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PLANNING A NEW FACTORY? 


ATCOST 

STRUCTURAL FRAME 


' ' ATCOST INDUSTRIAL DIVISION 

2 Old Bond. St.. London tf! Tel. 01-493 6902 

CONTINENTAL SELLING MUCH; AUSTRIA SdblSr 




No. 27,464 


Friday January 20 1978 


*15p 


p 


SLiMMARV 


BUSINESS 


BB ' glUW FrJ5; PENWABK Kf-3-S; FRANCE Fr.3.0; GERMANY DM2J; ITALY LSOO: NETHBOANDS 


Taylor 4 
Woodrow 

-taking a constructive 
approach to every 
size of project 


FU-O; NORWAY KrJJ; PORTUGAL Be JO: SPAIN PeaMO; SWEDEN Kr.3.2S: SWITZERLAND Fr.2.0,- EIRE ISp 


Boost for 



and 

gilts 




• EQUITIES moved, sharply 
ahead in thin trading and the 
an has ashed Britain to pay FT Ordinary Index pat on 9.7 
. sums equivalent to all the 
mmissien payments' made in 
■ nneefion with the supply, of 

, .. ! ms over the past ten years. 

* . • ; ^Tbe request follows yesterday’s 
rj , atences at the Old Bailey Iran 
ns corruption trial at which 
•• .-Col. David RandcL. 41, 

-•merly of the Ministry of 

-Feoce, Mr, Frank Nurdin. 61, 

*'.mer sales director of Racal 
C. and Mr. Geoffrey Wellburn. 

former managing director 
Racal BCC, were jailed for 
?e years. IS months and 12 
(Hhs. suspended, respectively. 
l he commission payments con- 
: i arms. ranging from 

“Ftain tanks to warships. Last 
. it the Foreign Office said It 

been in touch with Iran ' . 

. rt points ar isin g from the 486.0. Gold Mines rallied 
1. Page 6 .. 4.2 i>147.3. in response, to 

• .... ritain’s controversial sale of pressure on the dollar. 7 

i.OOO worth of armoured n nrr „•> , • • . 

• cles and other military O GILTS gainedi in ^torts and 

■ pment to El Salvador has * fa Iongs - The Government 

the Foreign Securities index was 0.36 op at 
“ because of 7L36, for a two-day rise of 0-62. 
in Central 



- 1 
• ‘.e 


cancelled, 
announced, 
situation 
tnca." Page 3 


idreotti 
try again 

Andreotti. the . outgoing 
an Prime Minister, agreed 
night to try to farm a new 
eminent. In Lisbon. Portu- . M 
t caretaker Prime Minister down 
asked to form a new Govern 
•L Page 2 


• STERLING gained 90 points 

to $L9335, its index -rising to 
66.1 (65.8). The dollar’s de- 
predation narrowed to 4A5 per 
cent (4.47). ,77 . . 

• GOLD rose $1J to W73j. 

• WALL STREET was 7.63 


• MONEY SUPPLY 
accelerated last month, 
the rate of increase. 
Government's target 1 
•he Consumer spending is alro! 


U.S. tries to heal 
rift as Begin 
accuses Sadat 

BY ROGER MATTHEWS: JERUSALEM, Jan. 19 ~ 

Mr. Men ahem Begin, the Israeli Prime Minister, to-day accused President 


Big power 
station 


Carter says 

expwi dollar mil 
deal near j be protected 


_ A letter of intent for the 

Anwar Sadat of Egypt of breaking a personaf~pIedge as "the 'u.s'jpiSd Ho ^nh° n c^c 

' Generators and a formal contract j which ccini-emr:iU*d 
is ex peek'd to be signed in, economic .1 flairs. 


— a pciauuai preuge «u» uic U.O. 

Administration sought urgently to prevent a total deadlock in the Middle 
East peace negotiations. 


ID 


Mr. Cyrus Vance, U.S. Seere- in response to Mr. Sadat's asser- to the Peoples Assembly 
tary of state, flies, to Cairo to- tioo at the week-end that they Cairo oil' Salurdav 
morrow for talks with Mr. Sadat would have to go as part of a „„ 

that are likely to have a crucial settlement. . *? r ‘ 2< er ^ as ‘'P 0 ^ 11 t0 

bearing on the-chances of the Mr. Begin then went on to PUan L sracli 

talks being resumed- exlol the virtues of Israeli pro- j£? dets i n ■ thc P ast “ 4 hours ‘ 

Mr. Vance said here that be Po**!* for civilian se»f-rule for Z?' l ' 
did not know why Mr. Sadat had occupied West Bank and 1 

decided to break off the meeting Gaza Strip for wbicn Mr, Sadat a 1 „L1 h ,4 ®- 

of the political committee is demanding self-determination. 3*2“ 

headed bv the Egyptian and They have lived for 20 vears sm ®. W, “d r awal from Sinai to 
Israeli Foreign Ministers after under Jordanian rule which was continue its work. He decided 

only 36 houre. very oppressive. Thc Jordanians aflainst cancelling lhe commit- 

rnmmaniino „ rnnnrt ru,ed the Palestinian Arabs with ,ee , “fW 1 bilking 10 Mr. Carter 

Commenting on a report from a W bj p ." and will now await whatever 

Cairo that the Egyptian leader new proposals Mr Vanec brin°s 

was considering a summit with He accused the Egyptians of w i*h him 1188 

Mr. Begin at which President letting Lhe people of the Gaza t ' 

Carter would be host Mr. Vance Strip live in the ‘‘most horrible, Michael Tmgay reports from 

said that such a proposal had not — - ■ ■ : « r - Sadat apparently 

been discussed as a means of other Middle East -news Pace 4 ® e v, ev ** Mr - S^ sm , s comments at 

breaking the deadlock, bSiSrI mTKmM a 0n Tuesday nifiht were 

junionai comment ra o e to a deliberate attempt to pre-empt 

the proceedings of the political 


Earlier Mr. Begin bad said in 


abominable slums for two committee in Jerusalem.' in the 

Seei p^i?SLo 0m su^fSfl? ****** *?. rt*™* ***** he *■*««» 

when M^sfS mde theTb™"? * era cittze-nship. *mE£**i 

decision to order his delegation There was no question of Stf-.jtfSJJ 1 LiMrtPmffilLwS 
home. Five of the seven points allowing these areas to be ,£J 

in the Erst item on the agenda— dominated by ** the murderous t^JSS^JSS 1 ° f conleol,on ,D 
- declaration of principles-had Nazis; of the Palestine Libera- Je I 7 8 ^a« U,al Mr. Begin 's 


1 

By Lyntan McLain. Industrial Staff 

BY JUREK MARTIN, US. EDITOR \\ ASlM.NGTON. J.m 19. 

BABCOCK AND WILCOX and 

General Electric are in the final PRESIDENT Jimmy Carter off iln> vvar. Thc vifeei »( new 
stages of negotiauns Britain's 1 pruinised ln-mghi iu pmieci thc exchange rak*h thai h;»\e already 
biggest single power station cx- integrity eft ho dollar, urged occurred will, when their full 
port contra cL ; passage uf his deadlocked effect is realised, improve »n:r 

eners> Bill, and provided broad trade balance by .several billions 
deails of his ■ ax-cu I proposals in of dollars, 
a firsi Stale of ,he Union address .- Whlli . „ ur , r . llU . 

mainly tn |lu . IUs fielicils in I07S ud! :-i* 
large, inir eMern.il jnis'li.-n 
Both lhe lex 1 of the address should show some 1 111 1 1 riv. ..-mom '* 
land an accompanying detailed , »> 1 , 

been at risk. It will' provide i ^ccSt^ii ^of S whal mot-f »wj> fiom eri-is 

Jgfy “S' - ’ 1 ™* “" lill Jhe Administration^ had aeco.n- 'n:«n.icenn- n i ami e.V .r 

aQd , c ? u d Pad ,n fl,r,ht ‘^ pushed in ns first year, and the kuali. 
power station orders wor, * , 1 ‘pLuis fur the year ahead. Almvr all. in tin* li«.-ld uf 

Thr tune reflected the mana- energy, acknimledging 1 li.- .Juh- 


March. 

The deal will safeguard 2.000 
jo'- i which otherwise might have 


station 
another fiOOm. 



Kowloon Electric Supply Com r.mgre-s and televised 

pany — owned by China Light andj nationaUv j.,i er (o-nighl. 

Power, a Hong Kong eleciricily 
utility, and Eastern Energy, part 
of the U S. Exxon oil croup I Triimo n 
which will have 60 per cent, of j * ■ UllMII 
the equity. 

Exxon and China Light own 
and operate a GEC-equipped 


"The lack »( an e:ver::> ;uo- 
gramme undermines (>jr ::.i:i<iri.il 
interest Imth at hmne and 
abroad. Wc must .-ucceed. and 
1 believe we will." 


tion Organisation. An indepen- nil hii^t.„.»nt Vi, B 
Honi ctai® uimiiH vo> titraoA public statement after the 


been agreed, he claimed. would be turned info puouc s^rentent after me nego- 

At the same time, however, ? UJ tiations had onlv just got under 

Mr, Begin accused Mr. Sadat of iJSSjST * way was a0 important faefor in 

having broken a personal pledge «»«a™oique. Mr Sadat’s sudden decision to 

on the . question of the Mr. Begin's speech, although recall Mr. Mohammed Kamel his 
demilitarisation of Sinai and said no more hard line than many Foreign Minister, 
that the Egyptian Foreign in the past, came at a delicate Nonetheless, all does not 
Minister made- a “preposterous moment and is unlikely to appear well- in the leadership 
speech” demanding the return make Mr. Vance's task easier Last Sunday's National Security 
of Jerusalem. to-morrow. It seems certain to Council meeting is believed to 

The Israeli settlements in Sinai draw a strong response from Mr. have revealed sharp differences 
would never be removed, he said, Sadat when he makes a speech of opinion. 


_ . , 1 — . * The tax euls. a% alrcjd> Known. 

But the traditional rhcloric.il al „ (Uin , , 0 ., nt ,, .s”5i, n . sJ7bn. 

— , . - r — , clciuenl was also present. Mr. l(1 individuals ;i nd -SSbu. tn cor* 

station at Tting \i jibrnugli ^thc; Carter. ^ )«e present porallonA jhrnugh. Mr. Carter 

puralc iax rales and iin;ir«>vi*- 
in the investment tax 


Important 

GEC will provide two 350 mw 


Peninsula Electric Power Com- '■‘dale of the union as "sound, 
pany. | likened current times lo the 

years when Harry Truman was Jj^fs 
President, when there was no crtf dif 
single overwhelming crisis, but 
! profound national interests were 

'“in in rii M l °f ral0 M-^ r ’ 1 ’ cSmSSJ. Z Tight Budget 

*ifiL ® ab< Sf k aDd Wi,c , ox f Oper- ; vas t atld cestiess energies of our ° 

lh .f.^!l n " lpa , * ub f nn ; I people to build for the fu it ire.” Mr. Carter promised a “lean 

*H e h ? ua I lNot surprisingly, given the and tight" Budget, wub an 
r r'fihnuS fired toilers. | oniotionj ] funeral ceremonies lor emphasis on .tilting waste. 
bP G 'rpi^hi a I? !h ere ! i form" Vice-President Hubert The fiscal 1979 Budget, to he 
e responsible for the civil j Humphrey last week-end. Mr. unveiled on Monday, will lie le-s 


engineering design. 
The station will 


! Carter concluded his address by than 2 per cent, up on lhe cur- 




ne«otfations° r pfaved ar, bv n }Sj j ground beyim’d furmal diaclosure he only slightly less ihai 
e “°t. dUOn Depannmnl. ‘ provisions, many present year, about 6 


Indust 

resulted from a meeting of 


'iff 


urder hunt - 

deep snow hampered 

t ish murder. Jjudu police with f. s a r ^ nJ ? 2? tax an< * P 3 ^ ^ 

» trained to find dead bodve&r rlsfis - ^ . 

"Si., vL ^ AGRICULTURE Midirter^ill 

Court, East Lothiazi. a an nounce to, the Commons next 
appeared cbarged witb theft week a 5 per cent, devaluation in 
,* ?*, the discovery of a the^reen pound. Back anti Pages 
s body in the boot of a car 9 ^ 29 ^ 

(orth Berwick on Monday. 

of+artL-c- • WIT TRUST sales last year 

anaCKS were £372m., but repurchases at 

e policemen were injured in ^258™- were the highest 
lachine-gun attack on two recorded, lea^ng ne* new mvest- 
e X>and-R overs in London' down at £H4.4m. 

v Iasi night Six people, Page ' 

ding five policemen were # LONRHO is suing 29 oil com- 

T 11 iS. ot - twt rn?f r J 3010 * panies for damages for lost 
ks elsewhere tn Ulster. - royalties, alleging that the com 

iflsanri panies conspired to back the 

yJc&iiu rBLaii Rhodesian government after UDI 

;h Ley land is to recall more with oil supplies, breakinga 1902 
30 per cent, of its cars in agreement with Lonrho. Page 22 
icon ownership in order to m r mucnvi<miii 
"Ight defects or possible de- 

■ft "i enst pKtim'itpd at mg Did for & pi&21t3tiOH COflJ 

im! tirP^- Nlgerii bS, Pany; London- Sumatra. Page 22 

5 • TRAFALGAR HOUSE bas sold 

_4-j_ nuAvl-i ■ va three City office developmeots 

I arn overture - for £q 153m xbe sa j e 0 f 

: peace move Mrs. Margaret office property for some years. 

: .' .’her. Cunservative leader. The sale is expected to have eon- 
; / 1 Mr. Edward Heath, former siderable impact op the commer- 
■ ' i Minister, at her Chelsea rial market. Back and Page 12 

' ^ '' st bS Ld WeP di’Slfssed t m/ • GBr s latest policy document 


Page 9. Heath appoint 


legislation on/ employee 
cipation. Page 6 


parti- 


io London il ^ no . longer co-operate on 
money-saving measures ana 
wants rail vacancies filled im 
■mediately. Page 8 


Men aud Matters, Page 18 

;y MP dies • NATIONAL UNION OF RAIL- 

ihn Hall, Conservative MP DAYMEN bas told British R^l 
■■ Wycombe, "died 
- day. He was 67. Page 9 

fal visit 

Juan Carlos of Spain, • BSC is. to break a year-long 
pun ied by Queeii Sophia, is deadlock and start up its £170m 
;in a private visit to Britain sinter plant at Redcar without 
, union agreement on manning 

Back and Page .18 

iter COnieS At. the same time, the corpora- 

tion has announced a 6.5 per 
young people died in cent, increase in the price of tin- 
ile road accidents as Arctic plate from February 12. Page 7 

ions hit Britain. Roads 

• ENGINEERING union leaders 
described as “derisory” a pay 
offer worth about 2$ per cent 
illy ... on the Wage-bllL Page 8 

tlists and . printers at finupfllfiES 
1 West - German news- bUMrAHIEi 

■ staged lightning strikes • DIXONS ..PHOTOGRAPHIC 
the introduction of com- pre-tax profits for the 28 weeks?! 
technology. Page 2 ending November 12 im p roved J 

itc wo man with a brain hy abouf 7 per- cent to £4.77 OL 
r which is darkening her 00 J* 1 ** 19 ahead 

om plained in Cape Town *t®9.9m. Page 21 and Lpx. 

• treated like a black. 9 SUN OIL has bought 34 per 
1 McCulloch, . chairman of cent of .the shares of a U.S. 
^C’s radio Brain’s Trust in medical supplies manufacturer. 
>e has died, aged 76. . Becton Dickinson for S293m. 
Z7 • Page 26 


blocked from Scotland to 
‘Utb of England. 


:f price changes yesterday 



in pence unless otherwise 
indicated) 

RISES 

O’ USpc 'SL..21(6i + $ 

V 15ipc *98...n34i -l- i 
Breweries ...i.. 87| + 4} 

Retailers 19S + 8 

Paper 55 + 5 

aied Security SI + 5 

. 74i + 7$ ■ 

I low ■ 1 2 + S r 

iorts’ Brew.'... 90 + 9 

?rs 174 + 8 . 

s Photographic 171 + IS- . 

392 + 12" 

374 + II- - 

1 382. +-32- 

298 +8 - . 

Iiws. 2S + 6 ! 

t Slddeley . ..'502'+' TO- 
• 344 + S 


LWT A 116 + 6 

London Pavilion 50Q + 25 

Manganese Bronze ... 96 + 4 
McBride (RobL) S85 + 2fl 
Nat. Carbonising ... 50 + 4 
Norton and Wright ... 3S3 + II 

Status Discount 136 + 7 . 

Thomson Ore. 640 + 26 

Tube Tnvs. 396 + 12 

Updown Inv. 60 + 6 - 

Vosper 380 + 17 

Wlgfall <H.) 362 + 8 

Anglo Amer. Gold .. JT15I + 8 
Cons. Gold Fields ... 2 02 + 8 
Cons. Murchison ... 265'+ 30 

Elandarand 211 + IB 

Joining Cons. £11 + i 

'- Marievalle. 83 + 5 

Oakbr/dge . - J« + 17 

Rendfon&ln J /. ,._£32} r +_ t , 

RTC ' 186 + 7 

'Wit Nigel ' 45+7 



BY JONATHAN CARR 


BONN, Jan/19. 


WEST GERMANY had done all the West German Budget deficit, should not be preceded by public 


Sir 


& 

Lawrence 


in the 
SfiObn.. 


fi.hr- ,h-,irn. a K n d v l-’mnt ally unveiled this week-end. cuts. 

Callacban and Sir M (i-n wii J F,,rc ^ n audiences, in par- . Mr. Carter spoke uf his 
Callaghan and Mr. \ Ian W I- Ue ular. had ben eagerly await- inflation plan, to be annou 


ofwhose details had hecn leaked j hough ij would have been imien 
in advance and which will be Ifss blit fur his proposed tax 


ar.ti- 

liani«L Minki»r F#»r lnrtn«in- ; n . ueuiar ‘ n:ia ow -eaperiy await- *«»wuuu piau. 10 ue announced 
to ° inR a Presidential pronounce- to-morrow. This programme 

London last March. ; ment on the ddllar. In the "would be voluntary and was 


Sir Lawrence said that he 


1 address. 


Mr. Carter merely, iniended to moderate "inflation bv 
ices wnuin ne onerer. In , do whatever was holding wage and price increases 

manufarturara^ 8,1 : necespry to defend i\s inter gr tty. in each sector of the economy 

S bv fhi^' LiJhr But t the accompanying ines- during I97S below the aven.ee 
^!iertTf.hi!! Rrti?S!l sase he spelled out U.S. policy increases of tlie last two years" 


hoped ** ioternationally com : nrnm’kpri 
petit ive " prices would be offered 1 
by British 
company formed 


and Exxon wanted to buy British 
" as this bad been past practice. 


she sensibly could to boost her seen from the international view- exhortations, notably from Wash- j that this was the “first time inuring American cumpetitiviiy 


economy. Chancellor Helmut point, was too smalL. ington, that Bonn should "do 

Schmidt said- to-day. In a mes- He said the total public sector more " to help the world 

sage directed toward the U.S. in Budget deficit would rise to economy, 
particular, he said the Federal about 4 per cent, of gross in a 'letter to Mr. Carter in 

Republic was unable on its own national product this year late December. Herr Schmidt 

to _ haul the world out oi against only about- 1- per cent in has already explained what West 

recession. the U.S. ..... „ Germany’s steps of economic 

He. was making the govern- He stressed that West German stimulation have been, and why 
xnent policy statement at tbe first alJ iuty markedly to influence the be thinks they are enough. 

< 2L?"! - SP-S5 ST£*S lnd°U?u e ifilS 0 r« ( Further lugb officials concede 

M^be^Ss^lealey. Chancellor of s “SS e ^ n « ^ l . per t . cen ^ ™ ore . Jitter GovertSS o^BundS 
the Exchequer, urged West Ger- GNP growth in the Federal b a nk could Hundes- 

many and. other stronger Republic would mean 0.05 per 

economies to boost their growth rent, more - in Britain and 0.0 7 Bonn has shot most of Its avail* 

rates. P®r cent, in France. able bolts, and as Herr Schmidt 

Herr Schmidt ranged over This statement on the limits noted to-day West German 
most major domestic and inter- t0 West German growth efforts intrest rates are close to their 
national problems, but devoted comes at a time whet) Herr lowest level in the post-war 
particular attention to the world Schmidt is preparing for summit period - 
recession and the dollar problem, meetings here in Bonn in the 
He -said West Germany bad summer, with both President 
taken “the golden middle’. way ” Carter and the leaders of the * in Yo ™ 
between insufficient economic main Western industrialised " 

stimulation and too much refla- countries. 

tion, which would feed Inflation. Firm dates have not been set 
itself -a prime cause of recession hot both meetings are likely to 
and unemployment. be in July.. 

Bonn could not agree with Herr .Schmidt is clearly 
those foreigners who suggested anxious that the run-up to these 


, — ..... years 

at greater length, Mr. Carter stressed that »u* dirt 

The ncht poUcies. he said nol , jeIievi . in w Jnd 
were threefold: A healthy and controls 
growing U.S. economy, with 
adequate investment, a prudent 
Mr. Williams said yesterday ; budget and declining inflation, 


Credit 


ever” that the lndustrv Depart- i3 n, l a Greater inflow nf foreign . 

raent had taken a leading role 1 capifal: energy conservation and ‘be ^residents remarks on 
in contract negotiations China -.development of alternate sources foreign affairs were relatively 


Light bad wanted negotiation* 
completed quickly anil needed 
a body tn “pull it all together” 


of supply: and a more vigorous pprfunctory — apart from renew- 
world economy, .with stronger >ng his vigorous? commitment to 

... ... growth in countries like West siipport the cause uf human 

The Export Credits Guarantee Germany. Japan. Switzerland and rights throughout the world. 
Department is involved in the ! Holland, which would help He stressed the im pur lance i»f 
U.S.S350m. credit over S! years [reduce the U.S. deficit. Senate ratification nf the Panama 

at 7} per cent, fixed interest tn! “ Factors already at work." lie Canal treaties and uf the SALT 
be arranged by J. Henry; said, “will reduce our trade treaty with Russia, when negu- 
Schroder Wagg and Company, deficit. Economic activity in tinted. He pelgotl a strong 
The deal with China Light is at i Europe and elsewhere should defence and a further upgrading 
fixed nrices subject to penalty i rise. of the U.S. military commitment 

clauses for late delivery. I “ tmr nil imports should level to Europe. 


Jaaourr 19 PreiiutiK 


<,.* , * 1^336^560 | Sl.a2w>-B2S> 

1 itinnlh f'.ICWj.l- .<tvi,t.|Q.a£-ti.Q7 
■' innnlH- *>i»m.f0.25-0.27 |nm. 

IT iiwhi th» .0.70 O.fll) |irvai.|0,7O0Ji0 jinem. 


Direct election guillotine anger 

BY RICHARD EVANS, LOBBY EDITOR * 

MINISTERS .■ FACED threats of against tbe guillotine or abstain Wednesday — and the indications 
disruption nf Government busi- on the grounds that the Bill is last night Were that mure than 
ness from furious Labour MPs contrary to Labour Party policy, half might vote against any 
yesterday when Mr. Michael and many, Tory MPs will also Government attempt to curtail 
Foot, Leader of the Commons, oppose it debate, even though the party 

announced that the. Bill propos- Tories will almost certainly remains strongly committed to 
™r direct elections to the Euro- be allowed a free vote — the direct elections, 
pean. Parliament was to be final decision will be taken by This could make the result 
guillotined next week. the Shadow Cabinet next c 108 ^ 38 Labour MPs will be 

The; announcement took both ■ — ■■ — ' — ou * two-line Whip- which will 

Uhour and Conservative MPs by tPiMAVPIAT 'ITOTTO al, ^« . attentions. Leading 

"'"“^rse, and the outcome of the rlirAlVLiiAL illuCib anti-Marketeers -in the Cabinet 

moHs division next Thursday Owing to mechanical problems are likely to abstain: 
tin&tabHng Jr- a. Bill’s committee in the machine room, it was not Government will have 

stage to a further three days Is possible to print all the copies of Jn ,sai°ittg maximum 

by no means clear. yesterday's Financial Times. We Continned on Back Page 

;-A substantial- number.: of apologise to those readers who Labour forecast Page 2 
Labouc MPs are certain to vole did not receive their copy. Parliament, Page 9 


CONTENTS OF TO-DAY’S ISSUE 


New¥)rkin 
3% hours, 

6 days a week. 


Concorde now leaves Heathrow 
for New York at 1 1.1 5 every day of the 
week except Saturday. 


British 

airways 

Concorde 


European news 

' -2 

Technical news 

U 

Inti. Companies 

26-27 

American -news ............ 

3 

Management news 

15 

Euromarkets 

26 

Overseas news 

4 

s 

Arts page 

17 

Wall Slreel 

28 

Home' news— general ... 

6-7 

Leader page 

18 

Foreign Exchanges 

28 

. —labour 

8 

ILK. Companies 

....20-22,24 

Farming, raw materials... 

29 

— Parliament 

9 

Mining 1... 

34 

U.K. slock market 

30 


The. .BSC bid for union 
renperatlon IS 

Polities To-day on lhe 
Liberals- 19 


FEATURES 

The man behind Spain’s 

Rnmasa empire 

North Sea OH Review: 
Planning for emergen- 
cies 


10 


Future of the Meriden 

Co-opera tire is 

Around Britain: Bow 
Skelmersdale survived 16 


Aapriaittcacs ._V—/ 

AHtfMliKMs Atfvts. 

•ank-RcDita 

Bninesm far Mi 
Crsamnl . 

EmmWmmca. Gnidft 

F**< rrfcH 

FINtctiiaries hritat 

Haiqe- CMcnas • 


M 

8 

2ft 

la 

u- 

» 

a 

» 

u 


Te-iav’a 

tv Md iudi« . 

UflU Tnsa 

Wttttci* 


Leti tn .... 

Lac 

LvaAard 

Men nnd Kitten w 

Mew Market 

Prepene „ 

Rdcina 

Selereon- ... 

Share Srformiy«a _ . . gras . 29 

.-For latest Share index "phone 01-346 8026 


i» 

3 * 

u 
18 
. a 

«2W 

19. 

1« 


IMTERIK STATEMENT 
Hew Central Wit 
Areas — 


AHHUA1. STATEMENTS 
*««2L Paper lods. 2 2 
EbAohwi Atwirtu U 

EalalHwk .. 29 

Uar4p 8> ScHite... at 

Invest. T*l. Review 2J 

UHSMs'iuua 31 




Financial- Times -Priaay-3anuan-20- 1V7* 


'EUROPEAN NEWS 



Andreotti asked to form 


new Italian government 


BY DOMINICK j. COYLE 


ROME. Jan. 19. 


SKI. GIULTO ANDREOTTI, the 
outgoing Prime Minister, was 
to-night asked by President 
Leone to try and form a new 
Italian Government, a difficult 
tusk in which he faces the con- 
tinuing demand by the Com- 
munists (PCI) for their direct 
inclusion in the next administra- 
tion. 


The Prime Minister-designate, 
whose Christian Democrat Party 
has said it would prefer new 
elections rather than concede a 
share in Government to the Com- 
munists, gave three priorities for 
any new administration: an end 
Id violence, in the cities: more 
employment opportunities for 
young people: and economic 
measures to ensure the present 
stability of the lira. 

Sig. Andreolti's minority 
Government resigned on Monday- 
after the Communists. Socialists 
and Republicans hud signalled 
they were not prepared to con- 


tinue tacitly supporting his 
Administration through a policy 
of abstaining on key parliamen- 
tary votes. All three opposition 
parties, have called for the 
establishment of an “emergency 
Government” to tackle mount- 
ing political violence and the 
deteriorating economic situation, 
in particular rising unemploy- 
ment. 

The central directorate of the 
Christian Democrats has 
scheduled a special meeting for 
to-morrow morning, presumably 
to plan strategy for approaches 
to tbe opposition parties in 
Parliament where the PCI is the 
second largest group. Formal 
negotiations will open on Monday 
between the party leaders. 

Sir. Andreotti’s hope is that 
the PCI will drop its demands 
for inclusion directly in a new 
Government and settle for an 
all-party consultative process 
through which the new adminis- 
tration would consult in advance 


on all major proposals. 

As an additional concession, 
Sig. Andreotti might accept in 
a new Cabinet some technical 
experts known to be sym pathetic 
to the views of the Left notably 
the Communists. 

The chances of Sig. Andreotti 
succeeding in forming .Italy's 
40th government since the 
collapse of fascism in 1943 are 
by no means assured, and the 
negotiations are likely to be 
tough and protracted. The Com- 
munists, whose possible inclusion 
in the government is being 
opposed strongly by the Carter 
administration in Washington, 
greeted ' to-night's formal 
nomination of Sig. Andreotti 
with the assertion that their 
demands remained unchanged. 

Privately, however, PCI 
sources indicate that the party 
would settle for less. For how 
much less, Sig. Andreotti will 
have to try and determine over 
the coming weeks. 


Spanish 

trade 


Soares to be Prime Minister 


BY DIANA SMITH 


LISBON, Jan. 19. 


PRESIDENT Antonio Eanes of 
Portugal «as seeing Sr. Mario 
Soares late this evening. Before 
the night is out. an official 
presidential announcement will 
proclaim Sr. Soares as the new 
Prime Minister. 

After Sr. Soares informed 
President Eanes yesterday that 
he conld form a new Govern- 
ment. and had his Socialist 
Parly's authority to da so, the 
President formally endorsed Sr. 
Snares’ proposals to set up an 
administration of a “Socialist 
base with Christian Democrat 
personalities." 

This afternoon, the formal 
agreement laying the ground- 
work for this administration was 
signed by Socialist and Christian 
Democrat loaders. 

The SonaJjst-Chrislian Demo- 
crat i CDS) agreement is bind- 
ing until 19S0. the scheduled date 
for a general election. Apart 
from recognising the need for 
stream lining the Government, 
for civil service reforms and 
upholding the role played by pri- 
vate enterprise, the pact includes 


an urgent economic stabilisation 
plan for 197S. 

This plan, aimed at reducing 
the balance of payments deficit 
(now Sl/Jbn.) admits that Por- 
tugal is unable to obtain the 
massive finance from abroad 
which it needs without having to 
adopt an economic stabilisation 
programme. Every country pre- 
pared to offer financing has 
insisted that such a programme 
must be negotiated with the 
IMF. 

The plan commits itself to 
moderate growth of the gross 
domestic product, to holding the 
annual rate of Inflation at 20 per 
cent, and wages rises at the same 
figure, to increasing tax revenue 
and reducing subsidies in order 
to balance the 1978 budget. 

It also Includes restrictive 
monetary policies, albeit with 
some selectivity in order to 
encourage export industry, a new 
price code governing prices and 
profit margins for private and 
public firms. Also, it would dis- 
courage investment in capital- 
intensive enterprises, so as to 


encourage creation of jobs. 

The President also reported 
his approval of the proposals to 
the Military Connril of the 
Revolution. Portugal's constitu- 
tional watchdog, which, accord- 
ing to constitutional procedures, 
must have its say in the appoint- 
ment Of a Prime Mini ster. 

To-day, President Eanes re- 
ceived the political parties repre- 
sented in parliament (Socialists, 
Social Democrats. Christian 
Democrats. Communists and 
Radical Left). 

The Communist Party has 
spoken out publicly against a 
Government shared by Socialists 
and Christian Democrats. 

Leading Socialists are anxious 
for Sr. Soares to sign a pact with 
the Communists, and the Prime 
Minister will try to do this. Sr. 
Diogo Freitas do Amaral Presi- 
dent of the Christian Democrats, 
made it clear last night on 
nationwide television that his 
party would not participate in 
this agreement. It would be a 
separate arrangement between 
Socialists and Communists. 


deficit 

falls 


THE REPERCUSSIONS OF THE POULLAIN AFFAIR 


Questions on the Landesbanks’ role 



( ri« s 


BY JONATHAN CARR 


BONN, Jan. 19. 


1 s;l 


By Robert Graham 


MADRID, Jan. 19. 
SPAIN ended 1977 with a 
slightly improved trade posi- 
tion thanks to a dampening of 
.import demand and an unex- 
pectedly strong export per- 
formance. According to figures 
released by tbe Ministry of 
Commerce, imports totalled 
PtsJ. ,350b n. (Sl6.5bn.) while 
exports reached a record 
Pts.775bn. ($9.45bn.). 

This resulted in a 1.9 per 
cent, drop in tbe overall trade 
deficit in pesetas compared to 
1976. But, if measured in con- 
stant prices the performance 
was much more impressive, 
given that Spanish Inflation 
last year was an estimated 
27-28 per cent. 


Labour Party ‘to back EEC poll’ 


. BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT LUXEMBOURG, Jan. 19. 


MR. RON HAYWARD, general 
secretary i»f the British Labour 
Party, hinted strongly to-day that 
hi* expected the party's national 
executive committee to back the 
principle of participating In the 
Planned direct elections to Jhe 
European Parliament when it 
mods, next Wednesday. 

Calling for a rapid decision, 
he said lhat it was “ inconceiv- 
able" that the committee would 
choose to boycott tbe election, 
because that would rob the party 
of any control over candidates 
who ran for the European Parlia- 
ment under the Labour banner. 

Mr. Hayward, who was accom- 
panied by the party's national 
agent. Mr. Reg Underbill, on a 
\ isit to the European Parliament,, 
said he hoped that the Labour 
Parly would play its full part 
in ihc EEC now that its con- 
tinued membership was widely 
accepted as irrevocable. 

He made it clear, however, 
that the Labour Party insisted 
«n entering the direct elections 
campaicn on a platform of its 
own design, it was resolutely 
opposed to the proposal advanced 
in some other parts of the EEC 
i hat Socialist parties throughout 
ihe Nine should unite behind a 
common platform. 

He told a meeting of (he Con- 
federation of European Socialist 
Parties here that he believed 
lhat the direct elections ram- 
p.ngn in each country would he 
•a aged mainly around national 
i-sncs. and particularly at the 
performance of the Government 
in power in each capital. 

While ho would not object to 
general guidelines being drawn 
up jointly, attempt* to produce 
a single manifesto would only 
lead to disagreements. The 


Labour Party did not expect to 
be told by other Socialist parties 
how to organise its campaign, 
any more than it would presume 
to advise them. 


stituents and to national parlia- 
ments. 


While Mr. Hayward's attitude 
towards tbe principle of a 
directly elected European Parlia- 
ment appeared less hostile than 
in the past, both he and Mr. 
Underhill left the strong impres- 
sion that they would be happy 
to see tbe actual elections 
delayed ns, loug as passible. 

Mr. Underhill argued that time 
was needed to instruct both party 
activists and voters on how the 
EEC functioned and to study 
ways in which directly elected 
European MPs could be held 
accountable both to their con- 


Mr. Hayward claimed that be 
had seen no evidence of any 
surge of public opinion in favour 
of early direct elections any- 
where in the EEC. He suggested 
that politicians who talked of 
such pressures were speaking for 
themselves and not for the mass 
of European electorates. 

His analysis appears to have 
been borne out, in part at least, 
by the communique issued by the 
Confederation oE Socialist parties 
after its meeting. This stressed 
that a firm date for the elections 
should be set by April but 
implied a general acceptance 
that they might not take place 
until the first half of 1979. 


EIB financing rises 23.5% 


BRUSSELS. Jan. 19. 


THE VOLUME of European 
Investment Bank (EIB) financ- 
ing operations rose by 23.5 per 
cent, in 1977 to about 1.57bn. 
European units of account 
(about ¥1.3bn.), while the funds 
raised on international capital 
markets climbed by 55 per 
cent., the Common Market's 
long-term financing institution 
reported to-day. 

The increase should be seen 
in line with the cal] by the 
member states on the bank to 
accelerate the expansion of its 
activities, the EIB said in a first 
review of its activities last 
year. 

This year should see the pace 
of the bank's activities quicken 


further as a large number of 
financing operations have 
already been approved by its 
board of directors and are now 
awaiting signature. 

To finance its 1.57bn. u.a. 
lending in 1977, the bank raised 
1.161 bn. u.a. 


As in 1976. Britain received 
the largest share of tbe total 
financing in the EEC, receiving 
4S9.55m. u.a. in 1977, up from 
417.6m. Italy was next with 
425.67m. (382.6m.) and France 
recieved 296.47m. (60.1m.). 

About 32.73m. u.a. went to 
Denmark (9.1m.) last year. West 
Germany received 2S. 41m . 
(110-Sm.) and Ireland 79.69m. 
(57.4m.). AP-DJ 


Imports increased in value 
by 15 per cent In pesatas, 
while exports rose 32 per cent. 
These increases however are 
misleading since exports began 
to accelerate In July after (he 
peseta devaluations, and 
Import demand began to fall 
off In August when tight credit 
restrictions were applied. 

As a result of these two 
Interacting elements the real 
reduction In tbe trade deficit 
occurred in the last half of the 
year, especially the last 
quarter. For Instance imports 
in December rose only 1 per 
cent In peseta terms against 
the same month in 1976, and 
the trade gap was reduced to 
PtasJlJbn. against the 
monthly average of P(as.48ffn. 
for the year as a whole. 

Of particular note was the 
fall in the volume of crude oil 
imports. The volume or crude 
Imports fell by 6.3 per cent — 
although In value to pesetas 
they rose 27 per cent. Oil 
imports are still, however, the 
chief item influencing the 
adverse terms of trade. As for 
exports, the most dynamic 
seetor was car sales which 
totalled Ptas.49bn. 

Figures for the balance of 
payments have yet to die 
released, but it seems that the 
current account deficit will be 
around $2Bbn., Instead of 
$3bn. envisaged in July. This 
is a healthy Improvement on 
the exceptionally High deficit 
of $A3bn_ registered in 1976. 

According to figures released 
by the Bank of Spain (o-day, 
reserves in 1977 rose, Sl.lthn. 
to $6.13bn. at the end of 
December. This was achieved 
despite a sharp fall of $L2bn. 
in reserves prioir to the July 
devaluation. - 

While the external position 
has improved the domestic 
economy is still In the throes 
of recession. The growth in 
industrial production, which in 
tbe first quarter of tbe year 
was over 7 per cent., is now 
down to just over 1 per cent, 
and still failing. 

Moreover with tbe start of 
the New Year, the full impact 
of the recession and the 
Central Bank's tight credit 
policy has been reflected In 
layoffs and short time in indus- 
try. Steel is the most affected 
seetor. 

By general agreement, the 
first quarter of 1978 is expected 
to be crucial for the success 
of the package of ' economic 
measures agreed in October by 
the Government and the main 
opposition parties. 

The official view, repeated 
only yesterday by Professor 
Enrique Fuentos Quintana, the 
Economy Minister, is that the 
economy is now In tbe worst of 
the trough and will soon begin 
to bottom ant. 

The main cause for optimism 
appears to be the success so 
far of tbp Government in main- 
taining its 22 per 'cent, wage 
increase celling. 

Reuter adds: King Juan 
Carlos will make a private 
visit to Britain to-morrow, 
coinciding with soundings- be- 
ing made by Spain on pros- 
pects of solving tbe Gibraltar 
dispute. It will be the King’s 
first trip to Britain since he 
assumed the throne in 1975. 


jTHE DANGER of ao early split 
jin the coalition Government of 
‘the State of North Rhine- 
j Westphalia over the so-called 

“Foullain Affair" seemed to-day 
to have been averted. But it is 
widely expected that Herr 
Ludwig Pouilain's fall as chief 
executive of the Westdeutsche 
[Landesbank (West LB)— and 
the events surrounding it— will 
have further repercussions in 
German banking and politics in 
the months to come. 

There will certainly be a 
lengthy legal wrangle. Herr 
Poullain has made it clear that 
he will fight the decision of the 
bank’s administrative council on 
Tuesday to dismiss him — a deci- 
sion rescinding an accord of 
December 23 under which Herr 
Poullain resigned. 

The representatives of the 
State on the administrative 
council maintained that new facts 
had come to light and that Herr 
Poullain had acted in violation 


of his duties to the bank— which 
among other things acts as the 
State's central bank. 

Herr Poullain strongly insists 
that he has not failed in his 
responsibilities. Instead he 
charges the Government with 
attempting to make the West LB 
an instrument of State policy, to 
the detriment of its role as a 
full competitor with other major 
banks at home and abroad-' 

This point lies at the core of 
the affair. ' The role .of the 
Landesbanks in the federal re- 
public bas been increasing, not 
least through tbe dynamic in- 
fluence and example of Herr 
Poullain himself. But is it pos- 
sible that this expansion might 
actually be at the expense of the 
interests of the State in- which 
the bank is situated? How far 
should these banks be subject to 
control by State authorities? 
And how far is it possible for 
politicians to keep dose watch 
on the sophisticated operations 
of a modern bank? 


All these questions were being 
asked before the latest events in 
North Rhine-Westphalia. But 
they have become more urgent, 
being emphasised by the political 
crisis which erupted In the state 
and threatened to spread. 

It was only after intense pres- 
sure from the federal party- 
leadership in Bonn this week 
that the coalition of Social 
Democrats (SPD) and Free 
Democrats (FDP) ^ . Nor t th 
Rhine-Westphalia stayed to- 
gether. Feeling still runs nigh, 
but tbe consequences of a split 
have caused both sides to draw 
back from the brink. 

' Historically. North Rhme-West- 
phalia was the first provincial 
state to have an SPU-feDP 
coalition. ODly later did tbe same 
two parties form an alliance in 
Bonn to form the federal govern- 
ment partnership which eyists to 
this day. A split in North Rbinfr- 
Westphalia would thus have been 
deemed by many to herald a 
weakening at federal level too— 


in a voar which will sec four key 
state elections in West Germany, 

The immediate problempr the 
Government involved Professor 
Friedrich Halstcoberg. the SPD 
Finance Minister, who was 
alleged not to have kept Govern- 
ment colleagues fully informed 
on developments .involving. Herr. 
Poullain and the bank. 

The FDP insisted' that 
Professor Haisienbcrg should go 
while the minister's party col- 
leagues stood behind" him. 
Finally, on Tuesday night, the 
SPD Prime Minister Heinz 
Kuehn accepted Professor 
Halsten berg’s resignation, and 
the FDP was placated OR this 
point. 

Now the spotlight switches to 
Herr Kuehn himself, who is also 
SPD. He has made contraiiktory 
-statements which ptaee his- own 
future in question. It is widely 
expected that he too will have 
to step down, but probably only 
when the latest public displays 
of tension have subsided. 


