428 


na 

163 

151 

153 

154 


14S i ll 


l.=?3 

156 

163 


wtgsvso 


OUTPUT— By market sector: consumer goods; in-vestment goods. 
Intermediate -goods (materisis and fuels); engineering output. - 
metal ’ manufacture, textiles, leather. and cldthi^ .(1970=100); 
bous^ starts (OOOs.'montoily average). 

Cbosumer invst intmd. Eng. Metal Textile Housg; 

goods goods goods output ' mnfg. etc. • starts” 


1976 
4th qtr. - 


1154 

994 

1044 

1004 . 

854 

103.6 

204.. 

1154 

1004 

1064 

\1014 

844 

105.1 

104 "i 

1124 

99.7 

1044 

100.1 

804 

994 

224 : 

U44. 

99.4 

104.8 

1004 

83.7 

1024 

244 

115 

100 

105 

101 

87 

- 104 

244 I 

114 

100 

105 

100 

79 

101 

204 1 

114 

99 

105 

100 - 

- 85 

103 . 

.-.281 ■{ 

114 

99 

101 

100 

77 

102 

244 ' 


1977 
1st qtn 
2nd qtr.;: 

3rd qtr. 

July 
Aug. 

Sept 
Oct 
Nov. 

ESkTERNMh TRADE— Indices of 
(1070=100); visible balance; current balance; oil balance; terms 
of trade 0970=100); exchange reserves. 

Export Import Visible Current Oil 
. volume volume balance . balance balance 



export 


2U 

and import volume 


1976 
4tb qtr. 

-14i4 

1384 : 

-982 . 

-366 

-1402 

1977 
1st qtr. 

1414 

1424 

-930 

-516 

-816 

2 nd qtr. * 

1484 

1444 

—698 

-280 

:-725 

3rd qtr.* 

:11S3.7 

1414 ' 

- 50 

+399 

-587 

July. . .. 

1534 

1494 

•^241 

- 92 

-199- 

Aug. - 

152.0 

131.7 

--H40 

+290 

-183 

Sept 

155.7 

1444 

-I- 51 - 

+201 

-205 

Oct 

150.0 

140.4 

-1- 46 

+ 191 

-231 

Nov.- 

143.9 

13.7.8 

-1- 73 

+2T8 

— 1.53 

Dec. 

1514 

1464 

- 80 

+ 05 

-281 


Terms Resv. 
trade US^n* 


iNVosj'-, 


794 


.804 

80.1 

814 

794 

82.0 

83.0 

834 

85.3: 

854 


■ .948 T 
104 I* 

184-- J 

•144. *.. 


3041 

2049 

-20:58 




in sterlmg to the private sector (three mouths’ growth ataonual*-* : 
rate); o^estie credit expansion (£m.): building societies' Bet " 
HP; new credit; all seasonally adjusted. Uunxmnn 
tending rate, (end period). 

Bank 

advances OCE 



Ml 

% 


M3 

% 


% 


£m. 


BS 

inflow 


1976 
4th qtr. 





34 


144 1417 


l.v. 


152 


1977 


327 




-|i 


1st qtr. 

- 34 

-104 

84 

2nd qtr. 

164 

154 

0.8 

Srdqtrr. 

844 

144 

204 

July 

194 

124 

264 

Aug. 

22.0 

9.4 

24.0 

Sept - 

344 

144 

204 

Oct 

354 

17.5 

0.0 

Nov. 

Dee. 

414 

194 

2.1 


*i{;. 


-1482 
809 
-236 
-293 
- 69 
128 
299 
289 


492 

1490. 

1484 


308 

488 

599 

.884 


338 

*352 

394 

363 

4W 

402 

386 

420 




INFLATION— Indices of 


earnings (Jan. 1076=100), 


0 
i 
7 
7 

haste- 


vv. 


Earn- Basic Wbsale. ■ .FT?. - ’vV; — 


1970 
4toqtr. 


ings* matls.* mnfg.*' Rpi* Foods* 


1977 
1 st qtr. 
2nd qtc. 
3rd qtr. 
July 
Aug.. 
Sept 
Oct. 
Nov. 
Dee. . 


1094_ 3294 2334 1654 172.7; ' 2504: 994' 


• A. 


1124 

1144 

116.1 

1164 

115.7 

1104 

1)74 

120.1 


3414 

347.8 

341 . 1 - 

344.6 

3394 

339J 

3334 

3304 


248.0 
259.1) 

267.7 
2654 
2684 
2694 
2714 
2714 

2734^ 

Not seasonally adjusted- 


174.1 

1814 

184.7 
1834 
1844 

183.7 
1864 
1874 


184.7 

1911 

198.1 

1924 

1914 

1924 

1924 

1924. 


•27M'.* 

.250.9 

2304. 

2484. 

.2394;- 

24LB.: 

28646* 




23440' 






?hmcial tWcs lln^^ 1978 



17 


R^OE^S ARE RECOMMENDED TO TAKE ATPROFRJATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS. 



r • .V 

i. ■ 


i . , 


M- 


Sole s^ent/licensee 

World novelty-world patent 


We are looking for a serious worldng ' 
partner with substantial capital to 
manage and safeguard our inters 
in Great^ritain, 

The patent whidi offers excellent 
prospects and profit potential has 
been thoroughly^^tested and put into 
production by one of the latest 
Groups in Sc^dinavia. It is used 
especially within the building 
industry and related trades. 

Tran^erence of the licence rights 
for Great Britain or for specific 
nidustries and areas will also be of 
interest 

Kindly write to us about your prospects 
and background. ■ Your application. 1 
which win, of coarse, be= treated as 
strictly co^dentii^ should be s^t to 

J. Qviste, attorney, 

Ostergade, 17; 2nd 'floor, 

DK-1100 Copenhagen K, 

Denmark. “ 


C. P. CHOULARTOR, SOHS & PARTNERS LTD. 

investment Bankers - 

' wish to appoint agents thraughoirt the United Kingdom.' .'^ents 
are to bring to the attention of their erients 'BX sheltered ii^est* 
'■ment products created by Choulattons. Agents will be reiMnetaced 
‘by way of commission. The products will fit in idealiy'vmh 
professional' services such as accounaney, finandai planning or 
' investment advice, and in most cases will be equally appB^t^e to 
subsantial individual or corporate cliena. The appointment* will 
not involve surrendering other agencies. If .you' -are intemted in 
discussing this proposmon. please corrcacc . 

C P.. Choularton. Sons & Partners Limited, 

Ashley House. 30 Ashley Road. Altrincham. Cheshire. WAI^iOW 
Telephone: 061-928 9011. • . ' v- 


Howcana 
merchant bank 



company; 

E)o you need to increase your overdraft 
or should you look for an increase in capital? 

How are you planningfor the future? 

GRESHAM TRUST can help. Solving 
problems like this is our business. . 

V\fe are a \dng established merchant bank 
who specialise in financing private companies. 

Thati why vve'll always listen^^hatever 
your requirements. So don’t be afraid to write 
or ring one of our Directors. 

Wly don^you do so “tod^? 



GreshamlKist 

Wherethesuocessful private 
company feels at home. 

Greshamlhfit Lid^aarriwton Hous^Gesham Street, London CC2V7HE 
Td:01'60a6474 

GSrmMnn^aB Edmund House, ^^.A1aBSireeLfiirTTUQeham S33^W 
Td:Q21-2361277 


SWEDISH MANUFACTURER 

requires * 

SOLE UJJ. DISTRIBUTOR 

Swedish manufacturer- of quality PVC mats is 
interested in a sole -Wholesaler/Distxlbutor for the 
Interested parties must: 

• Cover the entire U.K. market 
Have established saies outlets 
' # Firm plans to tackle new market segments. 
Contact in viTiting giving complete company details 
to; 

Ihe Swe^sh IVade Commissioner's (MBce 
Consumer Goods Division 
7S WeXbeck Street 
London WIM SAN 




INHIii 




■ 


By INVESTMENT COMPANY 

An old-established company making an an^al profit 
of £30,000 to £100,000 providing . pres^ manage- 
ment will continue, to operate the conipany on a 
profit-sharing basis._ ,7 

Write Box G.1267, Fteancial lines, 

10, Cannon Street, £C4P.41^. 


FOR SALE, iJCENGE OR JtHNT VIOTURE 

AUTOMOBILE ACCESSORY 

ifew product estensivelr developed over tbe past three shears 
n assist in the improvement of fuel ctmsumptioa. Suitable 
'or light en^neering company having usual machlire shop and 
iroduct assratbly facilities and also ideaUy with a sales force 
Uready selling oufomotioe accessory products within the UJC 
ind for export. 

Write Bos G.1269, Financial Times, 

10, Caimqn Street, EC4P4BY. 


CASHFLOW 

PROBLEMS 

'AELEASE iro'UR OWN CASH 
BY DBCOUNTING 
YOUR INVOICES 
. . paid by return 

on approved accounts ' 
Phone Bolton (0204) 693321 
Telex 63415 
MRS BENNETT 
iihrerbam Rnaiice <UX.) Ltd. 


' We wish to acquire a - 
) SMALL LITHO PRINTING 
COMPANY 

l.hieh if sraiaMe iit. '4 k Graattr 
,Md«n ■rM.'Miut lu*e 'SRA2 ilz* 2 
4.eele«ir printing, nachbwry. 
' Profts DM Impeitmt 
g. Strici'CMfidnee assured. 

' Kom wriu to Mmaglhg Director. 

' Box E.9MI: Plimidol Tioei. . 
10. CoDRoa 5CIWC. BC4F 4BT. 


■ SUPPLIES FOR 

laboratories 

Inance and marketing available 
->r ^ mand^cturers' ' of ' small 
' quipment and sundries used in 
laboratories. 

eMIi to fiM C:f257. PIdokM 
;im. 19 , Camnn 5tr^ EC4P 4B;T. 


Wanted For Acquisition 
TECHNICAL STAFF 
RMPLOYItfNT AGENCIES 

CMMicann-k UMa(Mn u.K. LA.. « 
sttbfidiary cht Greyhound Cerpn. ef 
Amerka, wish te Kquire TKhnical 
Camraee ERaptoyment Astneief which 
ipeelaibe - in the supply of ceehnnl 
penonfMt to tbe eleetranics. pevo. 
ehenical and heavy Inductriet. Principal 
ef HCh • offanlutiam who wlah to 
expand and experience growth partier. 
patinn in a auttetafel muM.rHtlenai 
Technical Sarvlees Cerperatien, contact: 
K M: -Avery. 

Macagiwg MrectM’/KesMaW. 
IntarMCtaml OpentieM 
CONSULTANTS A DBICNaiS 
. (U.K.VLTD., 
as, Headfcrt nwe. London 
SW1X 7DE. ei-ass Txee/s/d 


SHORTFALL SOLUTION 

For private cohipanies with high liquidity and 
risk of forced disteibutioos at high tax rates. Fully 
approved and totally secure method. No risk. 

Just write your name on company letterheading and 
post to. us today for details. The facility is limited. 

(We regret no telephone enquiries can be accepted.) 
Managing Director, 

Ackrill, Carr & Partners limited, 

Alp House, WesthiU Road, Birmingham B38 8TL. 


Exfitetih^fy rare and htHead vmtpjit ee&taitm p/ 

BANK OF ENGLAND 

SPECIMEN bank:notes 

Thcoc^leei\aticaatiir\ttx'tlaxgtvilmttpeam»n0test^ihe 

£1000; £500; £100; £50; £20; £10; £5. 

00 

Each ante bean the serial number; Q 00000 and tiie dat^ 1934 
.^ril 20 London 20 April 193^ lognher with dhe stgnanire of 
the Bank of England Chief Cflwei; K.O.Peppiait. 
'Vmrontiv^ enquires have been and vre understand no 

other sec of this xarie* exists in a private coUecrion. 

The collection is in snperb unCBCnlated condition, and is of 
significant interest to the serious collector or in\*estor. 

The whole coQection offered for the consideraiion of 
£12,500. 

ItitmtuipanietthaiiUaptfyte!- 

SANDHILL 

Sandhill House, Templar Place, Leeds 2, 
Telephone: 0532 40571/2/B Tdem 557853 Sandls G 


ARE YOU SEEKING NEW CUSTOMERS? 

Team of top Sales Executives with access sc all levels, are at your 
disposal to get your company large volume. long term conmets 
with the motor, domestic electrical and ocher consumer durable 
Industries. If you manufacture a good, competitive product, have a 
good .quality comroi department and. wane to esqwnd NOW — 
either in thC'UXx'-or Europe — ; contact: 

PETER ]. GtARRINI * ASSOCIATES UNITED 
130a Burnt Oak BroKtway, Edware, Mkicfiesex. 

Tel: 01-9S2 6626 - Telex: 923S9S 


\ COMPANY 
DIRECTORS’ 
COMFORTS 

They are Important. And 
their wives need a little 
comfort too. 

What better comfort than a 
luxury villa in the Algarve-^ 
or Caribb ea n or Kenya. Your 
company could keep it full • 
with a little bit of organisat'ton. 
Hny kids— and graduates in 
June and September. Elderly 
(the Chairmani) in early July. 
The rest fight for school 
holidays. We provide the villa, 
the staff, and cars, the flights 
and all the experience. We 
have made a lot of company 
directors comfortable. But this 
year we plan to send the bill 
to the oompeny. 

FALMER » PAMUa HOUOATS 
63 Gmmnor Loorfon W1X «AJ 

Iranecdham wrvkee frvm C. n. Valmw 
(m3) 664M0 


WANTED 

Cash companies or compan- 
ies with realisable assets. 

Purchase price high propor- 
tion of net asset value. 

Payment in attract!^ capital 
gains tax free form. 

Please w'lite Box No.LR/260, 
Streets Financial Limiteti, 
62. Wilson Street, - 
London E.C2 


MERGER OPPORTUNny 
SWITCH MANUFACTURER 

witH a long period of profit growth and a first-class 
prbd^t r^ge seeks a merger with an established 
Corap^Y haying a proven 'sales organisation for 
home and over^as markets. 

Immediately av^able production facilities to meet 
foreseeable inerting demand an advantage. 

Write Bax G.1262, Financial Times, 

10, C^azmoD Street, E<^ 4BY. 


ENGINEERING COMPANY 

capable of manufacturiog capital equipment of some 
complexity has spare capacity available immediately. 
Willing to imdertake component part, sub-assembly 
or complete manufacture. 

Please contact M-D., 

Box G.1263. Financial Times, 

10. Cannon Street EC4P4BY. 


ARABIC 


translahon-typesetunc 

ouallfled ArabTransiaton 
Tvoesuners ana Prtnrtng for Sates 
uterature. Exhibition Matertal for 
^ aiB Middle g3sc, 
Mn.AFab'mjbucatiensLifnirea ' 
TBiepiwne(n-353 83i6 


WBT END 
OFHCE SERVICES . 

_MESnGE ADDKESS 
TELEPHONE ANSWEXlNG 
_ •ra.fix 

OFFICES (SHORT TEkH) 
SECRSTAhlAL SERVICES 
PHOTOiCPPriNG ETC. 

Tetephones 01-580 5818/9 


■ wmi amblislKd e^t at 

Hmunr wNHab te 
or nesotfuei 
In te wg WM w y . PrlnetpalA 
RrtiN^-Wrlt* B«k-‘ (LIST o. HoMicUi 
aS AJO-J Cwinoi, Streel, EC4I* 4UY. 

e nd teiWiit W Dttiriteon 
'l5!i-J!WW!pe«*«g. anu . fciteoMfiiP «ntf 
SSPq.’VSftn Force In Stem L«f>n« 
fsii SES?. Vtfnt Afifca 

,wcl>w tff IMI) . Tlifi EUu 
. ^r OMtOg «M -UWIIDB -SwrvtM. 

■USHRR SEEMS -•fitr«oiWMUrtkl.f|iliidc6 
teoM Mho- i*oiiW i>k« cttaiiote w 
’weneotnB and MlSns iwvsS* «rv«dl- 
' moiMUtal preecrtv xwin aii tio 


meSwr r«*l»uneti oa- pnmm uHuroe 
te Uw iMiiKC. HKpor te effor- Meiwsr 
marge ot sMTioiecw^ea to simSie 
Mte i tt HM . \y^ Box.^127^nnMcM 
10. f- SMW OCAP 4bV. 


DBPITE THE RECENT 
• RECESSION 

In certain aectwnt et Uie enipetiiB 
indnsirv. ssunU lena.Mrm liwr a twnew 
opportunlUci Kill exist. OW citaDliaheu 
aeeratJne sirttUdlanr ef ma|or BrHish 
shlpgliia pre ii P can offer one or two 
iiwesunent proleos complete wito 
meMgeinent or wHI RMnne yont 
eeae l s on world ArtOe basis wjui-same 
csre and thouQbt u mb-utted to tholr 
own feet, . 

Write Vox 6.tS7B, nnSBClal Tims. 
to. Cannon Street CCAP 4EY. 


liasteriiig and Allied 
. -Trades Company 
has spare labour eapadty to 
undertake bonefide subcon- 
tracts works vritlun 50 zoilea 
radius itf Btbuingbam^ 
Proven and old established 
Please ring 0S84 62319 


MAKE IT YOUR CAREER 

'As ■ . wwAint lull^rae parmr of 
in Export' eda piny, etabliibcd ever 3 
/CVS cap. vrrth effices in Kiylair 
tcadini in too4s with MMdle 

Else. Vtluibli . coRttocM. orders and 
enpairiH need to be co ordinated. 
Greet poNnUal and prefio cxpecMd 
after tax loea. Second parnier of 
HWdle Eat Ariiin wlafa SO^i hoMingt 
wlir remain. - BKkeround. of Export, 
Finaitee. Tradins or Seitini woum be 
ueeful. 

Offers around Cl 5,000 for 15% bold. 
iitf. plu come, irerkins capital vmuld 
be OMSidered. 

Write Bex G.1097, FintncM Timei, 
10,- Cannon. SCrert. EC4P 4Sr. 


HOUSE SWAP 

'Lm Angeles physkien with' flv* 
children^and bcdropms to match, 
wishes to trade homes and, pre- 
samably'iilifestyles'withs London, 
'.family, for .August, ' 1978, 

. fledsi addresi /pfcM /PffvIrfM te 
; Bor C,f274^ flnmeial TIomi; 

TBLCmnen Street. 6C4P 4Bf 


DSTRSSED CARGO 
Vessel on way to Middio East, 
cargo off-loaded f^. 

FOR 5Al£ 

Mein 'itemi: Flour. Liiaecd Oil. Situ* 
maitk. Coal tar. OmcoUta. Whiwne 
powder. Emeqr mecaJ paib, C^nm 
cwbuiira, ManaanuM ere. Corn o>i. 
Battery acid. 

Contoct: 

J. Rccd, 5tsboum« Shipping. 
T«l: 01-594 0154 Telex: 896191 


WAREHOUSING 

SUBSTANTIAL COMPANY 

Are inceresced in Warehousing wish te acquire or merge with 
an existing company, an advantage if also a forwarding agency 
with a view to expansion in the West Lancashire area. 

Write Sox C.f266. 

Ffnandol Times, 10, Cannon Street £C4P 4BT. 


ON anabRilad prfmaiy owned 
ffeiioana Crmio bi LunOan Wall 
wwb te d.vereity thetr mwreio. 
Exiatinf eianasement ceuM partieipra 
in equity and prtifti cluriaa. Prefiabte 
asubinhad buimetiw in non>labosr. 
intaiaiTe areas aouihc. Cash invert. 
iMiK ,oF up to fSbO.OOQ voualit^. 
Ai! repljM will be treated in tbe 
atrktest confidence. PIom wriee to: 
Bow G,19SJ, PlneiMluf Timot, 

10. Connon Street. ECdP 4Br. 


We wish to acquire companies in the 
SOKNTIFIC LABORATORY SUPPLY 
& DISTRIBUTION FIELD 

'We are active iv this field ourselves with a large sales and 
service force at our disposal. We are looking for companies 
with luraover iu excess of £250.000. Replies will be treated in 
tbe strictest confidence. 

Write Box G1281, Fmaneial Times. 10 Cannon St.. EC4P 4BY 


PLANT AND 
MACHINERY 


SWlMfflMG POOL aotf lotom Comeany 
“ for aalo: miminately LSOOdtOO tnnw 
over, aound- mdoqc UMriMtoH and 
. manaoomenL Writ#. Bax a.t2rs. Flnan. 

Oil t^im, tth CamiM Street. -EC4P 
' dSY. 

mVESTMENT BftOKSIIS required to 'belo 
promote futtv secured liwnuneflt Plan 
offeNiw «e to ISH mtilni. Geod 
coomlsMDn.. ' Mft iw eradford Invest, 
'ineirts. CbeepsMe Chfemben. 43, nieap- 
atdw Bradford 1, w. yeiicsblre. 

CAN t ESrABUSWBUN rfruf new. com. 

OMIT In- proncer Francobrli meiMder.: 
: TM:- e4o.sfe^Bl9Br 
uiaiQtie SEliyiCe oraf^ in resldmuai 
preeartv laeter reoiures • Venture CaN. 
tal ffE200.0eo ndAbmimy ifor' launcb., 
ssbaaemial' . UJC. and ' MoMl.oaai 
ooaenda^.'Vmae Box C>asi. Pjiii iOjat 


SOLAR HEATING 

Oeelars/Mxbiia/ insuncn . required by 
well.kiiMn p«Alic compsiv .who are. 
06w -maricecios ular mrang tyscaar 
intomsdonalfy for dewesek and 
indiBviel • use/ An hdUa] . scnelcing re. 
qelreaieac it' necescarv to obttin.pro. 
merional , and ndinlexi support. 
AppticacieiH Iron omMiahed orgapi- 
iWoni only-ca^.^ - 
: Bax (S.1271. F/oaeddf TAnef, 

10. CdPDop 'street. EC4F 4BY, 


RE^T ORIENTATED M,BA. 

■ CON^tANTS 
whh drwfc'.reebid viildnt .U5JL for 
;6 Noi^ wckema Expere Pnemotion, 
Market kaiwpeh prajecta fran 'firidsh 
dlieom. Reannahle race, 
neeie urrte fpr>dceal/a so Box 6.12S0, 
FibmeM TInos.' fO. Cmaaa Street. 

- EC4P 4Sr. 


GENERATORS 

Static and Trans^rtable Units 
from 3kVA to 750kVA bue load. 
Mand-by or no brake synema. 
Salt or rvnni, manufactured by 

SHANNON POWER 
SERV1CESUKITED, 

Leigh Street, Warsfiaw, 
Bury, Lana. 

Tel: 061-761 1434 Telex 668850 


CENTURY FACTORS LIMITED 

GASH FLOW PROBLEMS 

Cash (low -ProMeiBS reanlwd if you 
harr tubimntta] capital locked up in 
debtor*. 

We are prepared w mina|a saka. 
Jed gen where tbe curnoeer i* in excen 
of frS.SOO Vor: annum ef pannenhkpa 
and limiced comyaaiu. 

Full cp-ep»ritien mainuined w'lUi 
profmienti advboie and banker*. 
WHte fM BpoWet to^ ■ 

The Sec ra f 

aanuRr FACTORS unrim. 

YnxMC CbMafs, Coxrt Ash, 
Teevil, BauMeet. 

TEUPHOWli. 4PH. 


CARDIFF BASED COMPANY 
, 5 mins. M4 junction 

having 6.000 sq. ft. spare space 
in modem facteor. desires 

DBtRIBUTION/FACTORiNG 

PROPOSITIONS 

Write EMex G.I245, Fintneial 
Times, 10. Cannon Street. 
EC4P 4BY. 


Ton S41& ' Property DeietoB- 
. O.N.O Please enquire to 

PtmNisHio fp 


d^i -weekhr-ar.inonailv ~ba^ 


SW1 ■ ovaltuUi 
moMblv basia. 


GENERATORS 

ovgr 400 sets in stodc 
1kVA-700kVA 

toy wisely from the n iawMfafcUi i tJi 
whta .IbB aftarmUas seniee. 

CLARKE GROUP 
01^ 7581/0019 
Telffx 897784 


LiMITEO, COMPANY 

FORKED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHE 

EXPKE&5 CO. MGI5TRATIONS LTD. 
30. a<r Road. E.C I 
01-42S 54UfS/7U1. 9430 


ELECTRONIC COMPONENT 
-MANUFACTURING 

Offers invisad for conoeHinx innresc 
in I Company, with agreed Tax loaias. 
This Company has Mbsantial order 
booh with vralT knew eempanica. bv: 
lacks capiBi. Turnover of Company 
and Hibiidiiry over £500. DM. Audited 
accounn te 31st March. 1977 and 
draft quarterly aaeunts n 31 k 
DK embor, 1978 are available. ' 

Write Bex 6.f2d5, Flmnciaf Times. 
fO, CoAnOR Street, EC4P 4B7. 


LANGUAGES SCHOOL 
INVEFTOR/MANBAeR wanted 

B*-a^0.900 tnvaitntat ooportimiT* In 
a smalf tarvoaoe achoM in Central 
L^en iMtlOR.wHh hioh oetenrial. 
OPROrunitv tor a dpiteic person with 
enimrcncvrw spirit wfio un devote 
Mbs tanUil time arid eiwruY. Laaquaoe 
pperiento USBM. hot net ne nrsi acy. 
Aaelv with detoUs ot bKkereund and 
Bpcrlecn to Bk .<5.1264. Financial 
Timn. 10. Cannon Street EC4P 4BV. 


PRES5S 

H.ME. model G.P2x40. 'ate 
1974 complete with Worson Die 
Cushion, D.D.C.102 and udal 
gusid. Also model G.H.-^ late 
1973 'expiate vritii udal guard, 
Both, excellent .contfixTon. .Ilctie 
used. Offen: U.C.C Intarnatieeul 
Teir 0842 4251 


IBM ELECTRIC 
TYPEWRITERS 

Paetory recoodMoned 'and gbamttbd 
by IBM. Buy, save up n 40 p.c. 
Lease' 3 Veace. from £3,70 wMkly. 
*mt fram rio'^ 

Phone: 01^1 2365 


GOLF & SOCIAL CLUB 

10 miles south of Both. Avon 

20 Acres, 9-hole golf coune, 
squash courts, indoor swimming 
pool, extensive catering & social 
facilities, etc Offers invited. 
PfeOR ceutoeti— 

KING HltW * CO.. 

34 Clare SeeeC. Bristol I. 
Tolephm 0272 26371 


ISLE OF MAN 

OFFSHQRE TAX SAFeCUARD 
Grasp the eopertuitiuea m a lew tax 
area. We ueclaUu in the tentatlon 
of eompanies Ineludina nemlnre 
apDemments. secreiariaT urvxes. 
oenerai Heiwy work, tvlea and seneral 
consultancy iiKliHtlnp cammereial 
plaeemeM. Full OetaJla from: 

n. A. arawo. mowM naoTHfins 
|TD,. Vlaerv Hoose. frospea Hin. 
Deiraiaa. iti* ef mn. Tel. offoB 
ZS661. Teles 6X6241. 


WANTED 

CONSUMER PRODUCTS BUSINESS 

Our client is a overseas Group which raami< 

factures and sells a wide variety of fast-niovin? consumer 
goods through many types of outlet. Tbe Group operates in 
many couniries and a small subsid>ar^ id the U.K. It is 
seeking to e^nd its iaternatloDal operations by the acquisi- 
tion of a company which could complement its activities ie 
tbe'lTJC.. Europe, the United States and the Far East, and it 
would be milling to pay up to £4 million for a particularly 
suitable company. 

At the same time the Group is also interested in smaller 
U.K. acquisitions costing up to £lm. which would enlarge its 
activities in tliis country. 

A suitable company Is likely to be manufacturins and 
selling products which could be sold through all or any of 
the following outlets: grocer}’, fancy good.<i and department 
Stores or other outlets selling fast-moving consumer good.s 
or to the catering trade. A strong interest e.vists in companies 
operating in the leisure field, particularly manufacturers of 
sports accessories. 

Enquiries should be addressed to; 

J. Hcai7 Schroder wagg & Co. Limifed, 

120 Cheapstde, London EC3V 6DS 

marked for the attention of Mr. R. S- Evans. 


. Top Swedish Menswear Mannfacturer 
Seeks U.K. Agent/s 

The l&rgest independent Swedish manufacturer of 
men’s suits, jackets and trousers requires well- 
e^blisbed U.K. agent/s now. Agent/s must already 
be selling to top-end customers and have the capacity 
to carry all lines. Sole agents considered. 

Contact immediately in writing. 

The Swedish Trade Commissioner's Office 
Qothing and Textiles Di\1sion 
73 Weibeck Street, London WIM SAN 
Only those applications received on or before 
30 January 1978 will be considered. 


Technical 
Products 
for Europe 

We ire • *ab*unU*l Britbli eompiny with esubliihed factoncs tn 
France, Beleiiun and laly leeking addioonai manufacturing opportuflitk-t. 
VVe have the know-how and capacity to handle a wide range of preduzB 
including ipectalicy chemlals, adheMvai, flooring and eetlini; finiihn. 
aeouiiie maicrul, and building pi;>ducit. far talc to .nduisriai eutumcr*. 
W# can provide excellent markenng, telling and technical hick-un. 
Minimife your Earopran entry eeta with our help. Our vitsrfru* 
management and financial reaaurcei can help to ensure quick mulct. 
Replies from principals only, please. 

Boot 509, Han way House, Clark's Place, London EC2N 4BJ. 


FIXED INTEREST 
COMMERCIAL MORTGAGES 
FOR OWNER OCCUPIERS 

11i% 


Please contact Martin C. Green. B.5c.. A.R.I.C.S. 

23. MANCHESTER SQUARE 
LONDON W1A 2DD 
01-486 1252 


DRUCE® 


WELL-KNOWN SWISS COMPANY 
15 SEEKING TRADING FIRM TO TAKE OVER THE 

GENERAL AGENCY LONDON — UeK; 

Fully up-to-date range of most modem electrical aoDlianccs for 
supply CO banks, Insurance companies, hespitali. department stores, 
food manulaeturers, chemistry and air conditionms industry, V^orid- ’ 
renowned references and proven turnover. Preferably to be jiven 
to a well established trade and industrial respresentative as importer 
and retailer. Please contact under cipher OFA 2640 ZV, Orell FQssli 
Werbe AG. CH-B0Z2. Zurich. Switzerland. 


We wish to acquire a 
SMAU COMPANY 
as pare of our 1978 
divertincation programme 

Our achievemerfcs over the past 
two years convince us that we 
have the necessary resources to 
succeed with a small acquisition. 
K.p..-« Will ee utdite III tu-isi 
confidencu. 

Writs Bex C.1338. Finenrte) Timn, 
fO, Connen Street. EC4P 4BT. 


PRBTIGE CARS WANTED 
TO AU COMPANT DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are yew obnitiing che bni prce lor 
jreur lowHuilesge prcitige m»cer<arl 
We ergentir require RDirt-llByee. 
Mereede*. Diimler, Jeguer. Vinden 
Pl«. BMW, Poriehe, Ferrari, HMerati, 
LimborghiAi, Jemen Convertible, 
Rover. T'ivnph and Volvo Cars. 

_ . Open ^ Bairn • week 

Colleeneo aiqr«4ier« hi U.K. &«ti or 
BMker*’ draft availaWe. Telephene u* 
tor a Rrm price or our buyer will call. 
RONANS OF WOKING -LTD. 

B to olrweod (04BC7) 4M7 


MACHINE TOOL 
MANUFACTURER 

HAS CAPACmr AVAILABLE 
for design and manufacture ef 
special - purpose machines; 
general machining, assembly and 
machine cool reconditioning. 
F. E. ROWLAND & CO. LTD„ 
Station Read, Reddish, 
Stockport, Chetitire SK5 6NF. 

Tel: 061-432 3201 


INSURANCE BROKERS— 
BUYING OR SELUNG ? 

Wtu.k.e. your 0u&>. r.aio, you 
could find our urvic. u be the 
amwer-.-tbo eaiy and inexpentive way. 
We publiih and direct mail, your 
specific requirements under cenfidon- 
tial code te the Chairmen ef over 
1.000 (AI6. CIS and Lloyd'i) Brok. 
ing Mouses ;h-o.igh:iic U.K. 

For drt' - — *-'•• ^hi:— • i.n ccntectr 
The Manraing Director, 

Trevor James (City ef London) Ltd., 

Ueyd* Ave.tue Houfe, 

4 Lfeydt Avenue, London EC3, 

Tel: 01.481 1036 


WANTED 

Companies about to realise tax- 
able capital gains of between 
flOOjOOO and £3m. We are pre- 
pared CO discount subsTaniially 
che potential tax liability. 

Write Bov C.f2B3, Ft.iencaf Times, 
to. Cannon Street. EC4P 4bf 


Old Established 
TIMBER & PLYWOOD 
IMPORTERS/SAWMILLERS 

for sale in Liverpool. Family 
owners wish co retire. Half acre 
main read site. 

ApNv If first iiiCenre te 5or 'J 
Financial Ti-nei, 10, Cannc.v S:-eef 
SC4P 48Y. • 


DO YOU NEED MONEY i 

Wr c«n Arrange finenee Irom both 
insiicut'onsl and privatr source* lo' 
all type* o< industnal and ctMnmp'cial 
property iiKlwiing hotels, (sctorioi, 
home and overseas developments, ren- 
aany aequititiom, corporate finance etc. 

G. I. DARBY CO. 

Suite 29, 70 Buckingham Gete. 
London SWI. Tel: 232 4063 


Modium.siznd private company 
seeks 

INVESTMENT OPPORTUNITY 
in a Manufacturing Concern 

inveivcil in 

AGRICULTURAL EQUIPMENT 

f.vitiul retail* 10 Ln- O.ITt*, 
Finantial Timei, 
fO, Cannon St-eet, EC4P 4Sr 


EXCELLENT OPPORTUNITY 
te venture into a 
New Expanding Market 

Would suit pregrassivb eomfan/ with 
links in tbe building mduitry and 
cxperc market. ClS.OOO-rrpyi^ based 
on turnover. Principal* only. 
Wrfie Box G.1236. Ptnaneial Times, 
fO, CamioR Street. EC4P 4BY. 


PAYING CORPORATION TAX? Clabn full 
capital allowances from hire cruiser 
Purtnase. tuelieni nnurn and securitv 
12S) 23 iT "***“* Frensham |02S 


CAPITAL AVAILABLE 
C10,fi00 PLUS 

To assist small expanding firm 
or company (preferably en- 
gineering) who may be handi- 
capped by lack ef finance, 
HCtive p-rtiCipAiian it required. 
Term* would not be too onerous. 
VYrIte with lull details to Bov C.t368, 
financial Tiin». 10, Cannon Street. 
BC4P ABV. 


LARGS LCIBURC GROUP, main mierest 
public houses, need* ftnanec lor nean. 
sjon. would consider rauKv paRi<,M. 
lian. Write Soa G T2S3, finaociai 
Times. 10. Cannon Street. SC4P 48Y, 


Business and 

Investment 

Opportunities 

E veryTuesday and Thursday 

Rate: £16 per single column centimetre. Minimum 
3 centirnetres.Forfurther information contact: 
Francis Phillips, Financial Tlmes,10 Cannon Street 
E04P4BY.Telex: 885053. 

01-248 8000, Ext 456. 



Ifc. 








- 18 =:. 





'ptiiaiKaSl TSa«.tRoi^ 

the 


EDfTED BYAHTHUR BaiNEn/WD TCD SOJOEIffiS 


• ENERGY 


• SOFTWARE 

;Prodnct for U.Si 
markets 


■• -'V' • 






Tiger piojed: aimed 


at Sating^KKk 


"BBCENT MOVES ' by Insac, tbe 
;)f^baefc'ed oi'ganlsatioa in* 
;' tended -to boost U.K. software 
' aales abroad to appoint as con* 
;;'sulunt to tiie . company Sam 
Fedida, inventor of the PO View- 
,'data system, have set a number 
' of software houses wondering. 


top of Out, the people" it seeks 
are most difficult to find aad 
would have to.be relocated in the 
U.S. 

So far as software products are 
concerned '■ the Insac problem 
is, in the short term, perhaps 
more serious. 




■f " • ■ ' v,'* ■■■ ■■ * . . 


. V. 




The appointsneat has been 
..'•.made to help Insac develop its 
i, strategies and plans for entering 
t the worldwide information 
:. systems market Tbe inference 
..-jS' that Insac has bigger firii to 
-.fry than the interests of most 
.'software companies now operat* 
.lag in the-UJC. 

It is no secret that John 
Pearce, Insac*s managing 
d'rector has long taken the view 
that for success Insac would 
have to break into the U.S. mar- 
ket in a substantial way, for this 
is where the profits liei Once a 
/ product is established in the U.S., 
not only will its ^les elsewhere 
\ be relatively easier, but also 
" because of time lags in normal 
.computing development between 
'the U.S. abd elsewhere, its life 
outside the U.S. would be longer. 

. .This seems to be a general policy 
..approach that tbe NEB has 
'-accepted. 


* . However, a polic.v depends for 
rills iraplementation and success on 
-^hnvins the people in place and 
■ the products to offer. But Insar 
..is nowhere up to strength. On 


The British software industry 
has, so far, really made little 
impact on the U.S. 'market even 
with the lopg-eziating, massive 
U.S./Britlsh software ' ' writing 
cost differentials, wUch have 
operated in .the UJIL's favour for 
many years. A few companies 
(HSP, Arbat) have done well 
with what large pQiporatiaas 
would consider minimal market- 
ihg bases, but'io the main British 
software and systems skill sales 
to the U.S. remain minimal, have 
little InRuenc^ and the traffic is 
still largely tbe other way. 

Industry sources indicate that 
Insac seems to have come to the 
initial conclusion that much of 
tlie available .product that 
already exists here wrili need to 
be' further developed, enhaneed,- 
and properly padcaged for the 
U.S. market. It follows that 
Insac may well have to make sub- 
stantial USE of its funding provi- 
sions to enable members to 
create products suitable for 
e.\port. 

So Ihr as Viewdata is con- 
cerned It seems that the PO sale 




.. m* . i 



This £60,000 higfa-^eed c<miputer«oiitTolled 
tube bending madhlne has bera installed by 
TI Tube prodnets at its'Oldbnzy, 'West 
Midlands planL The madhlne can addere 
about 1,000 bends an hour and can manip^ate 


tube with ootside diameters tanging fnwi 
to 2i indies and loedm.np to 12 feet. 

Car ^hanid: pipes ftMBted on Oie nudiinc . 
ean be seen in the for^pronnd. ■ 


of Viewdata softwrare to the West 
German Bundespost was so 
handled ' that three years after 
the contract signing date, the 
Bundespost wrill be able to mar- 
ket the system and without hav- 
ing to pay the.PO a- royalty. As 
the contract was signed a year 
ago. there are now only two clear 
years i^ead without competition. 
This is unlikely to be . the sort 
of bargain that commercial mar- 


keting men would' make. 

The question Is, however, what 
is Insae's Intent in . Viewdata. 
In inventing Viewdata. Mr. 
Fedida made practicable a whole 
.class of systems based on com- 
bining. tdecommunications and 
the phone, the. TV receiver, and 
the computer.. . 

It seems likely that • Mr. 
Fedida is being brought into 
Insac to .translate Viewdata into 


American terms, and that some 
Insac initiative in this area is to 
be expected. On the basis of the 
skills available to Insac mem- 
bers, one would expect them to 
mount an attack on the UB. mar- 
ket aimed at vdiat has-been called 
the “ closed user group ” — 
sy.steins aimed at companies and 
sectors of sodety tn whidi mudi 
higher prices ean be paid for tbe 
information used. ' 


W^tK «9Betaasger ^ gives tbe team the rlgttf Hud of 

items ^Tuaniiig on .flikids. bave'wozking 

have much lower Mdiing- poiqdjs-' The shaft also 'bouses 
tbte water, ia peogi^ under ithe ^^ter consoles 
aegis of Dr. laa Smith, Mechanic mpjer^ts and capture the 
cal Engineering resulting oata. 

TTiiluxLuuiLj 4 ^ ite' nmiirr 'liminii *- The OUtCOmO Of thC WOfk Will 
UnwerrojOT of heat exchanger 

yeats. devttaila sieatly teto ©e Sd a colrtoptimisation study of 
.prejeet for icnw grade xe- jiuid for the. job. It will 

CDve^ first reported -on Tedpj-;]>e one that will be much more 
■ cal Page on Januuy 11 . . efficient than steam for 

'Pk« i.rnrj*rf 'Fmj'R ‘ VfA,: powcf outputs and low^wortang 

• u- proj^-^TlGER, (^or tux; t^peratures along the lines first 
hioe induction generator re- g^gg'^gted by Sir Humphrey 
ieovery) - Is aimed at tecovadog Davy Jo 1 S 23 . So far in Britain, 
a'ian^ proppetioa of tiie eoetgy..thin concept has not been put to 
wasted an -tiie form .of tow^tade i£e - proof, though reseaith 
'JMaC'by lndiiBtz 7 ^. i. workers outside this eeuntty, 

Ttiis has been estbnated at spurred on by 
Some 20 per rent, of ©e eoqray-onergy, ' have - turned their atrei^ 
absorbed by' liidustry, ■ itself tiem to turbine systems nlnnmg 
represeatiag eOme ' 40 per jeeat'df on. such fluids, 
itie nadpd's primary enet^ <^a- Also essential in the City 
eonqitioB. and wfiSle the uiftinate University data will be tbe 
saving posrible must of heoessity' operating conditions of the 
be a goesstimaite. a figure ef ^ulpment and the overall cost 
some flQOm. at ©e least in tenui of the prime mover, ^rt of this 
of .energy earing each year Jias data will be determined by 
been au^fested. ' results of a market study being 

Dr. Smifiib work, by rerried out at Bnmdl which -will 

Bhell Internaitio^ look at bow heat is beii^ wasted 

be rf»«w*t****H by riKHst ihe end' and by whom so as to draw up 
of year, providing H waig n parameters - for a plant most 
data for specialist heat ' - exi- likely to be in demand, 
diangers and thus coat estimates Brenel will alre provide vital 
of v^ great value « d^e?^. details of the electronic- 

«aal«,d. 

^ , Oxford is studying the modified 

To try out vanousaiw of ex- turbine system and Bradford 
changers and punps, -ttie develop- ti^.- “ w X. 

ment team is -using -a ‘‘vertical ^*uversity will build the high 
laboratory ** housed in an unused- generator with the assis- 
lift ©aft wbich, pmvldeidlially taoce of industry. 





incorpar.-ftinii 

CLARKE CHAPMAN 
REYROLLEPARSOf'JS 


MACHINE Toots 


Grips at 
high speed 


improvements in rile 

and. matexlab for ' laih^ •' 

tools has enabled higher spbnw/. ' 
speeds and powers to be ap^d r 
but the higbCT speeds bare.M-' 
suited in chu© pTrfild'inS: 
increase in ceate^ugal .Jm'. 
tends to make the -itwa 
their grip. 

Pratt Bnrnerd ' IntBraatio^ ' 
has designed a cfanck which, ' 
is eUdzn^ ui^ the centrifap^ ' 
force generated at high rpm. ta' 
achieve constant ' ' |pip|d^ 
efaaraeteristies. The' maker says ' ' 
the gripping power predetwi 
mined by the user is maintalred' 
at near constant value !tfver''tbe 
whole speed range of any giren 
size of chuck. Now. tim oidy- 
ftetor limiting ' tiie. mariioum ' 
operating speed is the strength* 
of tbe component parts of ibe ' 
chuck. 

First of the new. chn^ has s 
diameter of 270mm. :a&d a maxi** 
mum speed of 5,000 rjNn—etber . 
Sizes are . being develop^. . . 

More from the make^et Park ' 
Works, Lister Lane, Ealifix 
(0422 66371). ' 



forllib 



.WMe-spacedf 
dide-oction k^s. 


The functions you wait. 
No mow, no h 


Big apiowgh far desk Bse> 
smoO enough for pockets. 


1 year batlery life 
in one eosy boHarib 



. • "- V 


IQng-size 

red light-up dbpla)b 


price tag. 


Moms power option. 


The new Sinclair Enterprise. 

A personal calculatoi> tailor-made for you. 


Harems the full specification 


There are plenty of hi^ily-spedalised, highfalutin 
calculators on the market ^Kl%ich is fine ifyou’re azeseazdi 
sdsatist, a tax accountant, or a physics student. 

Kit most of us aren't. 

So is there an ordinax); everyday calculator? Not an 
expensive specialist instmmeni; but a good, solid, general 
TTOikhoise. 

\cs, TluSmckdr Enterprise. lA brand ncrc and just 


And the Enterprise has a special difference 


ThereVonevexy big (fifierence between the 

Fjitetprisg and /ny c^ailatnr nn the maricyf . 

Because the one thing you wanted most was a 
readable display. Not a small one, or a gxey on^ or a smudgy 
green one. But a large, cleaj; instandy-^esponsive 
iightup display. 


+»~ X,-r,^y~ ; memoiy+3 memory— ,m em «y 
recall, memoiyexchai^memnEycieax: 

ConstanL 

1-ye ar batte i y life (lOminutes use pgdaR 365 days 
of die yea^ fium a manganese alkaline 

Mans power supply option.lBigei«d 8-digitLED 
display predicted life lOiM} year^ xride^mgle vision* 
underaU ligbt-<xmditzons. 

Comprehensive guarancee. 


A price you can afforc^ from a name yov know 


Jtow do we know it’s just right? 

Because you told us. 

By canjdng out detailed research, with personal 
surveys, and by simply taBtingxo people we found out what 
sort of (^culator most people would re^y Uke. 

Vt^ found out what you want a calculator to do. 

VPhat functions you don't wani^ what features you 
do want. 

The shape, size and we^t that suits most of us. 

Ihen we went and made a calculator toymr 
spedfications. 


The result: the Sinclair Enterprise 

Ids small encHigh to fit in a podtec or a handbag. 

' Kg enough to sit on your desk or kitchen table. 

!t^ powered by one simple batteis not several fiddly 
.ones. And youll only change the batteiy about once a year 
it add% subtracts, multiplies^ divides. Of course. 

But by simply pressing a kcK you can also work out 
pexcent^ies. Press another kQ* to find square roots. You can 
store totds and subtotals in a use^ memory. An automatic 
consnmrhclps out with repetidve calculations. 

You can use it in the ollice, or at home. For checking 
bill& balancing budget^ metric conversions. In fact, uith 
: die ]^teipnse^ you can quiddy and easily handle all the 
. calculations that are so common in day<o-day life. 

(Itll e\%n be usefiil for homewod^ too!) And with the 
Enteiprise^ instead of spending^houxs doing calculafions 
tbe long wa)^ you get etror-fiee smswers, instand y! 

Alread}^ you can see what makes the Sinciair 
Enterprise just lighL 



The Enterprise costs £9S5 (plus 80p^fflG[^, 

^^hich makes it just right for any pocket~for yomseif or 
asagift ^ 

Idsbufitl^SindafeKaditmic^iriibh^ 
makizigca!cula:Mlon^(andbectBr)thanan 70 cfaer * 
Biidsh manufectutec Smdair have pioneered die dttign 
and produdion of micro-electromcs, from pocket 
calcdatora and p()dtet ccunputeis, to pocket TVs. Arid 
course, dieEnterprise ^ a 12<mdndi repair^^ 
girarantee, shoidd anydurig ever go wrong. 

So if you^ tired ofcalculators that arerd^ust ri gh tg 
takea look at thenewSmcIairEnterpi^ Stt it at your 
local shop, and tty itfbryouiselfi 

TheSindsirEnterpriseistailor-madetoyour - 
desigaYoifU findhfiuxatiher well 


So the Sinclair Enterprise has a sharp, cIfb i]; li^t-vp 
display. It% probably the bluest bii^t red dteplay in a 
pocket calcalatOL And it xeacts the instant you press a key. 

a.display you can trust -it has a prediaed life 
1000 years (fer longer than some more gimmicky types 
ofdi^Iay). 

. Youaskedfbragood-IookiQgqficulato^toaAnda 
glance ar the picture shows the dean lines, the silk-silver 
finish, and attractively keyboaxd. AH features wc 

built at your request 


Whore to tty the Enterprlae for yaurself. 

Boots (larger bx8Bch«l^ W. H. Smitii (larger bxanchesX 
^Army&Nayy (selected stores), Barken of Kensington, IXto&s, 
Burocalc, Haiiiods^ Landau Radio, Matthews Office Funiituie^ 
Se l fridges, Underwoods, ^Xhllace Heatoxb and otiier leading 
stozes. 


^ Suicl^ Radionics Ltd, 

London Road, St Ives, 
Huntingdon, Cambs^PE174Hf. 



World leaders in fingertip eleciFonics 


• TELEVISION 


Low light esmera 


ONE OF the most sensitive low- 
light televirion cameras avail- 
able, the Nightgumrfi, is able to 
accept immense variations in 
scene illumination, ran g i ng from 
the equivalent of quarter moon- 
light up to brillialit sunlight 
without any aiamisyi adjustment. 

Incorporating an advane^ 
silicon intensified tube and with 
a choice of automatically con- 
trolled iris lenses having very 
high light gathering properties, 
this camera produces a high 
resolution pietnre signal of fall 
video amplitude with scene high- 
light brightness of only OXIS Lux. 
and prodnees a usable pi^re 
signal with brightness as low as 
0.03 Lux. This represents'a sen- 
sitivity about 200 times greater 
than that of a standard vldlcon 
camera with an P1.4 leibs. 

.~The Nightguard, however, 
employs efeetronfe sensitivity 
introl — obtained by varying the 
1.LT. intenrifler supply— couplckl 


with the auto iris lens' control to^ 
give a total autoiuacie light eon. 
tcol range of SOQiu. to 1, U^. 
over, unlike many lowJlriil''^ 
cameras, the Night^ard 
responds to the norinal visibia 
light spectrum even at very Ion 
light levels, produdng a dis 
played picture which is free from 
the confusing effects of over 
accentuated l^ra-red response. 

This last is partleularb 
important in surveillance appK 
cations, aud Nightguard car 
cover outdoor and indoor loca 
tions in all lighting condition; 
encountered- thiroughout 24-hou: 
operation. Tt is available with s 
range of fixed iocal lengtii lensei 
dr with - motonsed zoom lensM 
and a r^e^ of ancillary equlv 
ment including weatherproc 
housings and remote controUej 
pan and tilt heads. 

CotroD Electronics, Bocklanj 
Works. Eagle Street, CoYenO] 
CVl 4GJ. 0208 21247. 


LIGHTING 




Fkster and hrigjiter 




FLUORESCENT TUBE lighting presence of the series capacito 
units from Osram-GEG will be 'Both starting circuits switc 
equipped with electronic ballasts off when the. lamp is alight an 
on fee 65 and 125 watt sizes soon, piay no part in uormai runnin; 
wife feallaats- for - other sizes Overall size and weight of tb 
becoming available by. the end ballaHs are reduced compare 
of fee year. wife existing, chokes, 

Pinal stages of development of Because of ' the improvemen 
the electronic devices are now In efficiency, substantial saving 
beizm completed, and comprise in running costs for fluorescen 
a (£oke coupled with a solid lights can bb achieved, amount 
state circuit, -all in one outCT ing.to 14 pec; egntf fbr fee 65M 
case. The combined unit gives and 19-per.cent' for. -the 125W 
the reliability and . starting On an-' Installation uring 1,00] 
characteristics of . a switehless- wUte 6SW lubes, this means thti 
start ballast wife leases lower -£700/ye»r ctii be saved for th> 
than those normally associated same light output while for i 
with a switch start .circuit similar installation using 125B 

Prices are said to be compar- lamps fee' saving rises' to £1.800 
able wife the switriiless starter. Some of the saving comes fron 
For most of the year fee whole the reduction, in fee overall wat ■ 
of the output will be going iuto tage per kunineire, and the rev ' 
the company’^ own luminaire from fee reduction in the num 
production, but It Is expected ber of lamps required, achievee 
that eventually the ballasts will by the increase in lumen output h--. 
be generally available on the A further advantage Is a rediic 
markeL- tion in starting time .to abon 

The 66W version uses semi- 0.9 second. It is' believed tha Rglit gn., 
conductors In a patented clrcuiL there Is nn comparable- competi m-' 
which enables a pre^heat current tive product available anywhere ic-v./' 

to -.flow . through the lamp Details from Osram-GEC PC I " 

cathodes, combined . with eon- Box 17. East 'Lane. Wembley, i c 

trolled pulses across the lamp to Middx., H.\9 Tpr, roi-004 4321). 
obtain ignition. Tbe circuit has — ' ~ ■ ■ . j . 

been optlnlised for both fane- • By agreement between 


c. 


-arwwM .asAMV* 

treds tdgeUer, which re^ts ia Times and gtc BBC.g^ ^ 


less end blackening of the tube information from TIte Tmftnicol 
when compared with existing Pope is upoaoble use (ha 

CorpomMoii’s External Services 

The 125W version achieves the as source material for its acer-- '' 
same resoJts. but allows for the seas broodoists. 



Services 



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and powezM equipment and ooE 

first<it8 prafessioaal people, - — iinmnpninT 

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Tel: (03Q 648 4743 
Cambridge 

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* ..I^ancial Times Tbiii^^ January..l9 1978 

^ • Ak_. ^ -* » « _♦ — . - . 



19 


mg 


3ie gloss tiie structure 


EDITED BY MICHAEL THOMPSON -NOEL 


ANTONY THORNCROFT 


H 

1 


V. H 


IS? la infesting 

^over £10(M^ on the pTpdui> 
i-bf.tw'o seW'Comrnerdals'for 
7^; brand. - It is quite 
to pav a great deal for 
/' N , ''^feetiOD because Milk Tray*s 
wtjhft tiiiiiing success is vely 
* Us tportant to the company. ' By 

h * 4' time it- bas bought TV and 

|(fL ema tune Its couimitmeht In 
SU v{|rznotionai expenditure could 
top £lm. 

. ' >.>> rhe fascinatiDg fact Is the 

• Mioeetlng ' link between the 
i ssy films that will eventnally 
: ,.>ear oh television and the 
• ■ .,^-JCtUTe inside Cadbury which 
>hes the button on such an 
. estment ' Too mucb market- 
attention Is paid -to the 
' > morous side of things in 
-.. mcles; too little to'Hhe in- 
na] stracture inside ' adverUsr 
. : companies, who. after all, 

. ‘'*-k up the bills. A report on 
.'-..s veri' subject *^How the big 
isumer goods advertisers 
'anise their promotional spend- 
; prepared.by Taylor- Nelson 
' . ; Marketing magazine, supplies 
-ne of the answers. 

.The survey is' IntroduceiT by 
'.:-,..;biu Tuck.' A feature is the 
" >d response ratie. » ^0 teie- 
'■ t one responses from the 318 
' ■ ding advertisers ' that were' 
. ivassed. The conipames that 
. ik . part .collectively spend 
' iOm. on ' advertising- and 
hough, not surprisingly.' there 
. . . re no answers from the ultra- 
" . sretlve soap and-detergeut com- 
. - ^nies, the general response was 
de and comprehensive. - 
' The first nuggets of informa- 
'O refer to - titles, which 
turally vary, Alnwst two- 
Irds of the sample- have a 
arketing director, with con- 
iiction. not yet so bitten by 
e marketing bug, lagging 
Iflfiri-) bind with just 40 per cent. 
*^£(4 ing the title. On the other 
nd 83 per cent, of construction 
"mpanies have a market re- 
arch manager as against 56 per 
^ nt- of food,, drink and tobacco 
aoufactnrers. Ju5t over balf 


the. sample possesses .-a public 
relations mana^r. .- ) 

■ Although such titles can tell 
potential suppliers a lot about 
a company, they are largely ir- 
relevant to the czudal ^estioo 
of who actually derided on the 
size and placing of Uie- advertis- 
ing. and promotion budget. The 
findings suggest that in. -43 per 
ceuL of cases it is the respon- 
sibility of the markedly director; 
the managing director 'makes the 
decision in 22 per cent of com- 
panies; the Board ih 18 per cent; 
the maiketing sei^ces manager 
in 10 per centl and the sales 
director in 5 per cent. 

The important point la -the 
exceptions: in ehmicals it is 
more likely to be the' marketing 
services manager who .decides; in 
textile companies, the- Imaging 
director. But wben 'It .cOmes'lo 
responsibility for deciding where 
The ■ advertising- goes- after the 
budget has been fixed the market- 
ing director t^es the decision m 
37 per cent, of cases, as[.4ig8in5t 
the. .marketing services .manager 
in 36. -per cent. Barely.. is the 
Board or the managing .director 
consulted! -In promotions there 
is more delegation down—mth 
the promotions manager ‘ibaving 
the say in ll. per «««* of the 
companies. 

'The research* hiin"1nt6 some 
difficulties when it plots -how the 
promotional bu^et' is' divided 
between media, ne i^spo'bdents 
suggested- that 30 ptt *-cent. of 
their cash went on teleralon and 
only 16 per cent into newspapers 
utd magazines. Posters was given 
a* very high 15 per cent- and 
commercial ra^o- 7;. ptf-.-ceat 
These figures are reversed when 
the companies are questioned 
about media they have used: 
then newspapers sirnre 40 per 
cent as against 37 pec cent for 
television and 25 ;ceot. for 
magazines, ^low the tizie' spend- 
ing occurs in 27 per cent of the 
correspondeots, and tmhUe rela- 
tions a remarkably low 10 per 
cent , 

- Nlnety-tWi'Q per cent o7 the 200 
companies usf au a'drertising 


agency, , while 3 per cent rely on 
internal dzpenise.and 4 per cent, 
employ both. Of companies 
spending las .than £350,000, a 
quartet use' staff only. Of' com- 
panies using agencies, 46 per cent 
have one, 32'per cent, two, 13 per 
cent three, and 15 per cent four 
or more. In choosing an agency 
35 per cent judge on the basis of 
creative' ability: ^ per cent 
depend on the brief,, and 23 per 
cent, respond to au appreciation 
of the seeds of the ba6ise8& In 

fixing the advertising budget, 
half the compasla. say it is a 
Board decision, Zfi.per cent leave 
it to a special eomnuttee, 16 per 
cent, say it is volume profit based, 
and a further 16 -per cent say it 
is dependent on the' financial 
allocation for the year. 

The last five years have seen 
very large increases in media 
advertising (74 per cent), and 
below the line promotioa-(6B per 
cent). Almost a half of the top 
200 a1«o sa.v public relations 
activity has increased over that 
period. Biggest increases in pro- 
motional activity have occurred 
in those firms with . large pro- 
motional budgets. For example. 
89 per cent of those firms spend- 
log over £5m. say that th'ey have 
increased media advertising. I>e- 
creases -in arririty are oot 30 
commoD. the mosf fi^uently re- 
ported being exhibitions (21' per 
cent.). Other ategories that have 
decreased are media -advertising 
(15 per cent), public relations 
(13 per cenLj, and mail shots (12 
per cenL). 

There w*ould seem to be _ 
lack of pcofessiopalism ..among 
the top two hundred compaiues 
with regard . to measuring ..the 
effectiveness of advertising and 
sales promotion, particularly the 
latter. 77 per oent. of the com- 
panies use sales results and 55 
per cent, sales TepresentativesT 
reports to assess their advertis- 
ing. Most popular research 
method.s are recall studies (70 
per cent.) and attitude studies 
<69 pe'r cent). Pre-testihg is 
rarely used <2 per cent.). 


k! hriuiitcr 



^ ifie ted Ipuridi of their iga'que 'Coot & Cook* cooking ends for meof, tn the 
forrn of secison^ coating tiixes, Honnepride chose the Southern te^'sion area. 
Theirreosoning^Thesizeandscopeof^regionmakesit'drepresentotfveyet ' 
economica] test market. A-recef^ive ouc&nce for oooldng ddsond a sound trade base 
vs^re also foetdd in the drasion. 

The £44,000 conipaignr by Geers Gross, showed Aiot fhe leasoning wem 
right. Because ijhe test nioiKet FKulfs show a brorKi worth ^ niiNion at the 
national level. 

LjtlW w^er Hid "Goat & Cbcik’ has now been extended irfio two otfier areas . .. 
proving once again pays to test iTwriset with Southern, 


SOUTHERN WTELEVIS80N 


■ ForTurther infomjoHon contact Brian Henry, Mark^ing & .Soles CKrectar, 

Southern Tebviskm Umited, Gl^ House, Stag Pbee, London. SW1E-5AX; Telephone: 0T-8S4 440A 



Holidays are a worry 


BY WINSTON FLETCHER 


in town 




. .thatsexcitm&mLondfl^Biitthere'scme 

where peace and i^et prevail-. ■ - ' 

Behind the doojs of SheratonPark^wee 
- Herewerythingisquietdeganceandii^^ 

the bustle <>f city life gives way to relaxatdoiL : 

You’ll find eveiyfacilily^or comfort Deli^tful ^acious .. 
rooms flTid suitealookout across parfeiand.OTTsstias of London 

. " " ; Mdinbars, restaurants, lounge^ priv^ ; 

rooms, you’ll enjoy the kind of excieUent 

. service you thp^ht no longer existed. 

. . - Give 'US a caU.(Hi 01-235 8050. 

. And wVU give you ^ best 
of everything. ' 









..■y i 


Bsace and quiec in the heait df l^ighsbii^^ 

- im 'K'wigktjTw^riy ^ T-.rtnrifm .St^ftX.TRNT^pl^^ 917222 


ALL INDUSTRIES are cyclical AB’i. the Bullln way ia All of which wm a welcome 

but aome are tbumpiugly more anathema. antidote to Ron Millers plea for 

cyclical than others. This^mple For suen ungregarious indi- niore glamour, more rorauce 
scientific law was verified irre- viduatt Butlins has devised its and moieTantasy in boUday 
fntably this week when four lead- new Freshfields camps, most, of operators TV commernais. Mon 
ing travel pundits revealed- the which are tucked away down in holiday commercials,_ne opined, 
current boom in the industrj’ at the South-West. Smaller, with are dead dull and bonng. He can 
an IPA Society seminar. less organised entertainuienl harqjy have been referring to 

Havine waxed wildtv- in th» more self-catering and self- Cosmos eommeraals. since 
•arw tSve 1 induJn? help, the Freshfields camps are Sidney Silver clauned that bis 

waMd^tnoni l973*Stil capturing for Butlins a sector company has been trading sne- 

Srt UaMnd MW^ems^^^ has pre- ceasfully for the lart four years 

oexScI^ to be SS viously eluded iL UTiieh is without the benefit of any 

erJvS ^ ffeSS why the famous Butlins name national advercsmB at all. 

is nowhere to be seen on Cosmos relied completely on its 
filf <lwS SoiuJri^ Freshfields* promotional brochures distributed via travel 

explanation of the bonarm. “f The * future role of travel 

Sidnev Silver. Cosmos’s manag- ** “**i^th* egents is perhaps the most con- 
ing director, even proferred to w« nlS! troversial and fontentious issue 

the seminar the unlikely hypo- Fresnnaios was neus. holiday marketing at this 

thesis that- it is the eunhoria . Why U the holiday market, moment. Over 90 per cent, of all 
created by the Queen's Jubilee particularly the oversea travel u.K. holidays, UiUer. stated, are 
that has eneou'raged > us all to 'sector, so volatile? The simplistic booked via agents. Yet Tjaere- 
«tsrt paelujig nur holiday bags answers are econoiuie and poll- porg’s marketing strategy is to 
again. deal: oscillating exchange rates, cut the price of holidays through 

Stiver claimed that his .com- JomJ riots and the like. Peter by-passing the agencies: direct 
nanv*e bookinei; last week were chairman of Cooper from manufacturer-to-cuslomer 

Sr he« ta fts Ro” Research and Marketing, probed m the old-fashioned discount 

Miller.^ales director of London merchandisers’ time honoured 

Weekend, claimed that radical P**'*®^- 

package-tour newcomer Tjaere- Whether this strategy 

borg had already garnered 30.000 succeed over the long haul must 

replies from its campaign, a huge he in question. Agents make only 

figure bv recent standards; and 10 per cent, commission and pro- 

all present at the seminar were “““ “ vide real and valuable services 

convinced that 1978*s main prob- ^ customers in return for their 

lem fnr the travel companies F*r from being just simple, take. Tony Wright pointed out 
would be lack of capacity rather welcome and relaxing annual that a decade ago Butlins sold 
than lack of customers. The breaks. Cooper’s Psychodrawings Virtually nil via agents, but now 
total markpt will orohably oot uncovered tbe many kinds of nearly 50 per cent of its book- 
exnand. Silver oredlctad: but trinry. anxiety and neurosis that ings come that way: and he spot- 
that is because there won't 'he bolidays~-and particularly tbe lit the happy irony that at 
siifficfent aircraft seats available prospect of future holidays— pro- exactly the same time as 
to meet the demand. voke. Most of Oiese worries were Tjaereborg have been banging 

w- predidtable and we've all suffered tbe drum about disregarding 

\^hod be a forecaster in me them .ourseives: anxieties about agents. Ladbrokes, after selling 

foek;ab" 0 ttt illness, about direct for some j-ears. has 
recall^ a Forel^'ere' and so on. • Cooper admitted to seeing the error of 

forecastit^ job cameu w associated them \ with worka- its ways and have now roc- 
hS^hmdnera to bolism, with the puritan ethic, eiuubed to the agencies’ trading 
the -apwired^ feeling of charms. 

The ink was hardly drv on the *" i^lraess tjjc travel and bnliday raarket- 

^^lilJ ^ph paP^ when "2^ looks, ttdn. as 

the Cyprus war broke out, pSIpI! uBcerUio as ever. 

ho1idiv'’'maTket risers portray. ideal Wmston Fletcher is mowittinp 

Mediterraimm hoi ay .. boliday can never be a^ieved director oj Fletcher Skelton 

liDiewise, Silver 'gloomily 
prophesied, the present 000 m 
may quickly turn into -an 
ephemeral boomlet, with book- 
ings falling away' ta the late 
summer if inflation starts to 
nudge itself up a little and the 
value of sterling coTrespondinglj' 
nudges dowiu presaging a poor 
summer of 1979. 

Silver also disclosed the 
siirprisiog statistic that last year 
^ per cent of Cosmos’ bookings 
bad been made within six weeks 
of the holiday departure date— 
astonishingly late for package 
tour holidays. On current trends 
this year’s late bookers are 
likely to be disappoioted; but 
even that will be cold Gomfort'to 
the holiday companies, as 
research shows that customers 
who are forced to try a new kind 
of holiday one year are exceed- 
ingly likely to repeat their new 
choice again the nest. 

The repetitive habits of 
Britain's holiday' makers were 
highlighted la the speech given 
by Tony Wright, marketing 
director of Butlins. and gener- 
ally corroborated by the other 
cognoscenti present. Fifty per 
cent of Butlins' guests each year 
bave holidayed there in tbe pre- 
vious four years; and one of tbe 
Redcoat company's key market- 
ing activities is its meticulously 
planned and bi^llaotly executed 
annual computerised mailing, 
which goes out each .Movember 
to. 790,000 recent . BuUuutes. 

Incidentally^ BulHns is sophistic- 
aledly developing its computer's 
abililj' to separate customer into 
distinct groups with differing 
-needs. Families with kids, for 
example, are automatically 
mailed quite different Utenture 
from tboae without. 

The outcome of all this hard- 
working promotional activity. 

Tony Wright elaioed. Is ibat ihe 
research shows an. amaz'uigly 
high 25 per cent, of the British 
po'pulaee has now vacationed in 
ButiiPS at one time or other and 
a further 25 per cent has a cio^ 
relative Or friend who has done 
50. Some 1.25m. people clay .at a 
Butlins camp each yean and 
Butlins is now probably the 
largest company in the holiday 
business in the world— certainly 
Che largest in Europe. 

Butlins' .Achilles heel, Wright 
explained, is a direct c()m>Ury 
of its two oulstauding strengths: 
the fame of its name . and tbe 
clarity of its image. Evet 7 bod.v 
larau’s what a Butlins holiday 
means— the same remorseiesslT 
.ioliy, chummy fortnight that it 
has- always meant 'since Billy 
launched the enterprise in 
Skegness in 1^6. (The U.K. pari 
of the - market, which accounts 
for only 55 per cent, of the 
sterling total, is apparently less 
volatile than the foreign, bit.) 

Unfortunately, if fpanspjres tiut 
TO 1 RBU.V of to-day's modern holi- 
day makers, .. particularly the 


Mysterious drinks 


BY KENNETH GOODING 


IT MAY not be one of the great Canadian and L’B. gallons are 
mysteries of our time but you same. 
mislit b, mteresied to leara that aolestfc conaua'ption for the « 
the Dutch import considerably types of drinks product 

more port wine than they in the 21 countries cu'.rered by the 
actually drink, according to that report. Acumen collects together 
country's Government statistics, all the available government 
There are no re-espons of port, figures, trade association figures 
so ■what has been happening to and trade Press reports and then 
tbe drink? Could it he tiiat it Is commisaons market reports from 
used in the preparation of some its local associates. Th^ are 
odd Dutch cmd\A\. of which there subjected to analysis and incon* 
are many? Or does it simply sistencies-Uke more port going 

get lost in tbe pipeline and mto Holland than is artiwll^y wn- 
somewhere in Holland stands a sumed-^cussed with both the 
warehouse crammed full of aifiriatoff and various 

Tawnv and Ruby. sertors of tM trade. „ _ . 

,w. ■ . ^ Mrs. Speight remarks: “In the 

The answer is much more mun- analysis there wUI be 
dane as the re&ea^ere ^ countries where the absolute 
Acumen Marketing purity of the final report cannot 

Sf be assumed but we feel confident 
m>ster>. It is simjtiyrthat the countries our 

Government statistics reports will be accurate and will 

And as salys of port in any event represent the con- 

la™ sensus of best-informed opinion. 

Where hard data is at all suspect 

?*nf5r?!3? "‘e have to fall back on trade 
—tbe Gcncrnment is not particu- onmion " 

The iost of the full report is 

be more accurate. 56 ^ a 

“There are few countries Clients also receive a monthly 
where Government .statistics pro- newsletier which includes not 
vide an adequate guide to how only the esseniial information but 
much drink of various types is .-riso those items of exotica which 
actually consumed. The L.K. continually brighten tbe wine and 
is the nearest to the Ideal foi spirit trade, 
even there it is impossible to dis- ^is, from tbe latest news- 
tinguish between anis, aperitifs, letter, for example. .A new pro* 
diff'erent liqueurs and certain duet called “Akadama Punch,*’ 
types of fortified wines.” says similar to Sangria, has been 
Christina SpeiphL who is respon- launched by Suntory. tbe big 
sible for .Acumen’s Japanese whisky group. It is 

national Wine and ^ Spint wine blended with orange and 
Record,” the third edition of grapefruit juices. It is 6 per 
which has just appeared. eenu alcohol and with 11 per 

There are manv pitfalls to be eent sweetening (that is 3 to 4 
avoided when attempting to com- per cent loss than roost demi-sec 
pare International statistics on winu). It retails at A’250 for half 
wines and spirits when you cull a litre (that is, S7p, DM2.32. 
them from various sources. The S1.04 or Frs.5.00). One suspects 
most common include the in- this is not to be one of tbe great 
accurate conversions of U.S. gal- drinks successes of the 20th 
Ions to hectolitres, of U.S. proof century. But it is useful to know 
to U.K. proof gallons to pure the threat is lurking there in the 
alcohol and tbe assumption that background. 


Raciio gets it right 


BY PAMELA JUDGE 

NEARLY H.ALF the adults in “There is too much music on 
the UJC listen to commercial commercial radio for my liking " 
radio fairly regularly and a when they were asked to com- 
reasonable national campaign can ment On the other hand 56 per 
be run for around £20,000. With cent, agreed that “ Tbe BBC has 
these and other factors in mind the best radio programmes.” 
Uintel decided to conduct Us opinion was evenly divided 

own consumer reroarch into atli- on the statement that “ Adverw 
tildes towards the commercial tising breaks spoil, one’s enjo.v- 
f«r® ®ent of the programmes": « 

latest Market Intelligence Report, cent, agreed and 47 per cenL 
Adults are roughly equally disagreed. Regular commercial 
divided— 44 per cent Listen once radio luteoers might well be 
a week or more while 45 per eent. expected to agree that the pro- 
never tune in. But 51 per cenL grammes “ are much more lively 
of men have an ear to tbe trannle than those on the BBC ” and 
once a month or more as do 45 indeed 53 per cent did (as did 
per cent of women. Tbe figure 55 per cent, of the women), 
rises to 70 per cent in the 15-19 s»vine .that such researrli 

should not be taken as the last 
^"tK subject. &Tlntel feels 

m the band up to 34 years of «»on balance It does suggest 

that commercial radio Is doing 
Most people seem to a most things right as far as Its 
high proportion of music pro- listeners are concerned and that 
grammes since 80 per cent, dis- includes both programmes and 
agreed with the statement advertising. 


I)isa)vet the unspoiled beautjrof Sardinia. 
And the charm of Costa Smeralda. 

Here on the island of Sardinia is one of the world’s finest 
unspoiled holiday regions. Clean ah; clear and 
• unpolluted Avater, 33 miles of beach^studded coastline. 

Perhaps the finest resort in the Mediterranean. 


The smart time to 

TJnderetandably a resort ol this 
qualky of service and taciliries is not 
inexpensive. But the **eniernJd coast^is 
aii especially anraem’e holiday 
propKidon during early and late 
summer when lou’er prices pre\'rtil.Tn 
Mavand June die sun is alread%' w;wn; 
and die coast is a mass ot u’llddour'ers. 
In Sepconber/October die sea is still 
'wann, the sun can be hot, and the 
beacb^ are virtually d&erred. 

There’s SO much 
happening in spring and 
autumn. 

As guest at our hotels (Cala di 
\c*lpe, Cervp, Pitrirza) you arc 
xwJcomed at the 73-par Pei-ero Golf 
CUibv(iiic of diLs years Italian Open, 
^Uy ^to7').anJ at die C-civo Tennis . 

Club, wliere Italian Davis 
Cup Caprain .^icola 
Pietrangeli conducts 
iveek'long clinics in May, 
.June and ^ptember. 
Othyr^wts include the Costa 
Smcnddalntemationa! Auto Rally, 
ApriU3’to 15;vachringregatUis (weeks 
of April ^ and June 25 ) and die 
famous Straits Week Regatta .Angusr 
20 to 30. Yachckig enthusiasts should 
be Itere for die S^inia Cup (begina 
August 3i I, an International race 
destined to become as popular as tlie - 
Admirals Cup: 

Expl(>Fe the islands . 

Coscfi Sitierolda is at die o^treof 
the Mediterninean's best sailing waters. 
You cah rent power or sail boats for die 
day ordianerpower’cniisers or 
h-ton sloops for a-week s cruise. 

Or bring.your own yacht 
to our ne w fuilv'equipped I 
485'btenh Tnarina,\vim a 
shipy^ capable of 
baullrig- 300-ton yachts, ■ 






Ni^tlife 

We otter one of the quietest, most 
relaNing holidav s you could imagine. 
All die same, it would be 
a pirt’ to miss the 
exciting nightclubs. 

When was the l-asr rime 
you danced at a disco in 
a mountainside cave' 

‘Buon Appetito” 

Ah. the rcstaurantsf 
We list over 30. Taste tish 
treshlv caught that 
morning, Sardinian 
-sp^ialities or Roman or 
Tuscan recipes. Enjo>’ a 
late’night pi::a at our 
w-dteil'ront Picieria., 

Eighty beaches 

long beadles, or hidden coves widl 
pink and white sand. Some beaches are 
sc seduded, it's best to 
.hireabo;ictoreach them. 

Other adventures include 
\\-iiter-skiing or skin- 
diving- We have excellent 
inscnictors. cl course. 

Shops and markets 
' Among the pleasures of Costa 
Smeralda is poking around its shops 
(about 40 at the last 
count) and the maikets 
of nearby villages. One ' 
$pecialit\': ceramics 
created b>' local 
craitsracn.- 

Homes for holidays 

There are a limited number of sites . 
for holiday homes, as well as tlatx and 
casas to rent or buy in 
. spectacular locatioiis. 

The Consoido Costa 
Smeralda has ^aced 


BuropeV most carefully controlled 
environmental regulations to protecc 
your views, your privacy; your 
in\'esmient and me beauty- of our 
coasdine. 

How to discover us 

Alisarda-theairiine of Sardinia— 
flies F^lariy to Olbiu/Costa Smeralda 
airporr from most major Italian cities 
throughout die ■^■ear. You can book 
through all major airlines. In holiday 
montmi Alisarda operates direct (lights 
tfom Paris, Nice, Dusseldort", Frankfurt, 
Geneva and Zurich. Charter operators 
orter non-.srop scixice from the L’.K. 
.Ask your travel agvnL For those who 
drive, (em'boats run to Sardinia from 
Toulon, Genoa, Civitavecchia (Rome), 
Livorno and Cotxica. . 

Fora Starr ,M?nd the coupon today. 
W c'll forw-ard bv return post our 
colourfril booklet. 




"^Consorzio 
Cbsta Smeralda. 




I To: Cosu ^mcRililu In/oniudon Oltice, 

I 17M*>ntpdKTStreer.LondonSW7HiC 
' Td: (01) 5SI2131.TL-!ex: 916087 
Plea.«ir Htid mcivour free cdouK btodiuie 
on Costa Smeniido. 

Kama 

Addnss ’ 


Td: 















20 

LOMBARD 


The right kind 
of framework 


BY COLIN JONES 


rr IS amusing to reflect, as the well hare the desirable result oF 
row over British Steel unfolds, making Ministers more circum 
that the decision to set up a epect. 
specialist Commons committee on This approach strikes me as 
the nationalised industries some being more poiittcany realistic 
21 yearn ago was strongly opposed ihan the two-Uer Board idea 
by the present Prime Minister on «,hlch has been advanced by the 
behalf of lbs Labour opposition ivational Economic Development 
on the grounds, Mr. Callaghan office. NEDO was as critical as 
said then, that such a committee the Select Committee of the 
.would blur the chain of respon- presenr eoofiision and inconsist- 
sibility from the Boards to ency of objectives but it is hard 
Ministers. This was after an to believe that any real difference 
earlier attempt to form a select would be made by a top-tier 
committee had proved abortive; Board of senior executives, civiT 
its terms of refence bad been so servants, trade unionijsls. and 
narrowly drawA~-tbey prohibited users charged vriih thrashing oot 
It inter alia, from examining any- strategic policy. Another tier of 
thing that was a Ministerial discussion and deelsion-making 
responsibility — (bat the com- would hardly deter Ministers 
nuttee soon concluded there was from intervening when it suited 
nothing it could usefully do. them to do so- and it is naive 
Despite these doubts and to i”^3Sine. as NEDO seemed io 
despite a continuing lack of that Ministers would volun 
resources, the select eoiumittee tarily accept _ the need 
has since acquired a considerable exercise restraint, 
reputation for a common sense Not only has nationalisation 
approach and lack of partisan- vastly ^ndened' the scope .lor an 
ship, especially on the way ambitious Minister who wants to 
Ministerial relations with these establish a reputation but the 
Industries should be conducted, a artivitie.s of these industries are 
matter on which the committee loo important in the economy 
has been arguing a pretty con- and too sensitive politically for 
sistent line down the years, the temptation to be always 
Indeed, had its advice been resisted. In any case, there can 
adopted, the chances are that BSC sometimes be perfectly proper 
would, hare been in a far better reasons why it may be dertrable 
condition to weather the present or evee necessary to inteiwene. 
recession. - - 


this advice coujd be s^d to haA Inconsistency 


insisted of two basic proposi- 
tions. First. Ministers should . _ i 

set clear artrl rnneletav,* nhil.,. inCOlUISteOCy 10 M WROliy COm- 


This is because of an inherent 
wholly eom- 


manacement team let them sat uvvu luiu w aui. comiuer- 

Si SdthTt Lcon^ but they are not structured 

subsequently feel impelled for They cannot go 


some political reason ' to inter- or be taken over and they 
vene. such as over a question of avowed to compete m 

prices, the location or closure of U.K. market for neu capital, 
a new plant, or the timing of a It is true competitive pres- 
major order, (bey should do so sures are greater than they were, 
specifically and openly and, so But the centralisation of an 
far as it Is reasonable and prac- entire industry’s investment deci- 
ticable (o do so, quantify the tions ha.s magnified .the eonse- 
cost of requiring a departure quonces of a wrong choice — 
from commercial criteria and pay disastrously so for the makers of 
appropriate compensation. electricit.v plant, telephone equip- 

ment (and pe'rhaps now steel 
works plant?) — as well as posi- 
tively inviting the wrong Icind of 
^ . Ministerial intervention. In a 


More realistic 


rospecli'v, responsibilities of 
Boards and Minislers and miikinq ,h„ L 
11 somewhat easier to assess the I "L? * 


B(^ds’Verfo;man^^^ be accepted 

also regularise and subject *be meantime we need a 
Ministerial interventions to a framework of control which pro- 
proper disciplinary framework, vides for a proper measure of 
If the amounts paid as compen- Ministerial oversight while dis' 
satxon were charged to (he couraging the wrong k’nd of 
appropriate departmental vote intervention. This Is as urgent 
(and cash Uniitt. rather than as tackling the financial crisis in 
subsumed in the Boards' financial British Steel— which, as the 
targets or a capital reconstrue- Select Committee could have 
tion as has sometimes happened, pointed out has been gravely 
Ihen the costs would be clearer aggravated if not largely created 
both to Parliament and the by the lack of such a framework 
public generally, and this could In the past. 


BUSINESS. AND THE COURTS 


tTnaucial Times Thursday January IS. lit j 

By A- H. HERMANN. hog»\ 





THE SABENA tir-hostess.’ BI4. still before' Belgian courts and ISO-GLUCOSE, a jiynip con- Commission null and void, defined In Artide. 39 of the J'bicb not 
GabrieUe Defrenne. who dtused.has now prodneed a second taining a. pniportion of These courts, in ihrit turn^yer .TrMty, Moreov»; the GenWMfr Jj® v j- ^ 


t:- 


UH 


\y 


— - - ^ ^ r • - - 

such a stir three years a^r Is'^^cnee to Luxembourg. This frurtosc <, the lypc of sugar pre- ferred the prohlcm to the Euro- sion is said to have got its glucose v 
about to rea^ear in the Eure- Belgian .c^urt is as>sng sent in fresh fruit) is prodn(»d pe'ah Court . fibres wTong. 

pein Court On the first- o(»-- PWlinilniuy^^ mb- from maize and soft wheat and , The first two 6f-several The second reference comes ^ 

sion she persuaded the Court ceming ICs. ' l>efrenne's retire- iimaiBly usedmsoftdrinta.lt reference new luideF wpy cbihe from a Dutch' G(UitL it attach^ JOHNIE ■ 

to de the gallant thing and reaching the age is «aid to he both a better and from the UJt and. ftom 'the a wfider range of EEC reguia- towards Luxaabourt^ " 

declare that eguAl pay is the argues that it a cheaper substitute for sugar Netherlands. The U.EL'refw- tiens and concerns an action ^ blinded- (or' at tat' ' ' 

law of the' EEC- and. as such is illega] under EEC law to have in the soft-drinks industry and ence was. made by Mr, Justice brought by two Dutch producers ' DistaUezfc '* - 

enforceable in natienal courts, different retiriaeat. ages for several enterprises in the EEC Donaldson in the Coiomerdal od tso-glucose, Scholten-Honig, hlttlna 'out ta W ‘ - 

The judges, aware that the “d women. The age limit have been eapanding its produc- Court (Queens Behch -Dirtsiott 'and- De BijeodoiT, bo* in J . ^ y 

Court is (he only EEC .institu- ^ appUes only to air Uon, of tixe High Court) In an action Amsterdam,’ againn FS; “ Jf • 

tion to decide by simple stewardesses and not to sle- This displeased the Sugar brought, by Tunnel .Se&heries opposite number of the Hntisa .• 

majority, and therefore the only in consequence Directorate of the EEC Com- against Britain's Intervention tarve'ntion Boaid for-Agnt^- wjJJ hit me 

one capable of moving visibly female employees, doing the mission whfch defends the in- Board for Agricultural Pniducei mral Produce. A ever, they sey m w wum iafl, - 

Forward, brushed aside the wor^ not only stop wm- terests of ^ar refineries and Tunnel Refinerie^' one of the has al» been initiated m the case for we wmaua- . 
words of Article 119 of the id* earlier but- also only sugar beet farmem. The Com- unhappy producers of > iso^u- Qennany. *1°*^ bet^. ww ^ Wi a* .. 

Trea*^ wibidi speak of equal pay flualify for lower ■peasioiis than mission tkuild do little about'ihe cose, are asking for adeclaration 'The European Court not long lanembourg. i2ie l^mnusafqa ... 

as of a principle to which ®*®-. desirable fruity quality of this that EEC Council Regulation a^. decided against the Con^ has, of i^rse, attractmj^vertii*^ i 

national legislation should “Id view of tiie double aims product but it adopted changes No. 1111/77— -which has led'to mission in the case of skimmed pdijMictty by chtmst^ *e. pie-p.,. 

ar«,l,i«IIv mM *1,* »w- - - ...bj.i, sm In tfe npfam aV mhcidiM wktpH • i«AtAi*in.nt-inn tn thaiv finanAlal ...ni. ..AtuiXav whan nic farmers P.hmsrm&S DeriOU . for - -its.-ail«i .1. .' 


gradually conform. They of the EEC Tr^. which ate in Its system of subsidies which a deterioration in their financial milk powder when pig farmezs chiesimas period for .-its.: nii-«;i. ; 

insisted that "equal pay” had economic and* social,** ^ks the have.mado isoNglueose more esr positioD-Hls illegal. Their ease (British and German) revolted nouncemwt' on .whi^. -It lij.. - 

been EEC law since 1962 la the Belgian Court of Cassation, (in pensive than sugar. . As a result is in the -first place that It does against the Commission's rale quite crecHb le iwheBo;- . 

Six and in the three new a reference registered in the the enterprises making iso- not square with' *e principle requiring them to feed EEC posingasthcproteetor efedii'l- ' '.- 

member states since January 1, European Court under N.149/ -giucose a. bleak fatiire. that burdens imposed bv an gVimmed milk nowder to pig& at least ito eoMafnl. ' 


1973. However- shrinking from ■ 77) " should tim principle Th^ were not w^ed that the authority murt not be eacestive T&e pigs did not like the. milk yihisicy prices SjSfitxa ■ Qd^' ' 

< s„i 1 — u- ...kSAk relation to'the aims puzriied powder because it had a compared wi^'im uBkmKV. .-^ 


the full financial consequences of equal pay be interpreted as financial regime under which 
of an unqualified decision, the referring not only to The they started to operate profit- by the Commission. 


diff^nt smell, and the farmers pneeg of aofit. drfike!;, i . 


judges have allowed no retro- equality of pay but also to the ably would come to. an end so The. financial burden-imposed disliked it because it was more by ttie Asorglucoiie caseej' 

spective claims unless these equality of conditions of work ** middenly. . on the iso-glucose producers' in expensive than other But DisiiHers seem tOi ' 

were being pursued by litigation and particularly to retirement If the new EEC measures are the interest of sugar producers fodder. The main argument (hat for 'once the Oo^t 


which had already started. Ms. age ? The answer of 


the upheld they -will lose quite is dairaed to be quite dispropbr- against (he CommissioTi’s case ^ . stands on exceptionatiy I ’ 

Defrenne came into this -Luxembourg judges will affect substantially on their invest- tiotiate. The EEC measures was that one section of the agn- ^ eround*'- the Oomaim''' 

category and stood to gain £160. many, including all those ments. They- therefore turned adopted to this end are dauned cultural community, the pig ^ : »m<uw n«nw 

It is doubtful whether she British women who ha\-e to're- to their respective national to be an abuse of power and frtrmers, were begin asked to roinmajn mar^ 

has seen any of that money yet. tire at 60 while men can go on courts asking them to declare eontnry to the aims of tiie ..subsidise another section, the wings a 

Her littgatiott against Sabena is to do the same work till 63. the new measures of the EEC Common Agricultural PpUcy as dairy farmers — an argument for whisiues. 


irc 


view 


Punters need not 
risk indigestion 


TO-DAY'S FIXTURE at Ling- from Alee Lewis, who has won 
field, a course that seems to since, 
suffer more than most from the Another who has travelled a 
weather, has beeo abandoned fair way for to-day's meeting is 
owing to frost, so Newton Abbot Lone Eagle, who reverts to 
has the field to itseir hurdling following several un- 

lies’’ in" Se^^fSaTe'^^nd'J^'JS no"^oubr*tL« 

frhAir Winter's gelding baa ability, but 
hi w "Of particularly resolute, 

if h5 ^ vnter the chance of Ferry 

n ^ a determined customer. 

(I.ISL in which Mackelly will L. Kenoard at 

Taunton. 


RACING 


BY DARE WIGAK 


Rio. from J. Cobdeo’s small 
stable at Martock, in Somerset, 
is a regular visitor to Newton 
Abbot, having twice woo ovn 
hurdles here, and been runner-up 


start at long odds-on. And any- ia his last two raees^.botb over 
one who invests money on the fences. He has Gharbqnnier to 
Bsbbacombe Selling Handicap beat, but his prevloua experience 
Chase (1.45) will' deserve a of the bigger obstacles will. 1 
medal of some descriptloo. hope, see him through success- 

The most valuable race of the 
afternoon is the EUacombe 

m/ ohX: «•«>■ 


and Teasle’s Boy. The one 1 like 
best is Tessie's Boy. who makes 
the journey from Droitwich ia 
the West Midlands. In fact he 
travelled down to Devon and 
Exeter jnst over a fortnight ago. 
and wu a convincing winner 


NEWTON ABBOT 
I.IS— MackeUy 
2.i$->-Tesrie*s Boy** 
2.4^Ferry Polat” 
3Jl^Rio*** 

3.45— Flying Gamble 


wad West 
is golden 


SOTHEBY'S SOLD Old Master 
p atniiw^ for I90A35 yenerday. 
Top price was £3.000, way above 
forecast for The triumphoZ 


Pakisfhii spinners have 
England on the run 


SclK 


,.|irrt 


entry of^ tn^ Ettstem^ Enmeror. jTHV. MOMENTOUS decisions df nieiiuiy gair of bowlfers. who lo use their feet and thatthaw^ 


by G. B.- PittonL A ktteben Tuesday were uppermost in will' probably always bowl, better fore the spinners noyer- png# 

interior, by Jan de Meyer, sold everyone's minds when the third in partnership. found themselves uoder pressure- *'■ 

for £2.600. Test match began this monting Much of the England batting They were allowed .to bowl .as. 

to the afternoon tnpo^pWeaV **'®Ae''p^Utan Board hhd eVery 

ght to be delighted that having. ^ 
elded to stick by the^playeia' 

by tViephone p^id""i8.*500.~pliSJ^® ***** overcome another terrible who had been loyal to PaZ^ap 


toe io Mr rentlTuvert the PakUtan Board of Con- start, and the admirable resol.u- cricket and not to plaj- Mushtat; . - 

tneiu per cent, buyers premium. I Pakistan’s tion of Taylor. They have put Imran or Zaheer . that their 

plsy^n lAfinlrfhi ftnrf vniiffis nIaVfbrc fihdllld OTIM A£S1T1 

The atmosphere of suspicion 
which has fogged all issues in 
Karachi tiiese past few days has 
mostly blown away. After 
Boycott bad won the toss for 


SALEROOM 

BY ANTONY THORNCROFT 


CROCKET 


for Ventee at Datoii, by Thomas England, the Pakistan spinners 
Horan, which bad been estimated had a good day and at the dose 
at half this sum. England were 152' for five and. 


on 45 for the sixth wi^et. and*-y-oung players should once again 
■ — have served them so hamh- ' 

somely. 

Eight of this Pakistan side are .m, 
25 or under, and they have had. 
the best 6f the first two Te^t, , 
matches and look like having-,^-., 
the best of this one. No wonder . , 
most of them were pretty upset. . , 


BY HENRY CALTHORK 
KARACHI. Jan. 16 ' 


A number of Wild West scenes, I “ at Hyderabad, have a struggle “ far Roope has bart^' for just when sugg^est^ lh« 


by ■ Edward Borein. brought al^Md of them to save the match, over three hours and Taylor for Packer trio would play in this 

three ta four times toe orices D '*^as hardly surprising toat just under two. match! « « • 

forecast Indian chiefs carrvina the England side did not have At least England should now The very real chance of Eag-I . 

ore^ai vMtm ona of their best da.vs. In toe pass 200. but they .must have land refusing to take partj^njd [ , 


£7.S00‘ a - rattle lirive. £BAOO* I P wt week cricket has been about been thinking more in terms of have set a dangerous precedent, r • 
rS^a in fl ciSoe the last thing they have had the a score of 400 when th^* woo They have nonetheless made^ 
meanom noers w a vtuagef ^. — their point clear and they wtlll'. 

watri) read of Greig's sngrj' reaction in']. 


square. £5.200: and Mexican eoto- 1 time or the ihriination to con- the toss. • , . 

- * — I centrate upon. U:. is Fascinating to 

Nonetheless. Abdul Qadir and Qadir and Qasim. 'Hieir control Sydney with considerable amuse- r 
Oak brought good prices iqbal Qasim both bowled beauti-, phenomenal. Qadir'»-~he is a ment. The feelings of these 

at a Chnstie s Souto Kensin^on xbfs time Qasim took the leg spinner who really spins the players mu»t not be under-i ,, 

SrVJ?”*. wwch totalled decisive wickets when he dls- ball Through all their long estimated in the future, and 
£40.6». A lito-CMWy-style cup* missed Boycott and RandaU in spells scarcely a loo.se ball was cannot help feeling that the 

hoard sold for fSM mo a tmy ^he tenth and eleventh overs, sent down. True, the batsmen dramas of yesterday will 

i7th-eentury table £500. «Phey arc a wonderfully eomple* wye almost totally unprepared ultimately prove a great benefit. 

- . . T ‘iirsHead 


— -.-j; 



Seooby Doo 
Newsround. 


BBC 1 

t Indicates programme 
in black aod white 
Ml a.m. For schools, colleges. 
1235 p.m. On the Move. 13.43 
New.v. 1.00 Pebble Mill. 1.43 
Trumptnn. 3.00 \'ou and Me. 2.30 
For Schools. Colleges. 3.33 Re- 
gional News for England (except 
London). 3.53 Play School (as 
BBC 3 11,00 a.m.}. 4,20 Winsome 
Witch. 4^5 Jackanory. 4.40 


3.00 John Craven's Wale»— 143-2.00 p-m. Bamsby. 

SA5 Fred Basset. 4A6 Crystal Tipps and Alistair. 

5.40 News. 4A5-SA3 Mae Gen 1 Stori . . . 

g gg Nationwide rt^ndna and 5A5-6.30' Wales To-day. 646*7.10 

* Sou toJEnaii Heddiw. 1141 News and Weather 

South East). ^ 

Atoert. 


lUciue 


6J1Q Nationwide. 

643 To*raarrow's World, 

7.10 Top of (be Pops. 

740 The Good LKe. 

8.10 Wings. 

9.00 News. 

9.23 Gannon. 

10,13 Omnibus: Gustave Courbet 
Engine of Revolution. 

11.05 To-night 

1L30 Weatber/Regional News. 


740 Myjtery Movie: 
Brocklcman. - 
9.08 rrV Playhouse. 

10.00 News. 

1040 Time for BusinoM, 

11.15 Kitchen Garden. 

U45 What toe Papers Say. 

12.06 Close: Karin Fernald reeds 
s poem about Ohrlstianity. 
All IBA Regions as Londop 


Scolland~I1.36*llA0 a.m. For 
Schools (living in Scotland). 545- 

840 pjtt. Reporting Scotland. 11.45 

News and Weatiier for Seotlauid. exceot at toe followina times: 
11.48-12.13 ajn. Bono Combraldh: 

Talking Point. ANGLIA 

Northern ' Ireland— IIAO-ILSO La a.ia. Aneiu n«ws. zm Wsaea 
a.m. For Schools. 343-343 p.m. aa nie Sacr*t litw of w«uo 
Northern Ireland News. 5.^620 


Ml. Report West. IJt Report Walw- 
•fJS Best iB the West. T.I5 Risme Damp. 
7Jt| The .Ttinzwlay Umerr Uorle: 
ColcBsiK. xaJS GaUeiT. ILIS Temrfr 
** Tbe 9ren,-* scurliw Cbn»topbtr Lm. 

HTV Q^nm/Wslec— vis HTV Coneral 
Serrlce except: iseo a F>.in. Penavdao 
KavsiMlBB w DrM. C2S<a IMoOol 
Dbutn. MOMS 7 OrOd. SJS-T.K 
Soom Arm. UJMSai Falrpot Cm- 
vRidon ID CtBeon. 

KTV -WOst— As BTV CeiKcaJ 4rrelee 
except: LSeaJO a.m. Report West Bet4‘ 
lues. 0,10 iji Sport WoiR- 


Problems of once^a-year skiers 


SCOTTISH 


KiltT. «.« S^ Om. ms AbDUt AflSUa. 

B* M r Areas. 7JB Bpsow). 7JS Hw BJonle 

... M ....... . ocene Arotmd Six. II.Qo l Didnt Wonun us Blrn 'IWa Ubu w_ Ilje 

•Ml Regions ax BBC 1 except at Know You Cared. 1145 News end Police w«asn. ujq r^teh tj. ]a,m tm 
the following times: - - - 


F.T. CROSSWORD PUZZLE No. 3,571 



ACROSS 

1 Came nut willing In he in- 

fatuuted will) ... (6, 2) 

6 ... a doctor one paper left 
vrnhuut guidance (8) 

9 One member nf pack always 
doing solitary <4. 4) 

1ft Riddle of the movies (6) 

I2 Sweetliroad'.' (4.5) 

25 .suck tn what Boycott wanted 
In do (5) 

14 Girl, would lake off (4) 

16 .Shine key on EngliBb surgeon 
(7) 

1ft Rcorgani.sation of a ragman 
(71 

22 Life-saver in the main is right 
behind (4i 

24 Like cnnie squad tn return 
detective under water <5) 

25 Starting point for old- 
faiihioaed individual (6. 31 

27 Hateful to ring Dutch leader 
owing noies (6) 

28 Regretfully she wax declining 
lunch (4. 4) 

29 Deny existence of entrance in 
nnrth-oast (6) 

30 S.vmphony from America 
<3. 3) 


18 


7 Deny it twice, that could pro- 
duce a sameness (Si 

8 Ten with a worker on the 

railway pay :> down (S) 
ll Dressing up can be a bore (41 
IS Playing area showing no 
mercy in persons of convic- 
tion (4, 5) 

17 Mnve listlessly round a 
vehicle carrying cake (S) 
Workman joins Heather in 
management (S> 

20 Doctor on ship not collected 
by Rollins Stones (4) 

2L The way in take going round 
in drill (7) 

22 .Accountant for barrow boy? 
( 6 ) 

23 Like a poet to be experieneed 
( 6 ) 

26 To CO to seed again might be 
worse (5i 


SOLUTION TO PUZZLE 
N. 3,570 


DOWN 

1 Sun conics down on calhedral 
ainne (6) 

2 Lolling money be split with 
a student (ft) 

3 .Neat bound to which sailors 
resort (5) 

4 Forced lo be grateful (7) 

6- ('III nff fchiirt by l.ist-mlniite 
defending instructions (4, 5} 



EDWrulBcrs. UJl i.m. Ttat LitIu WbrlS. 

ATV 

UB *JR. ATV Newidnk. 


Weather for Northern Ireland. 

England 3.55 840 p.m. Look 

East (Norwich): Look North , - .. 

Midlands To-day (Blnmogham): mo atv tmot. 7jo enaMrOaic Pirn. 
Points West (Bristol); South tjo .ybr Bieoie wonua. ajo nistas 
To-day (Southampton): SpoUlgbt 2“w- »-* **»«« womaa. lue icastcr 
South (Plymouth). 


US SJR. News Mil rau rvpert. 240 
Woma OBljr. 120 ProfesMr KIbbL &30 
CraoTMte. SJO Seodand ' Te^ar. MO 
Gutnefc Ww. T40 Bnuienlale Finn. 
TJB ClurUe's ABgdk OJf RMbs Dana. 
»JI wim Y0U ware Here . . . ? 

Lite Call. lUS TbornUr Claema: Die. 
UOBOier, Die." ttaenaa Seria Karloff. 


BBC 2 


BORDER 


11.90 a.nL Play SebooL 
6.10 Open University. 

740 News on 2 Headline*. 

743 Your Move. 

7.30 Newsday. 

845 Cantilena: Recital of Renato 
sanee and 'Baroque music 
8.35 World of Difference 
940 One Man and bis Dog. 

945 Men of Ideas. 

1040 Mexican Fiesta. 

11.05 Late News on 2. 

21.13-1140 Closedown: David 

Markham reads *'Wbat 
Schoolmasters Say." by 
Alartin Seymour-Smith. 


ILS »jn. Bonifr Neva. SJS Lanle. 
e.eo Loohanmod Tliuredar. TAQ Esaacr- 
dale Fain. TJO ur. aed Kn. iM 
The SIraen of Sao Frandsco. IflJi Peliee 
Womaa. UJI WisO You Were Here ... 1 
tUiOi Border Nevn SnimnaiT. 


CHANNEL 


• MS ».m, C*iaimt Lanchiime Revs aad 
w'lai'a Oa Wliere. Ale CbUMl Xewa. 
Ml Link Up. IM Tbe Bis FtlRi: ** To 
Citek a Tbief.” UJ| Oiaael Lal« 
nmn UBI Fora on W'UffUle. IMi 
TV Movie: ** The DevQ'i Daaabirr.’' 
12J5 ajn. News and WMlher ia FrMcb. 


SOUTHERN 

ue p.m. Ssoibeni News. ZJI Women 
Only. US BetD’ Boop. MB Cmsrpads. 
Ml Dv Br Par. MO iTnieer^ Cbal- 
leaae. TBI Enmordale Fann. TJO 
Hawaii Fiee-0. tJO Riilng Damp. UJO 
Clilne. Uw Slnaer oT the Sons. lUe 
Poopls Rate. UJO'SouUieni News Bzua. 

TYNE TEES 

tJi B.m. The Cppd Word MIowed br 
NoRb Eaat News HeadHfles. UD p.m. 
Nonb Eaai Newi and LooRaroand. 2JI 
Wosieii OBlp. SJJ Tbe Brads Biincb. 
Me Nortbem Life. TJO Bnunerdale 
Fano. TJO Riatng Damp. *M Tbe Sineu 
of Su FranclKO. ISJO v/bai P»ul«:— 
” CBMbead.'* IMS Rich Man. Poer Kan. 
lUS SJH. BpItoeuB. 


GRAMPIAN 


LONDON 


9.30 a.RL Schools Prognmnics. 

1240 Animal Kwackers. 12.10 pjn. 

Stepping Stones. 1240 Make It 
r-n.inp inn ..ii.c rn- n. koe lus is vour RUBr-tsecoaB 

i .i; 10 *ee 0» wrtwr^raramme*. 

1—0 Hein. I.«0 Crov n Court. 2.00 SJS Croiaroads. MO Craaaila Reaorta. 


US a.m. First Thins. UO p.n. Graa- 
SUR New* HeadUnei. MO GntnplaB 
ToAar. TJO Mjmerr Mine Celembw- 
nw ReBectlou. tlSJO Sponacall. 11J9 
Barena. 

GRANADA 

l.a p.m- Ibis Is Your fUsM— Lard 
wtasunier olfera adilce to iiewert. 43 


ULSTER 

Ul pjn. Luneltdme. dJl UTiter News 
BeadUnes. «3 Bln Bine Marble. 03 
Little How on tbe Prurle. 03 Ulster 
Teieetsipa News. O.flS cratsroads. 13 
Rrpena. T3 BDimerdsle Fann. 73 
Tbe B’oole Wonin. S3 Rinas Damp 
XS3 Caasierpoim. U3 ifind Voor Lu- 
paase. U3 Wlib You Were Here ... 7 
renewed br Bedtime. 


WESTWARD 


SJS Crenroads. 03 Cruads itepatia. 
After Noon. 343 Hunters Walk, uo Ennoontalc Farm. 73 '*Sut«* 
340 Looks Familisr. 340 Tbe Wb«j 

Sunimns. 440 The Little House qSIh,^ *" 


12JT p.m. Cui HonerlTan’s Btrrhdars. 
13 Westward News KeodllDes. 03 West- 
ward Diary. 73 Tbe Bis Film; "TP' 
Caleb a TUcr.” starrioi Cary Grant and 
Gnee RcUy. 203 Westward Laie News. 
2B3 Wesnnrd Report. 223 TV Moite: 
’’The Deril's Daurtier," srarrtne SbeUry 
W’tsters. UJ5 ajn. Failk Iw Life. 


on the Prairie. 5.13 Emmerdalc 
Farm. 

3.43 News. 

5.00 Thames at 8. 

843 Cros«roads. 

7.00 Wish You Were Here . • . 7 


113 


HTV 


13 PJN. Report Wen Headlism. 23 
Report Wales Rcadltnes. Z3 Wometi 
Only. 33 Bcrs'l'a Lni, UO Draemurt— 
the Dos Wonder. «3 The Lost Islandf. 
5JU Kitty Rernered. S3 Craasroadf. 


YORKSHIRE 

13 pjn. Calendar News. 03 Look 
Obl 03 Run. Jpe, Run. S3 Sarrrrat. 
4.N Caloodar (Binioy Moor and Bebnem 
edinsssi. 73 BannenlaJe Farm. 73 
Riems Damp. 13 The Streets or San 
Franosco. 103 The Frankie VauffbaD 
Sbsw. U.S Wlak Vo*i iVera Ren . . 
12.W Mas and Woman. 