A 


W. German newspapers stopped 
over technology negotiations 


BY ADRIAN DICKS 
READERS 


BONN. Jan. 19. 


in Munich, some fits, that 


. aough also on the table, workers who undertook new 
other regions of Bavaria, and are considered by both sides to skills or who had to find jobs in 


parts of Hessen and Lower be secondary to 'the resolution new industries. 

Saxony were deprived of their of the problems posed by the It also guarantees to the dis- 
mornhig newspapers to-day, as substitution of computerised, placed compositors and type- 
negotiations between the prfn- cold-type setting and prin ting jg nr setters their present basic rates 
ters' union, IG-Druck, and the the traditional hot-metal process, of pay, whatever their new job — 
publishers' federation moved Pressure on the part of West though not the overtime, nicht 
into a new and apparently German newspaper managements and Sunday extra payments that 
critical phase. for the introduction of the new make up an important part of 

Stoppages have previously technology has been building their total incomes, 
taken place in other parts of up over several years— as It has The union side is, however, not 
the country, with varying effects in the U.K. and other countries, only attempting to defend 
on newspaper and periodical Concern about its implications present wages and conditions, 
production. for their jobs was one of the bat also wants to establish the 

Late to-night it w$s still not reasons why printers strode— principle that future entrants 
clear whether the two sides could for the first time in post-war into tho industry should eon- 
reach agreement Failure of the German history— in the spring timie to have the pay and the 
talks, according to Herr Leonard of 1976. skilled status to which printers 

MahJein, president of IG-Drucfc, Tbe employers have made have been used with hot mctaL 
would make further industrial what they claim is "an offer This demand has been rejected 
action unavoidable. Meanwhile, without precedent in the history by the employers, 
the Friday editions of the Stutt- of West Germany,” in terms of A further issue In the talks. 

! gart morning papers, and of the the cushioning It would offer which are currently continuing 
j Dueselldof-based business daily linotype operators and other in a small group of union top 
Handelsblatt, were not expected workers whose jobs would dls- leaders with the publishers’ 
to appear. appear with electronic setting, leaders, is the future role for 

To-day’s stoppages came at the The general manager of tbe journalists in the use of video 
end of several weeks of inters newspaper publishers’ federa- display terminals. Here. too. 
mittent negotiations, all so far tion, Herr Ruediger Niemann, there are fears that redundancies 
unsuccessful, over the iotrodur has said that not one skilled and the downward classification 
tion of new technology into the worker would lose his job. Tbe of some jobs could follow the 
industry. _ package offer includes provisions cost-saving new equipment which 

!- ft>r namininff fftr thiwa nRntina l-ViA ... 


Cyprus plan 
for UN 
in February 


Issues of pay and fringe bene- for retraining for those printing the publishers want to introduce 


Confidence on Siberia oil 


BY DAVID SATTER 


MOSCOW, Jan. 19. 


rojected oil 
et Union 


THE GIANT Samotlor oilfields just under half the 
have now reached peak produc- production for the 
tion of 150 million tonnes a year as a whole, 
and are expected to maintain Samotlor is believed to be the 

oil field in 


Row threatens 
over opposition 
chief in Austria 


. By Paul Lendvai 

• VIENNA. Jan. 19. 


this level for seven to eight third ' largest oil. field in the THE APPOINTMENT nf Pro- 
years, before output begins world. The news that it has feSor Stephan Korea nari£ 
dropping off steeply m the mid- rea ched its peak production i^tLy 


19S0s - 


Soviet officials in the Tyumen the Soviet Union makes final of ^ Austrian Central Bank 
region of Western Siberia told preparations for converting the threatens to cause a crisis in the 
a party of invited journalists field and the nearby Fyodorovsk cause a crisuI “ we 

that they are confident, however, field to gas-lift extraction n T . T .. . . . 

that the Soviet Union has vast methods to make oil exploitation ® r - 

oil reserves aud that new wells considerably more efficient. jJJJJ fSm piff 
will be put into operation as old The Soviet Union has told J SmSt baHoL 
ones expire. Mannesman!! Export AG and fSW^HiS 

The group was told that Baker International, Mitsubishi elected -"Dt Alois Mock new 
although Soviet policy makers an d Cam iro Technip Geoproduc- executive chairman of the parlij 
and oil officials recognise many tion, and Ishikawaj ima-H arima £aentai y faction. 


obstacles in the. development of Heavy Industries along with Otis 


By David Tongc 

ANKARA. Jan. 19, 

A DRAFT constitution for a 
federal Cyprus and proposals for 
the furore territorial division of 
thg island are to be given by tho 
Turkish Cypriots to Dr. Kurt 
Waldheim, tbe UN Secretary- 
General, by probably the end of 
February, 

Mr. Rauf Denktash, tbe Turkish 
Cypriot leader, said this in an 
interview to-day at the end of 
his talks with the new Turkish 
Government of Mr. Bulcnt 
Eeevit 

- The proposals will probably he 
handed over after the Cypriot 
Presidential elections due next 
month. This should allow the 
long-stalled intercommunai talks 
to start in Vienna by March. 

Mr. Eeevit to-day said on ques- 
tions of the territory which 
Turkey and the Turkish Cypriots 
hold in northern Cyprus: M We 
believe that proposals could be 
made about some adjustment*, 
provided these arc within reason- 
able limits and do not endanger 
the security of the Turkish 
JjCypriots.’" 

Mr. Denktash to-day said the 
question of territory has to be 
worked on again. The Turkish 
side would consider returning 
Famagusta to the Greek' 
Cypriots. He argued in favour 
of a transitional government. - 
dealing with a limited range of 
matters. 

Mr. Denktash said that the 
Turkish Cypriots are proposing 
that the Presidency should rotate 
between tbe two communities. He 
said that the final draft of the 
Turkish Cypriot proposals would 
be put in constitutional form 
by the Turkish constitutional 
lawyer. Professor Muintaz 
Soysal who helped draft the 
present Turkish constitution 
after the 1960 military revolu- 
tion. 

Our Athens correspondent 
writes: Greek Premier Constan- 
tine Kara mantis is prepared to 
meet Turkish Prime Minister 
Buient Eeevit to discuss disputes 
between the two countries, an 
official announcement said here 


Tyumen’s * vast oF deposit* in- Engineering and Brown and Pr. Mock is president of the 
eluding serious transportation Root to prepare for a final re- Employees Federation, one of 


problems through the marshland view of their technical proposals the three institutional pillars of 
in the temperate summer months, for the project early next month tne Peoples Party. He defeated 
thev believe that Tyumen will and then for final negotiations in by 57 to 45 votes the hitherto 
meet its target of 305 million Paris, where a decision will he frontrunner, Herr Robert Graf, 


tonnes of oil In 1980. This is made. 


the business community's can- 
didate.. ... - 


Dutch seek exchange rate review 

AMSTERDAM. Jan. 19. 


BY *CHARUES BATCHELOR 


Two top party positions are 
now held by representatives of 
the workers and white-collar 
federation, generally regarded as 
. the left wtng of the party, while 

THE international monetary to the international monetary the secretary-general and Deputy 
authorities should hold a funda- . system, he said. Speaker of Parliament are dele- 

mental review of measures The U.S. can expect to run con- gates of the fanning community 
needed to lessen the instability siderable balance of payments Thus, for the first time, the group 
of the present system of floating deficits over the next few years comprising businessmen and the 
exchange rates, according to Dr. and it is therefore important self-employed have no represen- 
Amont Wellinfc. the Dutch that it follows credible policies tative : in a Key party position. 
Treasurer General. to finance these deficits .Austrian newspapers to-duv 

Foreign exchange rate move- Small shifts in expectations of speculated that the election nr 
meats in 1977—^11 particular the. the likely dollar rate could t& 43-yearSd Dr Mo* mw 
sharp decline of the dollar— can seriously upset foreign exchange mark the beginning of a lea dev 
be a serious threat to trade and markets. ship struggled s leaaer- 



Greek investment 


i 


This year’s public investments? 
programme prorides for expen- 
diture totalling 55bn. drachmas' 
($L527m.). about 20 per cent, 
more than in 1977, Greece's) 
Minister of Co-ordination. George! 
Raltis, has announced. Ourj 
Athens Correspondent reports 
that the Minister said the amount 
underscored the Government’s 
intention to ' boost economic 
activity without exposing the 
economy to the dangers of 
inflationary . pressure. 


i-'t. 


Envoy to Poland 

President Carter yesterday 
nominated Mr. William Schaufele. 
rejected by the Greek government 
last year as envoy in Athens, as 
pi ° ew w u f ■ Ambassador to 

™lhfe E ,un eUt ' r r ' POMS from 


m 

«s 




Rumasa : economic crisis fails to deter Spam’s boldest self-made man 


BY ROBERT GRAHAM IN MADRID 


S IT POSSIBLE to become a 
Millionaire in Spain merely by 
inc’s own exertions? Most 
•eople would quickly say “no.’’ 
bat no mailer how astute a man, 
tc needs powerful political 
riends and support from within 
he Stale apparatus. If this is 

he rule, then Sr. Jose Maria 
iluiz-Maleos claims io be the 
■xccplion. As founder of, and 
majority shareholder in, Spain’s 
arqcsr private holding company, 
luinasa. he has a case. In 
7 years he lias created an 
mpirc of banking, property, eon- 
i ruction, leisure and drinks 
merest# worth by its own 
iccount 150001. 

His is the most remarkable 
ecent business success story in 
pain. Rumasa banking interests 
cenunt for 5 per cent, of bank 
eposils in Spain and make it 
tie eighth largest banking group 
i the country. Sr. RuirWfateos s 
roperty investments comprise 
nine of Madrid's prime sites, 
tcludins the recently-purchased 
kyscraper development, the 
orres de Jerez, nn the Plaza de 
i Hispanidad. where he also has 
is headquarters. Sr. Ruiz- 
laieos has also established him- 
?IF as the most internationally 
rivenrurous member of the 
punish wine trade, in particu- 
ir through his purchase of 
/ilHams and Humbert and 
lore recently, Augustus Barnett 
i Britain. 


Sr. Ruiz-Malens. now 46, 
ascribes his meteoric rise from 
a small time wine trade back- 
ground to hard work, oppor- 
tunism. and a combination of 
luck and destiny— especially 
“ destiny.” His critics, and he 
has many, believer however that 
his progress has been assisted by 
powerful organisations like the 
Opus Dei, to which many pro- 
minent figures in Francoist Spain 
belonged, and protection from 
within the banking system, not- 
ably from Baaesto, the largest 
commercial bank group. 


Traditional 


Even his opponents, however, 
grudgingly admire his slick 
appreciation of company practice. 
Many have likened his rise to 
tbe ascent of Mr. Jim Slater in 
Britain. Sr. Ruiz-Mateos is an 
intuitively clever man. who com- 
bines modern business methods 
with a very traditional view of 
life. Ho is a staunch patriot 
and Catholic, and the father of 
.12 children. 

As the emblem for Rumasa he 
chose a busy bee like that of 
Napoleon. He has always been 
extremely ambitious. In 1957, 
when barely graduated, he wrote 
a letter, with the aid of a dic- 
tionary, to the London Chamber 
of Commerce, asking fnr the 
address of Harvey’s of Bristol 
His purpose was to persuade 


Harvey’s to drop their 13 exist- 
ing suppliers and obtain sherry 
exclusively from the Rulz-Mateos 
family who owned a small wine 
business in Jerez de la Frontera. 

Tbe idea was bold, and also 
in a highly tradition-bound trade 
and in a region where a family's 
social status was carefully 
graded, little short of Imperti- 
nent. Harvey's were slow to 
show an interest But in less than 
a year Sr. Ruiz-Mateos wrote 
them 34 letters, and eventually 
Harveys agreed to a 99-year ex- 
clusive supply contract 

This long-term supply contract 
with a prestigious British com- 
pany proved about as good a 
collateral that could be found 
for borrowing in Spain, and was 
The foundation stone on which 
Sr. Ruiz-Mateos' wealth was 
built. 

On the back of the deal he was 
able quickly to become a force 
within the wine trade and in 1961 
to form Rumasa (Ruiz-Mateos 
SA1. Once Rumasa was estab- 
lished, he rapidly diversified 
into banking, integrated further 
his wine Interests, and then 
moved into the fast expanding 
tourist business by building and 
operating hotels, all the time 
consolidating a property 
portfolio. 

Rumasa says that 15 per cent 
of its interests are in property 
and construction. Banking and 
finance companies are under- 


stood to represent about 30 per 
cent of total interests. But it is 
a wide flung empire that also 
includes food stuffs, shipping 
(for bulk sherry transport), and 
insurance. 


Rumasa is a private company. 
Half the shares are owned by Sr. 
Ruiz-Mateos himself, the 
remainder by Ruiz-Mateos family 
interests. As his operations 
expanded and became more 
complex, he created three 
public mini-hol ding companies. 
Rum as in a one, two and three. 
Although they were quoted on the 
stock exchange the shares were 
owned via Rumasa or through 
nominees. Therefore the Ruiz- 
Mateos family retained the 
majority. 


keep its financial position dose 
to its chest. Sr. Ruiz-Mateos 
absolutely declines to give any 
details on - earnings, pre-tax 
profits or net profits/ His view 
is that while company law does 
not oblige disclosure he will 
refrain from doing so. 


In 1976 these three -companies 
were merged Into Rumasina with 
an enlarged capital first of 
Ptas.4.6bn. and then Ptas.S^bn. 
This operation was achieved 
largely by Rumasa ; divesting it- 
self of a “shell bank,’’ Ranco 
Meridional at Ftas.iba. to 
Rumasina, which then sold it for 
Ptas.4bn. outside ' the group. 
Rumasina still acts as a mini-hold- 
ing, with two banks, a drinks 
company and the Torres de Jerez 
buildings (bought for Pus^bn. 
last year) as its main assets.. 


In this respect Rumasa is no 
different from many other 
private Spanish groups which 
jealously guard their financial 
secrets. But because Rumasa 
has become so large and diversi- 
fied this secretiveness has caused 
suspicion and rumour. An im- 
portant segment of- the Spanish 
business community fights sbv of 
dealing with Sr. Ruiz-Mateos. 
When last year he .raised his 
9 per cent direct stake in Banco 
Atlantlco, a respected middle 
ranking bank, to 27 per cent* at 
least, one international bank 
told its clients to have no deal- 
ings with Atlantico. 


One banker commented: “He 
entered the banking business 
just when the Spanish economy 
was booming — and when the 
small ■ regional family based 
banks were feeling a little lost 
in the new boom atmosphere.” 
His first acquisition was just 
such a bank-— Banco Jimenez be- 
longing to one family, with a 
Ptas.5m. capital and a single 
branch in Cordoba. 


He realised that small family 
banks lacked the strength — or 
often the. will, especially when 
offered a good price — to sur- 
vive in a rapidly industrialising 
economy. He also realised that 
banks, no matter how -small op 
what their problems, possessed 
goodwill and a licence. Some- 
one who has followed bis career 
remarked: “He has bought and 
sold banks like a stamp dealer 
sells stamps/’ 


Banco de Cordoba, for Ptas.lm. 
to Noroeste. which then sold It 

fc r lW? n - t0 * SrouP oi banks 
headed by an industrial bank. 
Banco Occidental, which merely 
wanted the licence. y 

- Rpi^-Mateos believes that 
fortune has favoured him. When 
Showerings took over Harvev’s 
1U the UJC, hia sherry S 

^ntoct was discontinued. But 
hejjougfit Williams and Hum- 
bert, as a riierry outlet for a 
bargain £6m. Ho is now ship. 
Ping lm. cases of sherrv tn 
Williams ' and Humbert, wav 
what he shipped to Har. 
veye. The purchase meanwhile 
enabled him to deal with K 
wine merchants which the old 
Harveys agreement had pro- 
hibited— including Showerings. 




to the old men who control / 
of Spanish business) to ’ 1 " 

large sums of money in k'1 
The opportunities were 
ajPMiaUjF in the sectors he.has 
opted for, all of which/. Jiej 
tu te J et I at tile moment wboa| 
the boom was gathering m( 
turn Attributing his sue 
outside support also is to 




. \ 


the availability of-cheap 

low taxes and tbe genera 




ot comprehensive com puny - 
legislation. 


Acquisition 


Profitable 


.More Is known abont Rumasina 
because it is a quoted company. 
Rumasa, a private company, can 


Replying to hostile criticism, 
Sr. Ruiz-Mateos’s chief ammu- 
nition is that the group is still 
expanding, that it has built up 
from scratch to a capitalisation 
°f Ptas.40bn„ and has over 230 
subsidiaries and affiliates. He 
also points out with Justification 
that he bas been involved in 
highly -profitable and dynamic 
sectors. 


But above all else be has seen 
opportunity where everyc-ue else 
afraicL In 1974, a respected 
industrial bank, Banco Noroeate 
found itself in difficulties Dis-' 
cuMlons with the Bank of Spain 
and with other banks failed to 
produce agreement on a rescue. 
Sr. Ruiz-Mateos stepped In and 
obtained a majority stake in 
Noroeste in return for guaran- 
teeing PtasJJbn. worth of debts 
Then, in one day, he sold a small 
Rumasa group commercial bank, 


But does luck, initiative 
and hard work alone ex- 
plain the acquisition of such 
a big empire so quickly? 
Sr.. Ruiz - Mateos’ s critics 
believe that he has benefited 
from the protection of the ’power, 
fill Opus Dei and the support of 
Banesto,- which ig reputed to be 
Rumasa’s- leading: banker. He 
denies this. . /n any case the 
explanation almost certainly 
underestimates the ability of a 
clever man, using a young man- 
agement group (in sharp contrast 


lalion. ' Such 
tightening now. Two Ruflji 
drinks subsidiaries are at 
moment contesting a Pts5< 
Government fine for their i . 
failure to repatriate ft 
earnings. 

Meanwhile, Sr. Ruifrl 
presses on with his exp — , 
plans, apparently undeterred- 
Spain’s current economic '**’ 
Recently he made. unsuct . — 
attempts to buy two large,. WL, , 
prestigious, family banks, Bahw 
loerlco and Banco Coca. This * 
really casting among the Wg " 

— the two were : «ubsequf ’ 
bought by Spain's.' two m 
banks. However, / despite . 
record of success arid ihe’! - " 
of his urge to expand, Sr. 
Mateos has still to thOreW- 
convince the business commuui 
of his permanence— and tijey ■W^*| 
not be won over until he provid&si 
more information ' about 
activities. 





3 






Financial Times Friday Jan^nry 20 . 1978 


\MERICAN NEWS 


Senate reveals influence of 

arms to institutional nvestors 


arms to 
El Salvador 


By Hugh O’Shaughnessy 

HE CONTROVERSIAL sale by 
ie British Government of 
. . 350.000 -worth .of armoured 
ehicles and other military 
quipment to El Salvador has 
- : een cancelled, a Foreign - Office 
jokesman said yesterday, 
because of the . situation in 
entral America.™ The cancella- 
on reverses the decision to sell 
• anounced last month. 

. The Foreign Office would not 
Id to its statement but it is 
' nderstood -that continuing, 
ipport by El Salvador for 

- uatemala, including a pledge of 
-ipport ’ for any Guatemalan 
■ivasioo of the British colony of j 
ejize, weighed heavily in the, 
Krision to -stop- the deal I 

- . uatemala. claims sovereignty 

- ier Belize. 

Reports from San . Salvador 
. lid that, .despite its. assurances 
the British Government that 

C ' ie weapons would not be used 

I n*, ,'ainst Belize, the Salvadoreans 
» PI IRere reserving the right to use 
t* as they pleased. 

T||l* I’lThe British Government also 
l V*I L Wears to have decided that it 
■ ■ Wld be unwise to sell weapons 

m P J El Salvador when Mr. Ted 
1 Pftbwlands, the junior Minister 
responsibility for Latin 
’ ?rp nierica, Is having talks about 
.e future. of Belize. 

Also weighing in -the decision 
" cancel were the long-drawn- 
. ->t peace talks between El 

. /"Avador and Honduras about 
eir border dispute, and the 
} rength of opinion In Britain 
tout the bad condition of 
iman .rights in El Salvador, 
ie latter was . the subject of 
rrespondence between church 
aders, notably Cardinal Basil 
ume. the Roman Catholic 
■ "rchbishop of Westminster; Mr 
ones - Callaghan, the Prime 
master, and Dr. David Owen, 
e Foreign Secretary. 

After his second transatlantic 
ip in a week, Sir. Rowlands is 
rpected back to-day from 
. irbados and Jamaica where he 
-id talks -with Mr. Tom Adams. 
•=e Barbadian Prime Minister, 
r. Michael Manley, the' Jamai- 
-in Prime Minister, and Mr. 
eorge Price, the Belizean 
rentier. . 

Last week, be conferred with 
- x. Cyrus Vance, the US. Secre- 
iry of State, in Washington 
aout Belize. 

As expectation mounts that 
■ ritain and Guatemala are 
3 out to announce a new plan, 

- i*. Price is .expected in London 
. ext week for further talks with 
r. Rowlands. 


BY STEWART FLEMING 

NEW DISCLOSURES about the 
influence which major banks 
and insurance companies can 
exercise over the affairs of some 
of the leading U-S. companies 
are contained jbu a. Senate sub- 
committee report on institutional 
share ownership just released. 

The report— by the Senate 
Government Affairs sub-commit- 
tee, ' which was chaired by 
Senator Lee Metcalf .who died 
last week— has Identified 21 large 
institutional investors' who have 
significant voting power in 122 
of the largest Ui>. companies, 
who together account .for 41 per 
cent, of the market value of the 
Common shares ' outstanding in 
the U.S.'- 

The subcommittee’s report 
has, for example, identified the 
voting shareholders controlling 
about 25 per cent of the stock 
of International ' Business 

.Machines, the giant computer 
company. Of the other- com 
parties examined, the subcom- 
mittee has identified as much as 
[40 per cent, of the stock-holders 
and, in some cases, up to 70 per 
cent. 

The motivation for the investi- 


gation has 'been the secrecy sur- 
rounding share ownership in the 
U.S. and the belief, as the report 
puts it. that “ the time has come 
for the hands on the levers of 
control of giant private corpora- 
tions To be made visible to the 
public for its own protection,™ 
etaion shrdiu cmfwyp vbgkqjj 

Whereas, in the U.IL, lists of 
company shareholders are avail- 
able at companies house or 
through the companies' register 
in the U.S. no such public dis- 
closure is required. Various 
government agencies and regu- 
lations require different degrees 
of disclosure. . - The Securities 
and Exchange . . Commission 
demands disclosure of a single 
owner of ten per cent, of a com- 
pany’s stock, or five per cent if 
it is acquired rapidly and could 
be the prelude .to a bid. 

The sub- committee has pieced 
together information from these 
sources — including disclosures 
required of insurance companies, 
investment companies, charit- 
ut>e foundations, pension funds 
and proxy statements — in order 
to come up with its analysis. A 
spokesman pointed out that a 
variety of state laws, requiring 


NEW YORK, Jan. 19. 

disclosure to other shareholders 
in the same company, can be 
another means of eleciting of 
information. 

He pointed out that one of the 
difficulties of collating this in- 
formation is the use of nominees 
or “ street names ” in which 
shares are held by non-beneficial 

owners- 

The report identifies Morgan 
Guaranty, Citibank, Teachers 
Insurance and Annuity Associa- 
tion of America, College Retire- 
ment Equities Fund, Capital 
Research and Management, and 
Prudential Insurance Company 
of America as the institutions 
most frequently listed among 
the top five shareholders in the 
122 companies. 

The banks' position reflects the 
voting power of their trust man- 
agement operations, the com- 
mittee spokesman pointed out, 
adding that one of the criticisms 
made in the reporr is of the 
voting power of the investment 
managers. The report, he said, 
suggests that this voting power 
should be passed to tbe pension 
funds or trustees, qr uot be ex- 
ercised. 

SEC chairman, page 26 


Savings banks suffer net outflow 


BY Ol/R OWN CORRESPONDENT 


RISING short-term interest rates 
are being held largely respon- 
sible for a $75 m. net outflow of 
funds from Uj>. savings banks 
last month. 

Savings and loans- associations 
are limited by law on tbe amount 
of interest which they can pay 
on deposits, and their limits 
have recently been exceeded by 
interest rates on bonds and 
Treasury bills. ■ 1 

The possible movement of 
savings from one into the other 
is a nightmare haunting; many 
economists. This phenomenon, 
known as disintermediation, is 
seen as a threat to the housing 
market for, if savings institutions 
become ■ pinched for . funds, 
fewer mortgages become ■ avail- 
able. and one of the .Important 
motors powering " economic 
growth, housing construction, 
could be adversely affected. 

Mr. Saul Klaman, president of 
the National Association of 
Mutual Savings Banks, claimed 
yesterday. ™ the steady rise in 
open market interest nttea" dur- 
ing December altered %e 599m. 
net accumulation of . foods in 
November Into a net apss Iqst 
month. 1 

The trend in Decembeitowartls 
higher short-term rates ms ..been 


strengthened by tbe Federal 
Reserve Board’s move to tighten 
credit tbis month as part of the 
battle to stabilise the dollar. 
Since the start of the year, short- 
term rates have increased by up 
to 0.5 per cent, and the possi- 


NEW YORK, Jan. 19. 

bility of a further rise cannot be 
ruled out. The largest commer- 
cial bank in New York, Citi- 
bank, yesterday called on the Fed 
to tighten credit even further in 
pursuit of greater international 
confidence in the dollar. 


Canada gas swap scheme 


BY JAMES SCOTT 

CANADA AND the US. have 
discussed the possibility of a 
swap arrangement for natural 
gas. No formal agreement has 
been reached, but Canada may 
Increase Us gas exports to the 
U.S. in the 'short term, in 
return for Alaskan gas when 
the Alaska highway pipeline 
has been built. 

The plan was tentatively 
agreed during a two-day visit 
. to Canada by Mr, Walter Mon- 
dale, the US. Vice-President, 
In discussions with Mr. Pierre 
Trudeau, the Canadian Prime 
Minister, and Mr, Peter 
Longhead, Premier of Alberta. 

Mr. . Trudeau, .tola a . news 
conference that if the swaps 
being promoted by Mr. Mon- 
dale were genome he did not 
expect the Canadian Govern- 


TORONTO, Jan. 19. 

ment to object to them. How- 
ever, the National Energy 
Board (NEB) would have to 
review and approve any 
arrangement 

Mr. Longheed said that 
while he had not directly 
endorsed such an agreement 
the ground had been cleared 
for private interests to pursue 
-individual transactions. Under 
the constitution, the govern- 
ment of Alberta controls gas 
exports from the province. 

According to Mr. Mondale, 
access to surplus Canadian gas 
would be vital to solving the 
short-term U.S. energy supply 
problems. If an agreement is 
reached, an early start wonld 
be made on construction of 
the southern sections of the 
Alaska highway pipeline 


Goiirt order Growth in GNP down to 

sought to . 

stop options 4.2% in last quarter 

business BT JUREK MARTIN, U.S. EDITOR WASHINGTON. Jan 19 


By John Wyles 

NEW YORK, Jan. 19. 
THE FEDERAL Government 
is unlay seeking a court order 
to- dose down a commodities 
options business started 18 
months ago by an ex-convict as 1 
a vehicle for what appears to 
be a spectacular fraud amount- 
ing to millions of dollars. 

Evidence already uncovered 
by the Federal Bureau of 
Investigation and various 
authorities in individual states 
Indicates that the name Lloyd 
Carr will become associated 
with one or the boldest 
swindles in options trading. 
Until last week, ils creator, 
Mr. James Carr, was In trouble 
with- the courts for ignoring 
orders to cease trading in com- 
modities futures options. But 
the rase took on elements of 
a cause celebre when routine 
finger-printing revealed that 
Mr, Carr was none other than 
Hr. Alan Abrahams who had 
a 22-year record of criminal 
activities culminating in his 

escape from a New Jersey 
state prison [arm in December, 
1974. 

Aharahams/Carr had. been 
arrested on Janary 10 on a 
charge of violating the court 
order to cease trading and, by 
the time his real identity 
became known, he bad skipped 
$100,900 boil and is believed to 
have headed In the general 
direction of Bermuda 

Subsequent investigations 
have revealed that investors' 
money lodged in various Lloyd 
Carr bank accounts has been 
removed and possibly SL7m. 
deposited in Bermuda or the 
Cayman Islands, and another 
$L.3 ul sent to Canada. 

The fraud is already throw- 
ing up dozens of questions 
about the adequacy of tbe Com- 
modities Futures Trading 
Commission's (CFTC) regula- 
tion of options trading, and 
about the powers of existing 
laws to prevent frauds of this 
kind. In essence, Lloyd Carr 
was able to develop np to $50 m. 
worth of business from private 

investors without being 

regi stered with the CFTC 

A CFTC spokesman admitted 
this morning, “ We have no 
idea whether the options sold 
to the public were genuine or 
not" Futures options trading 
in domestic UJ5. commodities 
has .Jieen banned since 1936 
because of their highly specu- 
lative nature and the scope for 
misdemeanour. However, 

options on international com- 
modities traded in tbe London 
market are permitted, and this 
was the basis of Lloyd Carr's 
activities,. 


THE U.S. gross national product 
grew in real annua! terms by 
only 4.2 per cent, in the final 
quarter of last year, according 
to preliminary estimates, which 
may be substantially revised, put 
out unlay by the Commerce 
Department. 

This was the slowest rate of 
growth in any of the 1977 
quarters, comparing with 7.5 per 
cent, 62 per cent, and 5.1 per 
cent, respectively in the previous 
three monthly periods. 

For the year as a whole, 
according to the Commerce 
Department’s estimates, GNP 
rose in real terms by 4.9 per 
cent, compared with 6.0 per cent. 
In 1976 and —1.3 per cent, in 
1975, tbe last year of the reces- 
sion. 

Nominal growth in 2977 was 
IOjS per cent., reflecting an in- 
flation rate of about 6 per cent. 


up slightly from i be previous 
year. The pace of inflation was 
quickening in the last quarter, 
with prices rising at an annual 
rate of more than 6 per cent, 
compared with less than 5 per 
cent, in the third quarter. 

The Commerce Department 
ascribed both the tower annual 
and fourth quarter rate of 
growth principally io a slowdown 
in the rale of inventory accumu- 
lation compared with 1976. when 
business stockpiling was a major 
factor fuelling the economic 
recovery. 

As measured by real final 
sales, the economy did rather 

better in 1977 than in 1976. with 
last year’s 4.7 per cent, increase 
up on the previous year's 4.5 
per cent. 

Tbe level of demand in tbe 
economy, relied ed by personal 
spending, personal income and 
purchase of both durable and 


WASHINGTON. Jan 19. 

son-durable goods, was rising 
more sharply at the end of last 
year, as was business fixed in- 
vestment and capital spending. 

But inventory investment went 
up in the final quarter at only 
half the rate of the previous 
three months. 

The overall figures conic as no 
surprise and had been presaged 
in Congressional testimony by 
thp Department's chief economist 
last week. 

The general official and private 
expectation for 197$ is fur real 
growth to pick up a little to the 
region Df 5 per cent, annually in 
the first half of the year. 

After that, some decline in 
the rate of growth is anticipated, 
something the administration 
hopes to correct with its $25bn. 
stimulatory tax reductions, 
which, if Congress approves, are 
designed tn take effect in the 
autumn 


Judge to be new FBI director 


BY DAVID BELL 

PRESIDENT CARTER to-day 
named at St. Louis judge to be 
the new director of the Federal 
Bureau of Investigation, thus 
ending a long search for a new 
man to restore the morale of the 
leading U.S. law enforcement 
agency. 

Announcing the cboice, Mr. 
Griffin Bell, the Attorney- 


General. said that the new head 
Of tbe FBI will be Mr. William 
Webster, now a federal appeals 
court judge in St. Louis. Mr. 
Webster. aged 53 and a 
Republican, had been tipped to 
fill the last vacancy on the 
Supreme Court. 

Mr. Webster will be only the 
third director of the FBI. For 
some 30 years, it was dominated 


WASHINGTON. Jan. 19. 

by the laic J. Edgar Hoover, who 
died while still the director in 
1972. Since then, the bureau ha< 
been widely criticised— and its 
public image has been tarnished 
—as a result nf a scries of 
revelations about allegedly 
illegal wire-tapping. and attempts 
to smear civil rights leaders and 
others with whom Mr. Hoover 
did not see eye to eye. 


u.s. and USSR Bolivia amnesty granted 

make tit-for-tat BY ROBERT UNDLEY BUENOS AIRES. Jan. I! 

PYTMlkiniK PRESSED by a three-week also agreed to reinstate 

WApuiaivxiia hunser strike bv Bolivians pro- workers fired for labour ur 


By Our Own Correspondent 
WASHINGTON, Jan. 19. 
THE U.S. has expelled a Soviet 
diplomat for “ flagrantly ini- 
I proper activities,” the State 
Department said to-day, and the 
[Soviet Union has retaliated by 
expelling a U.S. commercial 
attache from Moscow. 

A State Department spokesman 
said that the latter expulsion 
'was completely unjustified and, 
as a result, the U.S. was about to 
! declare a second Soviet diplomat 
persona non grata. “We hope 
this process is not going to go 
on and do,” he added. 

. The department would give 
no reason for the original expul- 
sion, and would not confirm that 
espionage was involved. But Mr. 
Trattner said that the U.S. did 
not view the episode as a worsen- 
ing in Soviet-U.S. relations 


BY ROBERT UNDLEY 

PRESSED by a three-week 
hunger strike by Bolivians pro- 
testing against the limitations of 
an amnesty for political exiles 
land prisoners announced by 
President Hugo Banzer a month 
ago, the Bolivian military regime 
has granted a general amnesty 
to them. The strikers then called 
off their action. 

I The hunger strike had spread 
I to ten cities and ultimately was 
joined by more than 1,300 
strikers, among them the former 
president, Sr. Luis Silos Salinas. 
Gen. Banzer announced the new 
amnesty, which will allow all 
exiles to return to Bolivia, on 
national radio and television. He 
said that the amnesty would take 
effect immediately, as part of his 
plan to return Bolivia to demo- 
cratic rule in July this year 
when preseidential elections are 
to be held. 

He said that the .Government 


BUENOS AIRES, Jan. 19. 

also agreed to reinstate all 
workers fired for labour uniun 
activities. But the Government 
has not agreed to lift a ban on 
union activities, nor to withdraw 
troops which have been occupy- 
ing the tin mining area for more 
than two years. 

Peru- Ecuador dash 

A long-standing border dispute 
between Peru and Ecuador has 
erupted in new fighting, Reuter 
reports from Lima. The Peru- 
vian foreign ministry accused 
Ecuador of occupying areas of 
Peru and attacking border posts. 
For more than a century. Peru 
and Ecuador have disputed 
sovereisnty over jungle territory 
near the upper Amazon. 


pniHiHicd dill* rtcem Mir. 
iDv» and holidji-*. U.S. *ulm-rtt»tiitii saw >»i 
lair rrelchii 'CMJ.iiii u»ir nuili rer annum. 
Second clav. roMPte nald ai Sew MwV, M ^ . 


MIL; 


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Financial Times Friday January 20 


OVERSEAS NEWS 


Washington is ready to step in Arab fears 


BY DAVID BELL 

THE sudden breakdown in the 
Jerusalem talks between Israel 
and Egypt which caught the 
United States completely off 
guard, leaves the Carter Admini- 
stration once again in a key posi- 
tion but, this time, it appears 
to have no clear idea of what to 
do next 

A senior White House official 
said last night that the U.S. 
believes that bath Israel and 
Egypt want the talks to continue 
and that President Carter, who 
talked for ten minutes with Mr. 
Sadat on the phone yesterday, 
is optimistic that the division 
between the Egyptian President 
and Mr, Menahem Begin, the 
Israeli Prime Minister, is only 
temporary. 

But this official optimism does 
not conceal American -un- 
certainty about tbe Egyptian 
President's motives, Tbe most 
oft expressed view here is that 
Air. Sadat’s abrupt recall of his 
Foreign Minister had been 


planned some tune ago and that 
Mr. Begin'® abrasive comments 
at a Jerusalem dinner two nights 
ago gave Mr. Sadat the perfect 
excuse for doing what he in- 
tended to do anyway, 

Mr. Sadat will now publicly 
call on tile U.S. to push Israel 
further towards the Arab post- 


Sadat's I 
Jerusalem,' 
Initiative^ 


tion and, possibly, suggest that 
he, Mr. Begin and President 
Carter should meet in Washing- 
ton. 

Mr. Sadat is now clearly 
expecting the U.S. to play an 
even more central role in the 
talks. The problem is that it is 
by no means clear what kind of 


pressure the U.S. may be pre- 
pared to exert on Mr. Begin. 

President Sadat has already 
succeeded in one of his alms. He 
set out to persuade the American 
people that the Arabs— or rather 
the Egyptians — are reasonable 
people In contrast to the Israelis. 

In theory that should make it 
easier for Mr. Carter to apply 
new pressure on the Israelis if 
not on the Palestinian tame at 
least on the question of settle- 
ments in the Sinai. But tbe 
Carter administration feels that 
it is unwise to push Mr, Begin 
too hard at this time partly 
because he is tired (and might 
over react) and partly because 
the Israeli Prime Minister has 
come under formidable domestic 
political pressure and cannot he 
seen to be running ahead of his 
supporters. 

TCiere is much apprehension, 
too, that President Sadat, may 
feel tempted to abandon his 
initiative. It is recognised here 


WASHINGTON, Jam 19- 

that the Egyptian President 
gambled on his belief that a 
series of sudden “shocks" might 
be enough so to change the 
relationship between Israel and 
Egypt that real concessions 
would be possible, 

Washington could now 
threaten to reduce non-military 
aid, slow arms exports or with- 
hold new weapons systems. But 
any or all of these actions would 
undoubtedly incur the wrath of 
tbe American Jewish community 
even though it is as pawled as 
anyone else by the events of the 
past two months. 

It seems likely that the U.S, 
will try to patch up the Sadat/ 
Begin rift and will try to con- 
vince Mr. Sadat that he should 
be a little more patient At the 
same time an attempt will be 
made to make the Israelis see 
the need to be more flexible. 
What will happen if this fails 
is what really worries many 
officials here. 


Atmosphere of distrust spreads further 


BY MICHAEL TIN GAY 

THE FALTERING of peace 
negotiations in Jerusalem has 
been made worse because of a 
growing atmosphere of mistrust 
between Egypt and Israel and, 
what is more serious, between 
Egypt and the U.S. 

But fears that President Sadat 
might resign were dampened 
to-day when it became dear that 
his top aides are working to 
persuade him that such a step 
is unnecessary while be retains 
the support of the Egyptian 
people. 

These were the main points to 
emerge here to-day as the 


political dust began to clear 
following the recall of tbe 
Egyptian delegation at the 
Jerusalem peace talks. 

A Western diplomat explained 
the deterioration of relations 
between President Sadat and Mr. 
Menahem Begin, the Israeli 
Prime Minister. “Begin came to 
(smaiiia at Christmas and found 
the Egyptian leader unwilling to 
make concessions he believed 
would be made. Returning home 
Begin found the domestic 
atmosphere had hardened and 
he responded with conditions 
that were so tough on Sinai and 


the question of Israeli settle- 
ments that. In effect Begin back- 
tracked on much of what had 
been understood by the 
Egyptians." 

When President Sadat heard 
Mr. Beg in's speech in Jerusalem 
it merely confirmed bis worst 
suspicions. While disagreement 
on the declaration of principles 
and question of Palestinian self- 
determination baa sown the 
seeds of mistrust the immedi- 
ate crisis is crystallised in the 
dispute on Israeli settlement in 
the occupied territories and 
withdrawal from Sinai. A 


The official Arab-Israeli positions 


THE OFFICIAL text of the 
Israeli Cabinet statement 
Issued after Egypt broke off 
peace talks with Israel said: 
“The Government of Israel 
noted with regret the 
announcement of the Egyptian 
Government as to the sudden 
suspension of tbe negotiations 
within the framework of the 
political committee. 

“This abrupt Egyptian 
announcement proves once 
more that the Egyptian Govern- 
ment was under the illusion 
that we would surrender to 
demands that at no time were 
acceptable to IsraeL" 

The Egyptian delegation 
demanded of the Israeli delega- 
tion the withdrawal of Israeli 
forces from Sinai, tbe Golan 


Heights, Judea, Samaria (the 
West Bank) and Gaza. 

“The Egyptian Foreign Mini- 
ster on Ills arrival in Israel did 
not hesitate to demand that 
Israel transfer the old city of 
Jerusalem to foreign rule 
and further demanded the 
establishment of a Palestinian 
state in the territory of Eretz 
Israel (the land of Israel) in 
Judea, Samaria and In Gaza. 

“Such a Palestinian state 
would have extinguished any 
prospect of peace and would 
have created a danger to the 
very existence of the Jewish 
state." 

In Egypt, Mr. Abdel Moneim 
el Sawy, the Information Mini- 
ster, said: “The President has 


JERUSALEM, Jam 19. 

taken this decisive decision to 
avoid tbe talks continuing In a 
vicious circle or going into side 
issues, moving from an issue 
whose examination had not 
been completed, to Issues not 
up for discussion so as to make . 
the negotiations engrossed in 
obscure and vague questions 
not serving their aim. 

Tf Israel believes that a 
settlement here or a settle- 
ment there, or an airport here 
or an airport there. Is better 
in achieving its security than 
cornicing its neighbours to 
live with it in peace, then this 
means it prefers a peace 
imposed by miltary force to a 
peace based on the conviction 
of the usefulness oF peace." 

Agencies 


CAIRO, Jan- 19. 

military committee meeting 
would be meaningless under 
present conditions, added the 
envoy. 

Analysts here believe that 
President Sadat's decision to 
recall his Foreign Minister was 
taken after some calculation 
rather than in anger after Mr. 
Beg in’s recent remarks as is 
claimed by the presidential 
aides. 

There are three reasons for 
this: First, President Sadat was 
unhappy at the fact that his 
team had to attend the Jerusalem 
talks on the basis Of an agenda 
which dropped the key phrase 
“self determination for the 
J-Jalestinlans.” 