USUALLY it happens within a 
few minut^ After tbe first 
burst Aownbill tbe ski instruetDr 
looks at me sneeringly and says: 
**I see ypu learned stiing id 
A ustria . . . or France,' or Swit- 
serlaml or America:” It is quite 
the most depressing remark I 
know becau^ in fact my 
style, or lack of iu bas beea 
acquired over the years as tbe 
result of chasing ski instructors 
of varying nationalities down 
various mountains. There have 
been attempts to get a uniform 
system of ski tuition around toe 
world, but such perfection bas 
yet to be achieved. In Austria 
they still have you unweigbting 
with such elaborate excess as to 
bring tears to tbe eyes of toe 
French, and in tbe U.S. they will 
at times wince at tbe very 
thought of a snowplough. No one 
yet appears to have tumbled to 
the realisation that toe best ski 
instmetor is the one wbo takes 
you from where you are. who 
forgets tbe sneers and' particu- 
larly one wbo forgets any 
attempt at unlearning previously 
acquired technique. 

You never really - lose tbe 
need for ski iessons. Most 
British skiers get two weeks a 
year on the slopes if they are 
lucky and most of us end those 
weeks doing a reasonable imita- 
tion of parallel skiing only to 
slip back to a more casual style 
by -toe following year. A couple 
of daj'S of ski tuition Is well 
worth the expense at tbe start 
of a holiday and at least gives 
you toe impression that you are 
making some progress. 

'The trouble with once-a*year 


skiing is that' each year you are 
likely to meet .different condi* 
tioDs. Given tv/b weeks -of hard 
packed ice tbe Briton eventually 
masters 'the technique of -deep 
edging and keOping turns . udder 
tij^t control througbout. Then 
next ^ear.be-is facM- with new 
powder snow and all th^ muscle 
wrenching, power tiirnhig itoes 
for him is land' him . f3ce first 
into a nearby, drift. Deep snow 
turns are harder to initiate and 
require only gentle persuasion to 
complete, while ice .turnfflnitiate 
themselves and are tbe very 
devil to hold. Most British skiers- 
don’t punish ice enoi^b (given 
toe smallest chance your skis 
win rush off dowohin leaving you 
on your backside behind them) 


Kin 


III* 


V M 


schedule. This year there is tbe 
• added pleasure of tbe World 
CfiaxnpioDsbip events, being held 
at the end of tbe month in ; 

Garmiseb hi southern Germany. ' 

Iff many ways it is a pity that ^ 
the ski 'world is still being j 
dominated by the same people, ' 
lugemar Ste'nmark looks unbeai* ' 
able as a slalom' skier dad Franz- 
Klammer continues to' dominate 
the downltill.' 'Things are a liitlei.* 
more open in tbe-women’s events^; 
but.stUl the Haines of Lise-Marie ' ' ' - 

Morerixl and 'Aimemarie Moser j \ 
keep coming to the top of the-'!^-;^;^^*'--^ 



Ust 


WINTER 

SPORTS 

lY ARTHUR SANDLES 


but seem determine to bruise 
toe powder. 

Unfortunately -the'. -theory of 
skiing and the practice- are two 
totally different thiiigsl'Tbe only 
thing' that' gets you used, ta all 
contotions-. . is pFaetibe, <e^ 
tuition. . 

Over ' toe nm few • weeks 
there - should ' be some ^lendid- 
opportunities of seeing -how it is 
done -4>y the best in (be world, 
provided 'British, tclevtsian gives 
more' tban- its usual meagre 
coverage fto toe sport. The .end 
of January aormally 'brings a 
feast Of ski racing as the World 
Cup events reach their busiest 


The .World Championships are 
held evety fodr years, although, 
-the Olympics in eS^ make it a : 
biennial event British interest 
thia time has .been somewfagt 
spoiled by. the squabbling .t^t 
went on wltoin'Britito skj radi^ 

■ last summer, a nasty little perii^ 
provoked as much by the generii- 
tion ' gap' as policy, -disage^ 
nfients. which robbeid the UJL sf 
its best man of last winter-h- 
Konrad 'Bartelski. One can"on|r 
hope that the next couple nfi 
y^rs will enable tbe British, fo: 
' put -together a- reasonable sqii 
.foir Lake PlacitL- . ‘ , t 

So British television v'iew.m| 
must confine toem'selves.-:Jte I 
adimring the finer points 
sport, rather than shouting-^^ 
our own team. Thank heaVdfl? 
skiing makes 'sUCK good vl^l^ 
Even a modest underriand^'rv 
it makes it exdtiitg. -.The adi!W 
^personal dimehsion for nte-Tfo 
(he recollection of tryimt out^ 
downbill run In tbe wake of. Mm- 
Moser. She did it approxinuitw 
five times Faster, than me-rr ^ 
well, back -to ski eehool: 


RADIO 1 s*”m S'”" S*” ’ '*’• 

Ml «- Readme. U4* Folk 2l«ic. »art * U3 

A Ml *** **T***^lf Northern- Symphony Orchenni 

S.00 a^n. Radio 3 73 Nod -iSt. 13 !Cpw^. 13 Jlanebestcr Mltf- 

Staioims. |I3 Simw BaiH. M PaaJ day Concert. 23 The Real 2S1 a«J 
lodndins n.re. XevsheaL SaUerl .S^. 23 a double-biu of RuMiafl 
■'5 ■*e!2“v ?*'’*, anera: "Moan luid SaJierU" oncra tn 

*”• ^ R'm'Kx-Koreilw. J3 

Clab 'Joint Radio S-. 103 -lobn Peel iS'. " wlihe Right*.'* Imc opera In one act. 


\2oe<U3 a.in. As Radio 3. 

VHF Radios 1 and 2-43 a.ai. With 
Radio 2 Inolitiinn l^^ pjb. Good Listen- 
ms. U 02 U'iilr RaCiD L 12.IU2.IS S3. 
With Radio • 


RADIO 2 1400m and- MIF 


h> Buzko, 4.4S h Sitcond Ouaee to 
Hear . . . cSi. 5.40 Hnmewird Bound 
<81. MS news. 440 Honievord Bmind 
■cgnRiracd'. 43 UMiner Tlic Wider 
World. 73 The -\n of Feodor ChaUapm 
■ S>. 13 BBC Welsh Sfniptiq^ Orehos- 
m. pari Is Rarnei. S3 

JudztoR Dm AdnilDlstrelion niA hV 
Rldurd MC.\hl«ier>. 0.U BBC WcMl 
Srmohony Qrchesira. pari 3: 

2i.U Drama Now is*. U3 Ochubcn 
toamber music fSi. U3 >'ev9. 1L3 
1U5 And Tn-nldll's Si-h-jbert Sosg iffi. 
k^DIO FQCR — THUIUD.\Y — odU2 

RADIO 4 

434xn, 330 ri, 283m and VHF 
445 aM. Rdwo. 4.17 Farailu To-daj. 
43 up 10 the Bear, 43 rVKPi 
Reeional Revn. 73 News. 73 To-to- 
73 Up (A the BoiK icoDtUnKdl. 73 
. . A._ M- Rcalontl News, 13 News. 13 

locludlaa S3 Spora To-day iaeJudlas news headlines. ve«thw> 
Desk. 73 Country pipers, sport, S3 Tenerdiy hi Parila- 


43 aju. Nea's Summary. 43 Say 
Moon.' iS> with The Early Show. induQ. 
n* 4 15 Pause for Thoughi and 7.02 
r-ickei— Third Tcsi. Pakistan t, England 
l-iont. 73 Tern- Wosao iDcludtng 
li Cnekei— Third Teei •farther newa>. 
1.77 RactiiR BuBciln and 3.0 Pause for 
Tiinighr. 10.03 t:nckoi: Third Tesi iiea- 
iliac rrpertj. 103 Jimmy Voung iSi 
indodliw 123 pjn, Ctlckei— -Third Test 
rcpon>. 12.15 Wificoners' Walk. 123 
Peic Murray's Opea House isi indadlng 
LC Spans Desk. 23 David UamUion 
S* liKludina XtS and 53 Sporu Desk. 
43 Waggon^ Walk. e-eS Spms _Dcak. 
L47 Jotao Sunn 
Desk. 4.45 Sports 


'^db rst. 93 Folkweave <S). 93 moat. 93 News. CT3 Th^ You Have 

9ports Desk. U-K Two by Two. U3 Losed. rtS3 News. SA3 From Our 
Star Sound Exiru. 113 Brian Ualthew Own CorresnoGdent. m-si rtfiiy service- 
<vith Tbe Laic Show. lwOI-123 *.10. 31045 Morning Story. 21l.Qt News. jU-fli 

Down Yvur Wav vtstis Blaenau Ffesniuoa- 
464ra. Stereo & VllF Cinm^* *L4S speaking for Slyseff. 

13,10 News. 123 p.m. You aod Ymrs. 
12.27 The Burldsa Way. «sss Keatfiv, 
43 a.m. Woalhor. 7.00 Newa. 73 prognaime news: VHF 'esceni Laodon 

nvmure iS* iVUF only from 7.291. arid S.g.) Regioaal News. 13 The 

•73-U3 Cnekei' Third Tost. Pakistan World A| Cne. 13 The Ardwra. 13 
EngURd. 83 News <VRF cmlyi. 03 \v«man't Hour t\ frra 1.41% Inchidiu 
Mnrnino Concert '$i iVRF nnlyi. 4,00 2.0023 New* 12.U Uaiog With Mother 
'Vrir ''nly 0.00 This Week's 3.00 NOtvt 9.05 Afltmeen Th^tre 93 
i*onip'i!«r‘ Fraurk iS* 'VKF nnlyi 10.00 fark dc Msnn Prenfcly wdudlna 43 

Piaoo Beau) (S). UJS Folk Idnac 43 Newt. 43 Olory TUn: "BiiUdoi 


RADIO 3 

* Modiuni Wave niy 


Drummopd.” part 4 MO PU Reporu. 
S3 SereDdieiiy. 153 Weicher. pro- 
aramme news; 'VlIFi Regional New«. 
*3 I«ews. uu Top or tba Forna. 7.00 
News. 7.05 Hie Archers. T.B Check- 
polri. 73 More Tban Skin Deep. 03 
Johs Ebdoa wiui the BBC Sound .kreruTe^. 
a3 Hawks and Doves. 93 Kaleidoscope. 
93 Weather. I03 The World To-nighi. 
2S3 .W Answer*: 113 A Bmk ii 

BedOme. lus The Fineuctai world To- 
nlgtir, 1X3 Ttf-day In Parllomeat. U3 
Ntiws. 

Per SetweU (VHP euly); 93 a-fP-lMOl 
earf 2,39.9> P3. 

BBC Radio London 

306m BBd 94.9 VHF 
43 a.m. As Radio i. 4 3i Rush Hour. 
9.00 Carry On CouncUlor. 93 London 
Live. 113 In Town. 123 p.ui. CaU tn. 
2-89 UK Sbowcase. up Home Run. 43 
Look. Slop. Lifiea. 73 In Town las 
IL03 a3.l. S3 sm TT. 203 U29 KlBhl 
Londou, 22.0fcQif9 As Radio 7. 

London Broadcasting 

261m and 97.3 VHF 

S3 ejw. Mentlitg Mutlr. 43 A3.— 
Nn-ffop newt, travel, sport. KTietrs. 
In/onasileD. 1A3 BrliD Hsyee. 2.06 p.m. 
LBC Repora iDCtodiDS Geome cale't 
3 O’Daefc CaO. 13 ARer S— u-tita Ian 
r.iiPhrtgt. 9313 a.m. Metmine. 

Coital Radio 

194m and 95,8 \HF 

400 a.iR. Graham Drne's Bretkratil 
Slew iSt. 93 llidiael Aslrl >S>. 223 
Hike .lUep v-tlb On Deltvnv iSi. { 

3.3 pju. Rogu Scon wuh his Three i 
O'Cteck Thfrfl <S'-. 73 Lord Georsc- 
FrewTt's Capttel Cosuoentanr is». 740! 
Undon T«das <6>. 73 Adtiui Lev*-g{ 
Open Line iSi. 93 Jonathan King s Vour 
U«her Wouldn’t Like It i3> U.« Tony 
WfWs Ute Show is> 2.N a.m. Ian 
OiTtdsoa'B Might rttffilt (5). 


FINANOAllTMES 


HOUSE. 10. CANNON STREET, LONDON E04P 4BY 
TeteKi Edltortnl 888U1/2. 888897 Advertiomnents: S8Sm Tclegnulu: Ftoan^o. L0B6OB FS4 

Tekphoiie: 01*248 8606 

For Staare Ind«x and Busing News Snmmuw in LoadoB. Binnlagbun. 

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r:S' 


y ’.Sir ■■■■" 


: 1-. 






f: 





4 


\ 







Fin^cl^ Jsmiiary -lS 1978 

,^o1ifbM in LonSpn 

y ANTONY THORNCROFT 


21 


,e..Bhon '^compreh«i0Mve esfai' 
1 ' of "tbe paistiogs of 
/' ’. ive-CouAet ever to be eeeo 
/ . 'ODdoh opens «t the KoyaJ 
emy ito4ay: it wdU tiibw At 
npntlis. Courbet » . often re- 
id es the first greet reilist. 
. . Tng'^e Jn^rsUon for -many 
is. works from the French 
..lug of the 
iry. 'nie exhlbitioQ was fu]^ 
-. ''.wedon thiffpageou Novesn- 
'I by Denye Sutton, wben it 
. m show at the Grand Palais 
iris. 

' -.[fortunately, some of ttie 
. -invortant of CouzbcCs 
• 5 were conddered too lange 
s too. .prcji^iis to be trans- 
. ' .id to London, In particular 
er. diziDer- at Omans,-'’ 
. . h was accepted by fte Salon 
' . 849 and wbich established 
- .. -bet's name, and ‘‘Burial at 
-ns.** shown a year fxter, an 
ISC and detiuled composition 
-':ylrich ,many of -ihe artists' 

. ]y and friends featured as 
-els. - - 

^ . It' there are well over one 
jred irictores on display, in- 
' ‘ing “ The Sleepeti^’* Aovm 
which Courbet painted for 
.lil Bey in ' 18S6. - using his 
•. . 9US red headed .Irish model 
i -This picture Is far from 
. ' istic, and, as Denys Sutton 


-stressed Courbet is a much more 
complex ' and divene painter 
tiian is sometimes [appreciated. 

He has been labelled the great 
realist biit -as -this'! -exhibition 
shows be was at borne with land- 
scapes and portrait still lifes 
and seascapes, -as well as tbe 
genre scenes that be -lifted out 
of the common place. 

Altiiough coming from.'i com- 
fortable farming famUy' Courbet 
assumed sodaUstic'‘V3e«3, .and 
suffered a term of imprisoiment 
and bourgeois abuse during this 
comparstively brief . life. But by 
the 1870s his artistic Teputation / 
was - secure oBly -to-~:be ove^ , 
shadowed by. the arrival of. -Qie k • 
Impressionists. Now.his dualities f , 
are.' recognised, although, as 
Denya-Sotton points out, Ute com- 
pi^ensive catalogue -to go ' with 
tbe obibition draws some rather 

isensationalist conclnsioni.. about 
Courhefs life and worii- which 
cannot ‘always be supported . by 
the facta. j 

. exhibition is presented by [. 
the Arts Council and 'a^ssioo 
'is £1 (balf price Sundv morn- 
ings)^ It la a 'very wt^vdiile 
and entertaining display of tbe 
work of an artist who portrayed 
the 19th century world as it was, 
but enhanced with real paiming 
skUL 



Elizabeth Hall 


Shirley-Quirk/Ortiz 

by MAX LOPPERT 



and other moderns 


by DAVID MURRAY 


Tuesday’s recital, in which 
John Shirley-Quirk was pan- 
n^ed by Cristina Ortiz, was not 
I Mainly Schubert but only Half— 
: the rouiplete Sditoonengesang 
collection in the first part fol- 
I lowed by the Schumann Dicftter, 
Mebe cycle in the second. Mr. 
< Sbirley-Quirk is so cultivated, 

I sensitive, and considerable an 
artist one who lavishes such 
obvious and admirable care on 
[musicianly details in bis sing- 
ing. on niceties of diction and 
precise note-lengths, that it is 
i almost guiltily that one eon- 
' ' fesses to having found these pe^ 
formanees for the mort part 
j worthy but uniuvigorating, at 
i: I times even dull 

Part of the problem lay in 
: the voice itself, which, to these 
= iears at least, seemed so often 
jto lack a firm core of tone, to 
I operate within a reduced and 
: rather lugubrious range of tone 
' colours. Tbe reading of 
Sctiiomengesang was one of 
I those that finally made a case 
f against giving the “cycle’’ 
, I a whole, because across the col- 
; I lection there was spread a same- 
' ness of sound, a singleness of 
quality at dynamic levels low 
. and high, that reduced contrasts 
I between songs and diminished 
;eveo the vii^es of individual 
i performances. Some brave, 
even heroic singing-out in “Der 
Doppelgaenger ” (which the 
bass-baritone took in the original 
key of B minor) came too late 
to correct the impression. 

Vitta Diditerlu^e, Mr. Shlrley- 
Quirk was in the unonviable 


ZJ 


boeabeig: The . string 

“tets. Jiiilliard Quartet. 
- 79304. £9.49. 
lolenc: Piano sextet. Beet- 
* Piano quintet. ' Eva 
rdata). and the Gothenburg 
"d Quintet. BIS LP-61. £3B9 
'-'inlen'c, Ibert, Fanre^ Cfaamin- 
- “French -Flute.. Concertos." 
es Galwtv and Charles 
ait and the Royal Phil- 
bonic. RCA RL 25109. £3.40 
inre: .Variotis music. Ernest 
ermet and the Suisse 
lande Orchestra, and others. 
:a Eclipse ECS 805.. £1B9 
single n:. Part-$6ng& by 
neb and English contposezs, 
L RL 25112. £3.49. 
oneggen Jeanne ' d'Are an 
her. Serge Baudo with 
ists and . tile. Czech Phil- 
nonie Chorus and Ordsestra. 
raphon 112 16S1-2. £5.50 
. erio: Concerto for two pianos, 
^lujah IL Nones. Bruno 
-lino and Antonia Ballista with 
■ iano Berio and Pierre Boulez 
the London Symphony and 
C Symphony (hrehesttas. 
\ RL lieri £3.49 

choenberg’s string quartets — 
re are five, counting the early, 


Ing’s HMd 


un-nnmbered D majorosc^orm 
a ^Indid sequence, and the new 
JuilUard set. reveals the dnmatie 
power of each of them: Many 
mosle-lovers wQ]- have come to 
know the quartets through the 
Jnilliartl’s old mona mal - r ocord- 
ings: only the leadei; Robert 
Mann, .remains In the new team, 
but their play^ has the stamp 
of long familiarity-. the 
music. Tb^e are not. reverent 
performance^ but impassioned 
and persuasive ones. With the 
LaSalle Quartet — tbe only re- 
corded competitiozi— one- is re- 
minded that tfa^ also, play 
Webern (and Berg;' tiibir' much 
fatter album contains, 'nil. the 
quartets of the Second jlflennese 
Scbool, and so is not directly 
comparable). With the-JiiBliard 
one rememhers that Aey. also 
play Beethoven. 

That Is most stzddng~hi the 
kmg but sta^ringly coocen- 
tnted Quartet no. L. - A strictly 
tonal masterpiece it -cairiep. the 
19tiHcezrtui7 art of develQpsnent 
to imheard-oflengtiisfzirtiiequar- 
tef me^uffl <— birt triuamhantly 
aildabkL Hie JuilHard jmorm- 
ance is virid beyond ^>nuse and 
it makes an ideal introduction to 

Schoeidierg^s mhski& ^thinking. 

. - - 

. T 

. '.W ■ ‘ . 

• . .4- ; 




-a- 


\ears Kingdom Come 

by MICHAEL COVEI^EY 


. ■ ■> * 
/’I’ 

fL. ; =.VJl » — «*' 






• - - - ..V : 







Det Keogh ^ O let m a Fetstep^jenes 


LmwC Swt 


Billed as a Caribbean-i^b 
jsical comedy, Stewart Par- 
r's piece of whimsical flimsy 
stronger from moment .to 
)ment than in tiie sum of. hs 

• rious entertaining parts. Set 

a hotel verandah on the 
/.ribbeae island- of Maealla, it 
Is in the background' to . an 
niversary celebration - oi (be 
/'‘and's settlement organised'^ by 
.. committee' representative of all. 
iliUcal interests in the emn- 
unity. 

An unstressed parallel, may 
! draMm witb Irish histoiy as 
' e place is divided Into uneasy- 
-’ctions. Unfurling. . in tbe 
uitlest possible way.'^e flag of 
. Qglo-Irisb imperialism are the 

• ' preehaun Father OTrey (Bes 
f •*eogh), the sensibly shod Miss 

unwoody (Sonia Graham) and 
,ie bumbling old-style colonial 
'* nreauerat ^ecnift (John 
tttiand). 

t ' Each of these tiiree ia plotting 
. < slf-interestedly With a represen- 
. alive oi tbe indigenous ' .com^ 
lunity: Father O'Prey -w^th • a 
wlvel-faipped ' JoumaUst Riiey 
^ynch (Carl Andrews), Miss 
» iunwoody with a tall* constable 
o'wbite uniform and solar topi 
.'ey Grant), and Pyeeraft with a 

• H-sgmstie . • -sejopot ..CG l en a a 
"orsterJones) -wb6 welebmes.. 
'ourists- *nd dlseotheqqai as a. 


w«r of bciBK^ tbe islHid hi 

line.:witii.'the world. 

■The [voice of tiie people 
sounds through. the. figure of. a 
radiant house-girl Teresa (Janet 
Bartley) who takes over the 
celebratory pantomime with a 
‘sung black power salute after 
Pyecraft has unwittingly set the 
marquee on ftre witb an, aban^ 
-doned . pipe. ' Tony Tanner's 
■unflagging^ resourc^l staging 
-provides- a powerful effect 
xs the Test of -the cast support 
Teresa’s finale with close ha^ 
mony and a shower of glitter^ 
ing red stiegmers. i am not 
eoirvi&ced that the slight drama- 
tic content can Justify such a 
miGtimt- punch-line, but the 
style and pace of the fun is 
certainly well capped. 

-As . in hie previous woA at 
ti^ addregs, SpcAesongf 'Mr. 
Parker reveidx ' himself an- adept 
lyiii^ and, with, composer 
Shmm-Savey.' he hu vnltten. a 
deligbtfal lonaU-eeale score full 
of ebdineht Cai^bean rhythms 
and affectionate musieal 
pastiche. .Ihe cast ia. without 
exception,-' as good ' as the 
material ‘allows them to 'be, a 
paiiiculaxfy: strong impresmion 
made by tiie.'sUnky Mtss'Porsteik 
Jonea • and the- -'brawny Mr. 
AndzewSr Musical . direction-.-is 
by David. Wykes. who gives the 
'S^w '.X .vigorous .. lead from . ^e 

Vpiano . keyboard. 


AAer it. zt is easy .ta.eome to 
terms w4ita the lucid and neo- 
classical 12-AOte quartets, nos. 3 
and 4; no. 3 gets a particularly 
beautiful reading here with' none 
of the grittiness of the earlier 
Jnilhard version. Tbe full tone 
and the poise of tbe LaSalle 
Quartet are great vlrcoes. and 
they have a better soprano (Mar- 
garet Price) for the 2nd Quartet, 
u'hich sounds too plainly theatri- 
cal in Joilliard’s hands (and 
lutypically ron^); hut in 
general the stren^hs of the two 
sets are complementary. (Ihc 
LaSalle Quartet .can be beard 
in all this musk on tbe South 
Bank during 'the next- two 
months.) 

The modest and lovafale art of 
Francis Poulenc is as fully 
represented, in its way, in his 
chamber musie— which includes 
not one string quartet (He 
undertook ooe, but destroyed it) 
An extraordinarily silly decision 
by EMI to release their album 
of it all in Britain with one 
record amputated has deprived 
us of tbe jaunty, wholly personal 
Sextet for piano and winds. The 
engaging and s^lista peiform- 
ance of that woik Iqr a Scaijdi- 


wgiiioi^« H«n 


navlan group on BIS is there- 
fore/doubly welcome, matched 
with tbe young Beethoven's 
cheerful Kano Quintet. Poulenc's 
late Flute Sonata turns up un- 
expectedly on James Galway’s 
new RCA record w-ith tte piano 
part orchestrated by Lennox 

Book Reviews m on 
Page 16 

Berkeley, a friend of the com- 
poser — \iilh scrupulous tact if 
in subtler pastels than Poulenc 
was wont to use (he loved the 
sound of a theatre-band). Gal- 
way himself has orchestrated a 
bit of slight fant geouine Faure, 
the flute Fanlaisie. His other 
** concertos ** are by Ibert and 
Cecile Clhafflinade. and every- 
thing is played with the same 
intelligent slightly unrelenting 
efficiency — a teeotd which pri- 
marily shows off tbe soloist. 

Someone at Decca b^ had tbe 
happy thought of making a bar- 
gain eompilatiou of “lig^** 
Faure, a mixed bag of civilised 
perfonnances which inclndes not 
only the predictable PeUeos 
amte and ^ Pavane (witiumt 


Gerh^d Oppitz 

by DOMINIC GILL 


ffwted OpplM li tbo yoiiBg 

(bM|58) German wtnuer of last 
yew's Istematiocal Rubinatein 
(kimpetitioii:- and his London 
debut recital on Hzesday was 
part of a series of seven concerts 
given by young Gens an 
musxciazis which 'runs all this 
week at the Wisnore Hail. 

- lake -all emnpetition winners, 
Oppzlz is a forceful artist He has 
a fine, seenre teclmique and 
cpDck, well-schooled responses: 
he Is a'pFomisnig talent to be 
tdcea seriously. Yet " wtilr 
sAooied " is stSl tbe first word. 
For aU his- asniUy cxosHeirt 
often earalang, lAysical grasp of 
tile notes, he ffid not seem yet 
to have found — exc^ uo- 
reliibiy. la sodden flashee— « 
truly.-- pwsooal, original voice. 
There waa a sense of reserve, of 
remo^ to tbe excitement eome- 
tinm of hesitation, sometimes of 
learning .by rote, instead of by 
discovery: evidence always of 
exceptional gifts, but not-always 
of exceptional musical pereep- 
tfoe. .He i^oqM go fan but no 
One shofdd pndh him too fait. 

Ito found his measure . most 
eimetiy in the first piece of Us 
proframme. tbo fasdnating titOe 
vet of early Brahms variations 
Op. 2t, No. 1, wUeh. allowed him 
to todulge In some pleating. 
ihytt M ti e trldm mid nbeito 


FMtIvsl Hall 


nuances wffhoot ever destroying 
tile flow of tile music, or obiear- 
ing its very clean and open tex- 
ture. Re seem^ less ready to 
scale the heights of Beethoven’s 
Op. Ill: a solid, clearly-worted 
account but without buoyant, 
firmly earthbound. Expressive 
Ungerlngs in the Arietta, far 
from freeing the Une^ only held 
it badi by hiding the basic pulse. 

Oppitz*s account of Ski^abin’s 
flftb sonata after tbe interval 
was flawed only by 'a wild (and 
eminently forgiveable. though 
no less eminently damaging) 
enthusiasm for sp^: a siqwr- 
prestissimo po5s9?lo blur of 
notes in place of tbe composer’s 
own* pre^ con oUeprezm. and 
oUegro fantastiro diaxy tumult, 
entertaining to witness, but at 
its disDest bearing only the 
faintest imprint of Skirabin's 
score. Here, and in Chopin's 
Polonaise fantaisie. Oppitz 
seemed to be searching for 
some self-consciously ** matare 
interpretation beyond his cap- 
abUltles: interesting, pungent, 
wayward readings which 
stsmiped TQugh4bod on the 
notes, and sent them reeling. 
When his performance matures, 
it will drive with tbe same force, 
but it will listen more deeply— 
adiieve poise, calm, and still 
esatom- . 


its nen-obtigatory choral 
obbligato) but fine later music. 
Besides the ravishing harp 
Impromptu (rather too freely 
pulled about by Osian Blhs) and 
the wonderfully elegant and 
tender Moiques et Bergamasque* 
(written at the age of 74!). there 
is the richly sombre Prelude to 
his neglected only opera, 
Peneiope; a bargain indeed. 
Ward Swingle's new Swingle n 
group ' . filters part-songs and 
cantatas' of the earlier 20th 
century through its altogether 
special style on RCA. There are 
only eight voices, recorded in- 
dividiwly and close-to with un- 
canny intimate clarity. Their 
pitriiing is often such as to 
cause .acute i^liysieal pleasure; 
the trick of building a strong, 
jazzy, beat into the vocal line 
oecationally reduces tile music 
to two dimensions, but musieal 
aspects of their chosen works — 
especially Debossy and Ravel, 
not >tberr self-consciously raw 
Pmileae Un Soir de N’etpe— are 
b^Uantly, if selectively, 
illuminated. 

Poulenc’s colleague of **Les 
Six." Arthur Honegger, had 
suffiriently lew sense of humour 
than he to work often with the 
fearsoiBe Paul Claudel, with tbe 
paradoxical result that the sober 
Honegger's quasi-religious oeuvre 
& fra&y ' libestriiSl' vrtiere 
Poulenc's Js . heartfelt - The 
Eone^r - Claudel dramatic 


position of having to be cora> 
pared witb Peter Pears, ia 
flawed but still unforgettable 
form, a fortnight ago. Do\ra> 
ward transpositions in some but 
not all of the likely places 
meant, on Tuesday, that much 
of the light, Tneditative, roman- 
tic character of Srhumano lines 
had to be' sacrificed. Yet the 
still greater sacrifice was of fi 
quickness of spirit— in such a 
song as the eleventh, " Ein 
Juengling Ilebt ein Ma^chen," 
wc bad to take the ironic, mocki 
rolfestuemlteh bite from tbo 
words rather than from tbe tone 

in which they were clothed. 

But the charge of monotony 
mu.<it by no means be levelled 
only at the singer. Miss Ortiz, 
who has shown herself to be a 
vivid and sometimes delightful 
player of other pianistic roles, 
seemed to have little real under^ 
standing of tbe meaning of her 

role in Lieder. Her method ^ 
carrying the voice was to damp 
down the body of instrumental 
sound to a toneless, shapelesa 

mush for long stretches at a 
time, in which figuration was apt 
to disappear and bass line to 
suggest a vague subterranean 
blur. Even In the tricky acoustics 
of the Elizabeth Hall, and on a 
modem grand pi.tno. such aub- 
missiveneAs sounded impossibly 
flaccid. The piano postliides in 
Schumann were, by contrast, 
more forwardly uttered — but 
tbe effect of this was to render 
them peculiarly decorative and 
inessential, unrelated to tbo 
matter of the music. 


HoUy Woodlawn 


faction, pop numbers. Would 


oratorio J«m of -4rc to fte Stake I ®®**"**T^ CoUSin 
reappears in a performance by 
Czech and French forces under 
Serge Baudo. recorded with 
great depth and effectiveness and 
played with committed en- j Dear Holly, 

tbutiasm. fHie music essentially ; *.g. ^tinn thiic to vou because piqued if 1 said you wera 

supports (Raudel's monstrous' rather old-fashioned? Your sing. 

lit saves a lot of trouble with the movements beloiS 

personal pronouns, such a prolv |q st>*le of the 1950s or even 
tern with drag acts. lA'hat's earlier, when singers had to 
interesting about your perform- know how to sing and actors how 
ance is that you don't go in for to act. (None of that rubbish 
those coy touches some others, nowadays.) Of course. I suppose 
do. reminding us that under it's all borrowed from other 
your ^ cbarmingly feminine players that you have seen, but 
exterior a man’s heart beats; you vou*ve chosen tbe right acts— 
teloDg ieu to the school of that is, the acts Td have tiioseo 
Danny La Rue than to the school myself. 

of Htoge and Bradcet, if you'll i thought vou were a real fun 
forgive these references to the person, with enough builMn 
EngUtii scenes I thought, by the sense of humour to describe 
way. that whoever had clued you yourself as a "truly bionic disco 
up on the English scene for your queen " but more than enough 
dialogue had done rather well— talent to get by In the scene 
bettto than most of our TV you've chosen for yourself, and 
comics, anyway. always with the elegant expeitlso 

So there you were, in your that no doubt you have pideed 
slinky gown showing enough of up in your association with BIr,- 
the right-hand side of your Warhol. Ineideutallv, 1 suspect 
chest to reveal its flatness, your that people who disapprove of 
hair no different from that of drag artists on principle will find 
many of the local teenage boys, less to disapprove of in your act 
thou^ you handle it more than in any. apart &t)m Hinge 
prettily. But what you do Js and Bracket Sorrv to bring 
feminine to the hilt every move them in again. You ought to 
I and every sound. And 1 tiiou^t have a look at them if you get 
tra itself. AJraady an influential ! .vou bandied your songs with the chance- They have elegant 
work, its phosphorescent rip- ’ some akill — point numbers, expertise too. though it’s not the 
plings allow more and more ' romantic numbers, comedy same brand as yours, 
powerful currents to he discerned i numbers, tbe lot With all best wtshes, 

at every hearing. I But not to my personal satis- B. a. Y0UN<I 


spectacle (there is much spoken 
text) — Claudel virtually dictated 
what the eomposer was to do. 
and his over-riding intention was 
plainly to dazzle an audience 
into devout submission. But 
Boneggeris professionally sturdy 
contribution has his own voice 
wherever It can. and the whole 
at any rate makes- a quite special 
experieneoL 

So does Berio's recent two- 
piano eoneerto, the main work 
on RCA's new Berio record, in a 
less compromised way. Some- 
thing Iteliahate-theatrical has 
always been noted in his music, 
and he has sought to bring 
manners of delivery within com- 
positional eontroL The two- 
piano concerto (in which there 
is. characteristically, a third 
piano in the- orchestra) is a 
snperbly ramified exploration of 
kinds of dialogue between tbe 
pianos themselves, tbeir orches- 
tral piano«ebo and the orches- 


Zimerman/ Gonlon 

by ARTHUR JACOBS 


. A pianist aged 21 and a eea- 
dnetor aged 37, both fimdy em- 
barked os iotematipnal careers 
Was ctoxalnly youth's oce*- 
Sion with tbe London Symphony 
Orchestra on Tuesday. This was 
tbe first poneezto appearance in 
London of ' Kiystian Zimermu 
(he reappears on Sunday eve^ 
Ing) and- tiie London debut of 
James Conlon, who In his native 
-country has already conducted 

the Philadelphia Orchestra and 
'.the'MetropoUtan Opera. - 

As- a . Pole and ~ as victor .of 
the Warsaw International Cbopin 
-'Competition, it was to be me- 
pocted. tiiat Mr. Zimennau should 
deliver Chopin's Piano Concerto 
in T minor with poetie fluency. 
'All -.the same, I was left diaap- 
l»lni^ -iritii what inigbt' In 
bygone terms have been called 
an' ' over-^feminme interpretation 
of tiie score. 

• A ■ ringing melody and en 

zippUziB SCCODI- 

pxnlment an mi^ after all, the 
[full' measure of . Cbopla. A 
strong 'bass' line war laekang, and 
likewise "a due emphasis, on 
Arose * enrichments cunningly 
pla^ l^- the composer in the 
middle voice.- There was' some 
seemingly polntleas interference 
.witii .'Chopm's own distributions 
of * piano. . forte and fortissimo, 
and tbe finale needed a prouder, 
stiffer, . more polonaise-like 
rhirtb'ih Vto '.-eoniraBt wUh the 
lyndJ akiw movemeat 


Mr. Conlon, by eoutnst, had 
askered In tiie concerto in 
strongly marked, ootilnes. It had 
alr^dy become dear, in a 
vivacious performance of Ber- 
lioz’s Fren^upez overture, tiiai 
tills eooduetor's taste is sot for 
smooUiing away an asperity 
vtiiich may belong to tbe music 
itself. 

In Mahler'i Pint Symphony 
(couducted, like the Berlios, 
witiiont a score) there were 
moments where the ensemble 
slightly slipped But they were 
few, and did not stop me from 
admiring the span of Hr. (kin- 
ion’s thought and the wgy that 
the final triumphaat proclama- 
tion seemed logically to grow 
from tbe rest and not to be 
merely stuck on behind. Mr- 
Conlon's gifts are to be relisbexL 

The orchestra, whidi had 
rathec let Mr. Zimerman down 
with a wobbly btHm-sigsaJ m the 
last movemeot of the concerto, 
displayed a fine tonal range 
la the symphony^ Mahler's 
brass parts were geuerously re- 
inforeed &i number, even 
beyond tbe composer's demand. 
Less welcome, in the quiet open- 
ing of the symphony, was tbe 
counterpoint . of fully stereo- 
phonfe Qon ghmg . prorided by 
members of the' audience. I 
hardly titink tiiat this is what 
the' composer's dirertiou. "Lilm 
a' sound of -Nature," la supposed 
to mean. 


ENTERTAIKMENT 
GUIDE ; 

ex ttirw •Kwt wi to l u mU- 

tmSb Sr teMWw «r at Om Zok eflte^ 

OPERA R 0AUET \ 
coLCsnm. crven wvb oi-oadkSZi 

AHHVKtlem OWSK ai 6 t -. 
ZNOI.tSH NAT10MAL DVCIbk 
Tont^t 7J0 uut pwT..ef jMiankV 
FROM TTtE HOUSE OF THE DEAD. Tb- 
morrvir 7JD a Tve^ nort »t 5 Ripotatto. 
Sit. 7.30 Orpheus in tlte Untferwwid. 
W^. fiBR 7.S0 Certnen. 104 BsMenir 
SNts sraileWe dar tH perr. 


cevekr gardcn 


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340 loss 


(Girdenchem- credK carve B3S 6903} 
TMC llOVSt- lAUXr 
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ttN CowmiT, nne STnoepetienA Tpmor. X 
Twe*. 7.3BeM Smt. Spin la FHIe - mel 

S ntee. Mob. 7pn> Tbe Dreetn. A MeaU 
the CPunlrT. Em* SmopMloaC. WeX 
Tea The Dfaem. Mgnewoei. Tbe Pew 
Seasons. 

THl ROVAI. OPERA 
Bat. Spw U fanchills del Wert. B5 
Amphl*^ saate Mr alt perts. ea seia Own 
lOam en dep -qT petf. 


aABLIRV WEtU , TMKATRE, 

A**.. E.C1,. ST7 \an. UntU Feh. IB 
D’onr CARTE OPERA 
)B Olbcrt h-Somna. .En. 740. Mat. 
Sate. 2.S0 . TeniBl*. Tomer. A Sat. 
PAiTjma Men., ne. a wto. hjnx 


THEATRES 

AOELPHI THEATRE. CC. OI-BSB TOIt. 
Ens. 7.3D. Mats.' Than. 3.0. Seas. 4.o. 
- LONDON'S . BEST- NfCHT DiFT . . . 
SPCCTACLC. CAPTIVATING TUNCS 
AND RACY COMEOV." i.' People. 

THE MUSICmI* MUSICAL 
•-SLICK SUMPTUOUS — UteNE HAS 
EVERY-nOMOk** Dallr riUTtril 
rNSTANT COMFIRMCD CXSOIT CARD 
BOOKINQS ON 0I-S3B 7«11. 


AiOBtr. 830 ao?e. crwit cerv w«. 

BBS SM3 9mu- Sbl). Moo.-Pr1. rJi. 
Ttim. rnate, «.Se. SiM. 4.30 SM A 
A TH0<S 0W ^WIPES W9100ME IS 

wWMCMXUr^^USldS^ Pla. Timen. 
_ -OLIVER 

-nOV HUpqW palcnVW MrtHtnpBS.” 
s. Tel. • JW Piie a JOM4 TtroNER." D«y. 
MNL •’Caonel Me ... the ahoN U a 
BaBahL" D. 7W. OLIVER I RETURNS 
TIUUMnUMfn.V-. .. OOKSWCR VOUP- 
SELF LUCKY TO BE AOLE ID SEC IT 
AGAIN," Wy. Mirror. 

NOW BOOKING T H ROUG H TOT«. 


ALDPnnaL ^eMpbeno Mea. BeBpenVeVI 
'SoY^ SH/MfESPEARe COhtPANY la 


VHttlR 7.30 - 
JensoR's^E AlOWMlSrr 

anataiiiHra of rampant bnaveir.’* DW. 
TelreraM. RBUk SnaehCa THE GAVE OP 
THE COMaatnw ereawr. SM. T.Mi. «SC 
slap at THE WMBIOUSE-Wee viW«r W 
and -at PlocidlllF and Sarer Ihaanva, 


DI-OS 1171 
3. SM*. S. 


V«*a> Sj ».__M im Taea. 3. , 

S I OWIAH MCKB4NA 
m Sanh EernliBrVt ia MBROIR 
With MIALL SUOGT. 

■ Piifeei A BBOM et trtwnah.- E. Ntpn. 

scPVeiR TWiiaa si. 


APOLLO. 01^37 9803. S*» BJW. 

MeO. TTiWs. 3M Sets, sno and B.00. 
- QONALO SmOEM g SU PSBS.". HVW. 
SNOT,jmR ITES ANO . 
THINK OF ENGLAND 
■ WICKEDLY HINNY.*’ Timaa. 
SPELLBNIDmC.'' D. MaV. 


ARTS THEATJE. ' D1-SSS 1132. 

TOM nOPPA9»*S 
dikty unen 

- IPNrta i w ^ NO TRoea. 

Pit*r 


■ iH awnatoT itoi'We 

Menvav tp ThinrVay B.|«- 
and EaterSar at Too and ».1S. 


ASTORIA, ClwifDB X Ra. 01-437 M39 BT 
01-437 5757- W 01-754 4201. Nearest 
Tub* Tetrtxbam Coon RoeO Men.-Thura. 
goo. FrtOtr and ^tungv 6.00 and B.45 

■'’i? S'SftJ^CTACOLAB 
TtCkeu Cl.Se'es.SO. instant credit Card 
Ke«. Eat In fHilr-ilcensed ReataBraK 
pr BdBet Bar^. UMciKIme and befera and 
after shevr— beefcable in edtance. 

•• ELVIS ••- 

" Inrectie^ snpcBRne ropi-swnpInB and 
heart MwiotaB," OBaereer. 
-•'.ELVIS " 

“ I ww ahaoie^y CMpbc up In h, carried 
atone bv it. nuNaerated bv tbe ahner 
NTN and ane d u^ ^^^rL" Sen. TW. 

“ SiafBWln^ij^eBrt|l*n.~ Tbnea. , 

- performed jwWi « ipm hi Britlefa 
iTUfakals. The ihpnr uteraRr bad the 
jBOierxe ,dafwee-' iii the eiafea. This 
" EMi *• N nwiiieUoiK,"- Sunday Emma. 


eRIMNID<» Wv.JI1.B3C 6606. Men. tO 
ThttN. a-Wl.JHgSat. 5.45. 8J0. 

1PI TouSi 

-POINTING .musical." Erv, Newa. 
THIRD GREAT YEAR 
^^*3.00 and 6500 
Dinner and lonarice feet 68.25 Ine. 


COMEDT. 01:^ 2S7C. Evniilnas 8.0. 
S:?^ *"!& btetav Ttiork 3.0 l 

winner. W Nl ICTC.AMrda.. 





M 5to»o GRAY'S 
OTHERWISE WGACEO 
. p!«5r, 

tASr a OA^ .Miw nnd BOA 


CRTnuilON. CC. 01-930 3216. 

Cranmaa 6 . Seta. 5-50. 6.30. Thpra. 3.00, 
LBLIE PHILLIPS 

" mpeeeiMe • ■ . a maater." Sim. Thnca. 
In SEXTET 

"HIUUtlOUSLY FUNNY," N. et World. 

DDURY LANE. 01-836. 8106. EveTT 

nlpht goo Niotv. Matfoee W 6 A BtM 
SaL 3.00. 

A CHORUS LINE 

"VOTED BEST MUSICAL DF 1976." 

DUewas. 636 8843. Men. t» Thera, 
evat. 600. Fri.. Set. 6 . to and 9.00. 
ON 1 CALUnTA 1 

" The Meetn la Snmnlnn." D. TWi 9 ieah. 

8 th sensational year. 

duke df TORK3. CC 01-836 5122. 
Mon.-SaL 8.00. Matv WeG 3.00 and 
Set. 9.00. 

SIAN PHILLIPS 
PAUL DANEMAN 

SPINE (jtILLER 
Wdwea fram E1.80-83.B0. 
tartant CredR Card iwiiiraifon 
BHiper and TeD«rfce Salt hF.N.' 

BLLB et LUI. CC 01-457 2610. 

Welber’a Coart. Brewer Slr^ W.1. 
Twice NNWy 8.15 end lO.ISw 
’ PAUL wMorD -'reaenB 
PENETRATION 

An ereDc edventure in French porn^ 
pranby. " Geed-tooklna men and women 
perform vertpis permuiatlona or the 
■Muel eet." ESenlne News. You mar 
drink and smoke in the aedKorfuni. 

FORTUNE- 836 2 SB. Eva*. 6 . Theta. 3. 
* SaL 5.0 and 6 . 0 . 

MarM pnview na MISS MARPLE In 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Tltlrd Great Year. 

GARRICK THEATRE. 

EVS. 5.0. Wed. Mat 3.0. Sot. 5.15 £6.30 
JILL MARTIN. JULIA SUTTON 
DAVID FIRTH and ROBIN RAY 

" BRaLIANT MUSICAL 
ENTERTAINMENT." Peoele. 

BIDE BY SIDE BY SONDHEIM 

" GO TWICE." Merier. Peneb. 

"GO THREE TIMES." S. Barnea. NVT. 

GLOBE. CC 01-457 1592. Evenlnaa B IS. 
SMB. 6.0 and 8.40. MSL .Wed. 3D. 
AMANDA MRRIE. JOHN QUENTIN 
In tbe SECOND VEM et 
DONKTY^ VEAIW 
by MICHAEL FBA^, w— - 
TNI . BEST COMEDY OF THE^ YEAR. 
Laat 5 weeta. Enda Fab. 18. 

GREENWICH TKEATRC 01-658 7756. 
UnUl j 8 A ». 6 voa- 7.30. Mata. Sga. 
Z.SO. LEONARD ROSSITER et THE 

IMMORTAL HAYDON. "A StPpentfMS 
enhlele tor Reaaieer . . . cemeelUnn 
and Miaely oidet inMop." Piweb. 

HATMARKET. 01-930 9832. 

SSzyog. EM. 4.30 arw, 8.15. 

- CLAIRE DANIEL 

SSdM MfdSEY 

MICHAEL ALDRIDGE in 

ptRSCriD WILLIAMS 

"*A MU»BR PLAY MORE eyiTINC 
WfAN ANY BY AGATHA CHRISTIE." 
J. Baxtar. Dhr. Telegraph. 

LADT 3 DAYS. hUnrt -end Set. 

if&VMARKST. 01-930 98d4. 

Pi^hiN Jin. 24 (Chnrttrl and J*n 25. 
Opuia J*n. 26. 7.00. SutlA am 8 .M 
Mbl W«d. 2.30. Sat. 5.00 and 8.15 
INGRID SERGMAN 
WENDY HILLER.. 

DEREK DC^ 

OODFRSY CUKA 

WATERS OF "the MOOM 
bv N. C Huntw 
NOW BOOKING 

HER mAJELIVE. CC 01-930 6606. 
^ 8 ^V^. ae^. 3.00 and 8 . 0 G 
GLVNIS JOHNS, . 

Lit MONTAGUE. 

In TERENCE RATTIGAN’S 
CAUSE CSLE 6 RE . 

"RATTIGAN BEVEAtJ HI* 

6 .T. •• A nermfwt drama." GLYNIS 

JOHNS plava Brilllantiv.’' D.T. 

HSR MAJESnrS. CC. 91-630 lOOS. 
OpcnIiW March 28 
BRIMto FORSYTH , . 

hi Leslie Bricuase and Anthonr fTewleyta. 
. TRAVELLING MUSIC SHOW 
Prevlewa from Marfb 16. 

KIN 6 U ROAD THEATRE- 7561 

Men. t» Thwt. 9.0. Pri... tot..? JO. 9.30. 
THE ROCKY HORROR MW 
NOW IN ITS Sth ROCKING YEAR 

LONDON PALLADIUM. CC^ 437 7373. 
Svga. 7 so. Meta. Weds. en4 Sats.^245. 
LIMITED SEASON TO FED. 25 ONLY. 
TOMbXY STEEtX 
SALLY ANN HOWES 
and ANTHONY VALENTINE 
In The Palrr Tale Musical 
HANS ANDERSON 

INSTANT CONFIRMED CREDIT' CARD 
BOOKINGS ON 01-734 8961. 

LONDON PALLADIUM. CC 01-43T 7373. 
OPENING MAY 25 
FOR A SUMMER SEASON 
THE Two RONNim 
■ BOOK NOW! Thtatra and Aaenta. 

LYRIC THEATRE. 01^37 3686 . Evs. & 0 . 
MMS. TbiH. Z.O. Sata. S O and 8.30. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
nnd Patricia Haves In 

filumena 

bv Ednarde de FFtopa - 
Dtrested bv FRANCO UFf^ELLI 
"TOTAL TRIUMPH." Ev. NeWL "AN 
WENT TO TREASURE." O. Mlt. "MAY 
IT^ILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Umat. 

MAYFAIR. CC. 629 .3036. 

Opens TueS. Feb. 7 at 7.G 
GORDON CHATER in 
. THE ELOCUTION OF 
BENJAMIN FRANKLIN 
bv Steve J. Spears 

" OiiVaewuslv funny . . . Prefoundhr 
, morfng.'- Vaneev. 

Prevlewa from Feb. let. 


MERMAID. Z4B 7B5B. Reft. Z4B ZB35. 
Men.-5aL B.ns. Mil Wed. c Set. 5.K. 
DAVY JONES, MICKY DOLENZ 
In HARRY NEILSON’S 
THl POINT 

"A denen oHiabtfiil senes wnicb linver 
In the memory." D. Eanreu. 

" A winner en pplnta.'’ D. Mirmr. 
scan ticsccta 6105. £330. CemPlned 
Dfener-Tbeaire Vehet £5.95. 


NATIONAL THCATNS, 929 3252 

OLIVIER fepew atsM: Tent. 6 Tomer. 
^ »» Jw*inn. 

LYTTELTON (preaeenliim siaeei; Tedav 
a.45 ireri. pr. moL) «. 735 THE GUARDS- 
MAN Pr Molner. Enpllih by Prank 

Marcus. Tomer. 7.45 Sate M Rcmletlnn. 
COTTEBLOB ipnall aedlt^omi; TpnX 8 
LAVENDER BLUB hr JPbn MackendrKk. 
TpBior. 5 Robert Letnll, American PeeL 
Many encellent Cheap seats all 3 theatres 
day of pert. Car park. Retiaorant 9Z8 
Z0S3. Credit card bkps. 92B 3052. 


OLD VIC. 928 7616. 

PROSPECT AT THE OLD VIC 
Sprlnp season jen. 16- March 25 In rep, 
HAMLET 
ALL FOR LOVE 

SAINT JOAN 

ANTONY AND CLEOPATRA 
TVnlPhl HAMLET 7.30 
seau available. 

Sendov; Jaaz reck cenccrl SYZYCY 7.30. 


PALACE. 01-437 6834. 

M 0 B.>Tnw. 6 . 00 . Frf.. Set. 6 .DD and 630. 
JESUS CHRIST SUPERSTAR 


PHOENUC. 01-836 8611. 

Evea, B 0 . Mat Wed. 3.0. Sat. petih 
4JQ and aOO. 

KEITH PENELOPE 

MICHELL KEITH 

NIGEL STOCK 

JUNE JA60 ROY 00TR1CE 
In the ChIdiesier Featlval Theatra’a 
_ production of 
THE APPIR CART 
bv Bernard Shaw 

“OutatandlnB revival of buoyant Shan." 
Dallv Tetcarapn. 

Dlrerted^bjf^^TR^^^RLAND 


ST- MARTIN'S. CC. 836 1443. EvBa. B.OO, 
Ma*. Tim. 23K Satardavs 5 and X. 
AGATHA CHRIST1E3 

THE MOUSETRAP 

MOULD'S LONGEST.EVCR RUN. 

26th YEAR. 


TAUC DP THE TOWN. CC. 
BJTS. Dintne. Dancina 9.30. 

RAZ2LE DA3XLI 
■M ac IT B.m. 
BUDDY GRECO 


TS4 9081, 


THIATW UPCTAIRS. 730 3854 trm j'Jg 
CracIMe Theatre. SheHkeld. m 
SAYS I. SAYS HR 
by Ren Hutehlesen, 


VAUmiLU. 836 9988. Ev«a. It Si. 
Mata. Tuea. 2.46. Sata. S and K 
Dinnh Shendan. Oulde Gray. 
Weaner Summerlkeld. Janm Groat 
A MURDER IS ANHOUMCRe 
THE NEWEST WHODUNNIT 
, by AGATHA CHRISTIE 

'Re-enter Rsatha with anniner wh^ 
^nit . . . Aeatha Christie Is Nalk- 
inB the Wert End ret again trtth another 
er her hendtshlv Inaenloua murder 
myatrwa," Felix Barker, Ev, News. 


VICTORIA PALACE. 01-B34 1317. 

Evoa 730. Mats. Whd. and SmL 
■MIL BRUSH'S NEW RE^ 
DOOMI BOOMI BERT WIEDON 
RpBBY CRUSH AND STAR CO. 

"A true tamlly ahoM." O. TM. 

Last a vreeka. 


WAREHOUSE. Denmar Theatre. 836 BBOBl 
R oyal Shakespeare Cemnany, Tent. 8.00. 
CVwacV gecid't THE BUNDLE. '* A vwric 
et . an. " Gde. All seats &1.S0. Adv. bkgt. 
Aidwrch. 


PHOBNIX.'* 




01-836 8611. 


_ FINLAY In 

The LeNle Brtcusae Musical 
KINCU AND CLOWNS 
R e duced price prev i ew s frem Feb. 18. 


PICCAPILLT, 437 4608. Credit card bka. 
836 3962.'(Ex. Sett Men. tP Fri. 8.00. 
SOL. 5.15. 530. Wed. 3.00. 

ROYAL SNAKmKA^'*COMPAHV In 
RAUCOUSLY FUNNY 
la-cewtery comedy 
WILD OATS 

WIM Data Season Rnlsha Jan. 25. Peter 
NfcheTa Mard Ymnnine Conwily 
PRIVATES ON PARADE perfA from 
February 2 . 


PRINCE OF WALES. C C. 01-930 8681. 
Men. w Frf. 8 . Sets. SJO and 8.45. 

RICHMD^aclNSALB 

In 

■ LOVE MY WIFE 

- HILARIOUS COMEDY MUSICAL." Sun. 
Directed by Gene Seka with " Beuntlful 
ipv en Mep and wft." Hnanclal Times. 
mSTAm CWFIRMCD CREDIT CARD 
BOOKINGS ON 01-930 0840 


qusenw theatre. 


01-734 1166. 


Bws, Sj. 8.30. Mat. Wad. 3.0. 

ALEC GUINNESS In 

^ THE OLD COUOTRY 

A N«W Play by ALAN BENNETT. 
Dlreeied by CLIFFORD WILLIAMS 
OP THE YEAR 

Hava and Ptayera London critics award. 
One Df the most notable theelrieil 
cvenu In this country tar a oood auny 
years," i. Levin Sunday Tima*. 


RAYMOND REVUEBAR. CC 01-734 1 593. 

** ' laAWMD’SLisr *“■’ 

THE FESTIVAL ' OF 
EROTICA 

F^ AIR CONDITIONED. Vne may 
drink and ameka In the andllortuni 


IOII 8 R 267 2564 

mm PREMfERB W 


Victa r Nuetfa LES BURGRAVB 

Ftesehted bv Theetra det Quartlers 
d Imr. Men. 7. tuba. ova. untH 28 Jen. 


MYAL COURT. 


Ptm. at 8 . Tsh nett a< 7~. 
*“«»• "a «-itoS A 8-30 
World Pmnipre ol 

laugktiri 

_ tnr Peior Barnea. 

See Blae Tbeahe Upstali*. 


730 1745. 


MIT^TY. CC. '. 01.405 8004. 

SvenliiBs b.OD. Friday 
5.30 Md S.4& SRuivay 2.00 and 8.00. 
bWidon fl crltlci who 
RUHLINC BROF^ MGAR 
Best musical of 1077 " 

TM. bk9i. irrupted. Major credit cards. 


'SIL* new. Evenmaa 8 . 

MeM. ThUrt. 3,00. SBL SIM -311 
, R^to ^KpPB^ COMPANY 


Bernard Sbaw^ MAN and si 

Rfclifforo WfLt.r.„... . 

aat In a dead or- lov from hefllnnlna to 
•JI 5 !- also 11 Aidwvch 

and- Pfccndlllv ThnMrei, credK Card 
booMiiai aeceeted. Last 4 w^a- Season 
ends -Fab. 11 . 


WEMBLEY EMPIRE POOL until Feb, 25, 
• LAVISH ICE PANTOMIME 
.. HUMPTY DUMPTY 

"Sheer mrkl.no spectacle.'' D. TeL 
Mon, te Fri, t 45. Mnts. Weds. Thore. 
at 3. MIS. at 2 . 5 and 8 . Cbldn. end 
Senior Cits, hall nr.ee etenpt Sat. 2 and 
5. P4v at doon. Enquiries 90Z 1234. 

Saacieus ur nark. 


WjBTMINSraR THUTRE CC 01-634 028S 
Evas- BAD Mat, Thurs. 3.0. Sal. 5.0 A £l 
Ticket* £1.50 to £4,00. 

PAUL JONES in 

. DRAKE'S DREAM 

Eiwlaitf a CimieN MusKal ABVBntarfc 
- fc iut'ng. - Fin. Times. “ Many Merrf 
Refrains,'' E. News. " Boondno VIonur.* 
E. Standard. 


CC. 447 881* 

Trfita NtahUy « 6.00 and 1000 
OPEN .SUNDAYS 6.00 and 8 m 
PAUL RAYMOND pi ejcjita 
RIP OFF 

THE «0«V^XP^ER4ENC« CP TNR 

Takes M unprecedeitied IlmMa wbM ta 
permisiible on our staaev" Ewe. Newe, 
You may drink and smoke Ip the ' 
Aiiditeniim. 


WYNDHAM'S. 836 3028. CrndR OHd 
^klno 8 U 5692 (M. saSr^MoC 
Thun. 8 ... FrL_and Sat. 5.15 ead 8 .S^ 
RICH- 

VERY FUNNY," Evening Newa. 

ewneUf 

ONCE A CATHOLIC 
"SweBre eomedy on sex and inHpl en." 
„ . ..Dally TMoarash. 

“ MAKU YW sheSv with 
LAUCHTCn." Gdn. 


^ isTiSE 

Ton*t. 7.45 The Taanlna et the Shrew, 


CINEMAS 

SHArtESBUBY AVI, Ufl 
S 86 I. Sep. Perla. ALL SEATS BKDl£ 
18 THE ^UNW Wk. 6 sSu 


ijOQg SpOOp SeOOe Lltt Sliftw Mb a * 

Sit 71.00. • * 

*»» 


CAMDEN PLAZA. Cep. - — iMvb 

2443. '^vianls* PamS 

PAIWDME (XI. Grand Priae rinnfi ’79 
4th MONTHI" 4.0S. 6.2? 


CLASSIC t, 2 , S, 4, Oxtord Stieeh flOn. 

T?1fi£“SN®3}?E?2',.‘7K3i. 1 ^ 

2: HIDING PLACE M>, Sw, Phtta. 2.011 
S.W. 8.M. Lrte Sha^l mT. EMi 
Presiev SPEEDWAY (Ui. ^ 

Sl EAST OF ELEPHANT ROCK *a 
Proas. 1.SS. 4.10. 6 . 2 s. b3SioSS*’ 

61 wizarIm fA>. Progs. I.&.s:fl 0 .ioa' 

70, 9.0. Ute show every maht 11 bTi^' 


cSSiST’^DirecA 

5S£^nj?"S?5|.^lT"and'*^.** *■» 


UICCSTER SQUARE THEATRE. 930 «*** ' 

5.16. 8.35. Late show Pri. and Sat' 
11.45 Pj^n. SeKsbkble for S.1S and 
preet. »ATS STILL AVAftASLE FM 
MANY PERFS. HURRY I 


MO ®111. 

|«« 1^ 
S**-** Prlfc and S«^ 


01-388 1394, 

AN INSPECreR CALI 
By J. B. Priesllev. 


>gs- 7,30. 


iimna. oi-bm 2680. Evenings 8 . 00 . 
MM. ThPr^ S.QO. Saturaavs 5.30 £ 8.30. 
NO SEX PLEASE— 

LAUGHTER MAKER. 


. 


ODEON MARBLE ARCH (733 SMr.al 
AUDREY ROSE (AM. See. 

2 30. 5.30. 8.30. San. ^30.1^ 

Show Fri. and Sat. 12.00 a.m? 


PRINCE CHARLES. LelC. 5q. 437 Bin' 
SALON KITTY (Xl, See. l%s. Se 
Sun.i 245. 6 15. 0.00. Lata Shm Frf ^ 
Sat. 11. S5. Seats ekhle. Ue^TTar™' * 


SCENE 1. Lew. Se. fWardour 9t.l 4K9_ 
A BRIDGE TOO FAR lAI. Pnil? 
4.10. 7-40. Ute Shaw Fri. andSt. ir 




Rnancial Ttaies Thursday January 19 


FINANOALTIMES 

BRACKEN H0T7SE. CANNON STREET. LONDON EC4P 
Telegraim: nitanUiiio, London P54. Teles: 8S634X/8, 88S897 
Telepbono: OX-ZdS 8000 


Thursday January 19 1978 


Hard choices 
for Soares 

BARBING unforeseen accidents, sage of goverament legidation. 
it now seems probable diat Dr. Communist influence, with the 

Mario Soares will be inrited by ^Vade'^idJf 
the President to form a new trade unwo ree^int may 
Portuguese government On an eswntial mgre- 

paper, the new cabinet should dient in any effective govern- 
be stronger than that which lost “«it policy to rarb inflation 
the vote of confidence in the and turn r^d the balance of 
Lisbon parliament six weeks pajments. Yet it w exceedingly 
ago. For on the strength of a bard to see what common 
vote in the national executive sround there ran be on major 
of his Socialist Party, Dr. Soares PO»cy Ifflues ^een an un- 
has been empowered to broaden ashamedly Stalinist Communist 
bis government to include some Party and a conservative party 
CDS (Christian Democrat) on® '*'bose top priorities is 
ministers, as well as some inde- to reverse tbe Left-wing 
pendents. Unfortunately, it is measures ^enacted in the w’ake 
difficult to be confident that tbe 19i4 revolution, 
such a rabinet will necessarily The occaaoin for Dr.- Soares 
provide strong and stable gov- defeat in parlianent six weeks 
ernment, or that it can do much ago was the Government's pro- 
more than postpone the date of Posal of an austerity economic 
fresh general elections. programme designed to meet 

_ _ . the conditions laid down by the 

MCkenng Internationa] Monetary Fund 

In one sense, tiie deal under * stand-by credit In prac- 
negotiation with the CDS party Portu^l has a little tteie 
should represent an important I® play with, since k still has 
■psychological step forward, substantial gold reserves. But 

Until his defeat last month, Dr. in the medium term, the 
Soares bad led a minority country has no alternative to 
So^alist government which was an _ economically restrictive 
permanently hamstrung by its pokey, with or without the IMF. 
Ptflkmentary weakness, and Ifnemphynunt 

legislative action conasted m _ ^ ^ 

staggering from one temporary _ ^ .“'f other hand, as me 
expedient to another. Despite Organuation for Eranomie Co- 
the steady deterioraUon of the oPf«tion and l^veloi^eiit 

country’s economic situation, ^ *'*®*E* ®® 

the parliament was charac- Portugal, the Gover^enfa 
tensed mainly by bickering and t$ ve^' 

recridunation, and in the ivent deflauon would 

it was easy for Dr. Soares* inmediately exacerbate the 
opponents to vote him out of s®™"® problem of unemploy- 
office. If the negotiations with ffl®nt»w-hile«iade<piate restraint 
the CDS should prove to pave would merely produce very slow 
the way to a genuine policy srowth. without really rectifying 
consensus-~and not just to the domestic mflatiwi and the exter- 
inclusion of a handful of CDS deficit It wiU require 

ministers— the stage could be great skill and courage for the 
set for a more consistent attack Goyenment to get the 
On the country’s economic policy mix ngtit 
problems. If the new government fails 

The parliamentary- arithmetic 1° 
of the new arrangeuieni adds up 

« r-rtn a-.-L n nKI_L fOMVfAMooMAM* QlSSipitfiO iXlC D8St 18 

?ht 109 «®nths. thCTB will be little 

4 i” alternative to fresh general 

U.r «coum to? wen over ...^SmmSnief pS 

Un^oZ«eTv 

fmm ^ Socialists, In particular, have 

from his come In for criticism for cor- 

ruption and nepotism as well as 


balance the deal with the con 

P*^ * conn- fQj. governmental incompetence, 

P®^*<y and they have not been helped 
with the Comniuniet!. hy ecMdel surround 

There are good arguments for ing one of riieir most prominent 
offering the Communists some- members, IMmundo Pedro. Dr. 
thing, for while Communist Soares will have his work cut 
votes in parliament may not be out to restore the hopes origi- 
stricUy necessary for the pas- nally placed in him. 

Early days on 
earnings 

THE CALLING-OFF of the fire- It shows quite clearly that the 
men’s .strike and the readiness trend has changed since the end 
of the miners to abandon their of Phase IVo. Year-on-year in- 
previous hostility to local pro- creases in earnings dropped 
ductivity deals have imdmibtcdly month by month until August 
had an effect on the climate but rose in the subsequent 
of wage nointiations. It now three months with a pariicu- 
scems possible that average larly sharp rise between October 
earnings will rise in the cur- and November. But this last 
rent year by loss than earlier figure, which already puts the 
Boomed likely. The-Pepartinont year-on-year increase above the 
of Employment claims that PS official target of 10 per cent., is 
per cent, of the workers who itself probably affected by the 
hare settled since the end of tendency to settle later than 
Phase Two have done .so within usual and includes an element 
the oificial cuidrimos— ficiires of hack pa.v. A much more 
recently ptihlishcd by the CBT serious difficulty of interpreta- 
aro not very different — and the tinn arises from the mere fact 
offirial forecasters are. said to that one cannot expect the in- 
have revLsed slightly downwards dex. with so few workers having 
their private estimate of what settled so far, to reflect the im- 
the flvorall increase trill finaliv pact on earnings of productivity 
turn out to bo. It is still, of dcat.s. whether self-financing or 
course, well above the stated artificial, 
aim of 10 per cent. — . , 

The latest statistics from the toture nsK5 
PoE. however, do not >*et reflect Ministers believe that the 
this jmnrovemrnt in the atmos- efforts 

phPTV. who have settled outside the 

remampd iinchonaM Biiidellnes have had a useful 

her and ha r c I 

stnee the end n( ^ only been to replace a straieht 

at a time i*„irnin« snniewhat insecurely to higher 

hchanotir of a-mal amines productivitj-. It may wrll be 

that that some of the more difficult 

two indices of rapines and the now approaching- 

newrr one. whwj covers the notably in the electricity supplv 

whole wonnmy. showed a slirht 

drop (to 8.5 per ' the help of a productivity for- 

yeaw>n->-ear increase bett^een 

October and November. restoring flexibilit>- 

Settling tate nia>* be an unavoidable result 

But this was due to nothing the rigidity with which the 
more fundamental than the fact fiovemment is enforcing ils 
that local authority manual guidelines in the public sector, 
workers settled later this >-ear But these fragmented efforts 
than last. This i$ a general to ensure that the appearance, 
tendency. Only 20 per cent of at least, of the official guidelines 
the workers covered by major « preserved may be storing up 
pay settlements have settled so trouble for the future. There 
far in the current round against are two dangers in particular'. 
35 per cent in a normal year— One is that the doubtful produe- 
partly, no doubt, in the hope tivity deal should become a 
that the policy win weaken and standard feature of pay nego- 
their chances improve as time tlatLons and not only threaten 
goes by. However that may be, genuine productivity deals but 
and the hope looks less realistic create a sense of grievance 
now than it did, seasonal cor- between groups which are and 
rections are not as useful as are not able to take adrantage 
they usually are and the older of them. The other is that the 
index of earnings (w-hich is promise of special treatment in 
seasonally corrected but covers the future for particular groups, 
only production industries and like the firemen and the police, 
some services) is for ihe should later create an untidy 
moment not much better than and unacceptable pattern cf 
the new, pubhe sector eanungs. 





in 



BY JAMES BUXTON 


a: 


AIRLIFT of ; Soviet borders of wlut it rails Somali Envorbr in 1062 after having Thar were hd|>ad by mtenaal policy^-migbt cause hie repiace- 

anns to Ethiopia has Invaders, ^ere have not even beii^ federal with Sthioipia strife both in the ment by a TT^n’^ln 

caused increasmg alarm been confirmed reports that in 1952 by the United Natione, regtine. and in the army Itself. would 

among Western countries in the Etfiiopiaa forces ^ve yet begun mem stepped up its attacks. By xbe U,S„ Britain, and France, ^ 

past seven weeks. Some 225 a major offensive in the Ogirien early Ust year this guerillas sensing Somali disilluribnmeat , ® Smum of the 

aircraft are said to have been region of Ethiopia, most of were begisning to capture aub- with the Soviet Union as it ^ 

involved, and since dozens of which is stUl under the control suratiai towns, and wfth the began to help Somalia's. 1^ » «»LwLtern neisb- 

shijdoeds of arms have also of Somali forces. Though preesire mntMwing la tihe' north standing enemy, Ethiopia' * lopias p 
been despatched to EtluopJa by Somalia says that it wants arms ^ cihange In the military gov- offered Somnlia-anme In mid- 

sea. western intelligence sources only to defend its own territory, emmont in Addis AJnba pre- July, birt soon wthdrew their - , 

*** »«t®d the Somalu with what offer when -the scale of SomhU ^ 


hours, Kenya and Sudan. 

Bill all of fliis is far from 


The conventional forces in the 


Ogaden could be defeated by 


^«Wem Si,d ,.w^fteop^r.- 

men. April. ^ ^ SL'‘“u«d'en 1o“v,.T. 

extent the offer nf ern» rw« ^ population 

trtm as . S? -h«d tor fte „ i„,„ guerilla groups, 

^den cmpaign). me Soviet Eritrea, 

boion havmg .mhato hopM „„ 

Bjat It could etradme both ^ I 

Ifantiot couumes with « Mod ^ ^a,iop« je etUl 

of soe.al.st federatjou.- anally j, ^ 


Some 1,000 Russian and 2.000 • 
Cuban advisers — ^most of them 
military — are reported to be in 
Ethiopia. The U.S. and its allies 
are worried Chat the Soviet 
Union intends not merely to 
help the revolutionary Govern- 
ment in^ Ethiopia defeat the 
secessionists campaigning within 
its borders, but also io establl^ 
a permanent military presence 
in what many analysts conMder 
an area of crucial strategic 
importance to the West 
Its importance is that, the 
EthicnMan coastline lies at the 
entrance to the Red Sea. a major 
western shipping route, while 
the coast of its neighbour, 
Somalia, vrith whom Ethiopia is 
in effect at war, parallels the ■ 
tanker route through the Indian 
Ocean from the Gulf. 

An ally in 
difficulty 

While the Soviet Union can 




Guerillas raise the Erttxeqn |. 
banner 


came down firmly on the side-a£ 
Ethiopia. Arms supplies were 
increased, while those to 


remain in power. Even if it does, 

«»• „ . it may well prefer to follow its larger, U.S.-made items such ai', 

Somalta dried up. Finally m intention of non-align- Phaatom jars. Britain, sdmUariy.t 

November Somalia ordered the Indeed its recent moves would need to give its ptois i 
RiusJans to quit tbeir naval and Awards reconciliation with sipo for Iran to transfer Qiief- ' 
mllitazy facilities and broke re- Sudan show a 'desire to have i*in tanks to Somalia. r 

lations with Cuba. batter relations with its If those choices are ruled out; ; ' 

By this time the Somali neighbours. as so far they appear to be, the 

assault was beginning to lose ■ U.S. has diplomatic optfona It; 

n^re ; 

equipped Ethiopian forces, at AfricSP Union m the Strategic Anna_ 

least some of whose internal X'AAXawaai* Limitation Talks. Only the' 

conflicts had. bew sorted, out viAW issues at stake in SALT are so-,; 

Although Somali forces broke YlwvV much more important to the‘.;.' 

into part of the ano^t oly of soviet interven- U.S. than events in Africa that! 

tiflp U sut* Uul it i» bareto this would h.rdly be in the UA;, 
■gain. What few reports there possible for the .U.S., which interest. . . 
have been since from this part wouM almost certainly coordi- There is much to be said for 
of the front have suggested that uat® any westorn Uiiitiative, to the U.S. calling for a debate on 


the Ethiopians are beginning to continue to take the view that Soviet role in Ethiopia at ^ 

go onto the offensive. Last the Horn of Africa is a purely ^ Security Council wMcb -itMl 

demonstrate its willingness and eastern ramer of Ethiopia. For Mariam to supreme pwrar month their aircraft bombed the African problem that should be i„ «« • * ' 

ability to help Ethiopia, an aUy several centuries its population a secesaiooigt guerilla move- S®®»“ ®J[ Hargejsa and settled within Africa, and that 

in difficulty, for a variety of of pmbably not more than 2m. siid^^fti^Tec^ ^ 

reasons -the U.S. and its allies was almost exdusivelv Somali fh« ttc Soviet strategy now appeals should be left to waRow m what ® ^ Ethiopia. Anf:, . 

can do little to match it The th^ FiimM-rf nnwirs* ^?^*u*^* ^ the U.S. to be to give Ethiopia the means «mid still tum out to be a the U.S. can continue to press 

parallel is being drawn between .• ® had been increasing to d^ decisively with the quagmire. Yet ffie.possibi!iiUes mainly through its newly estabj- 

Etbiopia and Angola,, where, in the boraaii coast of reluctant to continue supplying Somalis In the Ogaden and to for action are strictly Limited.- lished friend in Africa, Nigeriafj • 

1973-76, the Soviet Union and Horn of Africa at the end arms, was told to April to crush ttie secessionists to Tbe U.S. cannot send arms to for a negotiated settlement per ' - 

Citoa were able to influence of the 19th century they gave remove ks mildtary assistance Eritrea. It is proriding Russian 5omai» because, whatever one haps mediated by toe Oegauisa^ 
decisively the course of the war Ethiopia, Which never was misaion and Ethiopia staited and Cubam mMitary personnel tbdnks of SonutUa’s moral case tion of African Unity, Somalii‘ *‘>'‘ 

in favour of the Marxist regime, colonised, a firm title to it receiving arms from Russia. who can train the new divisions in the Ogaden and the autheati- has indeed said that it is pre-^^: ■ 

while toe West couM do vir- Ever since toe Somali State xwaxe that it would merit- Ethiopia Is raising, familiarise ei^y of toe Western Somalia pared to hold talks. but.Ethiopij ji ., 
tuaUy nothing. The Ru^ians. it was founded m I960 its ably take «ime for toe Ethiopian the army and aor force with the LiNraUoo Front, virtuaHy has said that it will not tall j 

is argu^ couW do the same been to unite til toe SomaXi to asstoillate toeir equipment, advise on tactics e'ri^ry other African State takes .until it has cleared Somalfi- : ' 

‘“^1? hS uwl; »riS lije ^ toe view thal Sfraalia is toe forces from its territory. Wash!? •• 

5 Weatarn Somalia LSber^Bon evidence of this, take part agresaot and ita acUou togton can also try to fnducel^} 

The embarrassment of the ^no^^eartera KCTral Frool.^thlA^bea^^ng a fight^ toe^el^ The threatens toe pninclple tiwt Somalia to withdraw from V 

Americans is dacrcasad by heavy Etfaiqpmns deny that there are borders inherited from eolimiti Ogaden by promises of mfjf 

pressure upon them from toeir toe western countries « . . . .'^****.. any Cuban and Ru.wairmil3tary tin,a» crea.sed aid. hiit rhat harpl7>u 

allies to the region, Saudi 
Arabia and Iran, to take action. 


in this for «.mn y«rs. «wed np Its “Sllf “»>« “o taWolaWe. Som.H.'5 


Outside 
chance 

If toe strategy were to sue- 


contention that toe pec^e of ®®®ms realistic at this stage. 
the Ogaden are Ubeitttiiog ihem- For toe U.S. the range of posi:^ 
selves from EUuoptan colonia- sibUitlee looks bleak, and it u|| ' 
lism is not widely aocepM. not surprising that WasbingtoiH " 
Ttoe same dlfficuHy applies to- ^ planning no conp 

■ sliebtly lesser to action at this stage. Foiti.... 


-- - - - advisers in the counriy 

aim It turned early in the 1960s attacks. It toarted an offensive 

ber termiMied th^ Sorief ouii *”“7 c°"P brought Prt- Soptamber bad taken toe 
taiy presence m i^tereit^, 

has lent urgency to Its appeal Rwsten military aid ww foot of toe moutains to toe 
for Western military help with stepped up. In return norto of the region and left 

toe that an Etiuooian ^ faeUitira timoat toe whole of toe terri* 

invasion of dts texritorv is Betbera on the Gulf of AdeiL tory in Somali banda The 

Somalia has presented no i-iSfi.r backing a grateful Marxist gov- Somalm (which the of xhe Ethiopian Government tc J ■ 

evidence to support its cooten- Effiperor HaUe offe^ye Sunali regular forces ernment in control of its Red Departoi^t has said rt iioid tlie country together at 

tion that it is about to be Stiaaeie, grettly weakened toia op^u^ taito ai^ armour and gee coastline (all of which is in and Saudi costs, so ohe can appreciate the‘3-^ 

invaded bv Ethiopia, and the populous (2am.) but bachw^ flyrafi MiG Jete .beotme more Eritrea). There is even an out- Ambda, among otoer States, are Somalis' desire to Unite Bui 5 

Addis Ababa Government has and heterogenous country. In ud more heavily involved ^de chance that a defeat ofthe already supplying Somalia on a both are caught up in a powei*y 

stressed that it has no 'mtentiOD toe noptoera proriuce of (toongh this was always denied Sooulie— and hence' toe collapse limited scale, but vrould require struggle toat traoscends the''-''’'?- 

of doing more than to clear its Eritrea, enoexed by toe by toe Somali Govenusent). of President Stad's Ogaden American approval to tracer local issues. - < 

%CIK-\ 


MEN AND MAHERS 


The best 
aid plans... 


Brezhnev's official biography. It 
is a version which carefully 
exdudes any reference to 
Brezhnev's predecessors- Stalin 
Nen-s that the Soviet Freeldent and Khrushchev. Once a new 
Leonid Brezhnev has postponed man is firmly fa the Kremlin 
his planned visit to West saddle the Soviet habit of retro- 
Germany next month on health active historical Mrriting is 
grC'unds makes it increasingty likely to judge Brezhnev's place 
unlikely that he wrll lake up in history somewhat differently 
the long standing iavitation to from that currently advertised. 
Britain either. ■ —■■■ . 

Tlie inritation has been out- 
standing since February 1973 Inner space 
hen Sir Harold Wilson led a « - - m.. ^ • 

delegation to Moscow to ,ign Governments gre^ 

the 1950m. export credit line. T 

which has still a« been fully 

nsed. The h.« British poIiU- ?^p",eVo^ "lih^.\V;"'‘oT ISe 
Clan to meet the Soviet leader Research ciuncU. for- 

was Foreign Secretary David mgriy Radio and Space 

Owen, who received the Research Station, near Slough. 


Kremlin red carpet treauneirt keeps US in touch with researeb 
when he ™ited Mosww last satellites Ear nut in space; Its 
October. This was taken as a scientists 
sign that toe " ' 
wanted 



Twickenham os lilarrii 18 the 
RFU would be happy to supply 
you with as many as you need. 


in space. 

- - are deep into -the 

Soviet Lmon problems of transmittiug micro- 
£0 improve relations waves through heavy rain apd 
with Britain and also fed specu- aonospheric pollution. But not, 
tation at toe time that some apparently, ordinary Thames 


5’^'^ * 

** Make certain the Select 
Committee get toat the right 
way up! " 


Quebec close 

Separatism is still ' the issue 
which dominates politics in 
Quebec. Unfortunately for 
Quebec's only separatist news- 
paper, the weekly Le Jour, 
however, kt seems that the 
average Quebecois is not over- 
eotiiusiasTic about spending $l 
a week to read about the separa- 
tist point of view when the 
topic is discussed ad nauseam 
on radio and TV as well. 

Which is at bottom why Le 
Jour is now having to close its 
doors For the second time in 
Four years as cimilatinn has 
dropped 3.000 helnw the break 
even point of 13.000 copies. 
Until the elections in Novem- 
ber 1976 which brought Rene 
’ — — _ Lgyejque’s Parit Quebecois to 

with any to sell, are making power. Le Jour received a sub- 
thought was being given to ihc Vtiley Fog. When I caJledVvster- between £70 and £80 eacb, sidy from the party and both 
first visit of a Soviet leader id day. the man in the gatehouse ^'heu they were origiually Levesque and his current 
Britain for over 30 years.. said apologetically: "Due to the ^^8ht for either £4 or £5. finance minister Jacques Pari- 

Thc last time was in April fog. Sir. everybody's gone home Naturally enough the Ri^’U zeaii wrote weekly columns, 

I95S. only six mooUis before and the switchboard's c-osed <J*Plores such a market. The party stopped this assist- 
the Budapest uprising and the down.” Technology, you're ®*P*oitily when it is rugby club ance soon after the elections and 
Suez affair. The visitors at the wonderful, members which errate it by sell- although a certain amount of 

ime were the ebullient Nikita i > tickets ostensibly ordered Government advertising was 

Khrushchev and the goatee bi i.- - themselves. channeled its way it was not 

bearded Nikolai Bulganin who BlUSning tOUtS This year, hov/ever. the Rugby enough to keep the paper open 

arrived bv cruiser at Ports- tu- r been even in the face of declining eircula- 

mouto. Whereever toey went 

ti"ht ^^^iS‘‘^Eements''bIu warning light showed ” ■" 

^nt ^^ity aiTwigements out tional at Twickeoham has when Moseley, one of England’s 

Khrashetav note over u very „»ched such proporUotis this lesdmg dob7 wd eSabSS in LoW Sear 
□meb the donmam persoiuility yexr that ticket touts are re- 1B7S, appuld foriio stand ® 

— 50 mui* so toat wags com- ported to be embarrased by the tideets— all stand tideets being chief instructor of a 
plained that they could not see high prices they are having to originally allocated by the RFU . school of motoring tells me 
the Bulge for the Krush. ask. to member ciubs who apply— that while he was being driven 

This latest confirmation of There have been applications and received only 10, hardly towards Hyde Park Ckirner by 
Brezhnev's ill-health is bound to 170,000 stand and terrace enough to go round the com- * middle-aged woman learner 
increase speculation about his tickets, and as the ground only mittee never mind the many bo told her to keep to the 
likely successor, although at this holds 63,000, this means that other members. middle of the road and use the 

stage no clear heir-apparent is ibe RFU has had to return it ail goes lo show what a underpass." The woman 
on the horizon. about £300,CK)0 to customers it money-spinner amateur sport fffoaned. “You've cau^l me 

One man who must be cross- could not satisfy. can he. But it has to be a again,” she said. “Fm in ovet^ 

ing his fingers and hoping for Now terrace tickets with a face glamorous match. If you should drive.” 
the best is publisher Robert value of £1 are being sold for happen to want some terrace 
MaxM'ell, who has just brought up to £}S each while stand tickets for the -next England 
out a shortened vt^os of seats. If you cu find a tout same against Ireland at 


Observer 


I 


istlie 

■Kmeymoon 

over? 



Cut YOir data processing costs by 30 % 

■ ■ 

BK«WWng|l»,p,,,c^owllr«yoMr..Jrtta^ • ' • 

-csrassfTsSssf ■ 

•nh«M Biscaww pionpacis Bi u»i a a MSB 

SlOaFarringciwnBid, 

>-andonEClM3LB 
7 ^ 1 eptiona 01.242 HS 1 

hoskyns 

lfjaVWb«l«enftl |I Byi lB IWL 
V^biiUni4nMf|witm. ' 




1 ■ 


■nr 






M. 


i^iiarini 




•ii' 


V5l4-.''*l. 


r-:. ■ 



1 









Financial TImM Thuiiday 1978 


23 


ECONOMIC VIEWPOINT 




and welfare 


THE POVERTY AND EMPLOYMENT SURTAX 

MARRIED COUPLE WITH TWO CHILDREN AGED 4 AND i: 

RENT £5^, RATES £2^. WORK EXPENSES £2^, CHILD BENEFIT £2S0 

Employed 


HAT IS tbe best way to tise resulting hi^ vnenployment themselves by their own efforts, 

B neA Budget to reduce ud- totals, and enduxing the abuse because what they gain is taken 
iployinent? conveotional received for pointing out the away from them by the auihori- 
would be is terms of connection. But tttnks to the lies. It is absurd that men and 
iecting more demand into the £2bn. or . so available for the women judged to be below the 
anomy, raising the GDP and Chancellor, to remit, there is poverty line should be made 
on: In my view that is the now a chance of Increas- worse off if they earn more— or 
important aspecL ing work incentives, vdthout start tfi earo at aU. 

, le composhion'of ibe fiscal *^uoing benefit and, on the Obviou^ the representative 
jicksga is at least 10 times as. ®88h* assumptions on which the tables 

-^rtant.as Its sise. Miraculous t*”*" redistribution towards the are drawn up Will not apply in 
iracy in size and 'timlhg Poo** end more hard preyed: detail to maor individuals. Devl- 
ild at most' bring the nn- moreover to do au these ation can be In both directions; 
pployment .rate down to tiie things by means of existing and much depends on take up of 
rainahle • (or • ‘ 80-caIled instr uments without an benefits 

fatural ?) rate, whieb can be administrative uph^vaL Unfortunately academic and 

led as the* misimum con- But first, a word about the official studies of the effect of 
tent with abiding another present work disincentives. The benefits and. work - incentives 

f latibnary . takeoff. Structural adjoining table is derived from have concentrated on unemploy- 
SBSures, rather, than mere an Answer by the Seeretaiy of raent pay alone rather than the 
mand injections are required State for the Social Services to whole range of available bene- 
i reduce ^e snstamable. rate the indefatigable Mr.- Ralph fits; and a relatively small pro-' 
lelf. Howell. It shows that a typical portion of . the jobless seen to 

)ne reason why the irre- honsebolder with two. ^Idren. draw the earnings related sup- 
ible uhempIoymetM' mind- whose wife has no earnings, and menL . Moreover, such studies 
jim appears so hiA is that 'vbose work record entitled him have tended tp relate benefit to 
3 tax and security sys- eamings-related benefit. Is average earnings — ignoring the 
combine to make work an theoretically better . off on fact ihat the npemployed tend 
.•.Attractive fiiiancicd option for ttenefit than earning SSS g week, to have below average earnings 
Important - minority They a week he only gains when in work, and come from 

^ . JO make it nnattrat^ve- for ^ taking work, an income group particularly 

'^-^iny people in low-paid jobs Horeorer he pays an- implicit bard hit by the reduction in 
' move fo better-paid work if marginal tax rate of M per cent, recent years of the effective 
3 latter is in any way more on increases in einungs above threshold at which tax starts. 

manding or involve any in- fSo, and 54 per on There arc also important reason for the increase in the Benefits or free prescriptions effective in tackling the poverty 








Free 

Free Net weekly 


Nerm^ 




Rent 

Rate 

school 

welfare spcndiiie ! 

Marginal 

eamingi 

Tax 

HA. 

FR 

rebate 

rebate 

meals 

milk 

power 


tax 

£ 

£ 

t 

£ 

£ 

£ 

£ 

£ 

£ 


% 

25 


1.44 

1030 

5,60 

2.16 

1.25 

081 

3688 


628 

35 

•— 

2JH 

6.40 

4J0 

1A8 

1J5 

081 

4083 


1058 

45 

3J9 

2,59 


3.28 

1,29 

105 

081 

39J5 


818 

55 

6.79 

3.16 

— 

1,82 

0.78 

1.25 


4180 


648 

65 

10.19 

3.74 

— 

... 

'0.I8 

1J5 


45J2Q~ 


548 

75 

13,59 

4J1 


— 

rere 




4980 


398 

85 

16.99 

449 


— 




S58S 


398 

95 

20J9 

IM 

_re 

re. 



_ 

6185 


398 

105 

23.79 

iJM 

— 

— 

— 

— 

■re- 

6787 






Unemployed (weeks 3>28) 











Free 

Free 

Met weekly 

Gain 

NorniiS 


Rent 

Rate 

sdioe) welfare soendins 

fram^ 

earnings U.B. 

FIS 

rebate 

rebate 

meals 

milk 

power 

working 

£ 

c 

£ 

£ 

£ 

£ 

£ 

£ 


£ 


25 

30J0 

10J0 

4AS 

1.73 

1.25 

081 

43.94 




35 

3030 

6,40 

5A0 

2ns 

1.25 

081 

41.12 




45 

32AZ 

1AQ 

5AQ 

Z.Z0 

1.25 

081 

3888 




55 

39.17 

— 

5JI6- 

TA6 

IJ5 


4284 


re- 


as 

40A5 

_ 

4J4 

1.76 

1.25 


42.90 


230 


75 

41.73 

re— 

442 

t.66 

1.25 

_ 

43.76 


6.04 


g5 

42.48 

— 

4.23 

r.60 

IJtS 


4486 

1180 



Figures above the line shew the benefice an unemplexed person loses on taking a job. 

Seiiree; HeiudiV. 21. 1977. Cal. tSB 


Those Who. are dynamic effects. If a group of sustainable unemployment rale, and school meals) on income trap than an increase in thre^ 

tb- tawIV 'workers, whom We might call The existence of these other before tax and (d) Ihe non- holds. It is moreover stagger- 
°.!T - snown A, become unemployed for forces is, however, no excuse taxation of unemployment (and ingly expensive. A reduced rate 


nvenience. 

:■ acerned with social policy 

• k of the “poverty trap*’ • • * h- h -i **• ‘''-'■-“■b 

/ file market economiste talk of J”® Pmnt at vrtucn 11 fQP Pgfygjjjjjjg covering only the first 

Vprk disincentives.** but.the comes at ana work disincentives, this re- poverty trap, which is in any The clear policy conclusion Is £1,000 of taxable income and at 

.enomenon Is basically the “® duces the supply potential of case desirable to do for its own that top priority should be as high a rale as 23 per cent 

^ economy and creates short- sake. The origins of the trap given to raising tax thresholds would cost over £2bn. in 1978-9. 

...Indeed in the face- of tbe ages or increases prices of A are straightforward enough, it and to increasing child benefits Moreover a tw'o-tier income tax 

.,agre and sometimes negative, ‘ wen aoove ^avCTage This in turn may re- arises <*a) first and foremost rather than to reducing the wool J make it more difficult to 

. ‘ derial gains frwn employ- J”®®^ “® wm oe supjecr to an employment opportunities from the fall in tax thresholds basic rate of income rate. (If move towards an expenditure 
»nt revealed In the table the in industries B and C. which are well below the poverty line the presentational aspect tax or many of the other long- 

-rprUlng thing is that far r,!^rr„*i.P „ dependent on tiie products of identified for supplementary worries the Chancellor he tan term reforms discussed by the 

ire people have not been de- ^® A; and the induced rise in B and benefits; (b) from the joint always say that his concessions Meade Cominittee. whose report 

. -red from taking jobs. So C unemployment may be largely operation of several unco- are in revenue terms the Is to be published next week, 

ig as these disincentives The work .disincentive is not involum^ and unrelated to ordinated means tests; ( c) from, “ equivalent " of so much off The incentive case for in- 

?med an inescapable .part of the only or necessarily the most benefits or tax. the anomalous calculation of the basic ratei. creases in riiild benefits, over 

oriding deceiti unemployment important aspect of tte poverty The poverty surtax and asso- some benefits such as j^amily A reduced rate band would and above tbe increase to £2.30 

:nefits, I was in favour of pay- trap. It is bad that people find dated work disincentives are of Income Supplement or rent re- be better than a straight reduc- per child ^ready promised for 

i the benefits, tolerating the that there is no way of:.r8lsing course far from being the only bates (but not Supplementary tion of the basic rate, but less April, is more subtle. The 


' larger the sums available to a in the tax and benefit structure 
family as of right, the less need ought to be presented on the 
there is of means-tested benefits, basis of nil revenue costs, if 
or of conditional payments such we want to assess the rc4ati\-e 
as unemployment pay to sup- effect on different ta.\payers and 
plemept them, and therefore the not muddle stniuturai change, 
lower the poverty surtax on with a general scaling down of 
additional earnings. This is one everj'one's tax bill, 
argument for a general and un- liie fundamental fault of the 
eondltio^l social dividend or personal tax and liocia] security 
tax credit. One element of such nx structure is that the mar- 
a dividend or credit Is already pual levies on additional 
in existence in the ease of child income are very high at the 

bottom and top alike, but cora- 
Cbild benefits could be raised punitively moderate in the 
to nearly £4 a week at a fiscal middle. This is most pen-erse. 
cost of not muCh - more For the hish marginal ratc<! at 
than £lbn. Increases here are the extremes affoet compara- 
about the most effeetdve ti\*ely few people and thus 
method avaUable of iMe\’iating moke linie cnntnhnt.on to 
family poverty as well as rc\’enue available either for 
Of reducing work ddsineen- redislribminn or general Gor- 
Uves la a humanitarian way — emroent purposes. On the other 
a happy coincidence of some- hand the rates, are lowest over 
times conflicting requirements. broad middle band, where 
The raisina of ra.N thresholds Jbe lareest ma^ nf income i* 
and Increasing child allowances 
vovld automatically reduce the Sus 

IHa Si But. in T. S. Eliots words. 

^ouM J *!!?? *** ’t«"tan kind c.iiinot hear too 

yiould reduce the quantiiaUve roalitj-. An increase of 

imjwrtance of the nonJlaxation ,wu. (hire or four points in the 
of benefits. So great are the ba.sic rate to reiliiL'c margins! 
poteDUal gams both humani- rates at the hottom and the top 
tartan and In efficiency, tiiat it muld provoke a nolitical expio- 
a-ould be uxinh indexing the sjon. It wtuilil be ton open a 
specific duties to take account flouting of "Director’s Law.** 
of past inflation and going slow which stales that redis'.rihiition 
on other Government ^lending in a democracy is from both the 
so that the Chancellor has £2bn. poor and the rich to tho.^e in 
to £3bn. available for the sug- between. StriM'iurai (.'hansps 
gesled changes. which would not have a hope 

tiTiere is the snap? Whv are an increase in 

in such seemingly miraculous 
harmony instead of the usual 
tension? The superficial answer 

is because the Chancellor has '*‘ L*i*l* 

something to “ give away.” But **®***®"*®*P*^p*®'^*>^P®^'®^- 
this will not reaUy do. A change damuei Bnttffn 


LetteHs to the Editor 


British Steel 
losses 

om Mr. A- Finlofi. 


the way in which the confracUng- until it has some {onh of baric children say of us on learning 
out issue was haqdM by many ooorgy policy. we poured all our (and indeed 

actuaries Tbe particalaf area In layman may I their) premium fuel of natural 

which actuaries have -sberial allowed to put my views gas into steam-raising plant. T 
training is in financial analysis, alongside those of the experts wonder? So for heaven’s sake 
Mr— Thn VCt how ; often did actuarjes 2^ suggert a -five-year plan, as lets start somewhere. 

!ll’ d^ip ^ SrSiiSi nf -their sHents on the real follows: all power stations of the j. r. Loekwopd. 
jce daily in the columns of goancial aspects of this issue? large industrial com- m • n.i-rr 

I, ^®*^P®P®*‘ concerning ^ tj,e plexes to be phased off natural S'fjSSfTvS*? 

of «ntrai3?g.fn (S« CUN ps and fuel oll-these will then Soleitdine Aoofc. Wud efertfrid. 
post irrel evant . -1 do Pot -ig^^ben^) with the coal-fired; cease the supply rr\» « 

3.S!rv®hi?„« » W both cxphUo that e octrify. and feed with, electri- 

« analysis of this issue Abends dty generated firom coal, under hrif'lr 

f; o« experlence-,anfl. also sabsidy If necessary: -use natural wlltlk 

prpseni their .cllems with sno^ processes where the From the Deputy Director, . 

.iefr toe fndi^ry is to be nd pnate fibres-, (on " realistic," produetioii under manufacture is Timber Research and 
ilosfrm^mg plant and surplus “ optimistic " and' pesrimistic ** in ^rect contact wftfi the pro- Dinelopmem Associatim 
' f?.Vf I j °.S. assumptions) to enable town to duct of combustion and In sit-..— .The rarresnandenre nn 

MtJeal and pot economic . ex- paifg g rational aSsessment of brocesses needing sensitive con- onSST^savine 
aiency. Any redundancies or the alteraativea? ./ •- trol of temperature; direct all ws?!mtiat^ m 

bt closures that occur over - ^ u, xi. ^ steam-raisiiiB olant in the middle u 

f next two yeara will probably Befir^tably- the^ things have JjgJ to mIs? bureinrn"Sral my d>rwtor in your issue of 
volutttarv aereemente at a fareb' been. donq. which means December 15 and on which the 

a cost ta ihe taxpayer The financial directors have been ^^rIai^nr®oTf".« ***^®*' timber industries were 

J. miSft Sv?mherwlsS nnable to conlrpl tbe financing ^ *,1 „ in agreement (see the letter 

en incurred however would ^ peaisiop’ plans, or bring director, Brick Develop- 

Dbabini toree? costs' properly witblS JjrilSLnSl "®p» Association, on December 

Let us hipe* that the next ***“' ladeflhat si^w^eTnoto^^SSn^/S Si 

Ivemment will return to the mPB syalaiPt - afford to subsidise charzes out scoring is the 

Iwi" ^ of North Sea revenue. 

Ible divisions of the steel 30 pueea Aftne^a Gate, 
dustry, and make any redun- 'Wesiminsier S.W.I. 
incies and plant closures that 


GENERAL 

Israeli-Egypiian talks continue, 
Jerusalem. 

Confederation of Shipbuilding 
and Engineering Unions pay talks 
resume, TothilJ Street. S.VVM. 

M. Raymond Barre. French 
Prime Minister, heads delegation 
of. Ministers and industrialists on 
vish to China. 

O'ty' of London Court of 
Common Countsil expected to vote 
on lottery to raise extra finance 
fo): public services. 

•Mr. John Fraser. Minister for 
.State for Prices and Consumer 
Protection. addrc.sses London 
Chamber of Commerce seminar nn 
Product- Liability Insurance, 54, 
Lombard Street. E.Cfi. 

Sir -sDousla.«) Allen, recently 
created a Life Peer, gives 


To-day’s Events 


Stockton Lecture on Developing 
Structure of UJC Government. 
London Business School. N.W.L 

Publication of interim action 
committee’s first report os the 
appropriate constitution and 
operating role of a British Film 
Authority. 

Confederation of British 
Industry overseas committee 
meets. 

Cardinal Basil Hume. Archbishop 
nf Wntminster, at Foreign 
Press Association luncheon, ll, 
Carlton House Terrace. S.W.l. 

Security and co-operation In 
Europe conference of 39 nations 
continues, Belgrade. 

European Parliament in session. 


Luxembourg. 

Sir Peter .Vanneck. Lord Mayor 
of London, attends special service 
at St. Lawrence Jewry-Next- 
Guildhall before presiding at 
Court of Common Council. 
PARLIAMENTARY BUSINESS 
House of Commonri IVansport 
Bill, second reading. Participation 
Agreetnento Bill, remainine stages. 

House of Lords: Judicature 
(N'nrthern Ireland) Bill, second 
reading. Education (Nonhent 
Ireland) Bill, committee stage- 
Select Committees Defence of 
Exlernal Affairs sub-committee. 
SuWeet; GPRS MThink Tank) 
Review of Overseas Representa- 
tion. Witness: Sir Kenneth 


Bcrrill. CPRS (Ttnom 16. 3 p.m.l. 
OFnCLAL STA*nSTlCS 
I'.K. banks’ assets and liabilities 
and the money stock (mid- 
December). London dollar and 
■terllne certificates of deposit 
(mid -December). Consumers' 
expenditure (fourth quarter— first 
prelim, estimate). 

COMPANY RESULT 
Dixon's Photographic (half- 
year). 

COMPANY klEETING 
United M'ire. Edinburgh. 12. 
LUNCHTIME MUSIC 
All Hallows-by-the-Tower. organ 
recital, 13.1S p.m. and 1.1,4 p.m. 
St Paul's Cathedral, organ recital, 
12.30 p.m. Church of the Holy 
Sepulchre. recorded music, 
Mozart and Dvorak;, 1.13 p.m. St. 
Dfary-at-HiJ!, organ reeiial, MS 
p.m. 


Stringency and 
spending 


1 ,1,0 realise ft.t to e,k greet 

dependence on coal brings for- ^ u * j < 

ward the need of more cobfi- Bri<*«'ork stores heat and ii 
dence from the coal -mining Timber frime 

industry but in the knowledge "Ofoteljy . acbieres a higher 
that power stations operate on *^®™al insulation leveL In 
small grade coal further this means that 

mechanisatioi} of the mines could * timber frame house warms up 
take place. • quicker for a given energy 

It is fully appreciated that my 

raise several Im- are the kind of points 



e necessary to stop the -¥7,.*;. „ 
brmous losses that are being jLfUCr&y 
nirred to the taxpayers’ detri* • 

, saying 

.FWeffoad.Hendo«.N.W.< Lockwood 

Sir,— X have read witb interest 

recent ideas on energy saving suggestions 

put forward in your column, but portant .and indeed controversial which can be argued indefinitely 
toe country will get nowhere facts but what will our grand- — t**® market place 

will decide them and the sup- 
. . . porters of timber frame are sure 

om Mr. K. McKeZoey. . ' " rwii ' j- "L a enough of the logic and cost 

Sir. — But for toe brief iate> 1116 a6Dat6 OD lH6rg6rS effectiveness of the system to 

.,«» ref xtMirtk e're. n:i /rerej -.re.re I ^ ^ . .re . A t.- .... *^ . . . . awsit thc outcomc -With eonS- 


ade of North Sea oil (and, more Drs. Gap and Geoff .Meehs. we explained on December 30 2^11 

K't . sir.^to rt^^rururer co„md«- s": «^^r,r5‘',i?„d''‘/;? p'^o’d';^ 
iSffS? vthUve hut iWsastur wheu a .tion to the debate .00 mergers ire.^r? -I standard in building regulations 


ything but disaster when ' a »?" '*» “®. mwevrs a^niw tormeritoe mmm stanaard in building regulations 

nior Treasury Mini.ster can -(January 7)- Clive Adamson and tor me^ng^re^^ continue to 

1te (in "PuSic Finance and Cliff Pratteo (A and P) Jon? of sucpo?ed do^wai?! inadequately insulated 

iroualancy.** January 1978) unpersuaded of the ®“®. trend this is where A and P standard hjss 

ese undoubtedly sincere words: raoviag to_a- ®ore seek to bring their evidence to ^®*? *®* Cien economics -will 

kt a time of national stringency merger policy. But still hear — ■ are beside the ooint ) decide the building method 

’* best. 




kt a time of national Stringency poncy. ouk. 91... .v, __ are beside the ooint l ‘"e * 

d recession. uHen most people re«®ns for wanting exirting jg jjot synonvraou?^wito meets It 

,ve had to accept a redaction in P"*®*^®** »®®” “ uJ?e^ no. (Bur w did not H. Riebardsoo. 

y^mdards, the Government has to he raistaken. , confuse tbe two.) cfy»ap<««, 

remarkably successful in Many of the points m their . .^Ponunately (A and P’s word). 

- ***®“**®* **>® P^Pl^^^-t^^tnanagers and eapitalisu will 

- T ammes.« leaving the case for changing ,earacd from past expert- 

!• t)ift -T»niirw Intart. nontradictiQ& amb .bj ...;ii-..rei.re > i.reMre.*^«rei. **uc*n»9rM»nis/iire. 



your reaV inepm'^' vtoieh we Marriage: A Study 




, . cide how tn spend.' 

j ' ' "'S Good for Hr. BanietL 
lends tike this. . . .**• 
*^ McKelvey. 

•’ » GvetriUe Ortoe, 
Ipbartot^ Birmingham. 
V’ 

Actuarial 
jargon 


- , - assessment - were now more 
e uaios accurate and even if enhanced 


Taxes on 
earnings 


the managers might sometimes still Front Mr. P. Clifton 
go ahead with oicrgers where gsr.— The Chancellor 


of the 




■ 'fs 

si • 


from Merger" (DM). Chief profitability were their sole aim. 

With among these points are ' 
following: 

One can never know for sure GQveiiiment would riile against ExchMiier" is **reno*rt^ "tn be 
what would have happened to - for instance, if large profit an Ad 5S kSd-et 

the partieipants’ profitability in gains were to be bad from ex- Xch ioSld indSde some 
the absence of merger; we agree, ploiting a stronger monopoly *9“® 

International competition has position while efficiency would So ilell to lirtewto?^ 
been increasing in recent years: not be improved.) f ® ®*7^ 

we agree. (But regardless of this, Ue maintain, then, that these 
merger la an iadusiry makw points leave the case for a shift 
oorapetitiOD less than it would in unscathed. On three 

olheri'Ise have been.) Companies IJirtoer poinu. we conlend that f™ ^rm of^ainful^ 
may time takeover to coincide A wd P are locorrecL , uSMlfv ® to ord» to 

Mr. Nottage touches on with rising profilahility; we agree group of mergefrintensive ♦rerevllire«rere J- ref™". “ 


*001 toe itfanopido Dfreetor. 
inis Graham and Partners. 
Sir, 


WJI,— <n,. IUUWUC9 uu vfKQ ruiug prouvaaiu^. wc a<vvk> V reniinter.b9lanpp t>iP rsvavH nf 

t another exceedingly raw this is possible, and perhaps comnanies is excluded from DM’s 

srve In his letter of January 17 ukeU-. (But this is veiy different analysis, so that there is a bias earned 

ten he suggests that actuarial from timing a merger to precede towards unsuccesisful mergers; penwons. 

•luations of pension funds an imminent decline in profit*, .th** not so. No such exclu- The old age pension has 

ould be carried out on more abilitsi implied by the restric- normally been fully paid for, 

an one set of actuarial assum> trend renorted by placed on the record of whether the prospective pen- 

ms. nJ^for nTSShim? bef(w^ acquirers in the study sioner retires or continues work- 

,For too long the whole area In our ai^ explatoed in our article (but mg. and is therefore an entiUe- 

aciyartal work in relation relate to vlrtim and-»>«t®*®d by A and P). More- ment. In an.v case if the eani- 



.1 Kffrr 

-»-,.rv T ■ 


A-- 


abiUty described was tb^ raliiation; festly unfair. 

Zf it Is acceptable for Govern- 

actnarial « "al^® *0 expect the nent employees to retire on 

t^ptions IS concerned d Iwbm that A Md .^bvenanent to vet m^ers with fully indexed pensions and then 

though he is trained to assess ““.^1, any competence: we dispute this, continue in gamfnl employment 

le impUcations of the assorop- jJffS S th?%oun of maiSnB managers are able to gain elsewhere, then surely it -'is 
ons and. through experience, SSS/lS ^ieS° ® reasonable for penaoDcre In toe 

Bvelops his professiona) judg- JHStall? the Mneral effect of ettOenCT as A and private sector to supplement 

lent In this area. S ?o ? to allow, what is there their naiadexed private pensions 

It Is surprising toat actuaries J’JSSgSinDMSrtsSte on orofi? penalty. Indeed, one 

aye been able to get away with H to Government?) wonders why. social security 

single answer" pension fund Dr, Gay Meeks. assistance is granted free of all 

aluations for so long and this. Systematic-factors ■other toan . Dr. Geoff Meeks. tax while the State pension U 

1 fact, raises very serious ques- merger may have operated over Deporfmenf AT^Ited discretionary and taxable 

•OAs about the way . aetiia-rlsl ' ^ study ..period -to affect the J^nomies, ^ > r<i,nM 

'ork is performed in the, UJu' • pnffitobillty frohd of- particular URtoeratiy of- Cambri^. r. a. umon, 

A prime example rdlxles to subtots of- companieA (But as ffidptetoh AvettiMi-CntitoridpsL 4S; Se^umtten Oaem, 8.WJA. 


An actuary is not gifted with methods 

;ecial Powera of foresight as Sp5rien„”ra?^™t date2 

selecting according to their year of riJ«re!Lre! 





FgHei^^cirageEquifxriam, • 


inljqii^;. , 

6(Sd£3oSedOirt*BWaiorCdo^ ' .- ---.y jndwa|al. 

. HNM0iagu«Md4l^^ .-“f , 

t.-; ^ .... . 

tirriimriivriisiiiiwti|Ml^8yiten»L^^ *■ ' 
.incin^dfo^biantsahdWeateHBnenigSifS^^ - •-;. . 

•SB H l li aa& ll A<re^,e,Mr«reA«irereK!mfc.reA,*fha j te j Mi < »reV^paii^rtfaurftel>Bff . . . YHtifciiAi ^ .. 




• . ■•'■re . ■' : : ■ 

leraitoBHyAotootaraVferm *' 


-Unitoof Systems for press work. 

? y/ijhiwri »HMwdfod.' . 

' tgandOigsnieCOBQngLines. 

'i^CetfMdh()Liiriitsd . ' 

— --- -M 









• V-- 













Allied Retailers ahead £0.4m. at midway 


APTCR A RRDt'CEO trowfer v> 
the unrealised gross profit re> 
serve of £82,916 compared v>1th 
fiW0,357 ]ast time, tasehle profit 
of carpet and furniture ret^ers. 
Allied Reteilers climbed from 
£i:iaL to £1.61m. in the 28 'weeks 
to October 13, 1977. 

Directors sa; that since 
December there has been a sub* 
stantiaJ increase in the level of 
business and for the full year 
they expect a satisfactory increase 
over last year's record £3.7m. 
profit 

In view’ of the group's sub- 
stantial expansion programme the 
Board expects a dramaile improv'e- 
ment For 1S78>T9 provided gener^ 
consumer demand continues. 

In the six months they, say 

turnover and profit increased 
despite continued depressed con- 
sumer demand. Turnover totalled 
£30it2jn. (£23.1Tm.) and the re- 
sult is subject to tax of iO.S7m. 
(£0.i>3m.) 

Retained profit comes out at 
£500,431 against £415,254 and 
earnings per lOp ^are are shown 
ahead from T.09p to 8.59p. 


HIGHim 


Magnet aj^ Southern has turned in a better than average 
performance in the timber sector reflecting their extensive 
retail interests which offset the problems in wholesale selling. 
Lex also takes a look at Coiirtaulds where there are signs that 
profits for the year to March will be substantially below' market 
expectation& . Results from both Heron and Henlys confirm 
the very favourable conditions apparent in the motor dJstribU' 
tor sector. Allied Retailers has adiieved a'22 per cent, sales 
gain in a very depressed period for consumer durables but the 
11 per cent rise from Anglia TV was a -bit disappointing, 
although the bulk of the profits increase jdld stem f^rom TV 
contracting which is subject to a 66.7 per cent, levy charge. 


a result of stock, increase relief. 
£5.4m. is a\*atlafa]e to ofT<;et future 
corporation tax liabiliLies. • 

Land stocks' currently held are 
sufficient' for the nest two to 
three years’ requlreoientj. which 
the diieciors /eel is a pardcular 
ad'^'antage in view of the tauiidins 
land shortage now seen. 



ISfflUH. 

r*ar 


1977 

:»n 



aHW 

TurnoT^r 

>.se3 

1X14 

Tnena pfcfit 

lar 

»s 

(steroM raysOle 

994 

gt« 

Pr«at aef6i«-taic 

TO 

M 

Tax 

32 

S 

Net pnflt 

911 

US 

Dividrada 

S9 

» 

Bctained .................... 

(M 

4S 


T. French 
turns in 
£1.27m. 


tries comprising the group's main 
business were depressed and de- 
mand was accordingly relatively 
subdued, partieulariy so in South 
Africa be adds. Cooditiona in the 
L'.K. were not much more fav- 
ourable but on ihe brighter side 
the New Zealand subsidiary pro- 
duced an outstanding perform- 
alraosf doubling 


Upsurge by 

Heron 

Motor 


ance. almost* doubUng in 13 
months the profit of the previous 

Tha -j j • I makers of curtain styling and year. 

Tlw mtenm diude^ is stepped electric surface heatiiu products 
up Froin l.Sp to 2.^ on capital liiQiiias French and Sons reports 
locrea^ by a one-for-ren rights a depressed final quarter profit 
issue. The total pennitted for the of £0.l3ni. resulting in £1.27m. 
ig 8,7t2p per share. Last pre-tax for the 15 months to 


nionths to 
at Heron 


year's final of 6.0033p was paid October 1, 1977, compared with 
on the increased capital. £lm. for the J2 months to July 3, 

1976. Turnover amounted to 
# comment £lS.6Sm. against £9.81m. 

.Mr. T. J. French, chairman. 

Allied Retailers' turnover rose 22} says that he is more optimistic 
per cent, during a period when about the climate in which the 
consumer durable rohune sales group will be trading this year HOUSEBUILDERS CounOTsIde 
fell by 2} per cent Operating and although he does not expect i^perties reports s rise in pre- 


Countryside 
Props, ahead 
to £0.24m. 


S.ALBS FOR the she 
September SO, 1977. 

Motor Groop expanded from 
61.1m. to £ai.08m. and pre-Ux 
profits advanced from 613.800 to 
£1.43m. after interest of £821,000 
against £373.000. 

The directors say that since the 
half year and. trading has con- 
tinued at a favourable level and 
tbey expeirt that pf^ts for the 
year as a whole will show a con- 
siderable increase on last year's 
£3.02m. 

.After tax of £0.74ai. against 
f0.44m. first-half earnings are 



Times Tliuraday January 19 i [I 

Anglia IV hit by JiP 

Exchequer levy 

.truck ^ 




«.4im. to proportion of proms. paw 


wa^, & surplus up 
vvas recorded. 


£0.33m. 


“at 46 per «nL The ream for 
Is that all of the IljvfU' 


il.year ing where profit.'! are tifsiblifi 

at £15.r6m. .JfVSS*- 8^7 per cenL levy ch^ 

was subject to tax tlje aim or so tecrewe ta oieJ 

<aa7m.V and the disprwtorWnato eB«j. 

creased from, an adjustad U.|6p p(^.tax stage. Non-con tnw 
to 13.38P per 'JlSj profits, basically from 

total dividend a lifted to 4,1^P gales, eased to id 

(8.738P equivalent) net, with 8 ^ . tlorup 

2.3(B29pfii»L . Trident could ghre a 

Advertising J5S overseas programme s^e 

.buoyaut throughout t» yea^i« profits from which are; 
the group increasmg Its .netvmrK Meanwhfie advert 

Ani-» state the directors, revenue remains .buoyant 

gramme sales oveneas again maM increase in the 

a -significant coutribuUon to the Octobet^r^ngUa's 

graup s turnover, with the sur^ up 30 per c«L 

series maintains ^ts world* iocrease , nr adve 

wide appeaL . ... ^ revenue for the ixulustry 

In the current year advertinng cent The levy has o 
revenue continues t® improve but 3^^ best part of AngBa'i[, 
bookings remain rfiort term and profit rise, yet. the underi* 
forecasting is difficult they say, i$ no worse than s~-' 

The effect of the levy on any in- aflw y^erday’s 6p 
crease in U.K. television pijfite g2p where the p.-e is 6^. 
highlights the Importance of find- is 7.9 per cent any further 
other sources of revenue and ward reactioB Is unlikely, 
increasing overseas programme 
sales, and the r^rganlsation of 
this area of tbe oompany'5 activi- 
ties in partnerrtiip ivith Trident 
Television. J. Walter Thon4»on 
Company augurs well for tbe 
future. 

Despite the high level of levy . 
and taxation charges, which have 
accounted for 74.8 per cent of 
trading profits, the directors have 
confidence in the future and are 


Advance ra 
Walter | 
Alexandei^ 


Ashteti s*intooS 

Kr. Gordon Chandler, ehalzman- of Henlys. who yesterday 
reported profits more than donbted at for 1878-'F7 

(see Page 25). 


profits are up 3} per cent, com- improvement to ire subslantisd. tax profits to £243.000 for the 13 shown' to have risen from 2,78p 


pared with Courts (Fumishersi he confidently anueipates an in- months lo .September 30. 1977, 
fall of a third, but the latter has creased profit in the current yev. against £60,000 for the previous 
not been helped by its hea\-y over- earrungs are 15-^P year and a loss of £l.3m. for the 

seas invoiveraenl while .Allied's U3.8pl per lOp share and a final [974.75 year. Turnover for tbe 
discount operation is tetter suited of. 0.04p makes 0 total period was 6.1m. compared with 
to ride out a slump in consumer tne .P****®®, ®*„ £6Alm. Results would have been 

spending. The carpets side appears £li9,82a (6ih8/o). tetter, the directors say. but for 

to have outperformed the . The ena^rman reports mot pro- the abnormal weather and excep* 


Group tnvesten 


IViiliams' furnishing business and 5*® *!* final quarter tiooally high interest rates in the 

tbe group should have increased exceptional items, ih# chief iq?« 


^ , . . aUlUmn of 1976. 

its share' of a depressed carnets ®S which related to the closure profits were also adversely 
market. An SO per cent faU in group s Londonderry fac- affected by considerable 


unrealised profits largely reflects l?SnoM "“ffi-tni-fiii 
the thin time thal fumishinf* f«i. 'ajusimenls 


approximately 
in the 


costs, 9 


due to the failure of some of Ihe 
building contractors wbirti the 


the thin time that furnishing gen- gudjtgj accounts of oversea.^ sub- company employs. This problem 


L__ v,_„„ 4 u:.. «uujieu awiums ui u\eraea.<i auo- 

sidjarics also significantly affected 
side generates more tl,P. busuiess. .),> nrafiic fnr th» thr^e 

Al ^up Ju,ine« mjy l„v. b«n S'n„r iPdMdu'Jll, 

* ® 2®* -dP .u*® quarter. extraordinary 0i ui 

compared with the buoyant period a„y consequence and in all other 


to a.tklp per 23p ^ure and the 
interim ditndend is lifted from 
1.33p to l.7p net. Last year's 
final payment was L63p. 

The Edisfaurgb based grot^i. 
wlilcb is controlled' by Heron (^r- ^ 

pqration. Is engaged in car and mtailers int. 

commercial \ehtcle distribution -.- 

and related garage operaliona. 5*" 

Crouch Group mt 

rtrtmm^nt Heroa Motor iin. 

comment --CaBntTyside Props 

Heron Group', pre-m pmdl, IJS* - 

are 75 per cent, up at I1.4m. at 5“V 'S!?!??” “ 


DIVIDENDS ANNOUNCED 


Current 

payment 


0.12 

2.9t 

2,3 

4.68 

0.91 

1.7 

1J32 

0.99 

1.7 

0.94 



....... generally w.. 

/.r a ua-.,- K,., *'1— -V.. «..« ... The current level of trading is ditlons Heron has benefited from . „ _ , . 

•hmiiri'wnFt \« ®‘*'**® M*"' Mcouraging. they say, and the the great fleet leasing boom which 

finJi '■” months was croup's forward resenations for is now going on. Leased vehicles ^ Sonthenis inL 

year pre-S? profits*^ may te “ *'"* budget. new house sales are wril op on accounted for about 40 per cent. 

around £4nt. (6.7m,). Since its 
dividend-boosting rights issue in 


Date 

Corre- 

Total 

Total 

of 

spondhig 

for 

last 

payment 

div. 

year 

year 

Mar. 

6 

0.65 

— 

1.7 

Apr. 

7 

1.8 

— 

7S9 

May 

2 

2.06* 

4 18 

3.74* 

Feb. 

17 

457 

7.36 

725 

May 

1 

0.89 


S.72 

Mar. 

31 


— 

3.18 

.Apr. 

6 

o.ts 

I.49t 

0.16 

Mar. 

31 

0.81 

— 

1.8 

&Iar. 

23 

1.35 

2.5 

1.95 ■ 

— 


120 

3.l9t 

229S 

Apr. 

29 

128 

2A6 

222 

Feb. 

24 

I.l 

— . 

229. 

Apr. 

3 

- 3.3 

15 

13 

Apr. 

6 

4.13 

6,39. 

L9 

Mar. 

JS 

3 

*r- 

. V 

Apr. 

3 

3 . ■ 

— 

■9 • 

Mar. 

9 

3.51 

5,94 

.!4.94 


SmS’* "i.ru:,-Staenrpri ^ 

acilitics in NoruHch tn^tsSoiKI «■> H,0tM.00() fcej 

BIN OM Bis: months to September ai,?r 
on turnover ahead froin £IG 
3,11 to £13.13m. 

Results for the early 
2,4ia the second half are m Ima.i 
1.309 budget, say the directors andf 
are confident that profits 
*,‘l; least equal the £1,137,008. 

X.W in the comparable period last; 
14S The mterim dividend is “ 


U.701 

458 

S.01S 

2.3SS 

JO 

2eS» 

1.4:1 

e 

7S 

i.in 

tos 

ai3 


rnmoTfr 

Dvpreclaucn. etc. ......i 

Profit 

BxebeqBi^r l?ty" 

Vbare of oswe.. 

Pi«-Ux pront 

Tax - 

Vet profii 

Eitraoni. drbiit 

UiitoHtp imerpstp .... 

Atrnlmtable 

tniortin dividi*n(i 

Proposed final 

RecaiDed . 

•Comprlsn prensiQD /= 

enrem i-<>ar of £2.S1I.M0 i£1.158.0D0i and at fi.Tp (0.32p). 
adjuBimeni in rispect of pruvions iwar 
nM.I>M >ii:.D(Hli. too Kalisatian of 
iBvnDneiils. t Credit. 


In 


MDM-f on April 6. Earnings are 


2S1 per Hip share (1.923p) 


sn 


comment 


{Anglia's 11 per cent, rise in pre- 
tax profits disappointed a market, 
which had been expecting some- 
thing comparable to the increases 
seen recently from other TV 


Toniiiver 

Prsflt 

From assoc. 

Pre-tax profit 

Tax 

Net profit' 

To miooriUes 

Attrfbaiable .w..,,. 
Pivjdnids 


: contractors.' A profits Increase of 'traviDS 


Six montb TU 

IKT 

on m 

£000 

xooo 1 

13.149 

10.407 a 

9B4 

"41 

MO 

• or 

3AM 

on d 

S2S 

430 1 

483 

so- ] 

30 

S3 •; 
..130 1 

IM 

Ul.'.d 

S9»- 

310.4 


June, Allied's share price has out- Tra^rprnAi ' 
performed the stores .sector by 33 share of oi9o<x. 
per cent and at iSop yesterday e-afit befan tax , 
the shares yield 7JS per ceni. on •• 

a prospective p e.or 8 (fuUy taxed u^ia"? omih'" 
on average capital). Meanwhile Exm-ord. d^ti 
Allied's recent expansion pro- Available 
gramme should help the group * Profit, t L«ns. 
when the nest upturn in consumer Throughout 


snendlne cocne.s. 


(he 


_ ^ US. & GenL Trust 

is^s {he pae( feu; jgars. a further of the group's business in the six Dividends shown, pence per share net except where oCberwiM stated. 

I- j" significant increase in profits is months, but tbe proportion is * Equivalent after allowing for scrip issue. tOn capital 

u.ett-tM tar M2 expected in the current year. growin gfasL Like Henlys. increased by rights and/or acquisition issues. (For l5 months. 

I.S31.V.5 i.dU7»7 Stated earnings per 3p share Heron's reports that the current $For 12 months. ^Supplementary 0.0639p for 1975-76. 

*is.si7 'ii.siM are 3.3p for the 1-3 months com- outlook for busineu remains firm. 

pared with 0.9p and the dividend The company is forecasting a 

cs'^ 9id1wt ^ lifted to 1.483p (8.1623P) with considerable increase in full-y-ear 

'V 1443 a l.3223p net fioal. Mr. S. Bnbroff, results: and since the second half 

fB.iMHi - (he chairman, and his deputy, Mr. is usually by far the best period 

,. .... another doubling of profits from 

last .vear's £2m. may be atfainabie. 

At 9Sp the shares are on a 
prospective vield ot 3.4 per cent 


6M.20S 


M7-2M A. H, Cherry, have waived the 
final dividend on 2.604.363 shares, 
period the Tbe company has decided to 


economies of most of the coun- adopt the principles 


s decided 
of EH tg. 


As 


3©® 


TRUSTEE SAVINGS RANK 

SoitihEast 



Another successful year 


Crouch down halfway 
but sees recovery 


Scottish American assets 
reach 106.5p per share 



On tUTPDver of £4.71m. ^inat 
profit of (Crouch 


£3.06m. pre-tax 
Group fan from £273.400 
059700 (or (he hah year- to 
September 30. 1977. 

The directors explain that diffi- 
culties encountered in the buiM 


increased operating costs and 
general pre.ssure on margins re- 
sulted j» a lower pre-tax profit of 
£67.742 asainst £109,127. 


Scottish Americaii Investment of 36.8 per cent, in the fT ok ... • 
recently the. snbject of much in* nary, index— complemented hF>.-..j > 
terest because of its &12 per cent. U per cent, increase in dtffi 
stake in the North Sea Block, terms in the U-S. A policy otj 
211/2. where BP abandoned expio- vesting, in Ji^fiional and si 
ration drilling earlier this week, shares there enabled the 
came out yesterday with its figures . miss the 17.3 per cent fan :m' 
fer the year to end-December. . Dow Jones. •: 

/Over half of the trust’s portfolio . Half-way through the >a 
is invested overseas, and dividend Eiewart Fund Uanageci, whi 
Nottingham Plant Hire;, which increases on these investments looks after Scottish Americu 
has lain dormant since 197L was high enough tO boost im-estment policy, decided on . 

ctuoes encoumeren m me ouuu- ,inri,%ir hh. tn 8™*® Income by almost 16 per switch from financing the U.S. i 

ing industry did not ease during resurrected during the year to ^ £S.59m., whUe income at vestments— whidh still compd 
the period but they are roore te ana hire pneumatic and the attributable level ha» risen by some S9 per ■cent of its porUdI 

hydraulic equipment Tn its first 32 per cent to SlMxa. In eonse- —through the dollar preimunv 
year it made a small, pre-tax quence the directors have been a policy of financing them throa|. 
profit able to lift their own dlridend pay* loans. However, the extent 

A statemem of souire and meats by 28 per cent, to £3.79p a which tbe group has benefit^ 
application of funds Aows a de- share gross. At this level the ffom this poliqr is, for 2 
crease ia cash resources of shar es which fell by 2}p to 80|p moraeat, unquaatifiable. . 

yesterday on disappotetment at Recent rumours notwithstaa 
the news on Block 211/8— yield ing, the company has had : 
just over 4.7 per cent approaches from possible p| 

Id fact the slake in Bnjay dators. 

Holdings through which' Scottish 
American holds Its investment in .SFIVA SlfCrAR 
Block 211/3 was valued in its 1978 ouwxgv 

. ... ... balance sheet at only £21,000. BP ' The meeting of the holders • 

Flannmg penpissoD ID prinmple financed aH tte exploration costs,, tbe Sena Sugar 8) p 

has teM^ reemved by Aberdeen and the value of the stake is un- cent Second Debenture St6“ 
CoRstnicijoa Aironp *“ * - — 


period 

optimistic about prospects for a 
recovery. 

TTiey are in the final stagea of 
negotiating for the purchase of 
various prime sites in the South 
of En^nd for residential develop- 
ment and they aoticipate that 
trading results for the fuU year 
wiB be sKgbtly better than for 
t976-77. when profits fed from 
£607,000 to £406.000. 

The interim dividend is increased 
to 0.907^ (D.88373P) net per 23p 
share — last years final was 
lB2873p. 

Tax took £129^00 (£142200) 


£133,048 (£67827 increase). 


Aberdeen 

Construction 


leaving a net profit of £129.400 likely to have been increased. Tbe 1987/92 approved by tbe rteql' - 

against £131200. ™ nS® I?’ ^ * trust’s end-year assets were tion sanctioning the scheme 

The effect of the expected in ^ 


crease m 
together 


demand 
with 


W,000 sq. ft. pmtige £59.3m. arrangemant under which ti 

for bouses, ^elopment in AberdMn. over the year, in fact, net assets, whole'of tbe £406,681 of the sttfr * 
wsemxi wii.» Government per share jnereaaed from 78.4p to at present outstanding shouldj ‘ 

Bssstance in the public sector, 106.5P. vwrt a sttoog ^Eformanee acquired by Sena's whdIhr-ovm''’S<i' Vx . 

ment is on a 10-acre nte owned m the UJL— where the value of subsidiary. Sociedade InduaU^-' 
Construction at Hill tbe quoted equity portfolio rose, do Ultramar. SARL. at £68 “ 
of Rubislaw. by 66.9 per cent, against a rise £10 nominaL 


wM) not be felt until later 
1P78. the directors state. 

A proifessional revaluation of tbe 
company’s properties is being 
nude, and is expected to show a 
substantial, surplus over book 
value. 

Mr. H. E. Aris has retired as 
riuirman, being succeeded by Mr 
VV. F. Lyons. 


North Midland 

Construction 

optimistic 


Extract from the Statement made hv the Chairman, 
Mr. P. F. Keens, C.B.E., F.C.A., 

at the Annual General Meeting held on 18th January, 1978. 


The Bank has, during the year which has 
just ended, commenced to see the result? of 
the work which embarked upoi\ eavlLer. 
It i? pleasing to be able to repart that tl;e 
cash balances due to customei's umnunted no 
20th November 1977 to £594 mUIlon ami 
that the rc.serve* of tlip Bank had moye tyum 
doubled.Tlirouchouf the year. «;ai'e ha? liooit 
taken to en.5ure that a proper d«>i:rce of 
liquidity was m.Tintained. Cnnsidenible im- 
portance is attached to th'j niaintoiiaiice of 
sufficient reserves, toselhiu' with mlrquale 
liquici resourcos. as it is upon these that the 
security of deposits de)iend , 

The year has been one i f fnllin? intere.^fc 
rates and, mindful of the need to oriauie that 
custoraei's receive the maximum rate »>f 
interest compatible with &ecui'ity. term 
deposits for sums in units of £100 were 
introduced. The interest shown has con- 
firmed the need for this facility. 

The provision of banking facilities, all (?f 
which are at the moment lor individual 
customers, was made complete by the intro- 
duction of lending facilities to* customers 
last Augiist. This new service was a major 
step forward since, for the first time in its 
150 years of service to the public, the 
Trustee Savings Banks wei-e able to provide 
overdrafts and loans to tbeir customers. The 


demand which was experienced was en- 
couraging. not only in respect of the number 
of applications received, but also in their 
quality. It would seem, without doubt, that 
the average man ami woman who have 
maintained their account.-? with the TSB are 
taking advantage of this new facility in a 
mivt responsible manner. 

The development of hanking services has 
been most marked in the increased use of ihs 
ciuTont account service. A high percentage 
of our cu.-«tomers have adopted the modem 
w ay of edecting payments without the need 
to u.-c carh which, at one time, involved 
frequent risits to the Bank, There can he 
no doubt that the serrice ha.s been made 
more attmcii'.'e by the very reasonable 
scale of charge? wliicli ai’e levied. It is 
interesting to note that only a small 
number of customers’ accounts attract bank 
charges and that those customers ■who do 
pay have the satisfaction of knowing that 
an undertaking has been given that they 
will remain unchanged until May. 

The Board looks forward to the coming 
year with confidence, in the sure knowledge 
that the success which has been achieved so 
far will form the foundation upon which the 
Bank of the futui'e will be built. - 


Mr. T. G. Mo>'l«, the chairman 
or North Midland Construction, 
(ells members in his annual state- 
mem that it would be rash >0 
imagine that the company can 
quicldy regaio tbe 19io-76- level 
of results when pre-tax proSls 
came to I19U03. 

However, be says that Ihe civil 
enttineering subsidiary has a 
larger order book than at this 
time la.it year and looks to an 
increased profit, and N'ottingliam 
Plant Hire -should continue its 
modest grovith. He adds that 
despite adversity* ihe group re 
mains financially sound. 

As reported nn December 30. 
North Midland incurred a pre-tax 
loss of £84.6.SS (or ihe year to 
.\uznst 31. J97T. on lower turnoier 
of £3.4m (£3 6nu. The dividend 
tnlat Is held at l.lp net per I9p 
sh«re. 

Mr. Moyle reports that [he 561 
back was caused by incieinent 
neather and the cui-teck in Post 

Ofilee expeTKliture. 

This was further aggravated b.v 
exceplionally higli costs of re- 
instatement of road surfaces, par- 
ticmlarly with coniracis where 
local aulhortiies had elected to 
carry out (he work ihemsolves. 
In many case^ provisions made 
to cover such costa— sometiuies 
made several years earlier— turned 
out to be inadequate when the 
work W3$ eventually done and 
charged to the company at prices 
far -in excess of those prevailing 
at the lime of tender. This 
liability baa teen dragtlcallv 
cunaiJed. 

Mr. Moyle warns that Other 
companies, like North Midland, 
have adopted polioies as a result 
of whjcb.’sbould the Post Office 
revert to more normal levels of 
demand, “they may search In vain 
for competent contractor:; able to 
acbievB acceptable standards.” 

The eivU engineering subsidiary 
convicted work largely on major 
draiesge schemes and reinforced 
eoncrete structures to a value of 
W''nximateiy £330.000 in excess 
ai the pirevioua year; but 


MeShrewd. declares . . . 










lo; 


IMMEDIATE PROnX ASSURANCES 


£5.00% 


per sinnum compound 1 1972-74 £4-2(J"o) 


Si] 


SELF EMPLOYED .41SD E’ TYPE PENSIONS 

£6.40% 

per annurn compound (197>74 £5*00?i) 


SPI WITH PROnr FUNDING PLAN 

107H% 

of guaranteed increments (1972-74 90%) 


^SCOTTISH 
PROVIDENT 


Yxi call itcaniy we call it Provident 










Times -’Thursday January 19' 1978 




tiemys on target 
£4.3m. and going 


Magnet & Southerns little 
changed at halftime 


CONTRACTS AND TENDERS 


^ • • • ■ The cori of eghfl/iR for ^st PRETAX profit of Masa« and 

' • BOARD MCCTINGiS "mpensitSon for Meaa^-ood Road Soutbenis wea i ule chanaed for 

n. to A64m. Tesuldog in a ■ ■waw has had its effect., members are the haif jrear to October 32 1977. 

for the full year lo Septem> jJSf the directors believe the at i7.08ai. against f7.Um. on turn- 

, 10, 1977; from £Utot t6 a fixetaBBe. s«^”mecuass* ire^usii^ £52,12 ol compared with 

d £4.32in ore-taX'bi line wffh *“*•* ’** pibikiw «i cAasUarma diw- e*iQ hope that 1978 will see an end £48i^m. 

ormsr mart* iw j.adt cutoM aga aw^ avati. to this long-stsnding problem. TTie directors say that the group 

.-orecast made in Qeeemebr, 's settled the benefited from _ the .increase in 

dinwD briiYir lii^battC »»»««"*» oa test financial resources eon< CMSumer spending wxtb a nodee- 

directors state that ' the tunetaUe. i>nue to be stretched. With the >h!e ioiprorement In depot saiM 

■at year has opened on a firm To-Diur claim settlad the directors could over the latter months of the 


. . with first miartar mansM. „ B3«trle Tnctinn, Concentrate OB derel^iog and period. Results are not distorted 

m'Sw %“*;,?■. 5““t2S2' expanding the conq^’s btialBess, ^ stock profits, they add. Hew- 

proflra^d JS3SL ^S^SJSe^w^it TSS: add. ;evet some weakness to timber 


_ a. r nmBTWB inva\Hiani . 

■e cOTFespondlilg pertod.- of Nrw Crntral Wlnraiersraiid Areas. Laois 
7. . Neinnark. Mohen. Pef er ber mi oh ' ZCPtors, 

■ . ■ PnwbteW ClUn TrwL WesEn .neard 

‘■nover for the year exelud- **««» 

. ■ ar tai and VAT. manded ' P*»?-AbbeT Panels. Aesodatrt Paper 

'•U9ni ici4a«»i J Indnstflet. Coni a<*«is«. F1sifcln»a 

*o**4u. (aI29.Sls.) and profit ■ngiae^no. Ctwofrur tmevtneet. Ufr 
- - subject to tax of £L4m RDfoor. UachMaoir of SnOaDd. 

. j“* - At«l. Bvate. -WesUnBliouse: Brtie aad 

..BO.). • -Stated - eamuigs per Sj«u], WbaUmss- 
^•.na^e IncreaM font iSJp to futurs oamss > 

‘and a net final dltidend of ad^'iv. cS Jau.M 

-p raises the total to-6.390Sp cow Fields or- souib AU-Ki Ja'q. :r 


Associated 

Tooling 


. and a net final dltidend. of ,v. cS iTokobi Ja«.J4 DwCd wl/oA Jll-o ‘ increase in new housing activity. 

, p raises the total to-6.390SB cow Pieid* or- souib Afria Jaii.5T . ' ^ '*^e interim dividend is lifted 

.Tp), with a suppjemerni - - 

■ P to be paid in respect of wSS&i. 


' values wf>] develop In the second 
half arising from the improved 
valtie of sterling; and the weak* 
ness of currencies ' of certain tk 
the group's supplying eountrle.«u 
The directon are confident that 
this shnation, which they say will 
be only temporary, will be offset 
by additional . sales for home 
' improvefnems. and a modest 
increase in new housing activity. 
The interim dividend is lifted 


■ ''alisi 


er» 

-' OBdHMSab 
,! preSi 

- paW 


I60.sin lsg.3M 

112'. '• .'ISO 

- S.S3S' .S.tt7 


■ Neir Wihratmranil GoU ' .--.Jan. 33 nau year to .\ugust 31, 1977, the years final u-as Sp paid from 

HTSli* -".-r-i**-?® difeclors of Associated Toeltog Ptofita of 114.4m. 

KfnaxMle investtneni Jan. 31 Industries say .that saeoDd-balf 

^.'jS ’'"“»* swBTiwe* -Jaii.si profits should be dunilar to those ^ .A .. .A ... 

S.ttT ■ I . ■ • of Ihp firct Th. all 2™!*^-.—* ^ «T3f 2? 



cent, and it is hoped that this 
together u-hh other steps which 
they are taking will assist in 
restoring the ' group lo profita 
biliiy. 

The los^ auribu'abie to mem- 
bers IS £l3d.6T4 (I14.S73) after 
estranrdiDai? charges of £23.093 
and minorities. .Again there is no 
dividend. The last payments, 
totalling 2.06SP net per liOp share 
were for 107^75. 


.\PPEl D'OFFRES lATERAATIO.VU 


Lookers 
at peak 
£1.44m. 


Mr. SamPcl Oxford, ebalnnan 
of Hagnct and Southerns. 


ON TURNOVER ahead from 
£31.32m. to £434t9m., motor 
vehicle distributors and engineers. 
Lookers lifted pre-tax profits from 
gl.lfim. to a best ever £l.44m. 

for the year tn Sepiember 30. 1877. 

Profits for 197.1-76 included an 
exceptional credit of £375.000. 

At midusy. reporting an in- 
crease from £264.5.55 to £606.649. 


itiBarr eredirs 
Wbte 


iluUns car fax and' 
led to cnsBlr wiUi EDlt. 


Gordon Chandler, ebalnnan. 


Full year 
profit for 
Rakusen 


profits should be dunilar' to those s r of Magnet and Southerns. exrtptionai credit or ».a.oou. 

wmmm Ir ,u a" a.t5iaoo.S5S.Me At midway, reporting an m- 

• Of the first, Tliv . surplus for all arafe 7 .om.«h crease from £264.5.55 to £606.649. 

W76-IJ VI as £72,665. T^amMdwluii* alth®“£h the gross total is the direeior* mid that record 

. First-half turnover ‘ was just n« proiu um.'tss s,4fls,»T unchangM at li.l57p trading profits were in prospect, 

ahead from £705.916 to £713.388. Prtitrenaa dind»ndt.. 2S.MI 39.01 At baw'ay directors reported .After a tax credit of £22,963 

Profitswerestrucknfter tkprecla- -«*:.«« sfsiJte that figures uere ahead of the (charge £336.2001 earninss are 

tLon of £S1.^ (£49.864) and *^**‘i**J’ , ' ®L*i**"*‘ « 2f*T previous year with bank busme».s shown af 20.3p it2.6p) per 25p 


Inioreat of fl2J51 (£97SS) Taz ’*‘**^*^ead from £8^. to £3.S9m. continuing to expand. 
h}P..,°S^ <S40.0001 transfer to tax isS; Deficit of 


auHV'f - \u_ . f fifaiiAa 'Tha oimiit*! mcicii acuvin 01 tiajTia ino *a.sim. on luraover anead at 

' .-.I,. • notwithstanding . ^ includes an exce^onai rag aw Tear have in recent months been £36.2ni. compared vriUi £33.9m. 

; ..e of some low profit opera- OAsatisfactorv and . as the direc Tax took £L52m. (£1.38m.) and 


.e Of some low prefii opera- OAsatisfattory and,, as the direc- Tax took £L52m^ (£1.38m.) and. * m -* i,a.art « uu- g 

, DeinufiforlM At- tors have been unabfe to foresee tax eoualisetlon account £149.(K>0 

-.rly,.ahMd and the i^hicle st^d at a^ ,0 improvwraent sufficiom to (£845.575). /***'?" 


. ? diviidop. tatohed the'yew Turnover of the food division 
Srofils well to advScTS ~se 070.349 to^EI.018,246 KSment VSFr nlS{^f?c^^^^^^^^ 
s but that of the property side fell . .. *r.„ P“?S *• “i™ 


See Lex 


continuing to expand. ithare and the dividend is lifted 

from S.2212P to 2L4572P net With 
• . m a final of l^49ip. 

I IPTIPIT nt The tax credit has arisen as 

x.^CJAA.aa VI appreciation relief and 

f 0^*7 Kir capital allowances exceed the 

vUiiyOjO / it \}j -profit for the year u-irh the effect 

A IS.* that there arc excess allouanres 

Pinion which have been relieved against 

profits of the previous year. 

Belfast based cotihing mahufac- It is now sroup policy to pre\-ide 
turers and wholesalers. Albion for deferred tax only to the extent 
ineunwd a loss of £38.872 for the that it is considered a liubility 


CHAMP DE GAZ OFF-SHORE 
DE IffiSKAR (TUMSIE) 
PLATE-FORMB DE FORAGE MSK PF 1 
Fonrnitiire des aciors 

Le groupe 6tude 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 \iie de passer commande pour la 

FOURNITL'RE DES ACTERS XECES5ATRES A 
LA CONSTRUenON DE LA PLATE-FOR.ME DE 
FORAGE 

T\'PE “MCKET” MSK PF 1 
fabricants d’acier interesses par cet appel 
d’offres sont invites a relirer le dossier torrespon- 
daiit a partir du iundi 23 Janvier 1978 a Vadresse 
.suivante: 

GROtrPE ETT.TDE MI.SKAR 
11 Av. KHEREDDINE PACHA- TUMS 
Telex 12128 TN 

et ce, inoyeniiant le paienient d'line somme de 
cent ilOOi dinars par dossier, ou de sa contre 
valeur en devises §trang&res. 

La date de remise des ofTres est Rxee au 
Iundi 27 f^vrier 197S h 17 heures. 


APPEL D'OFFRES INTERNATIONAL 


but that of the property side fell 
from £374.307 to £327.735. Interest S**?,, 


capital. 


Inxt the subdued tone«F the 9b.nrhert i-T$ofii:wrivniiBn Vnr activities have been terminated 
. .. acto mdMUj gene.^J. fwl-?, 14 “™ ^ *e jmUnj ,,«« 


.mpueUon ^mpment divjj tax of £82.69Q"While 

reorcanisalion expenses took , ’’he group has purchased the 

' service activities exceeded .j, .. .. ,, Taxable profit of Bank l,euinl were Inking for an improvement eluded in the results. 

oS^nr Uiere is no djvidend....'nie to Trlng Mneering. juj; t dec)toed from £228.741 to In the trading ouicome for the The directors stale that ihe 

tJTintoe totSim rinbS ?* 2! some 4^ square ssat.xTO in the year to December second half. -group is continuins to trade sails. 

• jSL Si Si iSSS?^of SS .. . » 31. 1977. They now state that it is dim- factorily in the current year. 

- in the year tended to ^^^snwood- Road, the and negotiations to let this a final dividend of 4,^335p cut lo forecast the ouicome for Figures for 1976-n include 

to nroeress to this sector d'i«rtors st^ale- that as no property are at an advanced takes the total to 7.36333p net per the current year but sales in the profiis.of the newly acquired sub- 

-* -^1 k u ' reached wiih. ^ . i j • ...w share compared with 7.2^p last first quarter are up by 37 per sidiary P. Platts and Sons.- 


Bank Leuihi 
holds £0.22m. 


year to September 30. 1977 com- that will arise m the foreseeable 
pared with' proCts of £109.^. future. 

subject-, to tax of £73,176 against Tbe iraplementatinn of this 
X119.S0& ' policy' during the year has given 

At midway when the defiei was rise to a tranefer -from deferred 
f42KN>0 compared with a profit of. las to revenue re.^erves of 

£61.000. the directors said thev £431.387. This amount is not in- 


CHAMP DE GAZ OFT-SHORE 
DEIvnSKAR (TUNISIE) 

In^toterie des mslallations 
dc traitemeat off-shore 

Le groupe $tude Miskar. agissant pour le compte 
de la future entite responsable de la realisation du 
projet de d<?veloppement du gisement de gaz de 
Miskar. dans le Golfe de Gabes, lance un appel 
d'offres en me de passer commande pour: 


sepurt activities have. been local authority, the group has Tlie above, coupled ivitb other 
pally affected by price- lodged a case with the- Lan'ds short-term requirements, have re- 
g in the petrol market, but Tribtinal who acts as arbitrators suited in the group making fuller 
. sed volume through modem In these matters. They "under- use of its banking. faclNties. It 
-'■rv'lce operations has ' been stand that a hearing date should is the Board's opinion that such 
ant to m^Titain contritm- be avaUable within the tiext )3 facMittes should adequate for 
at the 1975-76 level. weeks. curretM and foreseeable needs. 


Arthur Lee sees first half decline 



nk of Bngtood Mtolmutn ties held maturing local authority In 
ading Rate. 61 per cent bills. This was roughly, balanced night 
Isuiee January 6. 1978) by a slight excess of Govennnem cent, 
terday was the third disbursements tfvar .l^t^ue cent, 
esday in the montlr, w'hldh payments to Ihe Exchequti’, and to 7 
s that It w>a5 make-up day a slight fall in the note eiirunition. but f 
he Uondon clearing .banlu. The authorities gave a mddtirate , close. 


ST7EL GROUP Arthur Lee and tion disturbances following the Meeting, Sheffield, February ID 
Sons does not eimect to match i&aunation of new machinery, and at }2,30 p.m. 

Ust jeir-s £i.03m. half-time profit P»«lucUpn had settled down 

U.S. & 0600731 

year, Mr. U. P. Forden; chaimisn, recovery. w •»-r* w ^%.uwac«A 

says in his statement with Stockholding operations did not ^ Tnixl 

accounts But the group has m»teh ibe coropanj-'s bej?t hopes ^*TOtonon lifted 19^ income 
«ux ujc ^ ^ . from £Boo.D3j lo £B-44.2a3. subjeci 

better hopes for the second half, a« ew“ed to be ri- *“ £358.984. compared with 

It would be wrong, he says, to JJJ£d thU ye^ XS33.S98. 

magine it is now safe to ^ke weakening of orders In the Earnings are shown to be up 

months of the year and in- 6.038a w 6Mp per Mp share 


Moderate assistance ==r.-3£-H“p m sS 

" - *• magine it is now safe to Mke a weakening of orders in the . Earnings are shown to be up 

nk of Bngtood Mtolmutn ties held maturing local authority In the Interbank -market over- bu?adds thatch’ wou'ld be stra^ and in- 

ading Rite. 61 per ceirt. bills. This was toiighly. balanced night loans opened at 6j-62 per to ^om 494o 


IXGENIERIE DES INSTALL.ATJOXS 
DE TRAJTEMENT OFF-SHORE 
Les Societes d'lngenierie interessees par cet appel 
d'offres sont invitees a retirer le dossier correspon* 
dant I pailir du mardi 17 Janvier 1978 k 1'adres.se 
suivante: 

GROUPE ETUDE MISKAR 
1 1 Av. KHEREDDINE PACHA - TUNIS 
Telex 12128 TN 

et ce. moyennant le paiement d'une somme de 
c^nt cinquante (150) Dinars Tunisiens par dossier 
ou de sa contre valeur en devises etrangeres. 

Les propositions relatives k cet appel d‘offres 
devTont parvenir au plus lard 
le mardi 28 fevrier 1978 a 17 heures 


giran as i 


business activity and a r 
tog of Lee's order books. 


replemsh- barj, allhough exports 

[• are miatoal. 


-probably contributed to the amount of. assistance by buying a - .Short-terra fixed period Interest nnw a r«w -r -a-.... 

overall shortage of day-lo- moderate, number of ■R^ato/Taies wmalned Arm, with discount 
unds.in the mtmey, marker -bin? from- the. dtocuonv.‘bouSs.i.hobRes buying-rstes for three- Belgian steel siockho 

> ttshl conditions ptovaUtog and a small amount of . Ideal* month Treasury bills above (he ' 

about the day; even though, authority bills. , ' trigger point for a funhw cut In *^«"^bened afler a year w 

.at factors indicated a filriy Discount • houses ptUd.^frSi per Bank of England Minimum Lend- concern lo Ue. 

2a.v. cent for secured call ^Tojuis al Ing Rate, accounts, be says. A^unis^sbow net cur 

hk^ brought forward run- the start, and- qlosiai^ balances Rales in (he table below are 
I! balances, and the autbori- were taken at 5I-6| ,|ier cent. soiahal In some cases. 


iSr»r'lfi* I 

Ccviifiaii* Itnartaiak 


! iK4ep)Oif 


Authority I 


il .AHih \ .Viwn-c 
Ni»ll . I C^ipniit*. 


I . Ulx-ousvj I 

; Compao^ f imrUn .( Tr<MMirT I 

DcrmtIi I I BilUe < 


accounts, be says. Accounts sbtw net current 

Blow ijw "U howeveY be remtm-. assets of the group rose from ppb. sioViii inicrew” 

bered that the effects of £lS.31m. to IloJtam., ' ami that Pre-tas isc»nw 

improved trading levels can be there was a £0.74m. (XJ.Slm.i . 

; firunriaJIy off-set by a decrease decrease in net liquid funds In the ^iiabu ro7 oru ’ 

tr,n« -iwrf. in stock appreciation depending period. . , Ontinsir divieeas' . 

Rtiu* on the courje taken by the priceT — 



1>T7 

1974 

Ffrinkcfi inr. incntnr 


M4.m 

L'nlrkn^Ht hit. uiLDme 

£s;.»8 


Prperit mtomn . 

M.tBD 

;:.949 

U'h’niing nmniicnon 

«»91 

4.R1 

Grom Inrome 

I.10P7M 

9Si.(>4i 

U^pasemc’Di cipcntri 

4:951 

39.1R9 

Dteri’tors roes 

. 4.9.‘0 

4 nno 

SvihTannuam n-almn- 

:sw 

_ 

.Midtiors. rruMi'm' fevc 

199.1 

l.9!4 

Deb. riorki Inirren ... 

ri7.13 

53817 

Pre-tAF lecdme 

9M.2S9 

ISS.<P5 

Tk 

SW094 

335 J94 

Prrf dnidpnd 


.W.476 

Amilablr for Ord. 

SM.ns 

4K.96I 

OntinVT dlvldead . . 

4$M0; 

400.3C 


PUBLIC NOTICES ! CLUBS 


WaST VOBKSMIRE MSTROPOLITAN 
COUWTY COUNCa 


evE. ISO. Rneni street. rs« ssrs. A )■ 
C«tB or Alkin Menu.' T<veo SnecUEuter 
Floor SiwwE 10.45. 12.A5 entf 1.45 ana 
muFie el JoDnnv Hairketworen a rriendl. 


NEW SneiPTEASE FLOORSHOW 
THE GREAT BRITIIM STRIA 
snow at MMniBnt also I a m. 
Men..rn. Cleced Satuniars. 0I.4S7 64SS. 


*in I " 

nr 

imlc«...i — 

wih ! 6«6A 

oniai_.r 6U 6^ 

ihmtJif.: 6,4 Sa 

. I ,1 6, ** 6,5 

V I \ 1 V -amib....i 6S« 6SR 

4r I Off 6*4 

■n.....',' 


61| 6 Ie )■. 6l| 6 
6H6H ’ -6is.« 


67a 7 . ]i 7la-6i| 
7.-S-8 ' , 


esa e'l j 
66| 61$ 
6ia.6>« > 
6sa-6^ 
6H-7 .• 
7i« 

71, 


6V6I9 

- 

i - 

i 

6i« 6(« 

, 

t 

1 

i ^ 

; .e-e«4 

69<-9| 

; bU-fiA 

fiS|.6i| 



e-4 

6‘* 

1 * 

9« 


; 6*4 

i I 


1 fis-fii. 

' 6^4 


■ - 

f r 

i “ 


of Steel— our predominant raw 
materia)— to a period when inRa- 
tion generally is said to be going 
to diminish." 

In the September 90. 1977. year 
profit of Lee recovered from 
£1^.779 to £2.836,880, and Mr. 
Forden says all operations but 
tile wire rope divi^oo totoroved 
trading results. 

Tbe strip and wire division was 


■) aETtaenii»s amt niuncr hoeses wven Sarr nbtln, others saves SsrF fixed. *Xoaaer-tera local anUrarlty nortiase aid^ by some inlprovementS in 
ionlMlb* Uiree vaars • pat Mnt; Fobt. jeaK lS-'nii per ceni;: five rears IN-lllt per ctni. eBaok bill rales in lahle are demand for its bi^er value ora- 

M.W.V ■..■ ! « ma rnv Ate-numth hank h.lle Mr rntlf ' fMuiuMi.th IwaAm Kill, u mm UCJIMiJU (VI fU |/< V- 


rafea tor prime paper RartP! rate for tOwoianUi bank hiUs fiias-44to aar cvoi.: feurmODth trade biUa Cl per cent j„.,- hartm^ .itiiiaatinn mf 

rosiniite aclUiw raie for onMOonib TYeaswr bilta 3"'*-5»« per cent.; iwo-maaUi S! per ceni.: and itaree montli 3»j2 oucu ana o^er utiukuoo nr 

V. ApproxTnate selltas rate Tor one-noBar banfc biUa S)-6S|, per com.: cwo-nramh fiSsjei per ceni.: and Utrer-mooUi neiir plant. Ilie SUDO-WJg miu o4 

-per cent. Ono-manili trade bOs R-at oar ceoi.: rwo-monib a' per ccin.:.aod tiao Une^oonfb 61 per ceoi. the cold rolled Strip deparCmesl 

■ace Haan Baaa Ratas ipablKbefi br the Finance noqw^ Aamciailoni 6) per cent, from January 1. lam. aaarl^ played <ts expected role in 


expected 


DapasK Ralec- Ifor smaU awm ar seven'dan' noUecI 9 per cem. Ciaarina Xaak Rams I«r Icndliif 6) per cent. jriirartin« and hanrtUnn borineu 
i» enit: Averase lenclpr rales of dlsMwit S513S per ceni attrsctinc, soo nanaan^ ooB^w 


for some of the more demasdtos 
forms and gauges of staioless 
steel strip. 

Rope making was affected by 
tedinical problems and produc- 


Hanson Trust 


EV-v 



GHndlayS Bank Limited have opened a 
“ branch in Seoul at; . 


Shareholders in Baosoti ITnst 
were told by Sir James Kaufion, 
tbe chairman, at yesterday’s sn- 
oual meeting that the group, 
-which earns the bulk of its profits 
in North .Amolea, would inevit- 
ably be affected by the rise in 
the value of sterling' against the 
U.S. dollar. 

Spealking after the meeting. Sir 
James said that UJC- companies 
faced a tougher time in 1978 than 
was generally realised. However, 

' be made it clear last night that 
these comments should net be 
taken as an indication that hU 
own group's profits would neces- 
sarily be lower. 









‘ ri- L! -:: -f; i i- i' ^:Li ;':iL. J ;i .^^|i : Uj':! v 


/O 


70 


C.Rp. Box 8581, V: 
Suite 936/7 Daewoo CerHer, 
286 Yang-dong, Chung-ku, 
Seoul, 

Republic of Korea ; ; 
Tel; 23-8411/5 > 

Telex: K27338 ^ 


Orkney’s rates 
rise despite 
oil terminal 


_ ^ ^ ^ ^ 


ORKNEY'S ^ RATES will rise 
slgnificaatlv -more than jp the 
rest of S^thitid. Ur. Qwrse Usr- 
wick.. Orkney convener, warned 
the policy and resources eoxnnrit. 
tee of the island's council yester- 
-day. 

. Increased rateable reveone 
generated by Oceldental's £121tn. I 
oil terminal In Flotta. Is being 
nullified pound for pound, be 
said, by a reduction in resources 
element grant, so tbe increase 
had been of no benefit to Orkney, 

The island' was faced with a 
serious financial problem to 
which only the Government can 
provide tbe short-term answer. 

Tbe Secretary for Scotland la 
I being asked to take action. 


10-00hrs,yi8'45hrs 



Itk a fact ... Gulf Air fly 
direct from London to the Gulf. 
Twice a day everyday. 


ART GALLERIES 



GrincHays 

Bank 


ICOLHACHI'f, 14'01d BmdJiL. W.1. 499 
: 740S. THS VIENNA SfiCESiON JV9CA4. 
ttili. Prints and Draivings 1997-1917 


• Malorltw £40-£400} au CHRISTMAS 
fiXHIVTTlOH of CmiAh Watercalovs, 
UnUI 20 Jan. Mon.-n. 9.50.S.3a. Sat. 


Twtcff a day, every day of the week, at standard, easy-to-remember departure times, there 
y are Gulf Air departures from London Heathrow direct to the most Important cities of the 
Gulf. On Wednesday and Thursday, there is an additional departure in the evening. And . 
on every flight you can enjoy the spacious comfort of the TrlStar and the five-star quality 
. of Golden Falcon service. Just some of the reasons why discerning travellers choose Gulf 
Air when flying from London to the Gulf. 


CXKIRITION OF nNt PAtMTINOE by 
■rltiili and fiycB na w ArUso irwn 1700. 
: 1965. 5-6. Cork Sow. LaBOdti, W.l. 
T«1.: 01-rS4-2626. w«cfra4» 10-6. 
Sam. 1A.1. 


23 Fbnchurch Street LoncidaECSPG^ 


OMIU. CAUXRICS.. 40. AUcm«rt« Strraf. 

' Ricuaniv. w 1. ANNUAL Ena.«SyMr- 
SPfiCIAL pPrCRS «t «RfiA7bV Ri 


GULF AIR 'k'kirir'k 


raiceS. DEUSHTFUL ORICINAL 
9AIHTIN6i PDA .PliiSfiMTS -RWB 630 
•• 0.000. 


Comer of PlecfdiKy & Sorkelor Street. London WIV.fiHF. Beionratfons: Tel: Ql-dOfi 1951 Tetsx: 26591 A'B GFRES Q 
filretlaebARW'021-632 5931 Uaneheotor, 061-4^2 9677 Glogow, 041-245 6361 and ai| oMcas of Britlah Airway*, 







Financial Times Thursday Janua^j^ 


An extra glister for 
gold producers 


BY KENNETH MARSTON, MINING EDITOR 

. FURTHER reports for the 1977 
December quarter are announced 
by the South African gold and 
uranium mines. But the latest, 
from the General Minins and 
Union Corporation groups, tell a 
• vital part of the story that has so 
far been lacking: the question of 
what prices the mines have 
received for their gold sales, and 
why. 

The general practice has been 
to disclose the amount of gold 
prodneed by indindual mines hi 
terms of kilograms and to show 
the gross revenue in South 
African Rands received from 
sales of gold in the period. In 
normal times a simple calcula- 
tion would indicate the U.S. 
dollar price per ounce of gold 
obtained for metal sold. 

.\t long last the now go-ahead 
General Mining and its Union 
Corporation subsidiary group 
have broken with stale tradUion. 

General Mining now. disclo^m the 
price of gold received by its 
individual mines in (he December 
quarter in terms of U.S. dollars 
per ounce, the universally 
recognised standard. 

Union Corporation explains why 
such prices — in excess of $170 per 
ounce for the industry generally 
—.ire so much above the bullion 
prices obtaining during the 
period, as our graph shows. 



Last week this column sug- 
{msted (hat the answer lay in the 
timing of sales made by the in- 
dividual mines (gold is sold to 
the Reserve Bank at the ** official '' 
price of S42 per ounce, the dif- 
ference betw^n This and the 
much . higher price obtained by 
the bank when the bullion is sui^ 
sequentJy sold on- the free mar- 
ket. being, later returned to the 
mines) and the premium price 
of about S per cent, obtain^ by 
the mines for' gold which is 


minted into Krugerrand one- 
ounce coins. 

Union Corporation has con- 
firm^ this view, notably as far 
as Krugerrands are coocemed, 
pointing out that brause of the 
high level of Krugerrand sales 
made during the December quai^ 
ter, premium payments were re- 
ceive in respect of significantiy 
more gold chan was produced by 
the mmes. The group has added 
that in quarters when gold de- 
liveries to the South African Mint 
exceed Knigerrand sales the 
min^ revenue per ounce is cor- 
respondingly depressed. 

'Ihe South ADiean gold mining 
industry, through the Chamber 
Of Mines, is to be congratulated 
on the very fuM amount of io- 
formation that it publishes both 
quarterly and annuall^lt is 
doubtful whether any other world 
Indust^ is so forThcoming. But 
there is now a strong case for 
the mining quarterly reports to 
include the amount of gold actu- 
ally sold by the individual mines 
in (he period and> the price ob- 
tained for it. in dollars per ounce. 

Meanwhile, the latest quarterly 
reports continue the story of 
higher profits resulting from 
increased gold prices despite, in 
most cases, lower production and 
Increased costs. Genera) Mining’s 
Boffelsfoatleii, -which received a 


price of $170 compared with only 
S13B in the. Beptembcr quarter. 
. has earned- more in the face of 
-inUling problems^and a sharp fall 
in the .erratic flow of uranium 
income. 

West- Rand Consolidated has 
also suRerM from lover sales of 
urariium in the pan quarter while 
gold production at Sttifontein has 
been adversely affected by under- 
ground fires; working nroSts el 
the latter mine, bov'ever. haro 
still risra-to the point at which 
there is a debit on State, aid 
account* compared with e large 
credit In the previous three 
months. 

'Zhe struggling ' South Roode- 
poort which no longer qualifies 
for State assistance, warns that 
its costs win remain relath'ely 
high' for the rest of the The 
G^eral Mining group's latest 
quarterly workiog profits are 

compared below, 

D«e. Sect. .JuDe 

qtr. -o^ cn-. 

RBM MM RW 

BoffcL. tlXSS (12.707 

S. Roadepeort •]£ *103 'Tie 

StlUbnefa. 2.708 *1.^ . 

W. Rand Com. ... nxis 470 1.447 

■ Los before Ante- Aid. t AmeodeO. 

In the Union Corporation group, 
gold prices received in the past 
quartet* range from. $170.82 in the 
case of St Hsileu to $173.^ for 
Marfevale. Ah the group’s mines 
have accoifijogly increased work- 
ing profita, as the foUowlAg table 
shows. 

It should be noted in the ease 
of St. Hetena that the mine’s tax 
charge has increased sharply fol- 
tov*tng the virtual completiofl of 
its capital expenditure programme 
with the result that the net profit 
for the quarter comes out at only 
R4.86m. (ISJm ) againft R4,S4m. 
irr the September 'quarter. 

Dee. S^et. Jn>e 
acr. «tr. OB’- 
RMO RMS RflOB 

Bradmi S.3S1 i-tA 2.IM 

GnolTlel S.1S8 I.K5 1.S44 

Rlarasc ...... ..... 7.88t S.m S.«t4 

Leslie STS aei tsi 

Martevale 1S41 939 t.tU 

9t. ReteU ... 11 JS3 S J49 SX* 

Wlnkclhuk . laSCl 8J?3 - tJ72 


ROtnVD-UP 

The UJi. and Vendweta have 
reached an agreemehr on techno- 
logical co-operation in energy and 
miniog matters. The asreement 
provides for exchange of informa- 
tion, and it {$ hoped to interest 
Britirii firms in Venesmelan 
energy and ihining prospects. The 
agreement vraa reached by the 
^rlnlsterr of State for Energy, Dr. 
S. Dickson Mabon. wbb anivcid io 
Caracas last week-end heading a 
mission of facials and business- 
mcD. 


The Rhodesian gold producer, 
FaloQB Mines, expects to make a 
profit in The current year to 
^ptember of $Rh.L7Sm. f£lAna,) 
aheuid the gold price average at 
8USI55 an ounce. The chairman, 
Mr P. U Wigley, in bts annual 
statement, said this would allow 
$Rh,l.D9zn, fOr distribution. This 
works out at4RbjL547 (4$p) per 
^are. 


MINING BRIEFS 


PEKP.WALLSEND— . 


Woms* Mtaq 

Ore truted iteeam^ 

Come* <(ooM) 

Hold raBMHi . 

BiBimb ntOaerma) 

Kmbi Mwas M!m 

OvrtTdft. rniiftvtd <tenoeS) 

Or» nuwd ftBsnMl ... 

Coqper (naiwsi 

CoU raoncesi 

KIbs MbbS Mtne 

Ore treated ttonneB> 

TiuiiuLle teide fV‘o,> 

(UTUa^ . 

Teui pied Bai eB 

Cower •iBODeai 

neis tonmei .. ... .. 

RlBBmth rkUannisi 
Tonfistie Oxide (WO.) 

arm») 

PthM BBd GraUey 
CWIte-leB 

Wnhed coil rtonaeB) .... 
f e — ntih ri n ifr r 
1'Peko.WXUaead‘B ahere) 
Cool rtOBBCBt 


84.«reeJcsta * 

Dee.20..Dee.Sl, 

U77 tan 

tJfl 1173 
SSJS 43.481 
V7J1S 2402) 


2i5 


2«.4H 132280' 
etisa »aao 
7.1*7 IIM 
tines .37x0 

17L787 1*1.113 

I9SJS7 I03.7U 

3.196 SJ74 
?T3S 70.llflt 
857X15 -MnXDS 

158.3*7 188.193 
*88.77* liaXtf 
S8.BM MX54 




PRE-TAK attributable revenue of 
fitock Converthm and loveshnebt 
Trust for the six months to 
September 30. 1977, rose, from 
£2.12m. to -.E2.4Sm. and the direc- 
tors have teased their August 
Forecast for. the current year of 
not 1^ than, the f447n, 'for 
l97$-77, to not less than £A5m- ' 

. The '.interim dividend is.- in- 
creased to 0JI9P (0A]2Sp) . net per 
23p share absorbing . £^000 
(i24SJ)00} and .. they hope to 
recommend a foal of UlOKi^ 
last year's final was 0.99p.- 
The company acquired, for pmH ' 
the fiO per cent of the capital and 
SO per 'cent outstamdlng loans 
Formerly held^ by- sd. 'potside 
interest, in Far,InvestBient at the 
end of December 

"'SRomBili* . 

. ;lf7T JJ7I 

. mi . SOM 

R»v«niie .......a'' t.^-^ 2230 

Wtoortdes - Si$ .:44S 

Shaie asMdaies STS ' *87 

Pr*-la» rtvciiM 2XM" UlS 

Tax . -itfl 

ICet rewaae' tiM*. . PM 


Raglan 

Property 


- : 


The Board of Baglait. Property 
Trust ha* said that'it ia unaware 
of any reason for the recent .in- 
crease in tile company^ share 
price. The shares rose, by ip to 
fi|p last night, a new- :peak Cor 
1977-78. A similar :gain was 
re^stered on Tuesday, 
Discussions are eontinuiDg on 
the proposed reconstruction men- 
tioned in the 1976 annual report 


£4im. 


■(puMished June. 19771. 

the director are 

east what the outcome of to^e 

discusdions might be. 

Arbour Court 
on loss 
of listing 

)jllr Richard Robinow, the 
^ of Arbour. Court Inv^- 
nents, reports in his annual 
sUtement that ti»e 
emmely conscious of the 
advantage to shareholdere <rf ^ 
loss of the company s Stock 
Exchange listing. 

While dealings continue under 
Buie 163 this Is less satisfactory 
than a full listing, he says, and 
the directors are «plormg possi- 
bilities whereby either listing 
could be restored or holders couw 
eschange their shares for secun- 
ties of a listed company. 

Pending a satisfactory solution, 
ft. is intended to continue hold- 
ing and dealing in securities and 
to conduct these activities in a 
conservative fashion.** 

Follnwing the vesting >n Orto; 
ber 1973 nf its estates in the Sn 
Lankan Land Reform Commis- 
sion. the former main operating 
subsidiary. Arbour Court Estates, 
ceased to trade. . 

Accordingly during 1978 the 
group's trading activities con- 
sisted solely of the dealios busi- 
nesses carried on by Arbour 




. -..i- ...If. 






Court Securities and . An»Q)| 
Court E>ropertie*. - 
Last December 17, 1677 
Holding^ through Its subi 
United lUncdom Investmem 
held 39E3 Pcr 
Meeting, s High Tfanber Stntt. 

E.C., on Ftbruary B.gt nooB, - ^ ,.;;i • 


l>eds Dyfefsi- 
jfirst quartet; 
setback 

Mr. A. Mortimer, the — , 
of Leeds and lUrtiiet Dyen>. 
Finishers, sakt at the AfiHj 
home- demand continues Ui 
sluggish and he found, ft"- 
difficult than ever to glra 
•Ingful figures for 
quarter’s trading ol the p 
year, constdering the situa 
one of the eompaiQ^i hr. 
Scott and Rhodes, m Ueoa. , 
Because of fire damage: 
company had to reorgatP“ 
matning facilities -thera, 
total insurance claim. Mr.: 
jner said, could be m exc 
£2m. The company intends 
build and re-equip the <- 
finishing rteparlnjent by 
of 1978 anti modernise . 
house ar (he branch, .stSi 
early 1979. - 

Considering con^uentiM 
insurance the chairmaa :-be) 
that profit for the first .quart 
some 20 per (wnt down -on 
jear. Profit for all 1978-77 
record £3 .01m. • 


H • 


General Mining Group 

GOLD MINING COMPANIES' REPORTS 
FOR THE QUARTER ENDED 31 DECEMBER 1977 



All companies mentioned are incorporated in the Republic of South Africa 


BCIFFELSFONTEIN 

GOLD MINING COMPANYUMITED 


/asued apA^11,OOQ,000 share* of R1 each. 
Operating results 


Gold 

Orernilled fr) 

QisfflillBdb'yStinQnttin <c) 

Oramtiled— Total (0 

Gold produced (Jtp) 

Geld produced by StfUontein .... (Ag) 

Gold produced— Total (Im) 

Yield (g't) 

Yield by Stiitantein (p/ti 

Yield— Total Wt) 

lA'offcing revenue peripn milled . . (/7) 

VVofkinp cost per ten milled (R) 

income per ton milled (fi) 

Uranium 

Pulptrealod (0 

Okid* produced (i^) 

Yield per ton W/0 

Flnawdst (R’OOQ) 

Working rev-enue (ffofd) 

WorVing costs..... (yokf) 


Tribute agreement— 

Veal Reef (Neil] 

Incoma .' {j/M) 

IncomBonuteniumproductian 

Tnbine agreement— 

Vaal Reel (Neil) 

Income on sale ol pyrit* 

Incomeonsaloatacid 

Income at mine 

NotjddUHuultevenue 

Lc«k inicicsl 

Income bafora taxation and Stats'* 

share ormconio 

Tasaiiosi and Suus's share o( Income. . . 

Income r.ficr lavaiion and Siaie's share 
ol Income 


GuMeramferf 


6 monrhs 

10 


81 Dee. 

30 Sept 

31 Dee. 

1977 

1977 

1977 

734,000 

795.000 

1^X100 

15,000 

^000 

17;Q00 

749d)00 

797,000 

1,546/)00 

1,772-967 

7432-847 14.10&S04 

112-846 

17-163 

129-8S9 

1,885403 

7,3S(KM)(F 14J^S-8C3 

9-23 

922 

8-23 

742 

8-58 

7-65 

9-19 

9-22 

9-21 

43-64 

35-91 

3945 

30-78 

28-20 

.29-44 

12-88 

7-7f 

10-21 

734.000 

795.000 

1.529.000 

151.300 

173.300 

324,600 

0-206 

0-218 

•0-212 

32,683 

28.618 

61,301 

23,038 

22.472 

45.510 

8.645 

6.146 

15.791 

lie 

123 

239 

8.781 

6.269 

16.C3Q 

482 

4.949 

9431 

12 

46 

» 

139 

100 

239 

28 

19 

45 

10,420 

11,383 

21403 

816 

788 

1403 

2 

. 4 

6 

11.033 

1Z187 

23.200 

2.309 

5.197 

7 505 


$.724 


6.970 


19.994 


Capital pxpenditme'. GoM... 

3.972 

2.181 

' 6.163 

Uranium and acid 

22 

134 

1S6 

Ti,-<dc inveMmonia 

CIS] 

— 

(t8) 

Dividi-nds i dOL'Ia'cd 

6.600 

MM 

6.600 

ccntxpcrbhara 

60 

— 

60 

LDonTopaiYmenta 

rara 



Lean balance out-, landing 

28 

:s 

28 

Loan l<nics 

252 

559 

911 

Capital oxprndiiuiu commiimanu 

10,638 

2447 

10 533 

C,ipit.il oxpcndiiuri! for remainder of year 

11.269 

9.772 

11.283 

Development 




Adv.-inci-d (rr) 

15.503 

16.151 

31.654 

S.x'nplinn results: Sampled (m) 

1.443 

1,371 

2.814 

ChannnlvvidtU (cml 

105 

103 

106 

Axurogcxolue: Cpld (e/n.g-r) . 

1.887 

1.697 

1.794 

Uramuffl.... (epi.kg:0 

57-61 

61-12 

54-4S 

P.lYShfCT 




Muilcs (m) 

861 

SS8 

1.718 

prternrogo ..................... 

59-7 

62 6 

6I-t 

Channol width (cm) 

100 

102 

101 

Value: Cold (g-r) 

25-67 

21-33 

23-58 

(cpr'/.'i 

2.S71 

2 1S2 

2.377 

Uranium (tg 1 ) 

-0-722 

0-5S8 

0-6S4 

(cfli.f(s,'cj 

72-30 

60-03 

66-18 

Develepmont Summary 




T.-xc months ended 31 December tS^Z 




Patotta Per- Cbannel 

GeV Utaniam 

nteofis ecntaoe uafth • 




4re9 psfab /0 cm 

P ! 

em.g’t ks't em.kg't'. 

ritncrrSceendaiv 72 55 8 123 

15-56 

1 913 0478 

&8-75 

LucasBiocL . • 207 63-3 bS 

27 H'7 

1 846 0 926 

63-74 

Sduihrrn Shaft . 3.10 69 6 95 

ssnt 

£407 0-892 

84-67 

Orangia Shaft . .156 5'3 8 128 

15 *8 

1.978 0-474 

60-62 

Sauih . ■ 98 37-6 125 

2I-70 

Z721 .0-628 

78«9' 

Eosirm Shat; _ — 

— 

“ — 

— 


Totals 


S61 S9-7 


100- 23-67 2.671 9722 72-30 


PRODUCTION 

Tho tonnage rpillcil for the quarter decreased bv dg.coo tons due to difficultias 
rxECTit-nced in tl« icducnon plant. The tonnage from Underground ho'.*.eve( 
V. Js NnHer Than in iha pm tous quarter despite .on underground Tire. The exene 
ere hav been stockpiied on suiiace and will be ptocessed aa capacity becomes 
a-.-aildblc. 

FINANCIAL 

The goM c'ce of fITO per euncB received, increased the reivnue by 
Rd.065,ara v.hiie tho -.-.nrK.ing costs intoietv.ers contained. Due to the eraiic 
deh^erv' ol t'anium the income xias R4.467,C0i3 lej$ ihan in the prexicus 
qui^n^t. THp main I'rms ol capitdl espcodibiiev.Lr^ e!crrir co'.ier and com- 
rrriffd 3,r rcliiiulation, iclilpciation. reduci'an pbni and the Sir,!ti:n-.Arp :.SaIt 
Slii'-m. 

On bchair of llieboard, 

J.C.FRITZ OmeO)n 
D.J.THCRON 


NOTES! 

(a] DoxTlopmen; values quoted above represent actual results of sampling fno 
alimvance having been made for any ad'iustmcnts ysrhich mav' be or were 
neccssdiv) vvhen estensiing ore reserves at the end at the financial v*atv> 
{b] AllilnandaKiguresarestibjeettoaudit. 

£rcvf3n‘cx: General Alining and Rnance Corporation Limited, S HoRard Street, 

Johannef^huig. 

Londan Office: 

PrincefiHoiise. 

S3 Gresham Street E.C.2 
18Januafy1978 


STILFONTEIN 

GOLD MINING COMMNTlJUVDm) 

/esusd CapAi/— 13.062A20 ahaiss of SO eenli seeh, 


Operating raeidta 


StntantananTrAed ............ (l)' 

GoMpndnead— Sdifanteinore .. 

'Yield^lilkintein ora (git) 

Working nmnue paMon milled .. 

V/orking cost par ton milled \/f) 

lnceme/(Loss} perion milled ... (y?) 


QtmnmantM 


12motdhi 

to 


cM(fl'OOO) 

lA'orkmg revenue (goAf) 

WoikingcoBts (goM) 

lncamei(Lo)B] (goAO 

State aid 

Income on sale of acid 

Income at mina 

Net eddhional revenue 

Less interest 

income before oucation *nd State's 

shareol Income 

Taxation and Slate's share ol Incomo 

locome after uxadon and State's share 
oMneome 

Capital expenditure 2.099. 

Trade invesuocnts (1)' 

Dividendsideclartd 1,4X7 

centspershate 11 

Loen repavmcnu 90 

Loan belance outstanding ..1.022 

-Loan levies {Xlf 

Capital eaqwndituie conwnhme m s .... 927* 

Capitaleyiwnditureforreiminderafyear 

Dnvniepment 

Advanced (in) «,4Z7 

SempUngretuiisrSampled ...... (m) 855 

Channel widlh (<w)' - 20 

Avetag«value:Geld ....... (enr.g/0 1.383 

Uranium ...(ensAg/O . 18-35 

Fairebla: 

Mcnes (m) 637 

Percentage 52-8 

Channel width (cm) 23 

VatueiGold (g.rj 

<cm.g'0 

Uramu.*n ........ -w... (Ag.'O ' 

(emjtg/r) . 

Devntapment Sumnwy 
Three ftwitAs erded 37 DeeambM’ 1S77 
Total Development ^ 

. CAanneT 
Afebe* Mefrei wkAA 
edVencetfeanwHeti on 

Vaal 1.093 855' 20 

VenteredorpCetitact — . — — 

Commonaee . • . ^ 

Uvfnge-.one , • . — — ~ 

Totel 1.093 855 20 

Panrslrie Development 


SIDec. 

30 S^ 

31 De& 

1977 

1977 

1977 

482MO 

SD3J300 

‘iSOAxm 

4w124474 

4,322-000 16,401-486 

8-68 

9-59 

8-61 

41-90 

31-47 

35-14 

36-32 

, 34-36 

34-80 

6-58 

( 2 «) 

004 

20.188 

15.829 

66,906 

77JB08 


66263 

Z680 

(1452) 

643 

•• (»5) 

2.469 

6,060 

19 

13 

69 

2494 

1,030 

9.762. 

• 134 

106 

538 

37 

38 

. 147 

2J91 

1,100 

. 6,133 

(ISO) 

33 

1 

2,741 

1.067 

6,132 


669 


i.m 

4 


S.S97 

(26) 

%574 

22 

193 

1.022 


— 627 


6.401 

678 

19 

1.830 

1822 

SOI 
73-9 
22 


&.042 

3.965 

23 

1.302 

-18-09 

2D83 
■ 58-1 
21 


VfAre V*ho 

git cm.g/( AgTc 

705 1,383 OM2 19 35 


70-9 1.383 0592 1855 


Per- CAannef 
AwM> centoge mMA 
ffeeT nrecrea peyeM* cm 

Vaal 697 62-8 23 

Venmdere Contact — — — 

Commonage ... — . — — 

Living^lone ... — - — — 


Cold 


t^nfom 


deA/e Vjibe 

git em.g/f ttgii sntglt 
85'7 1,928 1-148 25-83 


An Reals . . . . 

537 63-8 

23 

85-7 1.828 t-148 

25^ 

OraRestTveestSI Dec<mbw1977 



East 



Weil Ten! MargafcC 

Seatt 

Venteat . 


, 

TJO- Shaft 

Shan 

Shaft 

Shaft 

Toft/ 


Inehne, area' 

ana 

area 

area 

M^a 

Tons 

5SO.COO — 

6S7.000 

1,214,000 

761.000 3,222.000 

Slope width— cm 

120 — 

120 

120 

120 

120 

Value : 






Gold: . 






9 

14-07 

13-24 

1300 

14-13 

13-» 

cm.g-t ........ 

1,658 — 

1.689 

1.5S0 

1.635 

1420 

Urani-am: 






i>l.t 

0-151 ~ 

0-177 

0-176 

Q-T68 

0170 

cm.J-g t , 

1806 — 

21-21 

21-11 

20-11 

20-37 


The tci'a'.'.'iig lopnaqes are included in the above are reierv-as: 

(tl L'r:av4'Ub)4 Ore Pe^rxiKs in shaft piUais. etc.: 

1 25.000 ions a; a value till 1 -79g.'|. 

(2) lnacae.«s:bli* Ore Re^nr.ee lequinng opening-up cperailoni: 

330 OOO sons ai a value ol I2'9lg- 1 . 

Ore P.sscn.K pay limit ca'.culat«d at R4.S33. Lg 65 jk>. 

PRODUCTION 

Ptoduclien v.as aduerstiy affected by two fires during the quarter, Tlw 
dmvlopnie.xt increased by 2,026 meues, mainly in the suftMliM «a 4 
Kromdraai areas. ^ 

FINANCIAL { 

Due to the irregular eattem of gold sales $1 75 per aunce was reali^. thus 
incieasinq iKe y.orUng revenue considerably while worirrng costs, in ujial. were 
csr.iamed. The main items of capital expenditure v.ere rhe devaleprruyic of the 
' Kiomdruui area; undmrpund equipment, refrigpration. White and Biack'^eupinS. 

On beliall of the boanf, 1 ' 

J. C, FRITZ IMresOm : 

O.J.THERON 


SOUIH ROOISPOORT 

MAIN REEFAREAS LIMFIBD 


Asaed Cap8aA-1.420b663 shared of 56 crate eMh. 

Operating raspHa 


QtMtorendnt 


OremfDed ft) 

Gofdpradurad (to) 

YWd {git) 

WorUng revenue per ton milled .. {R) 

Working con perion milled (R) 

LoespretemmUted . (R) 

Riwncfti (iroOO) 

Working revenue...... 

Working costs 

Lore 

State aid 

Net addreonal expemStDie 

Income before taxation 

Taxarion . . . 

Income aftertaxation 

Caprnl expenefitvre 

Dhridends: declared 

emu per share 

Cepini expenditure com m ip nem s .... 
Cap^l BMpKMfitureloi ranaindre of year 

Drapfop meat 

Advenced 

Sampl'ne'WJls: Sampled «.i.. (m) 

Channel width 

Average veluB .(aoig/l) 

ffayaMir 

Metres 

Percartiege .......... 

Channel Width 
Value ig/t) 


DoT^opnreot Sornmary 

7Ares imnt/a ended 31 December 1977 


$1 Darx 

30 Sept 

31 Dec. 

1977 

1977 

1977 

88,700 

91,300 

108,000 

264-712 

279400 

544-112 

4-C7 

B-45 

504 

22-35 

21-23 

21-82 

25-20 

2450 

24-87 

2-8S 

3-27 

3-QS 

- 1,267 

1.0S9 

2JSS0 

1429 

1,257 

Z668 

162 

168 

. 330 

203 

'196 

398 

20 . 

21 

41 

21 

6 

Zf 

21 

6 

27 


20 


20 


... (re) 

1.103 

879 

1,982 

i.. (#n) 

328 

387 . 

715 

. . (cm) 

163 

179 

173 

(emglO 

570 

844 

718 

... (m) 

50 

144 

194 


16-1 

37-2 

27-0 

.. (on) 

125 

177 

162 

.. (git) 

9-25 

789 

8-24 

{emgfx} 

1,155 

1,397 

1,335 


Total Development 


ReeF 

Van isrederpConua Reef 
KimberfryReef .... 


Oienne/ 

Metre* Metira wMUk 

edveneed tombed ent 

188 28 52 

915 300 173 


Yekif 

9lt oTuglt 
15-92 830 

3-15 545 


86-7 

92-8 

93-0 

Tetele 

1.T03 

328 

163 

3-50 

&70 

1.928 

2.005 

1.916 







1-148 

1-075 

1-167 

Fayable Devalepmcnt 






26-83 

23-23 

24«3 



Per- 

Oiannef 







PdVabta 

eaniage 

width 


VMre 




AeaT 

maoec 

pcvabfe 

arc 

git 





1 VanursderpOontoetReef 

23 

78-9 

52 

19d» 





1 KrmberieyRerf .... 

27 

90 

186 

6-97 

1,295 

•Gdd 


ftsnftnr 

Tetele ....... 

SO 

15-1 

12S 

9-Z5 

1,155 


Shereholdere weit sdvised on 21 December 1977 ol the Government Mining 
Engineer's recommendelion ihM as fiom .July 1 978. the mine will wo longer 
qualify lor Sene Assisunce in nrmt of the Gold Minas Assietanee Aci No. 82 of. 
1868. u emended, and ol the dlffiwliire being esipariencod In malnreining the 
recovery grade. During die qureter in an eften to counierect some q| the etiects 
of die declining recoverv grade mere thioughpui viras achieved. Thedevelopmeni 
rate has been increeard by 224 meore in an ettoR lo open up ore reserves and to 
provide flenbilhv >n the mining progiemme. The devriopmenf results, however, 
have been djeapppiniing. being only 9% pevable on the Kimberiev horizon 
where the pozsibie tuiure ol the mine may lie. The goW pnea ot at 7i par ounce 
reoeivBd. asblsuM in reducwig the etfees of the higher worfcbtg c 08 ts.'whieh are 
due in the main to the high cost of mainrtnance and eieedy replacemerri of 
^n.oui eouipmont. It is axoesied thet the coau will remain relaiively high 
for the remainder of the financial year. 

On behalf of the boani 
AW.S.SCHUMANN Dweeton 
J.C.FRI1Z 


WESTRAWD 

, CONSOLIDATED MINES LIMITED 

f&rued Caw:*/— 4.290.000 shares of R1 eash 

25.000 deferred shares of R2 each. 

Operating rcaulis 

iZteo/dhs 
Quenveiided to 

»» 31 Dec. 30 Sept. 31 Dec. 

Cold Section 1977 1977 ,^77 

Ore-ntltcdexundogreund ft) 148.635 161.D*iO 6644'>1 

Oe milled ezsurlece sumps .....-(;) 2.86S _ 40573 

Total ora milled (t; 151.S00 161,000 705 000 

Gold produced 

e> undeiground scurcee fkg) 723-964 959-543 3 631-883 

ez surface dump (kg) 4-S84 ' — ‘ 34-ft-?o 

Totel geld 728-928 969-543 3,666-903 

Yield 

vtunda^reuadtoutoee (g/t) 4 .g 7 g.Q 2 r .47 

raeuriacedump (g,t) 1.73 „ Q.g^ 

Uranium Section 

QraioSuiri^le ft) — 

Gold 

Ore mrlM o-s- undergrewid 1 fr) 240,CQ0 226,000 879 COO 

Oiemilledovsioekpile-... ....... ft) _ o/a.u«« 

240.000 226.0M 879.000 

G^dproduted ikg) 153-072 130-452 567-087 

WO 0-64 0-68 0-64 



imontAa 

to 


Uranium 

Tone treated (0 

Uranium produced (kg) 

Yield (APft) 

Rnretrial (irOOO) 

WoiUng revenue (gold) 

Net revenue (urenton) 

Nat revenue (aeidendfvrRe) 

Total Tffvemre 

*Workinp Costs: 

Undargroundoperadona 

Farton milled (A) 

Surface 

Per ton iniHed 


f2aanO» 

Quarteeeoded to- 

31 Doc. SOStpt. SfOaK- 

1977 . 1977 1977 

240,580 229970 8StA7oi 

76.780 70.487 26fi559 

0-315 -0308 0301 


4,»4 

3.576 

6 


4,241 

5,217 

6 


17,372- 

17,118 

12 


Total Working Costs '..I 

Total per ton niUed (A) 


Ineeme : 

State aid 

Stats aid 1 976 adiusOriant 

Net adcfitienal revenue 


Income before taxation 
Taxation '. . . 


tRComa after laxaeimi 


*Exdudee uranium treeimentcoels 

Capital expenditure. 

Unlisled irrveatmants 

Dividends declared t 

Ordinary : amourA 

cents parsham 

Deferred : smount 

Rand per share 

jCaphal expenditure eommttrnentt 

, r^Cap'natexpenditiJre for remainder of year 

t b evaiopnient 
Advreiced-..' 


Cm) 


Gold So^on 

Advanced (nr) 

Samplmgtraulis:Sampled (m) 

Chatinol width (on) 

Average value (enplt) 

Peynbh; 

Maura (nr) 

Percenrega 

Channel wkfdi (on) 

Vslua [gft) 

(otuglO 

Uranium Section 

Adverwed (m) 

Sampling lesulB: Sinipled (m) 

Channel vvidth (On) 

Aveigge value; 

Urenhrm (cmJsgft) 

GpW CernglO 

P§Y9Mei 

Meora 

Percentage 

Channel width ......... 

Valin: Ursniuffl 


7,835 

9,484 

34,500 

8.216 

8,991 

35.084 

23-71 

23-23 

22 74 

31 


SIS 

16-82 

— 

1-78 

9,247 ■ 

9.991 

35.409 

23-62 

^3-23 - 

22-35. 

(1,312) 

473 

(909) 

1,681 

'448 

3.531 


ewra 

. 463- 

145 

105 

476 

614 

1,026 . 

3.561 

195 

— 

172 

319 

1.02G 

3.389 

242^ 

223 

1;1» 

42Sr 


552 

10-0 

_ , 

.130 

■ 142 


. 185 

5-87 

— • 

7-37 

— 

-T 


5.507 

3u9Z7 

16.144 

1.104 

1,022 

A6TZ 

471 

358 

1,454 

‘ 103 

104 

93 

1,510 

- 1.613 

1,606 

129 . 

108 

500 

. 27-4 

30-1 

34-4 

116- 

109 

99 

27-16 

28-37 

28-92 

SilSZ . 

3,091 

2,849 

4.403 

2,905 . 

11.532 

1,131 

1,016 

3.528 

58 

43 

. 49 

554)6 

45-52 

55-46 

161 

149 

147 


4n 


.4 




V- 

^ ■ 

tlflU 

i 


Gold 


.... (nt) 

....(cm) 

(to.’O 

(ernjtglt) 

( 8/0 

(angii)) 


138 

12-2 

67 

2-016 
T3S-27 
6-36 
- 427 


403 

396 

47 

1-339 

63-44 

6-37 

254 


1^38 

37-9 

48 

1-783 

8SG4 

4-68 

226 


Development S u nrnrary 

Three months ended 3t December tS77 

GoM Section- 


Reef 

MemReef 

South Reef. . 7 , 

LivingetotiaRaaf. . . . 
KirebetlByReer ..... 
Ventet 4 do t p Cohrect Beef 


I 

j 

I 

:■ \ 


:-r\| . 

V- '-i ' hr. 


Pageb/e 

Perv 

CAanne/ 

H 


eenreira 

width 

IftAW 

• 

taatres 

SI 

payable 

42-5 

cm 

111 

■ git eoKgft V 
24-86 2,764 ..-1 

' 

78 

7^ 

120 

28-55 3,423 • '. J 

I 


Tetele . ' . . . . 
Urafihrin Section 

WNteRser. . . 

Morurch ReeF. , , 
Upper Monarch Reef 
Zone 2 

Upirer Monarch Raef 
Zoned .... 
OdterReafa . . . 

Totsfs ./>. . , 


129 


27:4 


116 27-16 3,162 


^ Per-Cbena^ 

Psyabte eentege wMtfi > 
maffa* peyabte 


GoU - 


Ibenkan 


3 

IfhS 

HI 

47-10 

36 

12-0 

29 

7-94 

15 

3-4 

57 

2-40 

84 

23-1 

84 

4-70 


— 

— 

— 

138 

12-2 

67 

6-36 


em.glt kgft daJ^tt 
5.225 1-039 -316-33 
226 3-917 112-73 

138 1-925.110-47 

393 i -193 15DGS 


427 2G.re 135-277-.: 


Geld Section 


Tone 

Slope width -cm 
Value: 

9't 

cm g. t 


Main 

Reef 

77.000 

124 

9-35 

1.159 


Soatft 

Reef 


Living-. 

store 

Rant 


tfim- 

bvk't 

Reef 

53.0\'i0 

118 

'9-51 

1.120 


Venters- ■ 
dotg 

Contact Gnrd 
Reef TotJi 

— 135000 

— 122 

— 944 

— 1.145 


— — 1 1->0 1145 

Not inck-ded in the abov-e total are *>4 nnn . 


Uranium Section 


Tbns 

Slopa width —cm 
Vdlue: 

Gcld: 

gt 

cni.g/i 

Uran'iumr' 

>g‘t 

6m.kg,'t . . 


Vr'A/7a 

Reef 

42,003 

91 


52 

475 

0-565 
91 39 


kienaKf) 

• Reef 
139.000 
90 


1-0 

93 

0-767 

69-07 


Unger 

Monsich 

Zones 

175000 

93 


07 

63 

0 812 
7547 


C'porir 

Aforureff 

Zoned 

38.500 

T12 


Vfi 

114 

0-781 

S7-43 


Grand 

Totaf 

390,500 

93- 


•14- 

-US 

0767 

71-41 


. 7*41 

3i unavaBabte in shalt pille.-^ Btt^n?6S1 MO f 

eJastiffedasin«caMlbteoier«™^5^^^ « « pf 0-759kg/( 

OrerraervepaylunkcatauletrfrFSj^T^^^^^ 

PkOOUCTtpN 

me^ « by 6W fe 4403 

t: Ig ekpKted 10 improve. P^Yhbrhty in the Uranium aectloii was low • 

FINANCIAL 

tew w!*^hinri!f Bcotved, urra lu metiwwere 

wsra conuiiMd. tor the quarter. Working eemlD WtsL 

' On behalf of the beard, 

A.W.S.SCHUMANN Weetois 

J.C.FRnZ ‘-"remre 




1. 


m. 


Jl 




|| IStETS^y 19 197S ^ 

ilBAllg^ai:S;rr:;;>‘'/^^ . ' 

rii$saud’$ ac0§pts 
iom S; Pear^n 


BJ-T* debenture stock holders 
oQered conversion or cash 


f. DIKECrOSS of Madame 

lfl‘y '1 ud^ yesterday abasdoned 
* 0^. biRle for Sadependeuca 
a .1 reached agreement with 
^ nj(|A[ Bison' and Son on di« texnis 
. “ n increased ^er, worth 
>n^" . iv«Iy 67p per BtQC): unit . 
Tson's new offer Is dSp in 
'per onit or Sp [nominal of 
' .' w Partly CoimrUble Tin- 
-'Od Loan Stock 1993-1^ is 
. . ' on. conve^Ie as to £30 per 
at. 220 p into Pea^on 
:.ajy shares in. .ea^'of the 
• between 1981 and 1987. 

value Of the ofl^r whieb 
.' ares with Pearson’s 
■'■ of 4Sp easb,'Ls boosted hy a 
er 2pj' by the fact that 
• lud’s shareholders ' wiO b# 

. .Uted to retain the promise 
divideiul' £rom - 
I 2.Q2£gp^- 

■ irsoii's offer now eonfoitlabiy 

the altematiTe bid' from 
, dated Television which is tot ■ 
3 Cash or a miztture'of shares 
cash worth arauhd eop'-hut 
Scally ezeludina; any ridts 
e find divldrad. 

■ this stage, . however, it is 
' ' mown whether ATV- will re- 

■ the contest. Load- Gnde, 
man of ATV, was repotted 
^'eefc as saying that he- did 
ntend to raise his offer but 

a spokesman said simr~ 
“we have na-.oommeot at 
stage.“ 

isaud’s m.anaglng director, 
Michael Herbert yesterday 
...that 'he was happy with the 
' ' offer from Jit^Son, which 
■aimed, put :’a ]'*&r value ” 
-..be company. More partico> 
though, it la assurances of 
' i . nuing ediiortat indepeS' 
"p, pontinuity of manage^ 

. and the similarity of man> 

^ .-.lent style vdiicb have wen 
. -ote, 

tether his recpeamendatloB 
‘-.s those of the 'Tussaud's Board 
..ts merchant bankers. Brovm 
ley, will be sufiident to 
shareholders., remains- to 
' ?en. The Board controls less 
3 • per cent of the fetal 
^?s end' Pearson has managed 
■ouire only about ! per 'cent 
;ely through 175.000 sharep' 
— based in the market .^ye^r- 
at'dSpl. Tnsjfftuttons.. hold 

- nd 25. per cent nf the equity 
DO individnai holding is par- 

___ arly significant 

_4LBEX 

te of. the directors of 'flie 
.. ... Croup, Ur. L..K Scholte, 
100,000 rtiares on January 16. 
Scholte aequired 486JMM> odd 
-es at the time of Talbex’s 
isition of the Robert FMding 

- Iressiag diain and held 
■ I ever since. - 

- Ibex announced on Tneaday 

it was mdnng .afi £800,000 
aver offer for James Warren. 

' terms are '28 Ihlbex 'Shares 
reery 10 Warren shares, not 
•adi Warren share . as 
)URced yesterday. 

. L. PAWSON 

U L. Pawsoa and 'Sobs 
ounces that 839.450 --gharea 
? been issued to the vendon 


Of tiie WBbefert Gieup.’in.saffs- 
factioB of the eonsuhiiihtlgiik for 
that aequisitioq. 

AH the^ ' shares: have been 
Placed privately by- Ehazy Ceoke, 
lafmsdeu and-CMnpimy. .A letter 
girijig details of the aisqisSition 
IB bdttg gent to Tiav^ shan- 


holders. 


FORIHBR 

EXPANSION. 

CAB1£ & WIREUESS 

■ and VHrdcs^ the.-British 
state -own^- telecomsiiimeBtieBs 
company, yesterday announced 
that it hfid iDoeased .to. 80 
pw cent, its stake m IVZ 
systems, a small American tel& 
connhipucatioDS cbmpahy In which 
Cable and Wlreleps has had an 
inter^ smce It was founded hi 
1S73. The price paid . was - not 
revealed. The 'British eompaPjr 
Will ultimately increase iu' holding 
te fun ownemtp. - 
-This is the third espdarton -nk 
Csble-and Wlr^ess U.S. interests 
witiiin tile laet'.lS months. -'Last 
Jnly -ir took ovr* IheoteJ^ a small 
New York eoimmuy spedaJiring 
<n comptnerised telecemiBunlee- 
tioD. In October it mede.a £9ffm. 
agre^ bid for Carteriode 
Conununicatkiss, a XJS.' eomiany 
sdlmg data trimmijssien 
terminals. " 

• 'TOff has beaks, universities and 
on companies ahioDg its customers 
and sperialises in “ lea5f*<est tele^ 
phone routing,” a sy^m which 
makes the best use of private 
leased ‘lines. The company, had 
turnover in 1977 of SlffSm> and U . 
not ^ profit-making. 

LABOFUND BTJV : - 
COMPLIED- 

Cmititd Securitiee has mow eoin- 
pleted the arrangements onder 
which the Swim Investment 
group. Labofimd, acquires .59ff 
per cent, of tiie sb«i^-.wi4ont 
makoig -a bid. for ^ reraahider 
fan nmisnal move for the 

Takeover Paners consent was 
obtained). •■. - : 

Labefimd has also bottg^ one 
of - Coutnd’s propei^^.' T?ie 
Exchange, in CardHL for '^e 
agited sum ef £fi90.W'Hi etsh. 
The Exchange wOI now H put is 
the name of a Labofund'a^^peigte, 
Kophta VouBdetion. 

The change in oymett drf p. hi 
Contra] has also new-->eeii 
reflected hi the Board- taembw- 
ship. 2fr. Reger van DraSiek is 
the new ehaiNnan with Hr. 
Norman Areneobn as .-d^uty 
chairman, .Ur. Bernard vGould is 
mawagriHg ^Tcctor and ot^ new 
direetws are . Ur. - Christepber 
John and Friederidi CbigM: von 
Schlieffeas.- Mr.' 'Cedi SapMrt-and 
Mr. Derek Rappon bavvjieChKd 
from the Board. » , j ' 

SHARE StAKEslu 

Alexander- Bowden -.Grirap: 
KuviatJ Investment CUBop>eeULon 
Jannaiy-rSfi ^5(MNW darnh-Joemna 
interest in 5,630,000 sham (7-8ff 
pCr eenL). - ■‘v 

Blastyxe Tea BoldlnEs:.*Wa«ren 
Plantation Holdings has bopfpat 
2.000 Shares. TotaJ intdf^ 72^00 
shares (15.2 per cent). . . s 

UKO Inteniatlonal: Sir lau 
Morrow, a director sold 20,000 
shareif on January JA 
Rush and'Tomfchu Group: Vf. E. 


TwnWhSi a director, hu dUposed 
of 10(^000 shares hf afiiieh he 
h^d a bmieftltl. izKoreat 
HvwfA-Bappdr. .On January U 
G. Calvert, g dire^r, sold 18OJW0 
afaqres (slightly ovpr 1 per cent). 

SaretsofB and Gfeoefield: Kuwut 
divestment Office od January 13 
acquired an interest in a farther 
16,OOQ shares making a (otai in- 
terast of 1^,009 duces <&i 
per cent). 

U-S. OFFER TOR 
BEN JOHNSON 

B. R. -DosMOear and -Buns Com- 
pany of the U.E. is negotiating 
to acquire Bmi Johnsoa and Cq„ 
offset printers of Yc^ England. 
The proposed terms were not dis- 
closed. , . 

HP for York. Ur. Alex 
lo'on, has expressed eoacern over 
American takeovre' -mores for 
three of the ciore largest em-- 
ployers. The Donnelly move fol- 
lows the 'recent takeover of 
Terry's the chocolate eoneera by 
Colsate-Palmolive aed a bid by 
Rheem International for Redfern 
National Gla^ Between them tiie 
three companies employ almost 
4JW0 In York. 

&Tr. Lyon said Amencafi invests 
ment was not rtwaH undesirahle, 
but it raised nagging doubts, 
particularly by the threat posed 
by kny weakening of the Ameri- 
can economy. 

ASSOCIATES DEAL 

On January 17 Gapd-Core 
Myers sold on behalf of diacre- 
-tionaiy elie'ots, ^A83 shares of 
AlBed Investments at S2fp and 
lOJlOO shares at 98lp. 


■FtiK)EOSAiiS urere sent out yester- 
day to holders ef the two Coaren- 
tible Debehtnre stocks of the 
British Invesimesi lYnst. u'hich 
was recently taken drer .b.v the 
National .Coal Board Pension 
Funds. 

&i respect of each of die stocks 
6i per cent CoQveftibJe De- 
benture stock ins.. the 
per 'cent. Cenrertibie Debenture 
stock l(196r-holder8 are invited to 
agree to a scheme of arrangement, 
to be put to -them .at meetings 
eafled for February 13. under 
whieb the stock would be coaver- 
led into Ordinary shares and sab- 
sequentiy aeqair^ by Biaek 
Diamond^ Pensions 'fa company 
wholly owned by the XCB penaion 
Amda). Failing such a^ement. 
Slack Diamonds Pensions tsiu 

make an offer for- the conTcrtible 
issue. In efther case, atockh^eri 
Will receive the higher of 13Sp or 
tite formula offer (worth l6395p 
as cal^at^ by Wood .Mackenrie 
on' January 12). in cash, for. each 
£1 nofukigl of tiieir stock. But 
tfarto could be a lower charge-for 
capita] gains tax should . the 

srtiemes of arran^ment. rather 

than ^ offers, go- through. 

^e National Coal Board Pen- 
■es Ponds aay 4iat the Britirti 
InveeuneiK Trost. io which some 
20 per cent of the Ordinary 
shares are stlO 'beld'by outsiders, 
will eontltme in Ics prcsmit form 
for the time being, and diet its 
poticy will be designed to benefit 
all shareholdcra alike. Should any 
rtiange in the ftonn of BITs be 
eonrtdered in the Suture, tiie 
Board ef BlTk sa.vs it wlO take 
the interests of ell shareholders 
into account. 

Messrs.' J. . \V. EUair and 
M. Campbell Penney, who re- 
mained on the Board of BITs fe 
provide eontinufty , for the 
minority jihareheldLera. ieU con- 
vertible stockholders in a letter 
sent out yesterday that, while 
they consider ft inappropriate to 
advise stockholders to reject the 
proposed schemes of arrangement, 
they find it impossHble to' 
recommend therri or the offers 


with whitb they triU be 'replaced 
should they fail te win' stock- 
hoMers* iqiiproval. ' Their dilemma 
arises :irom their continuing 
belief that the offer for BITs 
Drdinary shares teas too low. They 
adrise Sfierehoidefs to make up 
their own minds or, if jn doiibt, 
to . coosall their professional 
adrift. They do not themselvea 
intend to take any action In 
respect bf their small beneficial 
boidings. 

APPROACH TO THbS. 
MARSHALL (LOXLEY) 

Dealings in the shares oC 
Thomas n^haH (Lmdey) were 
suspended Teslerday, at the corn- 
patty’s reemest. foiion-ing a bid 
approach. No further deDiils were 
available and Samuel Montagu, 
the compeny's financial advisers, 
said last .night that they were 
totally unaware of the situation. 

Dnicon Industrie.': is known to 
have a.sf|nlficant holding in the 
group— 13.75 per cent last 
September^-although a spokes- 
man for -Dnicorn is on record as 
saying that its interest was as a 
trade investment only and tha t 
the holding should not be riewed 
as a platform for a bid. 

The current market value of 
Manhall, • manofaeturer of fire- 
clay refra^riex is around £2m. 

MONTAGUE MEYER 

Montague Meyer haa agreed 
to purchase further shares in two 
of hs subsidiary companies. TTie 
1,774 Issued shares in rUm Geel- 
mg Towers (1825) at present held 
by minority shareholders will be 
purchased for a consideration . of 
Iino.000,- te be satisfied by the 
issue of 68.000 shares and £50,000 
in cash: and 98 of the Ordinary, 
“A” Ot^nary and Deferred 
Ordinary, shores in L. Bloom (Pb’> 
wood) be purchased for a 
coRsiderathm of £1S1.32R which 
wiU be satisfied partly by the tasne 
of S720O. Ordinary shares and 
partly in cash amounting to 
£91428. 

.\s a'Teanlt of thia transaction 
the compani’ will own 62) per 


Rescue plan sougjbt 
for factory 


eeaL of lli* isaed oepstal ef 
U Bloom. 

CONSORTIUM HAS 
12% OF HARCROS 

The consortium including 
Rrthsebild Investment Trust 
which has been Swildtng up ft 
stake in Rutros luwm ment TtikI 
bought 13,000 shares at 83p per 
Ahare on Tuesday. Harems is 
currentiy che object of a takeover 
bid by Harrisons and CrosSeid at 
82p per ^are.' 

The shares, bought through 
Dunktey .Marsbali. were divid^ 
between 6,a0fi for Boxhsebild In- 
veaitment Trust, 3230 for Hume 
HoMIngs (which is 27} per cent, 
owned by RTT) and 32»0 for 
McLeod Russel. 

Follciwing this purchase, the 
consortium holds 2.313200 stock 
units of Haropos or 122 per cent. 

WTGFAIL S.AYS 

*WAHn 

Shareholders in Henry Wigfall, 
which received a surprise £l24in. 
takeover bid fnm Comet Radio* 

vtsloB on Tuesday, have been 
adrised by Mr. P. C. B. Morrell, 
their chairman, to take no action. 
Xlill Samuel, the group’s financial 
advisers, hare already made it 
clear that they consider the tenns 
of the bid *' grossly inadequate" 
and shareholders will receive 
detailed reasons for this view 
after Comet has posted its formal 
offer document. 

WILUAM EWART 

Northern Bank Deveiopment 
Corporation, on behalf of Regln^ 
F. C3arke and Son. J, fiaifonr 
McGowb and Mr. R. 1. Stoupe 
announce that acceptances in 
respect of.recised offers to acquire 
the capi^ of William Ewart 
Investments have been received in 
respect of SS0.594 Ordinary shares 
and 1S4244 Preference shares— 
86.77 per cent and 6227 per cent, 
of The Ordinary and Preference 
share capitals respectively. The 
offers have been declared un- 
conditinnal and have now closed. 


A JODn? ewiBsMee of Taanage* 
ment and workers has beeo 
estatdifthed in the troubled An- 
trim pri'Stal factory iu Belfast 
where a fiver,«eek ocrupatjon by 
17D rtnpioyees has just ended. 

It will try to agree no a plan 
to put the company on its feet 
The NorUiera Ireland Depart- 
ment of Cooimerce has said that 
future Government aid will de- 


pend OR the fuaory beius put ea 
the road to viability. 

Ad Imcr-uninn dilute caused 
the vork-m but the managemea: 
was allowed te return on 
Monday. 

The sire ef the operation tr.iv 
have fo be reduced but any si::;- 
gestion of a' cut in the labour 
force has so far been rejected 
by representatives of the Irish 
Transport and General Workers’ 
Union. 


Nuffield Centenary Exhibition 


THE NUFFIELD centenary ex- 
hibition opened yesterday at the 
Seienre Museum. Exhihition 
Road. London. SW7. Shown at 
Oxford last year, it is expected 
to tour Britain after Us London 
showing. 