* Second, following, the three 
hour discussion by Egypt’s 
Security Council during last 
weekend's crisis when the talks 
were delayed, Mr. KameL tbe 
Foreign Minister was dispatched 
to Jerusalem with specific in- 
structions on how finn a tine 
he sbould take. Israel’s response 
to Mr. Kamel's insistence on 
Palestinian self-determination 
was, say observers, anticipated. 

Third, tbe Arabs hostile to 
Mr. Sadat’s talks with Israel had 
been putting out feelers sug- 
gesting the Egyptian leader- 
could be welcomed back into 
the Arab fold u if he admits his 
mistake. 1 ' 

The Egyptian leader la now 
expected to make an appeal to 
the world, and In particular the 
U.S., calling for more pressure 
on Israel, when he addresses the 
Egyptian Parliament - ~ 


Bland Payne 
forms new venture with 

Brasilinvest 


Agreement has been reached between Bland Payne and Brasilinvest SA, 
a Brazilian merchant bank, to merge the two groups' existing insurance broking 

interests in Brazil. 

The new business will be carried on in the name of Brasilinvest-BIand Payne, 
which will be owned 46 2 /£o by Brasilinvest, 33 J /i% by Bland Payne, 
and the remainder by other local interests. 

Brasilinvest SA which is owned jointly by Brazilian government agencies, 
private Brazilian companies and leading foreign companies from over a dozen 
countries, exists primarily to promote national and international participation 
in the development of Brazil's economy. 

Announcing the agreement in London yesterday, Mr. Neil Mills, chairman of 
Bland Payne, said"This is a very exciting development for us. Although we already 
have considerable experience in operating in Brazil, our new partnership will give us 
the opportunity to expand greatly our services to Brazilian companies and to foreign 

companies operating there" 


Bland Payne Holdings Limited 

Sackville House, Fenchurch Street, London EC3M 6BN, 01-623 8080 


aver 

Mid-East 

future 

By fli»n Hijaxj 

BEIRUT, Jan. 19. ■ 
THE Arab world has reacted to 
President’s Sadat's decision to 
suspend the Jerusalem negotia- 
tions with mixed feelings but 
there Is some apprenhensfon as 
to where tbe Middle East may be 
heading. 

Headlines In anti-Sadat news- 
papers here to-day called it 
another manoeuver by the Egyp- 1 
tian President, while Damascus 
Radio observed that after talking 
on the telephone with President 
Carter of the U.S., Mr, Sadat 
agreed to go ahead with the meet- 
ings in Cairo by the Israeli- 
E gyp tian military committee. 

A high-ranking official of the 
Palestine Liberation Organisation 
predicted that Mr. Sadat will 
soon be back -at the negotiating 
table with the Israelis “in order 
to make additional concessions," 
Syria and its allies in tbe anti- 
Sadat “steadfastness front” which 
emerged from last month's 
Tripoli conference, still insist 
that Mr. Sadat most step down as 
a precondition for a reconcilia- 
tion with . Egypt. Syria has 
organised rallies to mark the first 
anniversary of the riots which 
took place in Cairo and 
Alexandria. 

The abrupt interruption of the 
Egyptian-IsraeLi negotiations has 
plunged the Middle East back 
into the impasse. Two months 
of contacts which followed 
President Sadats visit -to 
Jerusalem in November, demon- 
strated that Arab-Israeli stands 
are irreconcilable according to 
some observers. 

They expect more complica- 
tions if Mr. Sadat, as has been 
predicted will offer his resigna- 
tion when he reported to the 
Egyptian Parliament on Satur- 
day. i 

Press reports from Kuwait 
have indicated that the oil- 
producer plans to join Saudi i 
Arabia in a bid to heal the rift 
in the Arab world. 

One factor which could make 
matters worse is recurring ten- 
sion in Southern Lebanon. 
Artillery duels between Pales- 
tinian guerillas • entrenched 
there and Israeli-backed 
Christian militiamen have been 
going on for several days. 
Senior Palestinians claim that 
an Israeli attack across the 
Lebanese border could be 
imminent 

Mr. Dory Chamoun, Secretary 
General of the right-wing 
National Liberal Party, charged 
ominously in a statement to-day 
that ships have heen unloading 
weapons for the guerillas at the 
port of Tyre In southern 
Lebanon. 

Firm Chinese 
backing . 
for Cambodia 

' By Richard Nations 

BANGKOK, Jan. 19. 
CHINA has given its most 
explicit support for the Phnom 
Penh leadership's war against 
Vietnam since the recent escala- 
tion of the border wax In a 
broadcast. Peking's "confidence" 
In the “ wise and correct leader- 
ship of the Kampuchean Com- 
munist Party " came In tbe open- 
ing remarks by Central Commit- 
tee Member and widow of the 
former Chinese Premier Chou 
en-lal at a reception honouring 
her arrival in Phnom Penh 
yesterday, according to the New 
China News Agency. 

Madame Chau is heading a 
delegation of senior foreign 
ministry officials to the Cambodia 
capital on what observers here 
view as a troubleshooting 
mission possibly armed with con- 
crete proposals to Initiate talks 
with Vietnam. The fact that the 
Vietnamese deputy foreign 
minister Phan hien has been 
secretly In Peking since January 
9 has led many diplomats to 
suspect that Madame Cbou may 
be carrying some message from 
Hanoi. 

South Korea eases 
credit squeeze 

SEOUL, Jan. 19. 

SOUTH KOREA has removed a 
series of measures it imposed last 
year to combat inflationary 
Increases In the money supply 
that arose from bulging foreign 
exchange reserves. 

Banks have been given more 
lending discretion, overseas con- 
struction eantinga can again be 
converted into local currency,, 
and tiie necessity to pay in' 
advance for some exports has 
been lifted, officials said, 

Reuter 


Agreement on Rhodesian 
constitution is imminent 


BY TONY HAWKINS 

AGREEMENT in principle on a 
constitution for an independent 
Zimbabwe should he reached 
i very soon, according to 
nationalist sources at the 
Rhodesian internal settlement 
talks here. They were speaking 
after til-day's heads of delega- 
tions session which lasted two 
hours. 

An agreement would leave the 
way open for the delegates to get 
down to discussion of the key 
Issue of the future composition 
of the Rhodesian security forces. 

[Meanwhile, the leaders of the 
Patriotic Front nationalist 
alliance, which is not a party to 
the internal settlement talks, 
announced in Maputo yesterday 
that they had accepted an Invita- 
tion to meet Dr. David Owen, the 
British Foreign Secretary, for 
talks on the separate Anglo- 
American settlement initiative. 

In London, the Foreign Office 
said the two leaders, Mr. Joshua 
Nkomo and Mr. Robert Mugabe, 
had suggested Malta as the 
venue for the talks and January 
26 as the date.] 

Sources from both the main 
nationalist parties involved in 
the Salisbury talks — Bishop 
Muzorewa’s United -African 
National Council and the Rev, 
Si thole ’s African National Coun- 
cil (Sithole) — said that the 
only outstanding constitutional 
Issue was the duration of any 


special safeguards fur tka white 

^Th^rsaid agreement had heen 
reached on the number or wiute 
seats (28 out of 100). bottx tiw 
number and nature of en- 
trenched clauses, and the nurnw^ 
of parliamentary votes necessary 
to amend an entrenched clause* 
The sources said that the talks 
have agreed on eight safeguards 
for whites — relating to a jusu- 
fiabte bin of rights, an. indepen- 
dent judiciary, dttaenship 
pension andT>roperty rights, anu 
Sj Kndent PUbtic service 
board to control appointments in 
the public service. . 

Exact details of the “blocking 
mechanism" are unclear out it 
seems any amendment to the 
constitution would require all 72 
black votes plus some white 
votes — possibly three white 

voters or six white votes. 

To be discussed next, is 
the question of how tong these 
safeguards should last. Proposals 
range from Mr. Smith's 15 years 
at one end of the spectrum to 
Me, Sifchole's five years. A com- 
promise proposal of eight years 
(or -two parliaments) has been 
put forward, . . ' 

This leaves one remaining 
stumbling block— the composition 
of the security fore®. The 
nationalists are calling. for “In- 
tegration” of the guerillas and 
the disbandment of certain exist- 
ing units (such as the Selous and 


SALISBURY, Jut 1ft. 

Grey Scouts)) while the whites 
want the Amy to remain vir- 
tually unchanged. 

Sfg y H ^ Dickson adds: The 
Patriotic Front's acceptance of 
talks with Dr. Owen wHl. bt 
welcomed with relief In White- 
hall, since Mr. Nkomo and. Mr, 
Mugabe had turned, down "an 
earlier invitation in December, 
apparently first wanting Britain - 
to condemn the Internal settle- 
ment talks. , ' " 

The Foreign Office baa itotifed 
itself to saying; that an internal 
settlement is unliMy to . 
international acceptability If the 
Front Is not involved. 

The Front's acceptance of a 
meeting does breathe some fresh 
life into the Ansto-Americin 

initiative, which has been V»F* 
tuallv stalled for over a month, 
but it remains difficult to see any 
great progress being made By 
Britain and the UR. while the 
other parties to the Rhode** 
issue are involved in the Salis- 
bury discussions. 

Furthermore, Dxv Owen's meet- 
ing with Mr. Nkomo and Mr. 
Mugabe could prove very diffi- 
cult The Foreign Secretary wfll 
be trying to persuade the 
Patriotic Front to accept the 
Anglo - American plan for 
Rhodesia as a negotiating frame- 
work but the alliance has re- 
jected some key parts of the 
proposals. 


EEC Commission looks Defiant 
at Somali aid requests Mrs. Gandhi 


BY OUR FOREIGN STAFF 

THE EEC Commission is examin- 
ing a request by Somalia for 
technical assistance to replace 
that of Soviet experts recently- 
expelled from the country. 

It is also considering a request 
for money to provide alternative 
scholarships for some 700 Somali 
students who have been studying 
in Communist countries, the 
Commission announced in 
Brussels yesterday. 

Thougb the request was made 
before Christmas it was only 
yesterday that an official left for 
Somalia to assess the country's 
needs. The expulsion of tbe 
Russians, which followed the 
Soviet Union's decision to give 
military aid to Ethiopia in the 
war over the Ogaden region of 
Ethiopia, has left several pro- 


jects, including fishing schemes, 
agricultural projects and nomad 
resettlement schemes, without 
sufficient expatriate personnel. 

Somalia already receives aid 
from the European Development 
Fuad and any special aid would 
come from the EDFs “disaster" 
reserve worth £57m. 

Reuter adds from Brussels: 
Dozens of Soviet and East Euro- 
pean cargo ships, protected by 
Soviet naval escorts, are taking 
heavy combat equipment to 
Ethiopian ports south of 
Hassawa. Western intelligence 
sources said tonight. 

The ships were unloading 
heavy tanks, lighter armoured 
vehicles, rockets, heavy artillery 
guns and ammunition at the 
ports. 


UN Namibia debate likely 

BY OUR OWN CORRESPONDENT. UNTTED NATIONS, Jan. 19. 


THE special session of the 
United Nations General 
Assembly on Namibia, which 
Britain and other Western mem- 
bers hoped would not happen, 
now appears certain to be held 
this spring, at tbe insistence of 
a number of African states. 

It was announced to-day that 
the UN Council for Namibia, 
whose President is the chief 
delegate of Zambia, Miss Gwen- 
doline Konie, agreed at a closed- 
door meeting to propose that the 
Assembly meet in late ApriL 
Miss Konie was authorised to 
confer with the Secretary- 


General, Dr. Kurt Waldheim, on 
the precise timing. 

The Assembly has already 
decided to hold a special session 
on disarmament, from May 23 
until June 28. One on Namibia 
starting In late April could well 
run into the other. There are 
persistent reports that President 
Brezhnev will come to New York 
for the disarmament session. 

The session on Namibia could 
serve a useful and necessary 
purpose if talks on the future 
of the mineral-rich territory 
made it possible for the world 
body to approve plans for UN 
supervision and control of pre- 
independence elections. 


Japan aims at 7 % growth 


JAPAN’S UNDERTAKING to 
achieve 7 per cent growth in 
fiscal 1978 is a policy target but 
not a positive commitment, a 
Foreign Ministry spokesman said 
to-day. 

On Tuesday, Prime Minister 
Taken Fukuda said the proposed 
growth rate Is a target bnt not a 
promise or commitment,' 

Bat yesterday. Mr. To ski a 
Romoto. the Trade and Industry 


TOKYO, Jan. 19. 

Minister, and Mr. Masayoshi 
Ohira, secretary-general of the 
ruling Liberal-Democratic Party, 
said the 7 per cent growth rate 
constituted an International 
pledge. 

The Foreign Ministry spokes- 
man said that although the 
expressions used by Ministers 
may differ, their baric attitude is 
that tbe planned growth rate is a 
policy target 
Reuter 


for trial 


By K. K. Surma 

NEW DELHI, Jam 19, 
MRS. INDIRA Gandhi, India's 
former Prime Minister, to-day 
again defied the Shah com- 
mission now inquiring .into 
charges of abuse of power 
daring her emergency rule 
and was committed for trial ou 
two charges. First for refusing 
to take an oath as required and, 
second, for refusing to answer 
questions. 

Mrs. Gandhi made her 
second appearance before the 
commission In a dramatic 190 
minute show of defiance of 
normal judicial procedures, 
refusing to obey Mr. Justice J. 
K. Shah's request twice to take 
the witness chair. She then 
refused to make a statement oil 

An unknown donor has given 
a Madras temple a wad of 
Rupee 1.000 notes together worth 
Rupees 200,000 (824,000), Reuter 
reports. On Monday the Govern- 
ment said Rupee 1,000 notes 
would be withdrawn but could 
be exchanged at banks provided 
it was disclosed how and when 
they were acquired. 

oath and Mr. Shah sent her Tor 
trial for committing two 
offences. 

In her first appearance last 
week, Mrs. Gandhi was rent for 
trial only for refusing to make 
a statement to the Commission 
as required. Mr. Shah did not 
at that time Insist that she 
should take the witness chair. 
He did so to-day sternly after 
counsel for the government 
suggested that Mrs. Gandhi 
should be treated like every 
other witness. 

Sirs. Gandhi now faces trial 
on two orders by the Shah 
Commfrion and. If convicted, 
faces six months’ imprisonment 
on each of the charges against 
her. The trial is expected to 
begin next week. If convicted 
Mrs. Gandhi will be barred 
from standing for any elective 
office and thus will have to 

2 nit public life. Under Indian 
tw, no one convicted on a 
crim i na l charge can be a candi- 
date for any election to parlia- 
ment or the state legislatures. 


Ford ‘will remain in South Africa’ 


BY BERNARD SIMON 

DESPITE his belief that the 
South African Government has 
not altered Its race policies “as 
rapidly as it should have done," 
Mr. Henry Ford, chairman of the 
Ford Motor Company, said 
to-day that his company Intends 
maintaining its RllOm, Invest- 
ment In South Africa. 

Speaking at the end of an 
eight-day visit to South Africa 
during which he met the Prime 
Minister, Mr. John Vorster, Mr. 
Ford said his company “hopes 
to remain an increasingly con- 
structive force in the industrial 


life of the country. 

Mr. Ford said his company will 
be spending over Sim. on train- 
ing programmes for blacks this 
year, and 8208,000 on education 
scholarships. Although no blacks 
directly supervise white workers 
at Ford's Port Elizabeth plant, 
“one or two” blacks will be 
promoted to 'management post 
lions this year. 

Although Ford— with i&e per 
cent of the market — led South 
Africa's other 12 motor manu- 
facturers in ear sales last year. 
Mr. Ford revealed that the com- 


JOHANNESBURG, Jan. 19. 

pany bad lost about 88m. in 1977 
and was operating at less than 
60 per cent, of capacity. As a 
result. Ford has - no plans to 
expand operations in South 
Africa, but will be investing 88m. 
this year on replacing and 
modernising its plant, 
o adds from Cape Town: 

South African Finance Minister, 
Owen Harwood, said the policy 
of pegging the rand to the dollar 
ana the rate at which it is pegged 
will remain unchanged. The rand 
is currently pegged at a middle 
rate of $L15 to tKnik 


Iran’s religions leader supports dissidents 


BY ANDREW WHITLEY 

IRAN'S LEADING religious 
figure, the Ayatullah Shariatmad- 
bari has publicly backed the 
co unity's dissidents demand for 
constitutional rule, throwing a 
powerful force behind what the 
Government claims is a tiny un- 
representative minority of 
anachronistic malcontents. 

In his first-ever Press inter- 
view, tiie 79-year-old. Ayatullah, 
who is considered to be the most 
prominent Shl’a leader in Iran 
said the Government constantly 
called the clergy reactionary, 
but if being reactionary meant 
wanting a return to tbe country's 
constitution, framed in the first 
decade of the century, then they 
were happy to accept the name. 

Three foreign journalists were 
smuggled ip to the holy city of 
Qom, which remains tense 
following the demonstrations 
and police shoo ting s of 10 days 


ago which left an estimated 70 
dead. 

In a cloak-and-dagger opera- 
tion, we changed cars and then 
followed a circuitous back-alley 
route on foot to the Ayatullah's 
house to evade detection by the 
security police. 

Ayatullah Sharia tmadbari said 
the demonstrations had been 
calm and unprovocathre. It was 
an “absolute lie” to claim, as 
the Government had done, that 
they were opposed to female 
emancipation and land reform— - 
the two aspects of the Shah's 
41 white revolution ” of the early 
1869s which consolidated his 
power base. 

He said the clergy were not 
opposed to the abolition of the 
veil. It was up to tbe individual 
to decide how to behave. As for 
land reform, this was an Islamic 
measure which the Government 


had abused by giving the land 
to whom it wished. 

In counter-publicity and rallies 
organised by Rastakhiz, the 
country’s single party, over the 
past week, the persistent theme 
has been the opposition to pro- 
gressive measures taken by tbe 
anti-government demonstrators. 

There have been large, 
officially organised rallies in' Qom 
and other provincial cities to 
denounce the dissidents and Qom 
demonstrators 

The Qom rally, In which it was 
claimed more than 40,000 people 
had taken part, involved 320 
bus-loads of workers from eight 
Teheran factories, informed 
sources say. 

The Shl’a leadership, -mindful 
of the exiling and imprisonment 
of tbeir -colleagues who opposed 
the Government in the past, is 
taking a moderate, restrained 
line in response to the events. 


TEHERAN, Jan. 19, . 

More than 204)00 copies of a 
s i? te 2 leflt protesting against the 
shootings has been sent all over 
the country. The response has 
been mainly in the temporary 
closures of bazaar .Shops and 
mosques. Teheran's bazaar, the 
largest i Q the Middle East and 
an important avenue of domestic 
JJ® ^ international . trade, was 
priay largely shuttered in 
response to the call. . 

Travellers from Khozestan, the 
ml producing province In the 
south-west; say that demonstra- 
tions and a closure, of bazaars 
have taken place In several cities 

ON OTHER PACES 

Jntermfional Company 7 News: ' ' 
Air Francs re-equipment .- 
programme 

Sun Company purchase. W/27 
Farming and Raw Material *."• 
Malaysian tin setback ,,.,.^.,.19 




1 * l , . 


\ ■ ,, 

• 1 1 .... 










Financial Times Friday January 20 1978 


WORLD TRADE NEWS 


Fraser attacks EEC 
steel import curbs 


CANBERRA. Jan. 19. 


2 x 

x 
» 


% * Jnn 

■‘Irs-Gjo 


1 BY KENNETH RANDALL 

K HE PEM Minister. Mr. to seek bilateral _ agreements regard for the fact that the steel 
.folcolra Fraser, has strongly with the Community based on industry recession was world- 
. Hacked the latest EEC pro- “iniminn prices and /maxim um wide. He pointed ont that EEC 
.osols to restrain European quantities, or. else face coon ter- steel imports from Australia 
' .:eei imports. In a letter to the PX 0 ® duties which would pro- were less than 05 per cent of 
resident of the Commission. exclude them altogether. the total, most of it in feedstock 
■ ir. Roy Jenkins, he says it 1 j measures were . difficult to or semi-finished form. In finished 
. ; .ou!d be “ quite unreasonable ” ^“^stand since the EEC was steel. Australian sales to Europe 
. ir the. new measures to be about. .90 .per cent in the last financial year were 

• applied to Australia prior to and ex- Jess than SAlnu, while Australian 

■?reed Joint trade discussions P 0 * 1 ® 1 ab ® at a* muc & as purchases from the EEC 
... 02 ta lively scheduled for the “JS? 50 ? 6 ®- .. . ' . . exceeded SA12m. 

. icond quarter of this vear Tbe Commnnitrs imports of Mr. Fraser took up the ques- 

Mr Fraser <aid th* steeI Products in the first nine tion of steel trade during his 

• aPPlS^ ASiaS? £33 m0D ^ s of had J»en 2 per visit to Europe last June, when 

cem - big}}er than for the same Australian <£pa 
‘‘ iri fiSJ perlod ^ 1876 white exports threatened. .He 

*■ orth rose by 29 per cent .- In this impression then that restrictions 

' ' -ith -Jrinna * rtnirt *oi4 the Community could could endanger prospects for 

■< ’V" Pf?* 1 -*: hardly claim that imports were agreement on Australian 

° n major damage to its own uxaninm sales. There was no 

' ■ ■:?S„^ straljan 11011 *“* s*** 1 industries, he said. direct hint of retaliation in 

• . . “It looks as though the Euro- to-day's statement hut Mr. Fraser 
Pr ™ e . Minister said the pean Community is. seeking to left no doubt that he regarded 
EC was again pursuing courses make the iron and st e^l Indus- the Community as firmly obll- 
• _ 1 lts . .trade rate** 01 * which tries in countries such as sated to further general trade 
... . -ere inimical to the free flow Australia, which are themselves discussions following on from his 

- world trade — the again facing problems as acute as those °wn meetings last year. 

t inaung the steel prop osa ls of the EEC, carry an unfair share • The UR. has decided to main- 
. " ' itn the Common Agricultural of the burden of the recession in tain existing restrictions on 
olicy. to which Australia is the steel industry In Europe,” he special steel imports, David Bell 
**.. itterly opposed. added. reports from Washington. 

- Mr. Fraser said the steel plan Mr. Fraser said the EEC The decision follows a study 
*■ ould virtually force exporters measures appeared to have scant tbe problems of the special 

steel industry which won pro- 

' _ . m ' tection — in -the fear of import 

Protectionism ‘a dead end’ sssrff&i- Fora “ 

Mr. Robert Strauss, special 

BY CHRISTOPHER DUNN trade negotiator, said that 

PROTECTIONISM IS a dead that this liberal trade policy con- imports of special steels were 

- -nd,” Sir Frederick Catherwood, Himes. Giving in to the faint ibe lowest last year for abort 

b airman of the British Over- hearts who believe it has come four years, but that the admini- 
?as Trade Board, said in L#on- to an onfl is the policy of des- strati on bad concluded that to 
on yesterday, addressing the pair." relax the quotas would almost 

innish Trade Guild. But Sir Frederick- ucknow- certai nly harm Hie special steel 

Discussing the current round ledged that getting back on to a industry, 

GATT trade talks, which start growth tack posed, problems. 

Geneva on Monday he said “A kind of lethargy seems to be 
lat the protectionist approach settling over international 


Nigeria bars 
Leyland 
cars again 

By Lynton McLain, Industrial 

Staff 

THE NIGERIAN Government 
has banned the import of British 
Leyland cars for the second 
time. Last autumn it banned the 
cars alter Leyiand’s ** istrans- 
genee ” over the Nigerian Trade 
Ministry’s proposals for appoint- 
ing indigenous distributors. 

The ban was lifted three days 
before Christmas after the cor- 
poration had submitted the 
names of two indigenous distri- 
buters to the Nigerian Govern- 
ment 

Now the authorities have 
refused to accept the distribu- 
tors, “for no reason that is 
apparent to us,” the company 

said. 

Leyland bad continued to 
“rebuff” attempts by the Trade 
Ministry to appoint indigenous 
distributors for its products, 
said a Government statement. 
The “indigenous” -policy was to 
ensure the effective participation 
of Nigerians in motor vehicle 
distribution. 

Leyland regards Nigeria as 
one of its most important outlets 
for commercial vehicles, but 
export only about 1,400 cars, 
mainly Marinas, there each year. 
Only cars are subject to the 
policy on native participation. 


Brussels sets date for detailed 
negotiations with China 


BY MARGARET VAN HATTEM 


BRUSSELS, Jan. 19. 


Soviet pipeline credit 

A group of German banks 
led by. Deutsche Bank AG has 
granted the Foreign Trade 
Bank of the Soviet Union a 
DM600m. credit line to finance 
German pipe exports, banking 
sources said, reports Beater 
from Frankfurt. 


DETAILED NEGOTIATIONS for in Brussels that these two ported $L24bn. of goods— mainly 
a five year general trade agree- separate processes are helping to machinery, industrial equipment, 
ment between the EEC and a«e*«ate each other. transport equipment and ehem£ 

China are expected to open with .The agreement with Peking 

the arrival of a Chinese delega- will replace the present array ^ JSSilriKF 1 * foodstuffs 
tion in Brussels on January SO. of unilateral quotas on Chinese raw materials. 

The talks win mntimip nm- ex P 0rts to EEC with hilater- • French Prime Minister Ray- 
erSnS^toPeld^^ aU * negotiated restraints. It mend Barre left for Peking 
^ Stog EECrffcto mSI ^ not incorporate special trade today on a week's visit aimed at 
successful soundin gs for a preferences for either party boosting trade between the two 
general framework igreement (though it will formally eetab- countries. 

Since that meeting, the European Hsb most favoured nation status Colina MacDongaD adds: China 
Council of Ministers has given in relation to tariffs) nor will it has ambitious plans to expand 
the Commission a mandate to specify how far quotas might be its coal industry and will prob- 
negotiate a pact such as the relaxed. But it is expected to ably import mining machinery 
Community offers to all state- provide for a joint commission to help it do so. The Chinese 
trading countries. It would be of officials from both countries Minister of the Coal Industry, 
designed to take the place of to work out such details. Hsiao Han, said recently In an 

the General Agreement on Tariffs Trade between n»in« and the interview with the New China 

£ AT Z3 o t0 ^ wiuc ^ ESC has increased steadily over News Agency that Peking 
state-trading countries do not past few years, always main- intends to double output within 
beIoC ®' twining a substantial trade im- ten years and then double it 

Similar negotiations are under balance in the Community's against by the end of the 
way with Comecon and it is felt favour. Last year the EEC ex- century. 

Good start for Canadian talks 


BY DAVID BUCHAN 


BRUSSELS, Jan. 19. 


TWO-DAY talks with Canadian tighter security arrangements on to Canada, compared with 65 par 
officials on trade and industrial their use. cent. 15 years ago. 

co-operation got under way here Both Commission and Canad- But the Community is also dis- 
to-day in an atmosphere iaD officials will be exa mining turbed at specific Canadian 

markedly inroroved with wa Y s of expanding sta g n ant bi- actions, particularly against shoe 

markedly “proved with the sign- taleral trade. The EEC is eon- imports. Last December the EEC 

ing of a new uranium supply cerned that it is losing some of protested at tbe unfair effect 
agreement between the EEC and its share of Canadian markets— that Canadian quotas on shoe 
Canada on Monday. down to 8.5 per cent, of all Imports were having on EEC and 

Canadian uranium supplies to Canadian imports in 1976. This particularly Italian sales, which 
T!r 18 partly due to the UJL losing it claims have not disrupted the 
the Community have now re- fts former special position in Canadian market Tbe EEC has 
sumed after a year-long em- Canaria? Britain now accounts for also taken this up in 

while Ottawa 


Ibargo 


sought only 40 per cent of EEC exports GATT. 


Scotch 
exports top 
£500m: 

By Kenneth Gooding 

EXPORTS of Scotch whisky 
passed the £500m. mark for tbe 
first time in 1977. 

The Scotch Whisky Associa- 
tion pointed out yesterday the 
record was achieved “at a Time 
worldwide recession and m 
spite of continuing discrimina- 
tion against Scotch whisky in 
important world markets such 
as the UR. and. leading members 
of the EEC.” 

The SWA claims that in Italy 
there are four different types of 
discrimination, in France then- 
are three and in Denmark two. 

The volume of Scotch expor- 
ted last year rose only 2 per 
cent. On the 1976 level against 
tbe 8 to 10 per cent, the industry 
has seen in the past, rising to 
nearly 94m. gallons. Because of 
price increases in January 1977 
the value of exports was up 17 
per cent, to £5 12.6m. 

Swedish ship orders 

Tbe Swedish Shipbuilders 
Association reports that 
Swedish yards obtained con- 
tracts during 1977 for 36 new 
ships. Deliveries totalled 
KrvLSbn. of which Kr4L9bn. 
was for export. At the end or 
last year the Swedish yards* 
order book amounted to SI 
ships of about 2,4m. grt or 6 
per cent, of the total world 
order book, valued at Kr.6.7bn. 
of whieh exports accounted for 
KrJibn. 


er* 


(IT f n i'll 3 trade was “simply a signal of trade.” Major problems included 
llltij ailuxe and defeat.” higher energy costs, inflationary 

The 39-year trade boom which wage demands from the shop 
• - > tarted in the mid-1940s had been floor, a decline in- the worlds 

‘ uelled by lowering tariff bar- natural resources and inter- 
v . . iers, he said. “We must see national political instability. 

‘-a. ;• 

• Australia gas mission 

' -BY RAY DAFTER, ENERGY CORRESPONDS^ " 7 

:. IR. ANDREW MENSAROS, the The Offshore Centre in Lon- 
. .. . Vestern Australia Government’s don, which already has, organised 
V ’ .ndustrial Development Minister, a trade mission to Western Aus- 
. .arrived in London yesterday at tralia, will hold a seminar at the 
. ..I .he start of a 2&day mission Savoy Hotel at which UJL and 
"'imed at involving European in- Continental companies will be 
lustry and fin an rial institutions given an outline of the export 
n Australia’s £L76m_ North possibilities. A similar meeting. 

■ Vest Shelf natural gas project organised by the Scottish Conn- 

■ r Among those who will be in- ciL is to be held in Glasgow on 

'• ; tited to tender for work will be February 2. ' 

• ~ Equipment and service suppliers Mr. .Mensaros, who is to be 

• : Operating in the North Sea. joined in ten days\ .time by 

' Mr. Mensaros said the Norths Western Australian a industry 

• West Shelf project would be representatives, wffljgso .meet 

■ ‘ Australia’s biggest natural representatives of .CBM?E, the 

resource development nndertak- petroleum equipment suppliers 

ng. “ Appropriate expertise will trade organisation, 
je drawn from throughout the A spokesman for- the, Western-, 
tforld,” he said. ■ Australia Government* said the 

' During his visit Mr. Mensaros mission’s itinerary included Eng- 
will talk to major finance booses land. Scotland, West- Germany, 
and banking groups about the France, Belgium and Holland, 
aroject’s investment potential. Tbe Minister would also be dis- 
Sowever, much of his time will cussing with companies other 
je spent with equipment natural resource development 
suppliers. projects. . ; 

■X Victor video package 
for home photographers 

. BY CHARLES SMITH ' y TOKYO, Jan. 19. 

•.. •'• JAPAN VICTOR COMPANY, one Britain soon. It claims to be 

- - 'af the main participants in the first Japanese company to 

. . - . fapan's video-tape recorder place-video recordug < 2 m S3Ei 

.. i ':VTR) boom, has announced a designed for consumer rather 
..*« -igw “nacka°e” consisting of a than professional use on the 

• jartable VTR set and . video 

. . ' :olour camera aimed at amateur 

. . ibotograpbers who now use 'Vometime ; this spring 

irdinary cine cameras. The advantages of , ?ideo 

‘ The package, apparently con- photography over ordinary 
iiderably cheaper than any amateinrcine photography are 
ither so far placed on the mar- that pictures can be recorded 
. -:et, consists -of a 7^ kg. VTR on a lon^runmng mMIJ; 

. .'about half the weight of hours m the case nf -he Vxctor 
’ .. . ' he standard Victor recorder) system), instead of on cinejfita 
' . . : iriced at Y248.000 (about £550) with a of three 

ud a camera priced at Y289JXX) P 61 ^ 

• ;or Y251.800 without zoom lens), film does not have to be 

... Victor daims that its new devrioped. . 

' models offer cassette colour ■ person makin^ tlie pic- 
*. • Photography to amateurs for the tores can play them bag 

- Mret time at a price of less than instantly on a VTR set plugged 

Y500,000. -Other systems so far roto a television receiver. 

• ..ntroduced, including a version Prices of the equipment are 

if tbe Sony Bet am ax which came expected, to come down as toe 
iut last summer, have fea ture d market expands and economies 
,narginally more expensive VTRs of scale become possible. Victor 


iJii- 


J 

n 


\ fries 


umguiiLuj vi ow«uc * -- ““ 

nd substantially dearer cameras ' is producing both its portable 
ban Victor is now offering. video cassette recorders and its 
The company plans to start cameras at a rate of 2.000 units 


.xporting its new.products to tbe per montii but expects to step 
J.S: and Europe, including up output sharply this year. 

Honda factories plan 


i 



HONDA MOTOR said today It 
planned to build-more ears and 
motor-cycles overseas, to head 
off criticism abroad of its 
increasing exports. 

The company, which exports 
67 per cent of its output, said 
ft hoped to add four or five 
factories abroad this year to 
36 plants already operating in 
30 countries. It.did not name 
possible sites. 

Honda plans (his year to! 
make 780,900 four - wheel 
vehicles, including 510,000 for 
export, and 2.7m. motor-cycles. 
Including L75 sl for export 
Its wholly-owned Japanese 


subsidiary. - Honda Inter- 
national Sales Company, plans 
to increase imports of Ford 
Cortina and Fiesta models to 
4,000 this year from 1,700 last 
.'year. It is also to import more 
parte and more Swedish out- 
board engines. 

•Toyo Kogyo, Japan’s third- - 
largest motor vehicle maker, 
said Its production in 1977 
totalled a record high, of 
800,003 units, up UL6 per cent, 
from 716,672 unite In the pre- 
vious year. Exports also were 
a record at 524*847 units, up 
20.5 per cent from 435,508 
units in the previous year. 
Agencies 


'fj ; 


Yugoslav chemical 

• plant for design by . 
‘UJLbiiit 

Poster Wheeler Corporation's 
: British unit has been awarded 
- .a contract to design and aid In 
procurement and construction 
‘ ®f a petrochemical complex at 
. Bisaa for Ina Rifinezfja, a 
Yugoslavian State concern, 
reports AD-DJ from Livings-. 
Jon,- New Jersey. Construction 

* 15 expeeted.to take abort three 
fens. The plant will cost the 
equivalent of about .540m. 
with about S17fim.^of the total 
equipment and .services , befag- 
provided by the company.' The 
Pwnt will produce .benzine, 
toluene, vaxjaxulenne a* d 
orthoylene, all basic chemicals* 


Pipeline contract 

-ETPM - offshore' contractors and 
ECOFISA have been awarded a 
$63m. contract by Gas del Estado 
far the .supply and construction 
of a. submarine gas pipeline 
across the Magellan Straits. Ray 
Dafter reports. The pipeline, .the 
first of its kind in Latin America, 
will connect Cap E&pirltu Santo 
at the -North-East of the island 
of Tlerra' del Fuego to Cabo 
Vlgeses on the Argentinian maim 
land. Financed by the ' Inter- 
American Bank for Development 
the" pipeline will allow, the 
utilisation of gas reserves of 
Tlerra del Fuego. In tbe first 
phase, 3.5m. cubic metres of gas 
a. day will be carried by the 
pip elin e, although eventually the 
capacity, might he raised to 5m. 
to 10m. and. : 


THE LAST CAR YOU’LL 
EVER WANTTO DRIVE 


Start with a Lancia and you can stick with 
the Most Italian Car of all for the rest of your life. 

To cut your teeth on, there’s the Beta Spyder 
-with its detachable 
Targa top, fold- 



gearbox, all-round independent suspension, servo- 
assisted all-round disc braking, fitted carpets and 
an 18 cuit boot Lots of comfort Lots of room. 
Lots of excitement 

Or, if you prefer an estate car, go for the 
Lancia Beta HPE (High Performance Estate). 

It has three doors and up to 42 cubic feet 
of load space. Plus,in the 2000cc model,315mph 
performance,built-in sun roof as well as all the 
trimmings. There’s also a 1600cc model. 


back rear window, 5-speed gearbox and all. 

It’llmake you lots of lovely friends (there’s 
even room for two in the back), whether you 
have the 1600 or 2000cc version. 




Finally,fortheman 

who wants sheer excitement first and last, there’s 
the Beta Monte-Carlo. 

Very fast, very beautiful mid-engined sports 
car based on the formula that has won Lancia 
the World Rally Championship four times in the 
last five years. 2 seats. 2 litres. Hard or soft top. 


After the first flush, what could be better 
than the Beta Coup€? 

It’s just as Italian, just as dashing, just as 
quick. Also with 2 seats in the back for a couple 
of kids, if you insist A choice of 1300cc,1600cc or 
2000cc engines. 




Beta Monie-Carlo. 


When the family gets bigger, donTdespair. 
Just graduate to a Beta saloon. With a!300,1600 
or 2000cc twin overhead camshaft engine,5ipeed 


If you have not yet found the sort of car 
you could drive for the rest of your life,go and 
see your nearest Lancia dealer. 

. Take a test drive. Then talk prices. They’ll 

probably come as a surprise to you. They start at 
£3,292-38’ and end at £5,927.22: 

But be warned. 

Once you’ve tried one Lancia, you’ll never 
want to drive anything else, 


Themost Italian ca r 

Lancia (England) LttL, Alperion. Middlesex Tel: 01-9985355 (24-h our sales enquiry service]. 


P ersonal Exp ort: If von are eBphla topordiam a i-nnwii our I-T p nrtnepa^neinK 


-£5,035J.5.Tbe Bed Monte-Cirlo costs 13^7 Ji 


r * 

: r/..' 







6 


Financial Times Friday January 


HOME NEWS 


CBI hardens its attitude 
against worker directors 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


Iran asks 
Britain 
to return 
arms 
payments 

By Maragaret Rad in London and 
Andrew Whitley in Tehran 


Further decline 
in Government 
power forecast 


THE CE1 has toughened Us apparent at the conference when “But the CBI will strongly expenditure which were aired at f 1 1 IV 
stand against the Bullock report he said: “ There is a movement oppose any attempt to develop it the November conference. These ^ ” 

on worker directors by adopting away from feeling that leglsla- into an Instrument for lncreas- propose a 30 per cent cut In 

a policy which virtually rules out tion Is necessary , ing State intervention or detailed income tax over four years, with a 

support for any legislation on “So many companies are deve- p lanning . Government can get a 4 per cent, annual rise in pri- flQVlTIPTlTV! 

employee partlclation. The CBI loping their own ideas volun- all It needs to know about com* vate consumption which could IJCC T UIvUU 

was previously in favour of tarily that a lot of people now panies* forward pl annin g from result from the benefits of North 

limited legislation. do not even think that legislation the wide-ranging discussions it Sea oil plus public spending 

The stand emerges in a CBI is needed as a back-up* already has with individual being held at current levels In gy Maragaret Rad in London and 

policy document published this The CBI knows it is on safe firms.” real terms. . . wumju. •„ ta— 

month entitled Britain means ground for at least the next few The document Hnirc this with Th e Government, therefore, Andrew wmoey m ‘“ran 

business: Programme for Action, months. The Government is due the debate on the use of North says the CBI, should abandon its 

The document contains short to publish its White Paper on sea oil revenues by saying that Plans to increase public spend- toajttaw Government has 
and medium term policy targets industrial democracy by the revenues should not be used by mg as to “give British industry . . -n 

on a range of subjects and is the spring but there is no prospect the Government to finance the chance to create a million asKea j lo repay au me 

outcome of debates at the CBTs of any legislation being pushed further selective assistance new Jobs.” commission payments made in 

first national conference In through Parliament before the schemes for industry. On Wednesday, the CBI coun- connection with British arms 

Brighton in November. next general election. The document also repeats the cil decided officially, as bad to Iran in the past decade. 

The CBl’s new stance on indus- The CBI hacks the Govern* CBI’s cautious interest in been expected, that it will bold ^ contracts have covered items 

trial democracy reflects a grow- meat's industrial strategy, which gradually strengthening labour a second national conference „ nFin . from tnn ks to naval 

ing mood ar'nng Industrialists is to be reviewed at a meeting of law in favour of employers on this year. It will be held in v ^ejs 

that employee participation the National Economic Develop- matters such as picketing, union Brighton in the first week of ' H 

should be developed voluntarily, mem Council on February 1, but recognition, and the terms of November. The council also T°e _axnounr_in question is 

In its evidence to the Bullock gives a warning against further reference of the Advisory Con- decided to start a two-month likely to De suDst^umiyuigner 

Committee in 1976. the CBI State intervention in industry. dilation and Arbitration Service, period of consultation • with Its tn^ me * lnL 01 .Jv 


workers within 'a set period. Government about industry's confrontation— everyone loses by Britain means business: Pro- Old Balley as having been paid, 
Yesterday, however. Sir John needs and finding ways of rais- it” gramme for Action. CBI, 21 lot- 10 5 “’ S ha poor Reporter, it may, 

Mcthven. CBI director-general, ing productivity, ,, says the The confederation also repeats hill Street, London SW1. Price Tun 11110 several million pounds. 


reflected the change of mood document 


its polides on tax and public 20p. 


New deputy £im. research project launched 

to improve plant yields 


By Kevin Done 


BY DAVID F1SHLOCK, SCIENCE EDITOR 


MR. JOHN Harvey-Jones has A flM. RESEARCH programme 
been appointed a deputy chair- is being launched to improve 
man oE the Board of Imperial yields of British crops by apply- 
Chemical .Industries from ing newly-discovered ways of 


RESEARCH COUNCILS’ BUDGET 


February 1. 

He will replace Mr. Maurice 


genetically manipulating plants. 
Sir William Henderson, secre- 


Hodgson as one of three deputy tary of the Agricultural Research 
chairmen. Mr. Hodgson takes Council, which is behind the 
over as ICI chairman on April scheme, said yesterday that a 
1 in succession to Sir Rowland third of the cash would come 


Wright. 


from the extra £4m. a year 


Mr. HarveyJones has followed allocated to the total budget of 
an unusual career pattern at the Department of Education and 
1CL a company dominated at Science’s research councils by the 
Board level by chemists and Government last month. 



£m. 