The exhibition is »rponsored 
hy Barclays Bank and British 
Leyland in assoriation with 
Hartwells Group, Kodak. Lucas 
Industries, the Tbumes and 
rhiitems Tourist Board and the 
English Tourist Board. 


Lucas electric High cost 

vehicle wins of labour 

French award turnover 


THE LUCAS Bedford electric 
vehicle has w*on the high payload 
section of an international com- 
petition sponsored by the French 
Government to determine tbo 
current level of electriq vehicle 
technology in Europe. 

The Lucas Bedford vehicle was 
selected along with Peugeot and 
Fiat as the winner in its class. 

Lucas will be invited to tender 
for the provirioii of several one- 
lonnc payload electric vehicles 
to take part in extensive trials 
in and around Paris. The French | 
Government will make a financial ' 
eoRiributinn to the cost of the ; 
trial and the vehicles will he 
used by Elcctricite de France. - 
the French Post Uffiro and Air i 
France. 


By Our Industrial Staff 
HIGH LABOUR turnover can 
add consadenihly to eompaxty 
costs, says the British Institute nf 
ManaRement in a hokiet fsstied 
yesterday. Apart from advertis- 
ing and recniitment costs, there 
are additional costs for selection, 
induction and training. 

Welsh rural 
loans offer 

A NEW range nf cheap loans 
ranging up (o £30,000 is being 
nffered hy iho DineiopmcRt 
Board for Rural W’a'ioa lu emn- 
panice in rural areas cmplnyi.ig 
up tn 'JO skilled men. 



Union Corpomlio 

Group 

Directois' Reports of Gold Mining Companies 
for the quarter ended 31st December, 1977. 



WINKELHAAK MINES LIMITED 



BUATO DESU iW^Rl-IWZA/N^ 
5-8 nSRUART 1978 

fIAUAN]<^^ 
MARKET EXhenON 

7>£I<NITV\€APMAR^ 

MREQLravBvnSOF - 
7}£M96TaJfll^ 

odTbaonnasricledtobu^crdtwpien • 


The COSOnsSTON OF . THE £UR'0:^EAN (X>MmJNlTY . 
is pleased to announce the publication 

THE JUDICIAL AND^ 
QUASI-JUDIGIAL MEANS 

F CONSUMER PROTECTION 

CommiKion oT the jBuropfifin Communities and the Montpellier 
Qlty of Law and Ecenmnics (France) organized 6 Sjnnposiw 
die Judicial and (juasi-judieial means of Consuiser Froteetiqp 
A 11 and 12 December. 1S75. 

aim of the ^mpbsuim was to examise, in gceordanee with' 
Community's prellmuiaTy programme tor a. consumer pro- 
lon and iitiormatidh policy.' which was approved by the Councti 
Linisters-on 14 April 1875 (poiht 33): . 

Systems of assistance and advice in the . Member States: , 
systems of redress, arbitration and the amicable settlement'af 
.disputes; 

the laws of the Member' States relating to consumer protection 
in The courts, particularly the Various'ioesns of recourse and 
procedures, including actio&e btougbl'by consumer. iSStttir 
fttiems or other bodies; 

^eou and laws of -the hind referi^ to .above in - certain 
third countries. 

unanimous opinion of the S^^posluza was that the traditional 
>cial means held many ..disadvantages for consumers and Were 
capable of uph^ding their ri^ts. In view of this regrettable 
* of affairs a nnmber of countries had been forced to consider 
I means' of enabling cimsilmecs .to., defend tiiemselves more 
Uy. These means were wJd^ refferred. to end compared in 
itpellier. 

No. 8387, edited in Gennan • Engli^ - French 
Price per issue: FB 3S0.- DKt S*.70 DU.S2.B0 FF 46^ ' 

’ ' Lit emn 28.76 '£ S.eO VSSS.S0 

ORDER FORM ^ — — — — 

off and post to 

OFFIC® FOR'OFnClAL-PUBtlCAITlONS OF THE ' 
EUROPEAN COMM'WnTIES - 
Boite postale 1003 — Luxembourg 

send me eopy(ie8).in ...-..i (language) 

Ibe publication No. 8867, g-.. . 

ine Signature 

pitailetten) 

drees :. 


.CUmtarandwl 
SDfhfiaemnber 
1977 
■ 215.000 
- 'AW7 
'7-BO 
R3P42 
. Ri3-as 
me44 
. i!i5.6eaiK>o 
' fi7.tS9.000 
. RP.469iX)0 
- ASOB.060 

ns.9752oe 

fiS.573,qoo 

. .R%4Q2,000 
flu, 000 
I1S.640 000 
' R604000 


I|m«iCai^fi1%0pQ.000infhBfBaotRl Mch. 

. Qiuurarandad 

^fiEnATIRWRCSVL'rei SlVtDKMtabM- 

61AOOO 

oUPRXhffwI-lw. ■ 4^ . 

yyiiw,{9/0 .7«0 

' RwinuePWVU''iHnH| R37-S6 

' Cnipartonmillaii fi14'89 

nnfftpcrtmnmRcdl R22*M 

WwUnetvviriue R192KZ.000 

vWaiMnscosai R7,68ZJxn 

rWcriiinepniRs im,s4o.ooa 

Neiwn^iwaiHM R421.000 

-PROFff pMon tSHNlDn sM 

hwacoHsWamlpn IT 12 .oei .000 

Taiggciw yid I— tgw'"iw8Uu R7.S02,0OD 

' mOFTTafurmnionend 

Rnaaoraddmion 114.568,000 

C4pM«RpMdltui» R22.000 

' DhMend d r dimU NIL 

Loanl^(fsciiv«nhlii!) 8811,000 

BEVELOPMeNT: 

Aifininesd(m] 2285 

Smiplliigrmuili: 

SMMlw) . S5Z 

C(|im«wHih(ald M 

Av.vshia:a/| 23*3 

GnvflA 1.S07 

P«icerH«g« 

Pwnn«lwid6i(cM) 74 

Ar.vahn:g/t .25*2 

Cm.e/t 1,865 

. p(Md«id<if47enwesrshMWaspadei!4thN8v«iafa«r.i 


BRACKEN MINES LIMITED 

Wuid Rt k>*hwwef SO cams Meh. 

Q^artsr «adad Quwtii andad 

OPEMnaSRESimS:' BTftOecMntw 30th Sapombtf 

’ 1877 1877 

0Mi|dUM(d . 306,900 • • 205.000 

OeUpfOduead^ke. 1284 l2ftA 

Yisid-CeA) - e*w a-so 

IlfWiUaOWaanWlIM Il3at*85 R28-74 

CMpanonnAd ltl7<34 818*63 

ft uflt wtmipgad fne« .. rid-ii 

WaiUtotaMhv* M6.73320Q .* •• fiS.462Att) 

WaWh^aDSW ' Ra284.«IO • RSAIOnOO 

Ra,188,000 * ti2Xf7ZfiO0 

NalaundiymMnwe . ■ R134j0^ RS7.000 


THE GR00TVLE1 PROPRIETARY 
: MINES LIMITED 


ST. HELENA GOLD MINES LIMITED 


tnind CafAal ft2B5%704aaofc in ilhllf bf 25 cams BBch. 


OPERATfNGRE5Uf.i;^: 


Quarter 
■lUJwi 

Slat Dee. 
1877 

Om miUad (1) ' - 390,000 

Goldprodu^-fcB 1,715 

YteW-(o/l) 4*40 

RevcnuepwionminHl R21*08 

CMtpvrtonmtlltd In2*92 

Piefitperlonmrilad RB*15 

WorUriB iv'vOTua R5221.000 , 

WorkinBaosu ** R5,Oi37.00D 

Wciftinoprofit R3,184.000 . 

NeiBundiyrwanua fil 04.000 

PROFIT t>rion taxailBn and 
laaW ronaRtaration R3.ZBB,000 

Taxation «rw loaaa eenaidanden R1 .759.000 
PROFIT shanaxnion and 
leawcontidarailon fi1,52S,000 

Captof ewandhun NIL 

Dividend daeJamd R1 .601 .000 


Qusnar. 

BRded 

SOtfiSapt 
1977 
400.000' 
1.760 
' 4-40 

H17-08 
A12-13 
R4-95 
R5.832.DCI0 
R4.SS0.D00 
R1.9B2.000 
R3.000 

R1 .955.900 
R1 .019000 

8966000 

NIL 

NIL 


Twalva 

iwinihsapdad 

^StPM. 

1977 
MS5.000 
A579 
4*40 
B17-94 
R12-61 
R5-33 
R26O27O00 
R1 8.860,000 
. B7,967,000 
R138.000 

K8.1 06,000 
R4,1BZOOO 

R3.923.000 

NIL 

R2.173.OD0 


Issued CapiBl R9.525O0Dlna>wruof R1 eaen. 

QuartBrendad 

OPERATING RESULTS: Slat Daoambar 

1577 


Quamr andad 
30ih September 
1977 

610000 
4945 
Sd 9*50 
R36-90 
R19-S1 
R17 39 
R18019000 
R9.95Z000 
R8067 000 
R82000 

R8049.000 
R4.41 2,000 

R4037000 

RM60.000 

R5.294.0Q0 

RSilS.OOO 


333 

Lean tsvy(racovsrabte) 
DEVELO^ENT (Klmbartay Real) : 

R240,D00 

Rl 39.000 

R57I.0D0 

70 

1T6 

! Advanced fm) 

Semolingrasufts; 

685 

484 

2,023 

1,246 • 

SomWed (m) 

454 

350 

1JII5 

61 

Chennel width (cm) 

19 

S3 

27 


48«4 

23 0 

250 

71 

329 

CJn.g /1 

Payable; 

582 

62B 

676 

1A24 

PercemagO 

45 

33 

. 39 


Chaimct -width (cm) 

25 

• a? 

33 


Av. veiL-atg/i 

58 3 

37-9 

" 365 


'Cm.g,': 

Orvidand 

1,455 

1,024 

1.206 


OnSih Daeambar, 1877, Orridand No. 78 of cKnaparunRvIvieeF -/^-at 
daolaiad to mambaia raQiaiarad at 30ih December 1977, Dnndand ivacanu 
wiU be poaM orrorsbour Sih Fabruary, 1978. 

Ora Raaarvaa 


neStMrtonaBDid fri6-6i 

..IMamsta^Va TC.733O0Q - -- 

MaWh«aDS» ' filOM.QOO ■ 

W)ittwpnfit Ra,l99O00 - 

NataundiyHNanwt . . • R13AO^ 

PR^rn UuftnwBwmBHWd ... 

laaaiBOnsidBftnion . N32SSOQ0 

TyWIwiaritiliiiiiwi uifiWWMtai . 82034.900 

PROFIT Bfiarmadan and ■ 

laeaaooBa id aw ti bo -ft12Q9«000 

.Gapiolncodpmana RIOOO 

QiridsaddaeiBrdd MIL 

L0Bnlpvy(iacQkWAliO 1)218000 - - 

DMdand 

OMMdi9l12aMI>»irA*iawrepa)de|i4ttNs«ttHbar.1877. 


1877 
• 206M0 
10S4 
8*80 
R28-74 
R18-63 
. filO-TI 
R5,4820tt) 
R3A100QO 
R3072000 
RS7.000 


toUowing natibe : 



Aon 

Eadniawd 


GoWPilea' 

Mesip 

Vahia Btaping width 


Far Kilogram 

Tone 

ba 

Caniimetraa 

Kimkartay RasF 

83,500 

800000 

5>7 

127 

RimbarteyRaal ’ 

' R4200 

lAOaOQO 

frl 

127 

Main Reef 

83600 

40.000 

6-B 

127 

Main Raaf 

RA200 

100,000 - 

4r7 

127 


RL1 69.000 
R1224OQ0 

R935.000 
R4.000 
R1 080.000 
81^,000 


MARIEVALE CONSOLIDATED 
MINES LIMITED 


KINROSS MINES UMITED 


bauadGarittl filSAOfiBOOMBGkinunlBcfffil writ. 

.OiBrtar«Bd«d 


QPBUTW6 RESULTS: 

£MraDlad«i 
• GaMpreduead-hg. 
YMd-rflit) 
RavanutparlonmBad 
CostpartwnwHad 

Warid iia tew pi ia 
Wbndnq costs 
Wortdngpwfli 
NMsMdtVnwmie 
. PflQFTrba ka a uaa BoeWd 
tamcdRsIdanHon 
TrinfiMlandfMaaeeMdMiMtoo 
PROW aft er WafiOB add 
fc ai a ujaiiil ari Bl oB - 


StatDacMibar 

1877 

saobpbo 

2284 

7-eo 

RS6-47 

R1741 

R1S«6 

814.225,000 
R6.752JW0 
B7AS3JI00 
R21 8.000 

117:691.500 

W4>S3Z.00Q 

R3.TT9.0q0 

R303.000 

NIL 

R510.QOO 


. Qaanv arrdfd 

SOdiSeptemher 

1877 

•390000 
2484 
7-50 
. R29-64 

R15-96 
fi13*68 
fi11.»7J»0 
86,222,000 
' R5433.000 
R16S.OOO 

flSASiiWO 

R300e,000 



Quarter 

Quener 

Twelve 


ended 

ended monthi ended 

OPERATING RESULTS: 

. 31at Dae. 

SOshSapL 

Slat Dec. 


1977 

1977 

1977 

Oramtllad(l) 

270,000 

270JI00 

1JI7B.ODO 

GcM pndu^ -ka. 

864 

854 

3A43 

rWd-(8A) • 

>20 

3'20 

3-go 

Revenue p«r ton mBkri 

RIS-SO 

R12>47 

R1306 

Cost per ton milled 

R8'71 

R94M 

R8S3 

Prodt pwton DiUeid 

R6-7B 

H343 

R4GS 

Working ravinuo 

R4.1 85.000 

83,366,000 

fil 4.079.000 

WsrtitnB costs 

. 82,352,000 

R2.441.000 

BS.506.fiO0 

WnAtng profit 

R1 .832.000 

8926.000 

R4.S74.000 

Nateuodrvrevanua ' 

' R1Q6,000 

R14JIO0 

R1 63,000 

ffiOflT bricaa tasadDn and 
TsateconridwBbon 

R1,3414)00 

RS28.000 

R4.737.000 

Texaden andiaaaa csnrideratbn 

R1,074.000 

R479JXI0 

R2,574.l^ 

PROFIT aflat taxation «1d 



lease censidaration 

R857.000 

R460.0C0 

RZ.167 000 

Capiial recoupment . 

82.000 

R4.000 

R7.000 

Onndend Melar^ - 

81.080,000 

NIL ' 

R2.D10.000 

Lean levy (racere^le) 

R145,O0D 

RM.OOO 

Rd4AOOO 


1O486M0 
R24S.OOO 
83 950,000 
R339.Q00 


• DMdemidieiftRd nil R3S5o,ooo 

' LaantefreriMmbh) R510.QOO R339.QOO 

flEVElbPMENT: 

Advanwd(ni) 2.338 2JMS 

■ SanwknSMMilM; 

Swnriadfrn) 859 854 

ChanMlwlda(eiii) 32. 25 

' Ai)i.va!iq9iS/f • t54k- 2^ 

t COiJBfi 617 - 579 

Pl^Ml 

. P ereem aj a 13 ' * 18 

CiMTipalwtiWiOinD 46 . .35 

Av.wEwiB/t . nri ^5 

1.303 1.273 

Dhridand . ' 

Pivld^of22eewapa»initefatgel;waBpAign4tliN»v M 'baf,1877. 

' Na.SShaifc- :• . . 

• TTirniTiiiifilaiiinlniaiiaiiflnliniiimilnij iliiinii ii ilrnn n ni inifKaisi liiii ii in liiiii 

7 >» * Tha MceftaedM of tfia 12 laiM iMMriiambw ia ccntimilne. 

*' Capl^ Bxpondituva 

• . CoMidaaaiwtawpaMcrcenuaettiibew OSMOO 

/«iBitintBiKom l moOSSin» tajSJAjooo- . 


DMdand 

Cn 9;*i Oacembac 1977, Divitiand No. 75 of 24 eama par ahira was • 
daeJarad to idfnbes raCisieed at 30ih Dacemb^. 1977. Dividand warranu 
wdl ba posted do orabout 9*Jt Februaiv, 1 978. 

Ora P.awnw 

The Ora naen^ bava Psao i*-cRimiied « 30lh SaplMiber. 1877. wkh tha 
feilovring MSula ; 

.Asuy Estfmatad 
. Geld Pries Merde .. Vehia Stericq Wicth 


2,338 

2JM5 

1 Klmbertcv Bart 

parKiloBren) 

R3.500 

Tens 

lOOJXX) 

9't 

72 

.Cantimatrea 
' 140 

869 

654 

KlmbartayRMf 

Rd.200 

;&D.00o 

>5 

140 

32. 

26 

Main Rgv 

R3.500 

100,000 • 

7-9 

140 

IfrO 

2>3 

Main Real ’ 

RA3W) 

150.000 

8‘9 

140 


Adiustinsuu have tamn.made to tha {aayable devrtopmant 
^etre» and valu«9 to conform with those applied in the 
ebtimatien qf reterves and are based on R3>500 per 
KiiDgreRi-eir approximately &125-19 per dunce. 

All ibe ftbove-coRipanies ore ineorporatad In the Republic, ef 
South Aftica’ 

. L W; P. van den Bosch \ 

E.Pevitt I Directord. 

Lohden Seeietariea: Princes House, 95 Gresham Street. 

.. .. London EC2V7BS. ISih January, 1978 


DidmlRadfO 490,000 

GotdpTOdueed-kp, 4.S&B 

Yield- iB/r) 9-30 Jd 

RevanuapertenmlRad R44-4Z 

Cost pwien milled R20-37 

Prolit per Ion mined RZ4-06 

Working tewenus R21 ,7^,000 fil 

Worfeinp eoau R9,980,000 f 

Woikingpiodt 811,787.000 F 

Neisundwravonua R196,000 

PROFIT before lasatipi) and 

leasecenaideraiion 811,983.000 f 

TavrionandlaesaBonsidaration R7.124.000 F 

PROFIT after laxaiien and 

lease eonelderaikm R4.859,000 P 

Cepilal aipandltvra R400.000 P 

D'lridenddKiarad NIL F 

Loan levy fracoverablej R834.000 

DEVELOPMENT (Baaal RaeQ : 

Advapeadfm) 2.123 

Sampling resuki: 

Sampled (m> 342 

CiTatvirlwidTh(eni) 90 

Atf. walua:g/t 7’8 

Cm.grt 687 

Payable ; . 

Pereeniaga 4 

Crianne|widdi(ernJ 191 

Av valua:g/t 14>8 

Cm.g/i 1.788 

Dividend 

OividandQl 55 cMrspareharo was nerd an 4ch Nmember. 1977. 
Capital Expenditure 

Commnmams m mspeci of coniracT&plar.cd R544.D00 

Afflouru 4PpibVf>d <n rfdditien to eommllmenis R382.000 


LESLIE GOLD MINES LIMITED 

■aSuM Capital R1 0^400,000 in slians of 66 cants eech. 

Quarter andad Quarter ended 
OPERATING RESULTS: SlaeOecambar 30th Septambar 

1877 1977 

OramOMIO »S ,000 225XXO 

Gcldpradue^-kB. 1.032 1,082 

Yiald-fg/l)- • 4-80 4-SI 

RavMua parim mlHad R23-19 R19-07 

Coal partpn milled Rie-sy R17-51 

Prolhparton milled R3-52 R1*56 

Working raveraa R4.985,000 84,289,000 

WerkHtgeoan R4.1 94.000 R3.939.000 

Working piafit R821.00O R350.000 

Net sundry ravanua R49.000 RIAOOO 

PROFIT balere iSKatienaRd 

lease conalderatibn R870.000 8364,000 

Taaadon and least consideratfan R342.00O R 93,000 

PROFIT afierUUUTwiand 

laBaacenaideration* RB28.000 R265.000 

Cspnalexpendnure NIL NIL 

Dividend declarwf NIL R480.000 

Loan law (racoveraMa) ft38,Q00 RU.OOO 

DEVELOPMENT; 

Advanced (m)‘ 343 312 

SsaipUngresi/lB; 

Sampled (ffl) 161 ISO 

Channel width {cm) 10 38 

Av.vebeig/i 65'6 IS-? 

Caus/t 696 581 

Piyabla: 

Peicenrage 26 14 

Chennaiwldth(ein) 12' ss 

Av.vahjBig/t ' 96-3 208 

C.T>.g't 1,156 1.14S 

"inciiidrt mining m at .fbnmita aopiicabiB to State assisted mines. 

Dividand 

Dimdandof3cei»sparshanwaspatden4thNQvambar,1977 
Stats Asabtsnee 

Tha Honour4bb the MMsw of MkM, In conevltatien wiui tha HoneuraUa 
The Mlnisiv of Findnea, has approved tha oleBaHicatian el the Company as a 
State aunaad ae deftnad m Tha Gold Mines Aasotanee Act Na 82 qf 
1 965, as amended, wrhh eHan from 1 si OciotNir 1 877. 

Tha pessiqiiiiy of aaiiy eiMi/ra hu now boon poMponad and tha necessary 
tttips are bains tikan lo prolong the Ha ot tha mino. 


UNISEL GOLD MINES LIMITED 

Stated Capital 26,000,000 ahaiu of no par value. 

Shaft 

Sinkfrtg'haKbm eompMed to the final depth bf 1,977 metres belewr 
curtaea. Shalt oMtem pumping anangememsee'weN ee the om passes (lom itw 
ICBdipg station to 10 Level have been compleied. The InElallodeii of tha 
br.^!, KB well end pipe cokimns in the shaft has comfneneed. 

Generel 

Erection oi tl'4 huiUings fta housing the telrlpnaiian plant and the mein 
vahlilation fitnsxnd instsUatmn el equipmvni U ptooHiding. 

EjlrsandiTura 

Ehpendnuto on Shafts. Pbini and Equipment and General ExpendiUiia 
amounted toR3.6teO00 (to dale n;7,i12 000 }. 

CommUnwiKlnrMpMrofMnirSftlspleCed 81,826000 

A-itOuntsapprevedinedditiontocornmrtRiiintb R17, 734,000 




28 


’^Emandal 'rin^ ^tirsday 


I^TEK^ATIO^AL FINANCIAL AND COMFANY NEWS 


Foundation to preserve 
Ahold independence 


BY CHARLES 6ATOSLOR 


AHSTERDAH. JazL 18. 


RETAILER and food processor whidi the measures have been cem. These shares are now vested, 
Ahold has taken steps to ward under preparation have shown in a separate company jointly 
off unwanted takeover bids by them to be necessary, die com- owned 
setting up a "continuity Foun- pany said. 

dation" into which it has injected In recent years a bitter take- 

Fls.100.000 nominal of new over struggle between ^ineken two major publicly 
Preference shares. and Lucas JSols came to an end groups. Aoold ax 

A when Bols placed shares that the stock exchange dis- 

® Foundation specifically closure rules mean their business 
."P S' P'W'* »£ p«- operations are open tp_scmtiny. 


by V and P and Bljeo- 

korf. 

It is a sore point with Holland's 
quoted retail 
and Bijenkorf, 


serving the Independence pf tbe Tbeir private rivals Vroom ea 


Dreesmann and CA 


sary.” The voting rights attached nroducer. 

S' “ome tor Ahold, derelop their strategies 

managing board jjjg privately-owned stores group the public gaze, 
oi ADOJO. Vroom en Dreesmann announced 

Apparently Ahold has no last March U 
immediate fears of a bid, but acquired ^ Per 
events over the five years during publicly quoted Blienkorf con- 


and A can 
out of 


Ahold’s new Foundation will 
had seexetly have a five-man managing board 
cent of the of which two are members of 
Ahold’s supervisory Board. 


EUROBONDS 


Ross resigns from Kidder Peabody 


BY MARY CAMPBELL 


AS THE dollar recovered a little 
OR the foreign exchange markets, 
the dollar sector of the market 
bad a firmer tendency again yes- 
terday for the second day run- 
ning. Although turnover was 
not high, the generally better 
undertone did h^p both 
Occidental — trading for the first 
time, .'liter being priced at 99 on 
Tuesday — and the Eurofima issue. 


Stanley Ross has been one of prices of both tranches of Den- 
the best known figures in ttie mark’s DM200m. offering have 
Eurobond raaiket ^ee its early been set at 99i. One tranche had 
days, but it has long been known been indicated at 99, and the 
that relations between him and price of the other had been left 
the New York head office of his completely open, 
company have not always been • The Luxembourg-based Euro- 
without strain. bond clearing system Cedel’s 

The rather individualistic introduction, of a collateral ovei^ 
weekly newsletter which he draft fadli^ has b^me effec- 
edited, stopped publication at tive with, the q£ dght 

the end of last year. unspecified banks. 

^ ^ Last night he said that his Francis Chiles, adds: ^le 

Occidentiu was generally quoted resignation stemmed from a French State railways. Sodete 
around 9< bid; Eurofima re- “ fundamental difference of Natlonale des Gherains de Fer 
covered to the same level, "rae policy” between him and the Franeais (SNCF) will be borrow- 
wsw manager was quoting New York h^d office. He has ipg in the Japanese foreign bond 
bid, a price which he says he has not committed himself to another market in April. The Frencta 
been maintaining since Tuesday job, 'fbe implications of his State electricity company, Ele& 
morning- resignation for the way Kidder trieite de France, could well-i 

The main talking point in the bandies its international business follow SNCF, while Banque 
market among the dealers in were not clear last night 
London yesterday was the redg- Turnover in the X>-Maik sector 
nation of Stanley Boss from his picked up yesterdayl Denmark's 
position as head of Kidder two tranche issues has ' been 
Peabody’s London operations, priced at 99i in both cases. The 


Francaise du Commerce 
Ezterienr which borrowed in Yen 
last year, is expected back in the 
Tokn capital market later vbia 
year. 


Authorities 
act alone 
over bank 
rescue 


By Robert Urdum 

MADRID. Jan. 18. 
THE BANK of Spain's interven- 
tion to support a small Spanish 
commermal bank. Banco tie 
Navarra,-- wag the r^nlt of 
Intense behind-the-scenes politi 
cal dlscussioos, it emerged 
to-day. 

The consensus of the bankers 
was Out. they themselves were 
reluctant to assist in a rescue 
package for Banco de Navarra. 
Indeed, vatioos efforts by Banco 
de Navarra to Interest possible 
purebasws In recent weeks had 
met with negative responses. 

This therefore left the Govern, 
ment with little option but to 
approve tiie Bank of Spain's 
rescue operation . to gusrantee 
depositorfl. 

Banco de Navarra, founded in 
1964 under the name of Banco 
de San Adrian, has deposits of 
Ps.9bn. and a capital of Ps.lfihn. 
fnot Ps.l70m. as r^rted yes- 
terday). 

The bank has some SfiOO 
shareholders and 8-1 branches. 
Out of more than ItO commer- 
cial bankv it ranks 62od in terms 
of deposits. 

While the hankina commonly 
is relieved that the Rank of Spain 
has stepped in nuicklv to tiie 
rescue, the atnaller hanks are 
understood to he concerned that 
the "Banco de. 'Navarra omerieDce 
mav precipitate a movement of 
deposit* to the larger and better- 
known banks. 


AMERICAN NEWS 



Strong fourth quarter at fiankAmeriea Zenith to 

writedown 


BY STSWART FUMING 


new YORK. Sta^ 1& 


BAN’KAMERIC\- CorporatioVt 
parent company of tite world’s' 
largest commefcial bank, Ims 
reported another strong ffia In 
profits in the fourth quarter of 
1977. In line with the trend in 
earniiTgg at other Cafifcmian 
banks, BankAmerica's fourth 
quarter profits before seentlttes 
tzusaetiODs rose to ^108.8 di. 


from $M.6m. a year ago» an In- 
crease of 19.3 per cent The 
foarita quarter gidn comes on 
top of profits growtii earlier fn 
the year whieh af^r nine 
mOtttte -had left the bank: udfli 
a 12 per cent, n^ profit gain 
compared with' the same period 
oflPTfi. For the whole of 1977, 
the hank^ are 

8395.1m. compared - with 
5335.9m. in 1976, an inttease of. 


173 per cent. Earnings P« 
share ' for the year are 
-eompared with $2.40 In 
In ewnon with, odier U.S. 
banks, the company baa be^ 
B dMUfilUiT tKDQ 
in loan loss provisions and in 
leau whidi are eamiRg no 
interest or redneed inleresL 
-The bank’s interest {neome has 
also been rising strongly r^ect- 
ing growth .in earning assets. 


Swiss watcl 

oi^boot 




Foreign investments boost 
profit at Bank^ Trust 


NEW YORK, Jan. IS, 


CKiCAGO, Jan, 

2BN11H RADIO said that ti ^ 
write down ilk investmoat J 
Zenith Time SJU its ^ 
wat^-maklng -subsidiary, . b 
related wafich distzxbtttion opB 
tions. -j. 

The writedown will Ttsak I# 
dmTge against foimth^u^w 
earnings of about 40. eeala?. 
share. . . ' ,'C* 

Zenith said tim operatifli. . 
have not been profitable ,'S.. 
accounted ier less tIrin .B d 
cent, of fiODSOlidateti -sales,- ; 

It added that discusaionsi^ 
being held with undifldosed., 
terests in Satitxerland 


... the purchase of the watch , 

BANKERS TRUST New York S61.6m. or $5 j 06 a ritare against volume and heavy gams m saving antteipatioh 

Corporation, reporting yesterday, $S7.6m. or $4.76 a share. Nqt deposits. contimting its operations a 

said that foortb-quarter earnings after transactions was S6L3m. or Net income of nroducer and mariceter 

were aided by a variety of factors ^-03 against $563m. or $436 a National Corpontion for me ^^es... . ' • - 

when eompared with the fourth share. ' ' fourth quarter ended December (watchmaking subsidi^ 

■marter of last year and the third Also reporting yesterday was 31, 1977, before securing tian^ acquired by Zenith in 19^- 
quarter of 1977. Revaluation of Wells Fargo with $135 per sh^ actions rose from $12.^. m zenVfh Radio Corp. has 

foreign investments added an net for the fourth quarter against $15.9m., or from SI per snare to gisciosed a loss of 5: 

after-tax $3.4m. to fourth-quarter $031. This was 00 net income $13 per sfaare.'Net meome aner ^ third quarter 


-of 


German BP Iok 
totals DM124m. 


NOTICE OF REDEMPTION 

fo the holders of 


GENERAL MILLS FINANCE N.V. 

(now General Mills, Inc.) 


8% Guaranteed Debentures Due 1986 


NOTICE IS HEREBY GIVEN TH.AT pursuant to. the proviaoas of fbe Indentere 
dated as of March 1, 1971 among General Mills Finance N."V., General Milln, ]^e., as 


HAMBURG. Jan. ^ 
DEUTSCHE BP AG e.vpeets over- 
all losses of DU54sn. in lff>7 
which .would push the company’s 
balance-sheet iMses to DU124tn. 
compare dwith Dl^Om. at the 
end of 1976. 

During the year oil business 
losses rose to DM260m. from 
DM227-m. These were reduced 
by profits from subsidiary com- 
panies. ebenricai industry parti- 
cipations. syo^etics production 
and. finally; currency profit 
which totalled DMMm. due to 
the dollar’s depreciation. 

However, the company expects 
hudier petrol prices this year to 
solve the problem of oil losses. 
Reuter 


Guarantor, and Bankers Trust Company, as Trustee, as supplemented by a First Supple- 


mental Indentuin dated as of May lo, 1974, $800,000 piineipal amount of the S% Gdar- 
antecd Debentures Due 1980 have been select^ for redmptton 0 


. _ femptton on March 1, 1978 throngh 
the operation of the mandatory Sinking Fund. An additional $1,000,000 principal amount 
of the Debenture^ have been selected for redemption throngh the operation of &e optional 
Sinking Fund. The numbers of the Debentures selected for redemption are as follows: 


Mias 1120 2187 3236 4746 5635 6647 7^9 8706 

110 1131 2203 2254 47S9 5«7 666S 7792 6712 

111 1156 2207 3295 4760 5649 6683 7S05 S732 
119 1197 2211 3271 4767 S(£3 6634 7315 8741 
130 1173 S217 3338 4771 5662 6697 7S54 8743 
129 1176 2219 3349 4774 5663 6711 7859 87«1 
137 1183 2253 3363 4775 5665 6712 7830 8709 
133 1210 22&» 3369 4776 5670 6726 7912 8795 
149 1211 2268 2372 4793 56S3 6739 7920 8798' 
153 1215 22S6 3379 4808 5693 6758 7942 8321 
169 1220 2312 3377 4819 5698 6764 7943 SB23 
1T4 1222 2315 3378 4817 5703 6768 7969 8856 
180 1228 2330 3379 4827 5708 6797 7975 S357 
190 1263 2339 3424 4831 5714 6800 7992 S353 
207 1271 2348 3-M2 4339 8722 6307 7993 3883 
SVC 1272 2353 33^9 4840 9729 6821 8013 8908 
263 1277 2357 3552 4845 5740 6835 3018 8921 

278 1278 2358 3C5S 4856 5750 6836 8026 8323 

279 1297 2359 3558 4862 51^ 6355 8029 5924 
2?3 1300 2392 .U73 4864 5768 6861 8030 8946 
298 1310 2404 3574 4879 5773 6363 8036 8966 
321 1329 2403 3575 4880 5776 6887 8056 8967 
325 1333 2412 3722 4369 5785 6909 8069 3982 
343 1342 2423 3757 4S91 57S7 6936 3076 8996 


9704 109S7 12001 13108 14177 1S202.J6607 17624 1S6B6 
9782 10960 12005 13109 14199 15204 16619 17041 18658 
9741 10990 12015 13120 14204 15205 16670 17642 18684 


V68 11007 12037 13121 14227 15207 16704 17646 18891 
9792 11011 12038 13128 1422S 15211 167V4 ^7665 18707 


9793 11033 12041 13148 14246 15221 16SS9 17660 18732 

9S01 11051 12075 13159 14248 15225 16693 17669 18723 

9812 11(»4 12093 13169 14261 15227 16933 17670 18746 

9813 110SS 12086 13189 142S4 15228 16969 17677 18759 

9818 11057 12120 1320S 14264 15236 17003 17680 18768 

9326 1 1060 12127 13208 14270 162-12 170W 17665 18788 

9839 11091 12128 18209 14280 16244 17018 17707 18797 

9844 11101 12133 13228 14299 16246 17015 17709 18814 

9356 11107 12181 13234 14303 15249 17016 17716 18815 

9860 11118 12184 13264 14311 15260 17022 17740 18842 

9863 11126 12203 13266 14316 15267 17029 17745 18843 

9864 11137 12208 13278 143S6 15268 ITOSQ- 17757 18872 

9897 11145 12212 13281 14365 18271 17035 17767 18888 

9999 11152 12220 13235 14384 1S282 17043 17784 18902 

9911 11157 12245 13295 14386 16284 17048 17793 .18918 

9926 11199 12267 13309 14387 15285 17051 17795 18939 

9945 11171 12269 13331 14427 15288 17058 17797 18959 

9962 11306 12235 13334 14431 15289 17056 17800 18976 

9992 11307 12295 1SSS5 14432 1SZ97 17058 17835 18988 

567 1349 2433 3758 4695 5797 6945 8082 9000 10004 11308 12296 13360 14433 16302 17C60 17828 19Q2S 

568 1370 2454 S762 4915 5801 6959 8090 9002 1QOSO 11318 12313' 13361 14461 15307 17063 178SS 19029 

387 1433 2453 3764 4921 5808 6970 8092 9003 10059 1134S 12334 1337S 14402 15321 17068 17840 19038 

406 1434 2456 3780 4922 5809 6986 8103 9004 10068 11396 12340 13408 14464 15324 17078 17861 19040 

414 1445 2459 3788 4927 5826 6994 8115 9009 10095 11357 12341 13409 14466 15327 17079 17862 19057 

609 1449 2461 3794 4929 5827 6996 8129 9012 10103 11353 12346 13435 14472 15338 17082 17874 19078 

517 1454 3491 3799 4935 5330 7013 8146 9016 10120 11880 12350 13450 14473 15»0 17083 17881 19074 

561 1459 2492 3804 4954 5840 7021 8149 9038 10127 11412 12370 13468 14477 16361 17096 17883 19101 

663 1467 »99 3809 4964 5854 7028 8160 9039 10133 11428 12373 13464 14498 15356 17102 17908 18104 

578 1482 SIS 3811 4966 5856 7033 8169 9040 10146 11439 12386 13495 14522 15362 17103 17909 19110 

584 1542 2517 3824 4969 5857 7037 8170 9042 10147 11444 12400 13497 14525 16364 17108 17V14 19119 

687 1554 2525 3854 4988 6865 7059 8181 9048 10155 11448 12407 13498 14628 15366 17110 17920 19132 

6S8 1555 2528 3902 4990 6871 7060 8198 9056 10168 11467 12409 13517 14656 15358 17118 17923 18144 

539 1565 2545 8915 5007 5876 7063 3209 9063 10169 11473 12411 13S2S 14557 15373 17143 17932 1914S 

696 1536 2549 3944 5011 5910 7068 8212 9065 10192 11474 12480 13551 145S8 16386 17146 17988 19146 

597 1593 2554 3945 5020 5913 7090 8224 9093 10224 11483 12438 13556 14661 15387 17146 17939 19166 

698 1597 2555 4208 5021 5919 7096 8227 9102 10239 11494 13441 13568 14562 15892 17147 17941 19167 

613 1598 2570 4219 5022 5940 7131 8244 9112 10245 11497 12443 13598 14590 15393 17165 17548 19198 

615 1601 3587 4329 »)3a 5956 7141) PMS 9115 10259 11499 12462 13600 14697 15396 17177 17949 19208 
635 1610 2589 4S45 5041 5957 71 >7 9123 10260 11S2S 12463 13601 14604 15406 17169 17951 19236 

647 161S 2CS4 4249 5050 5958 717.' K.'59 0136 10271 11931 12473 13665 14607 15412 17194 17952 19239 
669 1629 3660 4253 50b0 5966 71/J 3267 9137 10277 11542 12481 13697 14608 15413 17201 17954 19248 
637 1638 3686 4275 5067 5969 7179 8234 9146 10273 11544 12482 13701 14609 15415 17206 17992 19^ 

688 1661 2693 4283 5068 5974 71S0 3283 9160 10280 11545 12501 13703 14611 15416 17214 17994 19256 

696 1662 2695 42S9 5034 S93S 7t»8 S298 9163 10204 11560 12504 12703 14613 15417 17223 17998 19S7 

697 1675 2744 4291 5092 5941 7220 SS01 9164 10220 11SS0 12513 13709 14614 15443 17331 17999 19285 
69S 1580 2795 4300 5094 6001 7228 8311 9170 1033S 11591 123S9 13732 14621 15446 17234 18036 19304 
718 1684 2797 4321 5102 6003 7239 *121 9188 10364 11593 12541 18733 14623 15450 1 7235 18048 1 9308 
733 1711 2829 4326 5119 6009 7241 8324 9192 10371 11603 12559 13742 14547 15461 17237 18056 19323 
741 1716 2830 4327 5121 6039 7341 8341 9194 10381 11521 12570 13788 14664 15463 17240 18052 19324 

754 1741 2837 4345 5122 6053 7348 8344 9199 10334 11622 12583 1S790 14675 15464 17243 18076 19384 

755 1743 2847 4355 5126 6060 7359 8357 9260 10395 11624 12585 13792 14695 15468 17367 18089 19337 
76S 1744 2849 4357 5140 6049 7872 83» 9295 10409 11646 12589 13812 14710 16471 17280 18111 19351 
779 1764 2666 4358 6145 6072 7378 8361 9302 10427 11652 12605 13823 14713 15483 17290 18116 1^57 
7S3 1793 2868 4369 5147 6077 7379 8365 9309 10423 11659 12613 13830 14726 15465 17293 18135 1 9364 
786 1S01 2874 4372 5215 6031 7380 8384 9320 10430 11666 12625 13843 14773 15499 17305 18143 19370 
803 1S04 2879 4377 5216 6104 7398 83^ 9324 10471 11668 12630 13355 14778 1SS01 17308 18160 19383 
811 1805 2886 4381 5218 6116 7399 8402 9326 10478 1167D 12634 13856 14780 15502 17311 18170 19396 
822 1813 28SS 4405 5234 6118 7400 8405 9333 10491 11684 126S2 13864 14781 15503 17312 18183 19404 
S2S 1815 2899 4409 5239 6119 7411 8408 9351 10492 116SS 12667 13875 14783 15504 17813 18200 19407 
850 1819 2905 4500 5249 5124 7422 8409 9355 10496 11708 12678 13883 14799 1^15 17314 18218 19437 
SSI 1822 2909 4506 5252 6130 7423 8420 9354 10527 11710 12680 13390 14816 15516 17315 18330 194U 
853 1840 2919 4507 5253 6153 7429 8428 9366 10533 11727 12699 139G3 14849 1SS41 17318 18244 19460 
S£0 1867 2924 4513 5255 6163 7438 8437 9367 10534 11732 12708 13913 14364 15547 17335 18246 15467 
867 1873 2927 4520 5271 6174 7444 8446 9381 10591 11735 12722 13921 14665 15550 17356 18247 19483 

890 1900 2945 4627 5286 6176 7454 8448 9401 10603 11736 12733 13923 14889 15551 17358 18259 19496 

891 1921 2958 4538 5293 6187 7468 8460 9402 10614 11738 12735 13927 14907 153S2 17359 18268 19498 
901 1934 2967 4539 5294 6197 7473 8466 9404 1051S 11809 12738 13932 14977 13575 17360 18Z92 1 9515 
90S 1957 2986 4543 5304 6211 7478 8482 9414 106C3 11S40 12769 13962 14980 15581 17373 18294 19S2S 
90S 1940 2987 4544 5312 6229 7500 S4S5-9417 10675 11S41 12783 13950 14999 15S93 17381 18295 19584 
909 1941 2992 4547 5313 6254 7508 8490 9419 10678 11842 12785 15973 15000 15629 17399 18296 19538 
924 1956 3001 4S65 5324 6260 7513 8537 9445 10680 11355 127S6 13975 15003 15653 17400 18297 19596 
929 1957 3002 4570 5327 6265 7517 8538 9447 10681 11862 12787 13995 15014 15668 17401 18300 1«61 
9S0 1958 3003 4584 6344 6281 7586 8539 9468 10691 11864 12803 14017 15017 15670 17402 18306 19571 
931 1973 3004 4588 5356 6292 7544 8540 9469 10700 11867 13804 14026 15018 15703 17409 18S19 19583 
933 1974 3025 4595 5357 6294 7545 8545 947S 10719 11882 12S05 14027 15024 1S721 17415 18331 19585 
945 1975 3036 4S96 5381 6318 7666 8557 8493 10726 11884 12810 14029 15049 15735 17418 18348 19610 
961 1992 3044 4607 5384 6323 7577 8578 9516 107ZS 11885 12813 14030 15053 16044 17458 1S344 19612 
979 2007 3084 4615 5387 6356 7579 8537 9527 10740 11SS6 12820 14P31 15054 16260 174S9 18356 19640 
985 2038 3085 46Z1 5395 6358 7597 8595 9534 10744 11SS8 12842 14046 15078 16068 17461 18366 19642 
9S6 2043 3090 4624 5399 6373 7600 8597 9538 10745 11905 12848 14058 15076 16097 17465 18368 19066 

1015 2064 3095 4628 9400 6376 7616 8S9S 9534 10769 1192Q 12866 14059 15079 16137 17468 18383 19669 

1016 2065 3129 4630 541S 6390 7622 8601 9556 10777 11921 12368 14060 13092 18144 17495 18392 19671 

1027 2058 3153 4631 6425 639S 7625 8613 SSS7 10814 11933 12S94 14094 15100 15180 17503 18403 19680 

1028 2069 3154 4646 5435 6408 7638 8618 9985 10S30 11934 12904 14103 15102 161S1 17314 18410 1978S 
1027 S0S9 3155 4662 5436 6410 7644 8637 9336 10851 11951 12917 14107 16103 16182 17S36 18417 19790 

1040 2090 3157 4674 6443 6516 7661 8628 9597 10857 11954 12921 14112 15106 16193 17S46 18430 19791 

1041 2091 3171 4676 5446 6522 7662 8635 9601 10064 1l9S6 12925 14119 1S119 16209 17S54 16«m 19834 

1039 2094 3192 4585 6537 7665 8648 9608 10872 11960 13935 14)34 1S1S2 16210 17566 1$437 19835 

1000 2104 3193 4687 5581 6555 7686 8661 963S 10874 11963 12943 14157 15154 16211 ^7S7^ 13450 198S2 
1081 2113 3194 4690 5582 S5T 7693 8662 9639 1Q90Q 11966 12971 14158 15162 16212 17393 18452 19867 
1090 2125 3201 4692 5594 6565 7709 8663 9658 10901 11973 13033 14163 15166 1687S 17594 18460 19874 
1104 214S 3210 4709 5595 6SS5 7721 8670 9659 10925 11995 13040 14164 15176 16S16 17595 18462 1988$ 

1112 2164 3211 4719 5618 6611 7729 8683 9660 10942 1199S 13042 1416S 15182 16388 17396 18628 19848 

1113 2176 3229 4732 S6S0 6612 7765 8694 9668 10944 11999 13078 14173 15140 16521 17618 186S5 19904 
1119 2178 3235 4735 5621 8626 7758 8703 S653 10945 12000 13107 14174 15193 1^4 17620 13640 19916 


lAodi-NSU output 

INGOLST.ADT. Jan. 18. 
AUDI-NSU Auto Union AG lifted 
total production by 31 per cent- 
to 3M.OOO vehicles in 1977 
including 22,000 Porsebe 9245. 
Turnover of this Volkswagenwerk 
AG rose 40 per ceuL to DM.C2bn. 

The company also announced 
that last year's net profit -will be 
above the DM55.2m. of 1976 — 
reflecting the healthy state of the 
motor industiy and Audi’s own 
bigber production and sales 
figures. Work force rose by 3,000 
to 28.349 last year and average 
daily production increased by 
more ttan a quarter to 
vehicles from 1,119. 

Reuter 


earnings and the sale of minority of $23fim.. against S16.4m. In the securities traiu^ons roK from mtta a profit of $9A.- 

interests in four African banks final quarter of 1976. • . $lS.lm. or $1^ per snare oj cents a share iast.year^ 

added $1.4m. to after-tax earn- Income before securities trans^ $15.9m. or $1-^ per . snare- The third quarter loss indu^-- 

mgs. actions was $24.4n., or SU.0 remit hft^ n^.meome ^ ^ ^ _ 

Net before securities trans- against S16.9m., or SOBSl before sccnriti^ tiansactioM /or ^ colour picture ^ 

actions was S19Am. in the final For th^ year, net was $86.3m., ® iTSa plant and a pre-tax charge c • 

1977 qnarrer, against S16fim. in or S3.B8 against $63fim., or $3.16. or JB.63 per share to SaSBm. or from writedown- of SwR • 

the same 1976 period, giving Income before securities crans: $4.35 per share. . inveotoifes; i 

$1.60 per share against Slfi9. Net actions was S87.3m., or .$4.03 .Kie yearfs net_ iacmae. aftw for 1976 the company reports 

after transactions was SlBfim. or against $63fim. or $3A6* ~ — 

$152 against SlSAm. or $lfi3. The company attributed the 


For the 
securities 


year net 
transactions 


before record 
was estate 


rne years mwwic. For 1976 the company reports 
securities transactions r»e from ^ $38.ftm. or $2.05 a sbai ' ' 

“ on Mletrf WTSJim. /or a - 


-resuKs to strong zeal $S3Bm. or $4.35 per share. 


and consumer lending 


Agencies 


Bendix sees upturn this year 


1976 fburth quarter, net inc 
was $13Bm. or 73 cuts a 
on sries.of $279.4m. 

AP-DJ 


DETROIT, Jan. 18. 


BENDIZ CORPORATION said of fiscal 1977 the company earned profits over the last year ** in 
"it will be difficult”^ to exceed $5.29 per share on revenues of spite of a loss, experienced by our 
last year's second quarter re- $3.30bn. largest foreign subsidiary DBA in 

suits, but results for all of fiscal William M. Agee, chairman of France.” 

1978 ending September 30 should Bendix Corporation which re- Agee said ** while we cannot 


Quebec study 
ui^es asbestos 
investment 


be higher. 


By Robert Gibbens 

MONTREAL, Jan. 1& 
asbestos 


ported record first fiscal quarter yet foresee a significant improve- tBCREE ASBESTOS processo 

Tho Minnanv tn-rtav renortod revenues and eamlngs said “ good ment in France our largest in- products could be made econoitf^,- cjrr] 

The company to-day reported jjy jj,e company's opera- temational market DBA remains eally in Quebec, requving hi-e . 

tions which supply North a priority object of our atten- vestment of about SCfiOm. an 

American car and truck makers Uon.” creating about 400 jobs Ovt ' 

helped the company's per- Agee predicted tiiat in Ught of three or four years. • says . UtTlC^ J t 

formance and a ” continuing .the record first quarter results second volume of an asbestos ii),.iu- a 

last year’s second quarter, strong demand ” in those opera- ” We expect to have another dustry-como^sioned study. 


first quarter earnings of 8L2S per 
share, up from $1.20, and 
revenues of S847Bm., up from 
$765.3m. 


In 


Bendix earned SL34 per share on tions accounted 
revenues of $8^.0m. and for all in automotive 


for an increase record year in 1978.' 
revenues and Agencies 


Crane stake 
in Zapata 


NEW YORK, Jan. 18. 
CR.4NE CO. has disclosed to the 


SEC stresses obligations 
of outside directors 


BY OUR OWN CORRESPONDS4T 


SBC that it has ^reha^ jpy j,j,g gjjongggj statement so . The SEC statement is intended 


630.800 shares, or about .8.6 per 
cent, of the outetamting common 


ui «u«ui«uaK sboitt tho reapoosibmtie? of to have a. general appUcation 

stock, of Zapata Corporation, tiie. although it deals specifically with materials. 

diveisiSe^ergy rSneern based .^ National Telephone - - - - ■ 

in Houstoiu Crane said, rbe ^ It says that tfie six 

their 


Zapata purchases were made in 
the op'eo market at prices rang- 
ing from $14fi0 per share to 
$l9fi0 per share, between 


an 

accuracy of information 
companies give investors. 
The SEC position is set 


SBC position 15 set out 1;(WU4UWU oDeratinns 

report issued earUer this as as the optimistic nature operations. 

*m .... nF ^fia Mtm iianv*C8 


The $C225,000 study has bee. 
carrl^ out on behalf of th' ‘ 
industry by Sores Inc., a sul 
sidlary of SNC group. Montrea 
Canada's second largest enginee 
ing firm, with the participatlo 
of Arthur D. Little of the UJ 
The first volume, published Iai 
fan dealt generally with th 
possibilky of further pincesehi 
of asbestos fibre in the Provlnn- 
Tbe three products singled os 
by the second volume are flooi 
ing. felt, moulded frletlK 
and asbestos^emeq 

On finished Aeets. It suggests tb| - 
says tbarthe six directors any, new venture to make suq 
aware of significant facts Products would bare most chanc 
.concerning the company's f^ecess ii It 
troublesome financial condition "^w 


NEW YORK; Jan. 1& 


_ . were ”101811 
and not linked to existih 


I Von Roil reduces loss 

ZURICH. Jan. 18. 
SWISS engineer Von Roll AG, 
of Geriafingen, expe^ a reduc- 
tion in annual operating losses to 
some SwJ'rs.lOm. for the year 
ended November 30 last, writes 
John Wicks from Zurich. This 
would compare with losses of 
SwF’n.25.5m. in the 1976 finan- 
cial year and as much as 
SwFYs.^Bm. in the previous 
business period. At the same 
time, the company will have 
returned to a positive cash^ow, 
also at about Sw.Fr5.lOm.. after 
casb-Ioss figures of Sw.Frs.12.^. 
in 1975 and Sw.Frs.4.Sm. in 1976. 

The group, which is in the 
process of a large-scale reor^ni- 
sation programme, reckons with 
a fall of turnover iu the past 
financial year of some 5 per cent 
from the 1976 level of 
Sw.Frs.S01.6m. This was caused 
by the cessation of production of 
uneconomic items and falling 
prooeased-eteel prices. 


December 15 to Januaiy 13. The ^ on torinw outsidTdi^ecto^ of company’s disclosures in 
company «ud it spent some of NaSonalT^^^ «« and 1975, which were is 


$10.6m. to acquire Che shares. 

Crane said (hat considering 
Zapata's financial position, k 


the true 


QOw in bankruptcy proceedings. cimtr^t with 

The report concluded that six stale p*' its affairs.; 
dws not tatenrio directors of It added that in these circum- 

of Zanata onmose a merger or company failed to ensure stances, the outside directors had 

ttet it wa, maMog tuU dteclobure ■ at. affirmatiTe duty ■ to aee ttat 


U.S. steel 

sells plant 



between Crane and Zapata, or 
seek re^reseotation on Zapata’s 
Board. 

AP-D3 


of its financial condition. 


proper disclosures were made. ~ 


By Nicld Kelty 

NASSAU. Jan. 18. 
UNITED STATES’Steel Corpon 
tioD's $^m. Bahamas Cemci' 
Company plant at Freepor 
Grand Bahama, has been sold t ' 
International Development Co - 
poratlon SA Luxembourg for a 
undisclosed . sum. 

IDC chairman Yusuf A. Haroo 


Recovery at Int. Paper 

r OWR OWN CORRESPONDENT - rhw YORK, Jai 

ABkOX CORPS profits for the 

fourth quarter and full year 1977 A STRONG earnings recovery in rivals in forest products, paper chairman Yusuf A. Haroo 

will be in Mne with Wall Street tiie fourtii quarter helped Inter- and pulp manofacturing. talks, with. Bahamian Goven 

analysts’ expectations; a company national Paper, the world's Net income in the fourth nffli-intc in<iiM+a4 pnii 
spokesman said, reports Reuter largest paper manufacturer, to a Quarter was ss4m m- 
fOT New York. net profit of S234m. for 1977. 7.8 Siare, against S&m. or W.02 

The spokesman also said per cent down on the 

Xerox anticipates raising its before, 
current 40 cents quarterly divi- 


ment officials indicated full ci 
operation in the effort to resum 
" plant operation. The 14-year-ol 


year share for 1976 Sales were S949in company, which pn 

,,,,,,, ^ Smp>«d ^tii a>e U.S. marite 

Throughout last year tiie corn- 


closed lari 


June because • c 

dend in 1978, and over the next pany suffered from sluggish insufficient revenues to mee 

five years the dividend payout demand at home and abroad and $t^a share were $20m. down taisher operating costs, 

ratio will probably increase to an inability to increase prices as although sain, at IDC is a holding company witr 

about 50 per cent of -earnings much as it wanted. For the first P®*” cent^igher world-wide interests inclndin.' 

Crom the current one-third ratio nine months net income was U » previous years $3fi4bn. affiliation with eompanle 

He termed Wall Street fore- per cent down on the previous j w*rreDt stock mvket engaged in the production ani 
casts that Xerox will earn year but a ^ per cent rise in toe pnce/earnings ratio is international marketing*- . .h- 

approximately 81.15 a share in fourth quarter profits will mute eroono 7.S. cement • 

tee fouAb quarter aud,bave 1977 some of the criticism that Inter-' 


net of about S5.05 
” quite accurate. 


a share as national Paper is being outper- 
formed by some of its smaller 


TWA sees final 
quarter upturn 


Bebentnres herein designated for redemption win become due send -payable at 100% 


principal amouni' theimf in U. S. Dollars ab the office of Bonkers^fust CSompany, 
Corporate Trust Divi.iion, One BanteK Trust Plaza, New York, New York 10006 or at 
tho option of the holder, at tbo main office of Citibank, N.A. in Frank£urt/3Iam, the main 
oflice of Banque dc Paris ct des Pays-Bos in Paris and the main offices of its affiliates in 
Amsterdam, Brussels and Luxembourg, and the main office of Banea Commcrdale Italiana 


in niilan, upon presentation and surrender of said Debentures accompanied^ all coupons 
7$. Payment outside New Yoiifc Qty will 


appertoininp: thereto maturing after March 1, 19 
be made by check dravm on a dollar account, or by tranter to a dollar account maintained 
by the payee, UintTi a bank in Now York City. Coupons maturing March 1, 1978 or prior 
thereto should be detached and presented for payment in the usual manner. On and after 
UuTch 1, 197S, interest on the Debentures hismn designate iot redezoption cease 
to accrue. 

Debentures selected for redemption on March 1, 1977 whirii ha-re not been presented 
forpajunchtarc: . 

M3S3S 2657 3767 4332 4335 4412 ^34 1193$ ieS18 17348 


D.ATED: Januaiy 19, 1978. 


GENERAL MALS FINANCE N.V. 

(how Gsoerd liK.) 

Jrj Bankers Trust Company, Trustee 


NEW YORK. Jan. IS. 
TRANS WORLD AIRLINES wiU 
report its best fourth quarter 
results since 1966, Edwin Smart, 
cha|xman and chief executive, 
told .A^Dow Jooes to-day. 
Because of slow airline business 
the fourth period is ti^itionaily 
a loss period for the company but 
for the 1977 fourtb quarter TWA 
expects to break even or report 
a profiL 

The results vrould mean TWA 
for the full year will report the 
highest net profit in its history. 
Despite these results TWA has no 
plans to declare a dividend oo 
the common stock in the 
Immediate future, Ur. Smart 
indicated. He noted toat bank 
and insurance company loans to 
the company carry restrictions 
that currently preclude any 
common dividends. He added, 
however, that with another SlOm. 
in airline earnings adjusted for 
certain items TW.q will be free 
of such restrictions. 

Last year TWA reported a 
corporate net loss of SlMm. in 
the fourth quarter, for the fuU 
I year TWA reported net profits 
of S37m. or $2.51 a share. TWA's 
{record profit was $54m. in I9K. 

While Hilton International, a 
hotel subsidiary, and Canteen 
I Corp., a food service subsidiary, 

' recorded good performances, it 
I was the airlibn which showed 
1 the principal Improvement in the 
fourth quarter, Smart said. 

Eariier iu the year airiine 
results had been deteriorating 
, mainly because of increased 
losses on domestic routes- But 
I Hilton Internationai and Canteen 
had contributed greater profits. 
As a result iu the first II months 
consolidated net profit was 
[$66.6m., or $3.98 a share, up 
Ifroffl $448nL« or $3.10 a share. 


UiS. QUARTERLIES 


RLC CORP. 


FIm Qiwrtcr 


Revenue 

Net profits 

Net per share... 
Net share dll... 


ivn am 

57.8ffl. 49.7m. 

4-2m. 3.3m. 

0.57 0.46 

0.51 0.38 


MIDLAND BANCORP. 


rwwUi Qnrtcr 


aVTT 
s 

Net profits 747,000 

Net per share... 0.73 

vmt 

Net profits ...... 2.5m. 

Net per sbare.i. 2.43 


am 

s 

7604)00 

0.74 


2.8m. 

2.70 


30STENS INC. 


S io etf Oiivtcr 


l«R 

S 

Revenue 50.1m. 

Net profits 3.8m. 

Net per share... 0.54 

six Manthc 

Revenue' 8S.4m. 

Net profits 3.4m. 

Net per share... 0.68 


ifffi 

39.3m. 

2.1m. 

0.41 


672m. 

2.6m, 

0.51 


FIRST MISSISSIPPI 


Fean)i Qnartor 1VT7 

5 

Revenue 34J2m. 

Net profits *447,083 

Net per share... — 

Year 

Revenue 69.9m. 

Net profits 1.4m. 

Net per share... 0.17 

■ Lost. 


19» 

S 

35.0m. 

2.7m. 

0.33 


66.9m. 

4.6m. 

0.55 


SOUTHERN NATION.4L 


y«xrth Qiarter 


Revenue 

Net profits 

Net per share... 

Ye**- 

Revenue 

Net profits 

Net per share... 


ivn 

i 

9fim. 

1.0m. 

0.92 


zm 

s 

SAm. 

].0m. 

0.S3 


333m. 31.3m. 
3.-Sm. 2.9m. 

2.83 2.4S 


MIDLAND GLASS 


Pint Qaartor 


Revenue 

Net profits 

Net per share... 


1VT7 

s 

34.3m. 

1.4m. 

0.48 


im 

27.0m. 

0.0m. 

0.36 


U.S. BANCORP 


Pnartti QBariar 


Net profits 

Net per share... 

tmt 

Net profits 

Net per share... 


zvn 

s 

9.7m. 

1.00 


MTS 

7.8m. 

0.89 


37.3m. 29.5m. 

3.S6 S.31 


DIPERIAL BANCORP 


pponJi Qiivter 

ivn 



s 

S 

Net profits 

478.699 

302,828 

Net per share... 

041 

0.35 

Year 



Net profits 

2.4m. 

1.5m. 

Net per share... 

2.48 

1.81 

UNION CA3XF 

Fourth Quarter 

1477 

Z978 


s 

$ 

Revenue 

266.6m. 

243.8m. 

Net profits 

251)m. 

28.0m. 

Net per share... 

1.04 

1.16 

Year 



Revenue 

Llm. 

1.0m. 

Net profits 

114.7m. 

llS.6m. 

1 Net per share... 

4.73 

4.97 

SECURITY PACme CORP. 

1 Fourth Qiarter 

UTT 



S 

s 

Net profits 

26.1m. 

20.Sm. 

Net per share... 

1.23 

0.98 

Net profits 

100.2m. 

76.3m. 

Net per share... 

4.71 

3.58 

ARCHER DANIELS HOD. 


stcess Quarter 


1V77 1V76 

i s 

Net profits 14.606m. 16.S78m. 

Net per share... 0.47 0,54 

Sli Maxtbs 

Net profits 2S.777m. 32.540m. 

Net per share... 0.92 1.04 


RALSTON PURINA 


Pint Q-Jarter 


Revenue 


ivn 

$ 

9S5.ljn. 


Net profits 43.2m. 


Net per share... 0.40 



The J^tsui Trust and 
Banking Co., Limited 


Negotiable Floating Rate U.S, Dollar 
Certificates of Dqjosit. 
Maturity date 19 January 1981 



fo arewdance with Ae provisions of the CertiEcates 
(^.Deposit notice is hereby given that for the initiaL 
SIX month interest penod from 19 Jam^ i07fi 
to 19 July 1978 thrCeroficates^^^ 

Interest Rate of 8V«%peranmini. , 

/-L Agent Bank 
The Chase Manhattan Bank, N.A^ 
London 




Weekly net asset value 

on January 16th, 1978 
Tokyo Pacific Holdings U.V. 


0 5*^9 8^*^*^^ Holdings (Seab^i^) ‘ ’ * v: 


U.S. $40.94 


Amsterdam Stock Exchange ■ ■' V 

^nfom«Ii«:Ph«on.HeldringaPicn«a N-.v„ 


PRICE INDEX I0.T.78 

ON Bandi - 107.65 

HPL Bondt 8 Now 101.60 
U.S. 5 SsT. Sand 100.40 


VONTOBEL EUROBOND INDICES 
1«J6«=100% 

AweaAGs riEtfr 

107.66 OM Bands -6.««1 

M'il Bonds 8 Nm .8.090 . 

U.S. $ StPs. Bonds . S.6J3 



4 












^Phl* 


RNATIONAL FINANGIAL 


COMPANY NEWS 


'-Q|]j|)S. BANKING 


lAUSTRAUAN COMPANIES 


'"'•SSr 


Recoveir fayours regionals Amata raises dividend 

Vr ^ * MM BMMNM ■ 




'7SAKS AGO, mnMsa- 
. al banlu fnmi big eitiei like 
' Yprk were ainoss the 
. ' ' lOUr stocks of the banldag 
3r. But to>day. as Hie 

• ,S5^ reports what promises 

its best profits performance 
■ i 1973. inTestment brokers 
as GoIdmaD Sachs are adoie- 
' . heir clients to buy ^ shares 
be nation's better regional 
s if they want- to share in 
: couM be a near record 
'J'profits in 1978r' 

, ' 9t year, U-S. banks* pM^ 
rged from the wnnt eff^ 

. le serious loan losses wbiA 
- the industry iQ the wake of 
. ' 1974>7S recessioa,. whereas 
" 975 and 1976, according to 
: ; analysts U. A.'Scbapiro and 
the first. 100 banks to rep^ 

: rded eaxnings . increases ef 
about 5- per cent Tbis 
, 1978. it lo<^ as though . 
-.3 could be back to the 15 
' .';3eat range reported in 197S. 

ft' tbetr raeovery is cmbal* . 
' . -d. " Regional banks, espe-- 
' . . . y those in sunbelt states like 

' M.-are lortslng at -buoyant 
•<. ts, whieb are widely expeo- 
.V''to continue throi^ this 
, ' But already, in the fou^ 
•terTesults of conroanies like 
' ‘jrp. . Cbemical Bank and 
’ ' . Morgan, there is evidence 
. *■ growth at some of the- big 
York banks may be sladcen- 

.my of • ttiese banks .are 
*. --^og to come- to terms with a 
; ; - range of cbxhmercfal pres* 
"s stenuniag in 'part ftnm 
— loan demand at home- at a 
f\ . when interest rates and 

continuing to rise 

problems are coming 
: sharper focus now 'because 

• f lUSte P®^ of the profits improve- 
^ ^ the banks have report 

• ' the past two years has 

• Ited from reductions in pro> 
..ns against bad loans.. But 

' 3 from this source are going 


_tY StSWMT lUMMG 

to-be less slgEdiieant iirlSfTS and 
beyond. 

Take, for example, Chase 
Hanbattei Bank;' earlier this 
wedc it reported what looked like 
a aarottg. ' 17 per cent, rise - in 
1977 earnings. But the bank's in* 
come' statement makes it dear 
that the $95m. decline in loan 
loss provisions Jast year was a 


per cent in the San Frandsco 
District and 16 per cent in The 
Richmond, .Virginia District 
This SU^atlon of domestic 
lending by New York banks has 
been doe in part to the ample 
cash resooFces «diich many of 
tiieir corporate customers have 
built up. as well as their iimited 
demand for new funds for expas- 


BANK EARNINGS 


Ciitleorp 
j. Pi'^rgM 
Mamrbcturers Hwievar 
SeoirityPadfic 
Wells fwgo 
First bit. Bank Sbnu 


Fourth qizutar 

Year 

% 

% 

“17 

- 4 

+ 1J 

+ 7.7 

+ 53 

+ 10 

424 

+31 

+45 . 

+38 

- +15fi 

+1A7 


move : ag&iflmmt factor - bi . the 
•profits increase than the; 850m. 
vlSB:ln net interest income, 'nie 
latter has to be set agaiDSt a 
$8810..' rise ' in salaries' and 
employee benefits.- 
. Hr. WUlard Butcher, pierideat 
and chief operating ofBcer-at the 
C!hase,!agree8' that one of Ike big 
problws whidi the maju New 
York-C^^ banks have to come to 
grips with is the fact that' many 
of them have not - experirticed 
any - rignificant growth in the 
profitability of their * domestic 
banMng operations f(W..ciose to 
a decade. 

IThile there are a 'vaclely-of 
reasons for this, slack loan 
demand has been an important 
one in the pgst two years, and 
(me where the contrast with the 
remonal banks is most *"*'■■^*1^ 

Thus. Sdomon Brothers 
pointed out recently that in the 
12 months to December '14.- toM 
loans at banks in the New York 
Federal Reserve District, rose by 
only 2.8 per cent lUs oontnsti 
with increases of nearly 19 per 
cent in the Dallas Dlrtrie^ 17 


Sion aud their switch to the bond 
markets for long tenn finance. 
In addition, however, tbe New 
York bat^ in particiiiar have 
been facing increasing competi* 
tion from the commendal paper 
market, wbere major businesses 
borrow from each otiier. rather 
than from the banks. Ibe big 
companies using this market are 
the same businesses 'most likely 
to have aeconnta with banks such 
as 3. P. Morgan and Citicorp. 

The sharp ..competition from 
commercial paper has become 
such a significant factor that it 
has forced the big banks first to 
offer choice customers easier 
terms than those normally asso- 
ciated «ntb prime rate lending, 
and more recently to start offer- 
ing loans based on ebeaper. 
money market interest rates. 

Hr. Butcber of argues 

that ** there should be a differ- 
ence between the pHre of a five- 
day loan and a revolving credit,**- 
and that therefore tbe shift away 
from only prime rate based 
leodiog ig quite logieaL & points 
oatr too. that money market 
based rates will not . always be 


eheaper'^an prime ezKl be sug- 
gests that at Chase maasgraeot 
is making up in increased volume 
of leading what it is losing on tbe 
relatively lower leodlng charges. 

There is not much evidence of 
this in the domestic lending 
figures of the New York banks 
as a whole, however. 

Faced with this stagcatiOD in 
their domestic market, many of 
the big money centre banks have 
bees looking increasingly for 
overseas growth. Salomon Broth- 
ers. in a graphic example, 
pointed out that in the first nine 
moBthe of 1977, while Citicorp's 
overall earnings' were down by 
2 per cent., this was made up ofi 
a 43 j>er cent decline In domes- 
tic U.S. profits and a ^ per cent I 
rise In international earnings. 

At Citicorp in 1978. Inter- { 
national profits accounted for 72 
per cent of earnings. For the] 
ten largest U.S. banks, the j 
figure bad increased to SO peri 
cent I 

Through the first nine months | 
of 1977, foreign loans at these ! 
banks rose by 20 per cent I 

Just bow rapi^y this gr o wt h i 
can continue Is now coming into! 
qaestion. For one thing, lending' 
margins on foreign business are! 
also narrowing, under pre»nre 
from the ample supply of funds' 
from European as well as U.&| 
international banks. | 

Mr. Butcher of Chase suggests 
that since he expects only a 
modest improvement in domestic 
loan demand in the U.S.. his 
bank will be continuing to seek 
overseas lending opportunities 
this year at the same pace as in 
1977. If otiiers do the same, tiien 
pressure on foreign lending 
margins would seem likely to 
continue. 

In addition, however, investors 
are increasin^y concerned about 
the quality of some of the loans, 
particularly to developing court- 
tries* foreign governmeota. This 
is yet aaother reason why 
investors are treating tiie shares 
of many raulti-national money 
centre baniu with caution. 


BY JAMES FORTH 

AXATIL. tobacco, food, 

paeytaging and pastoral group, 
has iiuareased its dividend from 
14c. to 16c. a share after a 44 
per cent jump in earnings from 
g.416.77B. to SA34.iem. in the 
year to October 31. The higher 
earnings were achieved on a 
sales inerease o! only 9.8 .per 
cent,' from $AS05m. to SA884m. 
5u^ earnings were assisted in a 
' major way by trading stock 
> valuation adjustment of $A7.3m. 
and investment allowance of 
3Afi.7m., . which reduced the 
amount of tax payable. 

Commentisg on the result 'tilie 

diractozs said they felt that good 

progress had been made to'wards 
restoration of a “ more reason- 
able ** profit level. 

The improved perfonnance 
came from all divisions except 
frozen vegelables and the 
interest in Courage Breweries, 
which continued to trade un- 
profitably. 

The market for tobacco pro- 
ducts continued to recover from 
tile depressed level of late 1975 
when (be Impositioo of State 
licence fees and a large excise 
increase caused a downturn in 
total market volume. Tobacco 
sales buefited from price in- 
creases granted by the Prices 
Justification Tribi^l. but the 
vahie of sales overall showed no 
great iberease, because of a 
tendency for hi^er volume sales 
to be recorded mainly in lower 
price brands. Interestingly, it 
was the first full year after the 
banning of cigarette adverbsins 
on television. 

Profit -of the printing and 
packaging division was higher 
despKe severe compention. Ex- 
tra capital investment helped 
reduce operating costs. The 
frozen vegetable division was un- 


able to seH all ks produetfon and 
storits built up. Rrodamaon bad 
bm redoced, wbicb would have 
a temporary unfavourable effect 
oa the 19^ frozen vegetables 
division's result. Tbe meat 
division’s loss was re^iced be- 
cause of a large write-down of 
livestock values. 

Banrings a share rose from 
24.3c a share to 35.1c, providing 
atn^e cover for the bigber 
dlvideixL 

Fibre Containers Limited, a 
listed subsidiary of .Aznatil. 
announced a one-for-tfaree scrip 
issue, filter a 50 per cent gain 
in earnings, from $A1.76m. to 
$A2.64m. 

Its dividend was held at 8c a 
share, and was covered by earn- 
ings a share of 27c. compart 
with 18c in the previous year. 
The directors e^ect to maintain 
tbe existing dividend rate on the 
higher capita). 

TNT may sell 
Miller stake 

TH03L4S N’ATIONlt'TDE 

TRANSPORT, tbe Australian- 
based international transport 
group, is eonsiderin; seUing its 
stake in the coal ond shipping 
group R. W. Miller ( Holdings) if 
it can obteiD tbe right price. 

Tentative di!^ussjon!i have 
apparentiy already been held 
with some executives of Ampoi 
Fetroleum. ooc nf the partners 
in Miller, but the propobsl lias 
yet to go before the .Ampnl 
Board. I-t is suggested that TNT 
wants at leari S.\25m. before it 
would be prepared to part with 
the Miller stake. 

. A few weeks ago, TNT raised 
^4in. through tiie sale of 3m. 


SYDNEY. Jan. 18. 

of its 16.Sm. sharehoUtisg in 
Ansett Transport industries. 

It is understood that TNT 
recently carried out a re- 
appraisal of its interests and 
decided to dispose of those 
where It could not exercise or 
obtain control. The remainder 
of the Ansett parcel is thought 
to be for sale if the right price 
is offered. 

HiUer has been expanding 
strongly into coal. It has two 
major prospects — at Ut. Thorley 
ID the Warkworth region of New 
South Wales, and at Oaky Creek 
in Queensland, which If de- 
veloped would each cost more, 
(ban SAIOQbr. 

Comeng indicates j 
higher earnings 

COMENG HOLDINGS, the major 
engineer, has indicated by 
declaring a one-for-10 scrip issue 
that It wiU report higher earnings 
for the iimt-half of l9T7-7fl. 

The issue will come as l(t(lc> 
surprise to long-standing shoro- 
hnlders. In fact, the company has! 
made a onc-for-lO handout e.*ieh: 
year since ISdU, making the latest ' 
offering the ninth m that period. 

The sh.*ircs will qualify for the 
interim dividend M-hich viilt be! 
paid in April. Last year the ! 
company rai.sed its payout from 
10 cents to 11 cents a share. | 
holder of iflO shares in 
receiving S.\7.30 a year in dhi-' 
dends. would now hold 214 shares 
brinxLns in S.\2n.'H. to be' 
increased further by the late.st 
issue. 

Cnmeng lifted earnings from 
S.\fi.3m to R.\P 7m The eompan.v : 
h:is major interests in iron | 
founder. Bnidken Gonsolid.'itpd ' 
and rival encineer. Australian I 
Niitienal Industries following a I 
takeover battle with AKl for| 
control of Bradken. 1 


MAIBL and 
Bank of 
Bermuda 
venture 

MIDLAND and laternational 
Banks Ltd. (M.AIBL, Ae oldest 
of tbe London-based consortium 
banks, and the Bank of Benouda 
Ltd. have joined forces in tbe 
Far East with a new operation 

based in Kong Kong. 

A Company called MAIBL 
.Bermuda (Par &sU has been 
' formed in which MAIBL will hold 
80 per cent, of the equity and 
the Bank of Bermuda 20 per cent 
' It will operate in the inter- 
national loan markets. 

The Boanl of the new company 
will comprise Mr. J. H. .Tenmngs. 
as chairman and managing direc- 
tor. Mr, W. T. U'ilsnn. chief 
general manager of the Bank nf 
Bermuda, as depiitj' ehaimun. 
Mr. J. A. Hawiuns. Mr. .A. C. 
Storkey. .md Mr J. E. LjTin as 
managing director. The eoro- 
pany'.s address is j007 Hu(chi.-ion 
Koiise, Harcouri Road . Hong 
Knng. 

# MAIBL IS a British bank 
owned hy Midland Bank LimitiHl 
145 per cent.), the Toronto 
DominioD Bank (26 per cent.). 
Standard Ch.irtered Bank (19 per 
ceni.i and the Commercial Bank 
of .Australia (in per cent.). The 
Bank nf Bi-nniida i.< the 1,-irgpst 
puhliciv uwned Bermuda bank. 

First half setback 
at Kai^ai Musical 

K.AVi'.-Vl MUSIC.XL Instniment 
Munuractiirina Cnmu.-my. Japan’s 
scceud larcest maker nf pianns 
and cleetrnnir nrunns. tins 
announced ,1 fall in net profits 
for the half-year to November 3D 
In Y].,*ihn.. from S*1.5bn. m the 
same period of the nreviniis 
.vear 
AP-DJ 


MEDIUM TERM LOANS 


Bankers’ fears on French election recede 


iMv 


IROBOND REFLOWS 

Swiss franc set to top Deutschemark 

Y MARY CAMPSEU. . 

;ING NEXT five years. All other correncies ./aided Orion has eliminated from tts 
•ws of Eurobond fun^ from logger . account . for a . suri calculations the laree volume of 
Aterest p^rmeott and repay- pmmgly small proportioi^ the issues wbidb boirowers last year 
tt of principal will ^ j^er total— 8 per cent decided to repay before the 

)nM-^ncs thu to D-Muks, The Swiss franc mari^ has scheduled date. 

■S”*0,lon S 

into th. 

flo„. « 

n. equIvalttV • be to Tho-years when most funds arc 

9 francs, and 24 per cent la placements — ,twth as wttlepnb-.-jg- «re iBSo and 

W. ill lS78fl2. £i. a b. .iid» fl.e Swig N.ttol..l B afn 

ct^'^the' Skwr'toippTtan* w imp^ ptitoc - «bw Reflows to several 

le culrracy is tbe-V^S, doUai market represents otUytiie- tiip of years 'amount to more than totiJ 
? per cent of interest me^tew wre- - •- bond issues in any year up to 

-etisatlou paymesu in 1978- Tbe uoportaoce of uie Swiss 1975 (melusive). 

I will be in that currency, f ranc is de^ite toe fact that the purposes of the stody. 

■ " ' ' I. M - . ■ - — 1 has not Included forei^ 

LOOKERS LIMITED 

A-fXATAj. M. dents invest to that market, ttie 

reliminary results for the year ended 30th -September, 1977 wAow figure ahould probably be 

-loauditedJ. ?2V 

ui«uuu«u/. Year to. Year to Orion’s ftOSbo. 

... 30.9.77 30.9.76 Tbe amount due to flow back 

miBver - ..‘—...i S43J80JL48 £31,818.468 this year is put at S8Jbo^ with 

”**»*^**^ ?9.3bn. due in 1979, 

^ing Profit Xid3S,594 TffTJISS Tbe value of the information 

reeotional item — — 37S.000 . on reflows, Orion says, is Tactical, 

- ^ in mat it helps borrowera and 

roup profit before taxation 1^694 1,162,088. issurmanagers to schedule bonds 

ixation (22JH53) 336 JOO at uie tune when the market is 

■_ • I likely to be moat receptive, 

rbup profit after taxation ’1,438,537 825,888 Naturally, currency and interest 

ctTMrdinary Items . 18,753 (502 1 rate faotora are decisive, since 

I ^ - • - - mveators do iMt necessanly re- 

pflt after estraordtoary Items * Eurobond reflows in Euro- 
being the profit for the year ^ 

attributable to shareholders ... £1,477,310 . £825,386 However, insofar as they are 


asLOOKERS lendted 

o'-'relimlDary results for the year ended .30th 'September, 1977 
• "inauditedl. x. 


*iding Profit ... 
tceptional item 


Year to. 
30,9.77 
£43,280^48 

1^433^ 


Year to 
30.9.76 
£31,815.468 

TffTJISS 

373,000 


roup profit before, tazatton 
ixation 


. n>up profit after taxation 
ctraordinary Items 


ofit after extraordtoary Iteins 
being the profit for the year 
attributable to shareholders ... 

vidends ■ • per 25p ' share:—- 
Interim of 0.9073p paid SOth 
September, 1977 (1976— 0,82Sp) 
nal of 13^p payable 28th 
April, 1978 (1976— 1-375B) - 
■pplementary of 0.0212p paid 
30tb Se^ember, 1977 in respect 

of previous year 

:cess final dividend for . 1978 . 
. '-^paid ' during year 'due to 
_«^^^ncrcase in share capital on 
acquisition of ‘’.Platts?. 

1 ('^’'‘as: Amounts wmved 


L«35,694 

(22,963) 

1,162,088 

336,200' 

1,438,537 
. 18,753 

S2S,8dS 

(5021 

n,477^10 . 

£825,386 

67,280 

S3.S80 

114:891 

89.800 

. 1.572. 

— 

• : 12439 

— 

. 195.882 

143,680 

1,310 


valusble, a key point about the 
figures is the proportion whidi 
takes the form of repayments of 
principal rather than interest 
payments: to Orion’s vtew,j 

repayments of principal are! 
more likely to be reinvested to 
new Eurobond issues than pay- 
ments of Interest 

During 1978, only 38 per cent- 
of reflows (or 83.1bn.) will be 
prtoc ijp al repayments. However, 
by 1982, 73 per cent (or nearly 
glObn.i of total reflows will 
represent principal repayments. 

The figures for reflows are per- 
haps most valuably used to dis- 
cusalona.on the extent to whitii 
the Eurobond market has 
become self-sustaining. ** Since 
tbe market bas sometimes been 
criticised for impermanence and 
instability," Orion says, ** tbe 
implications for borrowers and 
uodeiwriters of a continual 
reflow of old money could be 
impurlant” 

In this context It seemg tiut 
the Eurobond market will hive 
to depend on new flows fremj 
other sources into tbe Eurobond ' 
market for some years yet 
before it can reckon to base new 
issue activity, in the volume to 
which it has grown accustomed, 
on interually geoerated funds; 
On the other hand; to tbe best 
of Orion'fi knowledge at least, in 
no other market have the ^ures 
for reflOwa even been calculated. 


BY FRANCIS GHILfiS 

A FEVTlfONTHS ago a miiober 
of Freceh State coapanies were 
jail let to oome to the market 
before tile general elections due 
in France .next March. The argu- 
ment in favour of raising money 
was that this would be easier to 
do at present than if the Left 
wing coalltioa won the elections. 
As the -fear many bankers have 
in litis respect has receded so 
some bpmrwBrs have Irtt less to 
a buiry. 

Sl^, tbe Caisse Natiooale des 
Telecommunicalions (CNT) is 
approachtog- some banks tor a 
loan, the.: amount of wUefa is 


not as yet fixed. Tbe terms, how- 
ever. are likeiy to include a ten- 
year maturity and a split spread 
of I per ee&L rising to } per 
cent Such terms would be very 
similar to those that were 
attached to the SSODm credit to 
the State electricity company, 
Electricite de France, at the end 
oi last year, except that tbe 
maturity is two years loneer. 

Some aspects of the S200m. 
loan tor the Italian state elec- 
tricity utility*, ENEL, are worth 
pointing out This is the first 
Italian slate guaranteed loan 
since 1973. The amount was 
initially scheduled to be SlSOra.. 
hut was increased by a third 


thanks to the market’s good 
response. 

Tbe maturity of tbe loan may 
turn out to be five or seven years. 
At tbe end of the third year, the 
borrower and the lending banks 
have a mutual option to choose. 

Interest is payable at a spread 
of U per cent, for tbe first two 
years, rising to 11 per cent for 
the remainder. The lead manager 
is S. G. Warburg. The lending 
syndicate faas been more or less 
complete since last November, 
bur various problems relating to 
(iocumentatiOD held up the pro- 
ceedings. 

It is understood that these 
involved the inclusion of certain 


clauses in tbe loan agreement 
whieb are now standard in such 
loans, but whieb were rare, if 
in existence at all, when tbe 
Italian Government was last 
involved in such a borrowing. 

Bolivia becomes the latest 
Latin American borrower to 
benefit from a fall in spreads; 
the Republic is raising SlSOm. 
fur seven years on a split rate of 
1 $ por cent, rising to li per cent 
Citicorp is lead manager. 

The ^m. seven year loan for 
Rcnegal is now in the market. 
Lead manager is Citicorp and 
the borrower will be paying a 
split spread o.f 2 per cent, rising 
to 21 per cent. 


New Issue 


These Notes having been sold, thii aommoccmeiit appeals u a matter of record only. 


January 1978 



SELECTED EUROf 9 LLAR BOND PRICES 
MlD-DAriNDICATlONS 


xntAiGim 

•Id. 

CMfcr 

OH aOtlDS 

•M 

Offer 

Mew AwFoHi Mpc urn .. 

Mi 

97i 

AlMTla 6|9r IBM 

.. 1M| 

197 

AUBV toe 1967 ...i. .. 

to 

919 

BFCS toe 1997 

-. IMI 

1631 

AwnJti Udc 1993 .. 

99 

«» 

OmuTk Give 1961 

. m 

vm 

AnmiUn .K. and a. 9ipc 



i£IB 6tPC 199* . .. . 

.. 1951 

1661 

WH-- 

97 

971 

Grand 31«i .toe ICS4 

. ten 

im 

BareUn Bk 9 »pc 19M .-. 

Ml 

779 

BrOnMlveON- 9*pe 1967 

.. 191 

tm 

Bnru«r:iiac 19B .. 

Me 

97 

ICt UPC 1397 

.. in 

i8n 

Canco: N.'Bmt. 9toe ISM 



Mmnieal toe WS7 

.. iw 

»V5» 

Credit Matloia] Stoe 19W . 

9n 

Mf 

Jtorwa Gaa 7pc 19M . 

.. ito( 

SMi 

Demnait Sine 19M 

99 

991 

Nona Hrdra «|pc 1999 

..- IMI 

Itoi 

EOS.9PCT99S- ... ^ 

9M 

991 

.Snw 9|pc 19S 

_ 1631 

IMI 

BCS tepe 1997 

an 

97 

SwR 9!pe 2999 

.. 1071 

I'M 


.Sod^te Nationale des Chemins de fer Francais 

$45,000,000 

8 -’ 4 % Guaranteed Notes due 1984 . 

Guaranteed by 

The Republic of France 

/ 

'Orton Bax&k Limited 

^ Algemene Bazik Nederlamd N.V. Banque de Patris ct des Pays-Bas 

Credit Commercial de France Credit Snisse White Weld Limited 

Goldman Sachs iDteraatio&al Corp. Swiss Bank Corporation (Overseas) Limited 
XTueuBauik of Switaexiaad (Securities) Limited Westdeutsche Landesbank Girozentrale 




stained Profit 


£195,882 

£L281,428 


£142.370 

£683J)16 




bnings per-share . 20.3p 12.6p 

?tez: '•>••• 

'•'> The results for the year to 30th September. 1977, faclude 
I the profits of the newly ,acQUired subsidiariies "Platts 
j from 1st Janoaiy, 1977. 

^ Tbe exceptional item is tbe previous .year was tbe .wrtte- 
^ back of as estimated proton whieb was considered 
1 toapprofHiate. The original pirovisioa was made in 1^5 
* for profits earned m etcess of the levels permitted by 
;• tiie Counter Inflation Act -1973. -The taxation charge for 
, 1976 includes Sl^OOO relatang to. this exceptional item. 
: The credit for taxation has arisen as stock appreciaticn 
relief and dlpitai allowances exceed the profit for the 

•1' year vrith the affect that there arel excess allowances 
' which have been rekeved against profits Of the previous 
' year, it is now Group policy. to provide for Deferred 
«. Taxation only to the extent Ihat it Is considered a liability 
- will arise to ihe foreseeable future: The-unplemcntation 
. of thte policy duxtog the year, has ^ven rtee to a uransfer 
i. from DWezred Tax ‘to Reyenue Reserves amountiug to 
c £421,387. This amount is not included in the results above 
. but will be shown in tbe published seconnts as a prior 
-. year adjustment 

isagmneDt accounts for toe present finaiMia] year toow tbat 

^.Group is' continuing tO: trade satisfactorily. . 


KANSALLIS-OSAKE-PANKKI 

(Incorporated into, limited liohilito Finland) 

U.S.$30.000,ob6 Floadagiiate Capital Notes 1983. 

, otice Is hereby .given pursuant to tbe Terms'and Conditions 
i, ■ 'tbe above-mentioned Notes that the Kate of Interest (as 
icrein defined) for the Interest Jtoriod (as thereto definea) 
tHn 20th January, 1B78 to 20to July, 19TC is at the annual 
..tie of 8 pm* cenL The U;S. Doitar amount to. ^.hlch the 
..:Volders of (toupon No, 2 will be entitled on duly, presenting 
le same for payment-will- be ITS.840.2323 yubjtct.lo appru- 
riate adjustmmt'thereto (or the making ert other appropriate 
ritogements of- whatever naturel which tbe Fiscal Agent 
lay make, without further notice to "the -event- of an extension 
■b shortening 'of the aboveinentioned Interest Period..' 

•y EUROPEAN BANKING'CC»1FANY LIMITED 

/ . - . • on behalf of 

- - EUROPEAN^AilERXCANBANlEt& TRUST COMFM^ 

• , ^ — - 1 ' • (Agent Bank) 

-9th Jasu^, 1978., _ r--.; 


aa wvc'tan 

BricsiaB sjm jaw .. Wj 

Boo epc-ws Stor m 

GL LM Paper aipe MM M 

aamenleT Mpe IfR IH 

HrSr»Qiiebec a»e 199Z . ... 

jci aipc.iasr ... . . ssi 

168 Canada Oipc IfU . . l«i:« 

MamiUlaB Bta^ 4pe ifiK Wi 
Vanc-X.Frrg«oo Mpe IMi l«3« 
ICMbeHn ftipc- U88 ... INI 
WHteal m. sao^ ihpg 'K ««i 
Nat;; Coal Board «pv IWT . M 
HaL WvRabmer Mtt 

NevftWDdJaad M K9 . . k) 
Norew Xannn. Bk. 3ipc v: U( 

-Voipipa.^ 185> M 

.Venk Urdro 8ipc im ... 

Oslo )pc UBS aai 

Ports-'AinoDoiiiK 9pc wot . » 
Pror. Qnobec «pc 1M6 . ■ m 
pnr. sukatto. 9 «qc as* 99 

Read IntBL 9pc 1S97 ... - *« 

KHM 9PC use 

Selecilafl Tma Shw im... 9U 
Skud. SnildMa eiw im .. »si 

$KP toe US7 set 

9tn6al nCdoDi Opt 1957 9Si 
Dnltol fitectdia toe its ... ' 
vo^ Spc ittr Martfi n 

liqTBS 

AnUpHa Upr iRM M( 

BrO (toiMa. Vlpc ISS; .... 0<» 

BritU -CniuniblB BMro 

'tlncpc uss 9M 

Cu. Pail Mpe WM 991 

Pow OumlcBd ape un ... »7( 

BCS.RpiMin M 

ECS. Ope 1989 o&( 

BBC (toe 19SS - 9&i 

EEC ripe 19M . ISi 

Eiiw OitteU »pe 19M ... .n) 
G9tavcrfccn Tlw lasi- . ... 99 

Koc fcumi toe liM 9H 

MstbeUB Mpe 19(0 ..... . . 99} 

afootiva! urtan 8(pe 1981 gpi 
NcV;8iaii9wldE SdO IIH . K 
Wew Broatwldi Prav. Stae 
U83 VR 

•Vnr 8ea]md Sipc Use .... 9u 
Nwdfe IBTOL -BX. ripe ■M M! 
Nenk- Hrtro npe us 97} 
Norvtr Ttoc istt ... ..... 9 m 
OB iartD Srdrp toe. Iter _ M2 
Slosec.stoc US- 99} 

B. Eke. Sac 1991 99! 

Sweeim nCdeni 7}pc 19S 97} 

SwedMi State co. noe 'S 9C 

TeipMp stoe .19M » 

Ttomna Tipe issf Jiix ., 9i 
VolknR^ 7|pc 1987 IS) 

STCaUlkC iMNDS 

Coonaalds tepc l«» 9C 

ECS Mac ine loo} 

EiB Mm ms .: . an 

Fiaaaed tor Jadwote atae 

• HU- itt 

rtsoto: Utoe WT - 99} 

Tow.'oa Mre t8M le 


Spafn npe 19M .. 

Sweden «toc 198( 

World Bank Mpe 199T ... 

FLOATIMG RATE NOTES 
Bk. or Tokn I9M ruupc 

BFCE t9M toe 

B^T ISM UtK - 

CCF IRC ape 

COMP UM 6U|£pC 

credliansUA 199* Tlpc 
CredP Lroqiais tse Mpc 
nc Bank i9ai 7Ui6ve 

GZB 1992 7*pe - 

.Un. Wcatxniseior 'HT&ttpc 

Uofds ISn iipc .. - 

LTCB I9B3 9ipc 

Midlanl Iks: Spe . 

HIdiaiR 19S7 TUnpc . . . 

OKfi ISO ai»c 

SNCF WSl ai3|«pr 


RH 

M* 

SlaJNL OB* eSan. ]9M 6ipe 

M9 

89 

W 

WiTM, and Gbos 1984 7nc 

9M 

M 

94« 

Sgimc: while MTidd SecoilUes. 

tee 

95 



BU 

K 

C0NVBKrrBLE5 


9M 

99 

-Anrrlan Exprrsf 4lpc '87 


9» 

93 

AS4Uaad 8ac IBS9 . 

Mi 

9S| 

n- 

Babcodc * woecs tope *97 

•B 

til 

90 

Beatriee Foods 4|pe U9S... 

93 

n 

93( 

Brarrler FWds 4J^ 1M&,, 

IN 



Boectaam 6(pr 1988 

971 



Bwdon toe 1998 .. 

•H 

Ml. 

9S1 

Broedway Bole Hoe 1937 

lai 

9i| 

9S 

cariauon toe I9S7 ......... 

'•9i 


- 

CbeWOn toe 18S3 

tite 


Dart 4toc Iter w-.. . 79 

Bamnan Kodak ^pc IWS c 
BeowMHic lAbs, 4lpe 1967 77 

FUreatone toe 1989 .... M 

Ford »BC IKS to) 

Gcocni Eketric Use ttsr T9i 

GlOcUc (iPr 1937 r*» 

GOttM toe I9S7 . 199 

QttU nod Western Spe 19U 74 

UaiTis toe 198S tte 

BMerwen toe 19S6 

2C1 Mac 1B9S MS 

pi\ toe Iter — 912 

UKhcape 6PC 3988 Itel 

rCE Upe 3teT ^ . 

Jttieo toe 3998 an 


M! 

951 

RODMdR niK 1988 

lOU 

Itei 

971 

K 

J. Rnx UeDcraNtt 4toc '87 

13SI 

m 

981 

97 

UitiBdiita «toc IBM 

let 

m 

M2 

tel 

ziHnd 1960 

Jim 

167 

991 

106 ' 

J. P. MoTXaq UPC llSr 

MJ 


99! 

1661 

MMora Kpe Iff)? 

te 

161 

B7» 

961 

CHrrns DUnols 43ac 1997 .. 

I'-J 

lU 

98 

9U 

J C Penerr 4ioc 1997 ... 

M 

78 

» 


BCVlOO Upe !3iT ' 

jn: 

ivn 

81 - 

tel 

Krmoldi Mi'ulc 3w 19!9 - 

a. 22 

•r-i 

•» 

. 941 

.^ndrBc 6ipe 18!B - 

lOH 

tin 



apcrry Bwid 41pc 1S3T 

•» 

IC 



Snibb 4tac iBSf 

to 

to 

98 

96} 

IWCacQ -Vac 1963 — 

761 

7N4 

ION 

191 

IMUba Noe I9te 

m 

- 9M 

961 

■9 

UolH CaitMo 4lac UBS _ 

n 

91 


Vmuer UOabar Mtc 1U7 
wmer Lunben 4ipe 19te 
Xeim 9pc IM . 


Abu Dhebi Invescmem Company 
.Mahii BnOeorKu^wit (ILS.a) 

A. E. .4jdc 9 & Go. Limited 
Amex Bank Lamiied 
Arnsierdam-Reitatlam Bank N‘.V. 
/Sndracs&Bapk A.S. 

ASIAC — Amninienutional AceepUinrrs S: 
Capital Limited ’ 

B^e Halerx' Stuart .Shields Tnwrporaied 
Bank Juliiia Batt Internationa) Limited 
Banca Oonimerciale Italiana 
Baoca dd Cottardo 
Bank of America Intemau«>n»l Lirnit<-il 
The Bank oTBenhuda LimiteH 
Bank Guuwiller. Kura. Bungener -.OterKas} 
Limited 

Bank Heusrer Cie AG 
Bank Lot Imernaiional Ltd- 
Bank Morgan Labouchcie N-V. 

Bank Men & Hope NV 
BankoxTrust luieniai’ional Limited 
Basque Bruxeihs Lambm S-S. 

Banque Ftw^aise du Commerce Extmeur 
Banque (eencrale du Luxembourg S.A. 

Banque IntaEBtiouaJefi lAoccmlmuiE S..4. 

Banque Louis-Dre^us 

Basque Karionale de Parii 

Biutque de Neufliae, ^lumberger. Mallet 

Basque Populairc StSase SJi. Luxembourg 

Banc^Pnvde 

Banque Kocbsdnld 

BonquedefUnion Europcenne 

Basque VetncsetCemDiereialede Faria . 

BaoqueWomis 

Bart^ Brother! 8c Co., Limiled 
liayensebe Hypoiheken uud Wechseltank 
Ikiycrische Verrinsbank 
Ber^Bauk 

BeHinrr Hasdd^ und Fraakriiner Bank 
Biyth l^tmas JKIlon & Cn. Jmemaiional 
rim irurf 

C^zenove&Cd.' 

Cesusie Rabobssk 
Chase Manhattan Limited 
Citicorp Imernatiaial Group ' 
fk>tnmerebank.A)ni«sge!eII«ch!fl 
Ctompaqnw de Banque et d'Tn'-'csu-iemrnx 
(Underwril^) S.A. 

(.'ompovnia FinanKiaria lm»*rniobiliaTe S.p.A. 

Conipugnit kloni>Ra^ue de Banque 

Coniiiienial Jilinou Limiled 

Count}’ Hank Umiiod 

Credit lodustrid d’^Msace et de Lorraine 

CraiU Indiatrid et Commercial 

Credit Lyamiais 


Credit du Nnrd 
CcediiaiistHli'Bankvinem 
(Jredito lioliano {L'nderwTtirn' .S..4. 
Richaid Dau.« Co. Bankieis \.ormals 
Ham W. Peier«en 
Daiwa Lurope N.\' 

Delbnick & Co. 

rVn Daa-keBank af 1N71 .SkMnrNkah 
Oen nor$ke Crediibank 
DC BANK 

Oeui'^ihcGen'MnL'schjrishank 
TV>il«ciie Ciroreiiirair 

- .Deui^che KonimiinallMuk — 

Deu-aay & ies lnifrnaiinii«,| (^,S, 
r'illon. Kracl OiersrasCi-rpui jii'ni 
Dr.iniinion Secui ilicii l.iniiirH 
Dre<idner Bank .\kiieiigi«r)l«'.hart 
£H'ecienbank-Worbi*rg.\kiwnee^rfN>‘hari 
European Banking Company Limned 
Eurveesi S.p.,A. 

Fitat ^ton (Europe'] Limited 
Flirt (Chicago Limiled 
Robert Fleming & Co. Limited 
Gefiaa Intemauonal 
.Antony C^bbs Holding! Ltd. 
Giroacnlraleund Bank derdsterreichischen 
Sparkasaen Ak(ieugesellschafi 
Groupetsent dei Basquierv Prives Genevois 
liambros Bank Limits 
HandrisbankN.W. (Ovenea!} Uinited 
Hemschand Co. ImereaiionaJ 
HesBBche Landeabnnk-Girozentrale 
Hill Samuel & Limited 

E. F. Hutton & Co. N.V. 

The Industrial Bank of Kuwait K.S.C. 
Tnierunion-Banq ue 
Jardinc Fleming & Company Limiled 
KaiKaliis-Otakc-PonLki 
Kidder. Peabody Intemaiiniial Limiled 
KJobdihatss Haodelsbonk 
Kleimt'on, Benton Limited 
Kredietbank N.V, 

Krcdietbank S..A. Luxembpurgeoise 
Kuhn Loeb Lehman BroUim imernatienal 
Kuwait Fore^Tradinq Conlracting& 
Iiivmtmeni 0>. (S.A.K.i 
Kuwait TD>erii,<iional Finance Conipanv 
.S.A.K. KliXO; 

Kuwait iTiieviuiumal ln\ts(nirml Cji.S..-\.K. 
Kuwait Imebiiiinii Conipanv >S.A.K.i 
LdOojil Broiliris & Co., Lintiled - 
LazarJ Freitt,_ei Cie 
DoyduBaiik Inieniaiional Limited 
London Multinaiiona! Bank (Loderuriien) 
Limited 


Manilla, L n«nir«l 

Mcl/*,«vl. \ ouii". Wrir Iiiierruiiional Lii\.i;«-d 
' Merrill I iiicm.iiinnjl & i.,i. 

.Mii^uhi'lii B.mf. 'I'.iirotM A. 

^^anl>lri MiinM^ii ^ ('.•• l.iimiefl 
MnTit.in(.>)enl,‘ll & t 4>. l.iiininl 
Mnrsan .NLiiili \ iiilnnai.Kit.ii LiPii'ed 
The Njiion.il Rank ni'Kin,.<it ^ A.K 
Naiioit.'il OKiimert mI B,<iik K.nuJi Arabia 

.Nedcrliin'l'"'")ir Muti-leii-i.iiid'iioji^ 
Nederl-inHw- flredinii.ml, N.\ . 
.\e«l>ii(‘Tli»m.iin Linuieil 
T lie .\ikko.'>cr*iriii''-- fi!.. turojir.. I 
Nomur.'i Kiimpc VA'. 

.A'nrdie L.imitr'J 

Ni.irddrui-«.iie [^mdi-shank Citorrniialc 

(^rneicliisf.he Landrilunk 

>Sai. Oppriilieini jr & Cie 

O ion Pactlk’ Limiled 

PeiR-Lroeck. V.ui r,aiiiprnhni)i. Krinpm 

Pierroii, Heldring & Pieriiun N.V. 

PKbanken 

Postipankki 

Privatbanken .Akiieselskab 
Rothschild Bank .AG 
N, hL Rolhiichild & Sons Limited 
Salomon Brothers International Limited 
Scandinavian Bank Limited 
,T- Henr>’ Schroder IVagg & Co. Lhniied 
Skandinzviska Enskilda Dan ken 
•SUvenhurg’s Bank N.V. 

Smith Barney, Harris Upham & Co. 
Incorporated 

Sod4te iunancitoe du Leman 5.A. 

(R.A.S. Group) 

.*<odete Bancaire B.Trc]a\f (Suwel S..A. 
Sodeic Generale 

Soctdie Gimnale Al.acieruiA de Banque 
Sodcie GixiCTole de Banque S..A. 

Str auM., Turnbull & Co. 

Sumitomo Finance Iniernaiional 
Sim Hun? KaLlntemaiional Limiled 
S'.'auka Handekiianken 
Trade De^'clopmeni Bnnk — London Branch 
Tradition IrucmaiUmal S-A. 

Union Bank cjpinliind Lid- 
• Verlvind Sciiwci/rn-j lir.- Kanionarnanketl 
\'errin&-iind Wc.iKink .Miiiicnsevcihchat'i 

J. Wtombr-l N' Co. 

\l'.irdl>*;.- Liri. 

.A, (j. Wurhurg & Ci'. l..u). 

"'ecdcii & O*. 

Dean Witirr liiternaiion.rl 

\Voori Gundy Liinurd 

Yamaichi Iniernati'onai I'F.nrnpe' f.imiieri 




30 


ji ^TigTi flfal TtoM TliMSHlav 3811’ 



ALL STREET + OV ERSEAS MARKETS 




+ FOREIGN EXCHAi 



extended by 1.9 at mid-day 


BY OUR WALL STREET CORRESPONDENT 


' •NE\y YORK, JaiLlS. 


Hie TJS. dollar 
finn- in Ae forei. 
maAec Testerday, L... 

YESTERDAYS RALLYING more- S45* on the company announcing Dome Petreleuni rose Si to 8^ Banks in the monsa^ business price and nrofit-takina. with thej®“*$*? *?*®’*' 

ment on Wall Street continued prelumnary merger talks with and Home 00 “A" H to $40|— were higher but other Banks latest quarterly results having^ “““ “™" 

this morning in moderate actirity, Revlon. - both were successful bidders at eas^. with Bayerische Vereins- already- been discounted, 

resecting the strengthening dollar RopubUe Steel, after sharply Tuesday's Alberta oil and gas lease bank notable for a loss of DalAO. • Financiai Minings eased m line 

abroad ud stabilising mteicst higher fo^^uarter but lower sale. Chemical shares closed up on with producers, althouah 

PARIS— Market was mixed but *>M.U firmer as in BASF^^rM the trend. Johnnies rose afi cents 

li^to «7I ^ a firm bias after the recent J**® strength of the Hadnum 

1* to uue, up i at 52^, downtrend. and Utilities weakened. Motors markeL 

Usinor ag ai n rose the day's Engineerings were mixed. ' Elsewhere, De Beets lost 
In the comply. Mars^ FieW, gB higher at Public . AuUiority Bonds had a cents to R3.60. 

aim active, adviced ].| to S31J. Frs22.0 foUowizie the promise of predominance of gains. The Regu- Industrials eased in places, 

Iniernatic^ Paper improved i further State holn for the stool bating Authorities sold DMUm. Barlow Ranil shedding 6 cents to 

to 40»' and Geoigla-Pactflc picked industry nominal of paper after buying B3.a2. 

up j to S25i both in response to Banks.' Poods and Motors im- 2“^ the previous day. Mark hongko 

^93 at noon while the NYSE ^ o?^nm Lui ah iiAtt but Chemicals and Con- steady m taken a stage further, 

wS'^mmoi. todJf^icSd earete=s.1dd^S wJg. SmSfeAND-^are^ gained was 'quiet and' 

AontK iTinre tn UQ (K rtaine lari n ¥ *Pn»«it. «.l*k _« A., a—.. Engineedzig and Electricals were ^ tri»»Md gains near 

stered by the U.S. dollar’s 


rates at home. 

The Dow Jones Industrial 
Average, after Tuesday's recovery 


Gesing prices and market 
reports were not arailable- 
fOr this edition. 


10 


cents more to S49B3. Gains led r. l. Bums, with one of the five 

l^es by a three-to-one ratio, best percentage gains, jumped 13 LXhSf advanced 19 to Prs.511. 
Tradmg volume expanded to to S12. 

eh«M>e in 11m 9f • * Legrand 24 to FrsJ,369, and BIC 

llilm. shares from laUm. at the ASTERICAN SB Market Value 12 to Frs.509. 

Index recovered 0J34 further to 


mid-day yesterday. 

Support ysas also traced to 
investor anticipation that 
President Carter will say some- 


BRUSSELS— Price 


recovery * Matbeson rose So cents 

Financials bad Electrowatt 35 S 5®^ 

up at Sw.Frs.r,67S while, in lead- 


thing favourable for the market hardened J to 32’. but 

Salem came back $3 to' $15}. 


TUESDAY'S ACTIVE STOCKS 

□tanae 



Slocks (Boslng 

on 


traded 

price 

day 

Bonn 

.. sn.<0B 

41) 

—1 

Middle Sontfa CtUx. 233.7IW 

161 


Veres 

... 224.SN 

:-u 

4i 

Geneial Electric . 

... SI2.9W 

•Ml 

-k 

Biidd 

... 106.4W 

3U 


Ccacra) UMon .... 

.. 1T8.10D 

Mk 

41 

Si(L Oil or CalUonila XC62N 

AS 

4) 

sum. Calif. Edison... I60.TN 

SO 

4» 

PepsiCo 

.. 16S.100 

26) 

41 

Zaaala 

.. ies.100 

ISI 

•kl. 


. , . — -..-.,-1 .^. movements Idb bbc rose 50 S^ong land gained 10 cents each 

UOSR volume of were again rather mixed following to^SwJTsJ.673 on active demand. * SHK18.60, SHKS.40 and $HK6A0 

® . a more active business. "DomS? were 

Allied Artists, the volume Petrofina put on 55 to BJFrs. ^ut EoreiCT BonS retreated.* fSJ’S- Whe«*<M* Uardeii, 

3.730 and Intercom 30 to SPAIM—Selling pressure con- «fK2J2o, rose 9 cento a piece. 
B.Frs.1.840. but MetUe Uontagne tlnued, lowering the General T(«YO-^Uarket matwiy im- 
^ more to 95.61. proved in active trading, helped 

Arbe d 30 to B.FT8.2.070. However, El AguOa met demand by the overnight recoveir on Wall 

AAISTERDA.il— Stocks put on a a nd ro se 3 points to 68. Street and the yen’s recent 

mixed performance in light VIENNA — Selectively higher, ^^ility agunst the U& dollar, 
trading. with Veitoeher llfosii^ up 3 

ENS.1I rose more than Sls.6 oa more at 233 on good demand, 
the company declaring that it is BULAN -7- Mostly higher in 
not pessimistic about 1978 pros- rather nervous and fairly quiet 
X firmer- tone prevaDed on pecto— there was a first-half net trading. 

Canadian Stock Markets in loss in 1977. Other Shippings Montedison rose 5.^ to L147.TO 
moderate early activity yesterday, were generally firm in sympat^. on ramoms of ''foreign 

' Elsewdiere, iUgra^e Bank interest * 

Flat moved, up 36 to Ll,908 and 


OTHER MARKETS 


~1 Canada firmer 


The Toronto - Compoa'te Index 
added 1.5 at 1,008.5 at mid-day, gained F1&2 and Fakhoed FIs.3, 


in his State of the Union address whUe OHs and Gas improved 6.S but KL'M lost Fls.2. 
tn-morrow and in his economic to 1.360.1 and Banks 0.27 to GERHANY— Easier for 
message on EYlday. 330.61. Golds, however, re- following profit-taking 

Bansch and Lomb rose 2} to hnquished 17.0 more to 1,337.3. weaker forei^ demand. 


Pireni 63 to Ll,956. but 


choice \l8eosa wm 9 lower at L400. 
and JOHANNB^URG— Gold shares 


dedined on the lower Bullion 


Indices 


R.T.8.S. AIL C01OC0H 


BIsm sad Falls 


NEW YORK -DOW JOKBS 


InlBibtell. 


H’meB*aili*{ 


Timoaport,. 


I I 

Jim. I Jko. Jmb. 
17 I 16 13 


Jan. 

12 


TTSJnl 7n.74| 776.731 77B.1J 


Jan. Jan. 


lSf77-7S 


KiuicccoinpilatiaB 


11 10 I High 


TiBiltncTol ' 


776JD 781A8I «l.75 
1 , I _i ' I iSdiTi) 

89.es 89.76 99A9 69.7V 99.99 90.19 95.97 

! I > (7/91 

a9.1Sl 297.68' 206.17 207.64 205.69 296.74< 249.64 

( I I lldiSI 

,6T 106.4S 106.601 107.041 118.07 

asfy 


Low 


•7T1.74 


Jan. 

17 

Jan. 
16 1 

Jan.! 
IS { 

|jm. 

1 1BT7-78 

12 

1 Higb ] 

lane 

48.07 

1 49,4ol 

1 1 

1 40.67j 

1 49.00 

57 J7 
{4/1/77) 

40.40 

(13/1/78) 


High I Low 



Jan. 17 

Jan. 16| Jan. L 

lanaa taaded — .. 

1,843 

983 

1.8691 

456! 

1,838 

747 





ni,i4Miimil 

430 

453 

486 

NwHlirh«:. 
Kew Lows -- 

9 

61 

a 

M4l 



HOSTSBAL 


, 1061.70' 41.22 
{16/1/78)^(11/1/73)' (2/7/32) 
' 99.62 


W8.73j 106.5a 106.6F 106.4^ 106 


OiXra t 1 19,S8D| 16,7601 lAOltf 28. 


J | ! CS/9 

22.8801 2S,18oj — 


1(17/1/78)1 
18)1.60 
(26 10) 
104.91 
(2S/2> 


278.00 


15.28 


Indusbrial 

Cmblneri 


Jan. 

17' 


Jan. 

16 


Jan. 

13 


106.26, 166.161 IBS. 
— I 172A9I 178.; 


Jan. 

12 


(7.<2/68) : (6i7r32) 
165.62 I 10.66 
|(aO)4i6eiu'S8AM2) 


TOBOBTO OonipcaiM 


JOEAHEESBURG 

GokI 

IxKluarials 


1007 J)l 


197.061 

175.41 


1B77-18 


High 


106.47 
1B7J5 dill 


1004J2 \niJA 1806.6 1067.4 (19/7) 


21 AO 
212.2 


210.3 

TI1.B 


206.6 

21IJ 


211.4 

211.8 


214.7 0.h 
214A t ' 


Low 


156.02 (26/10) 
165.60 iSEtflO) 


The Nikkei-Dow Jones Average 
rose 24.19 to 3.063JL witii volume 
unouDting to 310m. shares 
(21(tan.). 

Export-orientated issues; in 
eluding Electricals and. Motors, 
buyer strengthened, led by «> 

Y81 at Y5lC • 

Toyota Motor rose Y33 to YS15, 

Sola Sony Y70 to Yl;900. and Pioneer 
Bleetroaie V60 to 'Yl,470. 
ftfftiTftrtiTJrt Hhnm continued 
‘_in mixed vogue in dull trading. 

Reddtt and Colman fea t ur ed 
firmly again.- rising another ^ 
cents to SAA85. IQ Ansii 
improved 3 cents to $A]it ,os 
put on 2 cento more 
SAL93, while Banks had J 
2 cents harder at 3A3.42. B... 
ever. Elder Smith declined 5 cents 
to 3AL90 and . EZ Industries 
8 cents to $A2.00. 

Among weaker Uraniums, PaiH 
continental shed 20 cento to 
SA1L80 whQe. in mainly steady 
Coals, Utah eased- 5 cento to 
SA3.15. ConsolidaCed GoUlBdds 
receded 10 cents to SA2A0. 


96L0 OSAO) 


158.4 (24/6) 
169.1 (22A) 


* Basis of BMlex (roni Avsiist 24. 


Ind. dir, jrlold g 

Jan. 13 

Jan. 6 

Dec. 30 ] Teara/m (approx.) 

5.93 

S.80 

5.83 1 4.21 

8X&KDAKD A5D FOOSS 

i Jan. 
1 " 

Jan. j Jan. 
16 1 13 

Jan. 

18 


UGf-ve jbiaeetanipnat'i) 

11 j 10 

Bieb j Low 1 Hlgb 

l0W 

flnduatrlaltj 88.S( 
■{Composite j SS.fl( 

fl0.4lj 08.71 
09.4sj 89.68 

I8.K 

00.89 

08.n 88.27 
89.74 a0.17| 

11822 1 48.4* f 154.64 
(3-1.-77) 1(16/1/12)1 (ll/l/TSi 
IB7.M i da.43 125.68 

(3il/77)i(l«/l/T8)l (lLI/'i3> 

S.B2 

(30i6ii2) 

4.40 

l)/6:3Sl. 

Ind. •Ur. rield % 

Jau. 11 

: Jan. 4 

UeB.Sd 1 Veameij ixppnx.) 

B.1B 

4.96 

4.90 1 3.77 

ImL P;E KmIo 

8.6S 

9.01 

9.13 1 IlJll 

iMiff C«rt. Onnil TieM 

8.19 8.04 

8.08 I 6.81 


Jim. 

18 


Pw- 1977-78 il877-78 
ion* • High | ^w 


DoBauuM*'!, 


Anstralla ^.yt 464.63 - 464.S0 1 479.45 , 41dAi 
|(»/1/7S) (16/^ 

Beiaiam t'.v 9L75 OLsa 8a.is< 80.45 
I I (10/1/7T:(12/1/78 
85.80 - OSni 107.92 1 93A4 

I (9/6) l(St!/ll) 

6L9 1 3L0 ! to.4 j tSJb 
(7/1/77)1 (10/6) 
815.5 I 712.3 
(17/11)1 (10/S) 
95Ji I 76.8 
, <4/6) (S/9) 

486.17 565:44 


(ttK 



Jan. 

18 

Pre* 

riona 

11977-79 11977-78 
High 1 1^ 

Spain uO 

0631 

9628 

103.001 95.61 
ldi;12)!(18/U78 

Sweden <*) 

360.32 

34820 

«16.d8 1 toA8B 
122/S) l(8*/U} 

Switarl’dl'] 

30U 

30L2 

312.1/ 1 2W.D 

(14/10)1 ‘-9/S) 


GennaBy(Si> 809 j , 807.0 

‘gfJla.-nJ (ffi; ’ 80.6' 


80.9 


S8S37 


Italy 

Japu 


()»/ 66.eai 66J0 


luUces sad base dues (all oase valiiei 
IM except NYSE AD Common —54 
StaatfaniB sM Peers — 10 ana TBraao 
300-mm. the Iasi Bamed based ea issv 
tExrtndliig hoods. *4M ladosBlals. 
6 400 lnds_ 40 Unuoes. 40 Plnaiioe aid 


73.71 I C4.90 
;<6/im)'(2S/12) 
(«»' 377.31 ; 375J°e 1 500.95 - 560.49 
I : (28i9) i(24ill) 

SiBeanora '2is2.79 S62.66 1 Sf:s.a2 S42J88 
0)1 I ' (a«) ; (3/0) 


(11/6) (13»1.)78 “ pT|««»S AU Ord. 

in ^ AV i !i bGIkUB Sis 


Beletao SB SI/1S/6S. (kpeobaseii 
SE 1/1/7S. (tt) Paili Boone 190. 
Cti (knairnbaiik Deo. 1053. (H) AOBter- 
dan tndosteta) 1070. (26) w»»»v Sena 

BanK 31/7AH nni) lUlaa Wfa. (o> llWcro 
Mew SB *nm. (0) Straits Times UBS. 
(Cl OoeetL Itfi Madrid SE U/UL/T7. (a) 
SnUdnim lodutriel WB. (/> Swlu 
Rank con>. si/B/sa (■> UnxvaOaMo. . 


OVERSEAS SHARE INFORMATION 


Investment premium based on 
$3.60 per £--73% (72%). 


NEW YORK 


StoiAi 


Jon, 

I? 


Jan, 

!6 


Altbnta Laic 

Aiii1m«iti|npb ... 
.IMoatofcACaaiil 
Atr HmliiiSv.... 



.VkaiLUoailoiuifi 

AlYO 

AlkThmy Lu.ll..; 
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.UMa.1 siiivu....... 

Allu 1,'lialinisp... 
AU.\X 

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Anwr. Untnils.,.. 
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Anicr. (.*011......... 

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Auwr. 

.\cA-r. Nat. (ja-..J 

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Aiovr. 

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— .| 



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(•iil.iti.1 >'il 

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AlC 

,\l 

.\ti a ri-.><ii'-ii....' 


.1 s 


616a 

1374 

332« 

2314 

3314 

S4ia 

43 
iai4 

19/4 

3914 

20 

23:e 

35Iq 

29 

losfl 

404« 

39U 

561a 

25 
23^4 
34Ih 

26 ia 
i6Ta 

aan 

44 S 
S2H 
SO 
683s 
28 la 
I6I11 
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10 I 4 


la « ! 


ia:a ; 
27 I 
81m. ; 
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45 -h i 
2biH , 

9.-t I 

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4b.-| I 


51 

137a 

3359 

23 

53)4 

84)3 

42 

187a 

19ta 

3744 

1944 

25 
34 .'a 

26 
lOiie 
40Sg 
377a 
365a 
24;>g 
2544 
3344 
267a 
16Sg 

5m 

44 ba 
5246 
30 14 

68Ts 

29 

ibsa 

2bsa 

ID 

2754 

181c 

264, 

L2I« 

8:a 

I4W 

291s 

45 >4 
26 In 

9.8 

I6I4 

457, 


Stndt 


Jna, 

IT 


Jaru 

10 


(AralOj; Gian...,; 48i| 
CPC Int’D'thmnij 46 
Cwiie *»“ 

CnvLer.Malw 

llivwi) deilertMTfa 
Cuinmirih Botriaa 
Uuri>WHj^r-.,— 


25 

34 1 

3244 j 

35:-a 

194* 


4756 

45 

U444 

231# 

34 

187| 




Jan. 

17 


Jan. 

16 




Dan Iniuitrice.. 

IKeir.. ..—I 

Del Uuate 
DtdUiiia. 


224« 
54 U 
2412 
254e 
9l8 

2814 

Ibla 
27lu 
117a 
44ia 
36^ 
38 14 


D«ii,'|4.T InrET...! 
Dviniit Uilbaa,.,| 
U 1 B 11 MW 1 I Sfawirki 

Dic(aplMini>..,.M..i 
DIkUmI L(|Uip.,.„' 

UUnej- iWalu.^ 
OiivprCat7ui....M^ ua>c 
Dow Cfaeniii-al.iJ 266 e 
Drmor, 401e 

Uu 111 

Dyniu lntlu4tRn| 1294 

LbkU) I’iubvr !l 

Kasl AlrllnnkM— j 

LMmau Koftak.H 


183a 

7 

49 14 
33 


22^ 

54 

244a 

237a 

6I9 

18 

I6I3 

264« 

1178 

441a 

35 

38 

28ia 

4014 

U09I4 

I i2<s 
18 >4 
64, 

48U 

3344 


li. G. A n.... , 

K> Faw Nat. 


Klim 

KracnnKi KIwitil^ 
Bnim-AIr tVshl. 

Kiuharl, 



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I Knuniii ............ j 


IVil) lia.', V'.lwl 

261) 

USSs 

lbii:ii .\ii» rh'.i,...! 

Si:>. 

20.0 


34 -u 

34ls 

1 i-t^r >>ii 1 

ZB'h 

28>n 

I'ui-T Iriiviiol.l 

35'* 

34., u 




bi- -i.cil'-i'ai' 

in-il.X U'-wull. ...j 

\ 

lt.'u.;iii-l L'l-iih 'F’l 
Mn'1.1 
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2*J'4i > 22iii 


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UiiUC L‘a!«a>1v— J 

Bi'pkn .........I 

iVr.; 

Umuiu lul— .....1 

BKM.-CU I 

linMm Mvera.....! 
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^ivckwayCwM..! 
ilTllDbWKk...Mn..i 
Uoovnii. Dnr.-.— I 

UihM... I 

Lulova IVatoh... 
BiiTliacl''*ii Ktiill^ 

UumaiAbs 
Caiu^vl) &vp~. 
(.anailna Cacilic) 
I'aDal IOiDilo1pb..l 
Larmtica 
I'arrierlCcnaisl: 
(.artcr Hawley ...I 
Caterpiller TmcU 

i'US ..... 

Celancie 1.‘DTpiL.a| 

Iffllmi A 

Ccraustivi t 

Ce-Tiin 

1'h.i-a- MHii'-.-iUanj 
I'liriiiiAl DL, A 111 

Chcel’“,ih ,i 

LT:mu.-6.'T.I*ni.,.i 
Oiuu;.' l«riilue...i 
L(in>ii:allu,v........i 

L'hritifr- - ' 

(.iDcnnia.. ...j 

L Miimn-a,..; 

LV.:..'n!)i -....j 

L lUCf ben-iiv...,. 

( III- I'tiitiifl::... 
Com Cola.. ........ 

I'obTIU) I*Bllll.... 

(.-Xltua .\-:iiiiipn.H 
L'/ilunihn (taa.....;. 

l‘,.lll•lll>lM HM-..; 
i.>«iii.lii>i. ».iri \ni| 

I .iiiiini-.tieii 

(.-'iiilxi'lli-i. I.'■]••.l 
, ‘ll-'u'tl, 1 il-l4l.| 

1.. .::i-.-i!<Hn lh*l! 

1.. .fiiiii, S.i.-iite.-.- 

^ V 1 1 ■ ■ <1 1 n^1'| 

L'uunK- 

('..M N.1J 

((.niul i-'s-^li. I 

(.^aiwtl Nal. (.44.. 

cnjtitni.firai n?r.| 

(Anunaniai 
OcBtinaatsI 'leieJ 


32ij 

327, 

Wsa 

14.Vj 

34 !» 

34.-;i 

2ix 

a/) 

Oils 

2u/r 

14.-I 

14ii 

26‘>h 

25);: 

£3)0 

SSL) 

29r< , 

291* 

2618 ; 

26 :a 

10 

10 

13 

13 

32 

31&) 


15it I 
S8I3 
14i'g ! 
ig.-a I 
31-a 
Sia 
391: 
6, ja I 
32 
1S!S 
lOli; 
283b 1 
22)0 - 
17m , 
S2>4 I 
47 ; 

397.1 ! 
15k I 

2011 [ 

297a 1 
L'Bli I 
387b ‘ 
21 I 
321a . 

434 I 
14(2 ' 
13U I 
2I« ! 

181) j 

2113 

49 ! 

lUi I 
36 I 
20:3 

103) 1 
Z84n . 
14 :o , 

ISie : 
5b 

re 

50’ 

m, 

20 Jd 

J4l) 

2J 
59 >» 
22na 
3114 

^e>4 

laia 


I 


Ceauol Pata,...j 29sa 
■lodsai— J 41 


Oeaparl 


15!s 

26U 

14)4 

187b 

317s 

51a 

394 

68 

32 

151a 

lo:a 

123 , 

i7va 

B2Ib 

46i, 

3940 

1512 

20 

291a 

27?4 

3940 

3078 

3210 

43 

144a 

13 <8 
2U 
X76a 
81 
484a 
Ills 
357b 
aoiR 
104a 

28)4 

134j 

151b 

351j 

18 

274) 

31 a 

3070 

di) 

20ia 

24 4e 
a.^h 

30 SB 

•aJ'fl 

53 

26-.( 

13 

23:4 

40>t 


Kuivl 

huoiu.. 

KHirvliibl (‘.riinetii. 
KnI. DcpUM.ireii 

Kirailnui* Iirv,...! 
KrT, Nal. 

KHf.ll \ an I 

Fluitkiii'- - 

Ktori.lii Piucr....; 
niUT, 


17 - 

13m 

8644 
33 ! 

56 : 

30 ; 

51- [ 
2Sta T 
27 [ 

19 :a I 
431- 
2512 
37 14 I 
14» 
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I7I4 
18m 
50r.| 
35U 


1612 

ISU 

26ia 

3313 

38l« 
29U 
51a 
SS14 
26«s 
1944 
44 (a 
25 
57 
145, 
«3tB 
175a 

Slij 

33 


JobbaUanrUie...! 29 '« 
.littuiw Johnoao' 7OI4 

Juliuwn L'«.KiUul.i 83 T4 
Ju.vUmiutei.-lili’c. 30la 
K.ilartOarp..,....', 2344 1 
Kai-mrAJuniiorm 29 j 
KaikerJoduairlei, _4la I 
KaikBrSiceU.......i 

kay... 

beiiiieiAat,...,.....! 

K«ii Ui-Cice.— ..I 
Khlito Waiier«_! 


85)4 

671 

S5l8 

4614 

28 


KimtierlM-ClarkJ 4lla 


hufiKra ...... 

Kiai(_ 

blrdRcr CV'. j 

Lei-t atmuH....— ! 
LUib>- Gw.Kouil...i 


2243 

441a 

2544 

28>4 

£67a 


28>2 

694a 

234a 

314, 

3S4s 
29 
4«a 
24aa 
6Ts 
25 ia 
4544 

274, 

397a 

U2lc 

4344 

a5Sb 

277a 

u63e 


Stock 


Ja^ 

17 


Kerfan... ...j 

Keynolila MeBU.i 

Meynmdi IL J...U 

Klefa'iioa UerreUJ 
Uuckweli later... 


Itohm A Haas, 


4Ha 

297a 

546a 

22 

887a 

287a 


Jao. 

IS 


41 
297a 
544a 
82 
29 la 
281a 


Litqiett Ginup....i 

Lilly rElli 1 

Lirtoo ln.iii!>i.....l 
Uwktiwu .'Jivr'it' 
( 4 )iie Star Liuls..,' 
Umy lirfattl Lin.‘ 
lAMiialam (juiit...; 
Luhnai:il...._....,„j 

Lucky 

L'kekY’unuHl'woi 

lliwMilhm j 

.Mai.-^- U. H ‘ 

Mm Hanover...... 

Mb(h.-o 

Mariirli<''ii Oil...... 

Msriiit- Ml-ilsitii.i 
Uaniinll Kiehi..., 


27)4 I 
5812 
1443 
134) i 
184) ; 
184a 
2iTa 
34 1 

13:n I 
S7) 

1014 ! 
36Ik ; 

5174 

56.SI 
417a [ 
ISwi i 
304a : 


27 

3718 

1448 

13-^1 

I 8 I 3 

loU 

2 isa 

337a 

134s 

S7a 

10 :< 

564) 

511- 

564s 

4543 

luu 

29(8 


Krmil Duieh...... 

KTli 

Kin-i Lca|k ......... 

Uyder t^yRem .. 

I aaiewsy Mona,, 
dL Jue iltaeniB 
at. Ueeia Paper., 
aania Fe liiris_. 
9 aui ln«es)_... 
iiaaoa lo/lii.,..,.., 
U.-bl(l.< Brewing. 
ai-blnmbutKer..... 

OCM J 

S-.-ntt tWper.....^ 

>-1*711 Airs........ 

S-.iiilP Uuiir Veal, 


66la 
121 ) 
1136 
13Ts 
367a 
281a 
2944 
5346 
41a 
4 In 

liu 

674s 

I7ie 

X53e 

204a 

66a 


56 

12I| 

iisa 

137a 

576a 

281s 

29 Sg 

54Sa 

4 

46e 
104« 
66 14 
1754 
i5Sa 
204| 
6ls 


aea (kmiatneiit^j 
7*M/rraju..........J 

Bearle (G.D.I.._J 
aar* Uaebach....; 

^tiUL'U.._ • 


Shell Uii., 


I Mae tX.-Lii,6i4imi; 

I .MCA 

' 4l.jiJermntl 


; .lL.-lAiaiU*il tAms 
! M.Cnitr Hill 


P..1I.C : 

V‘i>Ti| Untiw. I 

Knri'nk'st Ucli.,,.! 

K.*0«ii?iu._ 

Knnkliu .Mini,...; 
Krpf>|iitn Mlnmii; 
Krwtnui ..I 

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1 ...I.K, _,...i 

liiiineii 1 

ij i-n.Anivr.lD ...... 

()..k.l‘..l I 

lieii-LaUi*. ...j 

(■vu. Uya-iiiiiL‘i...i 
liMi.Llieutncs,....! 
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lieiKtuI 

UetHORl Aloton...; 
Gen. Pub. Lul.....' 
Uen, t)igDal..,w.J 
('•■.•n. Twi. Eleet..,) 
•ell. Tynb... ...... I 

ii(dM9L-0 ............I 

Gn-gta nuslK..... 


IK-UV Oil........... 


21 .a 
4Z1,- 
171) 
28 
7)2 
20 

in-, 
3514 
914 
S8i;> 
ll'ja 
42 
4b >. 
29 Ty 

27 >4 
691s 
201) 
85 :3 . 
29 ;a 
251- 

4Ia 

247a I 

IR91. 


3Hs 

41 .* 
1743 
27 m 
7*8 
20 
24/4 
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I lls 
33 
9 

23 !a 
1174 
4114 


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MinuMlii^.vU:;:.. 

Miiliii C.iPf. 



MiiRsan J. P.. 

Mul.<n.4it 

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24 ; 
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347a 

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171)1 

267, 

5418 

14in 

369a 

269a 

4696 

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4112 

3514 
54 
467, 
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j 3ieDwle(.'ur|i...... 

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>MUiumUall«ay|- 49 


2i?a 

209e 

1212 

261) 

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3812 

291a 

5612 

119« 

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26 

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281| 
39 
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11^ 

199e 

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18 

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H'lMlWMth., 
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URUb. 


5a pan 

5enith Iteti4..._ 
l.6.TRaaa%lSi!0| 
L'S.Tr«aaa(f75/7t-, 
L.O. SO bills.] 


JaiL 

17 


IBia 

45t, 

18U 

1518 


■leisal 


Jan, 

16 


IBU 

014 

44T| 

I8«a 

1314 


t6^ tKH 


teiu 


6.47% ;6.45% 


CANADA 


.\bilibi twpei .....' 

Akiiioo Uieie......l 

AleanAJuiaiuJuxD 
Aluoina aioei— . 

AiteiLoa 

Bank ot Montreali 
Uauk NovnSooua 
Baaic KewHlires.: 
Bel I Teie)J»oe— 


10l4~l 

67| 

27 

144a 

tdBis 

17sa 

leu 

7)8 

627a 


Bow Valley IndsJ 20if 


lou 

6 

261s 

1414 

lia 

63 

3014 


1 Nni. DiAiiiier*....-. 
Vai. sen-iee Inil.' 
NaiiMOal Oieei....' 

.N ilDinai* 

, .\UIC 

461^ i .Vtf[4une Im/ [ 

j Nci* LnsMn.l Ki, 
27 )^ 1 New 1 -Jicisn-ilel' 

2 NLU/nni^uiiawk' 
|Nla:VU^ »llsn.-..,l 

N. !• Industnea.: 
■%oniilliAWe>terai 
Stirli] .Nal.LhiA,,,' 
.\tlin ktaiAs I'nrj 

NtbntYl Airlloci. 


6B!a 

20jb 

26 

29^ 

25), 

4l0 

2413 


00.-4 - 

15 in I 

ir- 

5<aa '. 
IS 

21U I 
55 

lole . 

i?" 1 

27U I 
5 773 j 
26 ' 
2S>: 


filllCtU' 

lrt»lrl(fhK.F..._.| 

GovitycarTmn..! 

IjouM.. i 

(iinceW. 1C..,......! 

(iL Allan IbcTeoj 
Grt.Nralli Irou...' 

Gicybouihl ..j 

(iiiK A Wnteni... 
(lull UII......,.....; 

Iialil*uru<a I 

Hanna Miniii;;.,.,| 
Hami*4.4ili;a!r— I 
K&trib Cor/m,,,.,.' 
Hciuf 

tl«ibk!iB.M. 

H^wlrtl Fadianij 
Helhinylnne...... 

Huniej(akih........| 

Udueyiralln. 

UlMIVt 

Huap Cer n loor 1 1 
U MiaUM ii at • ( • a» 
Hunt(Pli..V.)Cbin[ 
llnttnn 

LG. liitliii'CricB..: 

I.VA 

|iiKerwlHBB(L...| 

Inliuulb'icol 

In-iliv.. j 


.1 16294 16394 I .Mtbwen Uannk-aj 28>4 j 
. od, o»- ; N'Mlunsiininn...,.! 189| i 


24lq 

201 a 

1673 

2794 

26lg . 

7-4 
25 w , 
12)8 ! 
11I4 

2bi4 I 
5978 
50:a I 
15!) , 
•40ia 
35 

241) I 

399n I 
141* ' 

IS3i 

=1" ! 
269a 
Ilk ' 

I 

2 oIy 
3898 : 
53.') I 
3814 I 
13 I 


2370 

1978 

Ibae 

27:* 

2b9s 

7‘) 

24.14 

IZU 

11!0 

25U 

69»b 

36 

15U 

4Ha 

347a 

241a 

69U 
141, 
3998 
43 >6 
liu 
825, 
269« 
Ills 
12)8 
231s 
371b 
S3 la 
581a 
13 


(Im-icDiatOimi! 
Upley Marfaer,,.^ 
Oiik> Kdibao...,.,| 

UIlD,... I 


rii* 

37.!, 

1996 

18 


201a 
15i« 
51)4 
3e:i 
57)4 
14 -4 
21 .'. 
54:4 
lo 
lOya 
16»3 
271: 
37s, 
26), 
23 9a 
2 lU 
187, 
20 
57U 
19 U 
16 


; '•vHDMn.t 

- '•'w'c BatK-«laire»l 

I dperiy Hiiicfa....l 

! ^nerry Uanil 

laquibi i 

I Slau.lanl Uniiilsi 
I ^M.OilLallioroia' 
I )iliL Ci-.l liiiiiauR.' 

aid. Oil i-Jhlo 

bcaoK Lnemiiial, 

aierliQc Dmik 

MiidebakM-,. ' 

•Sun O*. 

SiiialKtrud 

ayutes 

rei.-iialon.or..,...! 
Tektnoia .1 

j leiedinp 

I Te'ex 

'( Fmierp.^ 


Ueerntfis Bhip,,,,,' 
Owen C!anitau.„ 
Owens IIIIIK4II...I 

I Villi' G h- 

tNL'iiiitLiuhnilt!..' 
Pan, i^r..V 
(bu.\iiiM'eriilAir. 
Parker HaaniMii,- 

Penally Ini ; 

PWL Pw.Alj 

PMIIIhI J,(,‘ 

Pilliuiill 

Ptl'plen D 1 -US ....1 


22«i 

60U 

SU'I 

2oU 

197) 

21U 

514 

2 Ha 
20 
221 s 
34 la 

283d 

7-s 

33--* 

261a 


22 (c 
60U 
201n 
239.; 
199a 
2 r.n 
b!a 
2190 
20 
S2U 
34 
271] 


33U 

2SU 


I Tr* -.m Fetmlnuni 
] Ttrienm ......... 

I TeuiRuir....__....i 

{ Texas luMm ; 

I Tf^tas C*il-A Gaa„i 
I Texas l'lihtl«i,...j 

I Time I Dll. I 

I IimeM Mlmr 

TitnLen.... I 

Trane 

Trunsrnerica .,..1 



Tnba ■.'nien.,...] 
Trannwav luL'rol’ 
I Tmab WVrld Air .! 
' TniTe)lrni,....,...| 
|Tri Ci<DllDeotal..l 

T.H.W .! 

£0ih L^nturr Eini 

lAL 

r.\KGO ! 

L'GI 

COP 

Cnileier..., | 

CnilcxFi- yv _| 

I I'OI'JQ Bao'.TDp .. 

' L'liion Cartiide, 
L'olUD &«uiDierc6 

Colon Oil Lalit.,' 


j liilcrcivii hnei-g;’' 7 


lull- 239.25 267.5 


Perfcm kinitT.....! 
Pcc...........—.: 

Piuer 

PllCl|n UlllCC.... I 
l'bllnili4|jibl Kle. 
Pliil.n MorrlN.,, . 
IliilliT^ t^nil'n.. 

Pibilxiry 

1‘iI:h;i Bi.aia,,,,, 

l'lI|s|iU| 

I'le^'Afl |.:.i iDli 


16U 

33 

2698 

20U 

OTU ‘ 
27 
38 
IB9« 
23<l 
16>? 


173* 

33 

2633 

20 

I9I4 

56U 

27 

37 N 

I8a, 

23 

1699 


23<a I 

24)S 

lb >8 

35 I 4 

2278 

8314 

35 

44?b < 
66i« 
5678 
15St 
44 !- 

40*8 I 

SS 1 
19U 
9U 
34*8 
6298 
3 
29 
77« 
269a 
189) 
72 
SOI, 
19U 
369a 
231a 
4714 
33se 
14 
197a 
3SU 
23 V) 

Ilia 

iast 

19U 

2998 1 

Ql7^ 

2178^ 

1B9) 

2 Us 
1490 

ir‘ 

1234 

39 

67e 

4Sia 


Umgb Pacitic....,i. 46Sa 


luiL KLiv.niix.. 
liiiL Hnrvi'sTei... 
ltiii..Min«lTirRi 
lull, llulnii^sli... 




lull. Pnn*r.,_..! 

II'G • 

inc. h‘i«:ner 

I lilt. T*i. a 7*1 

Ine.>ni 

inwaPeei..., ,j 

j 10 tmemnUnonlJ 
JlmWaHor__J 


211^ 

28;,. 

397a 

219a 

lb^3 

597b 

S6)i 

6S4 

3C.« 

I't 

S8U 

lli| 

28U 


BIU 

B8.L1 

59^4 

211) 

16>n 

39 

S6 Ia 

bi: 

29Tr 

1>A 

Z8S11 

111 * 

281a 




tW-xi-w: K-r...... 

HP*i liiiiii<ir..-., j 
I t'lwivi (inDr 
I Pul frrsebma.,' 

i fill man 

Piitea 

OiWa^i 'laia. 

I(n(-M .Vaia.-:c 9 in,J 

Hsxtnenn 

B(iA. 


iHii 

I91, 

ol 

229h 

241, 


«2is 


S«BbUa 


2919 

2391 

23U 


•Mil 

131,; 

26 !b 

ol 

2398 

34 

loie 

eris 

bU 

29ie 

JSii 

2314 


Cairayal.. _| 

L'uSred Bmnil 8 ...| 
Cnited L‘4rp......j 

C.S Baneuiii. ....1 

CS. Gri-pum .....1 

ra*. sfiAe. 

{.'a, Hleel .....' 

ILTecImAlrti^M,., 
; I'V Iii,lii.trie 4 ....: 
, Vifv^nu hle>.-i„,: 
llHlj-n'.-u 

. llilfll. - *■ '..fflllJin 
I 11 Jill, r. I „iiliivrl ■ 
f IVasl,.. Xliui'iriHRt 
llV,..il_K«|:p/. ...j 
j \V>sir>,.rii U)uiis.x-|.' 
j U’^i«rt) X. .\nieri 
j We*U-rn I iii..n. 

I ll'eslinufiv- biM- 


I Wmrf yi 

! '.VaverliaeiifAr. 


! liTiirl|-«il I 

i Whita i>in liwl.J 
Wiiiu Cn J 

iWlaenoBlB Aeok/ 


7i, 
79fl 
10>B 
S97b 
2l$a 
22Sa 
30 Ig . 

S3sa 

18Sa 

14 

169a 

30 

251: 

17ln 

24.1a 

3014 

24', 
17Trt 
17Sa 
24 10 
airs 
209* 

aoie 

18*4 '■ 

29*4 I 


227a 

24 Is 

16 I 4 

351b 

221b 

2S9« 

34»| 

44 

634 

asia 

134 

4414 

39*4 

aS»4 

196a 

9V 

34 

6IS4 

2*1 

281s 

8 

26 14 

I 8 I 4 

701* 

30 

199, 

56ia 

23)4 

47 

339fl 

131s 

195a 

&5I3 

23 

104 

28Sg 

1954 

285a 

21*8 

20S* 

1998 

21 

141a 

391a 

63>c 

121s 

389, 

6«4 

4Sea 
46 >4 

7^ 

7U 

IOI4 

295) 

2m 

22 ia 

3018 

35I4 

181: 

141a 

161s 

SO 

25 <e 
I7lj 
34 I) 
30 le 
23)2 
161* 
ITU 
26*8 
24U 
20 hi 
201)- 
1BI« 
20)4 


BPCkniHlB I 16 

Braa.«n ...........4 1414 

bniKxi .1 t3.28 

Ukiiiure IVraer.,..j 36I4 
Gnmda (.enienLJ bis 
(laQniJs NIT [aiv 1| lllg 
(.knlnifA^aOn^ 237a 
k'eiwiin luitum.,.: tlbSa 

Lbo. Psrtiiu 165 b 

Cen. Pat-ilk- InvJ 17Se 
UBn.au|«r(.h<..J 53l| 
UBrllQRO'Keeicf.- 3.16 
kbMur 5abe*loe.j 


Sl8 


161a 
14 14 
t3.26 
36 
9it 
103* 
23 1| 
tl8«a 
161| 
176a 
83U 
3.10 
87a 


Cliieitam 

UoniUH-u 

Ciidn bethiirat....! 
Gi»Miiiier liM... 
l^oeeka Jtewxiniec' 
CtwMln Kiuta..... 
DaniMM 

UqnwUiiiea......' 

U»R,e Peircrieum, 
-UDimnlon UndKe| 

Dumtar 

Dupont. 

Paleoa'fie Niclcei 
ifiMd AlmorijUD^ 


X 8 lf 

-279a 

22 

I6I4 

71b 

7*3 

S3 

7BU 

66)4 

122 

14l| 

12 

173i 

8058 


IBU 

27Sa 

217b 

16U 

71b 

8 

825b 

76 

5434 

t22 

1491 

tl2 

16U 

eou 


Oenaus I 86 14 


(riniii I'ei'whnie.i treia 


Git]K>llUamiiB..J 
Hawka- aid. Cnu 

MrtlHnjpi.. ■■ 

Hnn^l 'A‘.....i 
Hudaoo BaySloBi 
Uudaoo Bay,, 


HudMuiOii&Ua«i 
LA.U 1 


Inwico.. 
iiDparikl Uil .... 


lues. 


28ia 

76 

29U 

40U 

16U 

165a 

4454 

17l« 

281s 

1991 

1794 


8STa 

1294 

2810 

29)4 

39*8 

169a. 

163, 


17S, 

2B1| 

I99« 

17la- 


894 

lOsa 


lodal ...j' 

IcUaod hnuOas..! . 

iae’F«'.Vl^(WLim 13^ 
Kiitfleriw^na. 159a 
Dmnn'iPinUcm 7I4 
T3^ 


Lbbiaw- Com, *U 
^u'milPo Bloedll 
.Maaaey FeigoaoD, 
Hcliiti-te PerpoH 
Mwrei.‘4rpn.....r 
^omiHta Hines.. 
Ni^ Bnetay.. 

"•bn. Ta la.M%iit — 

Nuium' UilAGas] 

|U4kw,)ci Petr'm 
I rneitiu Ckipper 31 


17 
151* 
23 
29 6| 
229* 
17U 
26 
149a 
4.80 
2.05 


86b 

109, 

1394 

13 

7U 

t3.56 

26Ts 

IS 

22St 

29U 

225, 

17 

26 

1418 

4.33 

8.05 


59)8 

3298 


ItoSePetrolpuin; 

Phu. Lmi. Pet’in 

KhDno I -(149, 

PoviiieM Dew. 4.U6 
P'HW lies a. i.Ui.. 
PlaceiUcveinpuii! 
IViwerCtirpririii'ni 

Pnoo 

(juobeu btnriEeDal 
lAsnsw Oil,. 

Haod dhaw... 

Hip Ai/cpid .. 

KOTBI Bk. Ol I'^n.j 

Boyui 'rnist.......! 


0.91 

209* 

10)4 

IOI4 

1.40 

2691 

9 

281, 

26ia 

16 


3650 

81ia 

IS 

4.20 

0.91 
20la 
10 la 
109s 

1.47 

261| 

870 

26 

2660 

16U 


NOTES : Oveisen Mleea mown below 
w*‘*'"**» 0 nramiunt Hetylaii dM(|a||||a 
are altar wttbfaoklhis tax. 

ODMaD dsnoDL unJeB oiberwlae oiled. 
W PtaxjOD deDom. imless etbennse Rated. 
Jk Kr.lM deaom. wpb*— etberwlae 
O FToJOO denom. and Bouer aharei 
nnleaa oduntdae Rated. | Yen 5» denen. 
uniesB otherwise Rared. S Piico at tliiH 
of mapHWion a Florins, b - 

c CaoB. d Dtrldesd alter p*nmng iiftta 
aodAir terip ime. e Per sharo. IPnnca. 
0 Groai dib, %, ii Asonoiod dMd^ after 
RTto and/or rishtt tesno. kAfter loeal 
taxes, Ol % tax free, o Pranca: 

Umiae div. pNom. eSbitw srtit. a Die. 
and rteld exdnde neRxl payment, t Incu. 
cxiM dlT. ■ UDOffietal tndtat. e aOnorlty 
boldeis ooly 0 Meiser pmnwy. ■ aokwL 
7 Bid. « Traded, t Seller. eAMBted. 
srBx rtgbat. xdBx divtdeod. xcBx 
scrip tssue. n Ex alL a iwniHiw Rm 
increased. 




remafeed qoita Gold feR $1 to |171K72^< ^ 
rmen (fafi iMiNd by the fanprovcsKMiit ox 

, but gsBexal^ Ihe dollar. lSe^3[ex'i 


against otiier major currencies. 

There may have bemt w»ni 
nenrousness ahead of the State 
of the Union speech by PtesUent 
Carter, wlilch may aqeognt fOr 
tbe doilai's, decline when iSe New 
York market opened. EatUto! 
the day tiiere had been a- feir 
demand for the U.S. axTreni? in 
Europe, and any interventitfa hy 
centxid hanks Was thou^ to be 
largely a smoothing opmation. 

The doBar^ trade^weiiti^ted 
depreciation, aa 'caleulated^ by 
Morgan Guaranty of New. Tori; 
narrowed to 4.47 par cenL' 'firam 
4.S5 per cent 

Fairly heavy seDihg of 
francs puriied that ctureney 
down to a low point of yksGL7850 
in terms of the dollar, fieSore it 
closed at FrsA751S^, - con^ared 
with Ft&4.7390 previously. 

The Swiss franc - was aligfatly 
weaker against the dollar, finish- CURRENCY RATES 
tag at SwJTsAOlTg, compared 



SXTMTaia 
„si72i4-i?a 

^09.7401. 
AtMmWea'dflTI.W 


Gold Cohuw.1 
dCBMOlioolt 


l{Se9.44Xl 


.»17Tl|-t79ls^l 
K&SU-UXal 





FOREIGN EXCfMNGCS 


with - Sw.Fr8 J..9925 ' on ' Theaday, 
while the Japanese Yhn 
to YS42.37f agatast the dollar, 
from Y242.90. _ 

Sterling fared rather better dMriins— 
than most currencies ovei^ It 0.& dSixr. 


Spseial 
Diawtog 
M/Ati _ 
juKirlf 


opbned at SL9235-L9245 in t e ma ' OkwAixa. 
of the dollar, and .touched a. low 


point of S1.9153-L9185. 


for tile pound pushed it to a beat ObutwheoMi^ 
level of S1.9243-lg2^ in the after. Dutch guUte 
noon, and steriing cloaed at rcendi osoe. 
8L924O-i:9250. a rise oi $ potato 
on the day. The pound’s tiade- JgllSSf SSS 
weighted index, as ealcidatpd by . 

the Bank of England, ■was- tm- SwadiinkniM 
changed thronghoot at 65E. ' SwIm ft»nc — 




SBMes stvee x» for eoavsttUb-to 
Flaaadxl ftuc mgSAISL 


EXCHANGE CROSS-RATES 


Jan. IH, 

Faiikliiitpew XoriC 

~sai 

Brosiel* 

UmiUm 

AnbVd’m 

1SSSS“ 

Fmnkflm.. 
KewTorfc* 
Paria..,— 
UruM^— 
Dmdoo— 
AmR dam.. 
ZiiricdL...... 

47D104 

S28.6B-3.0E 

15.4&6Q 

4.10-1I 

>06.87-82 

94.39836 

g_ixgtmv. 

4.78^764' 
33J&08 . 
L9E4030 
E2807-28B! 
'8013685 

44J»45Dil 

2L13-16 

e:9sm 

9.13MQ- 

viJUMga 

4&345463 

0.445-435 

L(E700440| 

14387-421 

63.30-70 

8J025.75 

0.0904-103& 

4X06003 

L927>>-b8e0 

9J31-151 

6J^S3 

L8687-876] 

:BB.4SX6 

143X044X3 

206X6-75 

14X830- 

4X88-304 

e8.0M24 

106.703-20 
30X830 
23S.93.4 
16X7-43 
3X7^ 
113X7>38 . 


Argantte.l 
Aiutnlix J 
Bn«U......| 

PiaixBd....| 




Kuwxit...J 

Laxemb^.l 


I Biitakbta' ‘ , I 
11B1 S3^ tAtnuttraJlin^, oflt i 

?.nii L6ttilAiiRrfak..j aw r 

Sa.M-9a.S4 IBRstam J T 


;it 


/.68-/.8S 


QTWKe..,...m.a*6 TCAM 


UJS. 8 in ajoniuo ir.8..S sliaOO-OSCMMdtxa inntui 
OnwiiufbiKawTotkraflOSMlcant*. U.S. 9 in Uihn mXMt.. 
Saerliiig in itnaa 1680aD-lS80m. for Ju. 17. 


8.846 -a J75 
..isa-im 
iO.6U-0.b43 

05.00 68.70 

8Uliy«lx’J4.M78-4.667alit^. 
n.zMiMi.»n3-u iijJt/w 

b.68-«.60 .VetbwTiRl 
|4.4SXM.b 126 2lor«v.. .18.184. 
I.k6« lAISSjeMuoxL);; «M. 
$[iala... 


BmmU Anb 
Blninporb 
S. A2i^. 
C.S. 

GxnaAbMi. 

C8L J 

UuL eenwj 




EURO-CURRENCY INTEREST RATES 


.Bate sins for Ameadiia is a ftm ii 


Jan. 18 

Steriing 

Doite 

US.J>oaax 

yUnteb 

(Snildar 

awba 

bane 

w.Gennan 

mark 

lebcnterm— . 
7 days oodee. 
Mora 

nixea motttha. 
Six mauba... 
One rear.. 

6ifi-6S( 

6ifr«6| 

6^Bb 

66sX7B 

618-718 

74-7* 

6-7 

60B-7h 

6a«-7 

6H-7>4 

jm. 

66,-7 

678-718 

8S8-6Ta 

718-7*8 

768-778 

76(X . 

44VI, ' 
4-41* 
418-461 
4Js^S8 
418*468 
4ie*46| 

It-par 
l*.par 
It -to 
• Ts-1 
ISi-llt 
2*-2* 

sxis- 

3-3l| ' 
2H-s|t 

. 8-318 
36aX6a 


FORWARD RATES 


Mew Torii 
UonWaM..! 
AmR'dxinl 
Bnianb.JS.iB 


One miMicb (Three 


|i«r-lo<i.cUe 
per* 10 c.db> 


iU-U *-.pn 
B c. ilu 


Frunkforl. 


leu M 1^ ■« ■ 

<011 

....|69-186e 


^BS^SSa .. 

».XO...80(x''- 
p-b -.pm .- • ■■ 
BO-36 mdU, . 
|4b-55 fire d „ 


pm 


Enra-PreocA depoRt rates: ' twe-day SM per ceoL; acnmlir OMi per .cent: 
onemunth 105401 per recL: Or wiu mBi Ui-lSI pec eeaLi slxpamntta l2>9MA33ia ^>w...|BS-16a >.s db 

percenL: oh rev I3-1U PW cew. . . ' • Jifi'” ill'I7llredto 

Loos-term Eurodollv depogitt: two yexn 8-89 per cenL: dvee yexra 8581 per — 

eeoL: four yexn SMI pv cent: Bve Tearx 8M1 pv eeat 

Tbe foUowliis aomaui ntae w«v qinted for London didUr emtOexies of depoRt: i»> 

oBOHBOBtb Toa-f.M per cent: daree«ioBth 7JO-7JO pv cent: slMaontb T.45r7.u rteann.. 
pv oeit: one-yeir T.7SVA6 -p«r CBtit Zurich — 

• Rates are oomlnaJ CiKtns ruen, • • ' 

Sbart-terct rxtm.ve exQ for Reruns. UB. doUan ud Cenxdla ddUice: two Slsmendi forward o.S7-D8ie'i 
days’ notice tor sniUBni. and Swiss tranci. 184aaBth Q,n8JSe dls. 


109 oredb 

SOf-naa 0. tlia 

3if.5ie ore db 
7-17 fern dte 

(SlfllB Sc fvn 


wSj 




0*1'' 
4lU4lUe.i ' 
W63* rtoed. 
B75-29lei«< 

lb*-ia4c.C’ " 

I3d-16j me. 




GERMANY 


Jao. 18 


"5rices 

Dm. 


AJiG- 


+ OT 


AiltMtt Verrfeb— I 
ayw. 

BA6T. 


Beyer.. 


Heyw. Hypo..... I 
Beyer. Vendnebkj 
C1bsiDU0>e4.witM 
CommerthiMik,... ,| 
OcnciCunuiit 
Ueiraler 8eox— 

SSS* ' 


Uentmtae Buik.J 
Uieedner Bank _l 
Dyckerhpff Zemti 
GnteliulEnuiig...,| 
Hepep Ltoyd —j 
UsrpenR ...... 

HnawKt 

Uomeh, 


INt.| 

% 


«18 

20 

17 

16 

20 

20 


18 


Hot x*n 

Kell nod Siilx 
Kxrwbdt..... 

Keirfhn*., , 

Mocknar' Dm 100| 
biHD 


iinipp. 


tajWulmiiiDm k)0| 
UAA 


Usncicmafitt . 
MReliges...-......{ 

llunclMner iliKkJ 
XeelMOTi wnn.^.: 

HrencewDnlOO 
2lHuiWertg)«c.j 
Bctiennit 
jtlemon 


Bud Zueker..... 

iHyMon A.G 

\xrte. 


04.7!-HJB 
400 t+7 

a28j,-f0.2 

14D.tUl.l 
13T.0|-(-0J» 
297Ad;-0.5 

150 ' 

829.(t—0^ 

76 L.. 

515 Ul 
268.5:-1.0 
1523.4-1.5 
315.5,— 0J5 
26S.8 -1-0.5 
154.5 +3.S 
210.Sl-^.5 
116 1 
239.6-’-0.5 

129.6 

43.5-0.6 

151.8' 

183.844.3 
336 i4l 
216.G42.6 
9a5— 0.5 
170 i— 1' 

100 . 0 : 

240.5;— 0.6 
1.530:410 
118.2I40BJI 

204 ! ; 12 

166.540.7 14 
839.0;-6.S 10 
496 4lO I 18 
122A>i40.B! — 
120.9' 


ITM. 

X 


iJB 

4j4 

6.1 

6.9 

3.3 

3.1 


3.9 


3.0 

3.3 
4.5 

3.1 
3D 

1.3 
2D 


12 1 5,2 


12 


VBB/I I 

Varein A Waet Bln 
VelhBwagn,.._| 


207.11-0.4 

269 r. ! 

S97.6-— 0.5 I 

BSO-O* 

119.8— as 
175.2:— 1.3 I 

ll&O! I 

298 • 

8X4.6—1.51 


3.8 
6.4 
4.6 

3.9 

8.9 

2.9 
4.6 


TOKYO t 


LAUSntAUA 


Jen. 18 


Amh) Gbse— .... 
Oeoan., 

Urto. 


( 2 i h w n ..... w .... ' .', 
Del Mippm Frlnd 
FujLPboto 

Hltecht,... , 

Bnede Uoiioni.-J 
HooeeJnMd 
U. Jtnb. 


Itn-YolaRlo- 


J.A.L 



JDB.18 


iiuMiJ BlecB.Pw.11,060 

] 280 

Knbace. | 872 

Jkynio Uernmle— .;8,4BO 
MxUuabim iod— 592 
HitMibiBhlBana.J 880 
lUtenblsbiBrnTw; 148 
Mlrwtbbhl Cftrp.| 418 


MitaulftCa. 


315 


UltankoaU J 520 

Nippon DentOL..J1.100 
Nippmi Sjhinpm. { 540 
Mismo UMon— ..j 704 


3.8 ! rtoneer. 


3.3 

1.3 
3.1 
2S 


18 I 2.7 

17 I 3A 
11 4.5 
14 4A1 

18 6.2 
80 3.3 
10 I 2.3 


.1,470 

denydSbemfe— .1 804 


Bekiral Pi«(U)....| 1,000 

tthi—lAi I 97X 

1,900 


lUMtbCbemicelJ 276 

TDK .....JmsO 

fttfln ; 119 


470 


I'nlcto Uxrtne. 501 


£oKtnKieacFew’r4l,140 i— a 
ioky»tieiBaL.,,..{ 245 4l 
fbeyodUSeuiiLJ 126 4S 

fomy ZJ 133 Ur 

HUPMw MoPw—i 816 I 4 ) 


ljACaiIl.(Eb«eDt>_.„.. 
Aiatiw AnmeHe..— —_| 
AIHMlUoq*dM8;.liidH 61 
Ampoi K xpWi e tl OT .-...— . 
Ampftl Jalltlilum n^__,_^^„ . 

Amoe. mIiwm^im, 


AnM. 5 


10.78 

tO-80 

t2J30 

tl.25 

t0,77. 

10.85 






{4626 




AimxJMplbMrllL— .. 
AmomOea: ladnetriee.'.. 


Anh Pbondxrtco hnebLJ 
AJS.1 


AudHbda.. 


Anrb'Oa A Qex. 
Blue Metni 


BroHU wl VrbpilebT 
BBSonttL 


(brttOQ Gntood Btewerr. 
(LjlfWaa. 


USHlSb- 


Uone.Gold6eldBAM. 
Ccnteloef (61)——.., 


Ubnme Bknlnto. 
Ikwietn. 

Duoiop Kolilier (81).. 


Duoiop J 
ISBCOk, 


BMvBnitta. 


1 BJS. IndawOriea. 


Gen. Fnpetty Tnbt. 

Hmwiaral^- 

Uoote. 


I IaLL AoMtulie. 


10 ( 4.2 


I I nteriO opgv ........ 

I JemdDneTndimtzbe • 
jjanea (Uerid). 


tu» 

;i.76 

hJBH 
tl-S5 
tO.S6 
fO.85 
10.94 
tl.06 
tas8 
10.96 
.11.90 
■ tUB4. 
13D0 
-.12.40 

S2.10 


H>-as 

Hun 


!-081 

^1 


H-fli 

kOB2 

4lL0t 


BRAZIL 


Jwi. U . 

rrasT 

(Avx 



L5S 
8X0 
1.60 
0.97 
2.68 
2.92. 
3.08 
1.9Q 
3.48 
1.73 . 

>>0.ii2iiJ.ia !»' 

~<XIKI|U.18 14 

'-frn » J. re II,. 

-1-0.010.14 3 

■~OJ18B.20 . 

iSSpiiTilv 

-kOX6«);13 J 

Uanoo Hraxll HP. 
deiKDllioelmOF 
UoeMiOpA).^ 
LcbM Ajnar, OP,p 
Hannewnan OP., 
itocrotiei)- PP-'... 
PlreiaoP— s— 
wiuaUnsOPM. 
Vale Kip tk>>« PF 


M 


▼oL Crjstam. Shares as-fim. 
Sauce: Bln do JnnciEo SliL 


OSLO 


B.10 


18L85 

ri.3o 

11.36 

t0;96 

11.90 

-12A» 


{-4JB 


44L01 


r-B-afi 

M4» 


'11.41 . MI-03 
12_2tf 


ta77 

18.05 

t0g9 

11JI8 


Mu» 


MMxia BxptonRiaw. 


Myeria np o tium .. 
Mewa.. 


Sara Mfldm Se aulUw Ibkio 
BRUSSELS/LUXEMBOURG 


Midiaba' InteniBtiaaaL...i 
N ortli-liralieOli’ilinca (60eV 
UxfcMIge. 


CHIdenctk. 


: rtooear Oonerete. 


AMSTERDAM 


Jen. IB 


~KSe 


j -Kor , DiT. iDd. 
I ~ I * i • 


Jen. 18 


idle.' 

i -I- a I Pn. -Tld. 
; — ! Met ; g 


Bachatt A Colmen.... 
u. V. dimxB-' 


Arbed , 


eoutbiead Minin 
lootb (8D-— ..M 
iVeKoo*. 


AbDM 

AlnVmBokiPl.iOO! 
AMEV.iPl.lQ;....: 
Amra BeokiPLiiOli 
BUeukorl <FiJA>)~! 


Bq.BrxJMBb....;i,41tO 
bekerfB**— 4 — .:i,730 
4.9 : C.B.K. Cement— .,1,190 
— w.«i— ICoukecill..— I 370 
325 . 5 J 42 .O lijtaji 6.9 : liBba 8,366 


99.O1.. 


84 


74.7 40.2 


Bokx1Vei«'m(Fl.n( 
•Testmdfj 


66.7; 4.0.4 
88 -1 
120.5—0.6 

66 I... 


845 


Biilinn 

2lmner(Fl.B}),...i 
Bnnin fi V Hrefrn 
BuRKtomTu Kl.lD! 

iii«lBn>.-edee(F'.n:| 

UolDeken (F(Jj6uJl03.1ai.. 

Uo:^ven9(l'iS}*>| 


A444I 


22^1 
25 ' 
«70 
25 


!8.07O ;— 30 j — I — 
1-8 60 ! 4.2 

1-80 -112 I 6.5 i 
6 ! 00 I 7.6 


IVeeterD lEiniiic (6(Teenii).i‘ 
ff’oolwortiie.i,.. 


IIJK) 
tai7 
fl.74 , 
;ti-8S., 
12.15 ' 
tO.93 
11.13 
• >1.69 
10.09 
tl.42 
13.85 
fO.79 

10.19 
11.77 
10.95 

11.19 
11.60 


Loin 

|>alas 

Hiiin 


Mum 
1-0 JH 
44 JH 
l-8je 


PI 


Jen. 12 



KxidlCkMeen— 
N or»k Hy drokTJ(i| 
Rorebmnii... .. 


-race 

Kmer 

■^0^ 

99 


6 IX 

pl.S 

114 


300 


.112.6 


187 

-I- 2.5 

90.00 

-I- 0.761 


IRt 


r~ 


In 


JOHANNESBURG 

MINE 

Jan. IS 

Anglo Ainerleui Corpo. 
auitv ConsoUdxted 
Bast Drletontebi - 
Etaburg -- 

®»™oiiy. • 

KJnrass — 

XIouf 


HuRenburw Pletbnim 
Sl Helena 
Sontbrul ..... 




^ING IN 


<3oid Pieus SA ^ 

Jjnton Corporation 44S- 

Dc Beers DeAnvd 3X8 

Blrvoonticdcbi — . ,, s;js 

East Hand Piy. aiao 

Free 'State Cedold 2430 

President Bra/id 18.W 


pt^cbi sieya- 7 tuisa 
SnifoDieio ............. • 4 SS 

WiAoni »i -II 


..i 121 


Hunter D. (F.IODl 
U C. UoIbnil.U 
KLM (FlldO)..., 
lat, Muller |12U); 

nteolFlKA 
.iiacXwlliia.(PL.iOi 

NedCredBk (Pia 

.NecLMiOBhimi&C^ ISOtobl 20 


Uee (PlJI4.........i 

Van Omnirren.,.. 

Hkkboed 

PhlUpiiiFklO).... 
UljiieicbVmPLiobl 
(PUO) 
(Fl.60)..>. 
Borentod’ijfi)... 
MoyoiOiitchtFLail 

dhivenbui7. 

d(ninGrp(PL20) 

rokyotbeBlde$,: 

Unlterer(PL2(^..; 

Weatbnd/n. Bern 


6.9 I hie-trobel—— ..;6,16d 
.1 6.8 i Pebnque 2fat_— .2.450 
' 5,6}G.H.Inii»BiD..^'l,860 
6.8 1 G«vaert—._— [1,218 
7,6 ! Habotten...._.^'2,646 
1,7 ‘ (nteniom— „...— J1.840 

182.8J 1 32'.s| 4.7 i BneUerbenk— ......6.150 

61 I 8 4.8 8.7 i u Moyeie Betn jB,160 

5.6 j ibo BoMing.— ]2.5(X) 
3.4 I Bewunne....,...._i3.780 
86.5 —0.5 iUJMi 7,7 ^ Oen Bengue .'2,69J 

24.51 I. 12 i 4.9 ptooGen BelRqu 1,916 

14:5—1.0 1 10 ; a9 aonne........,.......^330 

323.8 —2.01 — — 'SpiMy . ..ja.ngQ 

39.3'_0.2 [ 26 I g.8> I’mecrenBleec >2,478 

2J6 I UUB ._»,i.;I,a06 

(In. Mm. il/lO)..., 748 


415 


1—10 MO 


!— 80 
415 


177 


170 

150 

80 

160 


I-” 

430 !I48 
h-150.865 


rs 

ag ! ' Je*L 18 

7.0 


^rlce' 


Fra. 


38.8:40.8 10 


99.6;— 0.1.46.8 
49.7>4a5 20 


366.5; 4 &6 [A34 

a 

81 


455 
4 IO 
|41S 
410 
I -I- 25 
|445 


4.6 
8.0 

5.6 
4.4 

5.7 
9.6 

ai 


lAxu; 


7.6 


141D453: 

44 +3 

86.31-MLS ; 16 
54.o;-i.e 
167.5140.3 
116.6 40.8,. 

189.6^.. m ( 5.5 1 Alamlahm 

187.7: A50 7.b;««J’A’ 

240D|40.9 19 { 7.9i , 

146.8, 1 27*j 3 . 8 , Uo. Pt. 

88D|40,SI 50 O.at-.*^ Hog 


Vieltle aoineana(1.476 


•410 

'—24 


305 


6.6 

6.7 

7.7 
4.0 


S2.26I dJI 
174 I 4.7 
189 ! 7.0 
135 ! 7.t 
7.0 
8.3 
168 I 6.8 


135 

205 

A*00> 


60 ; 
100 


8.1 

6.8 


SWITZERLAND 



1 moe i + crf 

! Jan. 10 

j Pie. i - j 



6 I 2.3 

22 I a .0 
22 I zs 

88 3.6 
16 3.6 
15 8.9 
5 3.4 

S60I 0.6 


Bence -H.,..— ......I 

AZrIqHOeddVb 

J * I 

Aqaiteine...t4— . 
Sic. 


?2aoi 

312 

260.0 


-t-ori i/iT„-Tld. 


— \Fre. ; 




OemleM.. 

CerrrtTMF 

UJ3;.a 


.-480.1, 41s; U.6 
I |4l {81.15^6.8 

r. 0 j 10 .^ 6.6 

are -1 -I 84 , 7.6 

609 J-H8 :ll.wl 2.x 
379,0 -(to i3Ij6' 6.4 
• 37410.5 


C.l,r.Almia— ... 
Cle lbaaara.._ J 
Ulnb 2fei<lCcTM.,J[ 
Unriit Goo Fr'ceJ 
Onudl L0IM....J 
UumH 


>r.nmiea— .....j 

G«n. OeeMenUIa 


356' I— S 
1,850 1—7 
. ^D{4b.6 
826 
290 
334.1 
100 
61 

455 |480 
964240.8 
1784—1 . 


4M40. 

> 48 
) 48 

.5,48.3 
' -8 . 
• 1,40.8 


itOatSl M— Mawi 
Jecquee BpeeL.. 

faftMim- 

L'UieaL. 


60 


27.b lOb 
6II.S 7.0 


18 


11.(1 

12 


4w8 


4.1 


6^1.9 


am 

123.5 


1S4I6I 0.6 
I 4 .IO 1 I 4.7 
^ 4.6 


jgtSfaeiiUSiM 


loaii ~ \ " 

14|«4 3.7 16J^11.7 


COPENHAGEN * 


Jen. IB 


IBlDi 0.5 A8L8 6.9 f Credit diibca— 2,830 

ASM 20 1.1 i fibaramtu j 1,675 

408 [.— .J 38 J 740 UfiO , 

I ( 1 IUi}OisaDFLCl^l89 000!4T760l 

Do. (emeii )— .1 83?0 |4l75i 86 < Q 6 

Imortonit 0,360 L> I 20 ' 3 D 

•leliDOII (Pr.LiH.~l 1,470 
NCRI«(Fr.lOa)...i 8,626 

Do. Keg : 8,840 

Oemfeon-HJTJSi^ 2,475 
PUBi-tSlP.2.U»i 263 


i+«|D|r. 

ErrMC _ ■ g I [g 


m 


+m ‘ ioj!3 

46 l«862j 2.4 

+20 7180,8 3.8 
i 14 ' 6.7 
IS i 6.7 

86 1 1.6 
86 . 2.7 
8 j 1.5 
14 A.8 
8.67) 3.7 
10 2.3 
4 ' 8.0 


Mirm'«trW.eA »,| 
Denafce Benk^,.... 
Beal Asbile Co—' 
PInenwhenhea— J 
PokBiy-Eperier 
Fw.tapir. 


10 i 7.1 


fixndelatHnli u 
.N’tfa'n H^KiSCl 


I39I4-U 

430 I I 

i8sm-i« 

840 I— Is 

IISI 4 I. 13 jll.3 

3351*;— 7ia I lit I 3.e 

T9s«! a 110.1 

1323(1— u I . . < - - 
2501s'— m 


11 

12 


dceptrelteioureeBi < 

XHKnnia- ' 22ls ' 

9beii Cbiuiu : lb I 

snemiiij.Uifie.; 4 . 6 O I 

aHitwnaU.U....— i 'MI 3 I 

;biut|iM>n» [ 4.bb ' 

■ ;lev CniiHiln...) J3)a | 
-’(•■ri'litii.-k liiei,.| 2.41 ; 
I lL-xiui<Ceiia IK—. 361( 1 
bveniu Uiiiii.l'h.| 167s ; 
>niiijCiiiil’i|<KLiij IS j 
Chuir Dmini UilM 8 Tb j 
Iricec.,— I >lw ; 

U'lhm (nk„„„.,..i 1' 

Wither Hiiain..«J sBXa 
iVciii C,niii Trot J- 321) I 

u-eaimi I l.la I 


8l« 
22 >a 
I5?e 
4.66 
441b 
4.ao 
k3>6 

b.43- 
46 14 

\t^ 

IJ 

b|.s 

141) 


■ AsbSBted. t SM t A0ed. 
llTadad, iNaw Rock. 


Mntk».il'r«4:llk,.j 4,000 i+SO 
400 U 4 


Da ttoOena.,.! 
bCfaladlerCUF lOCj 
ca)arr(Ctfl.F.l(lU.j 
dwiamir (P,3a0)— , 
bwuslhnlE(K.10& 432 
dwim (ita.F,S&0)J 6.100 
Union Ikak— ..I 3.260 


306 -3 
873 41 

812 I44 

44 


•Surieh Ins '11.375 USO 


75 

415 


Uiiemtirlii...... .. 

95 : 


Friracbank ....... 

1366(1— 1( 

11 1 8.1 

c*iurla«eBnk. 

143 — 1( 

11 ' 7.7 

^pn. HaenilM>o. 

366 : 

12 3.8 




VIENNA 


l'rii» • « .ri 


JmJ), 16 


-U" 

. nsiiLilwrHil 

3S0 

10 j 8X 

■*«vini.«wai 

843 

.9 1 3.4 







'I4I.I Uaiminr..., 
>eU MaimariL.... 

193 :-i 


as3 i+s 

14 1 6.0 

. ■ 1 


3.1 

1.B 


MILAN 


.leu. la 


Price 

Lire 


^ + orTDrrm37 

— [Life. 


Legnod——] 1.360 

Meleons rtniz.. 737 
; Mirdnlin ••B”..— 1-,115 
MoR HenneoT— 341 
MoiiHnw-.-J 163,81 
fMnbu^ 18 7.a3. 


Beibieet4:itmen., 

I^Kixin 

Uedlo Teefanlqne^ 

Betioiua 

lOuoaPoiiimi-— I 



>Uii KoHlenoL— 11.620 

- I ,r 210.(V 

i'elon»mnt4iie>,.l 568 
rhimwn Bnmlt.1 136.6j 
Usinor..— ' 22 .Q 


STOCKHOLM 


Jen. 18 


ADAAi>(KrAO.J 
Aito-InTaWKira 
AdBAftir-to)..— .! .. 

AttuCaCD^rJ/t-i 1S*2 

nluensl .. 1 —.-; 76.51 

Bofors .—I 123 

Oud04— ! 371 



West DrtefontMb sltM 

Western Holdings • . • ; S7.38 

Western Deep (1348 

,P-, l"nUSTHI4LS 

^ido-Amer. IndnRrW J ' 'siw 

Rarlow Rand — , , 3^3 

CMa InrcADientx , , • ijs 

Currie Finance - TT ** ' i - 
De Beers Indnstriil • 

^nrs Consolidated law. 
Edgar* Stores — ' ,, 

BverReady SA 

Fcderale Volkxbelesidnge . 



Greaienaaos. Stem 


Balene 

LTA 


MeCarttar Rodway 
NedBank 
OK 


Baaxara 


Premia* utiung - 

5**®fU* Cement 

Pr0t9A Hn iifinpf ^ 

Sana Mines Properties-.., 

Reteb 

Saxe Hnldlns* 


V.M 

, 1341 

w 'la 

1.30 . 
tnxn 


LTD 


1X3 

•“-11 ,* 

. sxo. 

+iw 

■ 130 

J . 

2<1« xd.-H - 

MS 

• +v 

.0.63. 

• ' 1 . 

'2X3 

■-(; ; 

.tsxo 


. 0J3 


3MB 


-UB. 
I- !X0 

4- 

- 0X0 


3L43; 

■-T', 


‘**40 


c. G. Smith Saggr 
SOTEC 


SA Breweries ..J 

5S5c°*“ “« «til Mte. 


LSS 

rj8. 

8.88 

US' 

820 

Lti 


'r^> ' 

•* i.f,. 




Secorlties Baafi BisoMuit 33ii. ' . 


SPAIN V 

3an. IS 
Asiand 
Banco 


Ceiiuipm-...— ...I 198 142* 
{ diect’iux’inhjl^ >131 Ug 


Viii.; J 125 ' - ; _ __ 

Au»Dit .lLaaic.....j 946 120 12.71 BnL-Mon'B’(Krxi.| 133 i-p) 

HU..,;. : 359 j— I — . _ 1 2gi -j.* 

•■Ud - —...1.908 '436 ; 160 7.9 Pacerata— . ..„ * 

Un. Pnv. ,1.510 ,44U ISO. 9.9 

Finsi'ier 73,7S'4l.7sl ; _ 

tui..«fDniH^_.|9.6S0 >240'' 200 2.1 


llaisbiw— 
dallolBUMi..,...,. 

Uonl«iiM*i — 

OiieeUi Pn* — 

PireiiiA 968 . I 

I'lreiliaia. |l.Ol7 .j*56 

dnw Viaoora ....... 400 9 


lu4 l4l 
SC.6S0 46: 
147.76 
734 I 


:i'^ z 

463 I 111 


IjlJOd 3.9 


10< 5.8 
8G 78 


.JiMum iren^... 
dMPlcl-^euhm... 
HunUvw.,......,.., 

U.. Ueb UniilBln.. 
4i4.l«l> A.2:..— . 


S.K.T. ‘W Kra— ,, 

sxBiyf bn^ii^a, J 
FhiiMcik ‘K-KrOG. 

< AMmun 

Voi«e «Kr. cO).~ . i 


fi-8 I S.B 
6( 3.3 
6 1 5.3 
6' 4.9 
*6.8j 9.0 

4 ; 3.3 
12 I 3.2 
ta) 6.1 


^ Bilbao . 
1,™ "•*" 
Bancn Esiorlor \7.Z’.\ 

Banco Geopral 

Banea Granada (1,000) 

Banco Ebpano 

faito Ind.' Car. n.DM) 
2; *"d. Meditemneo— 

sanco Popular 

Banco SauaiHler' ifflei 
Banco UrqidJb .<i,B 88K„ 
Banco Vbcaya 
Banco g*r»p— — w, 

BaifiHiiloii 

Bara Asdbtoeta . 
taAcnek Wilcox 

Dragadns 
Inmobanif 






4*«1 


B. 1. AloiaD rafta \'"''!-"~ ' 33 * 1 -•-. ii!'.!''. T i 
^anou 2 ine 


!2 
64.5:48.6 >6.6 
®iS _i*S 1 6.03 

,22'*i;*30;a.5 
182 1 x 1 . I g 
90 *4i a 
43.0 4 2.5 < - 

68j0,— 0.6i 5 


6.6 

7.3 

10.0 

2.4 

n6j2 
1 6.1 
: 5.6 


8.8 


£kpi. Rh) timo ■•’IIS 

ccosa (1.000) - tf' i.jiS i ' i. 

F«rnOM (I.OM 1 -- 

Gal. Predados • .'no ' -' — '* 

Grano VeLuora (40g>..'us> • — Uf', - 

•oerdiutn >'2031'' 

Q}fm -."gs.- •• -,34-,S 

Rennldaa ... .' SMS • --Mj- - . 

|"Tta Papaleia “ IS' . . ■ 

TelefbiUca . ..; iZ—Z, IJS*!). *. 

'-S- 

Utdan eim- mjs «.•' 

'.V 


'.a i 














31 




ijy Jg^TBary .19 .1978 



ARMING AND RAW MATERIALS 




Jvahce 

ilted 

'»hn Edwsrtb, 

, n edfties Edher 
' KTSBR advance In tin 
••-^proved diort-Uved .bn tbe 
., .1 Metal. Ezcb«}ge yeste> 
. ,'alnes rose in tu. morning. 
'.1^ by - a rise in the 
' market overnight, and a 
tone in sterling against 
!;n lar, both of whiu brought 
■.. G.seulative buying interest 
. ;/)v8rsold-mariceL. . - . . 

■ • >rve.r, tra'de«ellliig emerged 
• '.'jier levels ^and the three 
- ''-i . .quotaridn7 after readiing 
i tonne at .one stage, fell 
® £6.5BD in '• late *kab 
moving still lower in 
. mn dealings. ... 

^ . e is no news yetrof pro- 

.1'-^ the- Internationa] Tin 
: i. meeting .in -fjondon on 
"■ .sis’ • demands" 'for a sub* 

' i rise- in the Tin Agree* 
, -'.)Tice ranges. 

. ''St vatnes are stiU well 
' the agreement "cening** 

; • ,500 'a picul,' bat there is 
. . Table nervousness '^bout 
. "issibility of releases from 
' -stot^ile filling- the 
11 between production and 
, J this yeiu*. . . 

. .‘he - coppar market the 
'..nt inflnenee' was nmives 
. . . ' producers to seek protec* 

' :'gainst Imports from the 
''’the world. This' triggered 
stantjal andtrage business 
New Torie and 
i maiicet.- Cash-' wirebars 
. up at £656.25 a tonne. 

i^icoa price at 
-month low; 

• .G,'ur ^emmedides .Staff 
. r FUTURES prices .fc31 to 
. • irest levels since October 
;^'.esterday with the 
^ i .1 closing at- £1.558 
' down £16.5 on the day. 
igrpest fall was in. the 
March position which feQ 
' ' he £40 limit at one stage. 

' -jusipess resumed after the 
ory 15-mioute break ' in 
bowever, prices re- 
\ somewfa'at and Harrii 
T nded the day . £29 dovm on 


srs said " bearish ** sent!* 
; j the morning was. based 
on chart and fundainenlal 
Ions for mid^STS. -Cocoa 
.. 9ave been under pressure 
le.time as 'dealers a^ess' 
oificanceof-.tbe large sux> 
' supply ever dem^d fore- 
. .r tile cuxTeut season. 




tVE OIL FLOOD 

MILAN, Jan. 18. ’ 
m olive oil yield in 1977 
Jsionally. estimated 56 per 
-Igber than 1976 at about 
tonnes. The state market- 
^ard mVAM said the olive 
*a6 some 2.8ni. tonne^' or 
cent np on 1976. 


Compromise plan may end 
EEC fish deadlock * 


- - -ftY^MAAGAAET VAN HATTBI 

CC^UMON. MASEET .FisberiM 
Ministers concluded tiiree days 
of intensive talks here* tp-higbt 
amid 'cantioug'optlBdsm' that a 
new Common i^sherles Policy 
may yet be negotiated before tiie 
rad of the month. 

Much depends on whether Mr. 
John SlUdo, tiie UJ^ Minister 
of Agriculture and Fisheries, is 
able to win support for a proposal 
to control Arising operations with- 
in 50-jmJe coastal sones means 
of *^hiag. plans." These plana, 
as yet only vaguely defined, 
would .'Jease.-iiltimate^.Te^o* 
sibnity for fisberles management 
in Community waiters with the 
Commission -triiile allowing tiie 
coastal States to retain a cgrtaih 
amoottt of oontroL - - - 
The sttggestion - of "ptans" 
whldi was originally put forward 
by Mr; Brian Lenihan, the Irish 
Mihister, aims to rmndle ibe 
positimi of Britain and' Ireland 
whose Ministers have ' been 
insisting on control over fishing 
op w attoua within. SO miles of 
their coastline— with that- ' of 
Denmark, Germany, France' and 
Holland; who insi^ teat soeh 
pr^ferexiee is against the ' nbn- 
discriminatlon. principles of .tee 
EEC. - r 

Mr.. SiUdn Is to' make a' state* 
ment on tbe issue in the House 
of Commons tomorrow. ' But 
British .fishermen, who tonight 


roundly condemned tbe com* 
promise formula, are planning 
to make strong representations 
to MPb beforehand. 

Tbe Agiicnltnxallsts*^ Federation 
In Rome said yesterday that 
Italy plans to seek a 6 per 
cent ^alnelion of the '"green 
Ura". at a meeting oC EEC 
AgricnltBre BCnisteis la Brus* 
sels next week. Bnt officials 
claimed this was net enough 
to compensate for the recent 
drop in tbe lln against major 
European currencies. 

For . seme sectors particularly 
hard hit the drop ' In the 
lira's exchange value aud the 
eOBseqoent increase In «en^ 
penaatory amounts'— import 
subsidies and export taxes 00 
farm produced 10 per cenL 
devaluation iti the green lira 
was needed, the federation 
said. 

Mr. Ian IVood, Scottish vice* 
president of the Britirii Fishing 
Federation said fisbfam plans 
would never ensure Britain the 
degree of control necessary to 
protect fish stocks. 

"IVe want Britain to get out 
of these negotiations and, with 
some form of Cabinet baeldog, to 
take unilateral measures,** he 
said. 


BRTKSSELS, Jan. 18. 

Mr. Siikin, who has come 
under heavy pressure from the 
Commission, tee presidency and 
several member States during 
the past three days, faces an ex- 
tremely delicate situation at 
home where withdrawal of 
Liberal support for tbe Govern 
ment on this issue is considered 
a distinct possibility. 

Spealdne after tee talks ended 
to-nijtet Mr. Siikin said the 
position would be clarified at an 
uDofiicial meeting later this 
month. He gave no details but it 
is known that the Ministers will 
all he present at the " Green 
’Week." organised by tee German 
Government in Berlin, next 
week, and are expected to meet 
infonnally on January 27. 

“ This meeting -will be the 
cruDch meeting,** Mr. Siikin said. 
"All the political qnestions have 
come to the fore, and we will 
know then whether we have a 
common fisheries policy or not 
If there is no agreement, we will 
revert to national conservation 
measures." 

Ministers agreed to-night to 
resume formal talks, in Brussels 
on January 30 under the ' presi- 
dency of Mr. Poul Dalsager, tee 
Danish Minister. It is widely 
expected that talks at this meet- 
ing will be mainly a formality 
giving official status to whatever 
is decided in Berlin. 


clip near 20-year low 


BY OUR OWN CORKE5FONDENT 

'WORLD WOOL availabUi^ tural Economics forecast to*day. 
be down b'y nearly 6 per cent in Total Anstralian greasy wool 
1977-78, with demand remain^ production is predicted to fall to 
subdued uid strong competition 668m. kg., nearly 5 per 'cent 
continuing from other fibres, the below last season and the 
Australian Bureau of Agrienl* smallest clip for 2D years. This, 


EEC farm import protest 

' BY OUR OWN COBRESFdMMeN-T 

- ' : CANBERRA, Jan. 18L 

LEADXatS OF seven major of surplus products such as beef 
Australian farmers' organisations and skiM mUk powder on 
have diselosed that th^- are maricets outside Europe, to which 
considering pressing the Govern- Austratian inroducers had been 
ment to take' retaliatory' aelfon forced to turn, 
against : the European: .Cam-. The statement said' teat. one 
mnntty’s curbs on agncultu^ farm orgauisatiott had considered 
hbrarta,. : ' ' an .embargo on' -imports of 

At a meeting here between European motor vehicles, des- 
farmers* representatives afld. M. cribing it as en action which 
Bernard Aubezghr, direrii^- of "would harmoxilse very-well with 
marketing and International aspirations of our own motor 
■roVations -of-tbe Frenria Mhdstry industry -(the- largest Austndian 
of Agriculture, the Australian private sector employer) for 
delegation presented a ' loint grower national self-suffiitiracy 
statement tb him deplori^ the m yeMdes." '' 
shutting - - out of ' traditional Another suggestion being con- 
exporters to Europe. "'It ~i£to sidered was denial of JancUog 
attacked the EEC ".dumping" irishts for Concorde. 


CANBERRA, Jan. .18. 

combined with a sharp decline in 
total world wool stocl^ accounts 
for the Bureau's availability 
forecast 

The volume of Australian wool 
exports is expected to be 21 per 
cent below last financial year. 
Returns, estimated at $Al,29tei. 
C£762m,), are likely to be 18 per 
cent lower than in the last 
season. 

The Bureau reduced its fore- 
cast of exports in tbe 1977-78 
season (July-J^une) to 530m. kiir»« 
greasy, from its pre^ction of 
540m. in September and 675m. 
kilos In 1976-77. 

The number of sheep shorn 
is expected to decline because of 
a 9 per cent fall in sheep num- 
bers and a small decrease in 
average cut per head, it said. 

Auction sales in the six months 
to December 31, 1977 fell to 
L69m. bales compared %ritfa 1.9im 
in the same period last year. . 

'nie National Council of Wool 
Selling Brokers said total pro- 
ceeds fell slightly to SA487i»m. 
&om SA49L4m., while ' the 
average price rose to'188.10 firom 
175.59 . cents a kilo. 


Sugar price 
atfive 
month high 

By Our Cmmnodities Staff 
THE LONpON dally price for 
taw sugar was set yesterday at 
its hi^iest level since last 
August— ttp ^ si £114 a tonne. 
Futttres prices fell by almost 
£la tonne doling early tradi^ 
bnt recovered later la tee after^ 
OMO and closed lOp to 59p n 
tonne higher on the day. 

Traders were said to be en- 
couraged ky a rednetion in tee 
naxlmnni rate of export 
subsidy granted at the EEC's 
weeUy si^sr export tender. 

The Commission In Brussels 
cleared 58,615 (onnes of white 
eng or fbr sport with a maxi- 
mum lebste of 2L778 onits of 
aceonnt a tonne, against 58AW 
tonnes last week. Subsidy was 
21A99 nnUs-of account a tonne. 

Renter reports from New 

York that traders there 
claimed the Chinese had 
recently bougSit " a sizeable 
tonnage” Of raw sugar for ship- 
ment later this year, 

Aeeording to the group of 
Caribbean and Latin American 
sugar exporUng states known 
as Geidaeea. China is expected 
to buy Ijn. to *Am. tonnes of 
sugar in . 1978— slightly less 
than last year. 

The Svieh beet crop of 1977 
is now expected to prodnce 
89flJN)6 tonnes of white sngar 
compared with original 
mates of 800,090 tonnes. 

Lower palm 
oil shipments 
forecast 

A DECLINE of around 60 
cent jn crude p^m oil ship- 
ments out of Malaysia is expected 
over the' next few months. This 
forecast is based on continuing 
poor production due Co adverse 
weather' pBZtictilarly during tiie 
lacteri part of 1977, rqiorts 
Reuter. . 

Stine D^y Commodities, said 
some Mai^sian piantations were 
replug crude patin oil produc- 
tion falls of around 12ii per cent 
and deliveries to local mUls were 
behind sdiedule. TI1U would 
affect staipmeats during February 
and Maxrii iriith a probable ^ 
per cent, to 60 per cent faS in 
tbe montely average of about 
60A00 tonnes. 

Ibe shortage of crude palm 
dU in Madaysia has b^n empha- 
sised- by the repmcbasing by 
prodi^r sellers -of previously 
sold JoDxitncts to Europe at 
re^ar intervals due to hi£ber 
plica , obtainable on local 
maikeKs. 

Ilf .Kuala liumpor, dealers said 
prices on. tbe Mtiaysian pa^ oil 
market were generaliy easier in 
line .with, tee overid^rt closing 
lev^ of Cbacagp and Rottmdam. 



NFU ANNUAL MEETING 


Angry farmers mass 
for the assault 


LONDON WILL ECHO to the 
din of rural protest early next 
week. On Monday Mr. John 
Siikin, Minister of Agriculture, 
will be confronted by the assem- 
ble hordes of the Tories. 
Liberals, the Scottish Nation- 
alists and even Plaid Cymru, all 
of whom— tbe Opposition claims 
— will be clamouring for a de- 
valuation of the "green pound." 

This magical measure would 
lead first to a pay rise for far^ 
mers. wbo managed to beat the 
national average last year by 
maintaining teeir real incomes 
at 1976 levels. It will also add 
another percentage point or so to 
tee indez of food price Inflation. 

Then on Tuesday, in contraist 
with the Twitterings of the in- 
censed and simply ill-informed 
in the Commons, Central HaU. 
Westininster — just across tee 
road from Parliament — will re- 
sound once more with tbe roars 
of the assembled delegates at the 
National Farme r s' Union annual 
meeting. 

And they promise to be in a 
renlVy ugly mood. 

Tbe firot 13 rerofutions on 
their agenda .either singly or 
en masse, amount to a direct 
assault on tbe way Mr. Siikin and 
his Government colleagues have 
been handKng Britid agricul- 
ture. 

Bureaucratic 

Resolutions 14 and 15 come 
next, hanging a straight left and 
a right book into tbe bureau- 
cratic fiab of the European Com- 
misnon in Brussels. 

*This annual general meeting 
is dismay^ by tee increasing 
volume of useless regulations and 
directives which are being 
dreamed up by the bureaucracy 
in Brussels without adequate 
knowledge of. or consultation 


BY CHRISTOPHER MRKES 

with, tee industries involved." 
booms something or somebody 
dubbed " Poultry Region 4 " in 
its proposal for resolution No. 
15. 

.And then it’s straight bade into 
the fray with the Government 
once again, the farmers berating 

Mr. SlIlUD and his crew for 
alleged mismanagement of 
farming. 

Of course. Mr. Siikin may yet 
steal the thunder of the Com- 
mons and defuse some of the 
NFU’s resolutions and announce 
plans for a devaluation before 
the storm breaks. He could fix 
up a devaluation of the "green 
pound" in no time. It -would 
simply entail a nod to Commis- 
sioner Finn Gundelnch and a 
whisper of the percentage 
adjustment he was prepared to 
accept Then, barring a catas- 
trophic and unprecedented 
upset, approval would follow 
molto pre^. 

But the Minister has problems 
closer to borne. There is a power- 
ful group wilhin the Cabinet 
which insists that controls over 
prices should not be relaxed. 

,4nd they point out that since 
Britain's 200.000 farmers' rc.il 
incomes remained stable last 
year, follouing a 5 or 6 per cent, 
rise in 1976. compared with a 
substantial drop fnr most U.K. 
workers, teere is nr> justifiable 
ease for a devaluation. 

They might also ask. as former 
Minister Fred Peart once did of 
a hostile farmers* meeting: "How 
many of you . . . voted Labour 
at the last election? ** Or will 
do so at the next? 

Tbe National Fanners' Union 
has boon campaigning noisily for 
months for a devaluation of the 
"green pound." They want a 
124 per cent, change. 

Tbe Tories going into battle on 
tbe coat-tails of the EEC Com- 


mission, say teey want to start 
a progressive removal of the 
whole "green currency" struc- 
ture — monclar<’ compensatory 
amount subsidies and all— with 
a 7i per cent, devaluation. ‘This 
tallies roughly with a proposal 
reconily finat^ our of Brussels. 

The Liberals, ever perverse, 
want 10 per cent. Mr. Silkm 
wants 5 per com. at >he most, 

and Is probably prep.-!red to be 
beaten down to 3 per cent by 
tbe opposition within hi.s own 
party. 


Hagglin 


a 
&» 

Indeed, it would probably suit 
his purposes well for u devalua- 
tion fa change Mii.s Hpring has 
been expected for .-onio inonrh.s) 
to bo got out uf the way heforo 
rhe real bagi:ling iK-'csns in 
Europe over the New '^'eur price 
review. H is Air. Siikin'ji atobi- 
tinn during hj.s .-i.iy m r.be 
Ministr.v of A-.;riculturc 10 see 
real progre.ss made tow.irds 

reductions in t!ie support nneos 
fnr those products m surplu>i— 
mainly dairy products, lice?, 
sugar and grains. 

With mo«it of his own farmers' 
immediate cnnipl.-um^ clcired out 
of the way, he wotitd then be 
able to focus his mind and his 
energies entirely on this key 
project. 

• The annu.ll moertne of the 
National F.irmors' Union w*:Il 
open at Central Halt. '^Ve.stmin- 
stcr, next Tuc.sday. Janu.ir.* 24 
at 10 a.m., cnniinuing until Wed- 
nesday lunchtime. The annual 
dinner will be held at tbe Hilton 
Hotel on Tuc.sday evening. 

Main spe.ikor will be Mrs. 
Margaret Thatcher, 3IP, leader 
of tee Opposition. 


Bigger U-S. wheat exports predicted ^ 


U.S. 'WHEAT exports this year 
should be at least Ubn. bushels, 
according to Mr. Bob Bergland, 
tee U.5. Agricultnre Secretary. 

He told the annual meeting of 
the National Association of 
'Wheat Growera in Wiebita teat 
the expected increase over the 
950m. bushels exported in 1977 
was due to production shortfalls 
In many areas of the world. The 
Agriculture Secretary also noted 
that the U.S. grain trade was 
forecasting an even higher figure. 
The U.S. authorities were taking 
steps to promote and expand 
world markets on a permanent 
basis, be added. 


WASHINGT0?C Jan. 18. *] 

In Chicago meanwhile, the would attempt to Increase next j 
"American Agriculture" farmers* week’s percentage to compensate { 
group said a plan to raise grain for the shortfall this week and ' 
prices by ploughing under or set- keep the wheat elimination plan 
ting aside acreage bad got off to on targcL 

a slow start. Snow and frozen The group is also affiring far \ 
ground had so far prevented the mers to make cuts in tecur in- j 
carrying out of these plans. tended plaminj;9 of spring crops. | 
Mr. Doug Melcber, co-ordinator The group will ask Mr. Berg- | 
of tee plan, said it had received land for a national grain audit 1 
good support from farmers who to substantiate claims of over- ' 
planned to destroy or keep off supply, Mr. Melcber sidd. i 
the market 50 per cent of their He said "American Agricul- 1 
wheat yield. tare " doubted whether grain 

Tbe plan involves ploughing supplies were as large as had 
up 5 per cent of the acreage been reported. He al^ doubted 
per week over a ten-week period, whether current low price levels 
Mr. Melcber said tee farmers could be justified. 


MMODITY MARKET REPCIRtB ANti PRICES 


ns 


sortfiRii*. 

owew^ uburage CeaUas wim ^ 

1 Loodoa ■nil iiwgiwg <|Q rniwT ft, AAwnttbiu WlreUri, *casfi £6S7. three 2 
4 MDa on. M.B, TV. 09. 09.5. 59. . §?*«“*■ 

Catbodeft eaih S6445: Kerb: wirebn.' sraura 
One noMtae MOi. 07.S, er. 00. 00.5. ' 


a.in. 

Oah*ial 


H-«i 


£ 




:.i 6S3-.5 

.' 666-7 
■t| 6C3.6 I+T.6 ' 


l\ 64S-.S 


’.J 6S5-.6 
t: 648.5 


•f 1 


+ 1 


ASM 


y-n. . 
Unoffidnl, 

l-tor 

£ 

.fi 

6S6-.fi' 

aS8.6;E 

+8 

r ... 


644.&h' 

657^ 

+8 

+8 

_€^2.S 

SMaaa 



Sawbe.. 

TlW— Fell' 'mr atKr ■ ifrm' Mart §**^,^2* 
Tbe East was biiber evemisU, coming attalte Sm 
I nto line, vttfa Loadon. wbsre tonml SnToifc, 
'metal Btait^ at' £0.520. . BnyUtt bi an 
oversdS ■ maifcet' led to an advance to 


ajn- 
Oridal -I 

_ X 

6S60-6O 

636040 

esao 


MFTATQ '' fpMovta g 'WW9 of tbe jl.s..,jo|iper -pto^ to don oa the Kbrb m 504W and mowd CAUCirP. -Hertfom «TJ«. Borders Weat T0.OI. Ro «Mw9i £»J 6. nans «,« va 

rm . i 4. T dnoerf movei lo mta urw'prmeeuia. lower giterwtrds to intar-oAca dialings. Vr\/r£'JC,£i grtas An- wxiiii,e vb^ 100 raids: Feb. twaa and 57J9; ifveb 

SR^Igber on balBBce. oa . tbe 1?** ^ *. oa tbe K|oP' of' £50O- Ttmiover 1.930 tmmes. D, ygy notrfeted tradins Lmdon tlJL nomtatr coeflteient fnr dn OfiM and £T.87. " B ’> tirSie £WJS. 

ri.'STTSrnSK «wwd as expected anrtiawind. Rportt *** MiutttM Junarr 33 will rematai SM and 0 1.50. for die reepeettve 
OdcSoU — Drexl Bnrnhim lambert. Prln« remained „.,n»T ■miai nur 

- Btaac tat of tbe senioa with tbe DAILV IMPDHV LEVIBS-.SEC baa pHccs it s a dr. 

^ j 'n betum £10 to i32 lower on tbe dar and ^•**** ^ prainli uai e gectfre for Jan. 19 ^ __ 

' «**«“ ^ ere ai fbDews in intrs of aecoont a togiM. EEC IMPORT LEVIES— Tbe Mtaw^ng 

m order eumt levr pins Feb. UarA tanpon levies for wldte and mr cogar 
and April Hreminnu (with piwlon la ire Mfeedve ftir Juraary tr, in »»*■ w 

wham B7J9. nil. aecoimt per 100 kUoa ftritb prwlons la 

ail, ml fS6.Sl. nfl-.aO. HU). Dvn^ wheat bradcefsi. WUte sugar ideaaliRd 


PRICE CHANGES 


Metal Esetaange but fonrard Twww 'ISJU 
old not manitatai Its dpeidng levd ^A m s Tg a ii a iv d M etal - Trading reported. 

Trade and badt price seUlnx bi dw tswalhg cash wirabars traded 
>sbde to £09e--hot wbca -Cobb 6 wo Bwmtbs M08. 0T, 65J. 0d,> 

ochanged Oie price Wed to £5n-= «-S- Catted» ^ .Krt: 


fllti 

4-185 


6360-60 

634U6 

6860 

teirai 


B 

18 


oiberwiee 


U.S. IVIarkets 


[689061 



680060a— TA 
688000 


664.50) 


Morabig: StaialsrcU cash SUli, 59, TV, 


5B366SSM0, where heavy voumes traded, eg . 40, .45, so. s& oil SL 45. 4L 
M tUM Stage aellBrs came onL Sa«J mb5is IMR 

There was g lack at eoamaa foBow-: - • - • - 


aigta 


Standard, dm months S5.34S.. 49. 39. 


oomi 

Teaterday’a 

CIOM 

+ar 

tioaa 


fipertoma 


JaBnare..... 

leffD-lOEX 

-46.0 

2031-1M1 

Miute..-,. 

1883 1826 

-me 

1688- i8M 

May 

1782 SV53 

-1X0 

1748 1710 

Jutr ■ 

1680 1685 

-TlX 

1696-1578 

Saptembor... 

1645 1650 


less- 1645 

N ovens bar _ 

IbOaieBO 

-13.E 

1620 

Janimiy...^. 

1576 1610 

+16 



Jasulti-l-or Uoaib 

uw1 — 


ut.04. nu. no. on aiT.M. nU nO. na>: 

m^w.09 nfl.Ba.npf7409.iiD.iia ^ 


.35. nn, bD no (77 JS. nO, nil, 
Oam-SSJi. bD. an. bU (n.35. nfl, 
1>. Maise Csilisr than IvMd hr 


Fn« Uafket(eWpS80.19U...... 965040 

■t.3£5£68Z.75 
+5.0 iroBT-Ss 


Odes Limited 01-351 3466, - Tfaiee month gold -176.1-177.1 

m»R( Road, XdmdoD SWlO OBS. 


IVESTING 

oootiay senMuar on Thursday, 2ad February, at the 
Loados Ipteraatioeal Itoess Centre 
ite or telephone jor a brodnsre: . . 

CHART ANALYSIS UMIT&D : 

194-200 Bishopagate, Loztdou; EC2 
01-283-4476 
SKCStiKC;:! 


MPANY 

TICES 


OMPAGNie toA'noNM.a ' 

AIR FRMICE 

MAHe ostablMhniem- llsWe to 
wdan air trai M ooit codo wm 
e«l«tered Odiea la narta 
Sauji-e Maii-Hwieni 

"wKionalW nMranlced bv th* 
French State. 

S^S. NATIONALC AHt- 
-> has undoruken to reosy. on 
Fmiury .1979. • On- smoanf Ol 
'DOOM Of bondi of the Inter- 
■I loan e««ns»ed M USS and 
K laued In 197S, 

Wfnv s draw W' lots whM 
■act on lUh January, 1978 In 
r w e n ce of- Modaine Jeanne 
hiiiwier.' .the l.ooe bonds 
nominal valaa of USSt.OOq earii 
mbered>-> . . 

10 393—17.303 
•mt* (or rcdamptlM m rwnect 
t|w - amordtatM or tba 
iPBMB IwtilineHi' wbMi' tr 

Wean tSth Fobraaryi ISTB. ' 
w nonrtt are rMeemabie At par 
at 10th Frtnunr lB7B anp- 
OCM CMDons attached as from 
^bnurt . WS when piev will 
» bwi -intepest • • 

, foNeynne banks will camr on 
domotien ef-the said bonds and 
V M Interest duo Oh. ISM Ftn- 
^ 19J9:^ . . 

glT.LyOhtfMlS, Lincemnoi 
)QUk BRUXeLLES — 

A.. Bmselt ■ 

MenZSANK. AA. FjWrtffurt 

<7 NATiorMA ernr bank. 

«w Yorii 

lETe ceWEtlAa.6. Paris 

• rr NATIONAL emf bank... 
ondon 

Ism reowliring In circulation 
WH Om' Bimrtbationp— 

U5S23M0.000 , . . 

The nsBBlAgem 
< CREDIT LYONNAIS. 

. . ‘ . Uwembeure. 

nHMwn. 

t Januerr. 1975. 


mnoura 

LMe pft r. 


•us OPTICAL CObIPANV. 1.T1I.; 

<-VMPU5 KOGAKU jCOOVO ' 

' KAeuSHIKI KAI9HA) ' 
IKARBURS A CO. LTD., as 
hereby sHn' notice SM. tbe 
vdlnory Conoral Meeilnn of Stock- 
w jihe CoinMDr wHI be^lM^ -in 

inciucM 


Jsoan, M 30l4k JaAiwry. 
joilewliia proooeals si« 

JMee of tbe Meetliw«— 
n anprore tba Bap eft end 
4ceoants for the l4Mi biBinaes 
prin (in Nowembar 1S74 to Slat 
Onee*r'T977i 
SmEiacbon of OSrectorh 
7t Of Bearer Depositary ft iealptB 
to enerclse thnir vemp rtphts- 
^tha Dcpeeltarr mast comolete a 
a Proev-ev not latw-dian Mth 
• 1B7S. Forms ol Prony are nvall- 
thc olbeM of the DceNltam. Jn 
.or any. -Sub-OePOMlorr naoieiL 4n 
nh ut el the. Seaw. OeMSIti^ 

«. WARSUBC A CO. LTD., - 

As DeposlarK' ; 

. 30 Greebam Sireet; 

-h-ry. 197., 


CORkECTED ADVICE 
BEARER DEPOSITARY 
-...RECEIPTS 

Rcprexentfng preferred stock of 
BAXTER/TRAVENOL 
InternBtietial Cnpitnl 
CorpoEBtien 

1st Series convertible preferred 
stock 

*a: d iscri bptiw of-boHar 022 P*' 
dFPetbgiTr shsiv. tees SVT ■eWwuW 
■ ^^mantera 

r January'23. I97-. - 

pcescnatmn.er coupeB No. .12 at the 


doMnding. 
r M naMei 


on' tha 


insar e!f nalJeneo^ will be ps)^lt, 
on and sfMr January 23. )97S, upon 


‘of cha, '/alloMnnc 


Pteict 

.OiSco of any 

deparitanas: ' ' _ 

MORGAN .^ARA^TTY TRUST CT. OF 
NEW YORK! 

. J4EW YORK: iSi Bread Sweet (ADR . 
' Sebden) 

BRUSSELS* 35, avenue die Am '* 
LONDON, 33. Lombard Smas 
PARIS. 14. Place Vanddma 
FRANKFURT. Beckenhainer Land-. 

MnS^VOI^LLER S.pA.,' Vh 
-Ai-mo'ari. 14. Hlltn' 

‘Via ' BeneeqiFeml. 27, Rohm ' 
BANK- MESS & HOPE N.V.. Hemw 
eracht. 549. Anntardam 
KREDIET8ANK S.A., 37i iw Nocre- 
- -DMae, tBSHnfcsnrg. 
pFevlew annennsemant of • peyww* ot 
Dollar.. 0.075- pw share i* <» ba «on- 
lidCTvd-n miU tod veN. 


Tieill OATS 6 MATIOMAL MILUM 
COMPANY LtMTTtD 
(Incniponted In tha . 
HcMibDe at South Alrieal 


INTERIM DIVIDEND 
CUMU1AT1UE PREF3RSMCE SHARES 
FurtlKT <0 tne dividend notice advenOtf 
In cue press on tbe 86tb November 1 977 
the CMMrston.ruo appHcaUe to payments 
In United Khvdoin carrenev in respbet' of 
tbe nbevamentlenad dlvldPbds N ‘ £1 — 
ftl.159199 caiihralant to USUSe per 
•hire. • 

-Oie etR ctI ve rate of South AfiTeaa 
Men-RcpldeM Sbamhoiders' Tan In ISjmt 

emit, 

Fe^ and -on' bebsK u4 
ANOUD AMCRUAN CORPORATWM 
OP SOUTH AFRICA LIMITED 
Landed Seeratarles 
' . J, C- GieensmMi 
' ■ 

EClP tAJ. 

DflKo Ol tbe Itnlted Ktapibim 
Transftf Eiemirmr 
Cbarier GonsaUdated Umlted, < • 

P.O. Bon 102. 

18tb Jsniiarv- ‘lOTB. • 


gPENaR CLARK METAL 
' INOUSTRIES-LIMITEa 


Ttw TVsniNr Bools will be CbOSm 
Ponr the' IBtb Marcb. 197B, • w ml 
AorH. 1970. intb dam Inclnsi^'* 
Warram wM be- noned on tbe 
1979,- : : . 


irem mv 
1st AorH. 


ibree aboatbs O.3T0. 10. 


ndiCBler Frfees fPr Jan. 17 (U6. 
per poiBiil); GolombfaB IfOd 
Hfin IBM clwppad but unable to hoM Arabicas 207A0 (301.00); UBwulwd 

tbe' opalng jBiee ter Jbrward metal of Anbleas S19.00 fsame); otter ndld 
£S(. Ahtwmyt, mm wip mae new AnMas - 399.90 (30843): Robuptu 179 J9 
biiflv ‘iBltialls, tnfliiPBced by tbe Ughw (ITRSti*- Oa&y avovse 19SJ0 fl9SJ8). 
eoOpbr and tta Bttritets. trade' ba^ set 


■udiwb e ai An nil (an oU). MWei 


SOYABEAN MEAL 


Coppemsh W. 