% change 


(1978-79) 

up to 1981-82 

Agricultural Research Council 

21.7 

+1.9 

Medical Research Council 

43.7 

+1A 

Natural Environment Research Council 

284 

. +23 

Science Research Council 

1392 

-1.7 

Social Science Research Council 

14A 

' +1.0 

British Museum (Natural History) 

1 42 

+03 

Royal Sodety 

22 

• +13 

Total (rounded) 

254 2 



The Foreign Office would say! 
no more yesterday than that it 
bad been in contact with the 
Iranians about points arising 
from the trial,. in which LL Col 
David Randel, formerly of the 
Ministry of Defence, was found 
guilty of corruptly receiving 
bribes. 

Yesterday, the Judge in Die 
Old Bailey case. Mr. James 
Miskin, QC, the Recorder of Lon- 
don, Jailed CoL Randel for three 
years. The Crown had alleged 
that while Col. Randel was with 
a Defence Ministry team m 
Iran, he sought nearly £25,000 
from two former Racal execu- 
tives for helping Racal to win 
a £4m. contract to supply radios 
for the Chieftain tanks. 

Both executives had been 
found guilty of paying the money 
to CoL RandeL 


Unique case 


Mr. Frank Nurdin, farmer 
sales director of Racal BCC. 


Jjf His council would find another sunlight and increasing their engineering and marine techno- received a prison sentence of 18 

Jears in the Roval Navv third from its existing resources resistance to disease. !ogy months; Mr GeoffreyWellburn, 

y He was at iBv wS* shidv “d h °Ped that the Advisory Work on various aspects of In big science." such as space previously Racal BCCs manag- 
t , Board for the Research Council senetic manipulation in four or research and nuclear physics, the mg director, received a 

shTt neriL 1 hri^Xri?. £ Sto the Sir five of the council’s research budgets had been cut to a point suspended 12-month sentence. 

The Government announced SMM'.SUSK? k : 

he became supply manager of yesterday that it bad accepted ? c»ncMted Si? si F^erick sSid Competence ' been too much corruption in 

the Heavy Organic Chemicals the Board's latest proposals for William? recent years but this is a unique 


( now Petrochemicals) Division, a sfaaringf'the OHSn budget for "Engineering research would be terns The c “c i because i you had all been 

i q^ S ' m Pt^f f ^ i r^t nr 1975 *“ 7 ® between the five research one of die main parts of the annual budget of the Science ^hpnpfiH? 

19 uo c0 “° clls ' its advice on growth science budget to grow in any Research Council is equivalent to SSrtaite" h 

..w Jn nf tffShn in iftS 8UldeIlI,ea u P to 1981-82. substantial way. Professor Sir about £2m. each year. It la being 

in™ 968 ^ new P««ramme of the Frederick Stewart the advisory absorbed chiefly by cuts in “ big & 5 

Agriculture Research Conndl— Board's chairman, said. How- science " activities. S™2i«r, 8ett ^ 8 lnvolved m 

nfrtfftrtmnnnf lim ^ one oE ***• m05t enterprising ever, the Board still could not Another big worry of the M ptl0D ' 

Pjj K ” m s P h f « ventures of the research councils fund all the work of the Science Board is how to maintain a fast- Tke wives of Mr. Nurdin and 


BY PETER RIDDELL' 

THE ROLE and power of central 
Government in Britain readied 
its peak at the end of die 1980s 
but will continue to decline* 
according, to the former Head of 
the Home Civil Service. 

Sir Douglas Allen, who retired 
at the end of last month and was 
created a Life Peer in the New 
Year's Honours List, discussed 
the “ developing structure of 
UJL Government ” in the first of 
this year's Stockton lectures at 
the London Business Sdiool last 
night 

He predicted that the trend in 
the U.K. which is reducing the 
power of the central executive 
at Westminster, namely, the 
Cabinet and associated depart* 
meats, would lead to farther 
changes in the constitution. - 

“This trend is not incompat- 
ible with much government, but 
it will be spread between many 
levels (probably too many levels 
for constitutional stability). 

** It could, however, compel 
greater stability in policy 
throughout the whole system of 
governmental authorities. If It 
does not, there will be a lot of 
friction in the system.” 

Eight factors were involved in 
the power decline of central 
Government 

• Membership of the EEC. 

• Moves to devolution. 

• Transfer of power to qn&si- 
gov eminent a I bodieB. 

• Increased activity by back- 
benchers In Parliament 

• Increased power of outside in- 
terest groups. 

• A greater role for consulta- 
tion and bargaining. 

• Moves towards greater open- 
ness in government 

• Changes in attitudes towards 
- authority. 

There was a Unfit to the 
□umber of directly-elected gov- 
erning levels which you can have 
if you want a healthy demo- 
cracy. 

"With too many levels, the, 
roles and responsibilities of the 
different elected authorities can- 
not be made sufficiently distinct, 
the territorial loyalties necessary 
in the feeling of belonging can- 
not develop, and the different 
responsibilities of the separate 
levels of authority are neither 



SlK flOuiiLAS ALLEN 
“More open government” 

understood, nor fully accepted 
by electors.” 

Constitutional cha n ges ipight 
reduce the citizen’s understand- 
ing of how be is governed and 
thus weaken confidence in 
governmental processes. 

H If this is so, the more central 
Government seeks to intervene 
id the economy, the less powerful 
it will become, because It will 
have to rely on an even-increasing 
number of bodies and individuals 
to do what it wants” 

The trend was more than a 
short-term consequence of 
having governments without 
workable majorities in Parlia- 
ment. 

“1 believe that the frequent 
lurches in Government policies 
and the failure of Government to 
communicate adequately with 
the public io crisis situations, 
have given Parliament a chance 
to fight back to regain power 
from central government.” 

Sir Douglas, while favouring 
moves towards more open govern- 
ment to improve the quality of 
decision taking, did not think 
“the doctrine of collective, 
Cabinet responsibility could con- 
tinue. unless the Cabinet speaks 
with one voice once the decisions 
are taken." 


warned company executives 
against getting involved in 
corruption. 

The wives of Mr. Nurdin and 


Ozalid to close drawing 
board subsidiary 


1 t ^ iwaivu tvuuuu an ujv; ui me ow iculu DUttlU id uuw (U UittlUUUU a laai- auu nV lOKJkl I I nvn 

— alms to improve crop yields by Research Council that it believed ageing research fleet' for the Wellburn, both In tears, BY ]OHN LLOYD 
u,n ‘ s “ ch mea °s as enhancing the ought to be done in such fields National Environment Research talked afterwords of the “ rotten OZALID. the copyiD 

tmental Western Europe. efficiency with which plants use as micro-electronics, electrical Council. system * which could lead to group, is to close its 

direnor »7 Cartnnm V JSlli bosmessmen working in the jidlaJy. Holme. Bra 

viifoV «n!i R.Ji Tntatb Interest of their country's export unsuccessfully to si 

— • Tories olan bis staff cut wafer 

A VTA AV/kJ MHIAI Wig kJLCtJX tUl extremely sorry for Frank reorganisation. 

Hoover cniet Nurdin. He is certainly one of Holmes Bros, w 

„ . BY JOHN LLOYD the best marketing directors in drawing boards, e 

TftpPCa^tS the country. It is a shame that peoples Redundanc. 

] ui v.v,ajio THE CONSERVATIVE ruling policy to proposing it all employees to withhold co- he should have been treated in being negotiated wi 

Knffnr voor group on the Greater London Important hurdles remain, operation from “any policy this way. It is one of the unions. 

Uvlltl j vdl Council lived up to its pre-elec-- however, before the plans can which either reduces manpower, problems that marke ting Ozalid said that tl 

rr , X,. Ttma, tion pledges yesterday by begin to be implemened. Most or services, or both." directors facer.” Holmes Bros, was to 

Financial limes Keponcr announcing plans to reduce coun- of the staff cuts assume that the tj.. Drnnnwk wlfh 

SALES OF electrical appliances cil staff by 10,000 over the next GLC bousing responsibilities th* oublicaSon of^ intP^fS Foil , 

should be up this year, wcordlng Bve years. will be taken n TC r_togerher ^ FaM ^ StPPlll? 

l .» T JV* v, P f ter Boon ' Honvert The cut— which represents a with be staff— by the London W ho U* inquiring into the Mrs. Nurdin spoke of the r* 

1 voarorHov that V*® cpuocil's 30,000 em- boroughs. There is no agree- relationship between GLC, cen- family's ordeal during four years RV muu MftVn 

.. Mri B°°u said yesterday that payees— la the most dramatic ment with tiie boroughs on this, tral govenunent and the London of questioning and inquiry, add- BY J OHN LLOYD 

the extra ,°J 0D ®¥ ^ung into element in a series of proposals nor has the Government been boroughs. ing: "The wrong people are in trip ruttiqr -c 

wases. coup ed with the reported t0 reni odel the GLC. Others convinced of the case. ™ ° A , „ the dock: I think mv huStand SSi 

direct taxation cuts, would prob- include: nr .. Announcing the proposals, Mr. was made H, e rail mi/unflmit in porati ° D ® Auancia 

ably mean an expansion and _ -. mrAavmmt af nminl v 11,6 Horace Cutler - lead er °f the a “tratiSn from which hewaS requeued under an 

some volume Improvement in the • 21 “? who GLC - said: “When the electors 5ot wt awai™ ^lect Commit 

markot highly-qualified, specialised staff to be either transferred or made gave us newer, thev did so know- 81 away - Nationalised Indust 


director of Carrington Viyella. 
Fiber Industries, and Reed Inter- 
national. 

Hoover chief 
forecasts 
better year 

Financial Times Reporter 


OZALID. the copying equipment 
group, is to close its Leyton sub- 
sidiary, Holmes Bros. It has tried 
unsuccessfully to sell the com- 
pany since late last year, when 
Ozalid .underwent an Internal 
reorganisation. 

Holmes Bros., which makes 
drawing boards, employs 100 
peoples Redundancy terms are 
being negotiated with the trade 
unions. 

Ozalid said that the closure of 
Holmes Bros, was to be seen “ in 


the context" of its rationalisa- 
tion. The manufacture of draw- 
ing boards lay outside the com- 
pany's main interest, which was 
copying. 

A Holmes executive said last 
night that the market in draw- 
ing boards had changed entirely 
in the last few years and the 
company had been unable to 
adapt Composite boards were 
replacing the wooden boards 
made by the company. 


Steel papers go to-day 


Iasi five years, though the more • The cutting of office accom- The Labour opposition group intended to be— a strategic i?5_ J?"??!"! 

efficient firms with the better modatioa by 280,000 square feet 5^ that while it agreed in authority for London, analysing ^ n -™nn a 5?i S fw 

products got a bigger share." from the present total of 1.15m. principle with the transfer of capital’s problems and L c ^i lTv } e _ 5 -t ; 

Hoover would announce some square feet. housing responsibilities, the 3ucgesting remedies, but not jr® * 2?. ; 

new products in a few days. • A switch from implementing GLC leadership was pre-empting necessarily implementing them nrini h !*har rW it 

the findings of the Marshall itself ... implementation Is mgner man u 00111(1 

inquiry with a premature mainly a Job for tbe boroughs. ‘ j 

Comnanv chief accused t""* , ” te! ,ta * pw,t » MhS.T's 

WUipailJ LIULl avvu^vu Unions representing the GLCs Mr. Nurdin, said that in the past 

P .1 a m staff reacted angrily to the Mr. Cutler pointed out that 20 years Mr. Nurdin had won 

OT ThrPafPniTl? Tft Kill announcemenL saying that they since last May the staff had orders for Britain worth between 

vl UXA v U IvlUU^ had not been consulted on the already been reduced by 1,300 £20m. and £25m. and had been 

av run ictimf mqir proposals. A meeting of repre- to 30,110 by natural wastlie, and under enormous pressure to get 

HI lhkisuni: hwik sentatives of GLC unions, inchid- that the target was a further the Iranian contract Tor his com- 

MR. DESMOND LYONS, com- made in I97S. He is also chair- 5n S shop stewards, called upon reductioa to 29.730 by March. pany. j 


BY CHRISTINE MOIR 


MR. DESMOND LYONS, com- made in 1973. He is also chair- lus ®bop stewards, called upon reductioa to 29.730 by March. 

pany chairman, was committed man of Edward Wood, a 

for inal at the Old Bailey publicly - quoted engineering . . , 9 

yesterday on charges of group which went into members' ly|orC VISllOFS I hllYlC Hid 


threatening io kill, theft and voluntary liquidation In 1909 and 
cheque frauds. was wound up in 1976. 

At the committal hearings at Mr. Lyons has denied all the 
the London Guildhall xuagis- charges, in addition to tbe 
trates* court. Alderman Alan threat to kill, they Include 


Mwe vfeftore Claims rush by Ulster 

Financial Times Reporter businessmen expected 

HERE WERE 4.5m. overseas by OUR BELFAST CORRESPONDENT 
sltors to Britain in the third 

tarter of 1977, an increase of A RUSH of claims for compensa- decision of a county court not 


vestment banking concern, for Reporting restrictions were 
which a winding up order was lifted at Mr. Lyons request 

Thoresen wins £259,000 
damages from council 


aUv adiusted. 28 oer cent bieher !r„ 00 ,. .Vff hearing: “Thousands of people 


by six per cent, to £257m. 


He was appealing against a with interest' 


BY JOHN LLOYD 

THE BRITISH STEEL Cor- 
poration's financial forecasts, 
requested under an order by the 
Select Committee on 
Nationalised Industries, will be 
taken from tbe corporation's 
London headquarters to the 
Commons at mid-day to-day. 

The corporation said that it 
was unlikely that Sir Charles 
Villiers, tbe chairman, would 
take them himself. They would 
probably be taken by messenger. 

The forecasts are of sources of 
foods and expected expenditure 

City to join 
GLC lottery 
scheme 

Financial Times Reporter 
THE CITY Corporation decided 
yesterday to participate In the 
municipal lottery scheme to be 
organised by Greater London 
Council. At least 17 other London 
boroughs, including Brent; 
Ealing; Hounslow; Islington: 
Kensington and Chelsea; South- 
wark; and Wandsworth, are 
expected to follow suit. 

The GLC has appointed an 
American-owned company, Scien- 
tific Games International, to 
organise tbe lottery, which begins 
in AprlL 

The company is a subsidiary 
of Scientific Games Development 
Corporation, of Atlanta, Georgia. 
It won the contract in competi- 
tion with five companies, most of 
them British, including the Lad- 
broke Group. 


for the financial year 1977-1978, 
made In 1976-1977. They -were 
updated every quarter and sub- 
mitted to the Department of 
Industry between January 1976 
and September 1977. 

On Wednesday the cor- 
poration’s Board stated that the 
forecasts had not previously been 
requested by the select commit- 
tee. 

However, seme members of the 
committee remain convinced that 
they did ask for the figures. 

Men and Matters. Page 18 


Distillers 
puts up 
export 
Scotch 


By Kenneth Gooding, 

Industrial Correspondent 

DISTILLERS COMPANY Is to 
put up the export price of Its 
Scotch whiskies by ahout 10 per 
cent, from February 1 Wd for.. 
the first time since 1074, i» In- 
including the U.S.— the biggest 
market In the world for Seotch 
— in its proposals. • 

The other major Scotch whisky 
groups are likely to follow suit 
Apart from being faced by, 
higher costa, they have seen pro- 
fits from the U.S„ where they 
invoice in dollars, slumping , as 
the pound strengthened .against 
the dollar. 

Tbe European Commission . 
might not be so pleased with Dis- 
tillers’ decision to increase tbe 
price of Scotch in aU .Common 
Market countries apart from the 
U.K. It had hoped that its 
ruling that Distillers' dual-pric- 
ing system was unlawful would 
result in prices being cut. 

But Distillers stressed last 
nigbt that the move was a 
normal commercial decision, 
taken because of rising costs. 
Last year, the industry earned 
£5 12. 6m. from Scotch exports. 
Tbe price increases should arid 
around £40m. to overseas earn- 
ings this year, even if there is 
□o increase in volume sales. 

The Distillers' EEC price 
Increase means a rise from £13.51 
a case of 12 bottles to £14.57 
(Including the distributors' mar- 
gin). This represents less than 
9p a bottle, compared with the 
50p a bottle increase the com- 
pany intends to put oa several 
brands in the U.K. if the Price 
Commission approves. 

The U.S. price for standard, 
bottled-in-Scotland brands moves 
up from S18.20 a case to S20.02 
or just over 15 cents a bottle. 
De luxe whisky . qoes up 12 per 
cent, from $33.80 to £37-86 a 
cose. 

Allied beers 
to cost 
another 2p 

THE PRICE COMMISSION has 
decided not to investigate beer 
price rises proposed by Scottish 
and Newcastle Breweries, but has 
won an assurance that the com- 
pany will not put up prices again 
until October at the earliest, 
writes Kcunefh Gooding. 

It also emerged last night that 
the Commission’s decision to In- 
vestigate Allied- Breweries price 
rise proposals will have little 
effect on consumers; For the 
majority of Allied's beers — 
which Include Skol, Double 
Diamond. Long Life and the Ind 
Coope and Tetley brands — will 
be going up by 2p a pint in pubs. 

The Commission said it 
“accepted the company's legal 
right to an overall weighted 
average Increase of 7.42 per cent 
in respect of manufactured and 
wholesale beer, as originally pro- 
posed by tbe company." 

Allied is also being allowed 
to go ahead with a 6.85 per cent., 
increase in prices for non-beer 
products and accommodation at 
its managed bouses. 

The Commission is continuing 
its Investigation of Allied and 
this is due to be completed on 
April IS. 

And if all the major brewers 
implement 2p q pint increases 
over the next few weeks it 
could, according to some City 
estimates, add around i per 
cent, to the Cost of Living 
Index. 

Courage, the Imperial Group 
subsidiary, has put its price 
proposals to the Commission 
already and Bass Cbarrtngton 
has said it will not be long in 
following. 


Treasury selects adviser 
after three-month search 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE TREASURY has at last 
found a deputy chief economic 
adviser from within its own 
ranks. The post has been vacant 
since last October and the 
Treasury took tbe unusual step 
of advertising it publicity. 

The new deputy chief economic 
adviser will be Mr. Ian Byatt. 48 
an under-secretary concerned 
largely as an economic adviser 
with the domestic economy and 
public spending sides of the 
Treasury. The appointment fol- 
lows an open competition con- 
ducted by the Civil Service 
Commission after the post was 
advertised at the end of last year. 

He succeeds Mr. Geoffrey May- 
nard, who left last October to 
join Chase Manhattan Bank. Mr. 


Maynard had only been at the 
Treasury for 12 months after 
taking over from Mr. Michael 
Posner. 

■Hie appointment of Mr. Byatt 
ends a long period of changes at 
the top of the Government 
economic service and at senior 
level within the Treasury Itself. 

There wsb, for example, a time 
between summer 1976 and last 
spring, when Sir Bryan Hopkin 
acted as a part-time chtef 
economic adviser before Mr. Fred 
Atkinson took over full-time. 

The appointment of Mr. Byatt 
from inside the Treasury may 
also reflect a desire for greater 
practical integration of the 
economic side with the policy- 
makers. 


Tboresen Car Ferries, whose 
plans in 1975 to use Weymouth 
Harbour. Dorset, for a proposed 
Cherbourg route were blocked 
by Weymouth and Portland Dis- 
trict Council, was awarded 
£259.000 damages In the High 
Court yesterday. 

The award, plus interest and 
costs, against the council was a 
victory for the independent car 
ferry company in a complex dis- 
pute about how much damage It 
suffered as a result of the coun- 
cil's breach of contract 

The council had been accused 
of bowing to pressure from 
British Rail — which operates 
a Sealink service from Wey- 
mouth — to deny Thoresen the 
use of the harbour facilities. 

A year ago. Mr. Justice 
Donaldson, ruling on the issue 
of liability, held that letters be- 
tween tbe Weymouth harbour 
master. Captain Harold Holden, 


and Thoresen constituted a con- 
tract which the council broke. 

The case returned to court 
when the parties were unable to 
agree on the amount of damages 
to be awarded. 

The judge held yesterday that, 
given the use of Weymouth, 
Thoresen's three ships could, and 
would, have made 114 more 
crossings than they had made in 
the 1975 summer peak period- 

He said that the great attrac- 
tion of Weymouth, compared 
with Southampton, was that it 
was substantially closer to 
Cherbourg. 

More Channel crossings could 
have been made without any 
proportionate increase in costs. 
Thoresen had made out its Hatm 
in full. 

The judge granted a stay of 
execution on the damages award, 
pending an appeal by the 
council 


Bank fraud ‘world-wide threat,’ court told 


INTERNATIONAL banking 
fraud-~so vast that it could 
have undermined virtually the 
entire banking system of the 
civilised world— had Its opera- 
tions centre in London, an Old 
Bailey jury was told yesterday. 

A long, patient end skilful 
police operation culminated Is 
a dawn swoop is August 1976 
on several London addresses. 
The big fish in the forgery 
organisation were arrested and 
a forgers’ den uncovered, said 
BKr. Kenneth Richardson, 
prosecuting. 

in all there were 36 arrests; 
16 people were charged and 
now six men remained to be 
tried on conspiracy charges. 

Mr. Richardson warned tbo 


Jury: “The trial certainly is one 
of the biggest and must far- 
flung ever to come before this 
court” 

The basic allegation was one 
of forgery “Ihe allegation i* 
that this international 
organisation was concerned in 
tbe presentation of forged 
bank drafts to banks through- 
out the world with the object 
of defrauding those banks. 

“Although all the banks to 
be defrauded were foreign, 
virtually all the forgeries were 
done io London. 

NO LIMIT 

“It is quite impossible to 
give any idea of either the 
success that was achieved, or 
the eventual success that was 
hoped for." 


However, at the time of the 
arrests forged bankers’ drafts 
amounting to were 

found in premises associated 
with various defendants, and 
ready to be presented. 

“The Crown will prove that 
certain banks were In fact 
defrauded to the tone uf 
hundreds of thousands Of 
dollars,” Mr. Richardson said. 

“It was a fraud, the Crown 
say, which really knew no 
limit If It had not been 
checked, and if it bad gone on, 
there can be Uttle doubt it 
would have undermined the 
banking system of virtoaUy the 
whole civilised world.” 

The forgeries went well 
beyond the documents needed 
to deceive banks. The organisa- 


tion had also forged identity 
documents, particularly pass- 
ports, and vaccination certifi- 
cates. driving licences, 
travellers* • cheques and 
bankers’ cards— though many 
of tiie latter had been stolen. 

** Those engaged in this 
enterprise could travel any- 
where in the world more or 
less without hindrance and 
inconvenience from the 
ordinary immigration laws,” 
Mr. Richardson said. 

In the dock are William 
David Ambrose, 47. director, 
of Sandown Road, Esher, 
Surrey; Andre Biro. 52, stone 
dealer, of Vane Close, Rosslyn 
Hill, Hampstod; Francisco 
Flocca, 48, antique dealer, of 


Westbourne Gardens, Bays- 
water; Henry Oberlander. 5L 
of Clarendon Road, Notting 
H1U; Emile Flelsehman, 57, 
salesman, of Ladbroke Mews, 
Notting HtU; and Jorge Grun- 
feld, 55, antique dealer, also of 
Clarendon Road. 

They plead not guilty 
variously to six conspiracy 
charges involving forged, 
stolen and false documents, 
bankers* drafts and passports. 
Oberlander and Flelsehman 
also deny one charge of 
possessing 482 forged US. 
dollar bills with a face value 
of *46,600. 

Mr. Richardson said that. the 
organisation used 44 James 
Street,' Westminster, a s its 
main meeting place, Ambrose 


was the number one man In 
England, and was the protector 
and collector for tiie group 111 
the U.K. He lived La » sub- 
stantial house In Esher and was 
a director of the Cahill group 
of companies, which had offices 

id Prince Regent Lanei 
Ambrose kept a low prou»^ 
He was the only Englishman u* 
the dock. 1. t 

Mr, Richardson saidtjmj 
when Oberlander wan arresie® 

he bad 20 passports. with seven 

different nationalities 
12 different names. 
with false identification grjf 
and driving HcefieWS- J™ 
names were also naed by 0 ” 16 ** 
“absolutely wholesale. ..j... - 
The case continue* tO-w* 


ip-P-n 

li « V. J . o 


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^ r. - ■ 


'^035 ... 


y>*\: r ! 

V. 

,K, ,,r e- 


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It « 




W. H, »n: 1 
‘“I 





Financial Times Friday January 20 1978 


HOME NEWS 



Scotch t° meet surplus aim 


: £ ' ' ' r. m BY KEVIN DONE, CHEMICALS CORRESPONDENT ' 


PHARMACEUTICALS 
dustry is unlikely to achieve 
•' * target of a £500m. balance of 
. ■ ade surplus by. 1980. 

As part of the Government’s 
dustrial strategy the pharma- 
• l '* uticals sector working party is 
'' Ting detailed discussions with 
' wide range of companies to 
- aluate the industry’s perfor- 
anee. 

• First . indications, however, 
• • ggest that the target of 
: ubling the positive trade 

- lance for drugs, within five 
.• ars — it was more than £2 50m. 
r • 1976— is -unlikely to be met 

The report of the working 

■ rty, which will be considered 
ang with nearly 40 other sector 
irking party reports at a meet- 

of Use National Economic 
ivelopment Council on Feb* 
*ary 1, suggests that there wUl 

■ a sharp faU in the growth of 

■ «»rld pharmaceuticals trade in 

.? five years to 1980. 

/ From 1970 to 1975, world 
ugs trade grew by about 20 per 

■ it a year tat current prices), 
t some estimates ' for the five 

i ■ ars to 1980 are now for an 
k . , nual growth rate below 10 per 

- it 

- . Against this background, the 
rldng party report, which is 
... t to be published, says that 
. ..oorts' would have to be grow- 
•■■ -? at 1 15 per cent a year and 
•- . ports at only 10 per cent a 
' ir for the target of a £500m. 


trade surplus in 1980 to be met 
The reality is likely to be 
rather different ! It ' predicts 
instead a growth in. exports of 
B-10 per cent a year’ up to 1980 
and a growth is imports of 12 
per cent a year.; . Such rates 
would produce a trade stuylus of 
only about £400m. in' 1980. 

In the U.K. ' market alone, 
demand for prescription drugs is 
likely -to grow at aboffit ■ 5_ per 
cent a year to 1980, compared 
with the annual growth 'of some 
10 per cent in the decade from 
the mid-1980s. 

Price rales 

According to the Government 
at least progress Is being made 
in one area of controversy, in 
the pricing of drugs- . '' . 

The working party consists of 
representatives of the;, larger 
drug- companies such ' as 
Beechams. Glaxo, IC1 and Well- 
come, with Government officials 
and officers of the mate unions 
in the' industry such as the 
General and Municipal Workers 
and the Association of Scientific. 
Technical and Managerial Staff. 

It has maintained that drug 
pricing should be regulated in 
the UJK. so as to. encourage 
companies to invest in research 
and development in . Britain and 
to boost productive capacity. 

U.K. prices generally have 
slipped to the lower end of the 
world-wide range; leading to 


Chemical exports reach 
i record £3.8bn. 

BY OUR CHEMICALS CORRESPONDENT 


pressure on manufacturers ex- 
porting from the U-K to reduce 
their export prices and, hence, 
the profitability of export sales. 

increasingly, other countries 
are paying more attention to 
international price comparisons 
and relating their local prices to 
prices in the country of origin. 

The ILK. Industry says that 
too low prices in Britain are 
harming profitability, and as a 
result are damaging the 
industry’s research and develop- 
ment programme and its long- 
term future. 

Now. after initiatives taken in 
the sector working party, the 
Department of Health (which 
operates the Pharmaceutical 
Price Regulation Scheme) main- 
tains that price negotiations this 
year based on companies’ annual 
financial returns will take full 
account of their individual 
investment research and trade 
performance. 

But the industry is still scepti- 
cal. The report says: “The com- 
panies. for their part, remain to 
be convinced .about the scale and 
impact of the new pricing 
regime.” 

In spite of this uncertainty, 
investment in research, and de- 
velopment. which is crucial to 
the industry’s growth, is ex- 
pected to Increase from about 
£100m. in 1976 to £170m. in 
1980. The industry is also plan- 
ning to place a growing 
emphasis on the small, but 
potentially important, animal 
health sector. 


National Exhibition 
Centre chooses 
Olympia group chief 


FINANCIAL TIMES REPORTER 

AN END to the bitter rivalry 
between Britain’s two chief 
exhibition centres in London and 
Birmingham, and a coordinated 
exhibitions pricing structure are 
foreshadowed by the appoint- 
ment of Mr. Terry Golding, 
commercial director of the Earls 
Court .and Olympia group to be 
deputy chief executive of the 
National Exhibition Centre at 
BickenhilL near Birmingham. 

The appointment is the 
culmination of a six months’ 
search for a top-flight exhibition 
executive to provide the inter- 
national - marketing expertise 
that the National Exhibition 
Centre has lacked. 

Ur- Golding, whose new job 
carries a salary of £17,000 a year, 
joins Sir Robert Booth, the ex- 
hibition centre chairman, who 
also took over as chief executive 
last March, when Mr. Gordon 
Brace resigned the general 
managership after a boardroom 
disagreement. 

Sir Robert, 61, Is expected to 
band over the job of chief exe- 
cutive in the summer, when Mr. 
Golding can count on an appre- 
ciable increase in salary. 

Mr. Christopher Stewart-Smith, 
chairman of Earls Court and 
Olympia, said Mr. Golding was 
“the best man available for the 
job. 

“ We were pleased to play our 
part in the interests of the ex- 


hibition industry generally and 
hope this new job will help foster 
good relationships between our 
two centres.” 

IWs is a surprising statement 
in view of the sniping that has 
been going on, particularly from 
the London end and from many 
exhibition organisers over the 
alleged- disadvantages of staging 
shows at the 1m. sq. ft. National 
Exhibition Centre and the recent 
steep rises in charges. 

Co-ordination 

Sir Robert and Mr. Stewart- 
Smith both sit on the five-man 
working party set up by the 
British Overseas Trade Board 
last summer to examine ways of 
establishing greater co-ordination 
in the exhibition industry, and 
they have got on well together. 

The National Exhibition Centre 
has yet to emerge as a truly inter- 
national centre in the sense that 
it has still to become firmly 
established on the circuit for the 
big Shows that move around 
Europe. One or two of these have 
booked so far. 

Mr. Golding, aged 45, joined 
Earls Court as chief accountant 
in I960, becoming company 
secretary in 1965, financial direc- 
tor in 1972, and was then 
appointed to a similar position at 
Olympia. He became commercial 
director of the whole group in 
1875, 


Sales increases restore 
unit trusts’ confidence 


BY ADRIENNE GLEESON 

WITH total sales last year at 
£372m„ second only to the record 
£437m. of 1972, the unit trust 
industry seems to have put paid 
to the suspicion that ft is a 
dying investment medium. 

But the year’s figures, released 
yesterday with those for last 
month, show that repurchases 
last year were the highest 
recorded. at £258m. 

In consequence, net new In- 
vestment for the year was well 
short of that for either 1976 or 
1975, at £H4.4m„ against 
£1 67.5m. and £190 An. respect- 
ively. 

The December figures, how- 
ever, confirm that the crisis 
which loomed over the industry 
in mid-summer, when long- 
standing investors took advan- 
tage of the buoyant stock market 
to liquidate 'their holdings, has 
receded. 

Though the value of gross 
sales, at £&39nL, was down on 
the preceding month, repur- 
chases at £13.Im. were the lowest 


50n£M- 


UN 1 T 


v .. m 

9 is , s 

REPURCHASES 
1974 1975 1978 1977 


for the year, and net new invest- 
ment, at £20-3 ol, was the highest 
since April, 1976. 

The value of funds managed 
by the industry rose marginally 
last month to £3.46bn. — the 
highest year-end total on record. 
The highest level ever was 
reached at tbo end of October 


last year, when the total vain a 
of funds rose to £3.4Sbn. 

• In its seasonal submission to 
the Chancellor the Unit Trust 
Association has asked for a 
change in the tax treatment of 
the industry. It wants any 
liability for capita! gains tax 
allocated not to the trusts (as 
at present), but to the indi- 
vidual investor, who would 
escape it altogtber if his total 
disposals came within the £1,000 
annua] exemption. 

The association also wants an 
end to the present anomalous 
position over the treatment of 
the unfranked income of unit 
trusts — which effeetivley debars 
fund managers from establish- 
ing income-oriented gilt funds 
—and permission for managers 
to operate U.K. authorised unit 
trusts for oon-rcsldents. free of 
all taxes other than with- 
holding tuxes. 

Finally, the association wants 
those authorised unit trusts 
operated exclusively for tax 
exempt bodies completely 
exempted from corporation tax. 


Tin plate price to go up 6.5% 




1 1 


ZEMICAL INDUSTRY exports 
iched a record £38btL last 
tr, in spite of depressed 
ding conditions particularly in 
stern Europe. 

ISxports rose by 27 per cent in 
(hue and 9 per cent, in volume 
ipared with 1976. 
c , 3ut the U.K. home market has 

Mil (ISl 0 P^ed increasingly attrac- 
* ‘ ' e for lower cost imports. 

.ulting in the volume of im- 
* r r 'r riMCfrts increasing by 11.3 per cent 
a faster rate than exports. 
The value of imports rose by 
6 per cent, compared with 
j 27 per rent rise ip the value 
exports, increasing by £471m. 
£2.5bn. 

Cbe industry’s positive trade 
lance was up to £1.4bu. an' 
rrease of 34 per cenL corn- 
red with 1976. 

Mr. Martin Trowbridge. 


director-general of the Chemical 
Industries Association,: said yes- 
terday that last year’s record was 
particularly pleasing in view of 
the sluggish performance of 
world economies. 

West European and\ other 
chemical producing - countries 
were equally anxious., to' cope 
with their own problems, of sur- 
plus production capacity, and he 
warned that the outlook for 1978 
was not particularly encouraging. 

“Evidence that world^market- 
ing conditions this year-may be 
even tougher Is suggested by the 
slight downward trend of trade 
in the last quarter of 1% year. 
The increase m the valug of the 
pound, while useful to Britain in 
some respects, will mate our 
chemical export job muen more 
difficult this year.” V 


Current surplus forecast 
at £1.2bn. this year 


BY MICHAEL BLANDEN 

ITAIN’S external current 
ount surplus is likely lo be 
>ut £l-2bn. this year, stnefc- 
kers de Zoete and Bevan 
ecast in their latest economic 
letin. 

■his is about £300m. lower 
n the last Treasury estimate, 
the official forecast did not 
e account of any additional 
ationary measures in the 
hcoming Budget, 
our main conclusions emerge 
n the brokers' analysis. 

JK. exports of manufactured 
ds are likely to t3ke a lower 
re of world markets in 1978. 
. North Sea oil production 
lid rise by 30m. tans — 71 
cent. — but increased 
land for oil as a result of. 
ter domestic activity and ris- 
overseas demand will leave 
■ a modest fall in the volume 
oil imports. 

The volume of imports of 
lufactured consumer goods 
ltd grow by 22.4 per cent 
orts to the ILK. will drop by 


1 


only 9 per cent., compared with 
a 21 per cent.' reduction last 
year. ■ * 

• The invisible surplus should 
he significantly' reduced. This 
will result from an increase in 
the Invisible debits from in- 
creased spending, on overseas 
travel, high debt servicing costs 
and outflows of North Sea oil 
profits. 


THE PRICE of tinplate is to go 
up by 6.5 per rent on February 
12, the British Steel Corporation 
said last night. 

Increased costs were blamed 
for the increase which 1 comes 
after a rise of 8.9 per cenL last 
August. 


The corporation said that its 
customers, including the Metal 
Packaging Manufacturers Asso- 
ciation and the Food Manufac- 
turers Federation, had already 
been informed. 

The increased cost would be 
passed on to consumers and 


would affect the price of canned 
food, the Food Manufacturing 
Federation said. “ The food 
manufacturer for so long has 
had to operate on such a small 
margin. There is very little 
elbow room for him to absorb 
extra costs.” 



BPB Industries 
changes pricing 

BPB INDUSTRIES has agreed to 
make what the Department of 
Prices described as “significant 
changes ” In its pricing and trad- 
ing policies after talks on the 
Monopolies Commission findings 
on the plasterboard industry. 

The company, which is the only 
U.K manufacturer of plaster- 
board, says its deliveries will be 
charged gt prices which more 
accurately reflect the cost of dis- 
tribution. 


:l ^8m. aero engine centre 
■tMiic^ 1 Planned for Prestwick 


■Y MICHAEL DONNE, AEROSPACE CORRESPONDENT 


' Caledonian Airways Group, 
:h includes - .British 
flonian Airways, is planning 
8m. aircraft engine, overhaul 
test plant at Prestwick Alr- 
Scotland. A planning 
ication has been made to 
'> and Carrick District 
icU. 

' ie venture is being organised 
ugh a group subsidiary; 
doulan. Airways (Prestwick), 
nee will come from the 
dorian Airways Group as 
as through a loan from the 
..tisb Development Agency 
regional development grants, 
ie aim is to create a major 
-engine overhaul centre is 


Scotland, primarily involved in 
work on the U.S. General Electric 
CF6 engines used in the 
McDonnell Douglas DC-10 fleet 
already in service with British 
Caledonian, and also used in the 
European A-300 Airbus. 

The Caledonian Airways 
. Group made it dear yesterday 

that in developing" the centre U 
was bidding to become the major 
DC-10 and Airbus engine over- 
haul. organisation in Western 
Europe. 

The Scottish Development 
Agency said that its share of the 
£8m. cost of the proposed engine 
plant would be more than £4m. 



iVflson committee urges 
tate-backed film fund 

t CHRISTOPHER DUNN . 

, NEW- State-backed produe- 
. i fund for British film . 

:»cb Is recommended by an 
.On committee investigating ’ 

.. industry, it is headed by 
: Harold Wilson., 
he committee, whose -in- 
m - report was published 
terday, says the Initial 
I'ermnent contribution could 
; as high as £5 bl, on which 
Interest would be payable: ■ -* 

■he. fund should also be able 
■draw up to a fifth of . the ■ 
ly levy, a tax on cinema 
-is now worth over ££5m. 

■'.ear. ..... . 

he committee also pr o poses : 
ew British Film . Authority, 
estimated £250,08(ta-year ; 

■• t of which would be met 
/a Government grant.- v 


Sir Harold said that the cost 
of the proposed authority was 
u i bargain.” 

British' film makers ' are 
helped at present by the 
Notional Film Finance Corpor- 
ation, which borrows money, 
fr*m the Department -of Trade 
at commercial interest rates. 

The Corporation owes the 
Department £9-2m.;. and the 
centre proposes that this 
liability ' should be. cancelled 
;anrf the corporation. dissolved. 

The proposed authority, the 
centre -suggests, should have a 
. two-tier structure — one section 
made up of a part-time Board 
and -the '.other dealing with 
particular subjects by various 
centres;.. 





When they told me this was the rate at which 
firms had taken new premises in Northampton 
since 1971^ I was impressed, but sceptical. 

“Check it again just to make sure,” I said. Then 
I learnt the truth. 

“We will have to qualify it abit,” I was told. 

Ah, I thought, caught them out. 

“We can’t just say Northampton,” went the excuse, 
“because it really only relates to our four new 
employment areas.” 

“That’s no good,” I said, “We’re a partnership 
town where the Borough Council and the County 
Council work with us. We can’t refer to just 
our own land.” 

“We could get figures from our Borough partners 
for their employment land at Lodge Farm, 

St James Mill Road and so on,” it was suggested. 
“But then there’s all the private land. And then 
there are aU the office developments where 
people like Barclaycard, Diversey and Rockware 
Glass have established their headquarters. And 
then there’s Carlsberg’s brewery and all the new 
shopping firms in the Grosvenor and 
Weston Favell Centres and , . ” 


I just had to stop them. Well I mean it was 
taking things too far. We might have finished 
up with some ridiculous figure like a new firm 
every so many hours. So I said we would have to 
come clean and say it would mean too much 
research to get it accurate. We would just have 
to admit that Northampton is better for business 
than we can show. So that was what we decided. 
Of course, it’s better for other things as well, 
but that’s another story. . 


For further details phone 0604 34734 
or write to: 

L Austin- Crowe, Chief Estate Surveyor, 
Northampton Development Corporation, 
2-3 Market Square, Northampton NNi 2EN 


Northampton-better for business 



APPOINTMENTS 


General Management 

CAPITAL GOODS AND SERVICES 


• A notabiy successful engineering group is to form a. new subsidiary to 
provide services in support of sales operations- The group is renowned for 
Tgrhniral lead w-ship anil thft high quality of foe pi winrr range. 


• HESPONaBmiY is to the group marketing director for die provision of 
cost effective warehousing and distribution services and for die co- 
ordination of sales and loanufocturmg operations in the uz, ebc, and 
overseas markets. 

• proven commercial ability, backed by a record of success- in general 
management is the prime requirement: Career progression is likely to have 
stemmed from sales and marketing achievements in a b usiness engaged in 
die distribution and sale of capital goods and services. Experience within, 
a group environment involving overseas operations would be an 
advantage. 

• preferred age over 3 5. Terms are for negotiation with earnings 
indicator at ,£15,000. Location North Cheshire. 

Write in complete confidence r 

toP. A. R. Lindsay as adviser to the group. 

TYZACK & PARTNERS LTD 

SO HAL LAW S TRE E T LONDON WIN fiDJ 

12 CHARLOTTE SQUARE * EDINBURGH EH2 4 DN 


SALARY SURVEY 
OFFICERS 

£5887— £6887 

The Civil Service Pay Research Unit invites applications for Survey Officer posts on 
short-term contracts of about 3 years. The job is to study the work of groups of Civil 
Service staff grades, to find comparisons for this work in a variety of organisations in 
commerce and industry, and to prepare detailed reports of the comparative levels of pay, 
other benefits and conditions of service. These are challenging posts offering scope for 
independent investigation within a team setting. 

Applicants must have at least 5 years' general experience in personnel management 
outside the Civil Service, including at least 2 years* specialised work in job analysis and 
evaluation and/or salary administration. Previous experience in conducting comparative 
remuneration surveys and a general understanding of representative sampling would be 
advantageous. The work requires interviewing and analytical skills and an ability to 
communicate easily and effectively with outside staffs at all levels. 

The salary scale is £5,887 rising to £6,887, inclusive of London Weighting and. pay 
supplements. Starting pay will normally be at the minimum. The posts are London-based 
but applicants must be prepared to travel extensively within the U.K. 