S innaths dn, do. 
Cbsb Cachnde..„..,.j 
i mnntliB dn, do_.| 

Gold -.Troy ns. 

pence per lead Casb,.,,.....,... 


Oed Fldes MS 3aumths..............|£3S3JS -0 

rs S.9 TO 01 . 0 . Xickei — ... 

ft: tere bliid- Tree Hnrke* (dir), J9179-3.0)... 


MEAT/VEGETABLES 

—93.12. nfl. nfl. sll (13.44, nil, nfl. nil). 

Gmln eorgbmn— 7991, nD, nil nil (7991, SMITHPIEL 
Floor leviep— Wheat or mbetd whew poondi— Beef: seotUali UUed 
and rye fleer 133.79 032.74). Rye flour— to 499: Ulster bliidquanen 
21 S.M (115A5). loreuuanm 33.9 to 39.0: 

mmm 5R0 lo »9. roreqaanm SS9 Ptartnum troyoA.d»6 

Dmcb blod. um ends »9 to 

... limb: BogUsh small 50.0 to 50.0. small ’‘i'tTLT??** StS?*’ 

(Ugh qnaUty) 54.0. medium 47.9 to S5.9. —*15?^^’ 

itra 



-0.376|C571.7B 

i!T.'.ll’.'.’.lst.75-3.0 


Quiet day 
Trade 


The maiinf had 

LMDON ARAllCAS-ltCarktl cane fw7 »' 5 . 9 ; SSttbih m^lm Tm 

tog .la .e. thin marhpt prevailed and Rw under prenture refle cting wosMwaa in F™” " SJ” to 519, Iwavy 35.0 m 49.9. Impmed ,5 

etoOR OK the kerb was £3509, tbe day’s- New Tnric, r eport s Orexel Bomtaam sbaip dnm on •nmnuay, re ports ■ SHw. 


(76lbO.iS150.S6L.— .|51!h-4U 
Pl.7 25aSp 


Iftw, Turnover SJlS.nnnei. 



Lambert. T u r no ver waa again low bm 

dPelen feel Out Interest Is good coo- 
» nidertng the fact that Itebantan are gnlet 
this week, values at tbe dope were 


aruand 3M to 600 lower. rhbrxHry... 

1*95 Prtaca (la ordw buyer, idler.' rbime. April 
|358,6-.75 h- 978 buNnessl— April 33100-3180: -390: 33189- Joae.~ 

^ 31591 June 397964759: -353: 38970467S. AsgoM 

...... AUg. 197969999: -999: 392969090. Oct Oetebto 1 

*%. 5£.7oo?*-555: 

91. SIS, S3, 929. . XtfPl Ttm l««-7809. FN*. 1590671100. -im 


iXestonl'yei + or 
CIcee 


Dooe 


|£' 

Hi99640.t +O.t9'lM99.9B.90 
1K9979 ;409Htft7.f64SJ8 
,107JI<-b79 409S 19I7.56IW99 
107.5 141.9 4-094169.004799 
198. 6419 -hOJI 


getouary I' _ _ 

'Salec 132 r2l8> lots ef''l90'tonno£~ 


(msen; NS PL M.0 to 499. PM M.9 to Wolffema91b.«etf|81»lTO I 
499, PH 43.D CO 47.0. VLl 45.0 to 46.0. ^ <»»b ■CaTO.TMH 

rarb: gnpii^ under 100 lbs 38.0 m i moatbA...,...._i£876.76 

429. 100-120 lbs 15.0 to 409. 136190 lbs ProOueera .,..,.16600 | 

3S.9 to 38.9. 

MEAT COMI4ISSIOII— Avenge (Mstoek qj], 
priced at repreecniaUve naiheta . en comme (FbU).. , 

JanuaiT is. G.E^^ttle S990P per kg Qimndnot... 

Iw (-!-997): U.K.--Sbeep lS9.Sp per kg eat Eiaaeed CnadNnl ; 
dew (-P3.4*: G.E.^lgs S99p per kg Iw Pkim Mala wi, 

(4-191. Enplipd nod Wales— CaRIe '* | 

n u mbers down 99 per renL, averane price 
90.t4p (4-0.12i; Sheep mixnbers doira 1C.7 g^da 
per cent., average price lS9.4p (4.S.Si; CcgnniliHi 


;S6Sa.5ti. 

L'608 

IS860 

ISOOw 


SUGAR 


UMp 1 

Pig numbers down ll.l per cent., averaie Soyabean m JLt— 
price SRSp (4-19). Sc ad an d Cettle 

mitabers up 69 per eem., iverFge price 
S9.95P (4-0.901: Sheep numbers down 34.5 Si!^a 


|SS7B.6yj 

SSSSie' 




107.64-619-^16191.064790 
107.60-W.5'> I - 

SS‘tts"'5»r9a’ •sT'scs.^StoriSS? »»» ^ w om loti Of 17.369 UlOt. 

Tbna mubs 5554. 549. 54, 5S9. HfXb; 

St. yu 

pS^"?5S'to‘£«Sr.£5£S: . 

bwween ..SfO aM £877, riosbig oo the ^ doatop eanler. Lewlp and rtMmmmn wnitr may dafiw ,« 4 ya m* numbers down 439 per cent, average w.i„ 

£176. .TPPgvif_49ep p^t noM that MmayptoR Wtown gad at £114 (£118). ^ prl« ».7P (+19). ftwia lToTA3fi98 6 

prics w» SB (a»me 1 oeua a )dJo (buyer. uiMal trades were anund ovwiBittt „ wSi «D.oAmpKi.o 

5377, 7U. Kerb: Three moo tbs £2769. lerela hut prices then eased some 50-75 CDVBWT CARPBN ( Pri^ Ko. 1 Red 8nrtep|£e3.76 )4 .Ql»I 

points, reports C. CsanDcew. Later, per .pai ttige w e pt whe re otherwise KoRJaidwOTTi L^“ 
bowser, bu y ers were encouraged by Jto SL*“?.7^J2?2!L BngiMi MilllngJ»C0I.B0ai 


znro 


AmonEiA, 
S’ 


Prv'.'Wee4 _ 


OOdBl 


fi 


870-.8S if19H 


876-5 

27095 


£ 


.+1 

k-l-ESl 


PlO. 

OnoOeU 


£ 

8T0.6-a 
876. 5-V 


3091.' 


* 

+9 

4-1 


Vo. I 
S99. 


NO 

— mifdi.. 
J- “■•** ApnJnB 
Afiesaeoa:' Ibreo Bieatts £377. 759. 16.75. J^r-Sep.! 
isarbt -llree 'months £270. - ' Oto-See 

* Ceon ' per poirad. t Oa - p s w ri e up 
BQttNffi) CflOffiffi. *iW MR Plaik ApMDffi 

• - SHSP’i 

Oes-Deci 


SILVER 


t_ . J _ . 


' ClOBS 

eloH ' 

dans 

<730-4731 

4635-4530 


4X39-483 

ffffi m 

4X26 

093MXE 

683938.10 

4X> 5-4930 

51-1X513 

51J8-613C 

*239«l.16 

SX3939.I 

6X8545.41 

6534-tXOO 

5X193X15! 6X90 6430 

sxoxaxia 

5X40-66.751 6X49-5X30 

— 

67.0637.t 

S739373( 

5738-67.19 

5X683631 

M393830 

M3938.40 


and prices recovered so Uiat by the dose AW: Greeks 196890. Coa ^^ psawiu... 

toy were «Ugb(ly_^ openipg levete. Cyp.tar ^ ap«« M 



1-6.5 


e pertoBM 


390: Murocean: *399. L em e ns Italian; Coffee Futuiea... 

)09/13» 3969.60; Cyprus: 390-LSO: Spania: ^ ttaxda 81,634 

660-490. Ciapafiult Cyprus; IS kilea Oocuo -A' Indpx.. 64.1a 
3.49-3.00. 29 kflos 2.963.69; Jaffa: 29 kUna Jute U 64S7 

3963.50. Sean— Spania: AnprUK. 464b Kabber kilo.,..,,,.,,. 47 flrf ' fl'n' 

590. riiiiiiiiilafs Mnrnrrin 3.064.00. Siml £ 966 d.A| 

TailiimBi npiitH X06490, Apples— Snjmr (ilaw)„.„„.„ £114 


March., 
tuy — 

Sales: SSI Oisi Ms of 15 mat* and Dee — , 
fiOver' was Used LTp on 'piBMi toww ens (21) at 6 totmoi. Pbysleal dosbig MarriL. 
tor dpoi -daltverr is -to Leaden bpRIap prieea (towers) were: apei 479P (499): Mgy..— 1 
miuto yMoiday. at 255.^. V9. cent ^ia. 4te (489); Matte 4^ (4S9)i 
MBtnhDiB of to ffxing tevels wen: spot 
49Si9e, dpm 49c: tbreo-OKntb 500^ 
down lie; d»D0otb SB9.6c. down 5.6es 
and.'.lS^mitb 589.6c. down 5.1c. Tito 
Biettl opened at 2579Rip ( .to t9W e) *Bff 
doseff-.kt S94MS5te (4804-49910. ' 


163.1642.1 
116.00 
119.0640 
1419S-4IJ 


^8.0 


£71.75 


[9508.5 

^87 


+0.UI 

+6.0 


|£1.7t0 

i£1969 


867P 


lEI.163l9SjlSB.6646.7at819049.2S ITf?**’ S4a Mlo„.| 
i»a lAsB lA lto TiLve M iye iw - 7 §M | Golden Dtecioos S.40-8.80; SO-lb 72/119 
l29.65-89.90in99649.4ll 139.76-39.00 P”!??. NmntanL t Dnopatod. 


h-49-Ol 

kl9.6 


+RD 


SR53 

S500 


9387.6 

9246.9 


t 

£70.45 


|£89.75 
t 

|£91.86 

£1.889 

£1,690.6 

mss. 


M37 

m.5p 

6560.70 

£106 

272p 


3.W3 90. 

ilM9l9S.MlJ6.76-M.ai mPte. pJia..Peb. y0ec.-Peb. 

'1M. KILiHl TB mil ffiJ ffff M IVbUIII. GoMffD IMiClOIS OelSe UA- A€d M gteh-. Mtoto t iff £filwJLrvll m sSh apmii 


Delidoas 0.009.50: Bungarian: Red 

Debdons 790-7.30. Plums— 8. Amcan: 

Santo Ron 13/lUb. per pound 0354.39. 


dllim 

to. 

bdcr.OK' 


BoUVni 

fixing 

prlelBC. 


apaU....- . 

8M.Tpl-1.8i — ' 

SmonfliA';] 8^7p ~ 

LMI “ 
euBPes, 


k-tvl 

oleeO 


8S5.5P f-l-TrsSSp 
B60.5P 1-1.8 858.^ 


Priu ^ny Grapea— Stentnh: Aisieila 9.99439*. COU- 
ri> A1TUC grantdatod basts w^ •!«» vts £241.49 ^ 

GRAINS iSf!ii77i to%5L*^ toi^SSkinSSS.' por^wS? oiS 

CI WM P tmi RE5-< CA>TA)-(Bi 9 top- |,,nniBilrinl sSSf ngrawnnt TnrtI Vemat o M P er 9 kDes. Canary; L0O-L2O; 
fcet. opened te un uM opp utt« Spanish Mainland: 1.994.79. Cnpsfcams- 

opdpiif and ^ «*st iotlal danmeiTUi ^ pmE - 17 Canary; Per 13-lb 230: isradl: i«b IJO; 

I 4 . - buying. ^Whb to teysted markets “ ^ (gjS. qS;, Senesal: 9 Uot SJD. Cuoinibers- 

rL* BWot vnhiea movte np to dose at to wwago 1.96330. OataM-Spulsb: X06i 

330. CPPlSIeiWgi JWoey; S364L59: 
Freodi: 3304.00. Paiatacs— RaBBii: 304b 

WOOL FinpRES 

(Ptosh Per'Uhn EasAtt praduce: Pdataes pgr S54b, 

bpNDOK— Tha BUrtoi waa nitlnr, WMtea/Reds 139-L39. L eiiu c a P er 13. 

Indoor L664.7D. Cabbage— Per Hug 


Wfim beiwwn 65-13 ahead. OU erop 
barley saw substantial eommerdal abon- 
c uw r b i a ptteaUy against export sales 
and deaofto good hedge artMng. At one 
, . stage Ob eauaed losses of sS but tc 
doped to day steady to 16 

— Utev. ' Hew nran were- generelly Mtttf Parke. 
— Bcafeeted although ag g ressiTe cammerdal 




Ml /M\ 1M. nr — bittibg dosed valoes batween 4641 nelniB AnsbaUan 

■^SSKr" 2Si^ ttgj ^ QreagyWooll 


moato 466,7. 69.2. JCoiba: Tluea BOBtha mieAi 
269.S, 594 16.5. AfianioOB: Ibroe nonto 


389A.- RS, 90.: I. M. KeteK 
BHBttgSSLS, 6. 9J. SJ. I. U> 


Tbna 


irntu 


[tewarday's{+af 
etoie 


COCOA 


Utitf bedrliy bbw TsbuB wock lewar 
wltUa-A^moM mtse dadng ' Mar to 
tows, i Rp on a GUI and Duffus. 



+QL76 

+0.7D 

+o.n 

+0.46 


EARLIY 

[ r > to* < uy »ft(.f cr 


doao' 

71.75 

734)0 

75.20 

77.40 

79.70 


Matte. 
*_r M*y.„ 
July 


Ycaterday^ or| 
Ohm 


....ISiLSSU U^si 

....mflAfi-E -1.9 

3M.644£ -3.51 


^0,16 Oeeober.~-.'865.lbg.J j— 54)1 
nw ff"iaw...'2H.e.59J 

Matte mfl-49.9 1-8.9 

fo3o 257JM«.6i-e.o| 

+0.4S July 




BUSlfMB 

Dona 


8344) 


Salas: 1 (0) Im of LSOO kflag. 


ooooa. 

ntocMffri 
..-toaa . 

Nobfi-O’nm'l 



110X3-813 

155/33X9. 

\UU4MJ0 

U84339.9 

1473-9-7X9 

dep 6 

Matte—.,. 

luv— 

HSLOjiXI. 
1438^54 -.0. 


•1 + or 


DOM 


1877.641.9 

uib-o^ntoo^ 

Uu.O[1bft24L16.0 

UI6.D.1511JL1499 


BaobieM dane— Wheat: Jtn. SMflSRTS, 

Matte 64.855539. May 9S46-S7.15, Sept 

8L964I39, Hov. 84394439. SiUa, 1S9. fYDHEY GRIAST. .£ 800 : Qb 
Rarlay: Jan. 7L99 only March. T3.69.13JS buyer, seller, hBftIncte. sdaa>. Hhwen 
nay T43».T93a. Sopl n.Q6.77A Nev. eMteut-MaXte TlHIfllWO: 3W34S0J: 

7939-79.76. ■ Sales, 132 lots. 57 , May 9I8.94I3.3; saea.^ «. 34 ^ 

IMPORTED— Wbaau om H«. 1 HI Jdy 3473447.7: 3483447.7; 38. OcU 
per oenL Jan. 53.75, Web. SS30, tfarte 35L34413: 391M:n3; s. Sw. 965.7. 
53.59 nBHBy. 133. Dark Marihan Spring 347.9; 35734963: 4 lltrte SSL64S13: 
170. 3 14 par cent Jan. 8230. ifeb. 8230, asLSWLS^J. Mid tom3; 96433833: 
Hnte 8331' transblwnen East CoaiL. 3. inly 366.7-367.0: 3893-.. 9 . Total salee, 

U3. Hard TTlniar ordlsary eaquo i od. uB> . 

Amraban wheai onuoied. _ 

Mafca: t)JLm«Ddi Jan. 5930. Pte JXTTE 


Ptimo 0.76. toiH naerere P er IS. Rent 
3.79. E cali -ue ta Per 29>lb 9.79. Cai i u to 
POT «W S8te 9364.60. Onlen— Per 
56-lb 1.061.46. Cel«y-4laked M's LOO, 
IPs LS9. Swedes— P ot bag. Devon 6.46- 
0.50. Appl es P er peiind. Derby 9.194.12. 
CM'S 6-1643S. SmdeTt 9.11-4.19. Pam- 
per ponad, C o nf er e ne e 8.19446 Oftmlee 
0.144.16. Spraati-Per pood 9.95-0.96. 
Panalpe-Per SR-tb O.W4.90. Tarnlpa- 
Per S8-Ib O.8M.90L Hba bm b Per pewu 
030. 


HIPES Leeds; Steady but wttt near 
dearaneu. Ox Sl-SM UIob withdrawn 49 b 
per kilo: 3640) kflon withdraws SS.M: 
23-35 kBoa Btp. uidR cowg ST.Sp per kOa. 
No calf afford 


Financial times 

Xearagn 




8S8.97 1854.80 1 887.47 | 856.6E 
(Baso! 1 uly~l, 1053=100) 

REUTER'S 


HXS.?il»lS.8| 1*16.7 r 1606.8 
(Basa; SoBtentor I IL nmsHW) 


DOW JONES 


Dow 

Jeoaa 

Jaa. 

17 

‘JiST 

)6 

MonShi 

■go 

Tmr 

Saet-^ 

riaam 

847.87 

336.87 

849.36 

898.66 

iSS.16 

529.44 

W.79 

395.27 


(Avariae 1934-36464199) 

MOODY'S 


Moody'a j 

Jaa-. 

17 

1 Jaa. 1 

1 ^ I 

keutb 

■CO 

YSi 

■go 

Sola Cpumcvli 

9BB.9 

^.tI 

B86.2 

^X1 


COTTON 


PBH— saualy PMC ate 


CRIHSBY ^ 

demabd •fted. PrioM per sieoe ni ship's 

COTTON Llwnreael. Spot nad lUp- sMe UMproce a sed); Sb^ end £S00-£S.40 
mem nnlea amomied 10 979 tonnee brlnfl- eedbriBe £3394930; laige totoock P P) . 
Ing tbe mil for tbe week ta 1333 tonnes, medium bnddocR E4.e9-£430. small bw M«ck 

.. - - reporu P. W. Tutieruna. Active rradlng £3.194130: large plaire £L79. mHiium 

PtoDES-- -yer»„ j rm ^. Pn ees .teeec wu WPured by aplmwre whs Burchaeed Nalce £93044.30. to«t amen rf-i— u 59 
rw RTTWML Toma bTO_ £292, a wWe fOlectlOB of grewibf for farward £4.00; teinned dogfish (large) £7 no 


sales: 3394: (MSOft^ loti of 10 umwa. 

iiu m aBaiia l .Cwm ffia a a liail aa (U3. 9S30.tn9te)pmeni tom Cobsl S. AUean 
cent»Per.paBD«)—9M|y price rQr'JaB..17:;gredea uaquoMd./ -r 

USA ttrrn\ Tate up ir- itere s - Jett Ut ' Barite: -DltMAMd. BWC £36. BTvSsS. 

1 54gy •. avmga 1803c (13839); SMaJ HCCA-^Laeaeumtean Ptote BTO 66;CMei^B^ eariteT^noca. ^.naoiby'^ toriimn ^“ooT ImnaTmlae e^'S ' 

avangi ULW -<10139), PmB wbaai aestferd n30. Poad harlay ffoBfi & god (■ V.& MrJaa.ahtBniaDD rm— .w... ad mRttt matariiL Uadnan BM. uv-bv. 


NEW YORK, Jan. 17. 
C oc o a Marte 140.10 tUSJSi, May 
1SRS5 (131.15), July 13430, Sepc 131.«5. 
Dec. US.^ Marte U6.1S, May IIS. 10 . 
Salce; 1308 lots. 

CoEree— " C ” Contract; Marte 199.50 
IS0I3S), May 15535 ilRT.llL' Jnly 17S.M. 
Sept. XTe.eo-in3D. Dee. 9Sfi.(ll)-lS7.eo, 
March 153.6 asked. May unonoted. 
Sain: 390 lots. 

Coppcr-^an. 38.79 (SS.50), Feb. 38.90 
(6*Lt0). Marte 59.30, May 0930. JnUf 
6130, Sept. G.10. Dec. 6330,. Jan. 64.00, 
Marte 64.90, May 65.80. July 06.70, SepL 

07.60. Sales: 3.9(4 lou. 

MCotlon— No. :: March SS.lS-aS0 (5539). 
May SS3^S635 (50.43), Julg S730-S7.4O. 
Oc(. 5830-S&40, Dec. 58.90 .bid. March 
59.6549.90. May 60.0940.25. Sales: 
350.000 bales. 

H-GNd-^an. 13X40 a;S30)„ tob. 17330 
1 170.30), Marte 17S.UL April’ dyO-te JuiM 
179.00, Aug. imsa, OcL TS430, Dee. 

186.60, Fob. 18930. AprO. 39S30, JuM 
194.PD. Ang. 107.60, Ocb 36030. Soles: 
11300 Inis. 

t‘ tr ‘ThT* “1 New 

York prime Ream 2S30 'todtd (3135 
traded), 

SMalxa-Marte 2SS431I (23SIL May 
SS64S61 <S364), July S270-ISN: SfiXK. 3804. 
Dee. 3381-326, Marte 3353. 

iPlMlBum-AprU -vwM-rwtet (S0130) 
July 307.50 (305301. OcL 21C00. Jul 
214.60-SU3D, April 3a839«lS36. 
fiS6 lots. 

'Silver— Jan. 493AI (49839)^ Fte. 494.60 
(499.99). Marte 49830, Mgx 368-SO, July 
511.70. SepL 518.60. Dee, S29.S0. Jan. 
SS2.80. kfarte a93R May 56730, July 
SM.30. SepL 601.40. SaleSP 15.000 lots. 
Handy and Raman spot baUioa 493.50 
i490 50). 

Seyabeune— Jnn. 596 (37HL Marte 561- 
5654 I5S6|>. May S6SM76, Jnly 51X475, 
AUR. 87X574, Sepc. S6L ESK. SSO-Sto, 
Jan, 508, 

IISteabcM Men l Jan. 149.09-14930 
(156.50), Marte 15130-15139- 03730). May 
1M3I-IS530. July tS63lMSt3a, Aug. 
1SR.091U.OO, Sepb 36830, 'OcL 156.00, 
Dec. 15T.S0. 

Swabean Oil— Jan. 1930 (SOffS). Marte 
3030-19.97 (30.94). May 8030, JUbf 39.15- 
2030. Ang. 3039, Sepb 1936,' OCL 193X 
1935. De& 1930, Jan. 1930-1930. ; 

Same— No. 11: Marte 9,464.49 (938), 
Mar 9.S6438 19.71). Jiflr 3036. SepL 
1034. OcL 10.36, Jan. 10.5940.70, March 
10.8S-1030. May 11.12-ll.U. Sales: 4,609 
lois. 

Tli^Not avaUable (55339400.09 ateedli : 
-Wbont— March 370+371 (370). May 

:77+477i (8754 >. July SM4. SepL 2911. Dec. : 
SOU-MI. Marte S094-3104. 

WINNIPEG. Jan. 17. ttHyn- M ay 109.50 
(U930i, July 10630 tM (106.90 asOud), 
OcL 1M30 aak^ Nor. IOS30 asked. 

ftflats— May 74.50 bid (76.00), July 7330 
(75.80 ariiedi, OcL IXOO a&lced. 

SEariey— May 7T.0A (7730), July 7639 ' 
aeked <78.10 asked). OcL 7530 Wd. 

tlFImaced— May SW39 bM (21232), 
July 3)130 bid (31430 asked), OcL 31530 
atted, Nov. 31X00 asked. 

Wheat— seWRS 133 per eoBL protdn 
eonieat elf SL Lawmee 30S| (39Si), 

All enitB POT pound eg-worteoiua 
onleES oUnrwIse gated. 5s pa troy 
ounce— 100 eunce tola, t CMcapn Imtse 
5s per 100 lbs— DepL «f Ail prlcen pre- 
vIouB day, nimc Sieam f.o,b. NY bulk 
ank ears. 3 Centi; per SO tb, bn.tol ex- 
wareboooe, 5300 bushel latx 9 Es per 
any ounce for SO uunce units of 99.9 per 
cenL purity delivered Nl’. 7 Cento per 
tray ounce ex-waretnose. UNew *'B" 
eontran In Ss a abort ton for bnllt loa 
of 100 short tons delivered f.«,h. can 
Chicago, Toledo, SL LoMS and Alton. 
" Coins per 69 lb. btttol b storei 
tr ones per 24 lb. bnsheL 33 C r iw ff ^ 
48 lb. boteel ex-wurebou<«. K Ceaa pw 
56 1b. bnsbeL ex-warehonsa, Uno hmSte 
lots. 


THAILAIVD RUBBER 
REPLANTING RISE 

BANGKOK, Jan. 18. 
The area to be repiaated to 
rubber in 1978 will rise to 

120.000 acres from 100,000 acres 
last year, Slearmlart Wasuwat. 
director of Thailand's Rubber 
Division, said to-day. 

In the next four years, 
replantiog will be maintained at 

120.000 acres per year. New 
rubber strains have been intro- 
duced in Thailand since 1901 
and so far about 4S0.00Q acres 
have been replanted, he said, 
Reuter 



'^ panr ifll -TtmiBS- 'niUlsd^. 


Awaiting a verdict on the film industry 


BY CHRISTOPHER DUNN 



'j 

--'P.'j >A 



SIR JOH!N 
TERRY: 


no more 
money for 
films before 
March 31 


THE ACTION' Comoiittee on 
the British Film Industiy, set 
up by the Government two years 
ago and headed by Sir Harold 
Wilson, to-day i$ due to deliver 
Its interim r^ori on the state 
of the Indust^. It will do so 
against the background of a de- 
claration by the National Film 
Finance Corporation, which bas 
been struggling to finance 
British fUms for nearly 30 
years, that the NFFC has virtu- 
ally run out of funds. - 

Writing in this year's annual 
report. Sir John Terry, manag- 
ing director of the NFFC since 
1958. has stated that, apart from 
some provisional deals. ~ no 
Further offers can be made be- 
fore march 31, 1978." 

The structure of the Corpora- 
Uon'ii relationship with the 
Department of Trade, which 
supervises it. lies at the root 
of the present difficulties: the 
DoT advances cash to the NFFC 
at market rates of interest up 
to a ceiling of £Um. In turn, 
the Corporation lends to pro- 
jects which appear commer- 
cially viable. 

The NFFC is now just a little 
nver £900.000 below its borrow- 
ing coiling. It drew £875.000 
from the DoT last year, but had 
to repay about £700.000. in in- 
tore.st. Only about £226.000 was 
advanced, for just three films, 
from the Corporation's own re- 
sources. This year's intere.<:t 
payment, of £240,000, has been 
deferred. 

There are some cusfainn.s: the 
Corporation had over £300,000 


in cash in its baiance^heet at the Corporation of £2^m. But they categorised their advances residence conditions are fulfilled more capital was needed to back 

Uie end of 1976-77 and it much of this has gone on as ordinary lending. while a film is being made, the a venture, 

manages, as major partner, a Interest payments. • Clearly the NFFC, by putting Eady levy can be t^en abroad Easy money went oversea^ 

film consortium including nine TJie NFFC bad its heyday up a vital 23.5 per cent as a after the film has been com- removing a cash cusbio^ud 
City institutions which still has during the 1950s Brou'*ht into C^vemraent agency, also pleted. By the end of the the slide started at the NFFC. 

£900,000 to lend. being oilginally to save*’tbe old iu^P^ssed the banks. Because decade, somethiog like 90 per Between I960 and 1969, gross 

AddiUonally. the Queen's British Lion fiim company from circuits offered good cent, of finance for British films, profits were £1.7m. but deficits 

Speech in November suggested bankruptcy by oumoingia £3m wiurns, the Corporation could came from the U.S. on the interest aewunt reached 

that more money would be in aid. it grew to help the UJc! ^ According to Sir John, the £l.im. Trends in profits became 

fonheonung when it staled that gjjy jadustry as a whole British borrowing Americans did the NFPC’s job far less predictable and this 

“an increase m the limit on Lj^n finaUy collaosed in J954, ceiling suggested. for it ami did it far more affected lending policies, 

public funds for the NFFC will during the decade, over I950s, the NFFC could expansively than we could. They. Since the U.S. companies bad 

be proposed before the present iaygjtgfj |q 433 films up to £6m.. aitbough identified much new British- largely taken over the financing 

limit expires. NFFC’s oneratlons were already on talent, they had the cash and of British films, the package 

But w &P«e of this indication ^ ^ ^ sophisSrated and they were very enterprising.”' organised by doraesoc ba^ 

that actual bankruptcy will ian/»in« rfa. Sross profits were £l-3m. over __ s-.- v j fell apart. The NFFC pulled 

always be avoided, it is clear ®. ^ ^ and the nirplus on out of^ the scheme whereby it 

ihaf the NFFr has r»aPh«H a °y oanks. * ..... r.«rInnA number oE Side effects.- As .‘'i i.„, . TtF- 


that actual bankruptcy will Z‘ . fell apart. The NFFC pulled 

always be avoided, it is clear ®. ^ ^ and the nirplus on out of^ the scheme whereby it 

tbat the NFFC has reached a interest account was £474.000. S*"® i? ‘ ^ m up 22.5 per cent.: the UJv. 

critical point in a long career banks put up 70 per cenL ^.^e changed, n became more jj-f-ibutdrs stopped including a 

of crises and disputes. of the cash for a film via a dis- 'Tjjv . HP CPatc recoupment guarantee in deals. 

tributor. The NFFC lent 22.5 1 aX OU SeBIS .NTFC lost money on a number njid-‘60s. the banks had 

PnilcnrHlim • 2*^ ®'^**®*‘ The Eady w offered addi- r^essed film business as ri^^ 

L^ODSOruUlD flow- or buk borrowins. IJte tjonal security. Devised in 1950 a^id dianged their lend- 

There was a move to scran chipp^ is ui^ i.a the Treasury, this is a tax S * ine policies accordingly. 



t’M 


or 


ifUi 


There was a move to scrap Treasury, this is a lax policies accordingly, 

the NFFC completed in the late cinema seals which now No alternaUve package has 

T960s. Sir Harold 'W'ilson then f* ■ completion guaran- raises. about £4m. net a year, the BMd film. worked out. Instead, a 


Sir Harold IVUson 


^ac& 


intervened and the borrowing distributors, of the British cinema was Naturally, United Artists reaped doT have not basically altered. This year's annual repw t 

ceiling w-as increased by £5rm promised loan repv- changed radically in the 1960s the rewards later on— Bond But in 1970 about £2m. in tains the short^nd desenpt 

to £llm ment within IS months, factors — the ernwth in fihj>® have been consistently jQterest payments owing were of recent events. Unly £5.. 

The incoming Heath Admini- whether or not the film made tv and increased investment b.v successful. On Tom Jones, written off by the Department is. ®”t on loan, romMi 

stration froze the allowance in ™®***J- U.S. film companies. Guaranteed NF^C aareerl to put up part of of Trade, under the Film Act. with £9.2m. owed to the O 

1970. It then pushed the Tue recoupment clause virtu- returns fmni the circuits waned the cash. But the budget figure Banks tended to lend to the Provisions for losses total ^ 
Corporation into a consortium ensured Oiat once a film as they lost their milling power. increased _ at we last .dwindling number of U.K. 

deal with the City on the had been made it would be “The mass audience moved ibe Rnrish distributor distributors on a 30:30 pan -t CtFOIIFI • 

grounds that film lending could shown on the cinema circuits, over to the box,” Sir John showed hMitation, and UA passu basis, if the.v invested in J-itll/Mj ^avMa|f 

be highly profitable: not a The cinema in those days was Terry said. stepped in." Sir John slid. lyjug at all. NFFC had also ^ jjjg NFFC has gradn 

charge on public funds. sHlI a mass medium, so losses The Americans arrived in U-5. film companies, catering managed to get on to a similar its financing way in " 

Two years after Labour on films once they got onto the swarms. They were attracted for a world market, introduced basis with distributors by the various lobby groi 

returned to pow'er, Sir Harold circuits tended to be smalt. A by a number of factors, includ- a bigger risk element into film «nd of the ’60s. ’campaigned fbr a cbai 

Wilson announced in March, measure of the banks' confi- ing lower production costs and making. Films were either big The effects of all these policy in particular, ' 
1976, an immediate advance to dence in the package was that the Eady le^y. Providing certain winners or big losers, and far chances emerged in the TOs, (j^Qj-poration now* under pi 

— ^ ■ , . ’ heightened by the ^>d with- abandon its commen 

drawaj by the U.S. from Euio- j financing parm 

pea" fiJm-^iDg in geneij and distributors, anti iai 

in^stment m the U.K. in j^^gp fljjpg exclusively from' 
particular, partly because “‘"'*1 
American film companies had « * nn*nm»r(*i9i MMt* 

over-invested heavily in projects. ® * 


When Viking landed-on Mcirs, it 
obey;ed commands received 
with the Help of an NEC ' 
device . So today we know 
much more about that 
mysterious planet. Notguite 
so romantic yet also of great . 

impor- 
tance has 


satellites 



Deficit 


own resources. 

But if commercial crite 
were to be set aside— 4tnd' t 
would need new legislation — ' 
NFFC would have to call for: 


savants 


i iNJl< 

f 



NEC'smajor 

contributions to scientific satellites ■ 
expanding the boundaries.of man's 
■'knowledge. 

But findingput is only the first step. Sending out is- 
given equal priority by NEC. Satellites in the INTELSAT 
IV-A series, for example, use NEC-made transponders. 
These transponders are critical for transmission and . ; 
reception in global satellite communications. ■ ^ ' v " ;- ' 

;; . Getting down to eauih, NEC has helped build more earth stations than anyone else. That's not 
' surptising: because NEC is one pf.'the xrery few with wide-ranging integration of electronics, . 
.'.communications and computers.;, ' ' ' 

■ , You might rightly consider such achievements impressive. But NEC's dedicated 60,000 . : 'b 

employees arenh proud'of merely technological feats. They're dedicated to discovering -vvhat's new 

and making knowledge available to everyone who wants to knb-w. So the ■ ' 

ascending spiral of new discoveries for mankind will continue ehdlesslyl'- .t v;-: 


The Corporation has been cash ihanjl receu-« w 

involved in financing just 39 “"T®® 
feature films since 1970, com- 
pared with 227 in the '60s. 

Gross profits have dropped to bearing m min > 

£860.000 and the deficit on tu rin^i™ 

interest acconnt has risen to ® a*Jn' 

fl.7m. The lending policy has 

become very cautious. from the. Department 

Under the consortium-almost Educalion and Science a 
the only way the NFFC has had Plao® JP channel most ofj 
of lending during the last few growth in its r^urces intt 
years— Sir John Terry has film archive. The grant ] 
stated that the Corporation roughly doubled in the past ft 
tried "to select for financing Jears to £2.5m. last year, 
only those film projects which Caught between the conff 
seemed to have a particulariy ing pressures of Americ 
good chance of profitabflity. The business methods and Ut 
Corporation has had to adopt a aftennath, a financing form: 
tii^t-flsted policy." geared to a by-gone ra ' 

Nevertheless, as members of audience, and different fundi 
the consortium have pointed policies, the NFFC J« findl 
out even this approach seems to survival difficult. 
have been unsucce.ssful. Of the Tlie INTilson Committee, it 
^4 fflms ’distributed in -the last hoped, may propose some sn“ 
five years, only two have hit the tions to the Corporation's eri 
jackpot (.Stardust a'nd Bugsu nf identity. 


or.linoi 



J.KS ANGE R 

LEMETED 


Spreading the word to the world. 



; Nippon ElectricrCo, Ltd. 


Notice is hereby given of the' 
appointment of Uoy ds Bank Limited as 
Registrar. 

All documents lor registration and 
correspondence^hould in future be sent to: 


■ :.For rur:i:er i.nfcfrr’at/p.n v/ritii::. 
.0 Eex I.; Tik=rnv.c!;'TokV'c;, w3pir., 
NeCTOK A J22666 


Lloyds Bank Limited, 
Registrar’s Department, 
Goring-by'Sea, 

Worthing, West Sussex BNliZ 6DA. 

Telephone: Worthing 502541 
(STD Code 0903). 


J.ESANG^ 
. . Secretary 





SERCK 

UMITED 


■ Notice is hereby given of the 
appointment ofLloyds Bank Limited as ■ 

Registrar. ... 

All documents for registration and ' ■ i o:, . . , 

correspondence should in future be sent CO;— 




Lloyds Bank Limited, 
Registrar’s Department, 
Goring-bySea, 

Wishing. West Sussex BN12 6DA. 

Telephone: Worthing 502541 ^ 
(STD Code 0903). 




■ '5?^Tic 


Mam Fields: Telecorr:n*n_,nicancTi$ ./ Radio Svs>3f7;s .- 'Infcrrnaii'oa Proce: 


iysterr.s '• Eiectnon Devices'vLHorn& Elecirdnics 


liwsh^iL^an. 

Secito>'. 














■ -.1 

iuioLUoi limed jcuiuai> lb iy<< 



33 



EXCHANGE REPORl 








-• •.■ ;-':rtr 



#|v 






VT'i- if”: 

r'TS.V" 
V . • J ■»-• 


Si!? 



/ mmnot Dealios Dates 6sures whJeb are due to . be 
Option . ■ ' released t(Hiaj. Tbe net re^t 

. DecUiia- ' Last Account was that several htgb*conppn longs 
s Kobs Pealbiie Dv regained g, or Half of Tbesday's 
7an.i2 Jbd. 13 Jan. 24 while shorter maturities 
_ 'Jaa.2d Jnn;S7 Feb. 7 recovered some two-thirds of that 
O ' Feb. 9 -Feb.10 Feb;2l Josses, which bad extended 

toi Revived firmness in Corpor- 
Ma iiurhieji iim ewfier stions brought improyeineqty 
lunt for. .the Ijetter ranging te but ^vfliem 
in . stock, markets Rhodesian bonds-were selectively 
the • late morning, offered again and the g per eent 
M^t^idiaiige in the bacl^ 1978^1 reacted 4 points to fSS. 
viiteWs.' to inspire- recent Rates for inveetmont eurreney 
. .'buyers, but. dealers eontinoed higher as. renewed ip> 
anti^jcOnchided that the fall .riftntion^ sup^rt, - needed 
If-edSeo . and equities bad mainly for the purpoee of Invest- 
.fitf .' enough and.priees- in. meat in U.5. securities, impinged 
-.pectors made .reamn^le oif a pterket agein 'Aeri of 
ess after an uncertain start. soopKes. Up to 7S-per cent 
over lho.,twb. .prs- b^ce meedug \rith' oe^rional 
- days, die Government late offerings on arbitrage 

ities index picked up 0.26 io account the premium settled a 
on gains to 4 in short-dated net S points higher at 75 '»*' 

cent. Testerflav’s ^ rnnversios 
factor was 0.7704 (0.7880). ' 


on small buying in oversold markets 

recoyers 5.4 at 476.3— Bid stocks prominent 


turned to favour and put on 12 
to 2i8p. while peecB A. at 460p. 
mare than reco ver ed the previous 
day’s toss of 8 which followed 
adverse Avss mention. Other 
good spots, loclnded Antoraated 
Security. up_6 at 56p in response 
to an investment recommendation. 
On the other hand, l^ed Sel^ 
tifie met with further selting and 
gave up 8 more to 2T0p, while 
Pressac al^ came on offer at TOp, 
down a. Among the leaders. 
Thorn, a poor market of late 
on the profits warning, took a dis* 

tinct turn for the better and 

regained 12 to -86^ EMI, 1S2 d, 
and GEC. 263p, gamed 4 apiece, 
while Plessey were 2 dearw at 
S9p. 

A quietly firm trend developed 
m Storea ADIefi Ret^lere put on 


s and to I in the longer 
! 'rllies; the latter were 'going 
. ' de harder late despite some 
pointment. which produced a 
. wobble in the firmer trud, 

. .. the near-2 per cent' rise >»' 
ge earnings in ' November 


Banks, better 

. Banks closed firm . blit the 
'volume of business left much to 
_ ^ .. . . *»• desired. Barclays added 8 to 

'-n ^ still sluggish industrial S4 Sd and Midland 7 to 392p. whDe 
it ^ figures.^ ■ Uo.vds and XaiWest were both 5 

*■' .iduig e quiti es followed the dearer at the common level of 
'. of . Funds and on much ^Op, civerseas i«qies continued 
ame sort of business — cheap fo refiect inves^ent aimmrv 
I , g and bear-covering— infiuenees. Aieemene s^ned 24 
{..(inKi ived to dose at or near, the to £»» end li^tsrbe a further 
I best. Up SB.at 3 pm., the 2i to S>7}. El.spwheiv>- 
, .^>share inde.v ended at 476-4 starla met witli reneived «nr**^rt 
•' gain S.4 of the 10-pofnt fall «T)d ro<e 3 m T4 o in Hire 
- last Friday’s doss. The bear PuTbasea. TnsuniTices were 
,'~ze in the leaders diverted inclined' harder .in thin tradhte 
^ attention away from.- the ■ RrewerfM' ei1«^ ferWarti in 
... ."'d*line equities which, have more active trsdink and' Daven- 
•'ad much of the attention -p^ hardened-2 to'Bln for'a twn- 
‘ ' dy. This resulted in a fairly day gain nf p on coatlnaing bid 
fan-off bi-business SR mea^ speculalion. 

-.:by offictarmariririgs of '3.1S8 
...St a dally average of .well 
6JDQ0 in the . prerious nine 
':jg sesitions. 

I bid horefiils, 'however, were 


280 



2001 


Tn a quietly firm Construction 
sector. ConnfT^dft . Prvpertfes 
were noteworthy for a gain of 3 
to 39p in response to better-than- 
espected nreliminarv; results, 
.inent again with some sharp Elsewhere. Magnet and SonUttens 
: gains, while- rises outnum- edged forward. 2 to-l30p -de«pite 
falls in all - FT-quoted the first-half profits siandstni. 
es. by. 9'to-4 in contrast to .while light speculative demand in 
'.'.lay^s 2-to-7 majority hi a thin market left' Niiifarthni 

- r rif falls. Fairlv widespread 5 higher at 170p. TSimiac rose 
.^.gain.v w-ere register in the 4 to 14^ as did Tumd-B to267p. 
. nuaries indices . w*.th the All- . ; iC3 moved narrowly. ai»d:cJosed 
.hardening tO: 209.24. a shade dearer at 3S6o among 

^ - Chemicals where- Alginate Indns- 

' y in ff unOS tries put on S in 2SSn and VTlJllem 

■I’nying yet again their 

! - sensitivity. Gilt-edged i" Frederick W .Rvans 

■ -rhe tr»rW uncertainty and Wkwing the bid from McKechnie 

* late urier’-‘*| trading were former riosed. at 58o 

Ins' towards the best of the compared with the .soapensiop 

Opening firmness vnw price. of 28p • 

'/ed by a reactionary ArnnialpnifitsbelowraarJtete*- 
ncv. which often left quota* pr'/tiinns upset AnyHa; TV A 

• loarginanv 'easiec, , btfote which, el-nped 6 to 82p. . 

ri invavtment demand iv -l l*.:i '' 

.'PH vrith' beai^cJosing lifted Wl^iaU SflOVe blQ 

the lOTies and shnrta in thhi : ' Rejection * 'of the . offer ' .worth 
‘ IV. . Announcement^- of the nearly 241p per share from Comet 
onber aversse. -earnlnes. lUctiorisiem pmsiNed .bonw .of. a 
. ed sllvhtl'v ili«iinT)oiTiting bv .counter-^id w Wjgfall. which 
norces.. blunted the mqye- pushed ahead in a biw trade to 
■Tn the lafe ^temnoh blit ^ -25Sp 'before- s^tiing at for 

iater'-nSce ■ dealings the a net gain of 9; Comet a 

• *n was.-' resumed- .. despite penny easier .at IW^. .-Elsewhere 
-es about ihe money supply in- the Electrical sector, Baeal re- 


7 to 183p following the better* 
than-expected interim figures, 
while Dixons' Photognphlc gained 
3 to l3Sp in front of to*day's first- 
half results. Formlaster rose- S 
to I37p in a thin market and. 
improvements of 2i and 3 r^ 
spectivtiy 'were seen In Gusto- 
magic. 17p, and Owen Owen, 74p. 
Gussies A. 29(^1 LTDS^ and 
British Home, 200p, hacdened'-2 
apiece- among the leaders- 

Engineering' leaders ' took a 
modest turn lor the. better and 
Tubes regained 6 to S84p, while 
Hawker Slddeley rallied 4 to 192p. 
Interest revived is John Brows 
which rose 4 to 243p ahead of 
the results, due shortJy. Compen- 
sation hopes lifted Videers fi to 
I97p, while Vesper, 163p, and 
Yarrow. 285p, -impro^ 8 apiece 
for a simOar reason. A reyival 
of speculative . 'demand left 
Teealemit 5 dearer at Hop, but 
Associated Tooling eased 3 to 25ip 
on' the lower half-yearly profits. 
Camfoid . rallied 3 to filp. and 
similar . improvements were 
recorded in Amalgamated Power. 
I26p. Capper NclU, 6Sn. and 
Snlrax. Swco, 2S6p. Blakey^ 
(MaBeablc- Castingi) hardened a 
penny further to 44p following 


rejection of the 4tp a share cash ClBemas gained IS to 385p In 
bid from Centreway Securities, sympathy. Aggressive speculative 
West Bronnrieh Spring improved sup^rt based on take*over hopes 
2 further to 29p on continued hel^ Uden advance 4 to 20p, 
demand hi a rmirietti market, while Tbonias Marshall and Loxley 
while T. w. Ward put oa a penny A were sospeuded at ^ follow- 
to 63p in response to favourable fng news of the bid approach. 
Press mention. &rileni Prodnee, reflec^g the 

Blnrirird Goitfectkmevy con* firntness of commo^ty Issues, 
tinued to figure prominently in added 7 at 95p and Davies and 
Foods, rising 14 more to a 1977/78 Newnum,' at 120p, recorded a 
peak of 182p on persistent sinaD Prqs&insplred impFovement of 2. 
buying in a restricted market Avon Rubber appreciated 4 to 
Assodaled Plshcriee hardened 2 1920, wbOe Robert McBride 
to a 1977/78 peak Of 65p to the hardened 5 more to 36Sp, mirror- 
accompaniment of rumours that mg ftesh demand in a market 
Eastern Produce had disposed of short of stock, and Photo-He put 
Its substantial ^aiwhoWmg. J. on « tO 250p. Restetner A 
^hy improved 7 to 223p. while hardened 3 more to I68p foUow- 

comment on the better-than* 
J. ^ Eastwood, a duUmarket re* enected results. The leaders 
cently on the mtenrn report, edged forward In thin tnidbig. 

with Bowater and Glaxo finishing 

2 higher at .177p and 580p respee- 

tively. 

Components were featured bv 
Tamer : MaonfSehtring which 
iwnoed IT to IMP on hopes of an 
Imminent bid from Dana Corpora- 
tion. Lucas Industries, at 26Sn. 
recouped^ nf ihe recent setback. 
Motor Distributors remained a 
lively market and were generally 
better where changed. Henivs re- 
sponded tn the announcement of 
'ciihriantfally increased eamincs 
with a rise of 3} to il9>o. while 
«mail burins In thin markets Wt 
W. J. Revnelds. 1) harder at 23^, 
and Glanfield Lawreuee, 5 to the 
good at .S^. Heron Motor eased 
to 94jp in Initial disappointment 
with the interim figures before 
rallying to close 2 better on 
balance at 98p fonowing a good 
turnover. Higher earnings raised 
Lookers a penny to 5^. 

- Bid hopes continued to bolster 

Wace which Improved 2 more to 
steadied to close 2 better at 97p. 35p among Paper/Printings. Else- 
Bakasen, "however, finished mar* where, fresh speculative support 
ginaljy easier at I8p on disappoint- Hfied-HfOs and Allen Intern a l h wial 
meat with the results and dividend 5 to I2>ip. after i27p, 
omi^oo. Rowutree Mackintosh Occasional support left leading- 
were on offer at 402p, down 9. Properties leaders a shade higher. 
Hotels and Caterers contributed but the overall picture was one 
several . firm features. Rrenc- of small mixed movements. Uuid 
Walker rose 5 further to -ASp. Secn rttleB edged .up 8 to 22lp and 
while Ladbroke, 206p. and Uyddi^ MEPC 2 .to 126p. Slock Conversion 
ton, t95p, put on 8 ai>i®ca. Grand were similarly better at 260p fol- 
MetropoiUu were marginally lowing the interim figures - ni up- 


m JUN JUL AU6 SEP OCT NOV DEC JAN 


ilOp, while Argo. Ii4p, and 
janUne Seoirtties. 79p piit on 4 
apiece. 

After a quiet start, business tn 
Shippings picked up and the 
rinsing tone was firm. -P. and O, 
Deferred. II4p, and Furness 
Wilby, 845. put on 2 apiece, whhe 
John L Jacobs recorded a specula- 
tive rise of 2^ at 41p. W. Randman 
improved 4 more to U3p on yield 
considerations. 

Textiles provided the day’s moii 
active stock in Conrtaulds which, 
following a broker’s clreular, met 
with investment demand in a thin 
market and unproved 3 to 124p, 

Imps, 2 Up at 79p. provide 
the only significant movement in 
Ibbaecos. 

South African TnduMrials had 
an isolated dull feature in 
Abcrcon Investincnts. 4 easier at 
90p following adverse Press 
comment on the company's 
prospects. 

McLeod Russel continued firmly, 
rising 10 io 212p for a two-day 
gain of 20 since the announce- 
ment that the eomnany had 
»iinwed its bid for Malayalam to 
lapse. 


FINANCIAL TIMES STOCK INDICES 






Enn 

fm 

Km 

mm 





EBtill 








By] 










EzIS 

Ll-Jtfc 



B1I2 

Rse 









HTrl 



Ely- 





reRJ 


RM>|; 











EBBESSHBIh 


Bre9 

RtE 





HlfflifflHjHyjJl 

BHH 


ETE 










Ift an 471 & 11 a.n. 47S.1. Noon 476.L 1 pn. 4>6.t 
2 Bid. 47e.r. 3 pn. 4T6 .t. 

, ladtn sues saik 

* Based on S3 per coot. corporaUon lax. t NK-! 19 
Bayit IM Cevt. Sen ISMS'SB. 19SS Ind OM. I'T-'SS. Geti*- 

l^B'Sa SE Arin'tty JUlr-Dec 1942. 


HIGHS AND LOWS 


S.E, ACTIVITY 


UfriiTS jS(Be« CempUatlon 


Golds easier 


better at lOS^p in front of to- ward revision of_the rei'inue 
prelimi 


morrow's preliminaiy figures, forecast for the fun year. Over- 
while renewed si^iport lifted seas issues made fresh progress, 
Adda International 24 to 39ip. Hongkong Lend imnrnvjns 2 fur- 
ther to 93 d and Lend Lease 4 

lyTadainA Tossauds up 

Bid atuatlons, actual or wro Maa fii<rTi»r 
nimonred, dominated proceed- w BOge ni^ner 
ings in m is eel la n eom industlrials. Despite a continuing paucity of 
Madanie Tussands moved up business. British Petroleum took a 
to 64ip on the agreed increased mi'-'nai ni'-*i- .for rbc H«»Ter and 
bid of 85p cash per. share from closed 6 - dearer at 810p, while 
& Pearson, whirii were unaltered ^heli al^o 'm m "'nrp 4 to 
dt lesp.. Penis and Whites rose the good at SlOo Royal Dutch, up 
12 to IS8p^ after 136p, following 4 .further at £37i. were a^n 
speculative buying fudled by sug- helped 1^ dollar premium infiu* 
gestlons that Wood Hril Trust, erices, but SEebens (UX) en- 
which already owns 2S.5 per cent countered scattered selling and 
of the gFoop’9 equity, may launch gave up 4 to 292p. 
a full scrie bid; the latter rose 4 Overseas issues in Investment 
to 9Sp. London Favillott jumped 55 'Trusts responded to. Investment 
more. to 470p on hopes of a better currency, influences. Internatlotta) 
offer. wbOe Caledonian Associated Pacific Seenrlties moved up 5 to 


The further decline in the 
bullion price, which was finally Si 
lower at $171:83 per ounce, saw 
South African Golds marked down 
marrinaUy at the outset of 
tradhig. Thereafter they showed 
modest fans througout the list, 
despite the continuing firmness of 
the investment currency premium. 

Heavyweishts were rarely more 
than i easier, Driefoatein 

being that amount off at £172. 
while lower-priced stocks showed 
fails of 11 common to B’est Band 
Consolidated and Blyvoor at 133p 
and 280p respectively. 

Exceptions to the general rule, 
however, were provided by 
Durban Deep, 16 firmer at 362p 
foBnwing the reduced Df>cember 
quarter losses. .*utd Randfoatein. 
i harder at reflecting the 
iTonrovrit working sumtiis. The 
G^id Mines index eased 0.8 to 
143.1. . 

The heavy turnover in Platinum* 
again featured other .^uth Afri- 
can issues. Rustenbnrg touched 
ROn before clotine 2 un on balance 
at 79p. while B'ishopsgate put or 
3 more to 7.3 d. 

.Actirity in Lnndon-regi*tered 
FinanHals was minimal 'with the 
notable eveention of Rio Thito- 
Tine which climbed 3 more to 179o 
owing to continuing good invest- 
ment (fem.nnd. 

Rhodetians. a firm market of 
lale. suffered From nervous sen- 
ine in front of the re.sumptlon of 
talks aiming to resolve the 
pountry's Dolitical uncertainty 
Falenn M'nc« “ave UD 5 at IROo 
and Wankfe CoDfeiy eased a penny 
to 37p. 

Australians were featurless. hnt 
elsewhere. ConsolMsted Mnrrbf- 
sott rose 10 to 233n as London 
buyers di«toanled the December 
quarter's working Ion. 



1 BiAh i 

LgeW 

1 Low 

Govu dee*... 

1 79.BS 1 

1 

1 5U.45 

**'l) 

127.4 I 49.18 

fixed Idi.... 

j ai-27 1 
j (9-)73i 1 

50.49 
1 i«n) 

150.4 1 60.53 
l39lUi47>. tSililhi 

iDd. Uid 

549.3 1 
iM.-Oi 1 

1 957.6 
(IS/1) 

549.2 ! 49.4 

{14(9/77)1 (.iSeifSt)) 

lloKi Mioek. 

174.5 1 

1 iH'ICi) 1 

1 95.1 
. lI'SI 

443.5 ' 43.5 

i&2L‘iiT6)'iSfi:ia>1l) 


Ik' 


Jaa. 

U 


1 — 

I Uiii-Sdsc-t,, 
I In liiHinep, 

I IlMAlIk. 

' -KiBV Ot'rtii 

tilll-Klsoi.. 

Intuainit’ii.. 

r.'i, . . . .. 


199.3 

176.8 

36.4 

116.7 


S30.2 
‘ SI4.9 

, 9S.9 

\ 141.0 


201.9 
194.6 

41.4 

127.9 


' 204.3 
' 200.3 
! 44.0 
: 131.8 


DEAUNG 
First Last 
Deal- Deal- 
ings ings 
Jan. 11 Jan. 23 
Jan. 24 Feb. S 
Feb. 7 Feb. 20 


For rate indicotfons see end 0/ 
5hore Injormaiion 5erricc 
Stocks to atiract money for the 
call included English China Clays. 
Thomson Organisailon, Allied 
Colloids, James Ilatstead, Cons. 
Gold Fields. Selincoort, Baglan 
Property, Hil] Samuel, Duple InL, 


OPTIONS TRADED 

British Land, Warner Holiday^ A, 
Winn Inils., BP, Swan Hunter, 
H. WieFall, T. W. Ward, AL P. 
Kent. Si. Ptran, Provident 
Finance, Lonrho, Orme Deieloi^ 
mcni.v, Pauls and U’liitcs, Capital 
and Couniifs and Booker McCon- 
nell, while doubles were arranged 
in Pacific Copper, 4dda Inter- 
national, Tllom^oll Or;:anl!iailon. 
Marshall Cavendish, Tridunt TV 
A, .Ashoclafed Sprayers. Orme 
Developments and *4ipiiai and 
Counties. A shori-dnb'd call was 
transacted in Swan Huiiter. 


D.XTES 
Lasi 
Oerlan- 
Uon 
.Apr. 13 
Apr. 37 
May 11 


For 
Setlle- 
mem 
Apr. 23 
May 10 
3lay23 


NEW HIGHS AND LOWS FOR 1977/78 


The ioMowIng %«ciirlllc« oaMM In thi; 
.Share 1nlor»iatian Serme* uMardav 
' 1977.7S. 


•tUJtMd naiv Higha ana Laiva tor 


NEW HIGHS (70) 


ceneoPATiOM loans iii 
L.CC See TG-79 

BANKS i2i 

CemmorsbanK Sturla <G.> 

BUILDINGS (2> 

ZMntivSide Fropa. > v a i^OMtrueUeii 
CHEMICALS 4) 

Haittnd U.i OanscMn tWm.) 

PIvsa Vat. Avrfe. (nS. 


Jdcote IJ. l.l 
Haaillant Sims 
TemklnsoiN 


SHirBUILDCRS 11) 
SHieNNC 111 

SHors it) 

TVXTILIS >11 


DRAPCRV 6 STORES «S) 
Ladies 


-intomaeie 
Fdrmlnsier 

ELECTRICALS «• 
iMomatM Sec. w-qraii ’H.) 

ENGINEERING <91 
Awn Ino. Ward >T W.) 

Beautord West Brep Serine 

■tiaVev's WiiiteSottse (G.) 

Ftoldi-lve Woiseley-HuBlMS 

Manemesc Brem 

SeODS 14) 

4«SQC PHlierlas Bluebird Cenf. 

SIbbv U.) ^meortec 

HOTELS 12- 

Avddleton e-tne* ei Wales 

INDUSTRIALS -17) 

*GB Researcb lehus 'HarTbl 

Berlftortfs LIden 

Bodveaie Inti, McBrldd IR.I 

Boesev a HawSes Madame Tmeaud'a 


TRUSTS <S> 

CHllon lfi»s, Mai.*aie lavs, 

Authoritv mn, 

OVERSEAS TRADERS i1) 
Nienrian Elec. 

RUBBERS I2> 

AnglQ.IndoiicsIan G-^ok Ma<avii« 

TEAS >1) 

Lunuva 

MINES ID 

HonekoM Tin 

NEW LOWS (4) 

BRITISH FUNDS (1) 
Enhur. YOLK 95 
(£30 Od,' 

CANADIANS '1) 

Rid Alsom 

ENGINEERING II) 
Cummins S'«k 7B-9a 

INSURANCE «1) 

Lnlle A Cedtaln 


Pauls & White 

Sijmic 

Teve 

Wood Hsu 


Canning (W ) 
iimpn Oas.) 

EaMem P'-wtuee 
^uro Perrin 
Fogertv (E.I 

MOTORS «6) 

Heron Motor Lookers 

Oo. 10 k Cne. o>ilc> iH. 4 j:> 

le ss on n-wi,>wc p/t, a.) 

NEWSPAPERS (tl 
WarhsUrs Pubs. 

PAPER 12) 

Mills A Alleo waer Group 

PnOfERTV IX1 

(•n*rgl Secs. Raglan pron. 

MrKae Sres 


RISES AND FALLS 
YESTERD.AY 



Up Down 

Same 

Brttlsli Funds .. 

41 

1 

U 

Cenms.. Dorn. and 




Fareigit Bonds 

7 

14 

e 

iMhHtriab 

«5 

a* 

STB 

Fiiiwidbl and Frap. ... 

ITS 

43 

XM 

OilP 

u 

s 

14 

plsnretlaM 

4 

s 

U 

Mines 

U 

42 

44 

ReccM Issues 

u 

i 

94 

TWals 

T4) 

"ns 

iThb 




j.-.. 




i-;.SANGB 


' Ntfticeof iijedempdknn ' ./ 

Continentai Telephone Internationa 
Finance Coiporation,- 

S%%-<Sun>ant«^Ptf>eaibBreB Due 19W-' 'r*; 


NOTICEISHEREBYGIVEN'tlBtfpiirsiianttotfaepRiTiaonsoftbelade&taredsteduofFriiniuy 
I I \ I I I r { I 15, 1971 under which tiw aborc DAentores were issued, CS tifank , KA., as Trustee, has 

I k7 ll A- drawn ^ lot, for redemptioD on February 13, 1978, through the operataoholtherinking fund prerided 

for io said Indenture. S1JXXMXX> mut^ aniPnnt of Debentores Of the smd issue of the foSowinfi 


for in said Indenture $l^XX^tXX> p ri n tipa l 
distinctive numbers: 


COtiPOK SSBEKTCB88 OF 81,600. . F8XKCIFAL gMOUNX OFTSIAKIUKa 

94» 1071S 11940 13300 141ST ZSte 163S7 1^ 18115 3915* 
9433 10779 U»aO 13333 141«0 13090 16363 17S43 ^1 19160 
9*79 10788 119S1 l»Sa 
9536 10617 lUSa 13303 1433* 


lE 1 1331 S161 3318 4781 5803 690 81*0 
33 1357 S165 3321 4763 6*78 §973 8142 . 
35 1366 3179 3339 4770 5896 8301 

42 1399 3S79 3349 4774 5916 7014 831* 
46 1417 3399 3442 4818 5919 70*4 8334 
87 1433 3300 3443 4834 
100 1423 2334 3459 4846 ^ 70^ ^ 
211 1426. 3334 3556 4857 0978.7077 8^ 
338 1436 3356 3557 4881.6000 710L.8401 
Stt ^ ^1 48BS 6083 7116 S413 


I Defiomhift- 

of 

Closing 

C2iaoge 

1977-78 

1977-71 

Storii 

tioir 

marks, price (p) 

OD dap • 

high 

low 

Courtanlds 

2Sp._ 

U 

124 

+ 3 

135 

89 

la J 

a 

10 

3S8 ■ 

+ 1 

44fi ■ 

3S5 

La^roke ' - 

lOp 

10 

ioe 

+ 8 

215 - 

89 

BP 

a 

8 

810 

+ S 

966' 

776 

Racal. .EleetTwiies 

2Sp ' 

9 

218 

4-12 

270 

as 

SbeD-Transport ...' 

2Sp 

a 

510 

+ 4 

635 

. 454 

TWigMl TH.) 

33p 

9 

354 

•+ 9 

23B 

94 

BAT^ Defd. 

25p 

7 

227 

— 

260 

202. 

Beech am 

25p 

■ 7 

635 

— 

696 

372 

Grand Met 

30p 

7 

lOoi 

+ i 

109 

62 

Madamh Tussaud's 

5p 

7 ■ 


+ 5i 

OH 

17 

Midland Bank ... 

a 

7 

892 

+ 7 

400 

245 

Reed Inti. 

a 

• 7 

' 142 

+ 4 

233 

118 

lliom Eject 

2Sp 

7 

862 

+ J2 . 

448 

196 

Vjdrers 

a 

7 

. 187 

+ 6 

242 

144 


16394 ITM 18161 199*4 

BOSS 10819 11963 13350 14S37 15318 30403 17^ 15153 19360 


■9569 10620 11973 13363 14383 1 9335 16400 17339 18204 19265 
9588 1083S 12065 13380 14^ USe lom ITSW 18916 19375 


960 10633 13100 13363 1*381 1642S J6489 17364 18247 19287 
Uw 10834 12110 13393 14380 15480 X6f73 17388 18357 19308 
^WIOSTO' 13115 13399 140* 15456. iy09 17393 28310 


9743 llOSO 13335 1346* 14347 18839 16545 17463 18359 . ^ 

MM T)(te 1939R 13491 14SS9 15606 18953 17517 18379 19395 

sw **«o» 5|gy jgggp 


12344 13018 14364 


319 1457 2436 3667 .50017 6082 7 » M16 
336 1468 a«50 3680 5^ 6^ mr §5« 

3M 1493 2463 3691 6077 6137.7238 8505 9910 31 
3M IW 3W 5l« «« »« 

394 WO "SSn 8615 J003i 1U41 13423 13543 14999 1^41 ll 

SlS wC4- gaS - tftSw 1U42 13*49 13S47 14AQ8 18SS4 1< 

^ ll» US ^-|l» ' 


12407 13572 1*454 1570 


iili igri^ tm 


71 17581 18440 . 

78 17881 39470 19441 
15 17364 18471 19458 
U .37S69 18514 1S465' 
17570 XS063 19*92 
ITOn 18564 19507 
17878. 18890 19545 



soe 1*95 

S81 1601 
634 1632 
030 1o41 
539 J642 
544 1643 
5M 1647 __ _ _ 
bSa 1670 2850 4iS6 5398 8478 
588 J675 3851 4064 5444 6M4 


§38 low UTO iiw 14631 ZM38 18854 17S7S 18780 19639 


IS Sg ^ ^ ^ ^ 


U866 13T98 14715 1 6087 16921 6777» 18638 19761 
tSm 13843 IdtRX .lim 17789 18873 20003 



2003B 

20067 

20ffi3 

20094 


16^ 1602 170^ 17881 18980 SUK 


17894 18987 20in 

.47 -17045 3'noS 18990 20187 


..1083 1943 3184 -4486 


KM s4Ib-44si irew ii« »oss i4060 iss62 qToss 17948 -iBooi 2019a 


'P'iS ^ ms 



lUi ^ ^ StS ^ Sl04 94m UT1$ ilWi IM 17^.18098 19130 

1240 S160 3309 4T1S.-678B 69D7 8107 W® 1070 11S89 13315 141&4 2SOO IKM'llkP* 38JQ9 39148 

The Debentures specified riiove are to he redeemed for the said suild^ fundat the Corporate 
Bond SmtiMs DeparbaoBt of iho Twloe, IX 1 Wall Street, m tiueBiMmigh of ManhaWow, 
The City of New Yorfe Stale of> New .York, the mam offices of, Gtibank in Amstei^, 
Lojuion, Pjiis,Ftanltiori/Main or MOui or Citibank (Bririum) &A.ortttheofike«f Eredetbank 
SA. Luxeaboursedke ^l^mnihQhr&es tiie'Company’s payias a^tfi-snd win become dw and 
payable on Felffuarv 15, 1978, at the redemption price of 100 percent of ^jprincfpal msoimt aenoi 
jdus accnid interest on said prinripal amount to such date. On and after sudi datc^ iaioest on the 
4 rid Driiehtures iriS ccasq to accrue. 


The said Driientures dionld be pre^ted andxBrrendeTed-ai the office* set forth in the pcecodiiig 
m the smd-date wUh-all interest coupons -maturing sub9equeot=tq -the redemption date. 


paragraph' on - - - . . 

Coupons on be'detached and pcesenl^ucpayairid m the.Yttosl 

manner, . . "r .- : "... 


For CONTiHEHtAL TEUFHONE INTERNATIONAL FIN^CE COl^ORATXOK 

Tntslee 


Jaasaaxy 13, 1978 


mpany notices 


STETNeR HOLOipaS UMtHCP 


ANNUAL C6HERAL M1E1ING 
I bOB K.lO.30"*.to; Art jSU Hteh 
- At me oesiainer iTMNnMfli 

intHwei London NY7 947- for the 
es a.— 

•ceiuKo MM ddoMuig me rvwn 
M ■CCMIKS. 

■«c!aring t*e fiiul d<«lM»ds recum, 
itrtdeo In me dnwiofo' nMR. 
•WpAinttng DemIte end Ca, u 
odoarf o*' trie Cempimr uaai me 
srxius.Bii Of (tt next enmiei goRerw 
leif^nq 

'ittipy tti4 iMouiuig retennon ts 
r KDOBWd u Art ordinary. rtso>u- 
Art Steur naucc Mting . Been 
<*ni vurwint to laetlAw* T42 ana 
ES *■ fd me ComDUMe* Act igfB 
THAT. Mr*. M Ge«eteT-0>.E 


*nd 


-to d.reetar feiirma ov raUswai 


-who hM •teined' me «ge W .lO 
rears ec and is iwrwr iv 
Wactsd a wraetoi’ W Oie een- 
' BArtV. 

HoWte -o* Mure mrrants lo bw ai 
mM «Hsli to attand -or "Be 
tW MootMB^sRtoM 4ew»»t, ***“* -Hf 
'eerngdiWs ' Rntftrars. iarBlay * -. .8 m 8 
LOMM and Imwaatloiiali Ltd.. RW4tra- 
Hen DcMrtmciiT. Radbroke Hail. Knuts- 
ttfd. CEesiLre. WAYS 9BU. nM latar man 
48 riBOTs bdiom Uw.Meetgg. u*.g K..«^ 
u» Of -jn Authorised Oepes'tary taM 
Mien warram arc Mid to Cha oroer p* 

***A mmSw^mitlM to atierd and *we 
U »*ia meetM ^ 

or' iawe oroaias lo attwM and viMb te 
iitn. A prohv need no* oe a member oi 
cbe camganv. To .be oftetise. uien 
aronins must be rMeired .b y ihe 
T«t not tea snan. tortvotg wt^ba ut* 
»ft.re 'w*e .ttoie Yo.r_t»e_iriogB!*8.. 


OlriMtarf’ eontram- are aeaiubie «or 
nsueetlon ai die rcg’ttend oHde wi>r» 
afier 4M meeNRs. • 


:B»i Order .ed th« eoM. ___ 
>-J. A. .OAltNCTr 
' • baereiarv 


4Y. .itoitfc* Itea^ 


L4Bd«a M17-9ii. 
17_Cb:.^arv.,19r5. 


PERSONAL 


15 ’yOlB' HOUSE TCao LARGE? Yaor boosa 

— — /S 

eat 'uT voi>.''<usiHnv*^ai£eAnuln*S> 




be' 'bOfdtPwUv. Otod 
- e -Nduanal Charie 
Oao portion ffhr be 


rt. you, 

'iiy (Hew tba 


lor .year dvni or y w survivine spoase** 
me lor-"' - . .. - 

niiiHr). -- — 

re t ired .pamit •'9ieaio'' iwiie / wjtbout 
oWisatlon' to. Tim Seereurv. wg A 
Aged Houung Ageeai- FTYC. 3R 

Pft«nr.-SN«t. LenddB, W.I.. 


ACIIVE«TOgKS 


NO. 


RECENT ISSUES 


EquiTiES 


• 

• 

ii.hiiJ 

1 

1 . 


5iUi 

11 

3>> 


Price 
P 1 

egc 1 

<.- pa iHiabj.Ltfw 

1 




P.P. 1 — 1 fTO j Jb2 

SRGOiBOiO 

...435 

-U 

F& 1 .. 

2.8 


104 

S8 

P.P. Mil > 133 ! (CS 
' £013' es 

Faimei.e).W,). 



...]125 
.- 59 - 

+ !#■ 

ti.SSl 8.3| B. 5 I 7.0 
y.7. B.s; 6.S 


FIXED INTEREST STOCKS 


If 

iff 


IVri.fl 

8toch 

It 

■t or 


\<S 

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:or''9aKlr9ald ajomim.ictteis, tk-moMiarraisiB. 


FT-ACTUARIES SHARE INDICES 


lliese indices are the joiiit compUatieD of the Floanc^ .Hmes, the Institafe of Actoaiies 

and the Eaealty of Aefnaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in perentbeses sboir Bunber of 
atockd p«r aeetiea 


• 1 


67 


cAPriALGoemfinn). 
BuUdlog Materialsizn . 


Conhseting. Constrnetion CSfil- 
laectricsls tlS) ..... 


Gigiseerhis ContnetorstU) . 
MKtaaBical &ghieertiign9K~- 
UetsU and UeU FUrailasai)- 
CONSUNES fiOODS 
imnLABLEtSS. 

U. EieetniqicSi n*dio TV OS). 
Household Goods oa 


Motors end IKstribiilorstSQ. 
OmSOlER GOODS 
OfOfMKIKABLBiait)..^.. 
’BreweiesfKi. 


Wines and Sriritsiffi. 


EBtntalnmeiit. Crteriog G8) 
FoodMBnufBetacfugtiSl 


Food Betiiliag (16). 


Newspipers, Publishiiig (13) . 
Ikek^f^ tad Feper 05) 
Stwestig,... 


TextQBS(SS). 


TbbeeeosiS). 


TtvsBndGaneKfi). 


OTEBtGBOCrStSD. 
nmaieals(20). 


Rurndeeutical PreductsfTL 

0£Bc« Equipment ffl... 

SbippiPgtiO}- 


lHapcT)miffousl54). 


IWPllgmAL GKOtiP (496) 




SWSHABElNSn 


FfNANClALfiBODPOM. 
Banls(6). 


Msemut BeutedOX. 
Hire Purchase (Q. 


buuraneetUiiriQill)- 


lR6anDce(Co8ipori(8)(7). 
DisiixaBceBrokersaO)..... 
MwfkaalBanhipd). — _. 

Property (31). 


MseeltoneonsfD- 


javestBentnustoCSOQ. 
IfioiagFhuaceCD.. 


Overseas Ttadgs (19). 


ALL«HAIEIKKS(B»i. 


Wed, Jan. 18, 1978 


Index 

Na 


207.00 

189.29 

33U7 

444.44 

293.61 

163.28 

I6L15 


19122 

229.83 

178.56 


19662 

215A8 


237.16 

258.76 

192.60 

196.83 

329.6S 

23L68 


U7.44 

176.16 

219.09 

10351 


24957 

249.U 

13255 


478.60 

20052 


203.47 


45551 


22459 


17a87 

200 .« 

2»52 

16650 

14225 

136.13 

31958 

<2.58 

24650 

10851 


10951 

9L20 

27556 


20924 


Dm-s 

Cbanee 

% 


+0.7 

405 

402 

4l2 

40.9 

40.8 

405 


41.7 

42.6 
-0.4 

40.7 


40.6 


404 
4l.O 
402 
40.4 
-05 
415 

40.6 

41.6 

40.7 
402 

405 
405 
405 
40.7 
412 
402 


405 


405 


405 


412 

41.9 

41.1 


40.9 

4L7 

405 


403 

-02 


402 

40.7 

-02 


40.7 


Est, 

BmlaB 

Yield« 

(llaxj 


IbiKK 


17.12 

1627 

1751 

1550 

19.90 

1750 

1954 


1755 

1554 

17.46 

20.70 


15.71 
1520 
17.18 
U.88 

20.71 
13.77 

9.91 

2054 

1055 

19.73 

22.05 

19.98 

165S 

19.79 

1154 

1725 

2058 

15.66 


1659 


1527 


1622 


2453 

111 ? 


1328 


279 

2355 


327 

1710 

17.49 


Gims 

Dir. 

V1eM% 

(ACT 

Bt34%i 


5.64 

557 

583 

3.97 

658 

6.28 

0.77 


4.85 

3.61 

657 

659 


550 
'6.14 
5.82 
6.62 

551 
4.59 

3.79 
851 
422 
752 
822 
5.75 
5.73 

6.79 
597 
456 
6.12 
6.11 


557 


450 


557 


557 

5.00 

732 

4.71 

5.83 

391 


555 

277 

728 


455 

Cl42 

6.92 


552 


Bit 

P.'E 

Ralia 

(NeLI 

Corp. 

tnsr* 


3.25 

278 

8.31 

9.59 

585 

7.97 

577 


851 

950 

753 

721 


9.21 

9.92 

273 

10.99 

6.95 

1057 

15.16 

710 

1559 

543 

6.05 

569 

823 

7.13 

1L62 

7.67 

5.76 

9M 


264 


7.96 


854 


622 

1350 


1103 


6713 

5.94 


3056 

580 

7.25 


Ikea, 

Sail 

17 


Index 

So. 


20553 

1BA34 

330.74 

43936 

290.95 

IhOOO 

16055 


18506 

223.93 

17924 

11*35 


19551 

21572 

Z3612 

25610 

19229 

19602 

329J0 

13603 


U633 

17351 

21755 

10357 

18681 

249.04 

24857 

13L44 

472.74 

200.10 


20220 


4S140 


223.15 


17057 

197.15 

21723 

16650 

14L0S 

33352 

31676 


24519 

18656 


189.13 

9855 

276.01 


287.79 


Moo. 

Jen. 

18 


Index 

No. 


20753 

189.82 

33453 

444.70 

29281 

163.87 

16213 


119.25 

22488 

181.05 

U631 


19730 

21651 

23752 

25728 

193.96 

298.67 

333.27 

130.98 

28038 

17325 

21661 

184.79 

189.02 

249.10 

25150 

13L65 

47552 

20174 


28355 


45436 


22454 


272.13 

19600 

21757 

267.76 

142.95 

13459 

32658 

8312 

247.84 

289J5 


290.66 

98.60 

Z76.46 


20631 


Fri. 

Jan, 

13 


index 

No. 


20699 

191.66 

33659 

61978 

295.06 

164.37 

16175 


190.61 

227.01 

18253 

11660 


199.83 
22232 
24327 
25875 
146 JO 
19978 
338.89 
13250 
19L22 
174.67 
22230 
10350 
19113 
253.08 
25451 
13334 
472.62 
203.86 


20684 


459.05 


2Z714 


134.74 

20056 

21657 

169.46 

14556 

13772 

327.73 

83.62 

25050 

189.31 


192L23 

9134 

znj3 


2U.65 


Thura. 

Jen, 

U 


Index 

No. 


21054 

1M54 

339.17 

45106 

296.13 

16435 

16222 


1«.13 

23114 

183.49 

11744 


20019 
22B53 
23973 
258 86 
197 M 
298.99 
344.82 
13226 
191.91 
174.84 
22489 
30269 
19216 
25450 
25616 
131.12 
47253 
ti)S.71 


20694 


45S30 


22153 


17691 

288J4 

21609 

17*55 

145.79 

13835 

32817 

5411 

24992 

10958 


19306 

90.91 

278.64 


71277 


Year 
«o ^ 
(apgmsj 


Index 

No. 


14610 

125.04 

19750 

283J8 

18536 

131.95 

1Z3J7 


12701 

140.77 

135.17 

C96 


14462 
156.71 
165 67 
186 26 
16057 
13959 
209.10 
9738 
U8J6 
13336 
21038 
79 73 
153.93 
215.66 
050 
S608 
42538 
15171 


15L15 


444.74 


17453 


129.05 

159.79 

17353 

18536 

197.72 

10330 

23470 

6451 

15951 

7637 


159.01 

9293 

229.92 


363J5 


FJXBD IN133IB6T.PB1CB INDICT 


Bcitlah GoveramdSkt ' 

i 

Wed. 

Jaa. 

18 

Day's i 
ebanxe 1 

* i 

xdedj. 
ToHlay j 

xdajdi. 

igiT 

(odata 

□ 

UnderSyean...-. 

sna 

■fOJB 

— ■ 

9J3- 

2 

5-l5yewn8,.. ■ 

12LM 

•tOJI 

r* 

95Z 

3 

OrerlSyean 

13L74 


— 

flJ7 

4 

lrredeemlfies..L:- 

•MSjtt 

*8Ji2. 

— 


5 

SlliCtefc*. _ 

12L73 

*0M 

— 

0J2 


FIXED WTBBESP 
7IEU>5 

Br. (knt At, Cress Bed, 

Wed. 

Jan. 

18 

TU«a 

Jan. 

17 

Year 

ago 

(apPTDxJ 

1 

Low S yeara~.._.... 

7AJ 

na 


2 

Coapoas 15 yeare.^,........ 

954 


Bi* j| 

3 


19i2 

WM 

Bv-ivl 

4 


968 

9.78 

KTTTm 

.5 

Coupims 15 years.. 

10.51 

1057 

Kl1l4 

d 

35 yean... 

10.65 

IS 70 

IMS 

7 

ffieh- 5 years....... 

UJO 


1269 

8 

Coupons IS years 

1146 

U5I 

U13 

B 

25 years. 

1152 

1157 

1450 

m 


lUO 

isa 

14.32 


' . 


Wed., Jhr. 18 

Tuos. 

Jan. 

Uoqdav 

: • 1 j ( 

FfifYny Tbim. ; ITed. j Tikm. i 
jdD. ' Jau. ! Jan. | .fan. 1 



Index 1 . Yield 
.Su. ‘ % 

. U . 

.u.. 

Id 1 13 -: . 11 :| III 


Jjii. 

d 


■ a;:-! 
■wMin.>x) ■ 


.IS ^-yr. Bed. Deb. & Loans (15) j 
i6..4^vest9eel Tryst Prefs. ilo) 
17 IComL and isdL- PreEs. (20) 


63.88 .11!. 70 
57.57' 12^4 


7S.55; 1X47 


0S.S8 68.13 63.141 63.10 


97.52 f 5747 ' S7.4J : 57.58 


f8.44 I 7B.61 78.50 1 78.33 


I 


68.99 1 -63.43 ' 53.31 
57.71 1 57.57 ; 57.S? 


78.00 1 78.33 I 73.81 


I 49.87 
48.05 
'•68.52 


tRedempdoa yiiU. Htgl« mid lewB. record, baae dete end valaoc and eaaMUueiit dungea are pabHihed In 
laa. : . A Hw eg. tta oe ait l reetito to maDaMe iram t»e PuMbbeff. the Financial Ttines, Staeken Moine. 
dVtol. ILoRdte 0C4, .grke Xdb by peat 22p. 


Sawi-dair 

CaniiBii 


i 
























































































34 


Financial .Tunes! Thursday Janua.ry .XS-ISW 


THE JOBS COLUMN 


Plenty of prospects for the privileged minority 




BY MICHAEL DIXON 


1 


THE BRITISH LEYLAKD 
manasement's case for shedding 
10,000 jobs will not be made 
any more persuasive tn the 
unions by the fact that the 
group is seeking to recruit more 
than 300 new graduates this 
autumn — a considerable iU' 
crease over last j'ear’s intake. 

h Steel, incidentally, is 
ranging the country’s universi- 
ties and polytechnics in search 
of even more still. 

Graduate-recruiters in com- 
panies and university careers 
o£5cers tend to see nothing 
wrong, of course, in employers' 
taking in large numbers of 
youngsters while making long- 
serving staff redundant WHien 
potentially better managers and 
specialists are available from 
education, they saj', it is surely 
sense to make room for them hy 
ejecting passengers at the other 
end. A counter - argument, at 
least as strong, is that there is 
no objective reason to believe 
that to-day's degree^inners can 
generally be relied on to do a 
better job than older staff, 
whose effectiveness has often 
been hampered mainly by their 
organisation's structure and 
practices. 

l^Htether or not the practice 
is justified, however, a good 
many large concerns are indulg- 
ing in it. And one result is an 
increasingly stark difference in 
jnb prospects between the bulk 
of the nation's }‘outh, and the 


minority who complete 16 years 
□r more of largely tazpayer- 
financed formal education by 
getting a degree. . 

Ofiiciai gloom about the 
majoriO' has, as is well ^own, 
called into being a £ 688 in.-a- 
year *' nationalised industry ’’ to 
invent and organise things for 
otherwise jobless young people 
to do. But by contrast, there 
is little doubt that 1978 offers 
a distinctly rosy outlook for 
employment to the coming sum- 
mer'!; crop of new graduates. 

A 10 per cent rise this year 
in the supply of degree-winners 
to the U.K. jobs market was pre- 
dicted .vesterday by three organi- 
satinns which effectively serve 
a« pressure groups promoting 
the employment of graduates. 
They are the Association nf 
Graduate Careers Advisory 
Services, the Centra] Services 
Unit for Careers and Appoint- 
ments .^services covering univer- 
sities and polytechnics, and the 
Standing Conference of Em- 
pinyers of Graduates. This pre- 
dicted rise would put the total 
seeking jobs in the U.K. at 
rnuffhly 38.00(1 new graduates at 
haehelor level, plus 7.000 with 
higher degrees. 

But the three organisations 
are not bothered about the nmb- 
ahle jump in supply. This is 
because they are expecting an 
increa>!e of about 20 per cent 
in the Iinme demand for gradu- 
ate recruits. 


The effect on these fortunate 
young people’s startiag pay is 
officially estimated by the trio 
at “about 10 per cent, up on 
197?.’’ More li^t is shed on the 
pay prospects, however, by the 
following unofficial statistics 
based on figures from just over 
150 major employers, comparing 
salaries actually paid to gradu- 
ate starters last September with 
those fnrerast for the conung 
autumn: 


Upper decile 
Upper quartile 
Median 

Lower quartile 
Lower decile 


Sept* 

Sept. 

77 

78 

£ 

£ 

3J25 

3,645 

3,125 

3.445 

3,000 

3,270 

2.815 

3,115 

2 .MS 

32100 


valued of I9ie levels over the 
least valued will reduce from 
35.7 per cent to 21.5 per cent., 
though why the major em- 
ployers' manpower planners' 
should collectively be expecting 
this to bftwea is obscure. 

What is dearer, however, is 
that Governmental exbortadons 
to manufacturing concerns to 
make themselves attractive to 
graduates by pa.v 1 ng more than 
other lands of emplo.ver. seem 
now to have taken effect. For 
example, the sample nf lal 
major employers included just 
97 involved in manufacturing, 
and the 19ir-paid and 1978-fore- 
cast graduate starting salanes 
solely for these 97 work out as 
follows: 


(If the recniits were ranked 
from high to low according to 
salary, the upper decile would 
represent the pay of die person 
a tenth of the way down the 
ranking, the upper quartile that 
of the person a quarter of the 
way down, the median that of 
the person half way down, and 
so on.) 

Even were the forecasts not 
to be exceeded this year by the 
salaries eventually paid — as 
eridentiy rfaey usnally are — 
the increases over last year 
would range from 13.4 per cent, 
on the lower dec'de figure down 
to 9 per cent, on the median. 
The table also suggests that the 
differential paid to the most 



Sept. 

Sept. 


77 

78 


£ 

£ 

Upper decile 

3J50 

3.700 

Upper quartile 

3.150. 

3520 

Median 

3,037 

3505 

Lower quartile 

2J»0 

3,180 

Lower decile 

2,810 

3,110 


The increases indicated here 
range more narrowly, from 11.4 
per cent on the upper quartile 
to 8.9 per cent, on the median. 
The differential of the top level 
over the bottom U also nar- 
rower, and while increasing in 
pound notes from £540 to £390, 
is scheduled to decline slightl.v 
in percentage terms from 19.2 
to 19.0. But at most points in 
the table, the cash advantage 


offered by the manufacturing 
fraternity is increasing, albeit 
marginally. 

\Vhere numbers of job open- 
ings for new graduates are con- 
cerned, the three organisations 
are confidently looking to mami- 
facturing industry for the bulk 
of the increase. Indeed, they are 
currently expecting manufac- 
turers to raise their demand for 
bodies from the umverriUes and 
polytechnics by about 30 per 
cent, for the second year in suc- 
cession. 

Demand from other sectors of 
business, in spite of considerable 
variances, is. apparently running 
overall at a rate ten to fifteen 
per cent, higher tlian that of 
last year. 

Some careers specialists in 
education were expecting the 
recruitment of degree-winners 
for chartered accountancy— 
which in 1978 took more univer- 
sity arts-slde graduates than 
were known to go into, .the 
manufacturing, building and 
public utility industries of the 
U.K. combined, plus some from 
the science sid^ as M-ell — to 
falter this .vear. But it has not 
done so: on current evidence, 
it seems likely to rise by 
perhaps a further 13 per cenr. 

The promoters nf graduate 
employment were .al^ 

pleasantly surprised when the 
severe fall in demand from 
central and local goremment, tn 
which thev'had resigned them- 
selves last year, turned out to be 


not so bad after all.- Local 
authorities were seeking 
specialists for departments con- 
cerned with financial coutinl 
and industrial matters. The 
Civil Service was. by no means 
absent from the market partly 
because it wanted, more bureau- 
crats for governmental pro- 
grammes to counter unemploy- 
ment elsewhere. 


Sales force 


This irony, however, fs not 
the major reason -wiry . 'the 
graduate minority is apparently 
being warmed by the wind now 
blowing ill for less academic- 
ally successful youngsters. A 
far more important reason:- -to 
my mind, is disclosed by. the 
following statement' by the 
three organisations yesterday: 

“Demand from other commes- 
ciai employers — for example, 
retailing, building societies, 
computer consultants— -is' grow- 
ing. partly due to the activities 
of the Assneiaton of Graduate 
Careers Advisory Services in 
stimulating new employers to 
begin recruiting graduates." . 

In short,, there is a well 
organised, influential sales force 
actively -promoting the employ, 
rhent of degree-holders, backed 
up by an efficient Central Ser- 
vices Unit collecting market 
intelligence and . circulating 
lists of job openings around the 
higher, educational institutions 


which subscribe to it. There 
is also, in the Standing Confer- 
ence of Employers of Graduates, 
an organisation of personnel 
staff who. since most of them 
seem to be employed specific- 
ally to recruit degree-winners, 
hare a vested interest in in- 
creasing their organisations 
intakes from universities and 
polytechnics. 

It seems dear that this out- 
standingly effective '■employ- 
ment exchange *’ serving the 
interests of tShe minority has 
persuaded mure and more top 
managements to ■ approve the 
en gag ing of people With degree® 
•in preference to others, even 
where no such qualification is 
required for the work involved. 
Cdvemment has meanwhile 
chosen to encourage this process 
of subsUutlon. instead of 
attempting tn provide anything 
like competitive services to 
defend the interests of the far 
greater numbers leaving schools 
and even college at lower, 
though in many cases no less 
relevant, levels of academic 
attainment. 


Why Government should so 
heavily favour the minority, 
wibo have already bad the bene- 
fit of far greater support from 
tax-payers* fu-nds. I cannot be 
sure (althou^ I have come 
across an nffi**ntl document 
which argued, among other 
things, that jobless graduates 


were a more da&gerous soorci 
than other youn^ters of poUtfi 
cal disruption).. But even if 
parents of the majority seeiif ... 
slow to ctHidude that tbeSt 
duJdren’s pro^iects are beitM 
sold short, sim^ justice sureh 
requires some State action tq ' 
redress the balance. 

A firm-effon to clear awaj 
bureaucratic obstades and m 
up more efficient employment 
promotiug maidiinery aot»s tb^ > 
country for people vrithout ' 
degrees, is an obvious need, Buf 
the numbers involved xugg^ . 
that such agencies could hardly 
compete with the well estabi 
lished organisation For puships 
the graduate interest 

To my mind, therefore, there 
seems to be a dear case fo^ . 
doing ,<;nmcthing to reduce thq 
preferential treatment given td 
the minority in other ways. Tq 
the circumstances, for instanr^; ' 
it can hardly be justified f»»t 
this country to continue being 
one of the very few in thg 
Western world which officiaU:f 
gives grants as nf right to covej 
the Ininc costs of most of its . 
ynungsters who are accepted fn^ 
degree courses, as well as pa:^ 
ing the tuition costs nf virtuaU]i 
all of them. It is surely high 
time that wc. too. started requir-\ 
ina our aspiring graduates thpm-\--.. 
selve.s to pay at least oart nf 
tlie. co.sf hf their privileged 
higher education by means ol 
a repayable loan. ..J 

■'1 


C^ti 



Building a multinational inter-disciplined 
team based inLondon 


S.R.I. Inicmanonal- fonncriy Stanford Research 
Tnstiuiu.-. a ''nut-rar-prohi" pn^n-Joiial cuiisuriiiim dcx'cloped 
fmm .SuinlunI L'iii\'CRaiv ol'Culiktniia. It combines 
Managcnicm Consuliancy, and iudiu[r>'spedali>adons uiih 
Laboraton rebcan;Ii. 

li has over 3.000 pcrmaiieiu in over a hundred 
disciplines wiih a tec biilii^of'ovcr j^lunililioii per year. \ew 
CoipoTdtepolic\‘ is giving prater prioriiy to Imernadooai 


operations. London prcaldes the base for ass^iMnts oovuing 
Liiropo, die Middle £<isi and Atrica. Reoiganisadon and rapid 
gruivdi ip die past year has led to a major prc^ramnie cf 
European Fecniiuuenl Ibr 1978 . 


Tlie higlicst siandards of inidadve, creadiity and a proven 
track record, are prerequisites lor die top levd chalkugiiig 
consuluucy and rescaiu uoderlakeu. 


Consultants in Management 


STRATEGIC PLANNERS 
Guporatc and Long Ran^ Plannen with experience at 
imdtudng and itnpicnienihic strategic plannuig at parent and 
sulMdiary amip.'uiv leu'k. !iic\ ciui vacancies exist for senior sia£ 
(Quote RoJ: P.F.M'.) 


- EDP UaisoQ, and (he management infbrmadou needs of (op 
maoagemeuL (QiioteRd: W.R.P.) 


ACCOUNTANTS 

Chancred and Cwt .\rcountants with eTtpcrioicc in the 
developmau oTiinanctal anaK^is, inaiiagemviit cunuoi, and 
financial policy are needed. (Quote Rer:S.E.I..'i 


REGIONALEGONOMIST 

An econendst e«p^mccd in regional des'eloprnent tackling 
■ unemployment or inGwtnicture inniek ih needed. Assignjiieiiu in 
(Jioc aiciu. in support oTCorpuratc PLiniung, and proildiiig a 
Lutupean input toamuJu million dollar S.lCl. World Economic 
Study, woulo be involv ed, vC 2 d(>tc Rd: 


MANAGEMENT INFORMATION 
SYSTEMS 

Several higli Oyers arc needed. They' sliould be experienced hr 
Sysienisdevvlbpniciit pnice»es. haidwarccvalujiion/seieclkin, 
and piqjei'c managcjiicnu One in addition should hav e 
managnnent experience ofEDF urgaiinaiioii and pluiining imt 


OPERATIONAL RESEARCH 

^LuIlCmauda^s to nianagemencwiih experience In the* 
application ofORor Dedrion .Aiulvtis lechiuques 10 a w ide 
viuiciv ol'problcn» oi c needed. OngjiuliLyul ixuiccpi b at a 
prciiiium. ^Qiiote Ret: ^LB.M.) 


Consultants to Industries 


Tliclmtlimebgmdiuilly reprodiiclnieiii l.uiidon 
C0iiiuerp.uia to ilic wide ranine oCUivisiinii'i it li.i<. in Caliibniia 
uliicli spcviulbc ill iliVjiiruljIciiisorMiiglc iinlibiiii?. 

Ci.uidKlutt& need uiienutional »cneral m.nvu.'i''i>ient 
experiviKc in the indiLsirv. w iili elllph.l^i^ on pn-mliior pl.iiining 
dh eniiticaiion studies and ni.ii kcliiig. 'I he. I> 'lluvi ing industry 
spcci.ili^b .ireuealvd. 


i.]iemi>u^ oriiaturol sdencesia advantageous. .Quote RcT: 


HEALTH 

t'ci oxer lu yc.ii>. die Hraiih iiiiiiisnii '5 Rfiedrrh Piogramme 
lij.< cuiiductrd single diid iiniltiviiviit snidie- in ihe 
PhiUiiiaceuiiLal and Medical produi.lv tidd. llic coniirvutri 
rxpjaM'iiii of European hibiitesb has creaiei'l oppuitunJiic? lor staff 
In iMifk on the ni.iitj!;eniini( piubleiiu nidi die luuue 

eiiMioimiemorihextiiioas iiKla<iiri' serioi:. ;\ hui.k’.>iouiid m 


ELECTRONICS 

'I hr >tivct>«lulcandidateshouid be able, to develop and lc.id 
^ludibol iiiL-ineas opportunities in Elcvtioiiics. Lsperiem r is 
lei'piired in dcvekpingbieinesf plans including ihean.\ 1 y«i< of 
ni.trkeii. compcrinrjn and die impart of nci- t<*^>nn]rigy. .M^ilici- 
io.iiKiTcC.liciirii.n tJidr inipIication<andacuun they diouH 
lake i-oLo needed. Quote Ref; T.M.' 


MECHANICAL AND ELECTRICAL 

1 liLsviou]>$peLiuii'<& in lechnoeconomiciesearcli and r,r.v 
proeliici niiirkeistuiiita lut picdiiecr- ol'iudusuial goods and 
u:'ns'.i;mT dur.ibles. ..Qiaotc Ref; F.L.W.; 


Ciindiilatcs <liuiilil !iJ--'r a iood aej: e-- a »ceo:\d rolrv.irif q'laiifir.i'Jen. and 


prvlerabl*- ;imln-|jnuiMue<;.ip.ihi]iiir>. .\ n‘iiriinu.in ofse^ rn exni-jienrr after gradiiuiu'in :s 

e>*oiiiuL .\ pm I'xl in eoitsiilt.incv. in Livili the private and cubli'’ .sectors, .ind tv ‘ ' 


! work in several couniriea, 
IS highh di'Orabk. .-\ ie.i:‘un.iblr.imoiim ol ii.iM'I.r.iosdy in Li,io|ie, -iiould be expected, 
high iixed saLtr^'. coiiq>'.'nnve imernaiiiXial standards, is paid. 

Candidate* imeresred in discnr--iiij:opp'>rtuuides should ■•'lite. giving emplovment record and .-ala;-;.-, 
toH. F. R. Perrin. Director o| .\ldna 5 emcnt.iiid EcotionucDitision 5 .S.R.I.Drr£RX.AT 10 \.\L, 

17 Davies Street. London, i. 





AccxDuntants 
For Consultancy 




INTERNATIONAL CONSULTANCY can provide an unusually interesting 
path to career development. The work-in Britain and overseas -is varied 
and rewarding, both Inteilectually and financially. 

OUR MANAGEMENT CONSULTANCY FIRM is one of the largest in 
Britain and we have associated offices throughout the world. Due to 
continued expansion we need more accountants to be based on our offices 
in London, Leeds, Birmingham, Manchester and Edinburgh. 


WE OFFER: _ 

□ the opportunity to v/ork with 
colleagues from other discipiiries. . 
Assignments cover a wide variety 
of management problems' inciud- 
Ing corporate structure, project 
evaluation, financial control, EOF, • 
marketing, production, operational 
research and personnel manage- 
ment for a v.(ide range of organisa- 
tions in the private and public . 
sectors; 

□ unrivalled experience which could 

. . provide a springboard to a top job . 
within a few years. Meanwhile you 
would contribute to the improve- 
ment of industrial efficiency in 
Britain and to the development of 
overseas countries; 


□ theopportunitytosave.UKsalarles 
would be attractive to those already 
earning over £7,500. While over- 
. seas you could earn, more than 
£14.000perannum, (usually with tax 
relief) and receive substantial local 
• living allowances. •• 


WE REQUIRE: 

□ qualified -accountahts, preferably 
■ In their 30‘sv A good degree in a 
. numerate subject would be an 
advantage; 

. G first class experience gained in 
well-managed organisations oper- 
ating effective financial planning 
and control systems; 

' □ the ability to motivate people and 
get things done. 


Write in confidence, quoting reference4051/L, v/ith concise details of your career 
todateto:J.B. Morris, 


Peat, Marwick. Mitchell & Co.,' 
Management Consultants, 

It Ironmonger Lane, 

London, EC2VBAX. • 


•J 




i 


. If ! . H 


•t iiy.*’ 

J 

^ ,i[ ,«!*•„ , 1 " 




t] \ihi! I'..t 4 1 

." ji^ j'/,}! I ■ I H 

^ illi't 


1 


.'iki:n!i \N V 

ris t '.I it; 

nsii’*.' li kl; 


■•'i. \ . 


General Financial Management 


Manchester 30-35 

Our client, an International engineering group 
with a multi-million pound turnover requires a 
qualified accountant who will ideally have 
achieved managerial status in an interrrational 
manufacturing environment. The successful 
candidate W'ill join, at a senior !e\ei 4 


c. £8,000 car 

a well qualified multi-disciplinary operational 


audit team, responsible for the Investigation and 
appraisal of companies in the Manchester area. 
This challenging role will lead to a clear line 

management career within the group. 

Fringe benefits are excellent. 


Af.' 


'S. iT.C- 


Ref: 19079;' FT 

Male or female ca.ndida^es should telephone In confidence for a Personal Hislorv Form to: 

LONDON: 01-734 6852. Sutherland House, 5 '6 Argyll Street, WIE 6EZ. '■ 


Due to expansion a leading firm of 

INTERNATIONAL 

STOCKBROKERS 


witli offices in the Cii> have vacancies for 
general seiileniem clerks in all departments. 
Also Burroughs. Sensimaiic and Telex 
(T7 and T!5l Operators. 


Each appointment will carr> an attractive, 
salary and a non-contribuior> pension, also 
LVs. 


Please telephone Staff Manager. Mr. Potter, 
638 5699 to arrange interview. 


Exami ne yon r career 
for the Q. D. factor 


Q. D. stands for Quiet Desperation, the nas:- 
conviction that all ia not well... lack 
of job satisfaction ... insufficient progress 
.. .disht^rmony. Or ail three. 

Our experience in working with executive 
and professional people show? that Q.D. can 
be overcome. 

For an aasps.'»nt*»nr »wirhoii(: cost- or obli- 
?aMon> of hov.- we can help .von. phone or 
write tod?i>’ for a meet inj: with one of our 
Professional Career Adrisei . 5 . 


rREDERlCK. 


ijfrCOHPANYLTDL 


rrnkiiitnni'in Riwiitivf Ev4l<i«t:iiii.imii4imr.tdviiiicp<ii«nr 

London : 33 Fitarey Street, W. l . Phone 01-637 2S9fi 

Tdri-. it Ruc’t*’ Item F'hoiteS'JS'Sl Hi 
Weaniiotan Employment Agency, 

V SHnrfa.v.4fi.'iaTWn;eSffmci:. A 


K\t*(.ijtivf' .'N"krti( »n( *f tn.^ultanls 

ir=Ti^ V\\t.Mh^TFR.ViF^.:A;Tt ^ ::>id SHEFFIELD 


r 


AUTHORISED CLERK 


Old estahlifehed Member Firm with n widespread biiFiTiees. 
borne and nieiseas. requires an entbusiasric .Authorised Clerk 

for jenwal dc Bor A621S. Fttwnciol Trmc? 

10 Connmi £C4P 4pV 


YOUNG TV EXECUTIVE 
TRAINEE REQUIRED 


VouDg. ter> successful TV progranime production company 
wishes to interview candidates for junior po&itiun in London 
branch of their inieroatlonal cummuDicaUons firm. 
Candidates should have some knowledge of TV and film 
production, managemeni. business adininistratlun and account- 
ing. Knovledgc of foreign languages an asset. International 
tiavel invoked. 

.All enquines. accompanied by resume, should be "enf to: 
Personnel Departneot. SPOBTONTV INC.. iO. Sniffen Court. 
152 East Wth Street. New York. NY 10016. 


BUDGET SUPERVISOR 


Clerical. Medical & General ip an established life and 
pensions office of high repute, with existing funds in 
excess of £400m. 

Reorganisation within the accountancy function ha.s 
created the need for an addition to* the team of 
accountancj’ professionals at our Head Office in 
Bristol. 

The successful candidate will be aged between 24 and 
•30 with a recently attained accountancy qualificatiun 
and at least two years’ experience in costing and 
management accounUng at a supervisory level. Ke/ 
she ivill be required to make a positive contribution 
to the development of the budgeting and costing 
systems at an early stage. ° 

Attractive progressive salary, non-contributory pen- 
sion and life assurance scheme, and. after a qualify- 
ing period, subsidised house purchase. Where 
appropriate, assistance with relocation expenses will 
be given. 

Please xvrite. enclosing a airriculum vitae, to; 

Miss M. Ashfovd 
Personnel Officer 

. CLERICAL, .lfEDlC.4L & GE.VER.M 
UFE .ASSURANCE SOCIETY 
Narrow Plata 
Bristol BS2 nJH 



EXECUnVE ASSISTMT 

(FINANCE) 


Apphcationi (or th? above vacancy which exHti 

I Civil and Public 

f '‘*^''■*' 1 ^* will be given to candidaKs having a good 
standard of education with a mintmum of five GCE ' O ’ and/or 
A level puses. The Following qualifications ar« required: a 

double-entry book- 
keeping to Trial Balance: a knewlodge of PAYS and lalirlei 
preparation desirable: an ability to handle and centrel substantial 
cash payments: experience in the tnaintenane« of penonnri 
records, and an ability to type. . ■ 

The successful candidate, must be prepared tt ^ -mined in 
the whole range of ^ceuntinE jiuties and will work directly to 
the Deputy Finance Officer, deputising in that post as required. 
There will be necessary involvement in the bvild-^o'of finti 
accounts. . 


The salary scale runs from £4.101.31 to £4^57-00 M- 
which includes Inner London WeiEhting and the euircnt P*y 
scales Non-contnbutory pension scheme. Hours 9 30 to'S.l^or 
nexiiime Six weeks’ annual leave 


App/Ieot/oni must be in writing to:' 

G. A. Genml Secretary (Financial Orgaiflfatlon) 

public servants.' ^ 

124, F2d Southwark Street. London SE>. 







' \ •. 




'yi^vjsei 





iient 


CHEIVnCALBAIVK 
liNIt^RINIATipiSlAL i.lMIT€D 

EuK)botid Essecutives'IxMi^ 


On 2Zri4 December, 1977 ChcroicalBaiit acquired 
the isau^jdieze capjtal of London Multit^gp^l^nk Li 


'fid the ^holfi of 
(. Limited, now- 




iWiiHTIuSi*! 


wiU concoitrate its mtematipp^ merchant hanlqng activities in its new 
subsidiai 7 , 'which 'trill therefore continue to be. »^'ve in international 
loan synd^tlp^ capital market issues jmd cgrpptat^ 

As part of its persoimel expsmion'which.wiU follo-nr from this 
development, the izivestmdxt Banki^ Department of CBI seeks 
perils to enlarge its Eurosecvritles placempt mam. The successful 
- applicants will market new issues in ail major^c^epcics to eatablished 
and potential retail, institutional and professional ^iems, prowde 
regular advjce to those clients brtmarkecde\:elepment£ and investment 
opportunities, ahdeseecute secondan* rearkettransactions as 
appropriate. Other-duties 'will arise from thfijnonjtoring and adjusti'ni: 
of the department's own positions and from iasisung as required in the 
depaitmenrs ocl^ activities. Con^cc with clients will be prirnafily bv 
tfilephqne and te!ex» but-some travel is not riiled our. 

Rele^nt dsEperience is'essential. Salary is..lU^ly to be in t^ 
- 1^000 - €7,000 p.a. ranse but ceiild be hi^er dfibending upon the 
extmt of espen^hce and of other gualihcatioh?* Pringe bene^ts be ' 

thoseassociated with a major International bank, 

' Applications in confidence to : David £. ^e, .•\ssistant Director, 
Chemi^ &nk Intemacional Limited, 1 Union-Court, Old Broad Street, 
LondonECSN IBA. Tel: 01-283 8J71 .. 


Ci-bviicai.Bai\k lisTTEmiATiaNAi. UiMrreo 




ted 


inLohdoD^WelisFaigoLhnitcdhavethelbllmii^^i^^ 

COUNTRY ANALYST 

AaEccdiom|8tUrec|uiredto];n*ovid6EhiropeaDcoimfryri$k 
evaluatlpii$.Thi5w&inclvdetbegatheri]igandpre$eptinfil . 
of currant information and the ap^fic^t must have tbeabitity 
tokeepabre^ofpotiticalandecoiibihiccottditions, 
Heorshevdilhaveagoodecoriomicsdegree-withsomeprevious 


# fvi I ift fc WiJ# Mt*JWtruvir«4e 


m 


' ofatleafitoaeEurt^cahlanguagfc: ; • 


SENIOR CREIHT OFFICERS 

Officers are deeded witSsignificantcyedit estperience, 
whohavehadjtd'ppssesstbepoteh^fortmarketmgexposore 
m£tir(meancoiuitrie&.TIiesaccessfhtapplicantsw01have 
a goodJ^onomics degree and/ora degree in Business Studio . 
Theyshouddhefipe^matleastoneEuropeanlanguage. 

CRTOIT ANALYSTS 


lmowledgeof,atleaatone£mp]^eanlai]gua^ 

17ie salaries will be commensorate with quoHiiations and e^rience: 








Five Figure Salary + Car 

An expanding priva'te company in the -plastics industry with' a diverse 
but inter-ralatSd group of subsidiaries requires a Group Financial 
Director. The Group oflices are in West Yorkshire and the -Group 
is currently enjojring an annual turnover of approximately £25 miUion. 
The succe^ful applicant ■wiH'report to the Group IVXanaging tKrector 
and will enjoy excellent opportunities for advancement w'ithin the 
Group. 

Applicants should be qualified accountants. in their ttirties and have 
a proven record at senior executive level in industry, .He Or she .will 
be an active member of a small policj'-making team and will be. 
responsible -for the. preparation and raonitbring of budgets, financial 
and maiiageinerit'accdnnts and fbe proirisioh of financial advice to the 
.main' Board conceiTiing fufur.e. projects or acquidUdns. Occasional 
■ short visits overseas ■will be required from time to tinie. • 

Tlie earnings package for this key post is negotiable' and will consist 

■of a fiVe-figdre salary, company car,, contributory staff pension 'scheme 
and free life a^r^cO. . • : ■ 

Please write in confidence giving full details, to; . 

. Box: A.621B, Financial Timev -Brac*^^ 

10, Cannon Street. London EC4P 4BY. 







INDUSTRIAL LEASE PURCHASE AND LEASING 

Our Company, based iii Londbn, a' subsidiary of one of the lareest world 
banking institutions, wish to . recruit a marketing manager with the 
capabiSfiestob'womeGerieraBIanager. . ' 

■ ‘ ‘ The person appointed .will be expected to set up~a .cqmin'er-cial hetw;ork 
!• throughout our U.K. organisation.;. 

Candidates will be in- the age range 30-40 years and.possess a .proven 
record of success v'tOtih this ^ciaUsed field of activity. 

Excellent salary. Pius fringe benefits Consistent withi those of a major 

banking institution/ ^ 

Write in th'e ' first hisfaiice/ Sending detailed c.v., in stiirt cbnfidehce to:; 
Box A622.1'.‘Financi^ TimM;- 10, Cannon Strek. EC4P 4BY.' . 


tHS MERSEY DOCKS 9, 
HARBOUR COMPANY 

* Sm'ar Fin,.-ici2.. Anit/tr .1 
t* |9jn sur it.*!' T.f-, 
P-*iinc>A! Aa2''j*tii J:i 
T*i« Unit JiB'iiifi rK« CB-nFfi-i 
accav.sin <n dc^th Usm 1 i< 

nsnie«<n«rK n*. mb'ftg 

tppropraM racMi'ntidn’e^ 1; 

np ' 

ApbIkaOKU i‘« ‘HO !*er 
*|jiii(i«d A«ceumna wth »-e«en 
exfK'iincr in anii)r;i;ai wQ'k. A 
9 * expe*ieis» in' 
EcBna»i*ci - a* Riinnnt Stutfiec 
wpuld bi 19 id«jnu(9. Pr^f^r-ed 
ice it in the ruce 3S co r»a-i. 
The raceeicful ippriei*i wH he 
»«H.in«iiv?ud end eble to '* 0:1 
UryCy an hit/her sunt - 'niCKlwc, 
The Hianr envlHjcd «rin pc inru. 
tive M* perean eurrtntip eiriMrtf 
ap u 

Enouirief rt«. te: 
Mmlnbtratlm HcpUK 
(Panamei). 
f t na mtei . DWrian. 

Htryef backs and risrtov 
Odiipav* 

Liverpool U 1CZ, - 
(0S1,3M MIC fat. CCS) 


;URCie(fLY RC^UlAip er Cit. Ciab««Sf— . 
} Credit Anairit w|u minimum t«o Vrtn '• 
I npencnse end pretere«« to AlB.-i 
I Saia.v to £i S6C aluS uf-ja' ''ina* , 
I 99n«*n. TeJeoheu Le« P9'iann7. | 

! 0l.d0« 194A. 


Senior 

Foreign Exchange Dealer 


£13.000 -f- 


Our clier^t is a substantial international bank with 
an ambitious programme for developing further 
the scope of its Foreign Exchange business through- 
out the world. 

Consequently, it has retained u$ to find a Senior 
Dealer for Europe, aged about 30. with the right 
blend of dynamism and expertise in spot trading,- 
to assist in the achievement of this objective. 

In addition to the requisite professional skills, a 


knowledge of international economics, particularly 
relating to Western Europe and the United States 
(and the ability to speak German) would be strongly 
preferred. 

You will complement the existing team, based in 
the City, and, assuming you can match the high 
standards set. a more senior appointment may be 
expected in the very shortterm. 


Please contact Peter Wilson, F.C.A.* in complete confidence, stating clearly 
those banks to which, for whatever reason, you do not wish to be introducedr 
at Albemarle House, 1 Albemarle Street, London W.l.TsI: 01-4d9 4879 

Management Appointments Limited 




General Manager 

Oman Development Bank 


Muscat -Based , 
c £30, ODD with 
substantial fringe benefits 


The responsibilities of this post involve launching and operating a new 
development banking venture. It requires a person of exceptional 
ability with experience in banking, finance, loan and equity 
participation negotiations, project evaluation, etc. The work will 
involve high level consultation and decision making vdth government 
and international agencies. 

The essential requirements are for a person aged between 35 and 45 
with at least 1 0 years' experience in merchant or development 
banking. He must be able to show-ari ability to assess the financial 


merits of propositions and experience in negotiating with government 
and international agencies, in addition to fluent English, a high level of 
proficiency in Arabic is necessary. 

Exceptional candidates abie to shovv a .\illingness to learn Atabic 
should also apply. 

Applications, which will be treated in strict confidence, should contain * ^ 
relevant details of career and salary progression, age, education and ^ 
qualifications. Please write to: Or. I. Bo.vers (quoting ref. 673. B on , 
both letter and envelope). 


□ 


DGlOtIrtBr HdSkinS & SgIIS/ Management consultants, 
■P.O. Box 207, 1 28 Queen Victoria Street, London. EC4P 4JX. 


CAYZER LIMITED 

CayzSr Limited is a recently established merchant 
bank and a subsidiary' of The British & Common- 
wealth Shipping Company Limited. The emphasis 
of its activities is on corporate finance and corporate 
banking. The bank is seen as having scope for 
developing these activities- ■within the British & 
Commonwealth Group and with non Group related 
clients. In order to assist the bank in its expansion 
the following senior staff arc required ; — 

BANKER 

A^seniOr Banker is' required to take charge of and 
develop the bajik's lending activities! wHIch focus oh 
small to medium sized commercial an'd industrial 
companies. A banking, legal or accounting. qualifica- 
tio.n and a solid- career of banking experience and 
achievement are essential requirements. 

FINANCIAL EXECUnVES 
The requirement is for one or ^vo executh-es who 
should have an accountancy qualification followed by 
several years' experience* in the profession or in 
industry; a university degree could be a useful 
additional qualification. ' The bank is looking for 
applicants ivith.a record which will demonstrate 
an ability to ^-oduce. financial assessments with a, 
strong commercial bias: the ability to formulate 
valid commercial judgments and to oversee the 
implementation of recommendations is essential. . 

Pleas^ write in complete confidence witli curriculum, 
vitae to: 

The Managing Director, . . ‘ 
CAYZER LIMITED. . 

$ Laurence Pountiwy Lane, London EC4R OH.^. 


CORPO^^INANGE 


GRESHAM TRUST LIMITED are 
'seeking an executive experienced in 
all aspects of corporate finance. The 
successful candidate, aged up to 30. 
will ha\-e had several years* experience, 
in the corporate -finance department 
of a merchant bank or. possibly, with 
appropriate training in a firm of 
solicitors or accountants. 

.Applicants should apply, in complete 
coafidehce, with full career dciails to: 

L.J.' Davies 

Groshara Trust Limited 
Barringtoo House. Gresham Street 
London. EC2 


MANA6EMENT AG60UNTANT NIBERIA 

c£15000 

A large diversified and expemding group ol'companies 
requires the services of a qualified accqtmtant (AC.A 
or .ACCA) aged between 25 and'35. . ■ 

The person appointed will be responsible for monthly 
management and financial accounts in addition to 
cash forecasts and budgets. Preference will be given 
to applicants with previous overseas experience in a 
developing country. The post will be based in 
Lagos and numerous benefits are available including 
housing and transport. ... 

Please re'ply-.to.. Boy A.B202, ETriancial'’Tiines,.. lO^ ! 
!.Cannon' Street. EG4Pr4BY. 


Technical Editor 
‘Accountancy’ 


London City 


to £7.000 


T;-> -5 31 ’. idea! cpp'Ortu-iltV for « Chartered Accountant to play a Cs;t; 
giair.p :e i.-.f; je.-ce thtf'csvalcpme.-.s cf orefessie.nsi tr.mk.ni. Tv e 
G.itces&fj! :a-.ci:'ia;e--.V!!l be invol.sciwth 5 i 3 "T!’ni .a bslanc’ea.'.?.;:'' 
r.eetirj ieadr.Q n'e.T,be*j of th*> Droiesj-onal an.i f;'-,an:i'a! 
firing and de'/elopinq po:c"t! 5 l srrtric'utc-rs.excer: i.n the'.' e.v.-, f.s: 


rij Ns.-.''Ca'.'S'.c.:r. Sire*:, Lsnson W1M 7nA. Tei :Cl-cic j7c1. 



Selection Consultants 


Cash Management 

Holland 


A leading iniarnational oi*ga.nisation with 
tveadquaiiers in Amsterdam -.i^'ishes to appoint n 
Cash Management Executive. Reporting to the 
Treasurer, the person appointed v.'ill be 
lesponsible for all cash managemeni activities. 
This IS a progressit'e positio.i. offering 
immediate scope for development to a 
cartdidate. probably aged 2S'3S. with an 
educatiortal background in economics. *.vhs is 
^-vorklng in the Treasury Department of a 
multi-national corporation or M-ith a ban!-;. 
Applicants must befamihar with exposure 


managpn^&nt and ■piiection pr3-:edij’’es. 
accountancy Kno<,viedge would be heiptui 
Willingness to relocate m Amsterdam iv 
essential. A competitp.'e salary v;?ti be offered 
and wJi be negoliable'depending nn me 
personal Qualifications and experience of ihe 
successful candidate. 

The'cenf.'.-.'n'ca.no/dafeo !•. .V.' .'Pi pa.'pr' ‘o 
our Cf'erif *':hout pr*Or oe.-miss.'nn 
AopAraf*p.')s.cop';'rc flc*. AB ?S2 F~ 

'ncfuoB details of age. e»ps."e'?cc ono sa oy 
and be sent to: 


PA Management Consultants BV 

1 M Keizengneht, Amiterdam — C, Hdbnd. Id: Amsterdam 2 J 66 82 





“p'rte'cfo^- 


^ . ._r . * , * - . .w s . • 

Joriathan Wren ♦ Bank ing Appointments 

■fheperMuineleonsiJlxancvdtaiingoxcIn.sivx-Tv With the harikiog profession 


CHIEF FOREIGN EXCHANGE DEALER 


Ta\-F:oe Sdia 


IVilODLE'EAST Nfigoii^bln 

A European panic se®i.^ ar e-oerienied Ch'Sf Ds5’?r for it? nffi-:e in a Gulf ' 
state. Candidates ideaH'-* aged CT.35, should ha-.e all-round i.no'.\'ledge of 
dealing qa-ned jn a m.^jor f'r.ancioi centre. The position i? neqoliable as to , 
:err*,s of contract, as .s a ta.“f:se Sdla:/ v.Jti-i the ut-U3l benefits afforded to ' 
positions inth.s area. 

CONTACT ; R'cl'iard J. Meredith - 

STERLING MONEYBROKERS - CNegotiable 

4 leading fi'm c*f monev brokers recu'res t'Ao f'll'yexperjenced Inter-Bank 
brekersagsd 25*35. Excellerttierrr.sare nsgottabis. 

CONTACT: Mike Pope 

CREDIT ANALYST to £7;Q0Q ; 

.An international bank •.•.Ishes to recru!: a arofi-rien; '.CLi'.g credit analyst who ’ 
has had the benefit of formal in-house credit training .’.iih an .American bank. 
The vacanev results from the continuing etpan.sion of the bank's activities, 
and the person aopolnied f ideally aged mid-'laie j\,vcnnss') '.-.lil enjoy auractivc " 
careet piospectse:*‘'cr /. itmr. the cicdit area or in thefror«t-lmo. 

CONTACT : f!cnno:ii .Anderson (Direciorl 

i 

ACCOUNTS SUPERVISOR - ' C.C550P-; 

A Citv bank nas a vacancy for a person aged 2S 32. leas; five yoars ! 

accounting enperiencp gamed in bankine and i-ckid'nq Bank of England • 
returns. Candidates should also {.-.a-^e a bac* ground in gereial banking and I 
Foreign Evchangeadminisiralion. ' ' ! 

- CONTACT: Norma Gi'.Pi. 


170 Bi-^hopsi^atc London EC-2\1 4LX ; 01-6251266 










Financial Times. Thu 


EEiniia 

MIDDLE EAST 



PART/RECENTLY QUALIFIED 
ACCOUNTANTS 

£8-12,000 Tax Free 

Ourc&enf Is oneof the mosfrespected InfemoHonal occounilna 
proc^’ces whose business in the Middle Eosi and North Africa Is unde^ng 
.consbeidblee)qpon^Wectfe now seeking accounts 
extensively ftvoi^^KXJt the area or who would be assigned in one area on 
■kaige Jobs whl^ nx3y lost ftorn 6^12 nx)oft% They will be esrpecled to carry out 
q rcvige of audits and consultorrcy pipjecls. 

The range of Jobs will be brood and substantial in size. Sophisticated 
audit procedues are used and ^.flrm operates on Intemational training 
prograrnrriearxlapollcy of rapid pFornoiton.QuaGfiedorpart qualified 
oocountants wHh audit experience should cpply^ Applicants must be single, 
with a working knowledge of French, and will receive good benefits including 
free accommodation. Please telephone orwrite to DovidHoggACA, quoting 
reference 1/1634. 

EMA ManagementPersonnelUd. 

BumeHouse, 88/89 High Hotbom. London, WC1V6LR 
Teiephoner01^242 7773 




r 


I- 


N 


SALES MANAGER-iRAN- 
STRUCTURAL ENGINEERING 


Major Structural Enginecrins Company, who are ^tronely expert 
orientated. wi:h to reenjn a replacement for their Tehran Mjraser 
who completes his chree-irear tour in May 1978. The man appointed 
will be responsible, as the soie expatrute. for representing the 
company in Iran where we have a lomt venture comoany Sales to 
Iran are currently running at an annual rate of £2 million and this 
momentum has to be maintained and increased. 


The candidate is likely to be an enjlneer with sales ability in his 
late twenties to early thirties married without children He will be 
required to take up a position resident in Tehran in March 1978 and to 
travel as required within Iran for a proportion of his time- The 
posting is intended to be for a three year period subject to annual review. 


An attractive salary, accommodation and cir will be provided, with 
annual home leave of three weeks and local leave of a further two 
weeks. 


This is an excellent career opportunity for a man who is prepared to 
work hard on his own initiative in order to produce results. Please 
send full details to Manaeing Director. S W Farmer Group Limited, 
Courthill Road. Lewisham. London SE13 6HD. All replies will be 
treated in confidence. 


A T^ented 
Account^t 


Central London 


c.£8/9,000 + car 


Our ciient& havd an annual-iur.iove'' in 
excas of £l 7 . 7 iilibn and are die British 
subs^iaiy of a leading internationalgroup in 
a ssfvice industry. 

They are seeking a chartered accountant 
who fe weil'vereid in the tradriloaai 
‘accounting functions as well as commercial 
management accounting. This is akey top 
management appointment with 
reeponsbINties for anumber ol financial and 
management accounting staff at their Head 
Office in Central London. Tliere is real 
potential for taking over wider group 
Scoounting responsibilities whhtn 23years. 
Appitoanfevvili need to d ernonstreto 


adaptabUlty. inventiveness, drweand a 
maturity thatwitf enable them to Rnprove an 
already welkfoieloped accounting ^stem. 
TheCornpanyisflexibleaboutcommencing . 
salary, but has in mind e figure around 
sa '9.000 pius-compam car and other fringe 
benefits. Ref: KTBSB'R 
REPUeS wUlbe forwartigd tf reef, 
p.'iopened and in confidenea to the d/enf 
unless addressed (o our Sectrrriy Manager 


Hsbn^wnpanies.to which fhe/ma/norbe 
sent iftejraftot ' ■ ■ *■ ' 


77te)rsftoufdinc/ude comprehensme 
career details, not r¥er to previous 
corre^jondence vrith PA and quote the 
/sferance on the enveiope. 


PA Advertising 


H)de Park House, 60a knightsbridge. London SVVIX 7LE. Tel: 0r>235 6060Telev: 27874 




ABU DHABI INVESTMENT AUTHORITY 


(Lent and Arab fnvncmeht Department) 


PROJECT ANALYSTS 


The Abu Ohabi Investment Auchericy requires experienced project analysts 
in Its Local and Arab Investment Deparrmenc. 


Candidates should be Arab Nationals and must be appropriately quatined 
and have had responsibility for investment appraisal and financing. 
Applicants should have Brst clast academic qualifications preferably at pos'm 
graduate level pankulariy in the fields of produaion management, business 
economics and operations research. They will ideally have extensive 
professional experience tn project appraisal and the assodaced analytical 
techniques as well as the assessment of spedfic acqaisirions and new bust* 
ness opportunities. 

Candidates must be prepared to l>ve in Abu Dhabi. The contract will be 
for a mtfltmum of 2 years, renewable thereafter. Salary is negotiable and 
free of tax in Abu Ohabi. Free accommodation, transport allowance and 
medical facilities will be provided. 

Please write or telephone for an application form. ref. 902/FT to; 

W. L. Tait. Touche Ross & Co.. Management Consulmncs. 

. . 4 London Wati buildings. London EC2M 5UJ. Tel: 01-568 6644. 



FINANCIAL CONTROLLER 


London 


neg. to £8^500 + Cor 


Specialisiag is the manufachire aad marketing of sophisticated communications 
equipment, out client is the world leader in its field and has a sufaetantial growth record. 


The oenpany now plana to recruit a Financial Controller who, reporting to the 

oent of adranced 


Financial Dxtector, will play a leading tote u the further development of • 
reporting procedures and the management d the finance function. 

Applicants, male or female, who must have experience of working in a 
manuiacturing environment, w^ be qrualifiad accountants probably aged between ' 
30 and 45 who have experience of computer procedures. Tli^ must have the 
maturity to manage 30 staff, expenence of most aspects of the financial spectrum and 
posscEB the enthusiasm and commitment to succeed in a challenging and rewaidmg 
environment. 

For more detailed informatloti osnowmlng tbia appointment and a personal 
history form please contact iPngel V. Smith. A.C. A. quoting reference 2055. 

Commerdai/inciustnai Division 


Dongloi Uambioi Aoodatei Ltd<. 

410 .TlMcd.taid(»WC2RCNS.T«l»phoi>s 01.8369301. 

121 5( Vukaia: SiTTCt, «5i«'<qaw G2 3HVI Telepr.or<c.044.«I65101. 


and m Edinburgh. 



NEGOTIABLE INSTRUMENTS 

DEALER 


Progressive, overseasKnvned, U.K. authorised Bank is looking for an 
e.xperienced dealer/saJesman to establish a negotiable instnimehts 
desk within the existing money department 


The successful applicant vtiU have had at least three, years* expenence 
in dealing and advising customers, and will possess an expert know- 
ledge of all types of paper, from short-term bills and Certidcates of 
DeoosU fo EitK/saiid Bonds to both- DoUaraiand- Sterling, .'^e.or .she 
will also have good customer and professional market contacts on 
which to build. 


As this is a new appointment, the term.^ of reference are flexible, and, 
what is certain, an attractive compensation package is offered. 


Apply in strictest confidence to:— 
Bos A.KJ23, 

Financial Times, 

10, Caxmon Street, EC4P 4BY. 


COIV^MODITIES APPOINTMENTS 


Accountants 


up to £8,500 



COMMODITIES 


CocoaTrader 

A Senior Cocoit Trader with the ebilitv* to adrr.im'ster a 
complete Cocoa Department isroquiiedbv ourrlienia. a fa.-t 
expanding end reputable ornanisation with broad-ba.«ed 
trading activities. The successful applicani '.vill alreadv haie 
aproii'en record in cocoa and will be the current No. 1 in his' 
her present company. High Five Figure basic salary' plus 
profit share is envisaged. 

Documents Manager 

An international British-based metals trading comcany are 
seeking a Documenis Manager with the ability lo proce n 
trading contracts with speed and eh’iciency. The ideal 
applicant will probably have been trained in a ba.nf.inq 
environment, and will be aged between 28 and 30. The 
Company will provide an attractive salary to induce applica- 
tions from the mostsuitable ccndidaies. 

(^omiTany Accountant 

A major international non-ferrnu? metsls ti adir.j hous* 
atuNvquali/ied Accountant i AC A or ACCAr.H® ?^e .-.rlhe 
iivoived in a«-istiiig the Deouiy Chiet Arccur.ian: ;n ;i-a 
general day-to-dav accountir.rj functions ot '.ns Cj np.a-.v. 
Age 2S.'40. Salaiy c. tT.OOC pa. 


Above ’■« a seieciien froi". our Senior, ‘•'r.:;*ta!:or;, and 
Accounuprv Registers. If you arc in!eie»;'?d ;n these pr ar. .• 
other position in the Commodny .\‘.drKei:, ploasa comas: 
Ray VValihead or Robert Kimbell. 


Charterhouse Appointments 


40 Bow Lane London EC4 Tcleiihone 01-236 1221 


intanational Recoiitm^t Specitfists 
- ' for the Commodity Markets 



Managing Director 
Metals 


London 

.4 T-aC “5 Cc~rsnv oaeratiro fr fl*'d of «of* co—.~oiiies 
ar.S rr.c: j i 'eq..i're 6 a L! ANA'*3ING D13ECT03 v.-r. !r,e 
emphasis bjc'-grou'-d and expertise n rion-te'-ci.s meials- 
:*sd:nri ;r.c L '■> E a-'.d Comev. 

Tr,a per&c.n aopC'rfgQ tv r-a'‘3ge.r.e-.t 

r£5c ;-r&!m.::'. ic' :"e pedcf ma.ice o' a irading aci-vi:*' and v5B 
a Sv had adtstari'al aieni coniaci. ■'-.a-, hav-g had 

e.-Orrierce cn ;"e mewisceik^a le-^e as art .Account 
rveiid'.i a O^-mission Hcj3j?. 3e an Ev.iiu'-- a R>r^ 

De j • 3 '-.or.- R'*ig Lismbe? o* i-e Lonoor* l.'.tia' ^'.change, 

o; e "ere -■ -i rem-cr traai.-o -ur -j-.y ■ 

.‘^|? f..? rerrrvnsible t-v '?-*"c.i -5 and • -r- #ting 

-I . j:, ;. " ~re i-ai.srge .v= oe if - s--do 

J a: o' j * 'it m V. I'G ,, -J* p OGjIST a”*d 


T i.T.‘-?-3a;e'S‘ge:s7-i-^.5"L-‘".9 i.riessful 
■; ::v-= g % .'.\,zyhr.'-5- c-?;-" 

■ i -i’ ’ '• T 2 j .1 C' c “ V c i; ri.par j.M 

1 — .i--.* ' "c ^ 0 ;?av.*r X-n’i-" art rf 

■■•"•Is::. Api ?• '■•■vv-.-v.Ln •'C'j ".ex 

a-: ior. pi615 


If you are a problem solver with the ability to think laterally acres 
the spectrem of accountant and econornic issues then here is an 
unuaial ppportuni^' to gain valuabie experience. 


An important independent Government Agency now needs a 
Chartered Accountant to analyse and investiBate the performance 
of major UK Organisations in manufacturing services and 
distnbubon. 


Aged 28-38 and with proven experience in a pretesibnal firm or 
commeraal environment at a senior level, you will becOTe 
involved in various multi-disciplinary teams assessing pnoes, 
costs, margins and profits in a hi^ varied field. 


Experience in DCF techniques and investment criteria as well as of 
speaai investigation work and an awareness of current accountiiw 
trends will be a disb'nct advantage. 




Professional 
& Executive 
Recrurimeni 


For further details please contact 
B. Barker on 

(01) 235 703a ExL 21 a 
^plications are welcome.from 
both men and women. 


• ’ i-.EgnTd^itl^ouse TT 6 Shaftesbury AvenueLondon VVl 




International ReenjiI.‘TH.7tSpe(iali*trfsr.th*JCflnxnodltyMa/k*ts- 


■-f ' ' 


INAirJtV iNAUeH 
A rU'>'*i w> 4 irtel Ciani*t ■> 




c«4w»c4 br * wirr e.ifed iKdi'U 
ihc Suinpi'IY l-adfY IlYlerlljtiOfUliY <n ill 
vqII fiQittftiudiTKi jr.4 metii,, K >sMOwl«4j- 
or Uiiguixet ana .ene ««Bn c'lcc ai 
b«niciHa «r ihipbu'it bt id-inrijr- 

•lit, ii’Air 'iiguUiP'f .n "k i'.^r 

oon ' I -'Su 0 


rr. : •yAi'r.-'-rr-.-'.t. 


01-4391701 


■ L'.n-t.:- .VI 


co.M MU uiTi i:s :\ ITU I vr.M r: \ts 

WIIXBK APFE.-\RI\CI 
EVERY THL'RSU.W 
For details contact: 

STEVE ^EV^rT 

on0I-24S80<lHExl..iPI 


COFFEE I.MPORTERS/EXPORTERS 


One of the executive Directnr.s of Quick, Reek & 
Smith Ltd., a subsidiary of Arhuthnot Latham 
Holdings Ltd., will be retiring within the next 
1-2 years and the Company i.s looking for a suitable 
person with, sufficient experience and background 
in physical coffee to ensure that after an over- 
lapping period he is capable of taking respon- 
.slbjliiy for certain areas of the Company’s trading 
as a Director. 

The type and scope of the Company's! business will 
be known tn those having the necessary e.vperience 
in the trade. 

Aee is mil a critical factor assuming mher require- . 
ments are met. Emoluments, to be neg'Hiated. 
'20-21 Qiieenhithe. l>3ndon. EC4V SHE. 


Research Assistants/ 
Investment Analysts 


' OurOi«n>. one ofBnuin'sIsadtn^nuiiu-t] Me offices. j< lookinsfcr 
znafuBie* » iih . • i \tar> expei lence u( i:i«.-e‘rtiienis und iBs< jrch.a'iir.ed 
ujih afiTuni'.ial imiiTutiixi. to nork m Oieir London-based Stock 
Lvehan^ r>cpaFimem. Aoskvant decree tn economics or businc-s 
eiimiiiisbaucmM'QuId be a.n jdvanM^e. 

TV men w women apiwinifcK ill a&iK in ihr sen icing and 


s'lPiTuiuni rccommeiipoiigns m u« in‘«unent .Manaaer. prepare 
ijJiwK ana accurate reporb, soJuation: and suiisUcaidxta, and liaise 
uith brokers. 


A saia;^ neg-itiable accord log to age and experience, is offered h iih 
suppleaenut. locsiKxi aJIohODCe and an annual bonus. Secure and 


pn^rrave career nrospccis. i generous house pmchasftecfwnw and 
nek pay and coninbutoiv reiireinent benefit uneraes are amon^ the 


lust class condiiions. 


If vou air mteresied in appl> uig. p!ci«.e n rite with Ml per sonal and 
f^iieer dftaikitiatber with saJars- lequtied. to f. Hamuiund at the 
address helow .Uiemalisely. tel^une ul •.ISh liiO- 1518 fur an 
ap{iljuuon form. Ffe.ise supple, on a ivparate bsL the names of any 
companies to ss ham > ou do noi vt ish \uui opplii.aiiun forwordiid. 


FINANCIAL 
CONTROLLER 


London W2 


C£7000 


Our client provides trolnlno cousas in 

finance and butiness manage^^ 

worldwide. The europaon Head Offw hess. 
grown well since estabishmenl In 1974 lo 
present turnover of £1 mlHion* 

Ihe Controller will be a member of . 


^ ^ monoMment team, reportk^ to 
xseanG 


the European General Manager. With a 
staff of two he or she vriH rewiewond-r -• 
iiTv^ove the bcsiccrily sound morHiGi 
svsiems. perhaps computerising some 
arecs, otk:! will produce and kriet^ ^ 
fuii rangeof management InfbrmaHon for 
European and U5. management. - 
in this small and successful busineK 
there will be oppOFtmltles for invo^^ 
in gen^ management and tobeOTiw 
^ectiv^ osssfont to the M.O. Qualfflea 
accountants aged 26-30 should tetephons 
or write to Graham Webster ACA; MSA, : 
quoHi^ reference 1/1603. 


EMAMonagemerd Peisonnal UeL 
mo 


Burne House, sa/S^HghHotbom London, WCIV 6 IR 
telephone: 01-242 7773 


ir 


H 


_ ^Fiiiaiu'iii 

Tnomas M ‘ 





Assistant 
Managing 
Director- • 
Marketing & 
Development 

Over £15,000p.a. 


. .1 *' ■ 


. V ' , 

♦ £ 'i’ 


■I ' 

fi*’ C *• * 


:• i---! 


Thomas Cook Bankers Limited, the Company 
within the world's largest travel organisation with 
a rapidly expanding share of worldwide travel- 
related banking services, require an, Assistant 
Managing Director. 

We are looking fora suitably qualified man or 
woman to be r^ponsible for the development and 
marketing of pur Travellers Cheques. Foreign 
Currency and other Banking services.woridwlde. 

This position, reporting directly to the 
Managing Director, is supported I^ateam of 
Senior Executives responsible for Marketing, new 
- Product & Systems Development. Foreign * ' 

Exchange and Travellers Cheque support 
services. ! : 

.Banking«xperrence is not essegtial but-;. ' 
candidates must have the creative ability to 
develop and control the complex administrativa 
and distributjve.systems and the associated' 
EO.P. and project management capability. 

O Preferredagerange 40-t5years 
□ Salary not less than £15.000 p.a., car and 
other -maior-Company fringe benefits 
[3 The position is based at Thomas Cook 

Administration Headquarters at Peterborough. 
Please apply giving details of your career and 
present salary to: . 

R. Woodford,' 

Group Personnel Director; 

Thomas Cook Group Limited, 

POBOX36. 

Thorpe Wood. PeterboroughPES 6SB.. 


■* ^ 
,‘i ■» 



s 



■*i >1 |, I ■ ■ s I 
h 1 1 ■ ■ ' • ; . I , 


u 


e. Idetniflenal 
Itader 


Major U.5. imemationai company seeks person 
vnth ^ extensive trading • experience in raw 
materials, preferably in coal or petrochemicals. 

Position requires heavy European travel and 
ability to effectively communicate in English and 
French. Ability to communicate in German also 
desirable. 



*eomoti-3n to European Sales Manager opening 
within one y^r aveiUble to successful applicant. 
Please submit a complete resume with salary 
history and requirements to: 

Box F 596, Financial Times 
10 Cannon Street. EC4P 48Y 
Equal opportunity employer, m/f 


r-..- , 

*' 111.’ 


L'hIV- •• 




It 


I . < 

. ril. ' I 
s' '’-T./,:.' 


ASSISTANT 

COMPANY SECRETARY 


required by 

PUBLIC PROPERTY COMPANY 

Qualified Accoumant nr' person with a legal 
qualification who possesses itiiiaiive and intelligence 
required for this important position. Prospects of 
early promotion. Salaiy negotiable. Age 28-40. 

Write in confidence to: ' • 

F.C.C.A., Director/Secretary 
UNITED RE^ property TRUST LIMITED 
9 Cavendisj^c{ga^^ ■ 


' '•1 ,■ . 
. I. •’ 

’ ‘Ul' ,, 

‘"''i 


Gordon Procfer&Partners 

I'J Biompion Road. London SWd. 01 -.iliy I.5.3U •I.IIS. 


Career prospects offered by City Oiscouat House for 

YOUNG PERSON 


approximalelv lfi-3y >"«;ars. Pruvioua banking experience pre- 
ferable. but not e>venliai. Landidete^ Hhouid have at least 
3 '0* Levels, including Engli«n and Matha. Cuud salai'\ and 
fringe benefiis. _ . • . 

Apply in writing Bux .A 6223. Financial Tunea 
10 Lannnn Street. EC4P 4BY 


AUDIT SUPERVISORS 


Ex^nding firm of chartered accountants needs 
ambitious Seniors with some post-oimlificatlon- 
experience Must be self-starters, 

of the firm s technical standards and quality control;’ 
; SALARY: £6.500 P.A. 

or more for an e.xcepUonal candidate/ 

Write to confidence lo: 

Chris Rengert, 

SLATER. CHAPM.A.\ & COOKE. ’ : ' 

16A St. James's Street. London SVVIA IJEB* • 



I I ■ •’'n.., ... 


•- • a A * * 






















S.W* 


. c. £8,500 
p}iiscar(s) 


Tbfr..ti: 3 iisport service sabsi^iu? of 9 iQajor 
UJC-' group oeelQ 1 Gootroller. Tbi« it a. total 
modem oontaillenfai^ with miner exceptionOt 
Tbeie is 'considerable' scom to Improve bperat* 
ing efSeien^. and amff 

(and .EDP)- sttpport. ia g6od.'Sa4try will be 
augmented by a pompapy car and 'leased' car- 
4 required. 

Candidates sboold be Cbartoed Accountants 
aged 27 or over. Essential recent ea^erlenee 
is (a) tbe preparatlon:'o£ 'statntoxy.' accounts 
and.(b) performance reporting and control in 
a reasonably advanced environtoent:. The coin* 
pany is a recent group a^nisiflon so it' is sot 
yet possible to' forecast movement to the parent 
company. Jlowever; pt^ed loc^ ^DWtS-should 
provide more . tiian enough in. theb way . of 
prospects! Tnls. is ain' equal.-, opportunity 
appointmeDt. •...'. . . ' 

For a fuller' job deseription . write to Jdbn 
Courtis k Partner Ltd.. Selection Consnltants, 
78 Wi^ore' Street^ London. WIR 9PQ»- demoni' 
stratlog . your .relevance brie^ 
and quotine refereace ^/FT. ' • . . 


Jeddiili 


Thom Financial An;^^ 

Pn a^ 'Cohtroil- aroimd sajaoo 



Zxmdoli ' 


phis car. 


A.-^vate fiAt o^ufactuFing . ^np with ao .; ■ 
.-'fBipr«isive .aew team , and' an.eight*ftgure ' turti- . . 
■'Over\lsVad!ir bn^.tiie' acqiiisitioa traiL Recent ' 

< irod -jdanhed'lsrowtib tbe appoint' ^ 

fmmt of '.a • gnanctal 'imalysU manager for the .a: 

with-, partKoltr. -y 
• -involveinedtl oh ^planning, sourcing; dnaacial • 

; c^trot jud waljaic^ 

eithei: - seic) ' need; a. base-' crf'^'- ' 
viwdech' . manMoment' 'information experience ■ 
-ifbuds'etaxy .''control, pricing, projects, product 
j prcdital^lz^ studies, -etc.). Exp^ence in .a;! 
^mi^r -grinip with -ability le adapt tt .tb 
lhis.CTaller environment is preferred. Plant- 
' leveV-;mcperieiice wonld be. an asset. An aceaunt- 
‘ihg.-of ‘bUCTeSs' qualification is desirable.. .'V 

^P^E ■ a 'fixirn jqb description write to John --'J 
eoiirtis •■4'P ar ta e rs Ltd:. -Seleetteo ConsaltaBtaf 
78 Wigihore Street, London WlH 9DQ. demon- 
strating; your relevance* briefly but explicitly, 
and quoting reference 799A/FT. ... 






Expesenced Commercial and Local 
Authority Brokers required to join an 
expanding Sterling- Departm^ 

Please wcite or telephone in strife 
- confidence to^ - 
W. Laidler,P.CA. . . ' 
Secretary:-' . 

HARLOW MEYER & CO. 

' Adelaide ^nse 

^ ; l^ndpn BridS^ji^ddpn:£€4R'^ ' 

Telephone: 01-623 6534 


^inS^ii^NANCIAt COtiTROLLER 


!nie» 

Trn® 


£19000 -f 

ZAMBIA 


e Managing Director will be in the Uziited King- 
n at the end of January 19<^ tq recruit a 
lancial Controller to ^ a senior vacancy within 
; Anglo American Corporation Group's interests 
the Copperbelt. 

! are looking for a mu with a minimunl of 
i years^ post<iualificatiQD. experience to .be 
iponsible for the accounting function and to be. 
. membOT of a.managementrteam concerned 
■ the overall '^cce^ful operation of- a group 
. - Companies. 

plicaats should be- aged betwera 35 and^O and 
be suitably qualified. _ 

irtiiig 'basic salkty will be not less, than TC21 000 

__ ,.^ich together with terminal. CTatiiity etc. will 
" . 1 ' )vide total emoluments of not less-tban £19 000 
.r* (Kl.= £0.695 December 1977>.,- . ’ 

.jil'j limisbed housing and car -are provid^ smd other 
' ' : ) i < ' ' Qefits and concfitiohs are , excelieht' Zambia 
* . joys an almost peifect climate'and recreational 

. 'lilitiesareplentifaL - • • ” 

?aSe apj)ly ;givii^ ftiM d^ta^ - 

Manage XMrector, . 

C/d Mfs; WL E. Co6mbes< 

BOART INTERNAliONAL UAirr£D» 

. FonuvalHodsev ' 

14/18 High Holborn, .. 

London WC1V6BX 
Reference Nq. 1$. 


^EARGH/INSTltUtldNAL SALES 

I .established . Birmingham Ktodebraken - wlshr' .to reehilte-- a 
arch Anaiyst/Institutional SaIea_Ex«cutiye.^'^. 25-/35. 

Ruceessful applicant- shouM havc an ability te. communicace, 
companies and Write reports. ' Previous experience 'desirable. 

*e Write riving detoils of' yeor eoreer 'to' dote/- which 'will be 
ted in eenflrfencPi tof— --r. ■ 

Box No. FT510, e/o Heivyrax Heack Clark's Places . 

; ' LondM eC2N '4Bi. 


op to £17,500 tax free 
phis LeibeSte 


FIMNCIAL CONTROLLER 


TftTft< WMnTngrii<>Wtinng 


QisClieiit This r^ndly.Bipandii^^ Saudi Anbiaa owned ooBpaBy iff toOi 

cempraea Is file As a result af the enmlzys flcdetaatial 
investment is tdeccssmumcstioas tbe company is poised tar 
fimterxignificaht growth ia this importontmarfat. - 
-XheJbb ReraonsibShy win te Ibr the entire accouBtinj[ ftmeiiflo in the 
■jedosh h^d oSce'with fimctaQual re^mtsUnliW for brsneh 
. o£oeBiBRiyadliSDdAI£hdba£'lSiemBistasksiRmbatQesuMre 
' that ma nag^ ent receives tte infamatioB nee^ tepisa end 

<xmtnd profitabiUty and growth aul io isoride advice OB eontraet 
aid product priemg, eau managemeiit aztd to dir^ the aomlt 
.axmatagtaS. ' 

TheCandidftfia An aocoanting qnalzfieaiaoB is eseential as is eiperkstce in 
raaniig CTpBt aMBOoqntai^EiperienoaiiieeaWwrtingwehld.hea. 
figtharadogntaga. Panmnal wl nflathe Aflity ta 

... - impeiae and vmrk to and tbs resouree&llnfiSB and 

ile3nbil% whiA is rapuwd in a whot^ differeat enltnral 
^ envizounent. 

Briefbntcompitheoave details of career end salsay to dele, whu^wiSteteaeied in 


IheJeb 


J. G. CainmeB.T^8bcecDiive SelectiacLDirision- CF3QS, 


fikteBey Boose, Mcfele Street, IbodoQ, S 


LOAM SYMDICATIONS 

AND 

MERCHANT BANKING 


An American Cornmerdal Bank requires an indn/iriuat to join its merchant 
banking activity In Lbndbn. Ideally, the sgccessful candidate will be aged 
25-30 witil a university degree and/w protemional qualiflcatiori background. 
'The indfvidq^ should e^entially have had loan syndication experience with a 
commeiulal dr merchant bank and will ideally have had exposure to trade 
'finance, project finance and/or private placements. He or she should be a 
''seK-start^' whilst being accustomed to working in an environment where 
team effort is required. ' * 

The responsibXrbes qrf the position wll be to: 

1) Cany out a negotiation, sfructuring and selling roi6 in loan syndicattoriS^ 
in London undw supervision of the U.S. based loan syndic8tk>r)s group; ' 

2) Assist in developing new merchant banking activities for the bank to 
market throughout Europe, Afrira arKl the MideasL 

3) Assist in the dsvelopmept of marketing skills In [support of U.S. 
merchant banking activities. 

The successful candidate will be part of the merchant banking group, which is 
centred in the U,S., but will work very closely with tendir^- officers in the 
Europe, Africa and Mideast headquf|rt^ in London. Further career prospects 
would exist wf^in the bank in London or the U.S. accordmg to the individual's 
expertise, ptfformance and preference. 

Salary and excellent fringe benefits will be n^otiable according to the qualifica* 
tions and experience of the carididate, bearing in mind the importance of .the 
position. ^ / 

Applications/ virrth curriculum vrtae, should be accompanisd by a. letter stating 
which banks should not be contacted, and should be sent to: 

Box AP 182f Reynell & Son, Ltd.« 30/32 Fleet Street, LoiMon, E.C.4. 



I^ of as inter^ticcual group the company, jdeaandy located in the 
Sbiifii Midlands, has a tumover of £16m. ^d employs nearly 1,400. Its 
products --prec^on mechanisms - are market leaden . 

AEurope^vride re-organisation now requires this appointment to the UK 
brazichl As weil'as hading the capably staffed finance and management 
sendees fuhedons' (lauding in-house computing), there is a need foe 
continuing devdopment of systems and acencral contribution to generd 
.management deciaqhs:i ■ . - ' 

Id^y aged 33 to 40 chanered accountants, casdidata should have 

had^'^sharp end” operational experience in engineering manufadtUBog 
with at least 3 yean asa profit centre team member. Some time in a multi- 
national would be'an asset. 

Total emoluments, includix^ a profit bonus, will be around £13,000; 
3.5 Rover a^d other ben^ts i^us re-location help. 

Please write --in confidence --to V. A. Griffith xtf.B.23491« 

JU «/ponMwtf u t» MR V0MI. 


HISABh Management Consultants 

Managenient Selection' Lirnited 
17 Stratton Street London W1X 6DR 


ADMINISTRATIVE MANAGER-ACA 

US BROKING HOUSE 

35-50 £10,000-£ 12,000 

Our Oienc. 1 reading U.S. Broking Hou$e will shortly appoint an administrative manager. 
His/her responsibilities for a small but dynamic ofBcc will includes^ 

ir Overall respofttibility for financial control including Eurobond settlement work. 

■A Secretarial— including legal responsibilities. 

^ Liaising with New York. 

Premises control Involving the possible relocation of their offices. 

if Personnel supervision involving recruitment and motivation of support staff. 

The ideal candidate, probably a Chartered Accountant, would now be working in a Bank 
or another financial institution: with a proven record in administration. The person 
appointed will report directly to The Senior Vice President who has overall responsibility 
for the ofRce, which has been recently re-scructur^ and is expanding — prospects 
therefore are excellent, 

Please appty>« 

7, Wine OfRce Cour^ 

London CC4A 3 BY bM^B 1 

BIOS) 1858 X SuS 



The Rugby Portland Cement Company Limited 

mTit» applications for the following positions: 


ASSISTANT COMPANY SECRETARY 

The suecessful applicant will join a small secretarial team and be involved in all the 
normal secretarial aetivities of a large public eompaoy. Promotion prospects arc good. 
Applicants should bold one of the following qualiScations: Membership of the Institute 
of Chartered Secretaries and Administrators, membership of a recognised accountancy 
body, or be a solicitor or barrister. In addition they should have had up to five years* 
experience in the secretarial or administration department of a public company. Preferred 
age group 28-85. 

ADMINISTRATION ASSISTANT 

The successful applicant will be responsible to one of tbe two Assistant Manacing 
Direetors. Tbe work involved is mostly non-routine and entails many diverse tasks 
Including special projects and research into and provision of information on a wide 
variety of topics. It necessitates liaison with Heads of Department and Works Managers 
and also travel within the United Kingdom. Applicants must be graduates and have had 
at least two years* experience In a commercial cnvironmenL 


Locatioa: Tbe Company's Head Office In Hugby 
Salaries: Negotiable 

Other benefits: Relocation assistaaee. non-eontributory pension scheme, 
profit participation, four weeks* holiday. 

Applications should be addressed to: 

The Secretary 

THE RUGBY PORTLAND CEMENT CO. LTD. 

Crown House, Rngby 


FINANCIAL CONTROLLER 

c.£8,000+can Central London 

Anmmfnentt^ltpor^nrtYintigrQwth 

eaviiomnent. 

Ladbrokes Is a name synonymous with 
success.The Casino Division has an enviable growth 
record in recent years and there is every indication 
that this wiil continue well into the future. 

As a result of promotion, an opportunity has 
arisen for a well qualified/ dynamic person to join 
the senior management team in the London Head 
Office as Financial Controller. 

Reporting to the Finance Director and 
working with a staff of some 20 people, the 
successful candidate will be responsible for 
producing statutory, financial and monthly 
accounts, the preparation of capital and revenue 
budgets for the annual profit plan and the 3 year 
plan, and thetransfer of a number of accounting 
functions to an in house on-line mini computer 
system. 

The rewards for this post - both in financial 
and careerterms -are excellent. A salary of £8,CK>0 
p.a. is envisaged plus car, W.P.A.,4weeks holiday, 
pension scheme and a number of other benefits. 

Written applications should bB addressed, in 
confidence to: 

Chris Ripper, Personnel Controller, 

Ladbroke Casinos, 

I2/I6 Woods Mews, London W. 1 . 


Ladbrokes leisure 


INTERNATIONAL MANAGER 

CORPO»UE Aubn- AND OPS»^^ 


Hertfordshire 


c.£13.500+Ceir 


Ourclient is a major U.S. ccopteatioa engaged la the deflige, manniactuza 

wilid mer->irwe« mtiJ related tpiippHwrf 

toi^ost^thekeyvmldmazleetaroas. - . ; 

-llepoztiiig to ihelhteniational Controllorui thetl.SJL the sncceaeful 

be xeepoQSible fte the derralopmeat and control of an effective 
financiBl aid ppegatiotts au^ function covering all activities and regions 
ootmde of the Amexieas^ will entail the reuTuitnient and management of a 

professional team dfstafi. ^ 

J .CandidateB,maieoriemaleiehouldbegualliiedaccDantaiits, probably 

ag^ 2B-33, ai^ may currently be in public practice or induetry. They should 
bave had jnevious expetfenoeatmanageBrest level of the audit of major ‘ r. 
groups opKating advanced accounting and reporting Byst«na.'bi ad ^ti oa T 

they srast alao be able to demousirate the ability and maturity to operate 
indepandently and to communicate efiective^ at all management levels. 

For mdtedetriiediblonntttioiittiid on qppUccrtloB tom, contact . 

V; Snrith; X.C^ orRoiudd Yecughan, A.CJ1JL quoting 
‘letoespefWt; 

• Don^ae U wmblua J lre eda t e i Ud-, 

. 410.Stniid.Lflad«iWCSB0KS.Tel«riwM:01-e36 9S0!. 

121 SL'Vac^ StTMt. Oai9cwrC2 SKW. lUsphen*: M 1-226 3101. 

awW jB EdiahiiMh, 




to jouian established trading group which benrilpg a range of consumables 
throu^utMalaysiaonbefaalf of international manufacturers. Responri- 
bility will be to the Managing Director for marketing policy and practice 
to gustain growth. Candidates must-have gained wide i«flciical experience 
ofrelevantmarketing techniques ina substantial organisation, preferably 
with Far East associations, and should be able to demonstrate theirability 
to manage a marketing operation in total. Academic or professional quali- 
fication to graduate level is essential: pretored age range 28 to 34. 

Location is Kuala Lumpur. Compensation -package includes an annual 
salary of around £15 ,000, company car, housing and usual overseas allow- 
ances. Aboard appointment can be earned within two years. 

Flease write - in confidence - with full career details' to W. A. Griffith 
ref.B.23489. 


ni9iKi Management Consultants 

Management Selection Limited 
17 Stratton Street London W1X BOB 












Financial Director 


Lincolnshire 


Five Figure Salary + car 


A privately owned and successful tradinc| 
group engaged in food processing, of £20 
million turnover and ba^ in Lincolnshtrei 
is seeking to appoint a Financial Director. 


Reporting to the Managing Director, the 
successful candidate will be primarily 
responsible tor assisting in the 
development and maintenance of the 
group's financial strengtti through the 
proviaon of forward planning, monitoring, 
reporting, control and'advisory senrices. 
The successful applicant will, as a key 
mmber of a small board, be required to ' 
agree and work towards desirable financial 
objectives. There will also be involvement 
in developing data processing systems, to 
achieveoptimum benefit and performance. 


mature Judgement commercial awareness- 
and some pr^rious experience in afood 
processing environment Specific 
knowledge of cash management, project 
cost contrbrWxl data processing is aim 
neoesrary: 


This senior post will attract qualified 
accountants, over 35 years of age with 


A five figure salary will be negotiable 
according to experience, and a company 
car wili be provided. The excellent fringe 
benefits indude assistance with relocation 
expenses, where applicable. (H^:B950SIFT) 

'REPLIES will be forwarded direct, 
unopened and in confidence to the dient 
unless addressed to our Secu^ Manager 
iisting companies to which ^ey may not be 
sent Th^shou/d Indude oomprdi&]dve 
Gareerdetails.notreferu>pr^‘pus _ 

' correspondence vAh PA and quote die 
■ reference on the enveloped 


PA Advertising 


6 Hfghfield Road. Edgbwlorv Binnii^ham B15 3DJ. Teb 021^^54 5791 Tdcx: 337239 



Controller 
(Economic Services) 

Salary from £7700 to £8300 



The Welsh Development Agency is 
charged with the task of helping to 
regenerate the economy of Wales and to 
improve its enviionment. It owns and 
develops industrial estates, provides 
finance for industry, promotes Wales as 
a location for investment and reclaims 
derelict land. 

The Agency Is seeking a Controller 
(Economic Ser\'ices) for its Industry and 
in\*estmenl Division. The Controller 
heads an Economic Services 
Department which initiates and carries 
out market research and analysis, seeks 
to identify and evaluate investment 
opportunities, provides regular advice on 
economic prospects and priorities 
throughout Wales, and coordinates the 
Agency's forward planning. 

Candidates should have a good 
honours degree or post-graduate 
qualifications in economics with several 
years' relevant experience in industry or 


government including the management 
of research. Proven ability is needed to 
compose quickly and clearly studies and 
other papers, some of which may be 
published. 

Salary is within the range£7700 to 
£830.0, together with a ca7 allowance: 
Tliere is a contributory pension scheme 
and generous leave allowance. 

Please write or telephone for an 
application foyn, to be completed and 
returned by 2nd February, 1978. 
RECENT APPLICANTS FOR THE POST 
ARE INVITED TO SIGNIFY THEIR 
INTEREST WITHOUT RE-SUBMOTING 
APPLICATION FORMS. 


Personnel Department (hef T76P), 
Welsh Development Agency, 

Treforest Industrial Estate, 
Pontypridd, MldG1amorgan,CF375UT. 
Tel:Tteforest (044 385) 2666, Ext 262. 


Financial Controller 


Australia 


c.A$45,000 


Metal Manufactures Ltd. s member of the BICC Group of Companies and 
one of ihe largest manufacturing companies in Australia’, is seekinq a top-fUghi 
Fin.incial Controller to replace the current incumbent who is retiring early on 
ill-health grounds. 

The Company, which is widely diversified, has assets of AS130m and a 
turnover of A$250tti through its nine subsidiary and associate companies 
which together employ^ 6.500 people in 26 plants. The product range is 
predominantly non-ferrous metals, cables of all n*pes and plastics. 

At Ihe He, id Oflico located in Sydney, (he. Financial Controller, reporting 
to the MD. would lorm part of «1 small central staff responsible for the overall 
prohMbie performance and adniinisir.iiion of the Company. 

The requirement is for a m.in of proven PNperionce in all aspects of 
Fin.incc Irom the acquisilion oi funds, through planning and monironng their 
use to control accounting and tax admiiustiarion. In MM the strategic 
planning function reports to the Financi. 1 l CoiiiioUer. 

Successful performance would be expected to lead to a Board appoint- 
ment within two years. 

The preferred age range is 40-50. 

Remuneration is for negotiation In the area of AS45.000 and relocation 
costs will be met 

interviews will take place initially in London during Januar,vF$bruary. 

Applications to: 

W. 8. Keates. Manager. Executive Development. 

BICC Ltd.. P.O. Box No. 5. 

21. Bloomsbury Street. London WC1 B 3QN 


BICC 



Financial Director 


£12,000 -1- car 


Scotland 


This woll known and rapidly developing 
company in the retail sector seeks an 
experienced Financial Director, who will 
have total responsibility for all financial 
aspects of its operations. Priority areas 
are the review of existing systems and 
design and implementation of new 
systems for the group, together with the 
development of financial planning. 
Candidates, male or female, probably 
aged 35-45 should be accountants with 
substantial experience at senior level in 
a major organisation, where th^ have 
had total financial control and, in 
particular, experience of designing, 
developing and introducing financial 
systems. Personal qualities of a high 
order are necessary to join this Board 


and make the contribution looked for in 
the finanoe function. Opportunities for 
career development into a general 
management role are excellent, ^ary Is 
negotiable to £12,000 plus car, together 
with other benefits which include 
generous help with relocation costs to 
Scotland. 

(Ref: AA45/6289/FT} 
fnitiat interviews are conducted by PA 
Consultants. No details are divul^ to 
clients without prior p&mission. Please 
send brief career details or write for an 
application form, quoting the reference, 
number on both your letter and 
envelope, and advise us if you have 
recently made any other a^i/eafions to 
PA Personnel Services. 


PA Personnel Services 


Hyde Park House, 60a Knightsbridge, London, SWiX 7LE Tel : 01-235 6060 Telex; 27874 


Chartered Accountants 


Merchant BanJdng 


'We are seeldQgtwb newly qualified chanered 
accoimtaats to join our epepanding cozporate Irading Division. 


. Successful aindfdafes will probably be graduates in their 
early/mid twenties. 


Salary will be negotiable within an attractive 
femimerarion package. 


Apply in strict confidence with c.v. to : ' 


David Woodward, PeisMiDd Manager^ . 
County Bask lindted, . 

11, Old Broad Street^ London £C2N IBB 
Triephone 01-638 $000. 


County Bank 


A member of the ftiational Westminster Sank Group 


Young H.Q. Finahcial 
Strategist 


CL £7,500 + car 


Our CUent, a leading international company with an above average growth 
recordlengaged in the Industrial and Automotive Products Sectors, wish^ 
to strengthen its West End . of London based H.Q. Finance staff. 

Operating within a small team, the areas of responsibility willbroadly 
iitdu^ Group level appraisal of financial performance, the forthtt 
development ctf Group nnaneiaJ controls, die review of xhajor capital and ■ 
acquisition proposals, assisting with the preparation of the Croup budget 
and a range of other assignments. 

Candidates willbe qualiBedBcconntantspoa^lystraighl&oiaainajor 
Professional firm, or MBA's having industrial fizicmcial experience, with a 
keen business sense and an ahQity to communicate wellat alllevels. 
Promotion possibly to senior line management should be achieved within 
eighteen months. 


Please.apply in writing, giving your telephone number, and emoting 


reference 803. to Peter Bamett, Barnett Keel Ltd., Providence House, 
Siver Street, Windsor, Berks SL4 IQT Tel : Windsor 5701 1. 


Bamett Keel 


MANAC^MENT SEABCH 


J 


w:ancyinthe 

INVESTMENT 
DEPARTMENT 
OF BARCLAYS BANK 


Barclays Bank requite an exp^enced assistant to help' 
with tbe man^emcnc of their poisiou fund. Applicants, 
male or female, should be aged between 26-*30a^ have a 
minimum of 2 years' experience manag ing overseas 
stocks. 

The salary wUl depend upon previous experience but 
will not be less than £5,700 (inclucUng London 
allowance and supplenients). 

The usual Bank b^efits will also apply including a non- 
contributory pension scheme and pcofo sharing scheme . 
.Applicadoos xnduding brief career details should be 


sent 10 :- 


Mr.G.E.Ha21, 
Investment Mtmager, 
Barclays Bank Limited, 
54 Lombard Street, 
London EC3P3AH. 
Telephone; 01-626 1567. 


BARCLAYS 


Senior 

International 

Banker — Far East 


We are a London beadquartered consortium bank 
yiixh excepiionallv strons diareholders. Expaneioa oC 
our business in tbe Far.£as( bas created a senior 
position for an InteroatiOBal Banker with good 
experience in (be area. The executive will be located 
Initially Id London with eveotual residence in tbe 
field possible. Salary and benefits will be based 
on qualifications. 

Curriculum Vitae and a haod-written letter statinf 
the reasons for inteieet in tbe position should be 
addressed In complete confidence to: 

G: H. HolTman. Managing l>irector, 

2 Throgmorton Avenue. London EC2N SAP 


STOCKBROKERS CLERKS 


Tramfcn £3,290 neg. 

Name* GAQO neg. 

Valuations to iApOO 

Cashier/Lcdgcr 


Rights . £3,250 neg. 

Contracts £3,500. nag. 

Gilt Edged £3,500 neg. 

£3,500 neg. 


For further detalh ring 

Mr.. Robson, CB Personnel on'01>d?3 $641 (Consultants) 


WALTER WALKER & CO. 
Investment Analyst 


Wiii«r Wslk*r 6 Campsay hive a racsBcr ler so roprnrncfd analm. Tne 
posiuon should br oarnculaHr of mtercc; a aepticants caoabie of uitfertakios 
researcb mm maiMain* in more (hao onr sceter ol tbe U-IL indiierrUl aarkei. 
Please appir enciotiaa C.V. to: 

A. P siiiuti. Weller Wilber « Co. 

1S4 Bifhoprsarc. Lendoo EC2M 4XB 




AmerrberetP*. Inrern^rionr/ 


ACkOUNTANTS c lCS. 00 e 
Due to iurtiier e«Htsien, s 
mater ell tempany is loeiilne 
lor 2 acceuniams te term an 
mteerai eart oi their semof 
manteement iMm. Preyieo* 


oeenence In the petrochemical 
liur Industrtal. 


indiistre er a simiL. 
eeonwerlno tMcnsreuflO . .. 
iMoertant requJrctnent Pros, 
occts . lor ■ rap,* Career 
•dvansement are excellent ana 
•rill be aetlvelv enceuraBeOi 
Do eentacC us in coohoetice ana 
we'll Keep veu informe* el 
these and other tenlar ane 
iuflior posltlona In the aeceuis 
ranev held. 


Stephens Selection 

X Derex street, Londea WlX aiLV ^ 
6M93n6l7 


GENERAL 

MANAGER 

H0NGra)NG 


A cornpany'about to be 
-estabiisb^ withsubslanl^ 
Chinese firiaruaal backing, 
requires a General Manager, 
who will be responsible for.. . 
setting iip the company and for 
Die devMDpment a^ effective 
management lA .the business. 

Applicants should be between 
30 and 40 years of age and be 
qualified in ail main classes of 
tnsurancB and r^nsurance, 
preferabfy a Fellow or Assodale 
of the Chanared Insurance 
Institute. 


S^ary and other betefits win be 
sul^ to n^otiation, but mil 
be substantial. 


WdlB Boa T4W6, fvmdal liaiBS, 
IflCawwwStiwtrKAPAW. 


SENIOR 

EXECUTIVES 


Whatever you do, 
do better 


We’ro net' jeft atking (boot cho ebviou 
highor I■l■r 7 . heocr eondtcOTi. 
mere inconaM. 

W* ar» alto calking ahour mera /eb uti»- 
tacUon. I«it frvtnoon. better utiliuUm 
or rvur altnta. Perhaps ayun ipul ro*. 
oriencaciee of four earaer. 

Wtistever it •*. wa could balp.^jp db. 
coHing |T9u. peer cirewn»uncet, career. 
a»Dt. And bp adriilng jrpu on itepa dim 
cPuM Itad to you doing bamr^nelvding 
die whole preceis of application, inter 
'laws and neper'>*’on W ■ new OMitien 
Slmphr dial 01.UI »1f, and mk for 
/OHN SAIL, er wriu for i eonttduitial 
diKimloo, 


Royston 

RMsieway 

CMisuHants 


Cencrir Home, Upper 
London WCIH DQA. 


Woburn Place, 


ASSISTANT 


wanted to help keen 
INVESTMENT NANAGEMENT 


team to mairiiain - high sunparg, u 
their bOfiiwH expands— able t» assist 
vth cemraea. viluaeionf. basic book, 
keppliig, rmrds, filing research 
maurtpl ud nK ether office srorfc, 
•Then heiidairs or extra aetiniir puts 
on* dppvtmem mdir pressure. Tbe 
fob would svic a .young parson wancina 
ro laani about aM aspects of Inveu* 
menc. It is hoped ‘ that eha- new 
member of the teim would be of suit, 
able calibre te transfer manoal 
esntnen I records to GOMPUteb. 


SOr^ atafjp e. £3,5M p.i., 
plus LV^. plus healih innraiKe. 

Telephone: 01-628 9336 
lemei Tiylor-Oickson 


i RBOutRiGU Consultaiizs i 


BLUE BUnON 


Medivfn sized firm of Stock- 
brokers require Blue Button. 
Previous Market experience not 
essentiil. 

Write Box A.6226, 
Financial Times, ‘ 

10. Cannon Street. EC4P dBY. 


FIRST-CLASS OPPORTUNITIES 

available to qualified, ttudsne and 
experienced HCOiRitini seronnei. 
Centoct Sob AUfei er SrMn CoeneC 
on 01-628 2691. 




DRAKE 

ACCOUNTING 


INTERNATIONAL REAL 
ESTATE COMPA:.. 


Wishes to appoint an expanenced 
salesman a all Canadian and Soucf 
American land for ammlsuon. Mat 
.have good connectiMi In the financial 
commumey and be 'prepared to oevote 
full time. 

Write.-— 

S. MedhWe, 2fi Lawrence Avenue, 
W..,T*roato. Cn^, N5H' 3AI. 




Financial Times 






Asa^nt 

Corordinaior 







^ooo■aJS6e^ 


■4 ■ 


Hie trustee and Taxation subadiary of an (ntemaLanal ■ 
Bank requires an executive to assist in the co-ordination ^ . 

developnient of its oL'erWas business. The succes^. • 
candidate vvill be based In Uxxton but will be required to 
travel overseas arxj will ha\« the ability to disci^ f^^ . 

matters .at both the Indivi^ and corporate, fevel. Aopiicants’ 
should be in thar late twenties and should haye.a workirig . • 

krwwiedge of erlher personal or corporate taxation. . ^ 
Non-contributory pension scheme, heelunches and .. 
otherexceHent fringe benefits. ■ • ' / . . 

VWte in confidence, giving Ul details of experience to; 

V. W. Burden, ■ • 

Bi^ Holmes Barflett.UdU 

45AlbeiTi^^«etc. 

London WTX3FE. 

Companies to \vhom ^ \ 
would not wish your appficaiion 
forwarded shpi^ be listed 
separately.; 


^■5 

^ .. 


• > 


•1. 


4 .- r: 







•I* 

, 1 * 




Clerical Assistant for expanding 

Corporate Trustee 
Department 


afli 


T* 


H-,- I 


..f-iT' 


If > . 




Applicants should Ideally be familiar 
with corporate trustee work... 


Salary negotiable and excellent fringe 
benefits. 


h u 

•J: x; 


Telephone 01-606 5451 or write to: 




■ The Secreta^, ' • 

The Law Debenture Corporatioin Ltd., 
Estates House, 

66 Gresham Street, Loudon EC2’V 7HX. 




■T s: 




J 

i- . 
•r. 


Credit Analyst 


to £7,1 




An appointment witb an energetic, progressive Consortiu 


;w,- 

Bank offering a genuinely w'ell-trained, experienced Analyiir^ V,| 
every opportunity to develop his/her skills and responsfblUties.;';' i‘ .. 


Bank Accoundhg 


G. £6,00»;! 




This is an opportunity for a bright young Accountant to play' 
a positive part in' a prominent City Merchant Bank’s financial]' 
and management accounting. You should have at least part of^ 
your Accountancy qualification and some Banking element In;:', 
your pra^eal experience. 


F/X. Operations 


£3,800-£4,300: 


Two extremely' active IntematiODal Bants each seek' a reaJj2<i‘ 
capable ud re^onsible person to assist with th«tf F/X' 


II . 
f • 


‘ badt-up ” fnncUons, demanding go<^ experience of Instruc- 
tions/Settlements, Nostro Reconciliations, etc. It's hard work 
... but well worth itt 


Please telephoee either Jehn Chtverton. AXB. er 
Trevor Williams . . » on ^ 7711. 


David White Associates Ltd. 


S\ 


Hampden Houses 84, Kiagsway, London, W.C8. 


• oc: 


FRENCH PRIVATE BANK 

h' seeking an experienced *-^^'URAN 

Eurobond Deafer 


to develop existing and new contacts for both primary and 
secondary market. The individual, selected will be ready to 
solicit business on an actiire basis from Peris .accompanied by 
visits abroad to develop a mer« person^ relationship. 


Candidates will have be professionally qualified with at least 
three to five years’ experience in this activity. 



Remuneration actractWe for the right, candidate. This poshton . , - • 
is open to either. a German, Dutch or Britisir' National er te a ' 'i ' 
French citizen with FuM knowledge of English and German. 


’■< I5-,- 


' Send manuserfpt letter with c.v. and photo to:. 
PLAIN CHAM^ 


. ' V> 


$9 ru€ du *H^I<ler 75009 Paris (France)* 
Rahrance number: 2131 


* i, *r • 


ROBERT FLEMING & CO. LIMITED 


require 


CLERK FOR THEIR NOMINEE DEPARTMENT 

Age 18-13 with G.CA. ' O ' Levels., i . , 
Knowledge of Oivjdends/Bonuses/Righcs would be Useful. 

Good Salary and Fringe Benefits. - 


/i^:! 


Teieptiene Ren Ridge .01-638 ' .C858 or 
write 8 Crosby Square. London TC3A 4AN. 


CHIEF ACCOUNTANT 
£8500 


^uire'd by firm of Financial Consultants to be resMnsible for in 
house accounting and important aspens of work for.dicnts. Appli- 
ant should be qualified .n h«/her mid 30s and commercially miiritd. 
Ida! areer opportunity indudin: some International work. Send 
full personal deuils to . 

The Chairman;' 

Resource Evaluation Limitedr Resource Evaluition House, 

106 Alders^te Street, London. ECIA 4jQ. 
or Miephone for an appointment. 2 Si 8011 . 


SENIOR EUROBOND DEALER 





requires a' Senior Euro-!- 
bond Dealer with a sniniuium of 3 yea^ dsqierierice*- 

Flucncy in German advantageous. Competitive -salary 

and profit sharing will be offered. 

telephone “ ■ 

Mr. S. Al-Sabouiii on 01-499 83hSr • - . 

w.wnte m complete confidence lo Box A:K2S, : 
Financial Times, 10. .Cannon Street; fie|P''4BYi 














Financial Hmes liiursday Jknuaiy 19 1978 


39 


AUTHORISED UNIT TRUSTS 


Voit TtL UiKn. Ud. M te) 
OBnIM.ArlMbiUT.. OSnSMl 

. 





MCvub ' IVifi— Onrtlnaid 

PMfe M tcwt. MWT 4W4 

|f^Sba<a — |M4 
Statu (SuccrZn. SI 

niiiwBMwyv_ ■ p 

*Tbe British life OfSee Ltd.V b) 
RcSnn Bib , Tusbridi* iMIs. B. OtSS 
BLSnUtiiUfe^MTJ SadVuJ ^ 

SffisssfcSi aa IS 

"Mm Jib. Not deaUas w 3n> 35. 



Cartiuore Fond Musscn V'(sKCi 
l SL Mbit Axe. EC3A 8BP. 
itiAn*p»eu TA. ^EtX J 
BriUsHTiLtAcei- SOJ 
CMnmnU^- Share. I3ie 
llJ^EBK.Trvil_ 9S 
Rixblnmae'na.-. 

XseflawF^d M.I 

XuAtuetei US4 

btl.B(einiitFd.^ 01 
UUlBtLlVUCAccl.. SS.9 


Perpetual Unit Trust Magml.f M 

DJ.20391 eeHaitSt.HeoJeroqTKMKa MfiUtta 
IM Pl>enialCp.GUi.— .pK3 4|7S| | US 

Pl«cadiflT Viiit T. Msrs. ua.p tuni) 
waids'iBHw.SOaLoedNWallBa S38M01 
fictn-l aeMM . B3 J 

SBuUCa'tFd, ai 

Ceptui PBad.._. „ 9>i 
lm.Eni.AAsuu. (7j 
- sae 

AMQBdir.Futid.i- m 



If// 

rthn 


lae._ 
eaAfaadt 

:iOBa]....^.|2U 

ABerlea...|OJ 

Fund |29.9 

rt F«ada 
Ce'aPd-,B2.9 

r.CVf Pa.HOJ 

TSils ..._ 
i.*Cdly... 
lEarniBU 
SmJtQjlI 


23M+0.2t 


m 



BrsieiL Shliddp & Co. Iid.1f 
Maffr, Pomdm CL, GCS 

BSDnttaJa.9 

De.(ArejjaB.S._.93J 
Oeanie TtaAi W _ 

naaeial to* 

C*a«»l |«ff 

Grarth AccusL. 

Giwall loeOBM,, 
l^U 
T1^ 

Imiaiw 

Omscat 

ParformaBTe , „.. 


Gibbs (Antony} Unit TsL Men Ltd. 


3S.BlomSefa!St.EC2U911. 014684112 



u<jnnass9 13) AXi. Crewtatt , 

01«Q^a iBjA.G.FarEaB|.„..J|S.j 



)JJ 467 — 

I.J EnapLAw in 


1917 

^ Caaoda life Ttall TiC. Ibips. Ka.f CAeeum."ilSto)_->^!4 
55* u.^ '. p.PTSiia GracliBtr.Ja8.18»-|a.r 


MHIlli St, Mten Bar, Hots 

■ ■ .0 • 

5bl 

.» 


Can.Ci«sD{jL_ 

MB tJaiC Treat BSaaagen Ltd. _ 

ehuretiStfiaKSAA stsasn it.» a— . i- ; 

»U.T. I4S.7 49d(....4 447 

Cher UbU KpbL Co. Hi. 

SUBC2V7JA. oioasssn. 

ubts Fuad .ilSSA ’ XSA( j' 130 

haot Securities lid. (iaKe> 

aStleodM EC4&1BT 


Amenen Peed_.^l 

DeaUis TiiM nwid - P»ctle*l In»eB..Oi. liAf (y)(c) 

RnsaM 44, BloomcbiiipSc. oriASRA 024230081 

Sf’WUOlmiB PracaetlJM.l«._n37J 244«-lJj U1 

434 Tr.teDdoa«aU,&CA 813805030 Aeem.Xaiu -..pst5 2D4.« 4J3 

432 S'hldr Jaa & 122S3 im | ... J 2AI 

Igf De.AceimL'Bli_.M.9 l^M.— -1 2Al Pxeriaelal life Ibt. Co. lid.V 

;-g Nert dealina dar fan. ao. 3a.BUtiauC4te ECA 013476033 

3M GrieveMB Mw^smeot Co. Ltd. in>^ ,723-^1 li! 

5P(be«ba0SUBC3P3b& 014M4433 P®« lllil'rOdl 730 

J;2 PwdLUnk T«L (aXbX«> 

732 Uol bora Ban. EClNSi/H. 01405828 

7J3 Fndeeda] |U93 1273( +4.A 436 

234 

2?4 QniMca- MaaaS«BCBt Co. Xid.T 

0140041T7 
3M 


. In Bafctn. Jaa. IS (IMJ. 


(Aeeus, 


4M (Aecm Ualta)__ 793 
tS LaM9ttU.Jan.ia. a I 
lAceuai. UtaiM-M» 19.0 



733 



uini f,,. 


icenePd.^]!327 
s. FUM ..... St.7 

eVnvLinai M.9 
X nec FuB^ 84 

"B-uaiifj^ na 

FBBd*— 18.9 
Aly PoDdS 0.0 - 
umwtt— riA 
~1 V1.UJ8) «03 
ww-tt. gi 
'■Bf.. n3 

UWtti (43 

02 

83 

GthPd.*' 1320 





><>rate 

IdhPXai. A nr Unit W; 

'i-'PartiTieiip-** 


Capti UameA HagL li&V ' 

2M Old Stead SUSCaNloe 024W0DID 

^z=^' . sa Jjs 

iMecs OB Jaa: A Next duIlBS TM i. 

CnrUel Itatt PO. Ugt$. lM.f (Mfe) 
MiUmni SBaae, Seegy frop^yae SW 

AenuxTlSHairmA 7^ .-Xa 4M 

Do.BUfaTIeld.:»taA ' 403 7.11 

Se,AeeaBkUMlla..MA &3| 44^ 730 
Mert deallv date Feb. L .■ 


Gnardias Bspst & Vait Jlgn. lid. XeUsnee Unit Mgrt. lid.? 

Rmal &ctUB0e.BC3P3IHl. Ol«B80U BeltaaceKu.,TliabridceVell4.KL 0aB233Rl 
(aa)CnardbanA..|B.9 8l.<t-»«3| 437 OBMmft^,Fd--B4.7 U-fl "»] fZ 

Benderaea Admlnistf^laaWiX) . s^fordeTiiaAiriali . aS 

ftemler V.T. Bwleilb 


.ft 

713 
SOJ 

4UM -jtiV 3L40 

1A< -of 

Si 



OiarterbaBse Jsphet? 
1. PatecBortec Rpw. BCA 
■CAlBtereall. 

AeeiiBL Unlta. 

CJ.laeoae. 


OMAl 


C3.tae.FlB.. 
Aeeam.UWu_ 
CJ.Pd.2B«^ 

:jaa.tl 




,^0 . - , 

Neat dealtns Mk ! 



Breutwoed. Eucx, 

(xi^.Aaaia.. 0.9 

(CAmeaB__ n.7 
<S)Faras____ S3 
ia#1aae.Amr M3 

(SifOahlaceete SOJ 

(OUie.AA«M(a 03 

iXUaMnutleeal— MS 
(p^AnSoB-. 113 
SJL<U9a*jMa.lX. N.0 

OUa-Nst Ml 

97.end.JaB.8 ISA 

icJCabet t£Z 

Cebor£tt!plae..w@3 , 

tax «9cemp< Atada eelr 



227300 Ridgefield MsBageoMst lid. 


POta4i9L8uhKae.,l4aa«Mr. OOXaoOaBl 
RdgeaaldlBtDT.«4.0 «id .....J SM 
Wdsencid1aceM.i«3 -1^ 2fi 

^ S BtheUd. A LiTBds. Men. fa} 

538 8(.8wilUuLne,LdfuBC*. O1AH4B0 

fa Ne»Ct.»mM-.jn73 234? 4 272 

2^ Price ea Jaa. i2Netf dealtiia Feb. l& 

|S Bewaa Uslt Tnist Megt lid. 

IS CKF4SaleflM.PIwbuiySq,GCa. OMOaiOM 
147 ll«wuAa.JaB.l»J590 OIR — i 228 
I te — B ta.JeB.17.nie3 • iota _J 137 
S«Meajr.JaB.U-gi3 > StS ...□ 710 
72B __l 718 


4M BUI SaanteS Unit TJt. MBrt.t (8> lAKOL^'aiSL.Imj 

IS 4SBeeehSU»3PSLX OldtaSOU 2Si^iia “-BK 

In nwBnddiftii*— Usai liui-^ajl 427 lAecM-uw — ?*-9 
«TihniTw.M — {St as* 


suEcunsB. 

■ n3 

Blsb Xs^CMfr 


i^gSi li&? (iaMe) ‘ laifgaatlbaalTiL. 
WC1V7NL. 013310833, Bede Bene. 

82? 4 5.90 

Neo Mb. day M. 2. 




OFFSHORE AND OVERSEAS FUNDS 


ArbethnoC SecBiitfei (C.l.) Limited First VUns Trusts 

P.O.BM8li.St8eta.Jerwy. 05M7217T &Sb(>eom'4Si,OaoelKlAl2 


Pfembtf Japan Fond sjl. 


CM>*>Off«mrt-lt22-0 125.? 1 530 

^ Next dea^ date Jan. 24. 
tatUBtLT&ii^riKj 2i2er...,.i as 
Next atb. Jaa. as 

Anstiallan SelectioD Fond NV 
itsMt Dpptfru^ilw. cfe i(Uh Ynng fc 
Ovdmlte, l57, XutSL. SriiBiy. 

cssisbuu pesm ^1 I _ 

Nft aSMC vaiae Jaa. 5 

Bin^ae BnsMles Umibert 
1 Rue de la Rece&ce B looo Biusela 
AeataFaBdl^ — A.9S2 20l2t 4-3{ 139 

Bk. of Lendsn ft 8. America 
48e8.QMeBVtcteriast.EC4. oieoozna 
AlnaadatFMO— I 5VS5J9 _ 

N« am «aloa Jaa. ik 

Barclay* Cnkeni Int (Clu Is.) Ltd. 
1,Cbatugta*>tSt-lie>ier.Jiar. 0SM73tT41 
O un aa i l u ci M - pOjO S3i|d ..._j 9.64 
nBtd*OarTru*~lB>Bfta Ma —.4 430 
■Sohietf u> tee aad Mthheltag tun 

BarelanUitlcniilBta.O.MBn)Ltd. 

I nesu St, 9ea|tai,r«J(. ooz«4aso 


0084^4602 Mb. Acts Dughar a Co. Ud. i mmmt 

02 Pall Hail LeadnSWiTOJlL 013507057 GUt Piud (Jeney 

FB.vn.CMTit_.Hi4 4za .t - 

FM.\’U7blOlLTit..|H0 ^+LS| 


King 4 ShaxaoB Mgrs. 

X Cbariax Cran. St Helier. Jernv. 

1 Tbeaaf Simi. Poudat. ule < 


bJO cQitnutilaii'i_ K/ w 
03 lUL tat Sen. Tat 
Fim SlarUnR . jU 82 

FintiBtl..... hi'sini 


BiHi 


SeUesingcr Intmational Xagt Ltd. 
ai.UnpIteSL.StHellcr.Jener. OSHI 


57. TU Neve-Dab*. Tuicwb wi rg _ . 

ftb> 8 Jbs.i 7 \ 5i,'SS73l l—J— Sfeimrort Bcdsob limited 


»7S 




.Mn sjtl.L. 
10-75 S.AOL. 


so. PeflehoRh SL, CC3 
SaflaveM. Lax. f. 
Oucraacy 1 k..-._ 

De Aceut 


Flee World Fnad Ltd. 

Buttacfleld Alda, b— . si»— n p nii tie«. 

NAVDae.50 I 51*5X04.95 | .~.J - 

G.T. Wattagemant lid. Lda. Agts. 

Rac.. 10 FlBBbiny Clreui. LeDdon BC2 IBjapHFillld..~.4i 
Tel: oieso 0152 TbX: 805180 K.B L^S ORb. Fd. 

SkxBet Bcraiuia __ 


KB Far Bast FA 

XtloU Fund _ 


tlBBaecBieM lateraBUBial UA 
c.U B2 e( Benaada Fton SU Kaadtn. Bmda. 


thA 

SL'S93S 
&VSUS8 
51-S25 47 
Sion 
.. SVS42I 
^■40 29401 


ABckar 'B* Dnitf-,„ 
ABrbortBtFd 
G.T. necBvOa U4. 
Bk. ot BaranidK f\ 


U...miSI7T 
— pCsj 


.*S3A 29 


f 208 

— ..| 2AS 


meal 8000 


in- 


-•era 


■KB act as L eauBB paytflS agentt ODlJ< 


4.95 

433 
423 
2 47 
219 
033 

r» 

5.7b 


OIK Pd »0 

Iftfi Fd.JcneT...».M0 
inttiI.Fd.Laabrg._|lCS4S< 

Sebroder Life Croup 
Eaterprlie Houc*. PoKaneulh. 


ECHuHy 

OEuiunr. 

L FbcHi I BtereM . 
SFtinl Ituere^t 

fMaMgi.A 

StUnaged 



oNoam 


11819 

IM.? -821 

112.8 

10 a| -OJ 

leer 

lev U -03 

1817 

lW.ll -8.e 

UlS 

139 o| 

U77 

X14M 


uejrdf JSh. (C.l.) VfT »gn. 
Baadts^BadA P.0 BmiaASLHeUn.Jcncy. 0S5I27UI 

J — I IM UsydaTH.0-feu.tfT3 49? 4 333 

.*Si4l -Us| — 4 B-75 Next dnluis date Feb 12 


J. Beuy Sebroder Wagg ft Co. LI& 
l9D.CheapnJe.fiC& 01.3014000 

CAeapSJao. IT..,. 

TratlSH pee 31 . 

AaiaaPd Jbb 0 .. 

IMNiacFad.... . 
japoB Fd Jan. u 


9L'S1056 

4itm 

ll'Sim74 

R’sun UP 


lAiTi im 


praM snd 



202 


373 

530 


Qalun Ata M2 .B73 
rw> , — 123 

De GW.PiSSe^ 5fi 

Do. latLlBeeu*— . MS 

Do. L ^ Raa-M.— if* 
De. ICam Hbw— 1225 


59 . , 

24.1 -fO.? 
52H-0JI 


2M 

2A5 


Bateblaoa Bae. Bareeott Bd, Rees Xo8g Uojds Internatloiiai Mgmnt. S.A. 

6T AaiaP___mS7i9 74B I 201 7 BtM do RbSBe. PO. Bex 170, UU Geneva U 

«.T.a«BaFnBd._tscsu.78 4 '.-4 A3o UeydtisLCNwib.gSUi SDm-ssol MO . . , 

^ UeydilBLlBeoae.laniui lum-OSBj OSO Te^TM.Dee.a..| »t;s».2t I 


RS 


C.T. ManasemeBt (Jeney) Ltd. 
ltauliat.Bfe.c»leBbule,Sc.HeUcr.J«iey H ft G Gnus 

G.T. Aa UStaeUu -p om m ? —.4 Ul Th»* Qubj*. Towtc UtU EC3R 8BQ. Ol-aas 4Stt 

Blshopigofe Commodi^ Ser. Ud. u^SSfcSS225?i«M • ”gggS ia-xd = 

P.o.Baa42Dea5tat.LAll. emamsit bei?l^,S ^-— -i aI .Vfi G%taJal£u.l!I!;iunn UM^OM — 

ABtcAc*jBB.s.— svaoA9. 1 I — *• K “«“* P*7 115^-0^93.49 

CANRBO«J8&3- 0.032 I ._. — AaA«rlBj0.m.|22O 24AM ... i 3J3 {Aee«mUBllil_-M.|l519 lOLlI -Oil 9335 
COimT^^^Mj-L Caul mare Invest. Ltd. Ldn. Agts. - , 

««l^ M *S10 aarf-£l30. 01-285380 SWBBel MOBtafU Ld». AgtS. 

Bridf Maitegme nt Ltd. smaaMe Fund Mb 0. «Fhr EatO ud. li4.oi4ana4St.,E.CA 

PJX Bai 508. (Knod Cayaua, ClIlBaa I2 I9IB Rutcitim Hie. 10 Harcoui: Rd. RJIoof Apell*rdJsAll...lSF4i39 S9i 

mppeB«jH».u|Sg^iun_4 282 ^ 

BrttnBnls TiL MngmL iCX) lid. 

30Baib8t.5t.ReUer.Janey. 088473114 XBtaraatleBalloA..^4 


Singer ft FrirdUnder Ldn. Agenti 

aaCBBBpaSt.Ece P1-S408618 

peUpntb . . -.|ine679 718 


laaL Bend Fund \ 


■Dcai.l 


Surinvest (Jersej'l Ltd. (i) 
PO.BoxM.St.HdKr.JecBey. 0334T3R3 
AHeiieaaXiid.TiL.|£O0O LTM-^O? L49 

CePPerTtllH U033 1B4N-00M — 

JapladexTiL |U14 a^-909i 

Surinvest Treat Mauagen Ltd. (x) 
48. Athckl Street DmcIu. loM. Od 3314 
Ti»e5U«erTn«..|979 100 31-0? - 

O1-38O04O4 RichawndRoudSTROLl »2Z|-:2 992 

' 3 74 De Bveratvee .. 23* 9 349«-:» 9 98 

1.32 RIChaoBdPat.Bd..|X031S U41M-?4t — 

207 De. Cold Bd. 19200 U.lH-rjq ~ 
D32 


'98 Unieora Ltd. (aXg)1^) . 

i8e.3BZRaBterditd.S7. 013N5944 


iAaMriea_ 


-::''tlBe- 


B7.f 


tlat. 

nMTaL— _ US* 
nteceaw- 270 
Uieiel— SKI 

h93 

.etai tn; 

' vtfaAee MS 

use TIL 03 

'.A*ba T sL- 134.9 ^ ... 

* « Dec. sSTNext anb ta Jsi 

, - jtuft5d.zEfo 127.Mei^ 

- . Mde TnM M2 47.M +08 

FWliic M3 ^-rOJ 

unt .. _. . MJ flJi 



MPellerTnut 133 

OOeftafn Truat HBnagcn Iid.?W(g) g;2 

OtGtfSK (bilBcoBMTTwat 02 

rlhVl lllllyTlnn &.3 
(b)Hlgh l%i(f 76t_l220 

tSs laool-? (oKg) 

I5,Chri « BpberatreeLRCi- 01-0(77345 

CnfederMiM Pnn& HgL lid.? (a) lueL lav. read — tM.9 «33id -0i| 031 

•wc*?«*Fi^wcSA«® ^ I fans gers lid. (aXg) 

fceuBiFiiad— .(393 4 4ja t0.1IIlk6L.CClVS3E. OMUSIOn. 

.21 -d iS 


HdyBl TsL Can. Fd. Mgrs. Ltd. 
S«,JenvnSlre«t.&W.L oimoszaz 

SSSSfS^nrKi 7S5:-;:( « 

Frteu ai Jaa. uTNexI deeUai Jaa. 31. 
8ev« & F reepor Grenp 
A (b«al SI Heicaa Leedee SC3P SEP 
8073 Qee«a BL. BdlabofSb EUZ 4NX 
OuJiaga le; Ol-SM 0988 nr 031-aO 7381 
Ssvc * PFosper Seeuritlca lid.? 


CoiBopoIitaa Fund MiouBgsfS. 

OepthaUAva-lMdeaBCsnx 088122 
CeeBBMbLCIhjrd.1173 ■ 1S3| __4 A91 


,-PU._ 

. Iwrece* Fned— - 
Key nxed l*L PA- 
Zey SnaU Call Fd- 


Cr es c en t CUt TbL BferA lid. feKB) 

4iM^C7^Bdii^2 Kfehnamt Beasen Unit Msungen? 

OMeMtCre«tb_K09 383(43.? 437 3Q.FUnehi«hSt-RC3. OtOSSBOO 

Cres.Jatamatl.-_ HAS 4&fl eAl |38 


OuBfh.DtiC._ 


Jlv 


t VntbeR ft Co. lid.? (8)00 

lcahaUSL.-B.C3. ai3K3Bn 

iTIL »iJ W.? I 3.41 

Uffl. _.B03 22M 2«L 

Next ttb. dJV Jbb. SSL 


L ft C Unit Trest SSaxmgeeiienA lid.? Ovecaaaa FUemw 

Dtseretlenmy tfeit And Monifori tw stack rehaosa- *on ihp. oi-aM looa ^mpe 
33,81«SeidSL.BC3M7AL. 1 ?«* 

ny0 7 ,M8.?_i A15 l*ClBUBGeBFd.lg73 89.? __4 2fl , 

_ _ __ - . -- : _ . . Lau’ieu Sees. lid-?feKe) C wuu e dUy 

M. F. madieater Fond Ifeft lid. acearfeSUEdiabufShSlSJadSl-mSJOll bacm 



40J/+03I 


DldJeviy.ECS 
Great THnehuter— Ul 
CLWlBeh-^O^tain 




mtatU,SJC2. 
r-Jae.l0..f 
c.rJaB.10._f 
ML ian. I7.t - 
Jjaa.l7-_|W.9 - 

.toU seh. dft Jae. 31, 




013M3W 8Ba».ltataUta_tS2i 

71% £AMUM Dalai SO 

538 %eMhread (24 

•tAcenDUiai 573 

«• h 

3B,AfliaStMSL,S.V.L . IMODTSSI m-mi faa 

SiVfSgSte Progrosstve Mgud. Ca.? EmaflePadle7TH..(883 73J| — r SJO -rnghVIdd «93 

ni namvai ■■tAaenaiOBiai-- (73 

3 172« ^TS Viplitaa Sees. lid.?W(g) 3Moa Taai. tfWed- HUbib -Fit 

sB 4iBimapmatc.BC3 oirassmi Legsl ft Genernl l^ndall Fsnd? 

^ AnmuHlw |0U 0K4403f U,CaayB2eaoaABrlHeL 

. ggnlly ft Imw Un. It? SiawifcSi— |f3 

8 Fund ManJ«ers?(8Ke) taanlmliA.asl>^>ceBftfc at!.i!!i,a^ri«rf7,i flacatporatlag IWtat ftoHai 

01.MB4B1 n*Nfe31*M- .1027 05i?*OJi'438 LeOBine AABBJniMnnao lid. i*a s<St5i n»»at, tveiag. 

^ ^ ^ lDnfceSL.L0BdoatruC87P. 01-4BB9081 AmExcbM- |UI 

Framllngton Unit Mgt lid. (w LeeDiH. tSJ. ^ AMiSwft.— -._|3«.7 


SctcptlBlerBaL_ 
SeMit Incawir 


flae tb R a Seeuzttfef Ltd.? 

Seetblta 003 5IJ 

SaalyMA MU 

Seat^arca— __|S43 


SeaC.Ei.GI»*«._-.n993 288.« t 23 

^--4 ^ Srhfesiiigtf TM HagrA lid. (aits) 


2v.‘bMt~^ 


DUanSuECtilSAa 

-4 ^ 

^ a 

^ m"-? fai^ 



Aokf— 


iBla TruM UmiagiHRealfaKg) 

Pfa^MOacfelBA- 

rtCSMaOl. 01taO47«O(7v prteneiPmv.tBa..lfi3 

Daacwh .p>3 


S-7,lftfaadT^EC4BSra. ' OldtMTt LmAccbb ^ -iS34fl3 4.9% gwiupt mph VIA^J 

c>ottatta 0880 H Lleydi Bk. IfeH TsL Hagrs. lid.? (a) B35fe3^^ 51 

eri 'Bra **cH *~H «s RcgiHnx'a Dept- GatiaBfmdea, lacauePIH-....-. -. 0.7 

iga -'H £jj WafcaiaAllfeatHBaiiT ' O1-0B1388 hie.l O»Wd r*t-_ tti 

OMSSQSS 00. (Aemai) 



G.T. VaK Mstticen lid? 
18 KiAbit (Oreua BCSM TDp 


4m TtakrAdBCtiMO- 

SSiiSgSte 

Do. lAceiteL)— 


U* 

ma 

M3 

S%A 


023 40^ 
BJ 4«3 

U4J +0S 

024 -fOS 
OU -4Ul 


331 

OJS 

OB 

T.4S 

7.45 


PM.AGUt1taK_^ 

UJt Gath. AceamUJ 
TTK Orth m»___ peA 

■Next 


SI 


eaost 80441 


37J 
20J 

^4^ ;«3i 
25.4 

503 -M3J} 

39.7 
253 

31.7 -831 
271 -03] 
221 
21.1 


-Mi 


-»«? in 

8U 
4ii 
847 
7.M 


le 


207 

“iS 

273 

SJO 

5JS 





miiinsi Uosrd*s life Vnit TaL Mngn. lid, ' ■Neit'anb. Jaa. a. 

IS J.BouFSehped«W»ggftC».Iid.? 

M ft G Grenji? (pXObrt «7.« 

Tbiev Qmcra. Terer mn. K3R BQ 0180 400 iAcenm.i 

* ta elae Suck Eacbange n*e)lng». . . fenaeJan. 17 1^3 


IK ?a ft ft. Tnu iai (g) 

«m A'BcrUtlhiLimvnUaMd 
210' C.*A. p8-7 


1 >1 


) i L i 


CLIVE INVESTMENTS LKKltED 
ioyal Exebange Ave., London. ECSV SLU. Tel.: 01-283 llOi 
, .;..|,%es Guide as at Utb Jaiilujy. 1978 <^e 100 it lftL77.) 

Clive Fixed Idictcsi Capital 134.97 

. .. Clive Fixed Interest Income 127.53 


CORAL INDEX: Ooee 474-479 


730 *(Aceti!^>0UO U4 

AMniUHiaa.^— - 99J 
• • .•y ( AecmnWa lW fH 

msmisnae rf""* ”!Sz . . ' ■ S« 

viH'AaH jae (Araua. uniia|__ MkO 
3»-?+?J| U9 Canpenadamvib. 0.9 
CUenuHiB Qmvtb 03 

'Dlvidrtd 08V 

HAccnonVaiia) PB27 

EUinpcM-,— 
IjAecn^ Qeittl— U3 

|tAceaM.^ta>> EfeV 

.FUrEBiCerB.i; , S.* 
ICAceuH. UbMi— . 093 
FaodfifJaf.Tila— 1^ 
I^AaCMULUmfe— 

'lAecuB. Dahn 
.BixbIncaM._ 
ktaus-naim 
papae lacette. 
^AeeuBknalad 
MagaoB 


H PRIVATE! 


bond Den 


£>NSURANCE BASE RATES 

t Property Growth , 8i% 

Cannon Aesunmee 4|% 

tAddreft abown nader Inanrancu And 'Prb^rty' Bead Table, 


-Omaad 

rAeem.HBlW BBJ 

H eewerr ■ ■■■■ - (8* 

-MecuatVaitH 773 

IS aceadOaA IM.7 

DS3 

Sana. Uaita).^ 1124 
ikivirtus reta 

TruHea 12387 ^ 

lAeeoa. &ts— ^3 271.4 

GkBrtba^aiul7-C U85 


BASE LENDING RATES 

3JV. Bank .....' EBill Saniuel t 6i% 


9 5 


lied irUfa Banks Ltd- 6| % 
lextcan Express Bk. 6i% 

'iro Bank 64% 

P Bank Ltd. -6i% 

nry Ansbacher 

nco de Bilbao 64% 

nk of Credit ft Cmee.ll 64% 

nk of Cyprus 64% 

nk of N.S.W. 64% 

oque Belse Ltd 64% 

nque du Rhone 7 %- 

relays Bank 64% 

rnetl Christie Ltd. .. 84% 

• naar Holdings Ltd. 74% 
il. Bank of Mid. Blast 64% 

DWD Shipley 64% 

Bada Permanent AFI 64% 
.- pitol C ft C Fin. Ltd. 9 «A 

fzer Ltd. - 7% 

iGlar Holdings 8 % 

inrierhouse Japbet... 64% 

E. Coates 74% 

isolidated Credits ... 7{% 
,i(operative Bank' 


■iGS» 

..||wperative oanx ojRt . "jruaiee auvinga t 
.rr [tt'HDthiaD Securities... 6|% Twentieth 'Century 
dit Lyonnais 64% United Bank of fCu 



C. Hoarp ft Co T 

Jiilia'D S. Hodge 

Hongkong ft Shanghai 
lAdnstrial Bk. 0/ Scot 

Keyser UUihann 

iOiowsIey- ft Co. Lld.... 

•Lloyds Bank 

London ft European ... 

. London Mprcantile ... 
Midland Bank 

■ Samuel -Montagu 

■ Morgan Grenfell 

NatloDal 'Westminster 

- Norwich General Trust 
P. S. Refson ft Co.-... 
Rossjninster Aceepfes 
Royal Bk Canada Trust 
Schleslnner Limited ... 

. E.' S. Schwab 

Security Trust Co. Ltd. 

Shenley Trust 

Standard Chartered ... 

Trade Dev. Bank ^ 

Trustee Savings Bank 
■ • - Bk. 
fCiiwnlt 

Whiteaway Laldlaw ... 
Williams ft Glyn's ... 
Yorlmbire Bank 64% 

■ isnnbors 0 tM AOosptlBe Hbusei 
Comnlnee. 

■ May deposlu 57S. Lmeatii deposfis 
s«*i.' ' 

r-day eppotits OD mux of u0,0(KI 
2Ml umler 3%, up t« BS.0Q0 Sl% 
ud over £15,909 4i*L. . 
cbU Sfpostti over njM s*t. 

Demaod deposiu 4%. 

Ro(c oM oppUet 10 SterUOS InS-. 


6i 
7 % 
64% 
9 % 
64% 
84% 
64% 
64% 
64% 
64% 
64% 
61% 
64% 
64% 
64% 
7 % 
ai« 
74% 
Bi% 
64% 
64% 
61% 
74% 
64% 
7 % 
64% 




(OV 


! Cyprus Popular Bk. 64% 

-lean Lawrle f 61% 

■ ’ll Trust 

;llsb Trajtscdiit ... 
rt London Secs. ... 

■ It Nat. Fin.- Con>n. 

..it Nat. Secs. Ltd. ... 

.!''ony Gibbs 

yde Durranx TTust... 

•fhound Guaranty... 

' .tdlays Bank ? ^ 

■ \ Mahon 61% g Seiwaits «%. Kttes for Term 

9 -brosBank 64% nepeala ever, rijoo iKSodiblA 


ADERS AND LAGGARDS 

I9|INU taU9 fhowi 'tke p tf C M Wa ge ehaiiecct mUth have lakn plan 
Rber n. IVM, 0 Um prtHClpaJ aepity axOlWB-rf ihe FT Acuarics fiwri 
ate caiWu tho CaU Mhiai ladvb 

■e 310M3' ladUItrid Qraiip + 44.9 

awl CoNrtniGtfaa 328205 Famapiasi aald Papar + 44.S 

mm -i -f 5221 Coda. Goods <Mao-OaraUe) Group + anA 

4- Ikia TwcUte .... - 9* 982S 

. COanPHorA' •»; TLOD Dteant Hauaa .....L...:,— 4 40.72 


Radla aM TV >..1.1... 4 N39 'AlbSbaie Indca' — 
8^09 


i....-,;.-. + 38.79 

4 7278 SM Sbare.mdex -t- 3535 

4 55.0 talks .. ' — 4 UJ9 

-I- 1539 Toys aad Gamas 4 32M 

4819 Mecbaaical Easlaatrtap — 4 S2M 

8Ltt Oihrr GrairpS : 4 UX 

55.72 iBsaraace Brokara 4 fen 

5234 Oveiwas TrariarS + 25C 

SBJ2 Fta4 Maweactorlnp 4 MAS 

Dbtftbmors 4 sajt Oi t m te lx ............M-i- + S-02 

•99ds 4 9931 Inwtsfment' Trasa 4 28.73 

"nnipniHB) 4 0.1D GaM Mtaas F.T.- —...-a.—.—... 4 3A12 

n aas Caiwtas 4 038 MppUh . 4. 2937 

•TQOP '...' 4 feSi Mlai^ Ftaabco 4 7J8 

k.tfe) 4 0O1 T«baCCM 4 5.0 

. Maf Fmwilap 4'4S3r dUt' - . .L.'.-.. ;. 4 - Ul 

(aiHia ... 4 45Ja ■ t pprvorase etiMWes- basod os yiwaday.. 

- — 4 4537. Jaaurr 17, 2878 iDdleei. 


nlid 4 

../vQlin^ 7009 (Darable) Grom 4 

j;UR0BW'’ 





iAcexm.i 

iBinxBeJwL 17 

039 (Aee«B.X)AUai I 

am Cwiw xl Jaa. 13— _ 
219 (AeeHm.ttelU)— 

zm BdtoPc Ju.12 

sS racciBAUbui) — 
5J9 •pwcatrta.m — 


H73 

279.7X 

.^4 

393 


8S ■SpeRbljao n- 
» *iS^myJWLU_ 


BUS m 3 
Ebj m3 .... 

•far txx asmam ftoW aasr 


iS 


BeoMab Egnftabfe Fhd. Mgrs. Ltd.? 

a88LAB0«vaSA.B4iabinSb ai-9Mf19t 

XmomDuU* mi £3 4 Sfe 

AecuB.Vatts |fel felj 4 SJ9 

DeairoS day Wadacaday- 

aS Sdbag UsU Tit Bteagers lid? fe) 

kfi P0B0S8II.BcUbTr.HaA.£C.8 Ol-SMSOO^ 

Oacurlty Seleettea lid. 

15.UI,Uoe0B‘l[aDF1«Id8«C3. 023I19B35«| 

2541 1 3 » 

12231 -_1 3.79 

Stewart Unit Tat. Managers Ltd (a) 
4&Chai1eaeSa.EiUalMislL. QU-53B3Sn 



O l v iU lBvcW IM 9 
te*»» 0.9 

vttal^UL^iX test dMUas'Jaa."fe 
ButterficU Mauagwneat Co. lid 
fjty Bex Ife BamUtaa. BaiMda. 
auiuMi Bau)0-_ttm i. 9N ._J S39 

SaBraw laeaw* — (298 24 H T3I 

Prtem tt JaS- a Nta mA day yift A 

Capital Intentafleaa! Sji. 

8? nM Nea^Dsw*. LaxcaboorA 
CaptataLFamL-l SUS1SJ9 1 __| — 
Cbartarhous* Japhet 
I. taanMiar tew, XC4. 


TSB Uail Tnirt Managm (C.l.) Ltd. 

jggjtgPli MOT. Jt^Biteue (I»v. Ad^ -H "2lk 

_«-*l -V-*I 1«I u„-.e. RI...-. r-> 041-SZ1SS21 Gu*rmy Fund .. .IS 9 ^20....) *_Xb 


183, HepeSt.CUifOw.C2 

•HepeSLPd I SUS37J1 

■UaireyFud I SUS899 

■NAV Ju. 18 


DACiMth.,..: 5234 1 541 

iv».i»te .. Paeilte Fluid WgM* t.cj 
2118 r— f*** Ceam. HOW EnnS 
rerEMtJeB.!A._|9fe 979(4.013 — 

JapeaFliBd_— —.peso kTlj ,ZZI — 

Hu&hraa iGmnsey) XidJ 
Hambro Paid Mgi^ (C.L) lid. 

F.O.ta98CMaaMy 0*1-39931 Neeft Ltd. 

saafod— ^ iS&:^ V5 5?^- 

Tat wyHr (twmw uim.._..f 230 

XBts««iea‘A'>_Hrm.M isa ......I am . _ _ 

lBLSaalBm'B’._.gDtt0 L&| 4 250 Old Gourt Fund Kugrt. lid. 

N« dMllBg Jan. as. p.o.SASt JulUaiCi.Cueruey. 




Negft SA. 

lOe tadevard Raya). LvxenAMiirs 
KAVJaAS I SL'S9.7« | .. 