APPLICANTS MUST BE FREE TO TAKE UP APPOINTMENT BY I APRIL 1978 AT 
THE LATEST. 

Write, giving details of all relevant experience, career history including brief job 
dcscriprio 1’.. present salary, academic and specialised qualifications, and the names/addresses 
of two referees who can be approached prior to interview. Applications should be addressed 
to: 

Mrs. Pat Charlton. 

Civil Service Pay Research Unit, 

Queen Anne's Chambers, 

41. Tothill Street. 

London SW1H 9JX. 

Latest date for receipt of applications is 6 February. 1978. 

PAY RESEARCH UNIT 


Data Processing 


MANAGEMENT CONSULTANTS 

Very few jobs offer Ihe satisfaction and rewards oF .manage- 
ment consultancy. If you have technical and 'management 
experience and ability, this profession provides an excep- 
tional opportunity to help others, and at the same time 
develops your own strengths and widens your experience. 

The analytical, design and project experience which you 
bring with your business understanding will be developed 
by working with a mul l i -disciplinary professional loam on a 
variety ot technical, commercial and strategic problems. 

If you wish, there can be tho opportunity to add to your 
formal qualifications, and most employers regard a few 
years in consultancy as a qualification in itself. 

The work *s demanding but salaries reflect the effort and 
competence which 13 necessary. For overseas assignments 
cl more than a few weeks' duration tho rewards are sub- 
stantially enhanced. 

Tho prei erred age group is 53-33. 

Our D.P. Consultants are based on our London.'Edinburgh, 
Leeds, Manchester and Birmingham offices. 

It you are interested in developing your career through 
consultancy experience, please send full details of your 
education and career, Including present remuneration 
package, to: 

□ D.W. Moore, , _ 

Peat, Marwick, Mitchell & Co., j fjtraffc 
l T Ironmonger Lane, 

London, EC2V8AX. " 




PROVINCIAL 

STOCKBROKERS 

require and experienced 

CHECKING CLERK 

for their London Office who 
has a general knowledge, of 
settlement procedures. Excel- 
lent Benefits. Salary Negoti- 
able. 

Please write in strictest con- 
fidence stating age, experience 
and career details, to Box 
FCB, Financial Times. 30, 
Cannon Street. EC4P 4BY. 


COMPANY 

NOTICES 


NOTICE TO THE HOLDERS OF 
Y& LINE (CAYMAN) LTD. 

. 9 >2 PER CENT. GUARANTEED 
NOTES 1SSO 

Pursuant to condition Ml o« U»e terms 
end conditions aoollcabla to tho above 
note, vou Hereby notihtd that Yi. 

Line (Cayman) Ltd. 1 * the. company "1 
through Its au route agent. Arab Finance 
Corporation S.A.L. Kb unable Is purchase 
any ot the above notes daring me year 
ended 15th Deccmoer 1877 at orlces not 
eKceedmg 99>. per cent a t rt« ortneloJl 
» mourn 01 the nates. 

Accordingly u ot mu date chare 11 .a 
eeficeircy a the obligation o» the com- 
I pany to burenase U S. dollars 1 .000.000 
1 of the- note* end tor the slx-montn oerfed 
lending 15th June 197B. the company 
t nrough its purchase agent aioresaid will 
continue to endeavour to otirchase notes to 
sat'stv such aebciencv obligation in accord- 
ance with the said terms and conditions. 

V.S. LINE tCAYMANl LTD. 


Financial 

Controller 

London West End 


c. £8000 


Our client Marsteiler, part of b world wide group, 
provides a full range of communications services; from 
the production .and placement of advertising to sales 

promotion and public relations. 

The present U.K, Financial Controller has assumed. wider 
responsibilities as European Financial Vice President and 
requires a successor to take responsibility, under hb 
direction, for all accounting and financial control func- 
tions of the U.K. Company. 

The successful candidate will be a qualified accountant 
experienced in the review and implementation of control 
systems, and able to advise and assist the heeds of the 
advertising and public relations divisions whb budget 
preparation and control; knowledge of such a business b 
therefore essential. 

A 5% contributory pension scheme together with life and 
health insurance Is in operation. 

Applicants {male or female) should write in confidence^ 
. enclosing' concise persona / and career details quoting 
reference M8980/FT to: 


j. D. Atcher/ey 

Arthur Young Management Services 
Polls House 

7 Polls Buildings, Fetter Lane 
London EC4A 1NL 


Managing Director 
Metals 

London 

A Trading Company operating in the field of soft commodities 
and metals requires* MANAGING DIRECTOR with the 
emphasis of background and expertise in non-ferrous metals 
trading, the LM.E. and Comex. 

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

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

The envisaged age range is 35-45 and the successful 
candidate will receive a.substantial basic salary negotiable with : ' 
participation in the rest! Its tifthe performance of the company. A . 
car and substantial benefits will be provided. 

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


TAXATION 

c £8,000 > 


This Is a new appointment In a major U.K. Company 
whose world wide interests are centrally controlled 
from its London Head -Office. 

An Assistant Tax Manager, with sound corporate 
tax experience, is needed to provide the additional 
effort which continuing expansion demands. 

Accountants, with good team ability, an appropriate 
qualification and relevant experience, need not have 
previously been employed in commerce or industry. 

A salary of around £8,000 is envisaged. 

Please contact I.M.G. O'Hare on 01-409 1371 or 
write to him in confidence at 124 New Bond Street. 
London. W.l. 


MANAGING DIRECTOR PROPERTY 

Successful property development and investment 
company, a subsidiary of a development and con- 
struction group with U.K. and overseas interests, 
seeks a Managing Director, age 30 to 45 years. An 
active programme of development in the U.K. is 
undertaken and experience in all aspects of this 
field is essential. Remuneration wtil depend upon 
experience. 

Write Box A.6220, Financial Times, 

10. Cannon Street, EC4P 4BY. 


TRANSLATION -TYPESETTING 
Qualified Aran Translators 
TVpesecrers ana Printing far sales 
Literature. Emotion Material for 
the Middle East 
Pan-AraO Publications Limited 
Telephone 01-55S 8316 


CLASSIFIED 

ADVERTISEMENT 

RATES 


BUK BUTTON 

Medium sized firm of Stock- 
brokers require Blue Burton. 
Previous Market experience not 
essential. 

Write Box A .6226. 
Financial Times. 

10. Cannon Street EC4P 4BY 


COMMODITY APPOINTMENTS LTD. 
mmre iraean in Grams, proteins. 
Cocoa. Codec. Sugar. Metals. Oils. Also 
Trainees ana Assistants for U.K.. Europe. 
LLSA. aad Hong Kong. T»l. : Graham 
Stewart 01-434 17m. 


APPOINTMENTS 

WANTED 


HOUSTON, TEXAS — thKHim rRriinn 
National) with strong mtern?oiiu SEE 
ground in corporate manning, merger 
■ftp acquisition analysis and iwgotla- 
SSSi hint -features finance ana aominl- 
J*™* 18 " . •* seeking position to wain, 
on a lull or oart time basis, ibirnlH 
investment oreuo or corporation desirous 

01 fST" operations** Sr 
representative o*k, baaed in Houston. 

Primarily Interested in on chemicals. 



Per 

Staple 

column 


One 

cm. 


L 

£ 

Commercial & Industrial 
Property 

4.50 

J4.ro 

Residential Praixrty 

2.00 

8.00 

A room meats 

4^0 

urn 

Budumi & in vestment 
Opportunities. Corpora dan 
Loans, Production 
Capacity, Businesses 
f-'or Sale Wauled 

5-25 

urn 

Education. Harare 
Canmcts A Tenders, 
Personal. Gardening 

4JB 

13.00 

Raids and Tnrei 

2.73 

19.00 

Book Publuncrs 

— 

7.08 


'hlpding ami tnanslai set-vices. Con- 

naennantv at reoiies is assure*, write 

*°* Times. 10. Cannon i 


Pram I urn positions available 
(Minimum siza 00 column cmJ 
EU0 ner siugte column an. extra 

For further OrtoUs write to: 

Classified Advertisement 
Manager, 

Financial Times, 

30. Cannon Street. EC4P 4BY 


CONTRACTS AND TENDERS 

APPEL D’OFFBES IRrrERNATIONAL 

CHAMP DE GAZ OFF-SHORE 
DE MXSKAR (TUNISIE) 
PLATE-FORME DE FORAGE MSX PF 1 
Fouroiture des aciers 

Le groupe etude Miskar, agissant pour le compte 
de la future entity responsable de la realisation 
du projet de dgveloppement du gisement de ga 2 
de Miskar, Hang le Golfe de Gabfes, lance un appel 
d’offres en vue de passer commande pour la 
FOURNITURE DES ACIERS NECESSAIRES A 
LA CONSTRUCTION DE LA PLATE-FORME DE 
FORAGE 

TYPE “JACKET” MSK PF 1 
Les fabrieants d’acier interests par cet appel 
d’offres sont invites & retirer le dossier corres- 
pondent a partir du lundi 23 Janvier 1978 & 
1’adresse suivante: 

GROUPE ETUDE MISKAR 
11 Av. KHEREDDINE PACHA -TUNIS 
. TSlex 12128 TN 

et ce, moyennant le paiement d’une somme de 
cent f 1001 dinars par dossier, ou de sa contxie 
. valeur en devises gtraneeres. 

La date de remise des offres est fixee au 
lundi 27 f€vrier 1978 & 17 heures. 


TP 


tn 


Financial Times Friday January ^ 


LABOUR NEWS 


Railmen end co-operation 
on cost-cutting schemes 

BY NICK GARNETT. LABOUR STAFF 


THE NATIONAL Union Of 
Railwaymea has told British 
Rail that it is ending co-opera- 
tion on money-saving measures 
introduced over the past two 
years and wants- most of what 
it claims axe more than 9,000 
vacancies in the industry filled 
quickly. 

The economies, which in- 
cluded attempts to reduce over- 
time and week-end working, 
were agreed daring a parti- 
cularly bad - economic period, 
when the Government said it 
was pegging cash support for 
the railways. 

The union, however, claims 
that there is .still far too much 
overtime and rest day working 
and that services are being 
threatened because British Rau 
has done tittle to prevent a big 
rise in the number of unfilled 
jobs. 

British Rail, following con- 
sultations with the three rail 
onions, is already considering 
ways the money-saving guide- 
lines can be changed. 

It contests the figure of more 
than 9,000 “ real " vacancies, 
however. It says that although 
on paper there are about 8,500 
vacancies, many of' these -have 
resulted from the -scrapping of 



Mr. Sid Weigheil, general 
secretary of the National 
Union of Railwaymen, which 
called yesterday for the 
phasing-out of overtime. 

jobs through changed working 
practices, including new freight 
h andling techniques and the 


Welsh miners still 
reject Incentives 

BY ROBIN REEVES, WESH CORRESPONDENT 


A SOUTH WALES miner? 
delegate conference decided 
yesterday to continue opposing 
the National Coal Board’s pit 
productivity scheme. It will 
recommend rejection of the 
scheme in a new ballot to be 
held on Wednesday. 

At the end of the Zj-hovr 
meeting, the delegates agreed 
by a majority vote to endorse 
tike go-it-alone policy of the 
South Wales Executive of the 
National Union of Mineworkers 
which, earlier this week, agreed 
to call for rejection of the 
Coal Board scheme in a new 
ballot 

The decision was taken in 
spite of the change of heart in 
other coalfields and the out- 
come of the vote in Yorkshire, 
where miners, last week, voted 
60-40 to go along with the 
Board's plan. 

Mr. Emlyn Williams, the 
South Wales miners* president 
emphasised that the executive 
was prepared to consider an 
area, rather than a pit scheme, 
but the NCB had rejected the 
suggestion. 

Yesterday’s decision to back 
the executive’s line took : the 


form of a card vote in which 
310 votes were cast in favour 
of rejection and 258 against. 
j£ach card represented 50 union 
members. 

The union’s Yorkshire area 
council is expected on Monday 
to* consider sanctioning indus- 
trial action in support of 450 
men at Elsecar Workshops 
near Barnsley. They have been 
on unofficial strike for six 
weeks demanding the appoint- 
ment of a night shift first-aid 
attendant 

Production at Sharlston 
Colliery, near Wakefield, was 
also halted yesterday when a 
small number of winders 
started an unofficial strike over 
their percentage share of 
incentive payments. 

A dramatic rise in the out- 
put of the 12 pits in South 
Nottinghamshire was revealed 
by tfie NCB yesterday. Pro- 
duction has risen by more than 
19 per cent, in the last full 
week, compared with the same 
week last year. The Notting- 
hamshire miners were among 
.the first in the country to join -. 
the incentive scheme. 


Leyland workers demand 
Government cash pledge 


BY PAULINE CLARK. LABOUR STAFF 


SENIOR UNION representatives 
of British Leyland’ s car workers 
made clear yesterday that they 
are seeking a "financial commit- 
ment” from the Government to 
maintain employment in the 
company. 

After a meeting in London 
with Mr. Eric Varley, Industry 
Secretary, a delegation of union 
leaders emphasised that they 
were “ fully committed to main- 
taining Leyland as a viable 
enterprise r and indicated that 
they were not necessarily 
opposed to any plan put forward 
by Mr. .Michael Edwards, chair- 
man of the company, which was 
directed to that end. 

The unions have recently 
faced speculation that redundan- 


cies under reorganisation pro- 
posals might amount to 12,000 
this year, bnt it was felt yester- 
day that it was too early to 
begin detailed argument 
Mr. Grenville Hawley, national 
secretary for the automotive 
division of the Transport and 
General Workers' Union, made 
it clear that Use unions were 
waiting for more details 
At Ghrysler’s Lfnwood plant, 
shop stewards decided to ask the 
Government for its view of the 
company !s future after the five- 
year rescue agreement expires. 

The move follows Chrysler’s 
announcement that it is trans- 
ferring production of the Tango 
model from Unwood to Rytoo, 
Coventry. 


Move to regain parity 


SOME 105,000 -civil servants will 
put In a pay claim — believed 
to be around 20 per ce^>L — at 
the end of the month in a bid 
for parity with salary levels io 
the private sector. 

The executive council’ of the 
Society of Civil and Public Ser- 
vants, the second largest Civil 


Service union, decided yesterday 
to submit a pay claim to 
“restore the pay of executive 
civil servants to parity with 
salary levels of managers in the 
private sector." 

Details of the claim will be 
lodged and released -o tbc mem- 
bership at the beginning of 
February. 


Bid to end work-in 


A WORKS conference in 
Coventry to-day will try to solve 
the dispute • at Rolls-Royce, 
where 2,600 men are holding a 
work-in. 

The manual workers have 
been operating an overtime ban 
and other restrictions, in sup- 
port of their annual pay claim. 
The company however, says 


that the claim is equivalent to 
3o per cent and announced 
that the manual workers would 
be laid off from yesterday. 

The L900 day shift men and 
the night shift retaliated by 
working normally, but without 
management supervision. 

The company said: "We con- 1 
sider these men laid off and! 
they will not be paid" I 


uso of modern signalling equip- 
ment. • . 

Of the rest, some were due to 
staff turnover, while others 
could not be filled because staff 
could not be fonnd to do the jobs, 
particularly thou in London and 
those involving excessive shift 
working. 

The NUR. with 189,000 mem- 
bers. says staff levels in British 
Rail have fallen by 10,000 to 
242.000 in the past two years, 
with most of the jobs lost being 
those held by its members. 

Job cuts will certainly be used 
by the union as & measure of 
its contribution to the railways’ 
improved productivity when 
talks on a possible productivity 
pay deal begin at the end of the 
month. : 

The NUR is committed to seek- 
ing wage rises that would go 
some way to restoring 1975 pay 
levels — an overall target set at 
63 per cent. . . 

The union is already under 
pressure from its members in 
the National Freight Corporation 
who have seen other road drivers 
receive rises of 15 per cent. 
British Rail is certain to offer a 
deal strictly within the 10 per 
cent* pay guidelines. . 

Engineering 
pay pact 
endangered 
by offer 

By Alan PHcc, Labour Staff 
THE ENGINEERING industry 
national pay agreement was in 
danger of collapse last night 
after an employers’ offer which 
would add about 2 J per cent to 
the wage bill. ^ a 

Though there are advantages 
to unions and employers in main- 
taining the national agreement, 
both sides accepted that it might 
be impossible to agree when 
talks resume on February 3. AU 
wage negotiations in the industry 
would then revert to company 
leveL 

The national engineering 
agreement forms the industry’s 
minimum wage and is used for 
calculating holiday pay, overtime 
rates and shift premiums, but 
gives direct pay increases to few 
workers. 

Confederation of Shipbuilding 
and Engineering Unions leaders 
submitted a claim for new basic 
rates, now £42 for craftsmen and 
£33.60 for labourers, of £70 and 
£65. The Engineering Em- 

J foyers’ Federation offered £52 
or craftsmen and- -£40 for 
labourers. 

Mr. Hugh Scanlon, president 
of the Amalgamated Union of 
Engineering Workers, said he 
was “surprised and utterly dis- 
mayed at such a derisory offer !'/ 
The unions calculate that the 
pay aspect of their claim would 
have added 7.9 per cent to the 
wage bilL 

Mr. Astley Whitt all. president 
of the engineering employers, 
said that his members wanted to 
retain some of the 10 per cent, 
available under. Government pay 
guidelines for negotiation at 
local level. 

Shipyard men 
claim ‘fair 
wages’ rise 

By Our Glasgow Correspondent 

MORE THAN 600 te chni cal staff 
at Yarrow (Shipbuilders) yester- 
day launched a claim for a 
"fair wages" pay rise with the 
Central Arbitration Committee 
at a bearing in Glasgow. 

The claim, on which there will 
be a decision in about tour 
weeks, is the forerunner of a 
series of similar claims from 
nearly 10.000 West of Scotland 
shipbuilding workers. Awards 
by the CAC are exempt from in- 
comes policy limits. 

All are seeking parity with the 
5.500 employees of Gdvan Ship- 
builders, said to be earning basic 
wages between £10 and £20 a 
week higher than other shipyard 
workers employed on the Clyde 
by British Shipbuilders. . 

Solicitor named 
heads’ leader 

National Association of 
Head Teachers has appointed a 

man who has never taught as Its 

general secretary. Mr. David 
Hart, 37, deputy general secre- 
tary and solicitor of the 21,000- 
member association, takes over 
in April from Mr. Robert Cook, 
who is retiring after U years. 



Recognition Bill before MPs 


BY CHRISTIAN TYLER, .LABOUR EDITOR 


A BILL to prevent recognition 
disputes between TUC unions 
from going to the Advisory Con- 
cilation and Arbitration Service, 
and thus possibly to the courts, 
was laid before Parliament 
yesterday. 

The Bill also seeks to give 
workers right of appeal against 
unfair dismissal at industrial 
tribunals if they are sacked by 
their employer after an ACAS 
recommendation that their union 
be recognised. 

Although the Government has’ 
decided to back this Private 
Member’s Bill by Mr. ian 
Mtkardo. if is thought unlikely 
to get strong support. Part of 
the reason is that the second 
part attempts to make an excep- 
tion of the rule that industrial 
tribunals chn consider individual 
but mot collective cases 

Part of the Mikardo 
Bill is important to the TUC 
which because of a row with Mr! 


John Lyons Engineers’ and 
Managers Association has been 
served with a writ and faces the 
prospect of one of its own dis- 
putes committee rulings beine 
reversed by ACAS. But ACAS. 
also being sued by the Engineers’ 
and Managers’ Association, is 
stalling, since it does nor want to 
become involved with ttjc 
procedure. 

By contrast strong Labour and 
possibly Liberal support is ex- 
pected for today’s Second Read- 
ing of Mr. Ted Fletcher’s pro- 
posed amendment to the' 
gnployment : Protection Act. 
1875 This seeks to increase 
ACAS discretion in the conduct 
of recognition inquiries and over- 
come the Lords ruling in the 
G run wick case that non-co-opera- 
tion by an employer is no 
excuse. 

Whipping is reported as inten- 
sive on both Bides of the House 
for the vote: 


J Uc Enjoyment Policy' 
ana Organisation Committee 
welcomed both Bills on Wednes- 
day as 11 helpful.** It is concerned 
about the way the union recog- 
nUion process of ACS has been 
challenged in the courts. . 

TUC leaders have taken par- 
ucuiar note of Lord Salmon's 
comments in the Grunwick case- 
He said that if ACAS made a 
recommendation for -recognition 
against the “ genuine opinions' of 
a large majority of the work 
, torca, the courts would have the 
power and duty tn overturn the 
recommendation,- - _ • 

ACAS recommend* recognition 
tor minorities— larger or. smaller 
according to circumstance— but 
with no set rules. " n. - 

The TUC also strongly sup- 
ports Mr. Norman Buchan’s .Bill 
removing legal constraints oh the 
ngnt of Poa Office workers to 
strike. 






- 

v-Jiy, 1 ' h. 
o,' s , • • 






9 




Financial Times Friday January 20 1978 


PARLIAMENT and politics 


Fury erupts in Labour ranks 



BY PHIUP RAWSTORNE 

LABOUR'S aiiti-Common Market MPs erupted In 
violent protest yesterday under the stresses of tbs 
Government's commitment to European direct 
elections. 

Mr. Michael Foot’s announcement that the 
Government intended to guillotine its Bill nest 
week set off a tremor of rage that tore open the 
old party split 

Mr. Eric Heffer, whose spouts of indignation 
reeur as regularly as any natural geyser, this time 
jjlew his top. “1 appeal to yon to reconsider,” 
he firmed at Mr. Foot. This wasn’t party policy— 
and if the Government went ahead, be would 
reconsider his own support for some of its other 
legislation. 

Mr. Foot, crouching over the Despatch Bax as 
the insults and threats showered hotly, around him, 
said mildly that he was aware of the strong feel- 
ings in the Labour Party. But tbe Government 
had a commitment to get this Bin and tbe others 
in its programme. 

"To hen with the Government,” Hr. Heffer 
exploded. 44 I’m siek of ft," be boiled. Mr. James , 
Callaghan leaned back In . his seat and laughed 
but the shock waves rippled across the benches 
behind him. 

44 The House Is getting too excited,” warned the 


Speaker, eyeing Mr. Heffer** convulsions with 
concern. 

B «t Mr. Ernest Fernyhough, trying to cool 
things, merely produced more steam. The Govern- 
ment was making difficulties where none need 
exist, he said. Mr. Foot apologised but insisted 
on making them. 

Amid renewed fury, Mr. John Mendelson 
declared that if the guillotine were not abandoned, 
“the only defence of the Commons trill be to 
prevent all progress on all legislation from now 
on.” 

Tories gasped in hopeful anticipation— but even 
that could not restrain tbe Labour MPs. “ No, no, 
no ” they yelled as Mr. Foot suggested they should 
reconsider that threat to the Government’s pro-' 
gramme. 

Without timetables for Its BDls, the Government 
would not be able to carry out all its obligations. 
44 The Government have faced that fact - . . the 
Labour Party should face it,” be said. 

Mr. David Stoddart, dormant in the Government 
Whip’s office until recently, joined the outburst 
The Government could not get a majority of 
Labour MPs and would have to rely on Tory votes. 
If Ministers were not to be bound by party policy, 
then neither were others, he declared. 


And Mr. Robert KUroy-Silfc said that party 
morale in the country could be lost in ' the splits 
that were being opened, particularly if attempts 
were made to bridge them with Tory votes. 

Mr. Kenneth Baker, Tory MP for SL Harylebone, 
watching the Labour turmoil, suggested that it 
might be time to take the electoral temperature 
But Mr. Foot, though obviously wishing he were 
somewhere else, was in no hurry to go to the 
country. The Government had a full programme 
to get through, he repeated. 

The chances of that hardly seemed to be 
enhanced by the fact that only one Labour WP 
stood up to support him. Mr. Ian Wxigglesworth 
bravely welcomed the guillotine, and was almost 


In the controversy over Select Committee powers, 
Robin Maxwell-Hyslop, MP,finds an 
interesting precedent 

Advance or retreat— 
the choice for MPs 


been induced around the whole 
question of the obligations of 
witnesses to a Select Committee 
of the House of Commons is 
largely spurious. It is, however, 


engulfed In the upheaval of hostility around him. necessary to remember that 


While Labour MPs refused to rescue Mr. Foot, 
Mr. Tim Renton volunteered from the Tory 
benches. Whatever Socialist measures would the 
Government bring forward if the European 
Elections BUI were out of the way? he asked 
Mr. Foot was unable for the moment to think 
of one — and his chin drooped nearer to his knees. 

44 1 don’t think that question helps anyone,” he 
said. Nor, he vainly assured his backbenchers, 
had the Government been promised any other 
sort of assistance from the Opposition. 


t '- fl sinwr 


Callaghan urged to state 
pay bargaining attitude 


no*-- 
J a v 


f i 


BY IYOR OWEN, PARLIAMENTARY STAFF 


PM pledges ‘rebuff’ 
for any EEC move 
to halt jobs subsidy 


Erskine May’s "Parliamentary 
Practice" is a reference work 
only. It is neither an original 
source nor an authority per se, 
despite the claim to tbe contrary 
made in the “blurb" on its dust- 
jacket 

The work undoubtedly pro- 
vides invaluable sign-posts to 
original sources and authorities. 
But it contains errors or fact, 
and, also, summaries of events 
which often omit interesting 
details, and occasionally facts 
which are crucial to the deter- 
mination of a case. 

In the present cause ceZbrc, 
it is necessary to bear in mind 
that a nationalised industry is 
not a Government department. 
Not is its chairman a Minister 
of the Crown. It therefore fDl- 



Mr. Robin Maxwell-Hyslop 


ST £2 Order of the House of Commons. 


to-morrow at Three of the clock. 

Next day. Mr. Kirkwood wa* 
brought to the Bar of the Bouse 
pursuant to that Order, and toe 
Speaker questioned him concern- 
ing the Select Committees 
report. Mr. Kirkwood then with* 

«lrcw. and in his absence the 

House "ORDERED that John 
Kirkwood do attend the of” 
Meeting of the Select Committee 
on Money Lending, and an»w cr 
to the satisfaction of the Coni- 

mittcc the Questions to which he 
has hitherto refused to make an 
answer." 

This constitutes the precedent 
for the proposition that tne 
House, havinp vested these 
interrogatory powers in a Select 
Committee, vests also in the 
committee, rather than reserves 
to itself the determination of the 
question as to whether the 
witness concerned has discharged 
the duty Placed upon him hv the 
committee. The injunction to 
“ answer to the satisfaction of the 
Com m litre makes this quite 


try does not fall within an 
exemption peculiar to a Govern 


not from any reference 


BY IVOR OWEN 


naatifffl 

0% 

r - •> j*. 


within an exemption 
to Ministers of 


STATEMENTS IN the Conserva- will be no return to their tradi- moderate wane claims, based on ■ try fall 

live poliey document “ The ttonal role of tree collective bar- productivity were more likely to ANY ATTEMPT by the EEC to The Prime Minister answered peculiar 

Right Approach ” were celled in gaining? ” she asked, amid Tory produce a real improvement in *nd Britain’s temporary employ- that he had been very pleased to Crown. 

aid by the Prime Minister in the cheers. - the standard of living than ment subsidy, now keeping note that the Commissioner had The power and authority of 

Commons yesterday when he Mr. Callaghan said -he was very "exaggerated and runaway wage 1S6.000 people in jobs, will, be stated that he wanted an the Nationalised industries 

came under pressure from Mrs. happy to see the Opposition claims ” firmly resisted, the Prime amicable and constructive Select Committee 

Margaret Thatcher. Opposition espousing the cause of free col- ' Bh ,, UnnM ,. « Tf «»__ Minister assured the Commons solution to the problem. emanates from an 

leader, over the Governments lective bargaining, which was in yesterday. “So do I— one that will enable 

attitude to free collective bar- marked contrast to some of the He made il cJear - replying to us to keep the jobs provided by 

gaining. statements made in Right P Qdtlon * perhaps she will say so. questions from the the temporary 

To the deligEt of the Tory Approach.” . Mr. Robert Adley (C-. Christ- Labour backbenches, 


j n Erskine May rlauus on puqe 

s p ss£ t »r j i n , c ' 

chairman of a nationalised indu* 5„?X„ 0US mrtSuXi: 

^ A SZ 

-*ku=v sss °a r }SS^SSSr 

he con- 

pruned oy jouIMl or ae House for Novem- P^uce ^poprr or re cord under *** 


; currently nuesUon out bv the Nations ised Sl « n respond As Sir 
challenged: “If Mrs. ‘i emanates irom an Order of the Industrie® V™ *« Villiers is nut a Minister 

challenged. if Mrs. vesterdav. So . do _ I T^ ne . ^ at wlU - ? n ? l ? le House of Commons itself. The not avail himself of this 

tbe Hous 

that the subsidy. Jfhat is what we' shall fog record: ’ " U X* ™ .1“’ committee cannot "require 


a 

an 


benches, Mrs. Thatcher began He recalled that on an earlier church and Lymington) pro- Government had received no Insist on." "ORDERED, That there shall be officer of a public department tn 

... — Com- When the issue was pursued by a Select Committee to examine S ous LPL Con ? n !? n ® which nr0f j UC0 anv naoer which, accord* 


the p-yphang M; by re mindin g Mr , occasion he had stated that free tested that the Prime Minister approach from the EEC 

Callaghan of some of his earli er collective bargaining, was a very had still not answered Mrs. mission on the issue, 

pronouncements, including a poor weapon for securing justice Thatcher’s question, 

reference to “free collective and proper pay arrangements but 

chaos." that nobody bad so far suggested aware * 

Last July was supposed to a better system. n eating a voluntary pay policy, or rebuff. 


Mr. Michael Noble (Lab, Rossen- the Reports and Accounts 


amine ^ defied rathi? than toe P roducc an * v wwr which, accord* 
4SC -4% thaV'comminee. thC S ^ the ntics and prectlce of 


Mr. Bryan Gonld 


Test) 


world was expecting the market Ministers of the Crown and . » . , 

l (Lab-, economy to dominate in a period whose annual receipts are not % 

exposed of continued growth. whoJly or maialy derived from 23L t “5 Se hS2?- T hi 

t that M f!nndvtinn« unro nnw pntimlu = -« t v* nOUCc 01 uic H0US6. i H6 


: have seen a return to free col- Mrs. Thatcher pointed ont that free collective bargaining, „. _ „ 

: lective bargaining, sbe said, but the Prime Minister, had also somewhere between .the two, Southampton _ nnl ,-_ _ f Tho 

- instead there had been the 10 stated that free collective which he gathered had been the concern about a report that M. Conditions were now entirely monies provided by Parliament "°iJSr nt 

per cent guidelines, plus the bargaining was a . test of the position taken up by the Oppo- R ^ ri ? ond y°™& the EEC Com- different, and, in his view, this 0 r advanced from the 

. u black-Ustai^’’ of firms which vriSomof democracy, “is free sition until Mrs. ^Thatcher? mlssioner for competition policy, illOTtrated one of the weaknesses Exchequer . . . notes, nniw th» h* a rf»r» 0 «"«*'*•»» 

breached them. collective bargaining your pohey recent speech in Scotland. “ORDERED, Th-i uvuumicc 

Mrs. Thatcher suggested that or is it not?” she demanded. Statements in “The Right c °“lraiy ,10 the Treaty of 'Rome. ^ePnmeMimstCT emphasised. have p 0wer ^ sen a for persons. 

: the Government now seemed to Mr. Callaghan said he still Approach” acknowledged that . ^ that . the “This mnst be pomted ont to p 10 ^ 

- be working towards a S per cent believed that free collective any Government must take 

guideline— plus blacklisting— for bargaining was a test of the view on the level of wages 

the next pay round. wisdom of democracy. What he any year and had therefore ment^tad’IntiStoMdTo oro^rt STm “and "ORDERED, That the Committee medal reports"" (c#ri 

“ Are_you not really saying to had constantly tried Jtp do was to wisely concluded that .the X* have power to appoint subCom- ^WhenTeror ' " ised 


notes, under the heading "Special 
Renorts." that “ a reoort that a 
“ORDERED. That the Commitee wimesf has failed to obey a 


summons 


attend 


Since a nationalised industry 
is not a 44 public department, 4 ' 
even this highly questionable 
exclusion cannot possibly apply 
to British Steel. 

The Order of the committee 
to Sir Charles to supply papers 
in his possession or under his 


could not have been 
appeal to either of 
alleged exclusions 
power of the National- 

„ .. „ Industries Committee to 

we turn to the question send for papers or records, on 


ss^sSiBcs 1 : ss^ssr^sska /5 b,t wys m s p k a d v ic offered 

you are Prime Minister, there fair degree of sueqess-that pay policy issues. EEC ■ houJd be resfsted * ' P^t 186.000 people on the dole, committees any of the matters J ne MaJ 

referred to the Committee. -- «- 1D -^ rsKine “* - • 


Thatcher vetoes Tory link 


v 


with anti-racialism group 


Bterrill queries cultural 
diplomacy value 


BY REGINALD DALE 


BY RUPERT CORNWELL, LOBBY STAFF 


j 

* - 

. \ * 


-i'll 






‘■nnnFRpn -rhst Prece^nt in the case of Mr. The importance of this case 

ordered. That every such John Kirkwood who refused to j S its watershed location in the 

s S ?n^fo“ 1 5lKo5i Ve i i aSe« er a n t d f^e ?“ estl ?. ns pu l t0 ^tn by adv a nce or retrcat of Par liamen- 

sena for persons, papers and the Select Committee which tary power to control or even 

S hSia f sa ^ ined % pr ? ctice of T 0 ^* infiuence, public expenditure and 

, fro “ tjme , t0 bme « an? lending. The journal of the poliev through the onlv effective 

“Adjourn from pface to place." House for July 15. 1S97, records fonlemporaty means, ihe leSSrt 
From these quotations, it will that “John Kirkwood, a witness Committee system. If the House 

__ _____ , - . . be apparent that this power to summoned to attend the Com- fails to assert and maintain its 

SIR KENNETH BERRDX, head ments had refused to provide the command the attendance of wit- mlttee. had refused to answer own authority in this case the 

of the Government’s ‘punk Tank, funds needed .to restore full *»™s. a°d require the pro- Questions addressed to him by efficacy of everv Select Commit- 

/ , . , . yesterday cast doubt .on the audibility to the external ser- duction of such papers and the Committee," whereupon the tee will be eroded and Parlia- 

THE CONSERVATIVE hierarchy part in the joint committee's to a compromise formula, it value of cultural diplomacy vices, an operation which would records as the Committee re- House "ORDERED that John ment. as an Institution, will have 
acted swiftly last night to paper work. was agreed last night that the in promoting Britain’s real in- now involve capital costs of qu*™! results directly from an Kirkwood do attend this House devalued itself 

over a damaging split, reaching His argument was that the Conservatives’ National Union te rests abroad. £50m. plus an extra £4m. a year 

as far as the shadow Cabinet, Conservatives /never allowed could send * a representative to He questioned whether people for running costs, 
on what attitude to take to- themselves to. be corporately the Joint Committee. But the would be' more likely to buy If this money was not avail- 

wards the newly-formed and linked with other organisations, gesture is of limited scope as British goods or their Govern- able, the answer should be to 

non-party Joint Committee Lord Thorneycroft insisted the National Union, in practice ments vote with the UJv. in concentrate on improving the 

Against Racialism. that the Tories were well known has fairly little power. Its main international organisations quality in areas which really 

The trouble is centred on i ^ be against racialism in any role is to arrange the annual gimpty because they had been needed an outside source of BY IVOR OWEN 

protracted wrangle over Tory * onn - ® Qti stressed, the party party conference. exposed to the country’s art, independent Information, he 

representation on the commit- \° c °f’5 I1 u u ® t0 fonn own music and literature. argued. There was no point in A PROFIT could eventually system that would have involved was now receiving in resnect nr 

“ - The way people abroad acted producing programmes that accrue from the intervention grave dangers to the employ- some of the institutions that 

was more important than what nobody could hear. Even his own ™ade by the Bank of England ment of millions of people. were taken over 
they thought. Sir Kenneth told proposals would mean extra in If? to prevent the collapse “You may not believe it,” he “Who knows, they mar even 
the Commons committee inquir- Sir Kenneth, flanked by the Jf .fringe banks, the Prime told Mr. Skinner. “ But it is the make a profit out of it ” he added 
ing into bis controversial report members of his tea m , deferred Minister suggested in the Com- Governor’s view, and I certainly Deprecating Mr ’ Skinner'c 
on Britain’s overseas represent*- to some criticisms by committee mons yesterday. accept that view." description of the Governor as a 

tion. The report urged the members. He accepted that with He endorsed the view of Mr. Callaghan then suggested friend of the CBI the Prime 
abolition of the British Council hindsight he could have spent Mr. Gordon Richardson, the that it was likely that any losses Minister said the Governor was 
By Richard Evans, Lobby Editor and the concentration of tbe more time travelling and looking Governor, made public for the incurred were being more than a public servant who worked 
T Hp ' H F praq hepn a nparp move BfSCls external services on fewer into defence issues. first time when he gave evidence made up by the interest pay- verv closelv with -d? #•« 

that capacity along-.- il ^rbe^raouncement however between Mrs. Margaret Thatcher, ar ^ s -_ Think Tank members claimed, to a Select Committee on Wed- ments that the Bonk of England ments, including the present one 

can Lestor, Oie Left CoiSmto lSdST and Mr Slr f* *“s proposes however, that their proposals for nesday. that without the lifeboat P one< 

_ J ■ _» J jimij iuuhwmm, . .. . , u>pr» itltPTlrfpH to PAnO With Ihn roriiiplno enenrhna nn onhnma than nut iTttn nnnratinn — _ 


Governor’s view backed 


tee, which culminated in a 
move by Mrs. Thatcher, Leader 


policies and “ be accountable to 
the public for them." 

ot the; Opposition overrule.^',^^. SSftC 

M, e ^im,i ak wSl.w dePUty ' &P Jor Chisleburst and secretary 
Ur - William Wbltelaw. ^ parliamentary Home 

nain-Nt Wio effa i Committee, to handle 
party s home affairs spokesman, “contact and liaison" with the 

had nominated as joint chair- new body, which has immigrant 
man of the committee, _ Mr. ethnic and church groups among 
John Moore, who would have its members, 
served in tha 
side Miss Joan 


Tory leader 
in Heath 
peace move 


wing MF and chairman of as well ns Young Conservative Edward Heath whom she deposed ^ * entl 4116 'Pejibg on fliplomatic scheme then put into operation. 

Labour’s national - - r v O . ... r rtonllmmr aftmhlllf-n nf RHP ptp. mtarfdmmmt- »1 than mnM haan 1 thraut 


executive. and Tory student representatives, nearly three years ago. 

Mrs. Thatcher’s veto was who have long campaigned for The two met at Min. Thatcher’s 


weiB uucuueu 10 cu ins wiui me reuuuiiB bpunuuig on diplomatic scueuie uieu put into opentuuu, -r , X 1 > • 

declining audibility of BBC pro- entertainment and changing the there could have been a threat |\QVf WPPt’c niicmpcc 
grammes around the world as entertainment allowance system to the monetary and financial x J 

to competing stations built bigger had received considerable sup- 

to invitation on Sunday to discuss tran^tters. Successive gov^n- port ^ 


endorsed yesterday morning by a more vigorous riposte 

her close adviser. Lord Thorney- racialism from tbe party. Mr. Heath's recent tour of the 

croft, the Conservative Party ' Tbe incident comes hard on Middle East The meeting, at 

chairman, who Issued the state- the heels of leaks that Conserva: Mrs. Thatcher’s home in Chelsea, 

ment that the party, as such, tives plan to cut back heavily on lasted, nearly an hour, 

could in no circumstances take immigration, once in power. • Toiy part y i ea dere are keen 

_ j to end the cool relations between BY PHILH* RAWSTORNE 

T\ Af* '• ___ tbe two because of the boost to SIR JOHN HALL, Conservative 

IVlimSier SCCS C nalice morale a reconciliation jjp for Wycombe and a former be would retire from politics at 

^ wouId tef*. “ the run up to a nhn ^ aT1 of tte commons Select noet General Election, and 

■ general election. n»e /•AnctituMVAt- ?_ 


system. 

Mr. Dennis 


mr. ueuuib Skinner vum, are: Tinrana'vIZ.aiiH^i d:u 

Bolsover) who. ..described the MONDAY: Debate on agriculture; EEC* report oS^alto'of 


(Lab q DEBATES next week Lords business Is: 


Leading Tory MP dies 


security. 


report: 

treat- 

social 


CBL" said the evidence given tor. 

about the bailing out of secoo- TUESDAY and WEDNESDAY: iranimsn . v nolM1 . . , 

dary and “third-rate" banks Scot land Bill, committee. • WBDNESDAv— Deholes on tanker 

showed that some of the cost THURSDAY: Guillotine motion on 'JJ! 1 Prevention: 

Sir John had announced that would fall on British taxpayers. European Assembly Elections ana childminders and 

In scornful tones, he asked: debates on size of Hansard, r ^ aren “‘ 


for fishing agreement 

MR. JOHN S ELKIN, Agriculture 

Minister said yesterday that be . , . . _ . _ _ — — — 

believed' progress bad been made an early debate on tbe matter. Thatcher to heel the breach have Commons in 1952, was a com- tests pending in the Labour seats 
towards an “flamed snhitinn " on He said Mf. SJDldn’s words could made little impact man ding figure ontoeTory tack- 0 f nford North and Glasgow 


How is it that these entre- 


cnainnan oi me juommous aeieci the House 

Committee nn Nationalised In- constituency association is in peneurs caD take risks in the S^day- 1 
Since being replaced as leader . the process of selecting a new so-called private enterprise FRn>A * • 

in 1975, Mr. Heath has remained Castries, ~ ea , . «, a _.r^ > 5? on candidate. system and then, when they run 


and broadcasting proceedings of THURSDAY — Debale on recom- 
mendations or the Royal Cotnmis- 
Private Members’ Bills, sion on the Press. 


Mr. John Peyton, Opposition aloof from the shadow Cabinet hospital yesterday. He was 67. _ j 

Minister, said yesterday that he fisheries spokesman, called -for and _ previous attempts by Mrs. _ Sir John, ■ who_ entered the together with the two other con- 


candidate. 

The by-election in Wycombe, 


unclear is benches and wielded consider- Garscadden, - will 


and Glasgow 
.provide an 


into tronble, they are bailed out 
by the Bank of England and the 
taxpayer ? ” 

Mr. Skinner called for an 
assurance that “these alba 


his way and that of the lndustzy whether Mrs. Thatcher will be able influence in the Parliamen- indication of the electoral stand- trosses ” would not be allowed to 
are now apart” - prepared to offer Mr. Heath a tary party. He was a vice- ing of the major parties this spread their wings in future. 


. ,.\* iifr 


The Prime Minister replied 
that the action taken by the Bank 
of England at the time, as the 
Governor had explained to the 


and financial 






towards an “agreed solution ” on He said Mr. SH kin’s words could 
the EEC Common Fisheries “no longer conceal the fact that * What remains 
Policy. - ‘ 

Mr. Siikin was reporting to the are now apart. <- — — - — - — . - — - . - , 

Commons on the results of three Mr. lain Sproat (C. Aberdeen place In her Cabinet if she wins chairman of the Tory 1922 Com- spring- , 

days of barging at an EEC S) demanded a categorical aflsur- the next election and whetter mittee and of the backbench Wycombe is a safe Conserva- 
Council of Ministers* meeting on ance that if there was nn agree- Mr. Heath would accept One Finance Committee. , tive John had a 

fisheries. ment at the next meeting. Britain possibility is that Mr. Heath Chairman and managing due^ majority of 9.079 at the last - . . - - 

The European Commission, be would unilaterally declare an ex- could become a Tory Foreign tor of Viscose Development and election— but there has been a Select Committee,, was in tbe in 

told MPs, had nbw pnt forward elusive 50-mile limit Secretory or Minister in charge director of several brewery com- strong Liberal vote in previous terest of preventing a threat to 

Proposals on quotas which the Mr. Siikin told him that if we of European affairs. panies, he was knighted in 1973. contests. the monetary 

British Government could regard failed to get an agreement, we 
to “ a basis of discussion if suffi- would have to undertake our own 
dent progress could be made on unilateral conservation measures, 
the crucial issue of preferential Those' measures would be very 
access.” strong, very difficult and very 

He added: “I believe that not tough. But he hoped there’ 
too much separates ns from our would be an agreement so that 
partners on the important the fishing, industry .could be 
question of conservation maintained and preserved and ■ 
measures." even expanded. 

The position of the British Mr. James Johnson (Lab, , of anv 

Government was "entirely Hull W.) said that not only must Transmit BUI was beaten off by 

meat of Britain have dominant preference ■ Government last night with declared 


Rodgers warns Tories on transport 

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 

A CONSERVATIVE attempt to trains into London, no local ser-to BR and lays down the financial depended on its ability to 
a second reading to the vices across country, no services reconstruction of the National achieve and maintain acceptable 


kind in large parts of Freight Corporation. In addi- levels of trading profits. This 


reserved” and its judgment 


W , „ „ 

and Wales,” he tion it requires the publication meant rationalising its general 
of county public transport plans, distribution business while deve- 


Green pound demand 


the acceptability of proposals was in the 13-50 mile zone, out. a majority of 32 (185-153) after “a vote against this Bill is the exempts community buses from loping new services 

dependent on what could be should. also enforce the law ana a strong warning from Mr. W1I- height of irresponsibility. It is public service vehicle licensing He denied Tory’ suggestions 

achieved on coastal preferences, police the zone. Ham Rodgers, Transport Secre- a vote to put an end to our and allows car sharing schemes that the Government would be 

taiy. national rail network.” to be advertised at places of coming forward with further 

He argued that if tbe Conser- In a dear reference to the next work. plans- for a reduction in the cor- 

vatives succeeded in blocking the General Election campaign he Dealing with the National p or4 tlon’s debt 

legislation, many British Rail added that many people would Freight "rporatJOD, Mr. conservative transport spokes- 

FINancial TIMES REPORTER services would have to close hold it against the Tones “when Rodgere sai d that the main pur- ^ Norman Fowler, 

„ • .. . ' .. . d own completely by January the time comes.”. 5°^ ’S 8 10 ' attacked the measure as a 

Ms. JOHN SILKIN. Minister of appalling reports going around next year. Daring the course of the deal with the financial problems « ^ « He £ave notlce 

Agriculture, refused to be drawn i*® 1 . the Government is contem- When it came, to the vote, the debate Mr. Rodgers told MPs that of National Garners. He said ^ a future ckmservative 
vesteifhi* «ntr rmonunMt plating a 5 per. cent, devaluation House rejected the Opposition Mr. Peter Parker, chairman of that the business was not in good Government would not tolerate 
•* lathe green pound.” _ amendmedt which urged toat the British RaiL had told hto that shape when it was taken over «5BK USStoR JSS2 

Plans to devalue, the soiled Mr. Roberts warned: “Ttoe Btil should not get a second BR expects to achieve a small by ^ “rpmation in 1969. It ^ n ^reto4 Sving P a reS 
green pound. only effect of these changes reading because it flailed fully to surplus on its non-passenger was then losing £20m- a year, P i e te and meaningful breakdown 

Asked to confirm or deny the would be to add to the hoxae- meet the needs of transport business in 1978. . but was now leaking even— an of trie profit and loss on their 

Suggestion in the Commons, Mr. wives’ burden and make toe. users, particularly in rural areas. The Bill introduces limits on BnpreSgree performance. various services. 

SilWn said he bad to weigh up Government’s incomes policy far There was open incredulity the financial assistance which the . The Biff relieved National Car- « ^ji y conservative Govem- 
the interests of all sides and more difficult” • and cries of disbelief from the Transport Secretary can approve ners of the burdens of the past men t will want to examine the 

reach a conclusion based on the From toe Conservative Tories a*. Mr. Rodgers outlined for BR after toe end of 1978 to Future plans would, he said, basts for these figures. We will 

national Interest. benches, Mr. Tqijy Newto n toe grave consequences, -which, a total of £l.T5bn_ which can be almost certainly : invoke some want this breakdown quickly It 

Mr. Gwilym Roberta (Lab- (Braintree)^ ^called for 'an tnam®- he-saidL. -would result if the Bill further increased to £3bru subject further reduction in the work will be unacceptable for ui to 

Cannock) asked the Minister to diate devaluation of 7J per cent, were rejected to the approval of the Commons, force. have to wait for four or five years 

• confirm or contradict the in the green pound, 4 ?Tbere may be no commuter It also transfers freightliners The company^ future viability as some suggest." 


SWINDON 

HAS INCENTIVES 
NO GOVERNMENT 
CAN OFFER. 

Government aid is the last thing you need in an area like Swindon, 
our location, communications and work-force availability arc 
second to none. 

i JftSW. °di Hambro Lite, British Le viand, Spectrol Reliant* 

^ W *1 Smith arc amongst toe 300 firms who have ahead 

established themselves here. y 

Talk to our experienced development team about otfia- and factorv 
space and development sites We offer full assistance from green 7 
fields to full production. 

planned for powth^ 111 * ant ^ 661 tacts a bout Swindon - ihc iowr 
Contact: 

The industrial Adviser's Office. 

Thtmiesdovra Borough Council. 

Swindon SN1 2]H. 

Tel: 079326J61 
Telex: 44833 

Thamesdown 



4 




10 


Financial Times Friday 'January 2Q 1978 


NORTH SEA OIL REVIEW 


BY RAY DAFTER 


Planning for emergencies like Ekofisk 


THE EMERGENCY procedures 
now being adopted in the five 
major producing areas of the 
North Sea not only make a lot 
iif sense: they were inevitable 
following the spectacular well 
blow-out in the Norwegian 
Ekofisk Field last April. 

What is surprising is that the 
plans, based on a mutual aid 
system, have taken so long to 
come to fruition, particularly in 
the southern offshore region. 
Here gas fields have been in 
operatiun for nine or 10 years; 
some of them might already be 
half way through their produc- 
tive life. And yet only now is 
a saFety zone being formally 
drawn around the southerly 
fields which arc providing the 
U.K. with virtually its entire 
natural gas supplies. 

Only now are the oil company 
members of the proposed 
Southern Gas Fields Club, led 
by Continental Oil. planning to 
introduce two new maintenance- 
nmergetu-y support vessels. The 
first of these, the Star Pegasus, 
is currently being converted for 
her new role. 

The apparent shortcomings in 
the southern sector clearly 
cause the U.K. Offshore 
Operators' Association some 
embarrassment when it is 
railed upon to provide an ex- 
planation. After all. it cannot 
hide the fact that there are no 
less than 61 platforms or fixed 
installations in this gas- 
producing area. 34 of which con- 
tain production wells and 39 of 
which are permanently manned. 
However, the lack of safety 
cover is probably more illusory 
Ilian rpal: a black mark against 
the industry's public relations 
rather than its emergency plan- 
ning. 

Operators ur the gas fields 
have always known that a major 
incident could be tackled im- 
mediately cither from adjacent 
installations or from supply 
hoats and small safety ships. 


■ -y*- "J! 



The Scdco/ Phillips SS semi-submersible utility and emergency vessel demonstrates Us fire- 
fighting capability. 


Fire fighting on a low-lying gas 
platform presents fewer prob- 
lems than a similar operation 
on one of the giant oil produc- 
tion units to the north. Further- 
more, in a full scale emergency 
field operators could also call 
out support from the nearby 
Humber Estuary. 

Consequently, the Department 
of Energy has expressed itself 
reasonably satisfied with the 
safety procedures that have so 
far been put in hand. The mes- 
sage was repeated last week 
when D r. Dickso n Mabon , 
Minister of Slate for Energy, 
met 50 senior representatives 
from 15 of the North Sea’s main 
production companies to review 
emergency plans. 

It was at this meeting that the 
UJC. Offshore Operators Asso- 
ciation put forward its scheme 
for establishing five action sec- 
tors. the one in the southern 
sector and four in more 
northerly oil and gas producing 
regions. If the scheme is 


adopted, and talks are continu- 
ing, Shell will be tbe operator 
for the East of Shetland Club; 
Elf will lead the Frigg Club; 
British Petroleum will operate 
the East of Aberdeen Club: and 
Phillips will head the Ekofisk 
Club. 

The idea is that owners or 
operators of multi-function ves- 
sels equipped with emergency 
facilities will come to the imme- 
diate aid of a club member 
whenever the need arises. If 
necessary the vessel will be sent 
to assist in another sector. 

In essence this does no more 
than formalise contingency 
arrangements that have always 
existed in the North Sea. When 
Well 14 blew on the Ekofisk 
Bravo platform last year, for 
instance, the Forties Kiwi fire- 
fighting ship was sent from the 
UJ\. sector to drench the escape 
of hot oil and gas. 

Emergency planning can be 
broken down into three phases; 
• An immediate response to ao 


incident by means of fire-fight- 
ing and pollution prevention 
equipment on the platform 
itself and on nearby support 
vessels. 

• Containment of the hazard. 

• The repair of the facilities. 

This leads to tbe first set of 

problems: what type of vessels 
are to be used and who will 
own them? At one point the 
industry was considering order- 
ing a small fleet of jointly 
owned fire-fighting ships which 
might be put on emergency 
patrols. This idea was dropped 
for two basic reasons. Offshore 
conditions and platform designs 
vary greatly from one area to 
another so that a uniform fleet 
of maritime Green Goddesses 
would be unsatisfactory. 
Secondly, past experience has 
taught the offshore industry 
that such vessels would be 
greatly under-utilised. 

So far there have been three 
major North Sea incidents 
where fully-fledged emergency 


support vessels would have been work simultaneously — has been 
useful. - The first was back in shown in tests and public 
1968 when a rig was blown off demonstrations only. Phillips 
a gas well on block 44/23 in the Petroleum, the Ekofisk operat- 
U.K. southern sector of the ing company which is leasing 
North Sea. As the well-head the vessel, pointed to the 
was damaged another rig bad to benefits of Sedco/Phlllips SS 
be used to drill a relief hole. as a maintenance base. 

In October last year fire-fight- The vessel's workshop and 
ing vessels dealt with a blaze diving facilities have been in 
on the 'drilling-rig Haersk Ex- constant use. A minimum of 
plorer following a gas well 26 divers are stationed on board 
blow-out in the Danish sector, and these have been engaged 

Then there wee the most in snoring debris from the 
dramatic, and most widelj-pub- removing flow lines 

lieised incident of them all: the from 8ub ;f a "f 8 (u f d “ 
Ekofisk blow-out in the P ar * «* early product™ 
Norwegian sector. This accident, JJ*™). repairing a monitor- 
in particular, taught the off- . >»* device and inspecting boat 
shore industry and the regula- bumpers. In the near future 

tory authorities much about tbe "LS 

problems of tackling rogue welts ", * ȣ 

in deep water, far from land. In caas OI “ e 

the event a long term pollution Ekofisk complex, 
problem— one of the major con- All this underlines why off- 
cerns— did not materialise. The shore operator have decided to 
menacing oil slick was success- introduce Maintenance Support 
fully dispersed, partly by the Vessels (MSVs) with emergency 
action of “ clean-up " boats but facilities rather than pure 
largely thanks to Nature. Emergency Support Vessels. 

r Vha n - cneitOT . „ These ships, either mono-hull 

Th . e . Disaster, as it or semi-submersibles, will be 

was labelled at the time, would desi d t0 operatc in ^ 

have proved a marvellous test- differing Qffsh ore conditions 
^g groimd for the Sedco/ encompassed by the five initial 
Phillips SS. the world’s first action sec tors. 
specially-constructed semi-sub- Financing arrangements for 
mersible utility and emergency many of those projected have 
vessel. By a quirk of fate the still to be finalised. A vessel 
$40m. vessel, designed for work might be owned by one 
on the Ekofisk Field, was being operator, such as BP on Forties, 
completed at the Mitsub ishi It might be- bought and shared 
shipyard in Hiroshima, Japan, by a consortium of offshore 
when the blow-nut occurred. The groups. Or it might be pro- 
multi-purpose unit — it is n vide<i ° n “ entrepreneurial 
floating workshop, diving base, basis by a crmtraonng group Ln 
fire station, hospital and hotel al1 

all in one - had been ordered an understanding that the ve^l 
in All ms r 197S will be released immediately in 

in August 1975. the event of an emergency. In 

Since its arrival in the North at least the first two examples 
Sea some two months ago the the vessel would be allocated on 
emergency facilities of the a “no-profit” basis: the operating 
Sedco/Phillips SS have not group in trouble would be ex- 
been called into action. Its pected to pay no more than 
impressive fire-fighting capacity daily costs plus replacement of 
—equivalent to 150 firemen at any equipment used or damaged. 

At tbe moment there are five 





Wfie^^irare^eonsuJ^edpn insurance 
pf the wprld’s biggest and mdsTdemanding clients,] 
/ A that is called capability. 




- Sedgwick Forbes ; A 

T h£_wnrMVnTri^ intematioijjal insurance and reiri^iance 






MSVs operating in the U.K. 
sector and a -further six in the 
Norwegian and Dutch sectors. 
These figures will soon be re- 
versed for. ia April, the new 
Unde John semi-submersible 
will be snitched from Mobil's 
Statfjord Field to Shell/Esso 
Brent complex. 

Offshore operators see • the 
prospect of at least- seven more 
being introduced on the British 
side over the next two years: 
two mono-hulls in the southern 
gas sector ; two semi-sub- 
mersibles for east of Aberdeen 


(one each for BP arid Occiden- 
tal): a semi-submersible for 
Shell and a mono-hull for 
Chevron/Union Oil in the East 
of Shetland sector: and a mono- 
hull for Shell/Esso's Auk/ 
Fulmar complex in the Ekofisk 
sector. 

This raises another. - crucial 
set of questions. Where will the 
vessels be built and registered 
an d who will man them? Dr. 
Mabon has made the Govern- 
ment's view plain. Orders for 
the projected vessels could be 
worth £240ui. Dr. Mabon said 
that he wanted to see as much 
of the work as possible going to 
British shipbuilders with the 
ships registered in Britain, 
manned by British crewmen 
and equipped by British com- 
panies. 

British Petroleum seems to 
have been persuaded to comply 
with these objectives. It is now 
considering five tenders for its 
semi-submersible MSV, all of 
them from U.K. yards. Other 
operators prefer to keep their 
options open. As one of them 
said this week, Japanese ship- 
builders were offering a $40m. 
sem.i-submersible with* a 15 
months’ delivery schedule. A 


-similar vessel built in the U.K. 
could cost £40m.: the delivery 
dale was less certain. 

British . yards will soon have 
an opportunity to demonstrate 
their abilities in this growing, 
but competitive market. It is to 
be hoped that the Government 
or its British National Oil 
Corporation, in pressing the 
case for U.K. industry, will not 
unduly frustrate the rapid 
build-up of a North Sea MSV 
fleet. The offshore industry has 
fortunately escaped a major 
catastrophe up to now. But the 
prospect is .always there, and 
it is growing as North Sea pro- 
duction builds up. 

A Department of . the 
Environment paper on offshore 
oil pollution forecast in 1976 
that there was an evens chance 
of more than one British off- 
shore platform or rig being hit 
by a blowout by 1981. The report 
also predicted that in 1981 clean- 
up organisations would be called 
out three or four times to deal 
with tanker spills of which one 
or two were likely to be greater 
than 135 tons. Incidents in the 
Norwegian and Danish sectors 
last year reinforced those warn- 
ings. 



BRITAIN IS SOUTH AERICAS 
MOST IMPORTANT 
TRADING PARTNER. 

Here’s what we’re doing our end to help 
British importers and investors. 

Britain is st ill South Africa's most important market for 
her exports. British imports range from vital foodstuffs to 
essential rawmaterials. 

And South Africa herself imports more than £600m of 
British goods every year.(Britain in fact enjoys a healthy visible 
and invisible trade surplus with South Africa, helping redress 
her overall trade deficit.) 

This traffic is vital to the economy of both countries, and 
is one of the chief reasons why South Africa has just completed 
a massive investment in the most modern containerisation 
facilities i n the world .This new service has meant new ships, 
new docks, new port handling plant, new trucks, new rolling 
stock. Comparable i nvestment has been made by Britain with 
new ships and con tai nerisation facilities at Southampton. 

Containerisation means faster freight handling, goods 

arriving in better condition . and less risk of pilferage. But if the 
economic savings of containerisation axe to be enjoyed to the 
full those boxes have got to be full both ways. 

We are here, at South Africa House”, to give importers 
from South Africa, and potential investors in South Africa's 
ebullient economy, all the help we can. 

We have always been a giant in the field of rawmaterials. 

■this natural endowment is today linked with an industrial 

technology, and manufacturing resources which match any of 
the developed countries of Western Eu rope, 

CapitalinvestmentinSouthAfricacanbeven^reward- •• ■ 

ing as the expanding investments by many prominent world 
business leaders have proved. 

Importers from South Africa knew that delivery dates ' 

■will be met. quality control will be stringent, and prices keen. - - 

r or more intormation , please contact : ■ 

The Minister (Commercial), 

South African Embassy, 

South Africa House, Trafalgar Square,’ 

London \VC2N5DP.Tel 01-930 44SS. ’ 

Trading partners fbr20Qyeai& Aj; 







tr* 










i, 


AUTOMATION 


Smooth up and down 
^for the passenger 


Small tough Slips along under 
incinerator heavy loading 


• TRANSPORT 


Volkswagen ignition move 


■tf. IMPROVED. . reliability and 

\ smoothness are claimed for. the 

>" “750" hydraulic lifts from TI 

Becker Lifts. ’ 

The result of several years’ 
— - development, they incorporate a 

'.i‘ new -slowing system patented by 
TI Becker which permits stepless 
.. slowing and acceleration. It pro* 
w. 'yides that the speed of the -car 
*3 1® * function of. i distance from 
.... stopping level, not of the time 
'* after a slowing signal. This gives 
... the lift setter total control over 
, . ^ slowing distances which . means 
,a - •'v that smooth slowing and- stopping 
‘'■S****' can be achieved under all condi- 
. ^ tions of load, up or down, from 

I** 1 - high running. speeds, and irres: 
pe ctive of hydraulic fluid 
— • "-temperature... . ; 

The use of “ distance from 
floor” as the controlling variable 
/eliminates the need for a long 
-v period of travel at slow speed- 
The system . can be set to ran 
■ ■ Sust 10 mm' or even less at slow, 
before stopping at floor level, 
with the confidence that this 


distance will be maintained even 
though, load conditions may vary. 

A very slow creep speed, which 
contributes to smooth stopping 
yet does -not increase the elapsed 
travel time between floors under 
any circumstances, is thus per- 
mitted. The lift thus, provides a 
standard of service equal to that 
of nominally faster equipment 
which has to allow a “buffer 
zone” through which it runs at 
slow speed, the developers say. 

Smooth control at speeds up 
to 1.25 m/sec. (250 feet/min.) re- 
quires matching detailed refine- 
ments. including silent shaft 
switch operation. Becker nses 
inductance-operated:., proximity 
switches designed to give floor 
levelling to ±3> mm. The sensors 
operate in conjunction with a 
new control panel which employs 
ac circuitry and pneumatic tim- 
ing devices. Alternatively dc ver- 
sions can be provided.. 

TI Becker, Eating Road, Alper- 
ton, Wembley. Middlesex HAO 
4PA, 01-903 0211 /' . 


Easy up and over 


SAID TO be inexpensive' and 
reliable, a reciprocating grate 
has been designed in the small 
to medium capacdty range (1 to 
2i ton/hr. burning rate) for use 
in municipal, industrial, hospital 
and security waste .incinerator 
applications. 

It consists of Interleaved hori- 
zontal moving and stationary 
grate sections, mounted on 
wheeled frames running on rails. 
The rails extend from the furn- 
ace into the plant room for easy 
inspection and maintenance. 

Each grate section comprises a 
number of refractory concrete 
slabs cast into U-shaped steel 
channels attached to the grate 
frames. These slabs, forming the 
grate hot face surface, recipro- 
cate in alternate lines, tinparting 
a forward and tumbling action 
to the refuse in the furnace. 

Refuse can be fed manually 
or automatically into the front 
of the furnace, and the ash Is 
discharged from the rear, 
hydraulically operated double 
interlocked doors prevent direct 
access to the furnace chamber 
when the -furnace is fed.. 

Reciprocation of the grate is 
by hydraulic rams, with length 
and frequency of stroke selected 
from a variable sequence timer 
to suit the waste being incine- 
rated. 

More from the maker. Incine- 
rator Company, Howard Road, 
Eaton Socon, Huntingdon, Cam- 
bridgeshire, PEI 9 3ER (0480 
213171). 


TWO BRITISH lubricants for- 
mulated to eliminate wear or 
seizure between metal surfaces 
“mating" under pressure are 
easing both the physical prob- 
lems and the economics of drill- 
ing for oil in the North Sea. 

Developments of Guardian 
Barrier Lubricants, both pro- 
ducts are being used by Red path 
Dorman Long (North Sea) to 
facilitate the loadout of oil-rig 
platform structures on to barges 
for towing to drilling-sites. 

Steel deck and/or jacket struc- 
tures built by RDL North Sea at 
Methil Works. Buckhaven. Fife, 
Scotland, are : transported to 
waiting' barges bn iron shoes — 
the loadout sledges — for jacking 
and winching along skid beams. 
Movement of the structures has 
been made considerably easier, 
and- more economical, by the use 
in concert of Guardian Ferro- 
gard PI. a concentrated paste 
for metal pre-treatment, and 
fluid grease Guardian Transgaxd 
FG. 

The first is applied to the slid- 
ing surfaces of the loadout 
sledges. 

‘A paste-like concentrate of 
lubricating solids, it offers almost 


100 per cent, protection against 
pick-up and seizure, and gives 
.optimum performance wi thin a 
temperature range of — 40 
deg. C to 4- 750 deg. C.. The 
product is a complex concentra- 
tion' of low-friction, high load- 
carrying, non-melting lamellar 
solids dispersed in a fluid which 
rapidly establishes a protective 
barrier film on all metallic and 
non-metallic surfaces without 
rubbing in far surface pre-treat- 
meat. 

Trie second material is speci- 
fied ,to coat the surface of the 
skid-' beams and is a ' blend of 
specially selected solids, surface- 
active compounds and a semi- 
synthetic oil with an adhesion 
agOnttbat has high polar affinity, 
for metal surfaces. It provides 
instant protection against fric- 
tion and high loading in the tem- 
perature range of — 30 deg. 
C to +150 deg. C on all metal 
surfaces where the need is for a 
lubricant that has exceptional 
non-creep properties, is water- 
repellent. and anti-corrosive — 
even in the presence Df salt 
water. 

Guardian Barrier Lubricants; 
Guardian House. 92-94, Foxbeny 
Road, London, E.C.4. 


TWO YEARS" development work 
between Volkswagen and Fair- 
child Camera and Instrument 
Company in California have 
culminated in a decision by the 
car giant that, from 1979, all its 
models will be fitted with hybrid 
electronic ignition units made by 
Fairchild 

This is believed to be the first 


METALWORKING 


use of a system of this type as 
standard in a European car. 

The ignition units are based on 
a rugged linear integrated circuit 
and a high voltage Darlington 
power transistor, Fairchild 
developed the linear integrated 
circuit specifically for the work. 

More from Fairchild U.K. on 
01-775 111L 


Control 
fin* industry 


MHORN 

MITOMRIION 

' -R u g e !e y . JS-t affs\. 


• COMPONENTS 

Measures 


liquids 


Grinds big components 


Hand controlled lifter 


.'DESIGNED-to'end problems that 
builders and contractors may 
experience when installing re- 
motely controlled actuators for 
power operated up-and-over 
garage doors, the Carmatic 
.actuator with its radio receiver 
and control box can be fitted 
a's received — no dismantling or 
removal of covers is required. 

Installation can be done in a 
matter of minutes. The limit 
switches are extremely easy to 
set. and cannot fall out of adjust- 
ment subsequently: For setting 
the sensitive ■ device that auto- 
matically reverses the motion of 
the door in either direction if 
it comes up against an obstruc- 
tion, the adjustment screw is 
instantly accessible, outside the 
control box. 

Solid state electronics, applied 
for the first time to equipment, 
of this type the manufacturer 
asserts, makes the system in- 
herently reliable; There are no 
relays or other electrical or 
mechanical devices to become- 
clogged with dust or debris, 
corrode, wear, fall out of adjust- 
ment or short-circuit in wet or 
foggy- weafter.- - - • -•- 


The builder can be -sure that 
he will not. be called back after 
installation to attend to some 
obscure electrical failure. In the 
unlikely event of . trouble with 
the electronics, it is only neces- 
sary to unplug the printed cir- 
cuit board and replace it, which 
is two minutes* work. Spurious 
radio signals, even on ‘ the cor- 
rect frequency, are'rejected by 
a patented arrangement -in the 
printed circuit 

In the event of a failure of 
the electric power supply, a 
quick flick of a release handle 
disengages the automatic actua- 
tion gear, so that the door can 
be opened and closed manually: 
re-engagement is jnst’-as simple. 
Additionally, a foolproof 
external operation release device 
is available for garages where 
there is no access - other than 
through the up-ant^over door. 

The Carmatic hais been intro- 
duced by Cardale’ Doors' — part 
of the ‘ Cardale Engineering 
Group. Further information from 
Brackley (0280) 7030^1. Indus- 
trial Estate, Brackley, North ants. 
NN1S-5EA.- • ■ - 


Train cab simulators 


DRIVERS FOR the Hong Kong. 
Mass Transit Corporation (which 
will operate the city’s new under- 
ground railway) will be trained 
on cab simulators being built 
by Redifon Simulation. The con- 
tract, at an undisclosed figure, 
has been placed by Merro- 
Cammell, Birmingham, which is 
manufacturing the rolling stock 
for the railway. 

The three simulators will be 
replicas of the driving cab in- 
teriors. constructed within three 
cab bodies from Metro-Cammell. 
Supervision and control of trail- 
ing exercises will be carried out 
by an instructor seated at a 
console, with audio contact to 
each trainee. 

■ All programming and informa- 
Ition required for instruction will 
-'be generated through one central 
processing unit, which will in- 


corporate an Interdata 8/I6E 
digital computer/ 

Typical procedures for driving, 
-and - communications can . he 
taught to inexperienced opera- 
tors. Effects .'that can be simu- 
lated include acceleration and 
declaration,/ braking under 
normal and adverse conditions, 
and background sounds. 

Pre-programmed or manually 
introduced faults can be added 
by the instructor, who can use. 
a sli(Ie projector to select scenes 
of platforms, tunnels, signals, 
etc/ which the trainee will s£e 
through the cab windscreen. 
There win be a computer print- 
out of each exercise for 
subsequent analysis. 

Details from the maker, a 
Rediffusion Organisation com- 
pany,’ at Gatwlck Road, Crawley, 
Sussex RH10 ZRL (0293 28811)/ 


Big Diming Programme Onshore and Offshore in 1978 

ENDEAVOUR FOCUSES 
ON OIL PROSPECTS 

Addressing shareholders ta Metbanroe. Mr. Erie Webb. 
chQzrnux ot Endeavour Jteanavm saU: 

** The Company enters 1978 in a sound cash position and 
wiU be among the most active in the renewed search for 
petroleum in Australia. This follows the Federal 
Government .decision to allow a world parity price for 
“ new oil " and technical advances which make posable 
searching more subtle geotogicaJ sj martens. 

Of the areas-in-wtsicn we are involved I woujd draw your 
attention to three prospects. The first is the Papua New 
Guinea concession where Esso has started a lengthy and 
expensive site preparation for the Goaxi Well which will 
he drilled at no cost to us during 197& 

The second prosnect— and the one which Interests me 
most— is A to P 232P on the edge of the Adavale Basin 
in Queensland. This is onshore and exploration is aimed 
at reef limestones of Devonian age, It appears these 

reef build-ups. will be adequately co-rered and sealed 
and can be reached by the drill at relatively shallow 
depths. The anticipated section in A to P 2S2P is 
strikingly similar to that of 'Western Alberta where the - 

major breakthrough for petreteum in Canada occurred. 

If further seismic surveys to he run in 197S confirm and 
define reef build-ups I believe this wiU prove to be toe - 
best onshore prospect in Australia. . . 

The third area to winch I draw your attention is Permit 
WA-80P on the N.W. Shelf. The area 4 b somewhat terser 
in area than most N. Sea concessions and lies along the 
productive Rankin Tiend, Reinterpretation of seismic 
dam has commenced. 

MINERALS ’ 

At Forrestania very substantial reserves of nickel have 
been established. We envisage only minimal costs until 
there is a substantial rise in toe world nickel price. 

During 1978 we will be active in mineral exploration 
only in further assessment of toe alluvial gold areas in 
Sulawesi and in search for more alluvia] tin prospects. 
Evaluation of the prospective prophjny copper deposits 
of Sulawesi must await a better world price for copper. 
FINANCE 

We have sold our loss malting barites company, 

Australian Thai Tin for U.Sil.lm. cash. No change of 
ownership Is contemplated in our 50pc owned Singapore 
barites company where record profits ere expected. 

Our high quality aggregate quarry Is now fn ' 
full production. Tin interna is producing ' 


• SAFETY 

Stops tanks 
overflowing 

PROVIDING EARLY warning, 
high level alarm, and automatic 
valve close down, on chemical 
tankers, is a pneumatic level 
sensing system developed by 
John Davis and Son (Derby), a 
Doulton Engineering Group com- 
pany. 

The unit -is normally sited on 
the side coaming of the cargo 
tank batches, and incorporates a 
visual indicator. Air pressure 
created in a probe in toe tank 
sets off the early warning wben 
the tank is approaching the full 
level. The warning consists of an 
air horn, and the visual indicator 
starts to revolve. This signal 
means that the cargo .flow should-, 
be manually controlled up to the 
toll mark. 

If no action is taken by th£ 
time, the cargo reaches a second 
pre-set- -level, -twin- -air -Jwras- 
sound, and simultaneously the 
orpin valves controlling the flow 
td. the tank will be automatically 
dosed. The system can be 
-optionally fitted with a mains air 
failure warning, showing that the 
essential air supply to the control 
unit has failed— if this happens, 
toe flow valves are again closed. 

The unit is stated to meet all 
the latest specifications and 
recommendations for the carriage 
and handling of dangerous 
chemicals on inland waterways, 
as well as the maritime recom- 
mendations. 

More from toe maker at 
20 Alfreton Road. Derby DE2 
4AB (0332 41671). 


• EXHIBITIONS 

Focus on 
copying 

PROBABLY no development of 
the past 20 years has so relieved 
nffice - staff of toe tedium of 
repeated document copying by 
manual processes as the copier 
with the fadlity to use ordinary 
stationery. 

The National Office Repro- 
graphic. Exhibition, which toe 
Business Equipment Trade 
Association is organising at toe 
Wembley Conference Centre 
from February 14 to 16, will 
focus attention bn the latest 
plain paper copying equipment 
Agfa-Ge^aert will be introduc- 
ing to toe business public its 
flash-fusing technology as 
adapted to ordinary office use. 
Facilitating double-sided docu- 
ment copying, toe machine can 
be' adjusted for handling any 
weight of paper from 60 
grammes per square metre to 
lflO grammes intermixed, or left 
to adjust itself automatically for 
any specific weight between. 

: .Canon will' be - presenting a 
desk-top plain paper machine 
offering A3 reduction to A4 as 
well as normal 1:1 copying, 
and Regma its first plain paper 
desk-top machine. 

* Interesting more and more 
companies, are toe latest deve- 
lopments tor the • photographic 
making of offset-li too printer 

S aper plates^— Rotaprint will 
avfr a sew machine and new 
plate material it can process 
which gives 5.000 copies easily. 

- Roneo' Vickers ' will have a 
printer which can be loaded with 
30 paper plates and programmed 
to 'produce - any number of 
copies from -each, -automatically, 
ejecting used masters in toe 
process and- cleaning toe ; 
blanket - i 

■More from. BETA on 01-405 I 
6233. - 


SAFE, ECONOMICAL lift and 
transfer of die sets, moulds, 
crates, drums and other awkward 
loads jo f up to 10 cwt. can be car- 
ried out by one man using the 
new Stanley Hydra truck, made 
in Britain for national and inter- 
national distribution by Norman 
Stanley Mechanical Handling, of 
48, Coldharbour Lane. Harpen- 
den, Herts. (05837 67711). 

Capable of moving loads from 
ground level to any height up to 
56 inches the hand controlled 
hydraulically operated Hydra- 
truck is thought to be the only 
standard work transfer machine 
of its kind available. 

Loads are moved on a 30 x 30 
inches -flat -bed lifting rsatform 
mounted on an Lrshaped arm 
which is moved backwards and 


forwards by means of a single 
hand-pumped hydraulic ram. 
This , arrangement gives the 
Hydratruck its unique ability to 
project the lift platform up to 12 
inches (300 mm.) forwards over 
the chassis during lift thus faci- 
litating ease of transfer, while 
maintaining maximum access to 
the' load throughout handling 
operations. 

Another faritity which distin- 
guishes it from other work trans- 
fer aids such as stackers and 
scissor lift tables, is its ability 
to tilt the lift platform up to 6 
degrees backwards and 3 degrees 
forwards as a further aid to load 
manoeuvring. Lift, lower and tilt 
levers are all within easy- reach 
of toe operator. 


LATEST IN ■ the SI range of 
internal grinders from WMW. 
the machine tool industry of the 
German Democratic Republic, is 
a heavy duty machine capable of 
handling components of 1,000 
mm diameter and weighing np to 

1,000 kg. 

Internal grinding depth is 
500 mm and maximum table 
stroke is BOO mm. Cylindrical 
and tapered plain and stepped 
bores with diameters from SO to 
900 mm. as well as short outside 
diameters and narrow end faces, 
may be machined using toe 
internal grinding spindle. 
Internal and external faces are 
machined using a swivelling face 


COMPUTING 


grinding attachment, which can 
be hydraulically swung clear of 
the machine. 

Main motor power is 11 kW, 
and for the face attachment 
4 kW, providing four spindle 
speeds from 90 to 250 rpm. 
Feeds, traverses and speeds can 
be " preselected and changed 
during machining, enabling in- 
ternal. etfernul and face grind- 
ing to be carried out in one 
operation. There are optional 
attachments for grinding race- 
ways. 

Marketing In the UJC. is by 
Erfurt Machinery, Dore Farm 
Industrial Estate. Orgrcavo 
Close. Sheffield S13 9NP (0742 
697341). 


Big machine price cuts 


AMDAHL, which is a serious 
contender for big IBM 
machines, has reduced prices by 
about 9 per cent, for its 
47OV/0-11 and 470V/5 computers. 

The company also reports that 
its 470V/5 computer will have a 
larger standard new 12-channel 
layout instead ol eight-channel 
as hitherto. 

Price of the 470V/6-11 now 
is $32m. against $3 .5m. pre- 
viously. 

The new minimum configura- 
tion 47DV/5 computer price is 
S2.4m., or about 9 per cent. less 


than the previous eight channel 
470V/5. 

Amdahl says it expects the 
price reductions will be consist- 
ent with the " improving product 
cost trend M that is resulting from 
increased volumes and manu- 
facturing cost efficiencies. 


• By agreement between the 
Financial Times and the BBC. 
information from The Technical 
Page is available for use by the 
Corporation’s External Services 
as source material for its over- 
seas broadcasts. 


COUKTAULDS produces vast 
quantities of ciiemicjis c-jcIi \f.ir 
for use in its own niupulactur- 
ing plants and for sale t» 
companies invotied ic. itw 
plastics/icxtilc business. 

One such basic chmuic..:. 
carbon disulphide. i> an import- 
ant ingredient m the prutoiction 
of rayon fibre and com-i-ii-jcn?!* 
is in great demand b> the various 
textile plants wnhin the 
Courluulds group, as well as by 
other yarn famine*. 

Carbon disulphide, al! hough a 
“clean" chemical, is nn ;> -hi h rear- 
ing and attempts t.« jcvurjiuiy 
meter and butch control outgoing 
shipments from the <a , urt.iusti> 
Chemicals plant hi Stivrfmd, 
Manchester, with rnn\e::t;n!i.i! 
meters have proved m be practic- 
ally impossible tieeuuso ot the 
high wear rate an«l subsequent 
failure of the bearing surfaces :n 
the meters tliein, elves. 

But a check had In be kepi i«:t 
the loading nr the CS ' ?n;a 
delivery tankers prior i.i *Iu.pa:i*ii 
and Courtuulds cbo-e i " Ki-v» r- 
llo " 2000, beurii:v:!esS turMne 
unit in the hope that it unyM 
enable the previous pro Mesas tit 
be overcome. 

After several untri'iis' sen ice, 
there have been no :r.ecsi.i:ur.:l 
problems of au\ mjci and ;)<e 
Hover llo and associated s.-.nkls 
are giving excellent «vm>: stent 
accuracy lo within 1.5 per cent, 
of the weighbridge. 

This bearingless turbine type 
transmitter is particular^ suit- 
able for aggressive chemicals arid 
contaminated liquids, a magnet 
is incorporated in the rotor 
assembly and is caused to rotate, 
with stability, by the line liquid. 

B. Rhodes and Son. Danes. 
Road. Crow Lane. Romford RM7 
0HR. Romford 62323. 


l mPm, 

'•5V Mv' j 



Short of money for research and development? 


The Research and Development Requirements Boards 
aim to improve the technological competitiveness of 
British industry. 

We can help you with some of your costs 

If you have a project for the development, processing or 
application of materials or products in any of these listed 
areas of industry, the relevant Boards could make a 
contribution to the cost, repayable only if the venture 
becomes a commercial success. 

Ferrous and Non-Ferrous Foundries 
Plastics and Composite Materials 
Steel Products and Applications (e.g. Tool Steels) 
Tableware (ceramic) 

Office Machinery 

Food and Drink Processing Machinery 
- Packaging Machinery 
Drop Forging Equipment . 

Hydraulic Machinery, Fluid Power, Construction 
and Earth-Moving Equipment 
Computer Aided Design and Manufacture 
Vehicles. 


If you have projects in other areas of Engineering 
Materials, Mechanical Engineering and Machine Tools 
you could still be eligible for assistance. 

It’s in your company T s interest to find out more about 
the scheme. ’Phone Dick Goodchild on 01-211 4793 who- 
can provide more details. Or send in the coupon. All 
discussions are, of course, in complete confidence. 


I To: Mr R T Goodchild, Department of Industiy, 

| Abell House, John Jslip Street, London SW1P 4LN. 

| Please supply me with more information about the Research and 
| Development Requirements Boards' assistance to industry. 


I Company 

I Position in the Company. 
! Nature of the Business — 




The Property 



BY JOHN BRENNAN 


TO-DAY'S confirmation that 
Trafalgar House has sold three 
nf its City offices for a total of 
ffilm. gels the property invest- 
ment market off to a spectacular 
start for the year. 

Details of the sales will not be 
available until the group's annual 
meeting on January 28. But it 
seems probable that Trafalgar 
has initially sold its three fully 
occuried City blocks. 

Billller Building on Billiter 
Street, E.C.3. in the heart of the 
City's insurance area, is the 


\VlJ 



Nigel Broackcs. Trafalgar 
House chairman : “Wc find 
that property development 

for long-term investment Is 
not worthwhile for a public 
company, but we continue in 
the business to create invest-, 
mcnls for resale.” 


continue selective developments, 
but only to create Investments 
for sale. 

One question raised by the 

. . sales is that if Mr. Broackes has 

, got his timing correct have the 

buying institutions also got it 
right? If market talk of yields 
around and below 5 per cent are 

nn i*1 • 11 ''•11 correct no one will doubt that 

Trafalgar signals lower yields a “ mm 

O «/ A year ago he could not have 

largest nf the three. The 1 64,000 the group’s smaller Central murh^rerhaR then 1 wiST— 
square foot bioek-139,400 square London offices, and the aim. £ ^ P 

feel net— was let in 1976 as the sale of half of Its lm. square foot 

headquarters for Insurance Industrial property development As for institutions. They 

brokers Alexander .Howden, programme. have a cash crisis in reverse- 

Howden agreed a rent of £t6 j Mr. Broackes made clear his Too mucli money chasing too 
square foot. But concessions by decision to move away - from few prime properties can produce 
Trafalgar mean that the Billiter simple property Investment more heady prices. But beady or not, 
rent roll was only £l.lm. in the than two years ago. He has the funds determine the market 
first 12 months, rising to £2.1m. argued that it is no longer price, and these sales appear to 
In the second year and then to rational for a public company to give credence to some of the 
£2.2 m. until the first full rent compete with tax-exempt funds more optimistic views of prime 
review, in March, 19S1. to hold long term investment property yields voiced in a dis- 

The other two blocks are the properties. Trafalgar will believing market last year. 