Benaada Bldga.. HuaUtOA Brmda. 
XAVDee.30 1 £335 | | — 



Prime an Jaa. 

■endenaa Baring Fund Mgrs. lid 

01-5483098 P.O. Bex N49B. NaMM*. BabnWM 

J133S 189 

I Jen. 11. Nett deetec 


Co Ft Dae 30 ... 

lae FA Jan r 
lMl.FAJea. 
taCAFA DaaJe 


0 05 5251 ..... 259 

3 1595 Uf!8 .....4 5« ^ 

.» 193 miiS 4 - S} 

•eja.. I«U 1514 533 rr 


Piieei on Jaa. lA Next aub. day Jna, 38. 

‘To^e Fttlflc BoWnRS N.V, 

Xatinia Kanagemeac Co V.. mracaa, 

.N.W ter share Jan. >0 Sl'S48P8 

Tokyo Paelfle fildgA (Seaboard) S.V* 
Jatiasl* MaBBceeivDi Ca NV, reraeno, 

NAV per abere Jaa. 18 >VSSm. 

Tyndall Grenp 
F.O. Box S. Bennuda. S.3780 
aaei seal OvvneaaJaA li ...prS0ff 1913 ......I 509 

tA«C0lB.UniO«. . KlSlSl UN ... - 

-;;-4 £-g S-wnrlnLnee.SS. ..m-acs llim .| — 


Old Cevri ConuDodit}' Fd Mgri, lid 

F.O. BCK 98 Bl. JttUn'a Ct, QeoRiaey 0481 B041 


CanhtU Xm. (Gnernsey) Ltd 
PjU Box UR. 88 Femr Pen, coenacF 

tSUlltxB.PA hfeB 17731 I — 

Delta Group 

PA. Bex 5012 Namm. TUbiiam 
Ottttlxv.JiB.X0~.lSLn U7| — 

Deittseher InvestaaoU-Tnut 


CBtatyTW.*-.(lg.9 
. DUrCtt itt.J|9S^5a 


L71 


O.C.L 

O.C.DUr. 

‘Pileee ea Jxe. n Next denllat Jan. 31. 
tFrteo OR Jan. 8. Next deaflaa daw Jbb. S 8 




■i ^ 


HID fltanel ft (fe. (Cnenisey) lid 
8 l«Fobviw Bu Paler Pert Ceeraaey. C2. 

CiMnMyTIt. 1X585 15Uj4«3f 3J9 

Bill Samnel Overpxaa Fond S-8. 

S7. Boo Neoa-Deae. Laxettbeorc 

iBlenatlaiial PaeUfe Inw. Mngt. Ud SSw.^-*ta!?rei?cuertwe^^ 

PO BettR3S7. 58 Pitt 81. tedxay. AUt. lattr-DttUrread. imS222 UN _.„J — 
JetttlaBqeliy'tM.ISlJf 1.99ri ..-.-t — ' 


NewSUStReller. Jersey 
TCWSLJaa. II ... .IC51S 
lAcrun.slisrofi. _ I9M 
TAlUlFjeB.l1 . . 750 
(AecoRLSharMi.... 7b5 
Jersey Fd. Job. II 19X0 
iNoB-i.Ace.Uui.. tea 

eiUJae.ll U50 

tAccuaLSheresi (1420 

Vicloiy Itae , Deu0a8 1 o tL 
Uafd FA Dee. S3. . 1125 5 


0S943733t.'3 


5591 

20 x: .... 
aos 

aoj 

3035 ... . 
S75I 
I18J . . 
144 5l .... 


bOD 


700 

2013 


O0S439OC9 
I 


U25I I — 


1.9 

J.E.T. Managots (Janey) Ud 


Property Growth Overseas Ud. 

lOlbiBlN 


l«B«im.Ileytt1Mta,Jx*eey09mSmi “JrtrtTe^ltata (OlbiBU 

IstRMttxte&da.-.^^ 7 s 5I -!?^l — ■*"*S?[^^8St biaS* JreT^lT StertlasPbad 1 *cmn^ 1 “"j — 


Uid. Intnl. Mngmnt, (CJ.) Ltd. 
18 Mulcaaier Street, St. Heller, Jeney. 
D.LB.read I n'S2N | ( 


1.8 


Dr^BS XsierooiitlBental Inv. Fd 

P3L Bex Manx NaMA WehaetM 
AVJm.23 -pltttt 12RI .( ~ 


nosen ft Dudley TcLICgtjT^Ud 


Jardlae Bam.Tix.-.| 
JudlMJ^Fd^l 

P.<Ltex78aLHttiCT.JaMy. 085420981 

gJ0XC.T.— — -.jUM 2281J ......I — Jxnllbennittt. 

NAV Dae. 38 


JardlBO Fltaoing ft Co. Ltd. 

4am Floor. CoBBaufbt CUbba Eobc Kcer 


F. ft C. MgmL Ltd. Ibt. Adviaors 
l^tUBraaes PiBDMy SQL BCIB O8A. 
01^4980 

CeatrAJaB.U^| SUS814 | | — 

FUeUty Mgmc. ft Bes. (Bde.) Ud 

P.O. Box STB. HtiaUHtt. Berauda. 

Ftdeliu Pm. FA_ , 

Fidel tv«iUFd..f 
7l3eU9stM.FdB..i 

Sefiei D cAwi AtiJ 


Beyal Trait (Cl) Fd NfL Ud 
P£>.Bee I»8BBrttTM.RM.. jmey- 0942T441 

200 


United StJilei Tst. IntL .\dv. Ca 
18 Hue Aldrincer. laiteBHours 
UATK.lBv.reA..) IUS9.59 ^1,4003) C.95 


Net eiiat value Job. 


iS KSaStjfciE"* 'SI ■■".I ts S. 0. w«b„, * c. Ud. 

Ue Prteae at JnA xfNett daeUaf reb. IS 90. Greihaai Street, EC2 


SiO 


CB.BA Jete 17 syn.ll. 


SUS193S 

-8211 

SDS170 


SCS370 

4428 

SURLM 

vSM 

£2.0 


X50 

4891 

£1229 

-Alt 


SHiafeTM 
SOSUJS 
ronajjS 

.iffl SgS stHi^JA" * Pmsper Interaadenal 

Next iRb. JxB. 18 DeaDBl to: jg-*yAPM31 ...1^ SiaSS 

irimi rii -- I Icrmar TCJ »» Breed SU St Heller. Jmey amMOSOl ““W^®kAFd.„.|«»W U 

KtBp«ee HanagemeBt jertey Ltd. ^ -■ 

l.CbariBS Crest St BeUer.Jafeer.UUtTTril Dir. M fuV ^9371-031 73| 

Sattp-CoeC^Ual.ISM ^ J — 2eientt.Cr.-t AjS ‘ 

BetaGeetBtette.ifel S3 —II LTD rartaUnn BLOS 

Keyselex Mngt. Jeney Ud SeSS5^^’*‘^ 

,PO Box 88 St Bttier. Jeney. (tea 01308 79701 


fli -900 4955 


POBBttax PyjJQ 

RaytelxxlBtl— E2tt 82? ...J 

taiselexmBopo— 3.37 8UI 

JapeBOtk-Pimd.- nOJB 3lM 

KeyeatexJepeB .. 339 817| .... 

CaxLAMttlCap— £15939 l-AiO^ 


BMxIta- 

9280 ChXBMfCaottalf. 

yft 


Watimig Invest. Mngt Jrsy. Ud 
1, Cbariaf CVeat St Heller, Jiy. CT 0934 79741 
OCFUADee.m— BimiU UU . 

Claud. Dee. m ^35 ILM . 

llBtaUTK.I>ee.tS.KL23i 12501, 

tmtjbau.. Busan fM . 

nfTUAJBB.lS_.k979 9ml . 

.7 ifeii ^~4 feTi WwM WMe Cinwth Management^ 

16 ^Jaa. 11. ‘*-JUL 28 108 Bottlevard Beml. Luxenbobrs. 

WetldwMe «b F4 SUS127S |*001| — 



tWeekb* DeeJlam. 


INSURANCE, PROPERTY, BONDS 


Abbey Ufa Aasnraiice Co. Ltd Cnuader Inanranee Co. Ltd M ft 6 Gnup? 

t4SLPearrCbBrehyBid.BC8 01-509112 VliM«la8aaae,Te«MPL.IC2 . Ol-emsan Ttoec Qe«8 Ttar RBI SCfe 88Q 01888 4S89 


BasiwFnd, 


XqtttyAee. 

PrvpmtyT'd.; 

Property Ace 

Selective reed 

CoBvBitlble read . 
VltBon FubA.._., 
reoa. rtin» v ny- 
Feua. Ce l Mttv e 

I^aa. Scearny— 

Peut. Hacafed 
Peoa cauier— 
fPi*prFA5eP.4_ 

VKan.FA8tt-.4 

— ■ FASerf. 
WCwv.Fa Ser. 4_ 
VUoaeyFAStt-.C 
Prteea et JSB. IT. 


M2 

981 


Z8S 

04 


107 

1481 


IM3- 

10.: 

ear 

D2 

01 


1273 

154J 


USA 

1241 


151.9 

17DJ 


fB2 

01 


1912 

1382 

—.4, 




U72 

1581 


0.9 

3U 


10.8 

IMJ 


1872 

1U.1 


valueHnitt BwnDy 


adLproB.Je83 IU.9 729) 4 — peMPeaiim-*— B993 

Eagle Star lunr/HUdlawl Ah. Cbav.DFpeKP-_nu3 
I.TT&exdbecdleSUBQ. 01.8981213 f| 


ISCL’'ISrG4Au.^"Wf"lsr 



Aswralian BeeA mch Wyesahe 

EqaUy PA 0887 112 

r mp mj PA _|ULS U5-, 

P1xedlBiei«ttF._bl2A 12351 ttlJN 
Gtt.DepttttFA_R75 - Ultt ....J 
MitaFA— -—-MM U17|48ji 

General PMtfeuo Life Ins. C. Ud? 
8eBewhBlnwrwCt.WeltfcettCtae. WTOlBTl 
ppnfoUoFind._..| 1282 I _J — 
PtttleUeCRtttB]...M13 433t ......] — 


1*77 

II0IHT~I iMexottaLBoMl-*. B4 
-wAi — 




Si 

fe.1 -0.71 
554 -oil 
•81 -403( 
421 4«.« 


P iwb ttW Bd»* — _^.t 
Bx.n^FABd.*.p.4 
Baeeecry Fd. BA*.. UI.5 
AattflwrdBA*.teB 
)BPaBFABA*-._._H87 
rteoi ex vsx. Ia **118 18 ^Jba 18 

Merchaat iBv eito f f Abmuibcc? 

U5. Hi |t> Street. Creyden. 


Scotrish WIdaws’ Grnap 
FOBexBOtBdlabiirfhBRlBSBU. ai499eDM 
iBvJnyActtce 1 .-. 

lav.lw S^ei2 

JbV.Crt.J*B.l».~ 

KilnTrJax.4 .... 
utAreK.jiB.il>. 



cbbv. Deo. 


Albany Life Assunnee Co. lid 3 ^ Bta^iBK ttibb Sar^yKjta.PA, 


Uxvt^TttAxe_|S3 
VBTlObTKUe— ne.7 


SlaadiidUaKs — B.4 

AecuttUaiti tfef 

IHihtaweJ UxHi.iiy.l 
Slewxrt BrXcU Qwittt tatt 


ChartldJeAIT POJ 

(■.VniW.—DTLT 
BK.Jea.lf_|l32t U87| 

MannTIfa MauigasBCBt lid Bn.BxTWJM.i 

SLGcOTfe'eWay.SieveaaiA 048898101 VTneremUyFA 

O^owthUalte.,. ,W3 580) 4 27t 

■ayCfewerlfBugeaast Co. lid 
UnaGi«ibaSt.IC3V7AU. 014080080 

iBCSBeiSAn DOU 211.3 .....| 7.S 

Gex«alJex.u fTLO * 7S.l| — 4 

Hereuiy Fknd Man i Mfeo Ud 
80. (teefaen BU BC3P 38B. 




87. 


Su AJUankc Fkad Mngt Ud 
SaAOlneeRee.llonbew. 04084141 

55 


5J5 


Mete. lot Jsx. 18 _ 
AccB.Uta.Jaa.l8- 
)iare.taU)ce. 99- _ 
AedWLO(aI)«e.9i.B95 



Mldlud Bank Grenp 
UttU.TtM Hasagan Ltd.? (a) 
Silver Sbwe^xxA 


Target IW. Mngn. Ltd.? (akg) 
SLGtvebxuiSUBra. ZMeDwOMSMI 
niiOet CnieibWHy.aiJ 
TatneX FlBUeial— 0.7 

TxrfttEqxIty IM 

TttfftEx.Jfi&U- 073 

•De.ACC.'QxItt. £789 

01-<m488S Tki«ttGUireRd_ 1219 

859 ‘IttSttGrowtb mv 

^ Tmtatatt. 03 

Ltt De.BttaT.UaUi M3 

248 IkrfttXOv— — “••• B2 
849 TMttPT.Ju.U... BU 
MO Txb^ — ,— (92 

tata£._ 185 

cStaGiwwtblU- 134 



MASl . 

OeoBtodl ty A Cea. . 087 
QaAbcuOl— . hZ3 

Growth..-.; B.7 

M.Aeeiitt— _.. 585 

teitxl S.9 3 

feAccott— — B.9 ' 
xeeaM—— 0.9 
3o.AGcinL.-_-_ si .7 

S erbttl5tl 03 
Acciitt. 185 

Sid IP 

PtlMS at. Dee. 98 Next deeliof Jxe. XU 

MititUr .Fb^ Managers lid 


iSj tSSSffie— SJ 

lmiIaeeB*iU'..m3 


Target TwL Mgin. (Scotland) (aNb) 

OTMTBSa 18AXbttCreae«BtBOa.3 ' OST-BSHtUd) 
*04( 539 recital. tiL9 

im Ikndes Uklnn Untt Ikt Banagen? 

2S 10tf,WaedSCcccLE.C2 81-8889011 

8U TUUTJtB.2 (SLS S4A ( 888 

|m Iknmatlantfe and Gen. Seen Ca? 
81-89 New leadealU. CtebBteidOBCSnasi 
Pttbivem Jea. yU-ntf 
(Aeextt. UbIU)_.| 11M 
BmABeriL Oee.38..^ 

Bwekm Jea. 

(Acckbl UxtUi— _K7 
ColxoGOja. I9_..B382 


™ • ve w?' ■ 

5U .....J 50 Ceorid J ob. 18— I 

90M 4 535 (tectth. UaJW — 

_t ru Cte8JeB.iTv— 


;! 


5Dnattt-llse.AxthnrSt,&CA ^ Ol-Oailte (AeeB».UBltii_l' gl 

MUiOlKIVnttMgemntLld 

0ldteettiStre9(,SWlKVC. 01-8907388 ]fSbc*«JH.17._ 95.r 

5IL8Uta 087 935) . — | 4.« (AcvuDalW-;.... ^ 

Motnid Unit Ikust Btanagen? (i)( 0 ) a 

IS.C0Dlhal]Av8,ECm7BU. Oi-9P849U Vu'HytaXT— 09 

MBaittSee.T>laa_H3« 5S3t I 598 »baTimJ«&18. 

TK_m.S> 7fe 

MbBitt W 835 

Natiaul auf Commaeial 

9L SU'ABdrcwSqiLBre. EtDabiirfb 081 <598 9152 
IaMWBJsB.U..— b953 SP4-S.4 iff 

iAGeutt.UblW_,.Bw3 II’ 

&pL3aa.u aaj X27i ^6 3fe 

(ARtaUBim— ..0p3 3S83| . 534 

])fetl8iud>coeiahnllav.llii|»n.Iid? 
4t O rMxehmebSL,SOP5HK - O138S4890 
N-PAGth.DB.Ttt-:(4S3 4831 . — I 3.70 

(4£^llal«p.-..g|3 .-... 3.79 

NPlO’sew.'DiiK.-Wi 22f.a —1 3J0 
(AnonUnlttP-^-EBj 12731 h.-J 220 
•'Sites obDk. fe Nmt dcaiViis Ja. fe 
'PHesi JiA'A Nett deallBS Jlo. 18 

NatiimBl -WeftmixisterfiD 
18). ra«— gtsy 8BU. 01 .... - 

'7 ^ -HI - 


uicctaVatei —1^ 
nOekanr Ja lit —Mot 
(Aceun. Uai W..— m.V 

WiekDiv.Isa.l 2 _KU 
Do. Aeciitt - I I .p5.8 

TfAdall Hanigen lid? 

18 Ceoyaf e BxbA BrfttoL 

taeatteJAll M3 

lAceOBL Ualtsi— _ 1712 

Csp.Jea.19 U-. 2173 

|Aeew 8 Uii)ti).,_ 2524 

Exempt Dk.30 1D8D 

lAccnttllBlts>._ 10.9 
Cesqra3rJsx.28_ H.4 
(Aecnm.Utiiw— 1188 
!MEsmJu.ia_ 085 
(Aecxtt Ualte).'_ Z54J 
Seat. Cep. Ja 1B_ 1318 



TwUm Well Crexp 
Cbpila) Gtwwth V— |fe' 


pAAccett.. 


rlaeoBv_ 

PWtfeUnBV.FA. 


3w • FiasoeialPTlIy- .059 
Do AcetA — — ._ 082 

NEL Trnai NiinagerB Ltd? <ii>W) ' BifbbicPrlorUy-es 
IfiltaBCeai^DetttBAtarv. Wl Uodo nWeniRt— JS.7 

Nttnar _:-t5U 


NtteterHUblAZt^ 

New Gsoit nuid MsDagers Ud (g) 


897932341 
-23 7M 
-43 7-0 

-U 421 

-4t 422 
7 19 

« ... 719 

-li SJO 
-2« 80 
-5J S3I 
-5J 539 

-21 4.99 
•U 80 
-ei 859 




M 


092 


7BM. Gttebota RA, Aytesbiiiy; 

N.C JaateFmiA ■fiw.O 3581 

N.CMtacrJte.Tittm3 0: 
N.ClBeeaMPA_04U 2SL 
N C.lBtanK.Iae-|702 


SpKialStti. 

04 7-10 TSB Unit Tnuts (y) . 

XL Chaotrr Wtv. Andover. Reals. 

DeeUnsi iP 004 4343M 
484 

634 4.0.- 
779 HI. 
SL7 -0 


0848311 


IBBi5B41 

. :i 335 MnSBGoB«nl_.|m3 
48J -20 (blDo.AeeuBL__. M3 

Is i5?.«SS!=:P 

li!!:. fS mDAAeAtt ^ 

Nerwieb .Uniai lasnraace Grnap (b) Ulifer Bank? (a) 

PAB«8Ngewtcb.NHl37M. . 080 3981 )0 wsrlng Street, BeUasL 
GimpTk.PA__ 0413 39931 ■^LII| 4.0 rb)DltterGrewth...07l 
Peart Ttvri'Bli^en Ltd (hxioft) 

«9SBIshRtttaB.FClV3EB 0I.«H84U 
PHrICroirthFA;;.^t 244=-92| «j9 

AeniBlUBits— J- S!l ' 9U|-03 431 
PeerilBc..i_— . »3 80 

Peer)Unit%._. M2 feg -rilv 438 

(AreuiAVBltn — 104- . , A7|-H).^ «J9 Gmrth Fvjai 

Fellean Units Altmin Ud (gXx) iaagwiQiettS(,gC4R0AA 
OlFboalAUSLlltiB^kiter . dBl-3MM85 ia6atteUBlte...^M3 
PaliGADDl{taJ.179L5'' IM(^ dtt ABeBttlte M i-_i-H9 


oxxxTsai 

403) *03 . 899. 
Unit Tnist Acceunt ft MgmS. lid 
mBBWUtaestBCfBOAft oi-msttoi 

DAAeetitt.— .„_P43 fed ...J 327 


. .«-6349n 

§H=diS 


8L Old BorUoftoB 5UW.L 
Vtatlly Fd Aee__ 
vniedlBLAee — .. 
FGtAteBBrFAAe.. 
VlttLteBlrdJUB 
freep.FAAee.-_ 
eelBr.AM__l 

B FeiLpAAce. 

nxealPeBAee. 

C^teBreB^ec. . 


lBvPeB.Ace.r 

ABST life AssBimnce Ltd? 


Il»5 

0871 

vev-e 

1-t Lm 


VtaV 

•TtiW 


eetevv 

03 



U89 

BToIT 


1389 

U72 

^ 



• fXOvv 


101 

veew 





'sTTT^B 

X87J 

verve. 

iSTtr^B 

3287 










Ah. Sec. 


ltar.^l80^.BA_) 

VreirB4ak.a(m-xB-ThxBee.Btt58 TeLM8B4 ^^!^eA-!! 

PTettMeFIneBce- 0319 I I — MAPta— 

LAdbBBkSaes 9539 J ...J — XoaltrPBB^ 1 

LB8dbBBkSef.Aee U23 1172| ....J — 

G.AS.SapecFA.. CM5T "...111 — lfAlCtt.P«ee_ 

Cnardian Se;^ Bxelinnge Peulona Ltd 

5UHACeim.Dertlaf.BMnw. 

HaailnnLtfe AHTOcejfli^led? ISSSSjSjgiiiulK? mi 

TO>dPvfcLaM,LMdDB.Wl 01-409001 NttesSStaCep-r^ 


200.9 

TAB 

Sl\ 

233.5 

2573 

2352 

1S73 


014 


Solar Life Asnunnee Limited 
mCteeiwlde.BC:V8DU. 01400M1» 
Solar MeaesHl 5 -.12282 U21|405| 

SoUrreopmyS.... 1089 2U.1 ...J — 

SoIartaVS^. 1S9.X UU2 4l.0| ~ 

Mer|SA!iA8_ 1203 127(4.04 

SoIerCtthS M.7 3M1 

SttwIUBacidT*- >29.9 U2I 

..... StterProperafP.-. W43 Ul( 

tm Sttarfe^R. — 1530 1511 

... 5tter^lDi.P._ 1204 3251 

— SoUiCuh? MU 50U 


4B.U 


:ia 


8911 


AtaBtt..AiBa)t«L.B5t|al8 Btt8tt»«p»L 

AM8VHuUwd_ 

Aig^iifA'ni-_ 


nsAIxLDep^— 


AioviioHire , 
AlCEV MedJ^B.^ 


m2 

J03 

0921 

^7 


AMHV.UfAreD.'B'Qi^ Ujjl 




.1872 


re vp aw . 


MeBBffdCep , 

MoBoiedAK 
OvereoH 


U.g-r8M - 


Flotplee' 09.4 

Arrow Ufa Aitimncn 
X Uibrids»Boed.WX2 
8xSJft.PAC9.Utt. .IMJ 
B4LKk2ASCu A. |03 

Barelayv Life A98or. Co. Ud 
«BOBdb(dBd.,B.T. 0I-SMS844 

a«B«lsyboadB*_.ni5J 22L«>1A ~ 

BduNt M73 2121 

GL}Crdc«d_ |m9 U81 *0M _ 

" 1 ' J - F* 2823 ....J 

MiBMXd,. n897 IMJ -8^ 

MaS__— ._ r.O IKJ ...... 

teaPeBiJtecui . |I3 I82i ..... 

Do.leWlI 973 2923 

UBcSdxPeBf^A. B3 10.7 

D0.ia!6Bl_. 373 201 ...... 

HeamPcAAK.— 173 202 

DaZBitel- IM . 201) 


— cmiMta 

— Pea3Xl>op.Cap-. 

reB.n9p.u4p-— 
PeA Plop. Ace. 
oi-wnil taHACop 


202 

- ®85 

PBAIUb^Acc. SV3 

ree.cui»s.CBpB83 
Pea. ODtUn Ace. .msl 

reAAn.CA- 
reo.B3.ArA. 




US3 

>153.9 

2153 


3233 




_ Nein 


129J 

27WJ .... 

15L7 .... 

2403 

17U ..... 

12U 

1381 .... 

132.1 

1923 

Mij — 

8M3 

215 4 . — 

273.1 

137.3 ..... 

20] ... 

Vti 

34231 — 

Hearts af Oak VeanBt Society 

EMilAReoALeadA,7IW2 OiemSBa) ySSetaLtadll 

DspeeltreBd 
KaUbIlJa 



Sntt Alliance FBBd Hangmt. Ltd 
SoaAlilxBceBABe.nentaBtt 04QM141 

£xp.PAIat.JeAll .10509 15871 1 — 

IblBb.Ja1T- I 80 [ 1-881 

Snn Alliance Linked Life Ins. Ud 
SmAlUaare House. RonlutBi OHI3M142 
BgaibrPlind.. ..—I' 

Fixed Ittxmt PA.. 
reopenpFuDd — 
lotnaeSrael FA... 

DepostlFUnd 


04 

1S33 

4-0.4 

179 

103.1 


07 

IMS 


B3 

0J 

•oU 

01 

IMJ 


08 

U0« 

4D.li| 


New Conn Property Ftad MDgTB. Ud 

BLS«riUiiBBLBB8LAdA.iC8 Pi-»435e SoB Life of Caunds (U.KJ Ltd 
7<.ClPrF.l>ee.90-)U81 3ZLG — .] — 884.rockipur5U5WirSBII 013000400 

Nett W8 day Kareb 91. Maple U.Crth. j 102 

NPI Pensfene Bfenagement Ud HeSeUBobr^ " mi 

48CrBceebusebBUK3F9BIL 01094900 TtaaireTre. 1 202.4 

Meaeavd Fuad .._|1S12 157.? ) — 

Prteet Dee. fe Not deaUag P08 L ftreat life Assursoee Co. Ud 
Nw wleb Unlen iTsannce Grenp Tercet Roum. Cetttiouee no . Ajieebxiy, 
P0BA8NerwicbNBI3NC. 08022320 Aylesbury lOSWlSPU 


Xsoaged Puad . 
BaultyFumi 



Men. Fund I a ...... N7 8 

Kea. Fuad Ace 1153 

ProAPd.lA— 1823. 


•Ceanat nit valm J A 18 
Beehive Life Aeonr. Cm Ud? _ 

?l.Laaberd5uBa 01«U8B 

— — FA^ta! DM2 


BosnsttOek 072 »J| 4 ~ 

?HU1 SaBBcI Life AiBBr. Ltd 

Kweni* Assurance Co. Ud 

tfauHttSlTta..^ 1540 
MaaacedSerteA.. nj 
IfaaafedSeriMC. 302 
MctaUalts— _■> 1332 
llOB05nrlMA__ B3 
F7gMlaL5er.A_ n.9 
Pas. MBA cap. >485 


OM — 


S ACC. I U5 0 

lav. 


BlttkHecseM 1 1JB31 | _.| 

Canada Life AaoiBanee Co. 

M Hlfti SL. PbfMn Bar. Hera. PJiv RUB lBpxi1xlBvaae.Oa»dtord 
Crth.Pd.Dee.3._l 02 ' I _J — CtwtiLFA Ju.U_G02 

telsttreADee.*-) 2385. | !^ — PsaLFAJax 19 _|K2 

CannoB Asonrnnee Ud? 

UOiyttpivWy.,WeBltaHA5BNn 01308078 


203 

UX2 

3522 -831 
BJ -«!« — 

01 -an 

1289 40.? 
1581 

uaj 
10.7 
3U.1 


43. Nlaf TTUJIa SL. BC4F 4BX. 
NMltbAaB._-_paM 10. 

EbT.Ph.Att. ) 71.7 

— BiV.P8Bq.A— .|03 


PropFAJaf. 0.0 

Fixed loL Pd. Ixe. nos 118( 

PepPAAeclM.. 159 1822 

IMPUbAb PeA.. nj 77 S -O.G| 

nijniiHPvi BetXnaeCxpPeA.. 0.8 54J vOJI — 

D14Q89838 HxcPIaiiklaa.Ace.. 1212 128! 

|tatnaalUa.CBO- 1135 lUt 

CUtPea.Aec 104 147.2 -01] 

CIKPOACmp 1580 Mli -DI) 


^3 = 


tfi-9) 

J22J 

108? -vO.5^ — 


Prop. EgnJty ft Life Abb. Co.? , , « , ^ 

xip.crao(arri8n«tt,wiB2A& 01-4880997 Trasslnteniauoital Life Ins. Co. lid 


ILSUkreeABd 

De.EqxliyBd 

Do re. Mtf • BA PAJ 


2582 


Imperial Ufe Am. Co. ef Canada Pi e p ery Growth Assnr. Co. Ltd.? 


2 Bnam Bldi;i , SC41NV. 
niliplavest FA_.1U37 
Tulip Mensd Fd.-(l875 
MXB TIuBdFA . ...)110.l 
MaPsi rd.Cap..lll29 


VttI Urtid FbRMM 


BtuttrUalb..- 

PrebttWVaiw 

EqaUvBead/Siee. 
Pn>ABoad/Ese« ..| 
BaLBAJBiecmall. 
□epesltBeod_ — 
BqttteAee«tt.-_ 
Piwpeny Awuai. _ 



taBfvtly M* 

ted Preperty--— -Bl? 

txdlUBBfed. 102 

ladDcoeM 103 

^gUi — B *-9 

ted Eq. Peat An. 


2edr»>nftAre. . lUU 
lad McA Peas/Apc^ 


03| 
lfi.7 

leu 4 

IMI -8Jl 

ted DeoreaHAcLM.5 3{U 

ted CtR Peos.'Aee^ 188J 

LbEILF 073 0J 

LbElXF.2 M9 04 

Carmt vain JaBsaiy, 17. 

Capital Life Aseuranee? 

CosliUb Heart. Clu pel AahWtea 


l-A« — 
-«0 — 


MaoamdFoBri — 
FUeaiM 



71S59 LoMHoufe.CragrdOB,CBSlUJ 01000808 Maa.PeArAAee..tlU3 


0I4OM407 
14881 -IM — 
125 U-U _ 
U9§-1.4 — 
lun -LB — 
128B -LI — 


Prepertyread 
Preperty read (Al.. 
Agneehajal Fuad. 

^“•^iCi--!, 


AbbeyNxL , 

AbbeyNaLPAiJO. 
iBTOfttteat PudA— 
lavetBReal FA (A) . 
Beatty mod 


Sry lavttL Fd..— . 
pBcmuLkerlDvJU . 


admaBii 

Charterhouse Magna Gp.? 

18 Cbofuon fe • ^4^408* VB8 IMA 
Chrtbw&aarfl' — K2 03| 

Ckrtbtt te40---Ki MM 


ChithM Kauafed.raS 
ChrtbM. Bqdkr>— ’ PM 

IftpLi Bid SoCy — 
MafiuMaBBlM — 


12(3 

1933 


388^ _ 


:m 

Seem Cep. 

Bituliy ^Oad 

Irish life AsBnrance Ce. Ud 
l1.0iii(n»y8wBtte,nCA ei-0BB09 EquIWFaBdlAj — ' 

5n!«w8^~^A litllfij— GUtafiSSF^Ar 

King ft Shaxfon Ud «te^AMttiy-'! 

ftCWrebULBCA n083»439 0aa0. AaifOr 

Bead FA gseiapt. .0150 1175514^ » PnACixxtt Pl_ _ _ 
Next dettjM ta'.'iSUA , AlTvptbtt Ac. Uisjmo 

Con. See. Bd. .— .(Ifel 137.01 — .) -• oaD Weather Cep„ 

ijiijfiixai Life ABfuraxwe Co. Ltd ^-..FAjiHj.. 

LBaEbBuHs.Ue)Bb(«ekDr,NW8 ftl-MlSSll 
-LM^IA PUa-lfeB^ - cK. PH (fi'iiti 

VPMp texd ....— m.9 145.3 —J — MaB.7ta.FA! 

wtfp (SR Mex Fd|05 78g 1 ~ SUa Pena Cap. UL 

Legal ft Gcneri} (Unit Amir.) lid reog - Peita FA.;-. 

Klxfswoed Haase, SlnfsoooA TadworcA 
■" IMM . 

mol 40J 

ii9.n -e.r^ 

3fe« -0. 

12B.H -0.1| 

U12|-D.r 
ioaif 


Do. Aeeott 


EqelVlBlttBl.-.. 

Da AmiiL 

Pbim InlttaL— > 

SaBl Do.AeeiUL 

^ MaauedlBillaL 

DAArciim. . 

Propoiylnlila] (02 

DAAceutt..- 


|05 

|07 

p4.4 

^9 

mv 

015.1 


003 

1482 

1451 

581 

55.9 

1589 

10.9 
1952 
1385 

U88 

i&i 

mj 

1702 

1373 


4.8jy 

*zS 


4-841 

4.8.n 


Trident Life ABsurance Co. Ltd? 

Bonslada Heuse, Cleuce s ter 040238541 


Mai 

GtA 


■cd— 1195 

. 1S2.7 
U91 
TBS 
.. USD 

— UlO 

_ -.127.2 

Money- .-gM2 

IntereatlonBl — 

Flacal 


Based 
IMfA 

PropeKy 

EquRr.'Aincrlrui . 
VK.Ei|uit7rend... 
High^eiy. 





ProTlDcUI Life Aunrance Co. Ltd 

S82,Blahopffato,&C2. 01447690 Properly Pec 0 — 

Prav.MsBeMdFA.U72 123.« _J — 1?‘, 

prov.CtthPA hU.4 Ifelm.! - 

CUtFuadao 0fe6 0*seai lay Dec.lS- 


GrowthCap — 1283 

GtowthAse. LM.7 

PCBLU^CaA.-. 1254 
Pena MapA Ace — UU 
Pvas-GlADepCap . 1M2 
Peasnid.0re3ce. 102.5 
POOL Pp9. Cap..... M96 

Pena 0y. Ace 1122 

TrtLBaad.. (S7 

■TrdLGI.Bond-. 1013 

•Cash value for £10 pranlaxk 


Tyndall Aisuranee/Pensleu? 
18CuyiifeRaaABnatal. IS7S32S41 

9>WeyDee.22 I 


1257 -031 
1R7 443 
UK .... 
0.1 -02 
lU! 4.1.1 
101 40t 
U87 40J 
125 7 .. . 
03 4.OJ 
135.1 -01 
1381 443 
10.4 +03 

1202 ....r 

XZ3.I 

SH I!!!! 

ja 

0.7 


tefaipt Cath Xalt _ 

o( WeeBBlnstcr Amun 5oe. Ud 

Rlnmtdod House. 8 WWteborso Hoed. 

Creyd«8CIt09)8 — “ 


103 

tend 8 CenenI tUaU Feaelnf) LsA 


Predentisl Penkiou Limited? 

HollnniBttV.BClN2.ML 81H088B2 Deltap Ja^3- 


MAPa2.WJan.3-. 
tn.fianltyJan.2-. 
in.BimdjaA2 


------ - ■. ■ . Da Accoja I 

02-4M 985i EtttspiFLb^UiA 


nmvBitt..,- — Do. Aecm; 


Prapartrt'oics— 1913 M4| 

City of WcBtmLnster-Ass. Ca. Ud 
AlBBaeadtate. 8 WhUxbam teaA 
Cre^AClU&J^ ■■ “ 

WesiPrTOT^^— 

MaBadvoFend — 

NoawFBBd_— MV 

eWFted 

PULA read .-P795 


EsMBpI MafA lalt. 03 

Do. Arran. — 753 

Bwnptreep lalL. (8.9 
Do. ArcuB. — nSO 



EquiLFd Jan IS -.^9 

TxAIbljoa 18 mm 

Pr^ F. Jml 0 — .pS433 

Reliance Mntaal 

TuBlirldse Wella, KcbL 0882 22271 

tel.Prep.Bft ) 19LZ | | - 

Royal luBiwee Group 

New Hall Place. LiTOipooL 012ZT4422 


100 


1525 


1512 

ee.ee. 

302 


1243 

08041 

IfU 

.. 

04 


157J 

•oaoe. 

20.5 


1M2 

•ewa» 

03 

oxwei 


Vanbrugh U!« AHuxinecf 
41-t3MhddnSL.UAWlft8LA. 0X480489 


HsnafedFA. 


Eaui6 PA_—— • no3 

latnlFliBil 05 

Pks0 latent FA.... 1716 
Preperty Fd.-._- 1SS2 
Cub Fuad 11S.9 


1101 


U7J +02) 
232J 4-l.M 
17.7 44.M — 
U87 — 

104 
122.1 



013858688 Legil A Genersl Prop. Fd Mgrf. Ltd »wslShl4ii»Fd._|l»i 10.7| «..j - 
ii,4a««DVie(orlaSfc,fiCiN4tF ot-auMis Save ft Prosper Group? 
L3CPrep.FAIiB.lt0;T_ — .| — A CtStHolea'A Lado.. BOP 9KP. 01451 890 


read eanv^ Mini !•__ 
FertORAl/aits — >-l U9.4 

Csvmerctal Union Group 

SL Uela'82.l'«(>4Pshaft.gCi 
VmMfAaAfUn.^ S43 


Do.ABBttiyLns.. 


170 


Nart Su8 Diy Fab L 2,1 jav Pd — UU 9 

Life Asinr, (fe. of Pfennsybaxila PropartjrPA- Iftt 

3B42NewBoDdSt,WI70Uq. OM08I9S ffl-! 

LACoPUaj^j^tl^^ 100 ..-.r - tell 

Uoyds Bk. Unit TsL Hngrs. Ud BooiMta Pd.o_ 1M2 
71.LettbBrd0.gC3. 01-891288 

XI wnTsm "ftWi UVil — -I 7il 

1 Lhyds Life Asrocmice DopoLPtaFd.te..(0j 

I .M..J ~ ULadeDbaURHBCSHTLS. M-82368U 


1213| 
ISU 
1284 
127.4 
VfA -2 
10.1 
20.1 „. 
MOi ■«. 

3081 


Coafederallea life Insuraiiee CeL . 


M,CbaBeefyLao8WcaAifiE, • oi-a«20882 O^SfiimJBB 

OBailB Fund 

dFuad .- 
Pex-FA-. 


sssTfegc 

fS5'iS.“tSSj 

MajufedPeaFA.. 
Ptepeny^Fd- . 

VPrcMcted Ia PeL, 

CenUU Insonnee Co. Ltd 

teceraUlLE-CJ. 

C»tel Dee. 15...- 
asSSe. Dee. tS— 

Mn-iaiLr A Dec. 20. 


1483 

0792 _ 

2V73 

Si 

3784 


Opiate JBAIS — 1S44 
OpLS|bs.JaAl8. 142.1 
OpL»PepLJaA12- U43 


1273 

07J 

10 !« 

129.9 


DepoLrenFd.i..., ,, 

PrleeS 00 ’Janiiaiy il 
fWottSy doelinfi, 

Schroder Llfo Gronp? 

gatorpclia HaHM PttlaBooth. UTO Ba ' y. ' M 

tealqrJaal 7 ..-.H.Ll. 211,5 J I _ 

kauIWlJen. IT )8p85 2174 -S.Of — 


01498 MU 


— Ca; 


CnwUiFBad.. 

nuA PlxAPd 

OBxOttM tap. FA, 
oEspL lav To, FA| 

i0.tej(BttSL.LeetaWUt3FS^ 0143B7081 l^^TrtStn^d 
C fcCMnfri 1 1219 ; ' 139.^ _m.J _ PropettyFBBd.-_ 


Equips Jn. tT....„|il«5 

London indemnivftGnl. Iu8.Co.lid. 
IMO.Therottoum.teadlmSSUU. 

Fixed iSemu-Lmi MG .-.I — JaAi?. 

Hie London ft Manchester Au. Gp.? — 

Tbel.xBa.-FttkasWDe.KeaL — H?»WiaB.i..- — 


teLUTJn.17 IM7 

YAS(iatJeD.17._. 1942 
XASGn.sr.Jaa.i7 104 

■■ “ 062 


Credit ft Cevsneree lasmsee 


085 


uas 


173 

OMBOi 

2443 

~e5 

uas 

ooe.vi 

102 





pepoahjBA 17- 

taeenr Jaa. 17. 

Prapeny 3 JxA 17.- 
BSre.CAJan;!7... 
n$re Aee.JaAl,— , 
MaPn.Cp.JtB.lT_b0I 
3ftP8Acs.JB8.n.^3 




Wdbre lasnrance Co. Ltd? 

ThaLow. FttkesteoAteeL OSOSSTsa 

HoarnmakarFA....] 103 J ..—) — 

For 4iUicr funds, please refer to Tna Lndaa A 

Hauhesier Group, 

Windsor Life Assnr. Co. lid. 

1 High Street, Wlodsor. WtadsortelfA 

Ul*1W4.PI«Bs -.1584 TLg 

FUTureAuACttaial.] 29.8 
FunireAndGthiiH I R.0 
tet Aasd. Praa ..„- 1 £Z7.0 

ncs.lBv.Gnwth-.U084 UAM 


NOTES 


Fricesd08ttlaelndeSpm*lna,«xnB(whef« 

Indlcatode.andamn prareuMsseUiepiriae ; 
Indirsttd. Yields *V Ishoira lo last rolunal ' - 


rttuna) 

allow fer ell buytag espeossf a Offered priCM 
Include all expen-iea b Today's priees. 
e Yield based oq offer pnee, d BstimtteA 
g Today's opentaa wee. a DiaatbttUon fire 
of I'.A iaoei_ p Pcnodic prcmlun Insurunco 


z S'SS, 


a Single prenlnei insutaOHL 
.j’ered priee ineludn all expanses eacoBL 
Mctt's BBiwmlitiUen y <Jttr(vd ptiee includtx 
all npenoes if bnuabt ihnnigli amoagerA 


day's pn. . — _ 

raatiwd espiUl eeibs ualrw ladictted 


— s Previws 


* Net Id 


tas oa 

A by 8 

fCueroMir srou eSuapeuded 4MelA 
before Jersey MX. Tfix-aubdlvtileB.^^ 





r 




I 




Manchester Business Schooi 
• V-. - Monagoment Course 

“...probably the 
finest short course 
in the world” 

•THE FINANCIAL TIMES 


Appljr (pr iht Aprfl A October Te Counes ig> Sylvia Pyim TTl 
MSS Beeth SlVUki. MondwtiwMIS U.061-273 8228 


Financial Tunes lliursday January 19 IffTS: ■ ' 

HOTELS^ontinitad 


FT SHARE INFCOUiliiLTI^^^ SERVICE 


AMERICANS— Contmued. BUILDING INDUSTOY— Coni DRAPERY AND STORES-^ont 


UB-W 

ffigh hiw 


ISB-n 

-|%b Uw 


**BRITISH FUNDS 

Shek- I £ M 


M UastmrSBJO 
46 2K HmumfSSS.5 
U KstMSiKailDB.SL 
25 OMD»mS3.125M 
— n 14{ SoabrOttUse 

^ 14iz 8elisBeeS0S_ 
•w< EtapkK.Y.CQi9.SS 
. ^ IQ!; BwnriwIB ■ 

T UH 2Z 14it ElichdsL-JlrrlLSl' 

IM.1^ 247p Saoir&F)S1 

U.I8M. jg- jg. 

. 2 ^ 11^ Sbser%n 

!ars). 3^ 22 ^Randsoai 


“Sborts ” (lives np to Mve Tears). % 22 

iSS-iJM |:Siip 


snRandaiai 

viBc.a>«— 

uwco— .— .— 
18%LiLStk9l4 

mn. DSSaWj 

aeoSGiS 


3 '-11 

^11? 2:3 34* 2HT UM.Teeh.$US5„ 

IK^ ri' u M 936 Is HSp XomcslK lOe. 

ii'S 2*3: 17£ TQtn VanfarVirn Mft 


95^ ^... 531 738 

lOB^ ••■li 11.94 936 

1054 4 is a ? s 

91^ri 3|4 6.» 

iOOij 9.70 9« 

96A *i 834 9.45 

9^ *% 931 934 

rreZi J.T Xt7 6.93 


l385p|SonicslBC.10e^ . ^ . 

|758p|Z^HtiCap.25e^| 12^a|-i>l2 
list PEcmlan 2V/Se (based an OUSLBSlO'per EV 


1 : 1+ «| Wr VTd 

1 Fite I - I .Set CtT (ir^ 




931 934 

t?. IS 5:g 

*U 1L63 9.68 

8 69 9.14 

*k 351 7.g H77>B 


Conversion factor 0.7704 (0.7880) 


CANADIANS 


.9th Bl)< 
114^ 95 I 2 
1D1>| 96l£ 
95>; ^^h 
UOll 77b 
8 T| 66 b 
94 68>i 

3li 

IZlb 90 

.aiS’ IS 
^ ili 


Five to Fifteen Tears 


*il? 7;8 "w*" 

9s 4 tu B.64 9 48 *13 [Ub [BUImtrealSl^.. 

9812 .f-b 939 934 17^ lOS BLN'ocaSeodiSl 

_ 4212 W Bell Cundi Sc.. 

Tears 2412 iib Bavvanc]iu_ 


+ Hf. FU 171 
I - |Gms|Cir|6t^|l35 
lOS 




BIU fb 365 7 26 *83 825p Bnscanl 

l33 Xu 10 97 6 94 22ft ^ CM tapR Ic 

9Bd .>.b 944 9 74 15 940p CM.PaaficS 

tt lb 6.2 808 39b 261J no.4peDeb iiOO 

Wl. .^b an 9U 22b 16b GoVaiCaiLl 

86 " +b 7U 8 98 430p 32to Ravka-SidCuUI 

a^tb 8 80 9 64 26 16< HoUbs«»_. 

66% +b 430 7 69 *68 935p BiidMB s Biy >— 

tb 6 92 R83 33b 21|2 HndB.Oil^2. 

iS +S 1151 IIK a?* HS tapmalOiH 

m +4 9.47 igjq ^ 


Over Fifteen Tears 


L Years ' 3.9% 131| SetcnnCaCSl. 

HIM 16% 955p ftr.DooiBtSl- 
990p 840piTraas.Cn.ni*33b 
U'52 S.E. list Premiun ZOig 
1137 
1L43 
10.70 


106T^d 4:12 

29% -k 
112 +>2 

88% 4 I 2 
129% +I 2 
II 512 +k 


1699 ipjy.'n 
ILJI High Is* sack 

1L74 337 232 ANZlAl 

11.51 305 180 AlexudmD.El 
8.62 £114 £88 .MmoeFlin 

11.52 395 350 MeaHun^El. 

11.17 168 87b AUicdlrisb 

10.84 195 105 ArtHShnatLEU 
10.47 £25>2 E13b Bnk.tatr.SLSBS. 

1L77 363 195 BLIrdaiidEl-. 

10.85 £165 £100 OalOpcCmiT.- 

1115 27 18 BkLeimllEl — 

934 210 170 BkLanuiU^l 

10.60 500 365 Bk.N3R.SA3... 

1035 315 222 BukSeotlMdU 

10.47 £34b £21% Bankm N'.ViUl. 
j . . ~ 350 228 Bvel4nD_!:. 

Undated 210 115 Bnon^itoiu 207 

-38% 26% CoiBobtpc 36U +% 10.95 - »0 US 308 

•3Bj2 25% ffarLoa3!ae8. sK +b 971 — W 5ft 79 

5«* 26b Coov.SipcCAft. ^ +b 932 — S* J6? 

.28% 20% rrmu^KAft— 27%+% 11.11 — S,'*^ 

24% 17% CootoIsS^ 23iJ +% 18.68 — £U £14% CTignm KflOO 

24 234.mi.ll5 _ 

‘‘INTERNATIONAL BANK noi 

;881.|75-j|ipca«k-40 1 871jrt|-4, I 5.71 1 5J4 fij ^ RmiSST; 

1 b DaRim:^. 

★★mPDAPATTAni VAAVC 12% 7 FTaierAinlOD- 


49% +b 
113%4 +% 
93%bI +% 

'P':? 

55 +% 
41% +b 
79 +b 
56>3 +b 
74>2d +b 


HcNeuIGniap. 


BANKS AND ] 


Undated 


26% Coiwris4pc 36%ri +% 10.95 

25% VuLi»B3kpett.__ 36% +b 9711 

26b Coov.3>2pc'ffl& % +% 932 ' 

“• *" - 27 % +% 11.111 

23% +% 18.68 


.28% 20% TrnsunrSpeKAft 

.24% 17b CoosolsSdc 

24 17% fTr—gnyB ^ 


noo$ou=<2pe.....__ ^Mi+it iib.w 
1 17% I 23%|+%|U.05| 

**INTERNATIONAL BANK 


**CORPORATION LOANS 

100 I 02 iBinThaBObBe-^Ml.l 98%| 1937 

• 94 61% BriflDlTbpc^ 94 8.24 


1C7 93 il.LC.O:pett 1041 

1!2 95b Da 13^1883 106>4i 

102% 85% Gtasgoa^RMS 971 

94 7bC HCRiSbpclMO 93( 

99% 90>2 Ui'moQ^VpclS’n.. W 

•.102% 79». lOlbc 

-29b Sb Pu^liRd 29bi 

IWA 89 LALrvpSAclS-n. lOQiii 
99b 75 DpO:(Pc8W__ 991 

9ft 85% U'.'.'8pc'«79.-^ 961 

92% T0»j Do5%pe77Rl,— 921 

'85>* 601; Dp^-CM 83l;i 

I! 52-: DQ5i5<868r 7ft« 

514 DaftpeSB-n 77« 

27b » no3pc28.\(i 241 

93% 76b ID^SbpriflOi)..... 931 


98b 937 937 55 37 

^ :i. 8.24 9.64 280 OK 


I b Do.VlTtk71«. 

' 7 FTaierAiBt.Uto_ 
128 GcRatdNaQiL- 

37 Gibbs (A.I 

155 CUI(RBm.El_ 
14 GoodeDlUiyJp 
53 GnndUtys..__ 
ISO ' ifuiiuiesi l^n_ 
140 HaBbm 


104b ..... U77 18.45 31 14 Goode DIUiyJp 

104bd ..... 1U7 18.78 1% 53 . GnndUtjs 

97b ..... 931 9 . 97 ^ ISO Gdiuiesi l^n_ 

8 j S.65 861 140 HaBbm 

% !!" . 5.80 7.00116 73 RiDSaaiiel 

I01%d +% 9.77 9.n £10b 400 Da.Wamiin_ 

29^ U.99 - 341 OT Hong.aiiBSMl. 

100^ tM 434 M 5«2 [esselTflynbee- 

Vfb 9.58 9J9 187 102 lonphilMiCl- 

96b ft 6.28 839 ^ n fitnacUQaim. 

.SSri- IS JSJS % 

7«Cd ei: 746 9.B5 300 185 U»dsEl 


ft" 4 J 9 8'9i 134 |1§ jlOefnwvtRLl. 

WjS ♦% 744 9.85 300 m Uayds£l__ 

77d +% 8.78 10.04 » |5 Waww^aOp. 

24b +b U-76 — 177 86 meirui;5ecs_ 


^?i3 ;i! IS 


KMnwvt BJ.— 

LtodsEl 


27b » no3pc20.\(i 24b +b U-76 - 177 ,86 Merpn;Sees-_ 

93% 76b UMi.Sbpri98i)..... 93b S.U 8-73 W »S SMudil._ 

.100 84b NeacitOeObKTMO 99b .»... 9.32 936 191 £M ; Dq.'njSBg- 

107b 90V RarwUklS.-’VlW .. 106%d 11.74 9.78 £?9 £«b ^^l04b»9B_ 

65 40 RiBOtf.lsNB- 

' COMMONWEALTH & . 4 FRICAN LOANS J m 

ilr 9 mW 210 StoS^nir 

m «T» 227 aMZSO 173 SeceomteMCEl. 

2«! MI 07 ®/^ ai 7 ?m 100 57 Smith SLAnb_ 

ol% -rLfalSSSS;^ — 2 2 'm «m^ 30 293 SUnddCbaTtil. 

89 b6‘ "DoT^'-Bl* 8&S-* ®-73 5lf ' 285 ffinSSea^' 

94 85 Wi.\inn9i:PcTMl 93%-% 1038 1235 ^e£ 

•£ IJ S z z 1^5.^^ 


LOANS 

Public Board and Ind. 


55 

112 

156 
90 

, 188 
131 
144 

,'dBWdiOpl 73 
100 
100 
321s 
S3 
84 
147 

ff" 

44 

32* 
4812 
140 
394 
253 
239 
267 

162 

Uig 


66 
13% 
W 
137 
£20 
£20 
U 
126 

iH 

244 

AT 3*B 

4.7 n 

il! » 
H 2U 

8| 117 
86 

- ^ 
43 g 
lu a 
9J 

43 

K ^ 

*• 71 
*2 37 
li 98 
!o 27 
” 13% 
ar 
22 

Hi? 

ii U8 

14ij4Q 

131 


M m* I ru 

7M ICr fii% FIE 


ENGlNEERlNCM^ntina^ 


I Fkta M SS 


425 

30 

31 
5 

70 
35 
101 

48 KSS!Cml4 


.5 
1L7 
183 
2.9 4 
5.4 7.4 43 
i — 106 
~ - S3 
3.7SL5 70 

itl 

CUi m 

.. 3j 

76 
63 


142 
66 
40 
56 
137 
151 
SO 
66 
87 
23 
162 
(8.41 1129 
74 
53 


li 

h 73 


Hire Pa 


7.84 110.51 rl^U? 


‘66 44 Agrie MLSpeaMO... 64d 7.84 10.51 ru" 1 

95 68% XulOijirMM 90%d 1160 U.80^^_ 

35b 22 ftelWir3pi.-R' 39b 9.34 11.01 im : 


316 101 L.SMl'.^-IOS: 

96 tt ]>D »iUuiu('A‘amnt«. 
100 94 lllramarTpeTiTli 


7.M ll.Ui 1 M n 

109 +1 837 710 17 

93% 9.77 1135 ?| {{ 

100 ..... 7.14 930 iJI 


Financial 4b w 

1(1' I 94 l••ml3Iv8l I 104b^|-b 112.18 i 10.35 

111% 98 DoWpcTS...^ 109 1331 U.00*“ I ♦* 


ill W4 ■‘tri uiv Si. u.M 

111% 98 DoWpcTS...^ 109 1331 U.OO *“ I ♦* 

116 lOQb Ita upc St llftd -b 1264 U.45 

5fV (d irn .'vprlieb aiS. 83 6.80 1080 

6;>. sTV nobbpcltbRUH .. 80% 789 1045 ,.u. ...... 

97i4 9fi UallcjvlniiLB U.. 96>;d 1088 1120 BEERS. WINE 

■99% 95 Ho llpclnsLii ffl . 98»jid 11.17 ll.U 

IC-Ob 9b Do llVlnvln 90.. 99-Val 11.71 1180 961; 57% |4lliedBreir<.._[ 

71 51% HoTbprAHeh '6&g- 70d ....1036 1150 .19 lb lABal.PBtPrlto J 

71% 52% HoHipr.lHhVl-OI.. 70 ....1037 11 52 lb6 86 R»>snuret0iu. : 

84% 57 LHiPpr-.V'Pm 82%-.... 1135 1187 :ib 79 BeH AnfasraOp-i : 

83%tS9% D(>r»I<i-|jL'«C-97 | 76%d 1160 1205 41 26 RfCmn: Bmeir. 

• 142 82 B4ddmi!Mn.s | ! 

7.’ 46 Border Rre*s_j 

FOREIGN BONDS & RAILS {'44 ! in jDoriJersBrJ*.. j 

Isrr-Ti; l 1 Pri« * « rt».^r| IW }- 3 : BuloH-rKP •.... : 

RiRhLm (Mrk £ - Orm I YieM >«' .6 Bunasvw — . 

^ 3^ U(7Lon 

72b IS .Lota{araFtaR]r»! 19<; — ~ IJ6 bO ■ larL-Miil(Rev>.{ : 

17 « pnSpi'Prrf 33d B- - 191 120 rtsoHenMp ; 

9G «S Chilean Mneii .... 98 3 006 21 II EIlu Ricbtfa^^p.J 

365 198 |•*^llanYIl^.4%pf 355 4% •• 505 I9i >!lenti«el ]! 

60 I 4b iheekTpr.Xtf ... 46 3*j 77.73 t;;. j2 i^orden-i.'-lOp- 

SB 4b IVFprar^bM-. 44 .... 6 76 72 50 24 Jpuii Bm 3^- 


FOREIGN BONDS & RAILS 


1877-n i I rtire * e 

Ruth Lm I TMrk | £ - 

72b IS .lnta{araFtaR]r»! 19<; 

17 12 Dnlpi-rrrf 33d 

9G *5 ilulean Mneil .... 98 

365 198 i'«rmanYiic.4%pr 355 

60 I 4b UrwkTprAtf ... 44 

SB 4b IVFprar^bM-.' 44 .... 

44 18 HulprMixed.v*. 42 

42 12 liBnc . . 42 

7^ 48 ledandfii-iii: 75<d .. 

9C<: 69% tirelandHipr BUQ 87%nl -1; 
90V 65 lbi9<itir4lB8 «lb -% 

287 2;p lapan V !■> V.<» . 265d 

■'9 63 PoeprSMW 79id .... 

165 150 rem.lMSfv 160 .. . 

?5 75 5i:i p-pciam - 75 

S99 594 runnPpfWl.. . vrTi .. 
IIU8S DM71 7tinr.«;Kim . DM83%d . .. 
W 62 |I.niciias..:.pr .1 94 . . 


Price I* erluic.^rl Red 


4% ■ 

3% 77.73 


4 74 77 lOR S5 ilreeMliaiiillevh 

,SE ‘*0 157 ilreeneKirg t 

— I 1035 198 124 kiuiB;.e>ai ..[ ! 

— 10 60 154 52 KiichldDi«.2Dp. ; 

~i 1151 100 .44 ImennrdoB .. i 

lfi?hta«iiHe.t_ •; 
6 90S 120 115 UacalluL'jies.. : 

^ 1?! 25^ Moriandri '■ 

O'- 867 bi) J 3 Sandemas. ... 

9 923 701. 46% 

6" 9 90 107 4> rnnuilQ ' 

3'.! 4 00 415 226 I 


V S. S & DM prices CTclurie im. 5 premium 9b% 59 j^ltbmd'V... 

mi llll {Roll Pcillei .. 1 

AMERICANS 


407 +5 
£U4 +1 
336 +1 
48 I 
62 
99 

£M>2 


256 I 94 




INDUSTRUl^ 


(Miscel) 


S.' 


5.1 


LI 

11 

5. 

U ' 


U5 
77 
41 
H 
59 
US 
57 
53% 
43 
US 

a 
20 
24 
92% 
.Sp. .39% 
aiK 29% 
80 

: 205 

731; 


3.n 2illU) 

^f8.9 - 
6i 63 
U.1 - 
•5.1 55 


234 1+9 1^34 1 2.81 1' 

ENGINEERING 
MACHINE TOOLS 


We$ki.Asuc.lOp 

Wennwii—i... 


73 
73 
83 

1:11 


Yr*;!- 

84 -I 

24 ..... 
400 -5 
45 
34 
51 
109 
40 

14 

Ms. 38- 
IT^ 72 
10^ SO 
w 131 
120 

= S 

US 


DdChrCiiBKIlp 


hriiQslDllOp 


DanHIdM 


uoww Sail- 
Drake&Seall 


4.79 
4.62 

H. 96 
t3.42 3 

U 
S.” 

I. 4 
US 

439 
2.97 
335 
ai8 
♦337 
L72 


isrw I 

RiKhUi* ! 


U hH air { 


U-Uirl-T" BI-'ILDING ind 
« i'i and: 


74 95 I 46 UNvpieenCen^ 
1 2 158 74 

23 l?bl7., 

1 2 77 I »*. 


- :ai2“4 153 

— 56 130 ! 13 

- 3?::: [idj 

- ? 5 ift :i 

- 1 14 11 1 : 

— 1 i r 15 ; 25 

— : 0 52 ' <8 
*6i:S i?5% 

451241-1 17 ::i,i i5‘ 

- , : 9 j j I 10 


1^. 
gi: 

Ub 
18%« 

29bm 

98^id 

I7b 

29 b 
795p 

*36b tT'.J S2M - 
755p -1! - 

ya9p *4 9Cc _ 

18%ft - 


-i ?• 

- 4 1 71 

- 1 1 87 

- 7.2 39 

- 41 51 

- 3.4 61% 

- 4.6 39 

- 4.5 133 

- 4.9 185 

- 5.5 26 
- 4.5 38 

- 51 45% 

- 5 1 64 

- 5.8 138 

- S 3 36 
-47 3}j 

- 3.0 >9 

- 6.3 70 

- 8.3 99 

- 29 

- 52 


blURdelnWai—l 65i.'l 

|Breedti9Liiw_I 


rou'.'nutouB 


ll■u>-.|J^^RobLK. 


2 . 

Tdi.9S 3 
138 3. 

1.38 3 

t33 L 
dOBS 
h2.1D 
1.08 
1.04 
0.98 
0.62 
*3.86 
t5.71 
dl55 
LS 
1.S 
2M 
196- 
t3.07 
*3.94 


CoIdbeKA 


88 
54 
7.4 
7.4 40 
L4 40 
* 17 

9.6 118 
12.7 
4L7 

23.4 g 
99i 70 
-62 
89 
68 
62 
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twidibR 90 bia 14 3 9 06 

riMfliM lU -1 3.45 18 4191.2 

85a bi0 71 .....2 54 11 5 4 28.1 155 0 jluml 

maddOta a .... 135 21 82168 

tbWB ,., - mi> +% 134 1.1 46 302 

il«nkTo*._ 37%J 11.K IJ 63 318 


82 +1 154 141 4.7 

67 33 13 7.9 ' 

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168 «26 A 16 -■■ ■■ - 

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104 ..... Qip 18 113 hm iNiwmleiitniM m top. F|-tMiiiil pdeeton^ 
50% +S>2 V.71 11 • ritkm tad tim w» bMiA m lAtm wumtl lejwtt eiiA tie— ii 

9 — Oa A 93 —A w6— pewBte. — apentA — HBwee. HBi m» 

212 — 11035 II 73 ^nJMH m ito PmJ* c4 m» illiiiftMlwt. jawAttiJ QgBM 
65 — 3.05 •— 73 IMIf I* (• per nu. m m/n MBamm It ■all'* 

62 +1 — 43 ttMrfbaOMk CMm art toHp m ■— wliwT AoliHAM. 

B OlDt 13 50 TM4*MbMMlMmMdl«prk«i.BC|iMa,i4}w«Ai»ACT«tt 

O 13 I'd 84 PV MB. mti atlMr he tt Attimmi BmllMtMi m« 

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^ tOUc ^7 wCraBfV if lAi laWBMW GMMb ||RHIW» 

3ft *'(* 5'S H 4 SmlliK di-nomlBWd aacariUM Whlct ladato ItwiBniiitt 

30% -% bO.49 |.l « • Mitf pcaailiuB. 

.58 — ilU U 5.7 • -Thp- stock, 

£20 — . 50J7 17] 36 ' rugb* and l«wi wnted ttaahaaabeMadlfaladlpaOe« 

far rifto* iMwes for cMb. 

• 1 Xd»i» aliiea liiereaie)l or itmiaatt 
_ i Intsrln) alaec rAbc« 4, raiwil ar Ai tm oA, 

B Tu-tnw to BOB-roatocriito ea anttfcadcau 
A Deana or rapoit awaited. 

H>(bdab y SSIfSS^'— 

m l i+aniKtoao 9 ladlcand dtvUhnd ahtf paadlaf Krtp aaiUcr riBbtohme 
rV*} Akf nl In H tatato* 10 prmeu* dMdrad or faxacatC 


jMVto AM A MiiUkllg MMWm tliUULVV* V0nP0 0 

*I' KAS St Tu>-tna» to Boa-reaidemto ea an 

A Fieona or ropoit awaited. 

Indta uii Bairbdab y 

m AoniBtfaa V lodlcand dtvUBod ahtf paadlBS 
•Y* Akenl i H tatalee 10 preneue dMdei 

•i'5’® t, - Pcee of toaiap Oin». 

L0 — j/i I 3.7 lU a Nerger bid or rearBaatuttaa la 
— — 4198 1 16 l43 p Sot cMaparaUa. 


S '— 610 1 16 l43 p Sot CMaparaUa. 

12.0 I 53 84 p Same lioertM: redaead (In) Ba4,1r icdaead aa rUnfl 

228 10.D j 63 66 indlealed. 

212 +18 106 I 17 71 i Farecaa dMdend: eorer ea aaratopi apdatod M latoek 


30 ....1150 49159 IbibIb (latetaeia 

Un.79 1 Corar a)to«« (ar eeaecnlcA el ftwra set acM roahtof toe 

* A~t "(Vltn tJiBB dlvWead* or roDtoai pair tor reorteted dMdaaA 
rat I an arl oe t Cmwt riiw* not ■!?«« for aham which mar alio mk (os 
•— t eM *.r| t J rflvidead at a hitore data No P*E ratla — mH» pnwlded. 

II 5 J 0.4 ( a ^rlodiPE Dnal dividend derlaialliKk 

14 3 9 06 Crl TafiVa + Besinnal prire. 

II 41 n 2 ^ unia „ ^n per ralue 

11 540.1 155 ]0 iLumO I 155 (+5 ! 363 j llj 3.6 • T»» b Ficwee ba^ on prwpa^ M-iateaO^ 

11 82168 ’ ' > ■ I -I ccdiMir c leatr d Pliidend rale paid ar perobie ea part 

1 $ S f sn o e( rpplial. rover baiiM tm dttidenri an tall cnpttaL 

IV e V « a AfriPtt e Reilenipilea vield. r Plat yield a Aseamed divldead and 

13 63 11 a ^Irt b Aenimed divideiHl and yield aHar aertp lima. 

— T.jr, 410 1I0 V 50 U5 17301101 9.0 1 pBVraem (rnm raptlal Miurrec k Henye s tatotnMfbw 

.1 ftVtM 185 I M (RceEnttf.— I IM | |766 | 17] 8.9 then ptewmiK leul a Hichti iwoe pendhiB « Eaninu 

12 5 7 ZL4 bared on prelialnvy fiRurea r AosBtJiaB enrraaryk 


• Ad ObB 9M Mrtt |M ^ M 

I^W.% I aa I +1 17 I t CJ 1 yfia tl 30 1 JC luccnwwivv-l 1.— 7.« '•* HimaWBiaf— ««« — ■ rc.0 54 43 10.0 itis ln-4— «o->>jfaikl 

ffmSH M ri" i^lfl^ilLZ* 33 HbtwbASom. 0 L... 36? f.fl8.«24A 43 6I3 NoraJmSIp. M ...Jiflj 74 11 80 fig'* 

?7 n tSTinlEa UlPjtKWOs. OTlf aui 18^ 53 0 25 PirtterX’-I 89 +1 ltd?W 61 6J 5d ^ yl. fs. h? 

£l-=r E h-Sffl UliaaS® 46*Uwwl(Iip5toJ.77 41 ^ ZS^ito 15 UJa Refcte(W.)ACa W, 1067 14 8( 77 £fft 2ft I?. 


ni i.i - iAA<2 TP* 1.+ e.t tU4 

idklia... 37U tlW 13 63 311 

AirnCM ZT — . <36 _ - - 

11106.. 185 1731 11 65 ». 


_ AMOR..:. 185 
145 0 KmTAmT^ 137% — (50 12 5 7 214 

Xi E^ E46V Ro6mCBr)F&D MK +% LC 6.3 165 

n IK 167 ItoSto^ns 02 +9 ^2% 26 63165 

f? £48% ^ iWiKpWPBO £34%-% s - - - 

li m 3C toSaba-are. 3« +11 a - - - 

s7 avs 0 IcBB^Itott- 0 H39 11 66 29T 

U 61% 42 BsaMSaeMlM. SO — C.0 11101153 

f| 81 30 ItoCB 62 — - - - - 

*4 100 IJI0 ^ ^ etoaw -- 


Sah|hiScto.Up. 29 1104 X 

SSwSMu 39 — tua 1' 
Nadbblto?^ £U% +% QVM OJ 
Svii«hdfk<Dc 78 *3 N30e 1< 

Mtaw 94 S6 .3J 

rUtaBto 19% *\ (065 X 

rdibiil % 12 % -% — — 


It 11177 34 LAPFMrrJ^ 177 — 1681 17 7J 123 10% 7 Dik'A'TfVlOpJ 9% 067 14 10 l 5| 59 !Si *S 

137 KcCo^laU: 245ifl 11424 A 8J A 0 29 B.£T.lto ^ SpL... 634 II sS 97 fft ^ 

ai»t n SO MdkM&biUs n ..... 19 62 63 58 44 19 RadlaffGUM 0 (+1 d3.0 11159(59 %*= S 


11 ajj4a. .w p..»jAlleD90p 125 +S (ZO - 

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£23% 08DrTh)L%- U4% *h tSO^ X 


- 72 35 

266 41 13% 

65 25 U 


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MINES 

CENTRAL RAND 




ibtlOp-{ U I 

toptolOpJ S I 

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imqiJwLg g* 


silver % ^ B tb & 1 8J n 9 OiterPrtmCr^ 4A (147 - 61 69 31 U SeattMiSSk 27 166 ^ 65 S B 

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»4Jl 53 63 96 ua jl Stofluwlfilto. 0 142 6l 59 6fl 26 14% anCaptolOp. S U - J - }“ 

— 2 5" M 7d TimV 210 7% SoufitOtf^ 283 -1 ftttZ 22 4317.6 104 62 Si^tadiJ«. V +l #„ ’j ♦ ‘S ^ 

., ,52 « R?* si H *K ”81 4^ 74% *i 3jo 50 10c 5.9 w m suteZZZ S6 — Tax li 7i 60 £, S 

IT' OR n ^ fi ^ M ^ MtoUGioan— U — 04 14 64 U 0 » taOACtei. 8 UM U 4 — i% 

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at^bk— U9 +1 C.75 II 46 313 


bsbaaDaepRi.. 
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aSttS £31% *% Q^ 35 66 "LJ « •*" 

IRl 155 -Jl|®3e aT 4.7 


ittBopcn.) 35 I FL5 

tobfiZZ V { ZJ6 


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E«7% U1 SeatKiM- 133 545 U 60 345 - - 

m 70 teMBR. 0 -1 184 11 68 312 136 52 

31 U4 U9 -% 660 U S3 S3 379 IDS 

or 72h ScetMtoR 76 +% 173 69 54 473 47 20 

00 71% 5wL0il(ca.- 79 10 1 0 50 4X.0 121 46 

81% 65 Scat.VMto'F- 76%-% — 39 29 

193 to 174% -% 567 U 4.9 86 0 33 

79 a SedGnttMa.. 71 +% C.0 U 3.0 376 66S 30 

10 Sr PaT — .. 0 +1)2 — — — — 42 16 

(S U7% 15.48 II 5.0 8.7 

M 300 MIUtoJCB 350 -- VSe - 4.5 - 

37 87 ShBcalBRSOp. 133 C 47 1.0 66 17 0 

0 47 SiKoaDlDp 0 +1 13 IJ 3.9 »6 

35 76 S^br 104 -% 1194 13 43 ».7 — 

67 m lU Z.. 1939 U 9 < 193 5ft. RU 

77% 43 sniropiiopl « -- - - - - • Of% pg 


. Z rnnnodGp.0 4% — — ]— — ^],« 

0 teBrANevVlll 20Z +2 1938 18( 69 76 ^ 

% FBoa Cvi. Si U 672 I UjlU Off Ti 

if raObtL I 188 — 1832/ U 7.5 M ^ I 

. A McnlDdiarL. . 94 — ti-0 1 z3 61 6.7 

!9 [taiflalOp— . 39 &0 33l0J 61 

0 DaOmrZIZ 5M +2 11136 s3 54 Cl .• 

' 9% [hVN.TJUt— £21% +% IQILXW 15( 5J U - 
A Q&cuiimop 57 +r n.1 1 ^ 54 63 ^ 

' 6% IWtedCiil^ 95 +% f50{i3lO.O 7i 59 IS 

% 6GBanntwto. 15 


% KGaarantw^L 15 -1 - — — _ — 80 IZI 

. I HAf « 

• •— ?mf0 ThO — • — — _ — 240 U3 

• 3 (nDsnlOp,; .26 — 234 16 US 76 % U 


ntdeiiQ^l^ 8W 
VRibbaiiB]^ 75 
IttleFoimiflii. a 
FatoErHiBt^ ' 8 


234 16 115 76 

Q64 51 26103 

Ii33 59 67 59 

139 3.7 7X 59 


iGra^XhL 35 <+2- 142 5X 63^ 76 0 19% Da.Mi.uao. .22+1 — — — — 

fc! SiliH S S ISSfifc S -IWaVs^m 
SSS55-4 n t-1 ^ a M g-ggM. g-lggSJiligl 

271, 11 rBrrdJiB.up. 27 — — - MJ .S 

53 32 rnHiMmiw S +1 58 69 U.7 158 *S 'g 

Pgft P I rtf T V si% n rooti] 41% +1 110 2J 7J 76 S & 

rnUrlSKl i , « z?z hwwj S6% +3 fflini u fJ ns ,B. tn 

»£^zzSi « g!S2^ \ ““IjSg 

SSdSi! Szz«£« IS SgJSfe S — tg fill SJ iS 5 

^ H US:i S S telf: g zz.j3&!aiU » m 

wCTrIiIP 71. 4% U U:52 269 93 77 


(Cfi M 43 AasaaHid|t_ W — +142 6< 
f- 240 U3 ApetPWtoMp. 23B -I « X 
76 1^ U .4qiiis.Swto:- 17% OM 5 

U6 76 43 AmoeCTR^ 71 4% 15 IJ 

M 3% 1% BaBkACiMilfip. 3%—.. — • — 

, 59 W M BeaoMidFW 0 +1 fXZ 1< 

'57 56 30 BMKrir.H.lMpu M -2 dU. U 



■ piridenil and yfeid rvriude a tperlal payaienL i Indlcalrd 
dividend riwer relate* in peevbiu* dividend. PC ratio based 
en lateu annual eaminiC* u Pereraal dlndnad: caver baaed 
on prevHicia year i eanUnEa. * Tav tree sp lo 3dp to (ha & 
a Vield allows fnr nirmtcy rlauae y nWdend aad yield 
based on mercer lemia i Divldeiut and jrieM tadiUa » 
opeetal panneni' Cover dees net apply to sperlal paytoeuta 
A Net dividend and yield B Preference dlvtdend panad cr 
dssacred C Canadian P Comaiid P.Krattoetetodapntlto 
ol V R aareapaca mtaldlwlea. B Isme ptiem. T DteManA 
yield based nn prespeetus nr other oKielij osUmatoa (aw 
IprT'TB. C Asmiaed dbridend aad yield after paadtaf s cri p 
and/or rlchts Issue. R Dividend a^ yteld b aa ed e& 
latiapsttBi te elbor oHirlal estimates tor U7BTT. ■ rifiiiim 
based on pnoipertus or ocher ottletal ostinmies tor 1B7& 
W Dividend and yield baaed on prnspeetaa or other oBMal 
iillmstri fnr lB**n bT Dliidend and virid baMdonpceepoctiia 


IT A C'rh’irlV R A NTI hasad on pnoipertus or ocher ottletal ostinmies tor 1B7& 

Xu50 1 r<XUN AXlittJ/ » Dividend and yield baaed OB prnspeetBs or ether unuu 

cv I • lAM.IiaBon taifmstesfor IPB bT DliidendaBdriridbaiMdoapceepectiia 

?B i 3 ItfiMul or other official eelmalcs tor IDto P DtvMend and yield 

,ir. (”'* (twsuei — I — baaed on pmspeeras or other otflrlal estiiMics tor I8T1. 


140« I 

121 -4 
30 -3 I 

45 

TO -Vi 
52% -3 
47 -212 
592 +2 
38 -X 


.1] T %Tm Q CKMi. T Flcores assumed. V Se slcntficeu Corpemtiem 
Wc A U6 Tea payable Z Dliidand total to date ff YiaM based am 
XI 66 MSUmptumTteaeuiyBtUltotaetayaachancadwKUmMWlBr 
Q fc U 60 of Stock. 

iQjDyC 167 1 AhbrevUHons‘^axdMdand;K«tarTlpiBMa;raxrlffato;av 
wSe 4 31 8 all: ■ oa capital dlstrlhotioe 
Q06e L7 67 

— — — *• Recpnt IssoAS ** and ** Righte ** Psge 38 


nbr 104 -% 1194 IJ 43 8J Tin lua 

ff S.%: *8 zz ”i’ “ 1' ” ^ sg 

i^Oaa... 0 .... TlZi L4 4 7 22.9 IS ,|5 


FAR WEST RAND 


c9 

ir; 

uai nts 




5 ^k~ Ltr.. T- 


fc, ^ 57 56 g T 55 |_^ 2.61 A 73 6 

26 33169 128 57 BertelnRai^ lU .J...-1265 67 36 613 

3J 17 uJ 186 130 BilbniT^Z] 177 1+1 f t563 L4 4.7 216 


nmi 


TOBACCOS [§,[§ 

BATIA 267 \-l (E1267|153| 7J( 57 10 ^ 

teMd. 227 (IJ - ra-J 69 ,»» ^ 

DmUUUUMlB. 3M hs t7.«] 6A J.g 76 ^ 0 

[Bparial ZI 79 Uz 5.15 Lfl 9.« 67 JS* 


■' S «Badecd0<_ 46 -1 26 33 169 lU 57 

■4 WdshuitZj^ 705 5U f i Z.7 176 ^ IM 

: M CttanRXiepfc. 51 +1 H2JS 54 54 96 ^ ^ 

h 4 OWtomod 10 — 1660 59 53 54 16% % ML 

9 M 06 81 f-X 43 0 d M 

<4 0tt.PoBdlfe a — (Ol35 16 83 ILX 141 U4 

. 6 FttBiLACirP 18% — U6 62Bnx 

, li noekiuim +i if 4s iis » u 

3 tthttanBAaftt. 265 -U t6(& &6 22 73 2% 1 M 

• 6 ttWkyflSJU!— 26 .._> — — — — Ifo 7% Cut! 

g miitBaiUdA&. 80 f64 2i 54 71100 M ^ 

9 . RUtbctoftSIto. 188 - +5 gl32 24 106 69 ^ 26 

. 6 MlttcrB.^.. 45 ^ 61 L7 197 ^ .P^ 

:. 5 . 46 550 U 155 M ^ ^ 

, 9 ttQknlBtehalL 46 tdOl — 03 .— 1^2 & ^ 

9 BDtaMlyi. 2U ^7 23 6.4 98 2B IT ^ 


BradEoinlPriipJ— 227 
BriLAiuaoiap— — 

BridablaBd-^ 57 ' 


.3 S3 U 46% 


16.M 59 61 96 

— "1“ ” 56%|S 

Q12« -4- — ^ |27 


Zl 1« Ti ' *4 72 LX Si K1 326 138 DoCdifeiiteiBn - 255 -2 IQlSe S.U 3.5 

g I II s ’I? asesSisJ is n ^ 

ZI ig II^ 11 76U4 i« 64 Ebte^-_1 W -3 0^^ 10(41 


:(«5zr0 ZJilo oMi 66 Sft JO -1 


73^76^ «*lDaCtoa-- 0 Z: - -J - - S? RSlSfS," 

9:i57ra.j&niswj«--- n ss*«ii 


Saw s 3 ®?113£3S 5 ^ ^Si5!i xJft±S ♦ '8;i 1 ®%S P’-- 


447 -1 
457 -4 

474 -I 

20 *2 


%C 1014.1 
Wc 15 82 
4k 23^ 40 

45c 5a 5 9 


Hiis aervtre la anllablr to nay CUnpany dealt to em 
St^ Mehaaifea Ihrou^ent the Itnitcd Khiddoa fer i 
Ice tC SAM per aBBOb to emeh a aca rtW 


REGIONAL MARKETS 


™USTC,m^^LAND 


vniciai Sip 85 ' . — | _ 

^S!Z! 3U -T 3M L« U lU iS 
iSecg— 13 +% -— — J— 111 67 

hbT(«Elt- 2tt -Jl42 57124 576 34 67 


Jimsdnoit Trasts 


9 R{Bf(b]C(dl81. 2972 . — 1837 13 6.4 93 283 m Cbn^r(«Glt— 2K — J142 51 24 576 0 67 AEisttobl.— 86 — 249 

9 DdlOpeCav_ fiiih __ ©ra 133 19J 64 37 riBOtScaa.— tt - -1% 1L56 L4 6( Al 224 166 AlliaBee'nut— 203 +1 124 

IS ^ — £75 U 9.1 5 4 68 30 ClaifceNldo^ 0 — fl6 U 60 17.4 122 91 lUtdoulIitoJOp. IS — 173 

.9 imit ato^ ^ — MLCbU 40 58 28 13 SeotnllAttUp U +%. — . IS3 81 Da<^|a(di^ UO -9 903 

' 96 illii«? E(h5f|to ' to +2 1523 27 63 93 172 114 [Ignadumm 10 -2 1^ 33 1( 07 U M Aatotce&iv&k. 61% +% HO 

24 ffiuUtaiD 37% ^ 1234 2( 103 78 28 17 Cnttri^S^ -% w|F[ — 63 — 61 Z7 Hufbp 0 _ 

S% Wteerf TwSe ^ fsttn 10 106 7.4 91 35 O *l 2i 1.4 [58 0 30 AsarknTnat. 9% 1% 03 

^ ftodA&iSS » HlOrijU5J 69 32 taSaaBM^ «% -%. 20 II 7.0 87 « 28% Oa-r 38* Z. - 

' ■DadUnhn^ 28% Ml .59 63 65 15 J DafeiE^^- 25 .i - ^ - _ _ igi 79 AnQoAASaa. *Si ^ 

IBaB— I 5P*4 684 ^ "" - r. 

oSp 0 +2 136 


130 77 Da 

167 126 rraa 
60 978 Trih 
67 46% ifA 

L79 9Z Db 
188 72 900 

• 139 0 rrstt 

M UO ' 0 
93 S5 29 
64 128 0 DU! 


! A 26n'!t*'**ii**'!''4*^***^*^"i*^^'*4m9tietotlDnaafa]urM 
i22e ' i 2 ilprovlously listed only In reRlonal marketo Prices ett Irlsli 
llScI A hi (wanes, nwat ot orhicn are not t^cially listed la boaden. 
^ I fj 11 (41* 4f gnoted on (hr Insb exchance. 


Ibeidtaatek- SO T2.08 13 6306 UO' 0 totoU 

ibcrteenTrasu 129 -1 467 U sSsI 59 29 

libafay. 107 +432 U S3264 128 0 DUM 

lEttitobi 86 2.49 U 4^94.6 19 13 niCap 

inuBceTtott— 203 +1 1Z0 LO 4!fl3aj 95 75% DSDefa. 

UtifaattlitoJOp. 122 1731 IX 9jQUJ 188 144 7&ICa 

Dal^iatdi^ UO -9 WJ6 -1 - CO SOO 0SM 

iBhraebv &c- 61% +% H06 13 IQXmi} 10« 68 »to|D 

OaCm 59 1^62%44 f.qtA: 


HktelZ iH M A S B A 21 -2, 262 -i" fj U “« ■“ fl"®*®* ®» exchance. 

itaelHl.glp. » ..I. U21 14 32 373 S?^ 03% g.DrieM ——— 2| Albany Ins SAP n jtheff Refi 

4etottte8to. 65%-... 13W li' 9J 155 JJ9 j^ttah AitoM. 10 .•••i ffiSc 2.5 59 ^Spiontne. «| ShilnhSo 

It iSf* __ d 34 &M 0«SBBTwcpB2.. 632 ~I0 Q823c 6 7.7 19 .... SlodAlliv 

itt aSt __ iQQ f^8f 1 j 4J 21.6 ^ {zan^RI— . 175 -3 1Q22e l.o| 76 Bdc'”(r ^SOp 2K ..... 

124 : 14M X.l 50 290 SSnfBSiiti 3M 

^fci ^ Vo HSI ■ OFS 1 'z 

I MLfc ca— 115 +1 h463 IX 54 U4 V.r.O. Sj£f|^l(ta: 58 .ZT 

^ U 7S B6 129 10 ^SWfeOet.Sk] 0] iUle] 141 73 Ereicd Z. » ...... 


O.F.S. 


itoeniRJt.). . 35 

Ellis & aicHdy . M 

nic Id 73 fiSedl^-f!!: 17 z;. 

¥ 1”^ ^la^fTcsp: S%;r 

tCk 21 U T.0SLStm.£l.- W 

«i ?0 Hell(Je>-)0p.> 237 — 

nc H N1hB.Gold«BlUi 4ta 

?U5e 2i 8.9 PweetCB.)-. 12? 

™ — zr. Poel Mills 17 

^ u Msh.m-dBrf.1 * -• 


g^lzz?^ 

179 hi 5.9* 




003 E78 
63 38 

W* ife 

INSURANCE (if 

^ 107 28 

T.UlUO 1+1 (1268 4Jj 3.;i1 9.7 JQ 4 
npj 0 U»hlf 3:«3.9^1U20 U8 
0-Zi 166. i+2 iSiS^.I 7.6( - (330 D0 


AttSLJ£10%+% - 54 - 35 ri4 SieniA'IOtt-. 94 . dU6 16 6.0il58 S6 39% Bmltoa 53 087 i 

bwcoTZl 150 +• — '-7 — u ^ GreencoiliV;— [I. gj, ^ . BohoptptaPnp- 7% -% — 

** ” SJ ” 595' »5 Baraww-^ SO -9 5.05 . IS lfl95i| 175. 9? U2 — 15*3' 

— . - ij 25 M RnbUT^ 24 ^ 1.1 4|r»8 70 20a Bofi^MSOp 264 -1 75 

0991 - ^ » 260 150 HasIoDsfl^- -1 1Z97 ZJ LflOA IM 96 Do.eu?.— Z 129-1 -■ 

...... 6M — |J ... 117 87 RSLaodHI^ 0 +2 (Q^e IJ 49u7 S9V 9 BradlFsndM! Sft —050.44 

^ HL - ^ 13® [oirr»P«>9-- 320 -f. ^ u oJm; ns W Bcanlln.05U 50^ — 



S”s£: ^ S 

^iS^z .S zz^g 

EbCLPlofLlDi— 77 . — i n 
106 ■ "r 568 
270 H 8M 

SLFtatdandSDpy 3U — 30 
SRcnA'IOtt- 34 . — dU 


J 7.4 X2J 52 ( 33 Uacl»U.l}}r.- 48% 

J 8J mi36 I tt rOa^Stt- lU^ 

|.! n.E - 44%1 31 UnrieOeaLto.. 3^ 


Q1216 50^- 79 52 

642 2 N 19485 44 18 

0.81 ig 63257 121 93 

in 2S flSO.2 131 0 


leOeOLto.. 39% OU LM 6J^24J 

BBctelie. n 1—1515 A|U4 A 


iOP reBMFWU- 6U +U ^ - U - M9 235 

68 »to|Bancai. 90%'^Cn ULS755131 49 

44 ff.QLA Ttoaalflo . 59% 051 U U HS6 £10% 70 

OS jengto lwia-, 29P — 2081 A 5i A 783 (75 

M Wg tt igiwii ,. XOO — 66 A’ 3.9 A £12% 585 

64 75 +% 1L0 U 3.9 363 loP 108 

61 DaV.—. . 72— DM — — - ZS2U8 

iU f toi iB ftffi — UA +1 16.0 IJ 6J 263 £17 £10 

17 faba-ALao. 29 135 U 73 2U 


7SB6 128 0 7lttSWfe0et.sk 0 

5.7 24.7 £14 787 ESMduldae £13 ..... 

5J A 126 68 PASaaipIattn. 118 -3 

U 469 B5 Ba:anor50r_ 353 -3 


W 1+4^1589 

eenlsc... 120 -1 13.45 


;U 46 0.0 510 ZU mBnsIntEL.,, 20 

- - - 10 Ml RUttbettan^ XBO 

U 65 09 8% 64 75 

U 54 15.4 ^ 61 Db*r.— ^ 72 

- - - 172 no ffiMftffi— 166 

LB 6J 248 0 17 faba-ALao. 29 

A 154 A 7 2 fcrtBttBlOB. 5 


rnffSOe 353 -3 

liiieTn lU +1 

iBnadSOe 032 -3 


PraiStByiiSOe— 647 +7 

5BdcaaRl 773 

anUd US -2 


(.poidoffSOe.. 


773 

US -2 
222 +1 
£14% 


Bheff. RefrshU. SO I 

ShilnhSpinn.^.j 19 i— ., 


£2% -% 

TO 

315 

110 -5 
8S — .. 
IMal 
51 -1 

ITS 

XU +2 

S ± 

ITS +3 



5 \ - - rJ - 


- T-Jt- iso I4^(7aa|0(WBrfi.i 75 | il335 


FINANCE 


MS 2 hv ” 


2J 73 67 90% 4fe kOuauAmets- 70 

- - - 62 • 39% AdaiBec! 95 

L4 6J2L2 0 66 6la«M.80^. 75 

LI 1.9 430 61 41 WakaBriBc 53 


Aaaata'- 78 +1 0.41 43^ 06^43.7 > 


Baa 95 +% (L62 LU 45t 

«M.0p). 75 -f 57 LaS|]1 


Flntncc, Land, etc. 


0.87 U UMJ 8 


*i HL -1^-328 14Q ^r»pei9-. 320 -f.^ Lfl 0.91117 l|9S 

*1 t9.?4 — 5.7 — '46 a (iDtemmpfUlOp 0 -I — . ~'l — ( — (^ 

+4 11523 — 7-.9 - 48 0 Uafmnilfi«Cit~- 38- .... 161 ll{-6a2L9r V 

1*5 1M4 ^ 2i|l0.2 1J4 [U ioW^feOsT- 33S '-^ 2-^ ^ « 

1-1 1 156 


52 26 102 134 

•1 ^ 31 61 9.7 ^ 137 LodSfeC^- +3 482 

— 0.0 U 67 96 Oflo £10 0»iMOfer^ 0.72 +l Q5%9 

1S2 - 47 - 055 E94 £143 +1 &%9 

-I 1422 ZI 7.0 60 059 £10 DdJOWBBr.0 EM3- +1 m09 

— r, H Tv 56% 3a* laitLuida^ ,481* +1 ^ 

— 3.82 4J 42 62 20s 137% LendLattCwe. 178 +4 0259 

— «0 2! 6.5 U 93 45% LmFtotSiplOp M 674 

— Ib3j03 64 U 11:7 74 4Q LoLSbdpFnto. TO 38 

+I 862. 25 8.7 69 t28 69- U;toMno(».lop 127/ +1 2.U 

*2 1L44 - 69 - W 42 IOkJI—J . 326 . +2 L7- 

^ 7ML 52- 22 8. WrltfWa^ S — 

762 — 64 — .47 15 IfelnOBel^ 42 -1 — 

— ^42 — 64 — 203 66% UeEttSaW^ 20 +3. Ul 

+2. MJH — 5X — 38% 15^ UOllMWnp- -35% — .— 

*2 . TST. - 7.9 - W U SSSmi^ — 122 

4« 1U0 — 56 - iS 44 UoddettOAM 1X7 — U22 

— 2i 64 168 0 -40 Nokaa— -46 ^ 2.0 

A> U A a a todw -7t — fliSA 


E - - 27% 2 " BrawTtt 24 -1 106 

2L9 6^ A Brid8mterl0 6% 062 

2J5S2 ^ 30. B)1L^AG^ 37 — fL42 

3J 0J 72% 4^ BntUiAsntt^ M 22 

Qi - IM 76^ 6ET 0aW U6 569 

H.4 — 102 74- BriLlWAGeL. 0 *1 3.4 

nJ - L66 • 121% fc+_hw ae 104. +f fetUT 

61|M 146 102 BnwbuatOiA IM 657 

f-4 1L7 97 64. Bnafeerlnr.^ 0 — 5.55 

H*m 76 42 BncootOOp 73 —264 

65 949k 0 43 CJL&PJay— _ 60 — L9 i 

W MaWnalso. 258 .— 17.S7< 
72 @2 MedWiBlXt. B f%- Lfi I 


|.7».4-IK 74- 

3.7 f7J - 10 . 121% 
L4 3.1 12921 146 102 
2J 4.4 11.7 97 64 

26 U 460 76 42 

.U 65 9491 0 43 

ZJ L7S.7 0O 107 

a.ZXWJ 72 55% 


- - — 29% 12% 
U 50 06 2s’ 6 
U 46 3L4 27»i ID 

— — — 1£3 102 

5.9 44 8.7 0 42 

4.9 5J U.6 01% 350 

li « ^ 241^ W 

U 76167 35 23 

U SJ 263 23 12 

U 5J275 0 27 

U 73 81 0 36 

13 SJ267 U 12 

U 69 07 iS 64 

!. Si:L S £ 

IS 65 273 57 " 


awto- a ^ . — — tn 70 52 Dd-Rf, 

afflOp .. a -1 — . J — — C 7 .- 57 k roiriaM H 

SB - +3. Ul 381-13 K2 M5 3^ ^5Sb 

Kllk.i^ -»% — — J'r- “ UJ6 81 :!aiLA7ta 

new0:+. .46—122 6K 69 7J 12S ' 0 QndWA 


(AkM 1X7 — U22 LOj 2.9 20.4Ki9 0 K^ZZZ u5 

z3 ;S. Hhli I 22 s 


OoniBlXt. B f%- U2 £Lt 3.1^ 16 -4 

il ^ 42 25 

■ncHOtt. 07 — 36- 13 AJj^ 0 9 

BiIaskEp. 1« — 184 2J 1^388 m 49j 

.A7m£ OJ (335 13 5.^8 S7 ^ 

SdAlStZ g 60 IX -lazOO g 14 



, MUHt CM- 950 621 

i^Szrzzais 
S’' ^ Z" Z Z g 

I 

ai *1 Si ij A “J “ 

.S,zz “ ““k-llsl 

^ -2 (0.0 61 27 ul J! JZ 

44 —1.72 11 5.9 128 “® |™ 

15 l.n 17 103 8J ^ ^ 

25 -1 U49 SJ 38 108 & ^ 

175 — 1649 XJ 3.9 3L4 fS 

10% U L9 8.2 93 §9 hI 


522 no 604»CadSOc- 440 

322 L0 iMoAMKlk^ 254 , 

£17i2£ll%6DfrA9I.GoMHl. £15 

950 621 AflfrVattNa 60 (+0 

155 10 awerCiwi .. 132 

”224 137 ::eaaOaUFW0. 10 


OPTIONS 

S^month Call Rates 


,1 10 126 

S 130 73 


WsRandCNkiOp 20% 

GedoMfaPRl 248# 

SeaS&niaeK— „ £14% 

WdfwiUSSc. ' £U% 
I#WmC«mB 2_ EUPf 

Kiddle^Ei(35e 160 

Uhsko5B8L40_ 128 

ItoVbsae LU 

ntiwXn/FItX—. 805 

RndLflDdMlSk- 0 
SalfettiBBTwat-, 394 

totnaiOe 181 

9Innnlsca2l«— 36 

noalCenilui. £11 

nC.bnestftl 205 


4. W-uavuvu a./«au «M4K>a 

3.« 9'6 

i-H 07 iBduMrialf 1C7 .... ZSlTBbelttoAJUl 

U 7.1 A.BKV 4% “Imw". ■■■ 7 Cnileoer..^ 40 

15 7.5 A.? Cement...', ll ICL.^ 34 Uto. Drapeay. 7%: 

15 9.6 B6JL I U Inrereak , 7 Vieken— if I 

28 8 5 Babmk 10 KCA. — .. . ■ 5 Wooiwortba— 6 

A I 59 BardaytSiank. 35 Llidbrokfe..-.-. 17 _ 

12' 97 BeecbaiB M Legal t Gen. ,.i la ftapug 


- n W p™ ^C^6Se. 240 


g%-j% - z Z I 

n -1 ' 184 63 63 43 

3A — — — 

— — — _ 

to .— ff 94 33 73 66 


A I 59 BardaytBank. 0 Lfedbrokfe..-.-. 17 _ 

191 at Beecban 36 LegalfcGcn... M l^apuij 

111 a'l Beotibmg^. 15 Let Service— 6 Bric.i.uiiC 

13 1 I. f 

yfl H Oluton'A*— 9 Uiettlnte— U tm ^***' 


VVll U ^6® 1" 

Ll 87 DbbIpp— +V a NatVatHtok.. 22 oRa 

L9 90 Eaaleltar_i ir Do.Wamau 10 ” " . , ' 

lIw® b1b. 1 18 P&ODfd 12 BRthta0eaa.{46 

Cen. Accident 17 Mesiey 9 Bur^ogZI 7 

CejLjlecinc. 16 RH.M._ 5 Che«trtiarq 


DIAMOND AND PLATINUM 


date 40 Rank Ore. 'A‘J 18 (Shell — 

Grand Met 9 Reed InO— — 1 18 (Ultmaai 


trlzzlzlg-g 


18 iReyraUe. 


» H S^.aqp s^m, i>l|ilS5ezr.iSlp^ “ SSLe...Ja, 

22 —LAS 13 114 I0.4 31] 10 rrrOnmrf I 287 -3 *0^ iJ $9 «S Caaa.6eMT^uj 

X4%— 030 U -. £U%I50 PM^K^Zl M - .. Sato ]fffliy^|BoiBedftaaer1 12 (TtnaHonackJ 13 RieT.aBelZl 0 [ 


A aetoetton of Opttoat traded (a ftoas on 4to 
LondOB Suu Bxfibaasa BapoR pase 


V 










THE £900 MILLION 
INVESTMENT EXPERIENCE 


Canlife units 


EXPERIENCE-WHERE EXPERIENCE COUNTS 

Caiudi Irfa UiM Truff libntQm L»niM Canadi L4t MemHqh Svml 
P etmBir.HMs.ENSSBA.Tel PaiBn6vSm2. 


FINANOALTIMES 


REDIFON 


COMPUTERS 


Thursday January 19 1978 


cutcomput^ 


KELVIN WAV CRAWij;V.SrSS!'.\ . 



Human Rights court 
clears U.K. of torture 


BY DAVPD BUCHAN 


STaASBUKG, Jaa. 18. 


BRITAIN was cleared to^ay by that lo view of British a8SU^ that British Army and Ulster 
the European Court of Human ances. there was no point in the police officers should be proae- 
Rights of torturing detained sus- court s ruling on this matter. cuted 
peels m Northern Ireland _ in ioto Giles Merritt Writes: In 


an 


JBTI. Bui fhe court upheld last statement! the Irish 

years conclusion by the Stras- ^ commons that the so-called ^‘’▼emment said last night that 
bourg Commission. _ on Human “ “e result of the case, Ireland 


Riahv<* That British securitv practices — subjecUng de. . « a.resuii or we case, ireiano 
Bigms tnat Bniisn secumy .jjjjee- hondine' Imiil” a-no has succeeded in outlawing m 

Sous nois^lldu«d^l^^^^ NorUiern- Ireland ... the ui of 
degrading treatment on de- prolonged standing Intewgaaon which 


—■bad stopped. Ust year. 


tainees. __ 

The court rejected. the Irish Sam“snWn^*^tioimev^”^^ Human Righto did not hesitate to 

request that the V:^- told the Strasbourg Court they 

mem ^ ordered to prosecute y^-ouid never be used again. - - ~ 

those officials responsible for the g^. 

condemned practices. ^.,#1^0 wi«tuuua nuuiu leuuei ofiuiu 

• . 1 ^ judges acid that the cooibined .* HahU tn ^miisinn trnm »>■• 

interrosation ciu^' ^ 


BSC agrees to 
give committee 
more informationl 


THE LEX COLUMN 



BY ROY HOOBON AND jOHN LLOYO 



issue 


The statement gave a waning 

reintroduetjon of such 

. methods would reader Britain 


in to><Jay*5 verdict, delivered techniques amounted to inhuman t„ Beifact RHtich anTh/iritiAc 
nearUv six yeare after Ireland a„d degrading treatment But priwtofy have 
first brought the cas« against uy iju-4 — with the Irish, 

Bntain. To-day's niluig is the .Austrian. Cypriot and Greek over the court^ stotemlm ft^^ 
first delivered by the Strobourg judge.s dissenting— they held it ft was not efBoo%wS m 
court on a dispute hetwwn did not constitute suffering of jididal protJemogs aaainJt 
governments and has attrarted the particular Intensity and dividual member of thS MeurSf 
wide mtemational attention ppyelw implied by the word foriS “« security 

PtoSno” reported to be £lm. jorture. Ridiard Evans, Lobh.v Editor, 

sterling. .After the verdict. British writes: Ministers hope that any 

The end of the case is expected officials pointed out that *' every- Hl-feeting caused between the 
to remove what has been a thing the Irish Govemmern had British and frisb Govemmento 
major irritant in Anglo-Irish sought at last .April’s court over the charges will disappear 
relations. hearing «'as ro-day rejected by soon and relations will continue 

British and Irish Government the court." to improve, 

officials, in different ways, were These were prindpally that Mr. Airey Neave. Conservative 
somevi'hat taken aback by the the court should go beyond the spokesman on Northern Ireland, 
verdict — inmicaliy only given Human Rights Commission's eon- said the court’s findings were 
because Ireland chose to press elusion and rule that torture bad almost the same as those of the 
the case. been used as a general practice inquiry ordered by the British 

The U.K. Government has not even after 1971; that British Govemmeot in 1971. when it 
contested this charge made by security forces had discriminated was decided to atop the interro 
the Human Righto Commission by only detaining IRA suspects gation techniques, 
last January, but had argued and not Loyalist eiEtremists; and A useful safety valve^ Page 2 


THE British Steel Corporatibs stdered to be adequate evidenee rt has been a vintan vkm- vru- 

last night avoided a confronta- about BSC'S finances. It Pressed MlS 

tion with MpTby agreeing to for full disclosure of doenmeuts Gennanys mdust^ and^ 
submit detailed infonnation which paased last year between where is tms more yisuiiejzmn 
about BSC’s financial plans to the Mr. Enc Varley. the Industry in the ffaixs of Vt^tswugen, 

Miect .committee on natloualised Secretary. ' and Sir Charles on Europe's largest car pumnfao 
iuduatries. the industry's finances. turer. Just three yeas agO- tii'e 

Wittiin hours of . receiving an Its present requirements cover company laid off around, a fifth 
order from the office of the the quarter^ revisiona of its workers in. an. effort to 
Serjeant at Arms to provide. British ^1 brtireen A^^ moirathig losses, but 

more informatlozL, the BSC board 18^6. and September M, 1977, of ^ :j u-j staBed ' a 

said that it would do so. tbe forecasts submitted to the a 

The sutement issued after Department of Indust^. . 

Ust night’s foil board meeting, TboM forecasts include appK- pnee has risen ondet 

said: “ The Board of the BSC has cation' of funds, levels of DM180 to DM2143.. on less than 

met (o consider the position of internally' generated funds. 18 mdsitbs and there is a. giow- 

tfae BSC and the selert commit- public dividend capital raised ihg expectation that the obno- 

tee On nationalist lodustrLes. and in use, foreign borrowings, pany will come .to -the 

Tbe order received to-dsy refers and British borrowings. vvith a rights issue to raise <A6se 

JS7?.’of'“SgS No secrets 

eon.or.a«. Of sources ood aoplv „ H.. ™n- . THo reispm for this. «coyo,y 


Iindexofmdustbul 

PRODUenON 

MLMNBnHES 



1973 1974 1975 1976 19H 



for tite period to 
£28m.. Although tt was 
at that time to ft Profits d . 
fall for the faU yftar, U 
thought ' that . ttm oonC^i 
seasonal hnprovjsmeittr lBjji!^ 
home market would en^' 
to exceed the fint half fl} 
in the second siXm<«thSaAl 
time this was interpret^ 
meaning around £7Doi, pri'i 
for tiie year, and indeed 2 
are now incorporate 
figure in their projections.! 
tbe combination of strikes, 
strength of the pound , and 
malaise of the fibres me 
could well have undermined 
prediction, and tt may nov 
unwise to expect a. final 



cation of funds for the current ah ironic leaiure 01 me nm- . m a . of nmoh more than £SOra. 

year 1977-78 as submitted to Pus is that no new and startiing m confidence are not^aid to fndes FOSC 5.4 tO 4763 

the Department of Industry. feet* are going to be revealed, find. Yesterday, NSU Auto ^ 

Mr. Varley thought the story up Union, Volkswaigen’s large 

Closed '"doors quality car subsidiary; an- 


it may have to digest tiiis a 

TdmmS mit STco?^rr“.ti.“; 2ZSdtS5its^^’n-,^' 

Thl* request *ad not pre- wonld be losing £S0m. in the bv nearlv a third last year and from brohra Fielding 1975.79 picture ot Goorta 

1 made by the select current year. ^ J NewsornSmith. The theme of enjoving a recovery la tiieh 

committee. The^SC is reedy to The new evidence is expected ^ the bulls is that Courtaulds, the shelter of 

give this information to the to show that British Steel and DM4.2bn. Thft Voltewagen -gy,|y protected from cheap im- mpa 

“ - - - urGAdy iTinimtPn ^ 9ftr 


select committee forthwith." the Department of Industry were gnmp has aireauy umuauni ^ ^ Multi-Fibre 

Sir Charles Viliiers. tie BSC taking a graver view last year that its 1977 world production and standine to »if :-j. ® 

chairman, will appear before tiic of Britisb Steel'S fortunes than increased by just under a tentii m MaglWt & SoUuieni 


Multi-Fibre 


Ethiopia plans 
‘counter-attack’ 


BY JAMES BUXTON 


£ 10,000 

VAT 

threshold 

hints 


By John Elliott, Inductrial Bdtier 


THE GOVERNMENT is consider- 
ing raising the threshold for 
payment of Value Added Tax 
from £7,500 to £10.000 as part of 


EfHTOPlA will soon launch a tallm with the Ethiopian G