37.993 square Teel 120. Feocburch — — - 

Street, and the older 108,600 t* I • y j w Tl *1* ll • 1 

Behind the Pavilion bids 

City offices arc the 67,235 square victor Sandelson has stirred two weeks, an extreme reaction 
■ e L-,. roatJ Street House, which up a hornets' nest with his take- explained by the narrow market 
is still partly unlet and Bush over bid for London Pavilion, in the stock. Directors and their 
Lone House. Bush Lane, the gut at £3.50 a share, £1.50 below families control nearly 80 per 
impressive, nut still empty, steel to-day's market price, the stock- cent, of Pavilion’s 130,000 £1 
lattice framed building on broker’s offer now looks no more shares. 

Cannon Street has a net 41,250 than the first open' bid in an Plans for the rebuilding have 

square feet nr air conditioned auction for the company which been arranged by Pavilion's 

space - holds the leasehold of the key property advisers, Edward Erd- 

Trafalgars decision, in 1974. to cinema site lo Piccadilly Circus, man and Co. Edward Erdntan 
reverse its previous year's £70ni. As reported first in the himself was for many years the 
property valuation surplus moans Financial Times on Tuesday, personal property adviser to the 
that properties sjiil fold in interest In the London Pavilion late Prince Littler. 

focuses on p,ans for * covered Erdman and the Pavilion man- 
mam C?ly offices w like v to ^ement •« understood to have 

account ffir around £40m. 0 f the ■ c “5“} S-St up a scheme for a two 

£73m. hook valuation of invest- {“ ..Jf* shcU of ^ exurting level, 22.000 square foot air- 

menc propcriies. With £61m. bu,ldin ff- eondtlioned shopping area within 

already in bund from the 6aie Mr - Sandelson and the Eledri- the building. A three screen 
of just three of the buildings. cit y Supply Nominees, owner of cinema would occupy the top 
Trafalgar's chairman, Nigel the adjoining Trocadero site and floors. 

Broackcs. is likely to have cheer- an earlier, discreet bidder at The shops' location, and the 
ful words (nr shareholders at his £3.00 a share, clearly scented the quality of the planned develop- 
annual meeting, particularly if development plans before the meat should mean that thev 
the group's mass of unused tax rest of the City. Now that the would command the prestige 
allowances can be offset against secret has been blown, even small unit rents now being asked 
the tax liability nf the sale. scant details of the proposals in comparable purpose built 
The City office sales follow last have been enough to send the retail areas, such as Brent 

year's £3m. sale of a number of shares from £1.40 to £5 in barely Walker's indoor “ shopping 


In Brief... 

SHORT LEASEHOLDS are back 
in fashion. On the residential 
front demand for short stay 
accommodation in - Central 
London, has created an active 
market in house and flat leases 
with as little as a year’s un- 
expired tenure. Short leaseholds 
that were virtually unsaleable 
nine months ago are in demand 
from operators able to fit out the 
space with rented furniture and 
fittings and take £200 to £1.000 
a week rent from visiting over- 
seas families. One early, and 
perforce, anonymous agent in 
this field reports net returns on 
such temporary lettings in 
Kensington, of over 500 per cent 
last year. 

There are also signs of renewed 
life in the far more sophisticated 
commercial short leasehold mar- 
ket- The beauty of this market 
is that it provides 100 per cent 


•*-**!« 


finance , for prospective occupiers 
taking over the tail-end of a com- 
mercial lease, while at the same 
time giving tax exempt funds a 
better than open market rate of 
return on their Investment . . 

The fund, buys, a short lease- 
hold from an outgoing tenant 
thus paying the premium far the 
new tenant and also becoming a 
high covenant. Intermediate 
buffer between that new tenant 
and bis ultimate landlord, the 
freeholder. . . 

The advantages to both tenant 
and landlord are clear. And an 
increasing number of, particu- 
larly retail tenants, are return- 
ing to tap the Institutional 
finance now available to take up 
short leases. 

For the investing funds' short 
leaseholds provide a relatively 
easy way into an increasingly 
competitive properly investment 
market And the funds are also 
able to gain a yield advantage 


Financial Times Friday January 20 1978; 

»iit rates, even McCann. EriJabu,-- 
after allowing- for a sinking fund care's return on' the .tifcal Tfea 
rn J^^ftf^ltafcStof the to just under IS per wLAfeK 
^ reflect, allowing for a 4 per cert. atokR. 

temrnt; anf the fact that as gross of tmuur t But the ratnw 

5^ ** «* - 

. Gordon Stafforf-BUmr ; invert- can . / _ • £. 

meat manager of the Manifold . • . . 

Trust until last spring, seems to 0NLY , 13 g^oo square feet 0 
have carved himself a slzeame C j t .. Qf Lo 0 <j on offleeq were taken 
niche in this- market with fim- the letting ;marfcet. Ji 


iuui ui ms — - — , ... .. rruiu nicuaiu — 

tiated one Of the largest of mese That cuts net space 

Short leasehold Investments to availa bi e to 2.81m. . square -fifet 
date. at the year-end, with a furtber 

: Mothercare’s pension fund 2JJ8m. m 

Teeentlv uald Collett Dickenson fnnges. Only S3SJW square net 
SSS* International £450.000 of the.availablc City spare Is : la 
foTtte thw? year unexpired units of 50.000 square feet jr 
lire on See. in Howland more, excludes the Mtfr 
Street. W.l. The offices had been marketed 175,000 square f«t 

sub-ler to the advertising agency. Angel Court. ; 












Triirdr Jiumphnt* 

Pavilion Theatre in Piccadilly, now a magnet for speculators. 


village " in Woolworth's former 
Oxford Street store. Rents touch- 
ing £100 a square foot would 
give the Pavilion a gross annual 
shop rent-roll of £lm. to £1.5m, 
Even discounting cinema in- 
come, the shops could give the 


site a freehold capital value of 
anything from £20m. to £30xm 
It Is, however, far too early to 
start congratulating Pavilion on 
its coup. 

Negotiation with the Greater 
London Council is the first 


hurdle -to be overcome- Apart 
from -its planning role, the GLC 
Is the cinema site’s freeholder, 
and the GLC holds all the cards 
as Pavilion’s lease expires m 
1982. As the company., has 
operated on the site for SO years 
It is expected to be granted a 
much longer lease when details 
of the redevelopment are agreed, 
Biu the GLC is in a commanding 
position when it conics to nego- 
tiating ground rents. 

The council is likely to take a 
very sizeable slice of the develop- 
ment cake through a partici- 
pating ground rent, giving the 
'GLC both a base rental and a 
share of future rent growth. - 

If Pavilion continues to rebuff 
bid approaches, another large 
slice of the development profit 
would have to go to a funding 
partner.. Pavilion does not have 
the cash resources to carry out 
a £4m. to £5m. rebuilding job 
on its own. 

Before anything happens on 
site Pavilion will hat'e to con- 
vince Westminster Council as 
well as the GLC that its scheme 
is worth while. Until Tuesday it 


seems that at least Westminster 1 * 
Labour councillors were unaware' 
of -the proposed rebuilding, .tug 


the idea seems likely to bt,_dte 
cussed at the Council's meeting 
next Monday. That meeting Will 


also see a Labour call to defer 
the Trust H cruses Forte develop- 
ment on the Criterion Theatre 
block to the South of the Circus; 

THF plans a 175, 00O sq. foot 
office and shopping develop- 
ment, wuh a 500 fqot covered 
shopping walk encircling the 
new building. That walk would 
upgrade the quality of shopping 
in the Circus, and so a success- 
ful Criterion development 
would have u considerable Im- 
pact on the rents Pavilion 
could ask Tor its shops. One 
further Circus alteration that 
would have a marked impact on 
the profitability of -the scheme 
is the proposal to re-route, west- 
bound traffic South at -. the 
Circus. Apart from creating ;.a 
traffic-free area around Rros 
and in front or the Criterion, 
the re-routing of traffic behind 
the Pavilion could create ajp- 
other prime retail frontage for 
the block. - 


INDUSTRIAL AND BUSINESS PROPERTY 


CONOCO LTD 

have moved to larger premises at 
230 Blackfriars Road London S.E.l 

This provides an opportunity to acquire 
their former London Headquarters 

A SELF-CONTAINED 

OFFICE 

BUILDING 

OF 

37, 000 SQ. FT. 

AT 

200 GREAT DOVER STREET 
LONDON S.E.l 

(Close to London Bridge Station) 

TO LET 

AT LESS THAN 






^K) for Industry 

BILST0N, W. Midlands 

New Warehouses 
5.780/12.000/24.000 sq. ft 
TO LET 

IMMEDIATELY AVAILABLE 

READING (M.4) 

New Warehouse + Yard 

27.000 sq. ft 

TO LET — IMMEDIATE POSSESSION 

ROMFORD, Essex 

Modern Single Storey Warehouse 
6.600 sq. ft. 

FREEHOLD FOR SALE 

SWINDON 

New Factories and Warehouses 
from 13.430 sq. ft. 

IMMEDIATE OCCUPATION/TO LET 

TONBRIDGE, Kent 

Two adjacent Warehouse units 
each of 18780 sq. ft 
TO LET 

TOTTENHAM, N.17 

Refurbished Single Storey Factory 15,600 sq. Ft.' 
Rent £1 per sq. ft. p-a.’excl. 

WATFORD 

New Warehouse/Factories ' 

34.000 sq. Ft. and 3 x 10.000 sq. ft.' 

TO LET Spring 1978 

REQUIRED FOR CLIENTS 

Sutton. Surrey 

12.000 sq. ft Light Industrial purchase or lease 

King&Co 

Chartered Surveyors 
1 Snow Hilt London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 



Twickenham,Middx ,..30,000-48,000 sq.ft. 

Orpington, Kent .17,300 sq.ft. 

Byce, Aberdeen 6,000 sq.ft. 

Norwich _.:....imitsfram 3,800 sq.ft. 

GreatYermmith ..'..units from 3,700 sq.ft 

Haverhill, Suffolk.....: units from 3,600 sq.ft 

Chelmsford 3,100 sq.ft. 

Droitwich, Wercs units from 2,000 sq.ft 

Clients' requirements 

S.W. London 50,000 sq.ft or 3 acre site 

Norwich 10,000 sq.ft 

Plymouth 6,000 sq.ft 




at the peak of 
Welsh potential 

With its large, mul ti- 
skllled workforce, proxim- 
ity to major markets and 
oationaJ/mtcma liana! com- 
munications networks, this 
progressive Welsh county 
dominates the north-west- 
ern development scene .The 
news in Ctwyd is about 
sales, not strikes - and 
it’s a great place to live, 
too. 

Talk to us about the 
low-cost sites and factories 
plus extensive financial aid 
available to incoming in- 
dustries - well make you 
a deal you can’t refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Clwyd County Council, 
.Shire Hall, Mold (tel. Mold 
2121) for free colour 
brochure. 


INDUSTRIAL & BUSINESS 
PROPERTY 

APPEARS EVERY FRIDAY 
RATE £14 

per single: 

COLUMN CENTIMETRE 


IJ 



[r ; j 




ADOREfiS 


PER SQ.FT. 


Apply Sole Agents 



May & Howden 


39 King Street London EC2V 8BA 
Telephone: 01-606 3851 

and London Wl, Edinburgh, Paris, Amsterdam, Australia 


■ 


Put your company ^Ight. in the middle of 


Europe's most dynamic industrial area. 

. ' r\ •’ ' t • • p* » ' *^ w . ! ' ^ ' 


The Hunter Estate TEESSIDE 

Fully serviced Land now available 
for Industrial and Warehouse development. 


Storey Sons 
& Parker 

Cm^bnUCentie 103 Alias'. Kwd. 
NWfliESfareu^.Ctevi-tincJ TS124IV 

0642248301 





Sti South Maton&nM.Lun&nWIY 1HF 

0*6299869 


Central &ProvinciaI 
Management Limited 

ttEtary&reel, Louden 3 V 1 W 9 QD 



fly direction of National Westminster Bank Ltd, 

The Market Town of 

AMPTHILL 

Bedfordshire 

THE FORMER PREMISES OF THE BANK 

being 

No. 3 Bedford Street 

comprising a substantial building on three floors, dose to the 
Market Square including flanking Ha II and other valuable 
accommodation to be offered with Vacant Possession. 

f 

AUCTION SALE 

Thursday, 16th February, 1978 

at 

The White Hart Hotel, Ampthill 

at 6 o'clock p.m. 


R. W. STONEBANKS & CO. 

5- V/obum Street, Ampthill, Beds. Tel. Ampchiif 402486. 
184, Bedford Roa.d,-Kvmpsmn, Bedford. Tel. Bedford 851818! 
2, Grove Place, Bedford, Tel, Bedford 67744/5. 

The Solicitors: SHARMAN & TRETHEWY. 

■80, Dunstable Street. Ampthill- Beds. Tel. Ampthill 402351. 




77j 



a i 


Cm, i I 

I e.T 

* X * 1 R 

r 





1 1 i ’ M j 


yu 

T IPjV " 1 ’ 

[ <\ : 1 

±a » . ml* ft » N'H flfly 1 




SHORT- lot M OFFICES IN LONDON *> 

Whv ho ti , ♦ , J0H ? f CARPENTER HOUSE, E.C.4 

suite i^th^hNrt'of LrmHnrnn Wh h n J < ! U can rent a fu "y serviced orat or 
ThaL ■ , Londo " on a short-term renewable basis? T-:.. V 

J^£,Z° dermsed c ® ntrall y heat ed offices are ideal for comnanies loofelnk : 
-4erence P room in ^° ndon - ^‘1*. 

and24.hourMs\verSK S e^ce. t3rleS ' tdeS ’ messcn S or . photMopj^:: 
_ _ . For furtiicr del oils: . 

— — Telephone Pam Bender at 01-353 G7.91 ; ^ 


i' 














• »- 







Platoclal Times Friday January 20 1978 


W&&" i 


£&&,:.■ ■jx&z-Ki 


A Selection of Properties Currently Available: 


EASTGATE HOUSE, EL 
Units from 3,000 sq.ft apprpx. 

Newly refurbished Office Building. 

5 MOORGATE,EC2. 

6,740 sq.ft, approx. First floor Offices 
with Basement Strongrooms. 

HULTON HOUSE, FLEET ST, EC4. 
7,000 sq.ft - 55,750 sq.ft approx. 
Modernised Offices. Car parking 
available. V 

KING WILLIAM STREET,©D4. 
8,500 sq.ft approx Offices on three 
floors. Opposite Bank of England. 

City Offices 
Oneofthe 
JLW G0MPUT0N 

services 


3KINGS ASMS YARD,EC2. 

8,81 6 sq.ft, approx 
Self-contained, Bank/Office 
building. Newly refurbished, 

MOOR HOUSE,LONDON WALL 
EC2. 12,400 sq.ft approx. 

Modern Offices on Two floors. 

11 IRONMONGER LANE, EC2. 

1 7,500 sq.ft, approx 
Self-contained Office Building. 

HERON HOUSE, HIGH 
HOLBORN, WCL 22,350 sq.ft 
approx Air-conditioned . 

Offices on Three floors. 


Offices 
Office sites 
Factories 
Warehouses 

Telephone: 

0733-68931 

Ext 326 

Chief Estates Surveyor 
Peterborough 
Development 
Corporation 

PO Box 3 Peterborough PEI iuj 


• - — - -ii 

[4-^i ■ i' 

M.; * '-'wV? 






V ^Chartered Surveyors 

City Office Department 
33KingStreetLonclonBC2V 8EE 
Tel: 01-606 4060 Telex: 886567 


OFFICE 

DEVELOPMENT 

50,003 sq. ft, 

- (or less if required) 

FIRST CLASS LOCATION 
WITHIN 15 MILES 
■ LONDON AIRPORT 

OOP NOT REQUIRED 

'Excellent communications and 
facilities 

. Suit top-class company 
Write. Box T.4811. Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 




Full ai^conditioning¥^#^ 
fa j\ Healey & fcffiaker^ ~ ; 



■ • -L ■ * ' -v'-> i rfv • ' 


Clients Urgent Requirements 


Existing Building or 
Site with planning 
permission 

Freeholdj Leasehold 

minimum 



For Office! Institutional Use 


Freehold Off ice Building For Sale 

I 5 : 

London EC4 


,Vacant Possession 

Weatherall 
Green & Smith 

^n-ncti-v Ls^.e.Lcr.drn it.' 

01-405 6944 


1877- A Canhay at Service - SI7 




Chartered Surveyors ■ Chartered Auctioneers and Estate Agents 

Parc, Stmt, Hanley, S oak e-oo-T rent. ST1 INF.' Tel: 0782 22273 

RENT-FREE OFFICES* 

now ready for occupation, in 

CITY CENTRE-STOKE-ON-TRENT 

Two floors still available 

2,650 Sq, Ft. and 3,500 Sq. Ft. ■* 

Newly created with lift. 

★ EXCELLENT OFFICE SPACE 

★ EXCELLENT LOCATION 

★ EXCELLENT PRICE 

★ An initial period of rent-free occupation to be followed 
by a further period at the reasonable rent of only £150 per 
square foot subject to the usual rent reviews. 



FOR SALE FREEHOLD 

EXTENSIVE MAIN ROAD 
CAR SHOWROOMS 
With Workshop Offices & Stores 

14,650 sqft 

Also suitable for retail purposes 


Malvern House 
72 Upper Thames Street 
London EC4R3UA 

01-2483200 


Paddington 




Kings Cross 


OFFICES TO LET 

f;I2S SQ. FT. 

373 SQ. FT. 

MODERN. BUILDING 
24 HOUR ACCESS 

GEORGE TROLLOPE 
‘ £ SONS 

01 -283 3641 



Victoria 

Should include: large meeting room, car parking, canteen, 
central heating and good natural light. Possession required 
by Summer 1979 or earlier. Agents retained if necessary. 
Send details to: 

Box No: T4807, Financial Times, 

10 Cannon Sticct. EC4P 4BY 



GREAT TOWER STREET, 
LONDON, E.C.3. 

10,000 sq. ft. offices to let 

Modern centrally heated accommodation on five 
floors; ejffpeted and partitioned, with lift, lighting 
and part double glazing installed. 


W Berry Templeton 

LTD' • V V.v> 

Property Consultants::^ 




FREEHOLD — FOR SALE 


20,658 sq.ft. LONDON N.l. 

RPBMKU8EB W MEBOESE - to- EAVES - S TO* GANTRY 

18,142 sq.ft. CROYDON, SURREY 

MODERN FACTORY OFF PURLEY WAY 


MELLERSH 

S. HARDING 01-493 6141 

.Chartered StuVByws . 


Off FINSBURY PAVEMENT E.C.2 

/ 

6,460 sq. A. Modem Office Floors 


WOULD 

DIVIDE 


&Willows 

EstsBeAgw -Surve>co'\iIum 

- 01-6069611 

OrtHiwcfaiaBBqc d jaj eczvseu 


47 Great Russell Street, London WC1B 3PA 
Telephone: 01-6S7 4S77 


WOKINGHAM 

6250 Sq. Ft. OFFICES 

WHOLE FLOOR OF MODERN BLOCK 
Might subdivide 

A.LL.AMENITUE5 INCLUDING LIFT & PARKING 
. LONG LEASE FOR DISPOSAL 

Joint Sole Agents 





Wembley 

T Opposite Conference Centre) 

NEW OFFICE BUiLSING 

7,300 sq.ft. 

TO LET 

* Automatic Passenger Lift 
*Gas Fired Central Heating 

* Private Car Parking for 1 5 cars 

Sole Agents 


i : 7 


DruciiHou*.. 

EST -^1 23 Mincheatar Square 
1822 I London W 1 A 2 DO 
Tel 01 .-’< 86 1252 v 


i '..A4W 
tew 


COMMERCIAL DEPT., 
3 HIGH STREET. 
WINDSOR. 54555/8 




A development by ihe Sohpv Investments Gr«ip fc 
ol Ccmpaniec in COniunciion with Guardian 
apyel Exchange Asuranoo Group i‘ 

E. 


New Complex 

Shop/Showroom - 3,725 sq ft fti. 
Commercial - 5, 975 sq ft F* 

Factory/W/H - 14,075 sq ft 

To be let as a whole fy 

or m units & 


Debenham 
Tews on 
Chinnoqks 

>.£rr?rtKi Surveyor?; 
.Pa;«M/'«»tVSavo;e . 

'.01 -236 1 52a AY'-?-’.- f 
























PROPERTY DEALS 


A vote of 
confidence 
for Aberdeen 

OIL COMPANIES, and firms in 
associated industries, have been 
giving the Aberdeen office mar- 
ket an impressive vote of confi- 
dence in recent months. 

A number of the companies 
have been renegotiating leases, 
extending them to 30, and in 
some cases 50 years. This has 
helped calm fears that' the first 
enthusiasm for North Sea oil 
would wear off and that an 
exodus of firms would leave 
Aberdeen over-officed. And, 
encouraged by the incomers’ 
move to longer leases, Aberdeen 
Construction Group has decided 
to fund its own 300,000 square 
foot office development in the 
City. 

The group is to develop Us 10- 
acre site at Hill of Rubislaw, 
close to the City's west end and 
next to the main North-South 
Aberdeen Ring Road. The first 
phase of the scheme is a 60.000 
square foot four-storey office 
block, which will be ready for 
occupation In the second half of 
1979. .Once a tenant is found, 
Aberdeen will carry on with the 
next stage, evenfuallv creating 
the whole ESm.. 300.000 square 
foot complex. The company is 
handling lettings itself, and ex- 
pects rents around the £4 a 
square foot mark for air condi- 
tioned space. 

Perhaps the const ruction group 
should pet in touch with Leslie 
Lintott and Associates, who. 
acting for the oil group 
Occidental, want to lease 100,000 
square feet of Aberdeen offices 
with parkins for 200 cars. 
Occidental want to move in by 
19S0. which seems to fit Aber- 
deen's time scale rather well. 
Lintott claims a queue For the 
50.000 square feet of offices 
Occidental will give up when it 
moves. 

The asking rents fits in with 
a view of. the Aberdeen market 
given by Edinburgh agents Ken- 
neth Ryden and Partners in 
their annual review of Scottish 
property. Ryden estimates that 
(here is now less than 40.000 
square feet of modern apace 
available in the City. 

• 

COURAGE, the brewers, have 
taken the 73.000 square feet first 
phase First St. Georges Invest- 
ment Trust'* Galleywall Trading 
Estate development at Galley- 
wall Road S.E 16. The brewers 
have taken ti'J.OlK) square feci of 
warehouse space, and 10.000 
square Tift of offices for use as 
a distribution depot. Weatherall 
Green and Smith acting jointly 
with Prevv/cr and Co., achieved 
£2.60 a square foot Tor the ware- 
housing. 

9 

THE SCRAMBLE to get onto 
the industrial property develop- 
ment hand waggon is spreading. 
The Iraditional specialist de- 
velopers have already been 
forced to share their market 


with the industrial glvisions of 
the major construction groups,' 
and with a myriad of private de- 
velopment companies. Now the 
engineering group Babcock and 
Wilcox is getting in on the act 
B and W’s construction, sub- 
sidiary, Hardstoek, • recently 
drew a little limelight, by com- 
pleting Scotland's one millionth 
new house since the war. It 
now plans to make use of its 
local authority connections to 
enter the crowded joint-venture 
industrial development field. 

• 

BIRMINGHAM agents Elliott 
Jones Martin, along with- Alex- 
ander Stevens and Jones Lang 
Wootton have let a . further 
4,000 sq. foot half floor In Lon- 
don Life Association's 170.000 
sq. foot “Centre City" block. 
Hambros Life Assurance has 
taken the space as its Midlands 
regional office, paying £3.25 a 
sq. foot. That leaves- just 50.000 
sq. foot nf tbe air conditioned 
block to fill. 

: • - 

WEST END office rents may 
have broken new high ground 
with the letting of British 
Petroleum Pension Trust’s re- 
built offices at 8 Chesterfield 
Hill, W.l. The 7,655 sq. foot 
building forms part of BP’S May- 
fair Estate and was completely 
rebuilt last year in the style of 
the two rather undistinguished 
Georgian houses that originally 
occupied the site. BFs agents. 
Debenham Tewson and Chin- 
nocks. had been asking £100,000 
a a year for the alrcondirtoned 
space — over £13 a sq. foot before 
making allowance for a fiat at 
the top of the building. An un- 
named British financial group, 
advised by Higgins Hamm, has 
now taken the building on a 25- 
year lease with five yearly re- 
views. Neither agent is talking 
rents. But even allowing a 
generous 20 per cenL discount to 
the asking rent the office space 
would bo producing just under 
£10-50 a sq. foot. 

• 

JACK DELLAL, the one time 
“ Black Jack " of Dalton Barton 
and later of Keyser LUImann 
fame, was a prominent figure at 
yesterday's auction of Pettits of 
Kensington's store. Jones Lang 
Wootton lopped best estimates 
for the 12.715 square foot shop 
when they hrought the hammer 
down at £1.525m. to unnamed 
investment clients of Michael 
Laurie and Partners. 

The auction confirms the 
greatly renewed institutional 
interest in Kensington High 
Street retail space following 
Marks and Spencer's move into 
British Land's former Biba/ 
Derry and Toms building. 

The freehold corner shop has 
a 50 fool frontage on to the High 
Street and a 70 foot return front- j 
age down Allen Street. Above 
the shop, there i« a further 
5.365 square foot of ancillary 
space. Was Mr. Dellal looking 
for * West End showroom or an 
investment? We shall await the 
shopfitters. 

J.B. 


ESTATE AGENTS 
DIRECTORY 


snunmcrueuT Uwwv M Brawn street. WO BU). SUSSEX 

• ADVERTISEMENT m moesi Offloa in Edtotorah .J- • 

_ - and Asoc. office to Dublin and 1 rtaiy. stUn Horton I w Wfi Survcrjra, 

ESTATE AGENTS BaSK — 

' ReW Dtacr ft Co. (Office and Conanor- 

DIRECTORY a ** 

surveyors. BtrUtfer Hse.. 20 Serfs*!?? Dw« Partners. Commcrdal/Taflil*- 

- ” fiu Berkeley &u wix saf_ bw 85 Wli trial, 4 Gloucester Place. B righton. 

AVON MAIDSTONE Smith MofccKk, Sun-a rm . Vainer* and Tel ‘ ®K84. 

BRISTOL- , • . Estate Agents. 8 Cm* Street- W-L Tel: CRAWLEY 

SSSri-toi * Prw. i «. sMwa. 'Ss: ISTSITSS • 1 - 4 ” ** *■. BKiKr‘*EC& E 

Strew BS1 1EG, Tel: Bristol U1S73J ripTm: iSi jS? SOUTH WEST ' ( 82831 T*l«: S?5W. 

iSS? 1 . „ nuBC _ - WaOsr Sm ft PnckBWB, Chartered Jotin. Stickle* ft Cm. . Chartered ' Sw- 

waJkor 3 mi ft Packman, , Chartered ROMHBY MARSH ft DISTRICT Surverore, { fr u n n t W hfl Mistrial and wyarn. M BrUtfnan Bind. Tel: 0393 

Saryeytu-a. CunmeraUL bnascrlal and Tinsley ft Clinch. Valuer* and Estate Residential Property, 34 SL James's 2W2A 

80__Mdtri*jU« Agents. New Kamov. Tel: MSD 3U4. Street SWlA 1HD. Tel: 01-838 743L EA5T G RIMST£aD 
Road ara 2LO * 83735 SOUTH BAST Walker son ft Packman. Chartered 

BgttmnrWHtPF ■■ *. ._ DavM Baxter. Wins ft Hodtln. Com- Surveyors, Commercial ft Industrial 

BEDFORDSHIRE . . Hodsta* ® Sub PBXCS. Boose Asms. m ^rro) DeaL, 468-170 Bh* street. Prooeny. 3 London Road, RH19 1AQ. 

Coracm Camoierdah Estate Agents. Estate Honan, Sevenoaki. Tel: S35L SBSaTQB. Tri- Tel: i(»c> 24622. 

Vahter* sod Surveyors, 8 Upper George VA u «=»™ 

StrreL Luta*. («f» *23*. . 2EFS- * ro. <w. H0RTH HAYWARDS HEATH 


AVON 

BRISTOL 


MAIDSTONE 


Road BS8 JLG (8273) #1015. 
BEDFORDSHIRE 


HAYWARDS HEATH 


Tunbradge Wells 

FREEHOLD OFFICES 

Magnificent Country Mansion 

• Meal for Institutional User 

1 6,250 sq. ft. 

In 95 Acres of gardens and farmland 


EDWARDSYMMONS 




56/62 Wilton Road. London SW1V TDH 


TfeLOl-834 8454 


OUwL uUlUZL. tlWV* J AMnL n - * — . t * nwn*n — 

Kllrojr. Saute Agents; GO St .Uyea. “? L 1 ^ 3 ^ Barman ft ca_ step Q ffiffl i ft & Cohftr. ChMTcrwl Survwors. 

Bedford Telephone: (OSH) Sotet ?eyora - 111 Sadon RwtL flWW Industrial SrecUllsts/ra 133 Sooth Road. Haywarda Heath, 

anremu ■ Tunbridge wills ro«l FtachtoTtijT uoam. ** ,M44> Mil- 

BBRiwnme Geering ft com. Chartered Biuresors, mTU __ HORSHAM 

CkAKtilvre ond CL. CotnmercUl pro- 22 / 2 * High stress. Tunbridge Well* n0R ™ WEST «,««««-« tmmmiireiali 

peny office. » Greyfriara Hoad. Read- Tel: r089£» otsl & co« 157 CriddsimM 8n«rt- ' 

mg. W84 SSfl83ft'L WOT. NW3. 01-4a OWS. SpeoUUStS Ip C ® TaX ’ TCI ' <04 

CAMBRIDGESHIRE LANCASHIRE tmi rouentia] pranemes. WALES 

CAMBRIDGE^ PRESTON 

Bkln* OiUtty ft Handle*. Charitred Derrick. WMp and Waters, CnlceTOe, SSmtst) BniM 

Sumwra. Centenary House. Hontlna- Lords Walk, Preston. Udcasbire PR2 5 tL t 

don Ptlia 6PQ (and at Blggtcswade. IDE. Telst*on»: 57738. ^ P** ■*“ at G»w»st4r SSMi 

Cambridge. Ely. St. Ives and fiL Neots). MERSEYSIDE BRIDGEND 

TBL HmmiHdoo sean. LEICESTERSHIRE , David E. Little Ptntrs* Chartered Snr- 

rUKCUlBC mpltoh MOWBRAY LWERROOL veror*. 58a Caroline St, Bridgend. MU. 

SsSl ,RE .MOWBR AY Tta _ a Dbrau ftandemm ft Cft. Chanerml Glam. 0856 38*45. 

WIDNE5 Walton Hanson, faltered Surveyors. 44 Okt Ball Wl re at L3 SPP. 

Dknfl Keaderew ft Cb« OHUternd Swveynn). Estate Agents, Anetwncera. 442 ^ CARDIFF 

Surveyors. 52 -Wtdnee Bd. (KU 4U 1337. Commercial & indnstrUU Pronerty. Plant _ M Caafce ft Arfcwrisiit. Chartered Sm> 

rnninuii ■ ft MadUnery Sales & Valuations. 27 5X15* 7 Wlruhrar Plam. Canllfl. 45438. 

CORNWALL Market Place. Melton Mmvt>ray, Latces- Telex No. and M London, BrtdR- 

TRURO lersture. Tel: (0084 ) 67355. end. Bangor. Herein rd. Haserfonhveat 

Walker Son ft Packman, Chartered MDai e StrST * Swansea 

Sum-yore, Commercial and Industrial LINCOLNSHIRE Date Stre * L 851536 TYWYN GWYHEDD 

Preneity. 17 Pydar St. Tel: 18672 ) 77387. g. ^ ( 3 ^*,,^ Surveyors. CT.,' HE IENS Ptaber AWItt ft Co, Auction .-orx EDgb 

DEVON £51 aie Agents. Stiver Street, Uncoto. Hwtorm ft Cn™ Ctotaal Street LU8 BAP. iMS4) 718388. * 

cvcwD 8522 31321. Surveyors and Estate Agam*. 3 Clai ft- 

MM nn, “ a. «»■ wm wPl ANDS 

Surveyor*, tommenaat. Indusertal and Jnmen EJay ft Son. Estate Agcnn, MIDDLESEX AHM Hoodwv Chartered Surrey ora. 

Kestdential Pnweriy. U) Waterboer St- surveyors. Ualn Ridge. (03881 81687. MMTjseeWea: London l 

EX* SER. Tel: (B3B2) HTO20. Gnwhy Komar. Industmi and Office ' . 

, nunriM Properly. 97 U; ~r1daa Rnad. W 12 SNt. Sea. RsJier ft Son, Est- Apona. , aw; 

ES5EX LONDON BL?^7Mre Aid uaSn E.CA High street. Hartore* Bi7 8NF. 021-C7 

BARKING CITY HEATHROW 

G8WW CA-1 ft Sen, Chartered Stir- Chesterton*. Chartered Sorveynns and Intnrn ,, YORKSHIRE 

veyora. S3 East Street. 01*5M 3817. Enare Asenta City. Holbom and “SSS 1 

CHELMSFORD D,wntraliawl UlTtcea. « Wood St-. l ' EEDS 

sb ™ 

Taylor ft Co.. Owrtered Survewre. Court. E.C.4. TU: Ifi SSL HOUNSLOW Pronerty. m vicar Lane. lei. 

Cgiiitucix-ul anil {ndiuirial Agents and collier ft Marino, Chartered Surveyor* .. . .. „ , , TORN 

Valuers. 17 Duke SL Tel: (»45> S5S81. M|J ProDonyOMnltantfi. 8 St. Bride S^tjdf Sttwt SJS. m ‘ Breader & Spencer. Surveyor^ Valuers 

HARLOW Street- London BC4A CPE. B1^S3 8161- Street * 157B Estate Agents. Auctioneers and Ratnw 

ssr- %% sr^LS^sssrJS 

otuthbnmSsea 191 ' Tel?S aiWl8 ' l,VMban:b SUM - E CJS - «M» mB w?SS «S? SCOTLAND 

Watson. Tomoin. Talbot ft Whlta. D* Croat Collie, Kar a t e Agents. Valuer* g m ml u ft nth bone, CnnnneKda) iqom. EMtlRpvm, Chartered Surveyors. Aher- 

Uionered Surverore. CUrmce St. Sl 57S? , ?^. l6S MnorBaIe - EC2M trial and Residential Sarveywa. Vahrera deen, Edl rtfrare h. G 1 asg ow ^ Ldodoc.. 
Ti-I- iu7u2i .TH717. bXE ' 01 ™» 4781 and Estate Ag am*. 15 Clarence street. Penh. Walker Street, Edinburgh. 031 

Kamskar. WMtelear ft Farris. Chartered Staines. Tel: Suloes 285 3271. 

GLOUCESTERSHIRE Surveyor®, 30 Rupsnukrr Street. B.CL2. NORFOLK ABERDEEN 

Pmvetl and P«e*>U» Chartered Surveyors. 0i-®» 2873 -MMnru Bwaatt (F. GJ Chartered Surveyors, 

UwiunmdaJ ?nd lAdua trial Spedaiist& Newton Perkin* ft Forbes, Surveyors. • valuers and Estate Agents. 11 Rubislaw 

»7.« ciarotuv Sircci. Ghmivtter CU Valuers and Estate Asenta. ID North- Tgrekan ft Charartf surveyor^ w . |MM| 573 ^ 

1EA Tei: 364*4 also at Cardiff 27886. umheriand Alley EC3 Tel: 01-48" 442L Wtet Tri. W8H and W Ja|Be> R Thomson (Properties) Ltd, 

CHELTENHAM ft DISTRICT pS5f P ^sT^nbl^rpla'S 1 No - * PomHj Bon *'- M^ket^Uce. HoiL ■ JSSP 1 * AberteeB ABl 2HA 

Lawton ft Lawson, chartered Valuation Eatate_ Agents. 17 Sc Helen s Place, Tet. 0224 32466. 

Surveyor* and Esiale .‘Uwnu. :i ftreent EC3 Tel: 01-838 460L . EDINBURGH 

Siiwt. Chelrcnham GL50 1HK. BS4! walker San ft Packman. Chartered NORTH EAST s p m,n n ft Partners, 53. Castle 

L’lOT'V. Surveyors. Commercial Indus trial and s . D . enbm ft Partners. *1 North. Street. Tel- 03I-22B 6021. also Newcastle. 

GREATER MANCHESTER gc ildem ial Projnm. 1 Btoaoios mn. M tHUberUud Road. Newcastle uoon Tyne. H utfer Parker May ft Rswden. s Saudi 

Sutton* Uiuneiwt survevare H Soring S E<2 ^ 8DD ‘ ' 886 8111 Tel: rt WBi 84884. Al so at S Wntornh. Cfairlone Street 03I-22S M8n. 

?£. its^ aiiCL D ™* John D. Wood. Surveyore. Aucfloneeis. St orey S on* ft Ournred Leover*. Si George Street. Bdinhunih. 

Kw BHiSulB North Cheshire Valocre atvi Estate A Renta. WarofOrd J*? , *2^ Tel: M1-8M 4T9J72. 

MDC d ranches in Norm Cheshire. St __ EC 2 JV UT . MMdiOStinwgh 0642 48301, StOkeSley 0048 By-MU Kenneth uut Partners. 

HAMPSHIRE Dl-5M> 8557. « 10583. Chartered Surveyors. 71 Hanover Street 

TSSSSST^ PQRTSMOirTH ’ ” ^NGHAMSHIRE awm- 

S « tSSLm SSS'SL Ha™-,, Chartered Sur- tS^Jf^m^AuStET 

Road SouthwntM) 4WB1 SWi» Strand. London WCSN 6DU. OUffi 8896. wroc g. Eataie Agents. Auctioneers Com- 

K l J>QUU » n,won „„ CrMH AapQts, Valuers mendat and ladastrlal Pronerty Plant GLASGOW _ 

HERTFORDSHIRE and Surveyor? 38MIB ffigh HothorB an d IdacM nery. Sale and , r^L. 

HATFIELD WCIV TLX. d-831 TC81. 4S SrocKweU Qata, MansfleU <06231 35457 3 ROT«l Gres.. G3 7SL- 041-332 3077 

Mooli ft Ctu R.I.CA. Com. and tad. Lander, BurfMd. Chartered Surveyors. NOTTIHGHAM SSSSwa mwJ’&SS 

Property and Development Consultants. Rarour House. 38/38 Lamb's Conduit Beardsley Theehalds, Chartered Sur- ™ V‘ T ,Pe S . 3 _^* , ^2' 

Salisbury So.. Ratlield. Tel: 60479. sireet WC1N 3LL. Teh Ol-SH 6311. veyora. Comraerciil ft Residential, g”**- Glas8DW 01 1QS - TeL 
HEMEL HEMPSTEAD Nlgd Kfna ft Ptnsr's^ Surveyors Bar. Mar ket . Street, Nottingham. Telephone ‘ 

B. j. AltchlMn. Oian-’red Surverore Agents and Valuers. 81 Carey Street. No. 0803 48751 (10 lines). IRELAND 

83 Marlowm. Heme! Hempstead .4440. Wf3A 3TU, 01-403 4494 Lindny FrassatL Bank Otambeis. 1 BELFAST 

Cordon Hudson ft Co.. 4-5 Oueenneay. Tuckers ft Co., Chird. Survs.. 39 Floral Muuni Sireet. Notuogham. (0693V 411983. Limey ft Son, 19/50 Donne, Ll Square 
Hctucl Hempstead SOM8 (7 lines 1 . . Sireet. WC2. 01310 1351. Associated with Edward Symroons ft East, Belfast 1 (H3S> 38940. 

LETCHWORTH, HITCH IN AND loudon ^rtBereo/Lmidoo ^ “ancheMer. CORK 

STEVENAGE ul ” uu . _ Neales of Nottingham, Chartered Snr- tim, & Saa, & Grand Parade, Cork. 

Hcndales, Industrial Dept.. -H Bread ®S^S“*£5 worn. 30 Bridlwanhh Gate. 8008 5351 L Tel: ' 25079. 

way L'.'tchuorth 3773. HHchln 3W43, Walker. WaRwi Hanson. Chartered Sur- ouauti 

Stevenage 5sx». St.. VfiY «PD Ot-489 5*1. Telex. 387074. Estate Agents. Auctioneers, 

WATFORD Anthony Barriman ft Co^ Surveyors ft Commercial and Industrial Property ir*f® Wootton. 60-83 Dawson 

Gordon Hodson a Co 147 The Parade Prencrty ConsultanW. Standhrook House. Plant and Machinery Sain and ValHa- Street. Dublin - Ttl. HHOli 771501. 

w-t i™ < in Mnmii ™ parade 2/3 OW Bond Street, Wl. Tel: 01-409 0991. Hons. Byart Laqe. Bridlesmtib Gate, Leavers, H Dawson Street. Dublin. Tel: 
1141 111 rri 39.11 (10 Unesl. chartPrtil Surveyor, ft Nottimttwm (060) 54372. <U0t> 774323 

KENT Estale aSmSSl ^ A^artas" W 1 X SUFFOLK Llsm» ft Son. 34 St. ffiephru's Cn. 

ASHFORD tHF 8M»8in. And branctiea In We« BURY ST. EDMUNDS. EAST ANGLIA DbhlW 2. Tel: (MOU .04471. Tele*: SS04. 

Burrows ft Day. Chartered Surveyors London and Birmingham. Lacy Scott, Commercial Agricultural CHANNEL ISLANDS 

■"? E«a‘c Agcms *>n Bank Street, counetls Commend*. -Estate Agents. ^ GUERNSEY 

T-T Ashfopi iffitJ) 24321. Valuers and Surveyore, 85 Gross enor Hooeara. 3 Hatter Street. flB84) 83531. pone Estate Aneocy Glategny 

s,n *' W15C 9DA - “ 4935 SURREY amM. S5» ffiSLSIrT 

Bank StrecL Anion). Tel. (0533) 24381. rum^, g, xn n Consulunt Sur- GUILDFORD Pe*” Port. Guernsey. Tel: WSl 21949. •' 

BROMLEY ft DISTRICT yvjqtvjM Vatoera. Milner House. WIM cuhltt ft West Commercial Surveyore. oVFRCEAS 

Baxter. Payne ft Lower. Chartered *44 “I-*® 44» <4 ffigh Street. GatidtanL GuUdfOnl U '' EKSCB3 

Surveyors. 19 East Street. 01-484 1191. Davis ft Cow 82 Berners St.. W.l. Bat. f0433 i 77177 or 88305 . CANADA 

Leonard Ralph Commercial, Chartered Agents. Vainers ft Surveyors. 01-637 1CHT WOKING TORONTO 

“.East St Tel- 01-480 60S8. Qe Groot Coll Is, Estare Agents. Valuers DavM SmKhyes Partnership. Cominer- W. H. Bosley ft C*. Ltd. 2823 Yonge 
“T P.S-”! 1 !;.- IJ U | and Surveyore. 9 CUffoid Street. W1X clal Consultants. 1 West Street. Woking. Sireet. Toronto. M4P 5E4. TeU <4181 

F rank Wood ft Ccu Ch srtor cd Surveyore, ; AL . 91-754 1304. Tvl. Woking B5886. 48M770. Telex: 208-33706. 

' M WlUta * Granby Hbmer. Industrial and Office Mane ft C*. Chartered Surveyor*. 32 spain 
' Property. W Uxbridge Road, W15 8NL- Commercial Way. Wotting GD21 1HB. MALAGA 

DARTFORD 81-749 7178/9/0 and London, E.CJ. Tel- WokbK (048851 70871. FUENSOL, TORRE BLANCA del SOL 

Prull Champion ft Frail, Chartered Harrison ft Pure- Office Specialists. Newlsus, Chartered Surveyors, Com- Piwngirola Malaga (Costa del Soli. Tel: 
Surveyors. Auctioneers and Estate 57 Bland ford Street. Win SAFI 91-488 merclal Property and Design Con- <955 * 481784. -Estate Agents, valuers, 
Aaerns. 78 Spiral STrrei Tel- »»1 -4121. seu H ants Wnktrie 104881) 69816. Special Istf tn VQlas. Land. Hotels 



STORAGE 


SHOPS AND 
OFFICES 


OFFICES TO LET 

London Suburbs 
and Home Counties 


Borehamwood 
Wembley — 

2 suites of 
Richmond 
Finchley 
Woking 
Wood Green— 
in suites from 


3,050 sq.ft. 

3,380 sq.ft. 
7,810 sq.ft. 
1^150 sq.ft. 
800 sq.ft. 

4.000 sq.ft. 


PEPPER flNGLISS 
& YflRWOOD 5ur»T|W» 

■6Carty5 Ptac* LoncJonWlV 6UC • 

Tel 01-499 6066 : J A 


Pi'operty People since 1899 


HITCHIN 

Herts. 

MODERN 

HEADQUARTERS 
OUTBUILDINGS 
AND YARD 
OFFICES 10,700 sq. fL 
OLTBIOLDINGS 
1UW sq. ft. 

SITE AREA 12 acres 
PLANNING PERMISSION 
FOR FURTHER 

10,000 sq. CL OFFICES 


SUPERB BERKELEY SQUARE 
OFFICES 

Available for immediate occupancy. 
Fully firrnnhed with telephone and 
tolev. Flexible bait] from 2 month*. 
For mere Warnmio* telephone: 

JOAN BELL 

WORLD-WIDE BUSINESS 
CENTRES 01-834 8918 


FACTORIES AND 
WAREHOUSES 


FOR INVESTMENT 


COVENTRY 

five freehold letiQcntial FUts in black 
of twelve. Noar Wili£rave HoipicaJ. 
Registered rents (laic year of phasing] 
producing £1.800 per annum T.P.k. 
Seven tree ho Id ground rents producing 
£105 per annum and twelve freehold 
lock-up garagei. Total freehold price 
£21.000. Contidorable capital apprecia- 
tion when possession of flats obtained 
(vacant possession value approximately 
£6.750). Possibility of early sale of 
one flit to the tenants who are Local 
Health Authority. 

COVENTRY 

Freehold ground 'enh anting From 84 
flats and 1 homos producing £1.056 
per annum. F’sehoM nrice £11.000. 

NUNEATON 

Freehold ground rents idling from 
twelve flats and ten houses producing 
£264 pu. Freehold price £2.600. 

Full particulars from? 
EDWARD H. MARSTON ft CO- 
US-131 New Union Street. 
Gaweatry CVI 2 NX. 

Teh (0203) 21S77. 



Snr Ian Rd.. Edgware. lock -up lhop 
plus row t/c flab, shop let on 21-year 
feiu at £3,800 p.a.x. (Review in 
1984.) Flab each let at £350 d.lx. 
Would suit small pension fund or 
eharity organisation. Price £47,500, 
LS5UE RAYMOND ft ROBINSON, 
lit Station Read, Ednware. 

Tel.: 01-952 0115. 


MERTON 

INDUSTRIAL 

PARK 

LONDON SW19 

New Factory/ 
Warehouse Units 
5,000 to 100,000 sq.ft. 

TO LET 

Richard Ellis 

01-4997151 

MICHAEL LAURIE &■ BARTNERS 

01-4934371 


STORAGE 

DEPOT 

NEAR BRISTOL storage space available. 
Spring 1978 — BOO. 000 sq. ft. ef 
tempt' Mure contro’lod nonge fadli- 
tles. Basic price as follows: — 

365.000 iq it. at i.S pence p.s.f. 

100.000 sq. fL at 4 pence p.i.f. 

1 SO. 000 sq. ft. at 1.75 pence pj.f. 

40.000 sq. fL at 20 pence pj.f. 

30.000 c.f. at £3.00 pe' c.f. p.a. 
Substantial reductions either in re- 
duced races or special packages can 
be eraaend for medium or long »rm 
contracts. Suitable for Dairy Products. 
General Storage. High class vaulting 
and Security Storage. 

Save your time, worry end money. 
Write to us with your Transport/ 
Storage and space problems and let 
ui save you thousands of pound*. 
*fentv retained. W» i* to: 

Mr. Phil Ward, Director, 
SPACEBANK, 

Tracy Park, Bath Road, 
Wick, nr. Bristol, Avon. 




FACTORIES/ 
WAREHOUSES 
Clerkenwell Rd, EC1 
From 2,300 sq.ft. 
Stratford, E15 
14,300 sq.ft. 
Thurrock, Essex 
From 13.000 sq.ft. 
Bedford 

From 8.500 sq.ft. 
Berkhamsted, Herts, 
8,600 sq.ft. 
Potters Bar 
0.000 SQ.fr. 


PEPPER ilNGLISS 
STARWOOD SZZ 


»-ir« 'toe* . crfvt-r ^,1 


FINANCIAL TIMES 

INDUSTRIAL 
PROPERTY SURVEY 

WILL BE PUBLISHED 
ON WEDNESDAY, 
15th FEBRUARY 

FOR DETAILS 
OF EDITORIAL SYNOPSIS 
AND 

ADVERTISING RATES 
PLEASE TELEPHONE 
TERRY DRUCE 
01-248 8000 

Extension 7198 or 7U6 


INTERNATIONAL PROPERTY 


INVEST IN WEST GERMANY — 
THE COUNTRY OF HARD CURRENCY 

A RARE BUSINESS OPPORTUNITY 
IN THE CENTRE OF MUNICH 

In Munich, the hidden capital of West Germany, there ?s a 
lavishly equipped building in the renaissance style to be sold. 
Very exclusive shops and offices: 6 storeys, comprising 6,000 
square metres (65,000 square feet). This is the first advertise- 
ment we have published. This property Is well known and 
therefore it will be sold only in absolute confidence. This 
must be recognised if you write for further details. 

The income is DM1 .500.000 p.a. Tbe building Is a very gond 
business proposition! at DM14.000.000 with up to fl0%-70% 
mortgage available from one of the biggest German banks. 

It is not necessary to be resident in Germany because property 
can be managed by TECTA-PIan. International references 
available. 

Please contact 

TECTA-PIan, Amiraplatz 1, 8000 MQnchen 2. 

Tel: 089/22 70 4L 


11,000 HECTARE (27,181 ACRES) 

FAZENDA IN BRAZIL 

completely enclosed by fencing, best grazing area 
with corresponding cattle stock, modem bungalow 
with swimming pool and sufficient water, good access 
to road and rail, nearest railway station 25 km, for 
sale at favourable terms. Further details may be 
obtained by submission of proof of capital of 4 million 
dollars from: 

Land- and Forstgutervermittlang Josef Walzer, 
D-8752 Schmerlenbaeh, Tel. 06021-69807, Germany. 


BUSINESS FOR SALE 


Financial Times Friday January 20 

[APPOINTMENTS 

Board posts for 
Shell executives 


Mr. T. J. Gerald* group person- 
nel coordinator and Mr- J* 
Henderson, marketing co-onu- 
nator— oil, have been appointed 
directors of the SHELL INTER- 
NATIONAL PETROLEUM COM- 
PANY. 

* 

Mr. JH. R. H. Smith Jug gag* 
appointed a director of BAKBR 
Skins holdings. He wu 
continue as a director of the 
operating subsidiary. Bawr 
Perkins Ltd. and as manager ot 
its biscuit machinery division. 

Mr. John Day has been ap- 
pointed a director of Lake ana 
Elliot Jacks and Equipment and 
Mr. Peter Hughes, a director <rt 
Lake and Elliot Founders and 
Engineers, subsidiaries of LAKE 
AND ELLIOT. Both were pre- 
viously general managers. 

Mr. J. P. Wells has become 
director-general of the ASSOCIA- 
TION OF VEHICLE RECOVERY 
OPERATORS. Mr. F. It, Clarke 
has. been appointed assistant 
director-ge ee ral and -Mf. L. K. 
Rayner,- manager. 

Mr. W. C. Herrmann fU-S.), 
president of Optic Electronic Cor- 
poration, has been appointed to 
the Board Df UNITED SCIENTIFIC 
HOLDINGS following its acquisi- 
tion of Optic. ^ 

Mr. John A. Stalker has been 
appointed a director of GLYN- 
WED STEELS, a Glynwed Group 
company. ^ 

Mr. Denis Pearce has been ap- 
pointed EEC market development 
manager and specialist director of 
ILLINOIS TOOL WORKS INC. He 
was general manager marketing 
for Fastex, the U.K.-haaed en- 
gineering components division.. 

Mr. John Snr tees. Mr. Peter 
Prior. Mr. Richard Paine and Mr. 
Jeremy Barrett ar e to j oin the 
council of the INSTITUTE OF 
ADVANCED MOTORISTS. Miss 
Susanna Pul man has retired from 
(he council but will continue aa 
secretary of the Oxford Group. 

Mr. E, A. M. Lee, a deputy 
director of WILLIAMS AND 
GLYN’S, BANK is. to take charse 
of the Hnlt’s branches at White- 
hall and Farnhnrough. In addition 
to his responsibility for Child and 
Co„ on the retirement of Mr. 


HOME CONTRACTS 


Whessoe awarded £5m. 


WHESSOE HEAVY ENGINEER- 
ING has secured, a contract worth 
about fSm. for the design, fabri- 
cation and construction ' of two 
21,000 tonne capacity LNG storage 
tanks for the British Gas Corpora* 
lion. Whessoe has recently com- 
pleted ' uvo similar units at the 
Partington Facility, Cheshire, for 
British.' Gas and. is in the final 
construction stages at a single 
unit at AvonmoitEh, BristoL 
* 

M. E. BOILERS. Peterborough, has 
received an order for a coil boiler 
worth abqut £440,000 from C. A. 
Parsons. and Co^ part of the 
newly-formed Northern Engineer- 
ing Industries Group. The boiler 
will provide steam for power 
generation, research and develop- 
ment requiretnenL and turbine 
testing at Parson's Heaton Works, 
Newcastle upon Tyne. 

★ 

ITT BUSINESS SYSTEMS has 
won an order from Phillips 
Petroleum Company Europe- 
Africa for data communications 
equipment worth about £130,000. 
The contract includes the first 
order in the UJL for the new 


FIT 880a programmable communi- 
cations controller. One SSOa is 
to be installed aj the Phillips’ 
office in Stavanger, Norway, which 
Is responsible for its North Sea 
Ekofisk operation. A second is 
to be located at Phillips' London 
office to seryg as a front-end pro- 
cessor to the IBM 370/150 com- 
puter Installed there. This com- 
puter will provide most of the 
data processing requirements for 
the company's operations in 
Europe and Africa, The order 
also includes an ITT 3802 — the 
IBM 360/370 compatible terminal 
controller Introduced earlier this 
yearv-and two ITT 3387 advanced 
visual display systems, which win 
be Installed at tbe company's 
London office. 


BTR-PERMAL! RP, Gloucester, has 
won a £39,000 contract to produce 
GRP skateboard decks for New- 
porter, suppliers ot skateboards 
and associated equipment, of 
Staines, Middlesex. Previously 
Newporter imported complete 
assembled skateboards from the 
UJS., but has recently turned over 
to U-K. production. 



BOLTON 

80,000 sq. ft. 

FOR SALE OR TO LET 
VERY WJ-LL MAINTAINED 
MAINLY GROUND FLOOR 
BOLTON 
23171 or 056272 

JACK NUHOQZ*. F.S.Y.A-. SMkS lorl 1 -— 

qoimn< in<!MNsr*. ShanilOtlKnllndut- MITCHAM, SURREY. Mdmto Light IMin- 


triar oroocrtirj. LanOomSE. Ena land, 
tram £20-000 lo (2m. Details to TOO 
B latching ton Rood, Hava. SaiMBt 10273J 
7a27‘5?'- 


tnji Premisre on 2 Floors to let 
Approx. 5.000 h H. £Z pre w- tt- 
From 115/78 No Aoants. T«L 01-648 
1682 tatKa how). 


STATIC AND RESIDENTIAL CARAVAN 
MANUFACTURING BUSINESS 

FOR SALE AT HUMBERSIDE 

Company operating from excellent leasehold factory 
premises extending to 30,000 square feet on private 
industrial estate with a low rental 
Fully equipped works, adequate labour force and 
management available. 

Write Box AG288 
ReynelFs, 30/32 Fleel Street 
London EC4Y 1AA 


OPPORTUNITY: 
GERMAN DECORATING 
AND UPHOLSTERY 
FABRICS WHOLESALE FIRM 

in moK central traffic ntuaUan, for 
decade* lelflne in Wsti Cic.-many. 
Scandinavia, Bcnaiux. Available due 
■ to tllneu. 

Writ* A®* C.1280, Financial rimes 
10, Cannon Street, EC4P 4RY 


ir tuasar ar usss 

Torauav Pfione tonsu^v 39S75.S w 
INKTOANCE BROKERAGE. MjmKhiro 
Prom rum Income moet'v mulor iVn 
H/C £229.000. Smell life "SSSwiw 
jwlient aremiMs with 
PrinctMlS only. Write Bav^G.iSTa' 

EcSp'iBY ,0 - C4nn0n 

SLOUGH. BERKSHIBS. Country Club Pro- 
mwes. 22 Ac res Ideal for leisure 
Kcommnuation. 

outijuIWUm lease lor asslonmcm 
Aoptv Sole A<aent» 4 C. Frost aryl rn 
sfitflh Street. Wlnysor. Sl 4 

ilb> Tnlwfaem: Wmw istd 075551 


PITTi UGMO 
FLORENCE 

BMAZZO DEGU AFFAR! 
PIAZZA ADUA 

10-13 FEBRUARY 1978 

COMPLETE 
SHOWINGS CT 
OAUAN K/BVS 
fASHON 

fflCAL PRESENTATION OF l> 
ALJllJMN/WINTER P 78~79 ■ 
COLLECTDNS BY THE MOST 
IMPORTANT FASHON FIRMS 

admission restricted lo buyers and the'pfsss 

D| hrenze 

eJ PER LA MODA ITALIANAa 


G. P. Pirie-GordffiQ *t the enff of 
May. ^ 

Hr A J. Ellison and, Mr. B. 
gtehelb have been appoint** to 
the Board of H. CLARKSON 
(HOME). - 

B,«KER ELLIS SILVER COM- 
PANY has made the following 
appointments to the Board; 
Mr. B. G. Lapworth, produetimi; 
Mr, U Brewer, «mrt sales Mr. 
jl A Johnson UJC sales; and 
Mr P. P. Hooper, finance and 
company secretary. The company 
is a member of the PetrtW 
Engineering Group. 

* 

Mr. Roger PobWng ha* bow 
appointed sales director of PAG! 
BROTHERS (NORWICH), a mem- 
ber of the Hamsofi Group. . 

Mr. H. Rl. Mendetam has boon 
an pointed to the Board .of the 
aBIcOU. FOUNDATION -aa . 

personnel director. 

Air. Francis Bennlon has bm 
appointed ■ chairmancif tin 
STATUTE LAW SOCIETY in suc- 
cession to Sir Desmond Heap, 

Mr. Malcolm Piatt has b*w 
appointed sales director o! JQ8& 
L. BRXERLEY, foUowingtiie re- 
tirement of Mr. B. Train. Mr. 
D. E. Had field has been made 
production director. 

Mr. P. Nicholson has Man 
appointed group se^eteryof SL. 
BRAMMER AND^ COMPANY. 

Hr. J. Wood has been appointed 
a director and rice Aahroan ot 
CELBSTION INDUSTRIES and 
Mr. O. S- Prenn has also become 
vice chairman fallowing Its 
merger with Wood Bestow Hold- 

^ * 

Mr. Brian Joyce, managing 
director of the Adams Fop® 
Group is to beci U?£„, ma J! 
director of the IRISH DAWY 
BOARD from February 14ln place 
of Mr. Joseph C^McG<msb. . 

Mr. John Lyle, chairman- of 
TATE AND LYLE, is to become 
president after the annual meet- 
ing on March 15 and Earl Jellkoe, 
a non-executive director, will take 
over as chairman. At the same 
time Sir Ian Lyle, president. Mr. 
F, H Tate, vlfyeychatrmon, ana the 
Earl or Forth, who have an 
reached retirement age. will be 
leaving the Board. 


T09/rn,via Fnenza-50123 RRpJ£E{ftdy) 

■^-J^ephone: 055-21^^2/3 
























15 



u-r-. , 



Financial Times Friday January 20 1078 


\ . * 


The Management Page 


Arthnr Smith looks at the prospects of a much publicised worker co-operative 

Meriden faces a long hard ride 


EDITED BY. CHRISTOPHER 


NO-ONE at the Meriden Motor 
"Cycle .. Co-operative, rescued 
.. .. from financial collapse by the 

• ;i , Government just 15 months ago, 

' i:*' .'is yet prepared to make bold 
‘".h claims about long-term 
■prospects. The worker-directors 
' admit there is still a long way 
•. , . to go before they can prove to 

. ■“* doubting world that they can 
Operate a successful commercial 
; enterprise able to raise finance 
' other than, from the Govern- 
•'< v meat 

• x But they point to the advances 
-that have been made since last 
' . February. when a cash crisis 

”... * Halted production and forced, 

" 600-strong Workforce to 
volunteer to be laid off. GEC. 

1 m (^^>iven a' central role in the 
,, , -rescue negotiated with the 

^Sovermnent, has been told that 
: 'J'Jie company can “ stand on its 
, - iwd again." The flm. credit 
ii. VRpl . t facility provided by GEC : to 
j, duance motor cycle stocks has 
/- seen run down; senior esecu- 
“ Vttj. aves seconded to the cn-opera- 
’ -^ive have also been withdrawn’ 
■ Votow that workers have recruited 
. ^ »'’heir own highly-paid man age - 

'• ■’vnent team. 

• But the pressure on the 
1 % i-t.^'TO-operative is not just to 

- - become commercially viable. 

■ :* limits formation, which followed a 
' Tontroversiai 18-month sit-in by 

* die workforce, was heralded as 

. major social experiment. The 

■'-leading figure during that 
-.‘ pcrupation, Mi. Dennis Johnson, 

. : Relieves the co-operative has 

strayed from its original 

• deals. ' After steering Meriden 
; 1 - through the difficult first three 

• L»!i;years, he resigned as chairman 
■ ■■ fast. .September and left the 
,, ^ ac tory where he had worked 

i'.iioce he was a teenager. 


towards the old system of fore- 
men and supervisors, and 
workers may be stopped pay 
for “offences'’ such as being 
late for work. 

"Meriden is supposed to be 
a social experiment and Z 
believe members should be 
trusted and put on their 
honour. - With 609 workers it is 
small enough to be 1 ran on an 
informal basis .without con- 
ventional management and for 
people who are' not", pulling 
their weight to be identified." 

The debate around these 
sorts of issue took place during 
the preparation of. Meriden's 
case, to ‘ Government for in- 



Departure 


a 


: He refused a management 
" appointment with a small 
?ngineering firm, and spent 
five weeks unemployed before 
returning to his trade as a fitter 
with Jaguar in Coventry. His 
departure came a few weeks 
. . 0, after he had appointed a new 

n fnW {^managing director, to complete 
* v U lutthe co-operative’s team of five 
senior executives. The odd man 
- -out among the recruits is Mr. 
' ' David Martin, the financial con- 
, trailer who comes from the 
accountants. Cooper, Lybrand; 
. the rest were ali former mana- 
. gers with Triumph and then 
. NVT at Meriden. “I thought 
■ "there was little l could contri- 
bute to the sort of organisation 
• ’ into which Meriden would 
■ " . develop.” 

At the time of his resignation 
, . Mr. Johnson blamed the pres- 
sure of the job, but a more 
■ important factor was the move 
• "towards what he described as 
“ conventional management." 
“To me the idea of employing 
full-time executives at arcond 
* £10,000 a year, plus a car, plus 
• t ‘' expenses is In total contradic- 
tion to what we were aiming for 
st Meriden." 

Mr. Johnson believes that 
markers will become less 
- involved in the big decisions 
is they may consider that the 
■ ligbly paid professionals will 
mow better. Another fear is 
hat a " them and us ” mentality 
....---''''will again develop, that in the 
icarch for improved pro-^ 
^activity Meriden may slip back 


John Rosamund, chairman of the 
Meriden co-operative. 

creased finance 12 months ago. 

In the original appeal fur 
State aid. In April, 1974, which 
led to a £4J2m. loan, -the need 
for capable professional 
management was . • “ fully 
accepted " by the co-operative. 
But there were those like 
Dennis Johnson who .argued 
that such management, could be 
promoted from within and 
thus achieve success^ -Evidence 
could be drawn from the 
secret accountants’ report of 
December, 1075, commissioned 
by the Department of industry 
from Price Waterhouse, which 
described the cooperative’s 
management and — financial 
control systems as * “ efficient 
and effective.” * = . _ 

Against this were the argu-., 
menls of those whq said 
Meriden not only, had t to be 
efficient hut bad to bef^ett fe 
be efficient the aprgintinent 
of professional managers would 
give the co-operative much 
more credibility in the outside 
world. There, was^lso a feel- 
ing on the shop flpor that pro- 
fessionals would jilt the opera- 
tion on a sounder ■ basis. The 
extent to which/such emotions 
sprang from factors such as the 
traditional deference of the 
British w owing man. nr 
jealousy at the way some work- 
mates were* progressing within 
the co-operative, are difficult to 


from some members that 
Meriden was not operating as 
a true co-operative, because 
directors were too secretive and 
the work force was not being 
consulted. 

One of the leading critics is 
Mr. Bill Lapworth, Divisional 
Officer of the Transport and 
General Workers Union, whose 
energies during the occupation 
were crucial - to the establish- 
ment of the co-operative. He 
maintains that the informal 
family spirit that was important 
to Meriden has been lost. 
“ Whether it succeeds or fails, 
Meriden proves nothing about 
the merits or otherwise of a 
workers’ co-operative," he says. 

Mr. John Rosamund, the new 
chairman, who in a “ back us or 
sack us” call won a vote of 
confidence, maintains that the 
criticism comes from a small 
minority and that the Board pro- 
vides all the information pos- 
sible. 

Involvement 

However, Mr. Rosamund, a 
welder by trade, concedes that 
communication is a problem and 
that ways of increasing the in- 
volvement of the work force are 
under consideration. He draws 
attention to the difficulty of in- 
volving everyone in decision- 
taking when certain inform- 
ation, the release of which could 
be commercially damaging, 
must remain confidential to the 
Board. 

According to Mr. John Nelson, 
the managing director, it is the 
task of bis team of five profes- 
sionals to present the worker 
directors with the policy options. 
Those " directors are then 
accountable to the membership 
of the co-operative and are sub- 
ject to annual re-election. 

An issue which has provoked 
heated debate within Meriden 
over recent weeks is the intro- 
duction of a self-financing 
bonus scheme. The first pro- 


posal for a three grade struc- 
ture based on an elaborate job 
evaluation exercise was thrown 
out by a mass meeting. 

However, approval has been 
gained for an alternative 
scheme from the directors 
under which some 250 workers, 
identified as skilled, will get 
upwards of around £4 a week 
more from the productivity 
bonus than the other >100 mem- 
bers of the co-operative. The 
bonus will be related to the 
achievement of output targeis. 

The introduction of differen- 
tials into the co-operative 
marks a fairly radical change, 
but the directors are careful to 
point out that all members will 
still enjoy the same basic wage 
of £58.80. Inevitably the first 
few weeks under the new 
system when the anomalies and 
jealousies are likely to emerge 
will prove a testing period. 

The directors insist that 
though the bonus scheme is 
clearly an incentive to workers 
to raise output, the move was 
not made to counter any Tali in 
motivation by the membership. 
Mr. Rosamund maintains that 
spirit within Meriden remains 
high and" the idea of a co- 
operative holds a great attrac- 
tion for newcomers. 

The main problem, he says, is 
to recruit sufficient skilled 
workers now that co-operative 
wages have fallen out of line 
with prevailing Coventry 1 rates. 
Many members have already 
been forced to request help :n 
the form of family income 
supplement, according to Mr. 
Rosamund. 

The target set by the co- 
operative' Is to raise output of 
its only product, the well tried 
Triumph Bonneville, from the 
present level of around 300 a 
week to 365 by August — and 
that with only a . marginal 
increase in the labour force. 

The directors express con- 
fidence that they can sell every 
bike they can make. The market- 


ing of the machines, around 
SO per cent, of which are 
exported, has only been a. res- 
ponsibility of the co-operative 
since last April when the rights 
were bought from NVT. 

The changes which have been 
brought about at Meriden in 
the ensuing period are described 
by Mr. Bill Morgan. GEC's 
assistant managing director, as 
“pulling a workshop into a 
fullyftedged business’’ Before 
assuming the marketing rights 
tbe factory had been acting 
merely as a sub-contractor to 
NVT to produce a certain 
number of machines at a set 
price. 

Now it handles the total 
operation, deciding not only the 
best markets but also the nature 
of the product to be offered and 
the price to be sought— a res- 
ponsibility which makes mem- 
bers of the co-operative acutely 
aware .of market forces. 

GEC has certainly met its 
commitment to help make 
Meriden viable. . Half a dozen 
senior executives — hand picked 
by Mr. Morgan who bimself has 
spent an average of one day a 
week at the factory over the past 
ten months — have been made 
available. 



The heady days when the Meriden co-operative was bom. t-eft to right: Bill Lapworth, divisional officer 
of the transport workers’ union, who broke h« connection with the co-operative some time ago: Dennis 
Johnson, who resigned as chairman of Meriden in September; and John Grattan, a shop steward and 

Board member. 


Valuable 


In addition to helping to 
establish a professional sales 
organisation and offering 
guidance on general manage- 
ment, the GEC men hove been 
particularly valuable in improv- 
ing product engineering and 
component supplies. 

From the outset quality was 
identified as one of the strengths 
of the Bonneville machine. An 
analysis of the warranty 
claims was instituted to 
ascertain common faults. In 
addition, representatives from 
two of the major British police 
forces, regarded as discerning 
and influential purchasers, 
were invited to seminars to 


ventilate complaints. 

The co-operative, supported by 
GEC engineers and research 
facilities, then set about correct- 
ing the technical problems, the 
most serious of which was 
agreed to be vibration. Now 
Meridan claims to be in the 
happy situation of being able 
to offer a much improved 
model; at a recent seminar the 
police officers declared them- 
selves satisfied. 

A value analysis has been 
conducted to ascertain how in- 
house manufacture of compon- 
ents can be improved and what 
alternative sources are available. 

Looking to tbe longer term, it 
is clear that the co-operative 
must continue to seek ways of 
up-dating the quality and tech- 
nology of the Bonneville while 
at the same time examining cost- 
saving options. Providing Meri- 
den remains conscious of such 
factors, there is every reason to 
believe that the Bonneville can 
continue to hold and indeed 
improve its market position. 

Talk about developing a 
completely new range of bikes 


over the next Tew years would 
appear fanciful. However, it 
should prove possible fur 
Meriden to produce derivatives 
of the present model in order 
to cater for different markets 
and to increase sales. Informal 
contaet has already been made 
with several universities jo pro- 
gress longer-term development 
work. 

For the moment energies arc 
concentrated on the motor cycle 
selling season, which opens 
shortly. Meriden is aiming to 
clear around 750 bikes front 
stock and to manufacture a 
further 14.9D0. Advance sales 
to the U.S. and Canada are re- 
ported to be good and it is 
hoped to expand markets in 
Western Europe, the Middle 
East, New Zealand and Africa. 

The co-operative is looking to 
the higher levels of sales and 
output to generate the profit 
necessary to meet interest pay- 
ments which fall due next year 
on the original £4.2m. state 
loan. The Government deferred 
payment for two years as part 
of the 1977 rescue deal. 


The director.- an* o»n -cious 
Ihal nice ling tiu* interest l> only 
the fir*.l hurdle. The co m puny 
must also become .-ulliciently 
profit able to begin repnyntciir of 
the principal tram around t'.iSO 
and to rai>c money in tinaiu'C 
future devolupnwnt. 

The accounts tn Sepi ember 
IH77 are mu vet available but 
seem certain In disclo-e a In.--: 
following tile rescue ileal. lire 
financial year ua- extended by- 
six months and the account tn-r 
period will cover the months uf 
uncertainty prior to ii»o 
Government rescue, the ms- 
week shutdown and strikes 
among component suppliers. 

No one at Meriden is predat- 
ing that the way forward will 
be anything other than difficult 
but there is a detenu mat ion ».» 
prove that the famous Triumph 
Motorcycle can have a long- 
term future. The directors are 
also conscious of the need to re- 
gain the enthusiasm of the 
membership nearly four years 
on from the establishment of 
one of ihe most publicised ex- 
periments m worker democracy. 


In event, there was 

a considerable majority at 
Meriden in favour of calling in 
the : professionals. But the 
debate about the purpose and 
organisation of the co-operative 
continues.. Only a few weeks 
ago the Board called a mass 
meeting to answer criticisms 



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• 


‘Multinationals pose threat to trade unions’ 


THE INCREASING size and 
power of multinational com- 
panies “poses a greater and 
greater threat to trades unions 
and ., Government,’’ Mr. Moss 
Evans, general secretary desig- 
nate of the Transport and 
General Workers Union, told a 
conference on European busi- 
ness strategy yesterday. 

Mr. Evans said there had been 
deep dpucern in the British 
trade union movement over tbe 
continual growth in. power of 
the mititinationals. He added 
that this had been detrimental 
to the trade unions and to the 
labour force as a whole. 

“This growth has tended to 
shift more and more the balance 
of .power towards capital and 
against labour, except in so far 
as the trade unions . can take 


counter measures on an inter- 
national scale,” Mr. Evans told 
the conference .which was orga- 
nised by Management Coun- 
sellors International in Brussels., 

“ There are many examples of 
multinational managements 
attempting to impose personnel 
practices on overseas sub- 
sidiaries which are quite con- 
trary to those of the country 
concerned. In Britain, in 
American-owned companies like 
Mars and IBM and some of the 
oil companies, there has been 
a quite deliberate a tempt to dis- 
courage trade union organis- 
ation and build up paternal staff 
associations The degree of anti- 
union paternalism in these 
companies is nowadays' almost 
unknown in most major indus- 
trialised European countries. 

“ In the large multinationals 


it is difficult lor us in the trade 
unions to get at top manage- 
ment. We can talk to top man- 
agement in tbe U.K. but often 
big decisions are taken abroad. 
So in Fords, in 1977, we pre- 
sented a well-documented, well- 
argued case . to Ford U.K. to 
back up our wage claim. In it 
we made various points about 
investment levels in the U.K.. 
but. or course, investment deci- 
sions are ultimately taken in 
Detroit." 


Policy 


Mr. Evans said the trades 
unions had a two-pronged policy 
with regard to the multi- 
nationaJs; the development of 
international trade union links, 
and the development of Govern- 
ment action, at national level. 


“It is clear that different 
international trade union bodies 
have a key role to play in the 
evolution of a strategy for 
control of the multinationals." 
Mr. Evans said. “ Our view in 
the British trade unions is that 
it is essential to get some 
common international trade 
union strategy. And, of course, 
the British TUC. whose llm. 
membership accounts for a fifth 
of the International Confedera- 
tion of Free Trade Unions’ 
membership and for a third of 
the European Confederation of 
Trade Unions’ membership, has 
a vital leadership role to play in 
this respect." 

Mr. Evans went on to outline 
the British trades unions policy 
on multinationals in the U.K. 
This includes a proposal for the 
setting-up of a foreign invest- 


ment board which would 
“ scrutinuie and monitor ” all 
the effects of inward and out- 
ward investment. This body 
would deal with the activities of 
all multinationals operating in 
the U.K., regardless of owner- 
ship. 

British trade unions also 
warned all large companies in 
the U.K. to make planning 
agreements — of a sort— -with 
both the Government and the 
unions, setting out their 
corporate aims. In addition, it 
was hoped that a general set of 
guidelines for U.K. companies 
operating abroad would be laid 
down. These should be based 
on International Labour Organi- 
sation Conventions, Mr. Evans 
said. 

Having laid into the multina- 
tionals in no uncertain terms. 


Mr. Evans did what appeared 
to be a complete about-turn and 
ended his speech on a highly 
conciliatory note. 

"Of course to some people 
all multinationals are bad— 
somehow wicked — and uucht to 
he broken up.” he Haid. " That's 
not our approach. The trade 
unions have as much interest as 
anyone else in seeing a company 
expand, invest in new plant, 
open up subsidiaries ami 
thereby expand its employment 
and profitability. We can't halt 
the growth of multi nationals 
and we shouldn't want to. 

" But I have argued that 
there are problems — special 
problems with multinationals — 
that require us to take actum 
in regulate them.’’ 

Sue Cameron 


Award for 
buyers 

IF COMPANIES paid more 
attention to reducing their pur- 
chasing costa they could achieve 
savings equivalent to a major 
percentage increase in their 
level of sales. This was the 
message given by Mr. David 
Sheridan, purchasing director 
of WhiAbreads, the browing 
group, last week at the launch 
of a; “ Buyer of the Year ” coin- 
pe&tiou which carries with it 
a first prize of £1,000. 

The Buyer of the Year com- 
petition is the second to be held 
since its inception last year. 
Instigated by the ' Ravensdown 
Group of Companies and 
co-sponsored by that company 
and . the magazine. Modern 
Purchasing, it is open to anyone 
who performs a buying role in 
his 'or her company- As well as 
the cash prize a trophy is held 
by the winner for one year; the 
second prize is £350 and the 
third is £150. 

A different format has been 
drawn up for the opening round 
in an attempt to attract an even 
wider range of entrant 
Although satisfied with last 
year's response the organisers 
feci that many people may have 
been put off in thinking that 
the competition* was too high- 
powered or intellectual. The 
later stages will, however, test 
competitors as thoroughly as 
last year, 

Ravensdown, as co-sponsor, is 
itself ■ a major buyer o £ 
materials, being a predomi- 
nantly aluminium and steel* 
stockholding company set up 
only five years ago. but now 
with, .an - annual turnover of 
some £5ni. 

Entry forms for the competi- 
tion .. are. . available from 
Ravensdown .Metals. Rnekware 
Avenue, Greenford, Middlesex, 
and from Modern Purchasing at 
30 . Old . .Burlington Street, 
London,. W.l: * 

J Nicholas Leslie 


IT HELPS YOU SQUEEZE 
8 HOURS WORK OUT OF 7 . 


' "¥bu have a problem. 

You work all the hours necessary 
to get the job done. Your secretary would 
prefer to work strict office hours and. take 
time off for lunch. 

That means you could waste as much 
as an hour of your official working day just 
doing dictation. 

We say“waste”because there is a more 
efficient method of using her seven hour day 
and releasing you for other work. 

With the Grundig Dictation System 
you could record your dictation sometime 
in your eight, nine or ten hour day and give 
it to her to transcribe between 9 and 5. 

This is how the Grundig system works. 
You have a very small , portable dictation 
machine with a cassette that allows you 
thirty minutes oi dictation on one side. 

Ybur secretary has a desk top trans’ 
criber so she can play back the tape during 
her office hours, and plan her day accordingly. 

She hears your instructions through a 
head set and controls her typing speed with 


a foot control. So she’s happier and you can 
work harder. 

How much does this increase in your 
efficiency cost? Atotally tax deductable price 
of around ^200. 

A small price to pay for squeezing eight 
hours work out of a seven hour day. 

The coupon will get you more details. 

jt (GRunpio) 

Grundig International Limited, 

Newlands Park, London SE265NQ.Tel: l *1-659 2468 

Single, multi-hlnoion control witvii- 
autcmiric recording level— list 
reverovtw forward— battery, 
mains or reclurgeuhfc battery 
tape, extras) - built in time 
indicator; 



My secretary and I want to squreze 8 hour> work tnu of 7. Please send me more details on the 
Grundig Dictation System. 


Mm*. 


Address. 


FTM 





Financial Times Friday January 20 1078 


LOMBARD 


[AROUND BRITAIN: SKELM ERSD ALE 


Attention all 


A talent to survive 

By RHY5 DAVID, Northern Correspondent 


BY ANTHONY HARRIS 

THERE is no doubt about it, 
the flock is getting restive. 
Wherever two or three invest- 
ment men gather for a .drink 
these days, someone seems bound 
to ask when the dollar is due to 
turn, and what it will take. These 
are the gentlemen who on their 
own admission tend to behave 
like sheep; and ail the sheep are 
beginning to watch the others 
to be sure to be at the front 
when the stampede starts. The 
ones who missed the turn of the 
London market in 1975 seem 
particularly nervy. 


Awkward 


If the fortunes of the dollar 
and of Wall Street depended on 
tho London investment com- 
munity, in other words, one 
could lay heavy money that 
hefore too many months are past 
both will take off like a rocket. 
The chartists would be writing 
learnedly about double bottoms 
and spike formations, and it 
would only be a matter oF how 
many nail-biting days arc to pass 
berore the great event actually 
happens. Almost certainly any 
fall from now on would be lost 
in the subsequent recovery (it 
was child's play to buy the ST 
index at 1200 on the way down, 
hut quite impassible on tbe way 
hack up), but all the same it is 
nice to get the timing fairly 
right. Investment managers who 
move loo far ahead of the turn 
have to sit out some very 
awkward portfolio reviews, and 
that is a game for lions, not 
sheep. 

The only fault in this picture 
of history repeating itself is 
That the mood in London will not 
dominate events in New York. 
Thanks to the stubborn doctrines 
of the TUC, private investors can 
only switch through the invest- 
ment dollar pool, 3nd institu- 
tions through the Euromarket. 
People who have been borrow- 
inc to lake bear positions in tbe 
dollar have stretched the avail- 
able credit lines to create a less 
favourable situation for those 
who want to borrow to become 
bulls of Wall Street. The Lon- 
don market may find it expen- 
sive to take a firm position 
ahead of a recovery in the dollar 
convincing enough to cause 
a panic among the bears. If it 
is simply a matter of market 
psychology, it is the psychology 
of other investors which will 
settle the timing of this zoologi- 
cally confusing market. 

However, it is not simply a 
matter of market psychology; 
the technical situation is itself 
unstable. Earlier this week I 
discussed the consequences of 
ihe U.S. habit of conducting 
monetary policy in purely domes- 


tic terms in accentuating the 
downswing. Virtually the Fed is 
committed to accommodating 
any drain of dollars lute over- 
seas central banks by making up 
the loss of U.S. bank reserves, 
until- the banks themselves get 
queasy/- This means financing 
the outflow as long as it con- 
tinues. * 

Once the market turns, how- 
ever, Fed policy will become 1 de- 
stabilising tbe otber way. • As 
fast as people try to switch back 
into dollars, tbe Fed will feel 
bound to mop feose dollars ' up. 
The result will' be that tbe 
interest rate gap which haB 
opened up between New York 
and other centres will not 
quickly be Reversed when the 
flows reverse. Having financed 
the outflow, the Fed will encour- 
age the repatriation. - 

Wbat is true in New York is ; 
equally true in other centres, fori 
the Fed is not the only central 
bank pursuing an almost exclu- 
sively domestic financial policy. 
The Bank of England might well 
be delighted to accommodate an 
outflow, and the Bundesbank 
would be almost better pleased, 
for both would find the task of 
domestic monetary management 
much easier in these circum- 
stances. The combination of 
half-hearted floating, with large 
intervention, and exclusively 
domestic monetary policy, might 
have been designed to produce 
huge tidal flows of international 
capital; so the market is likely; 
to behave rather as if British; 
investment managers were 
setting the tone, even if their 
influence is no more than 
marginal. 


IT IS now a year since the 
second of two disasters hit 
Skelmetsdale in I encash ire— 
the closure of Courtaulds weav- 
ing plant, hard on the heels of 
the earlier Thorn decision to 
shut its television tube factory 
—and perhaps to many people's 
surprise the town's dynamism 
has survived. 

Skelmersdale has had a year 
out of the public eye, and 
although problems remain, in- 
cluding an unemployment level 
of more than 11 per cent., 
recovery from the loss of its 
two biggest industrial employers 
(accounting for more than 
2,500 jobs, or 25 per cent of 
total manufacturing employ- 
meat) has begun. 

A number of smaller concerns 
have moved in to take up 
the less large of the factories 
provided for rent, and existing 
employers in the town have 
also expanded their labour force. 
The Woodworking Co-operative 
started last year appears to have 
taken root and two other co- 
operatives are being launched. 
Just before Christmas, too. the 
town, one of the 1960 wave of 
new towns, made its first break- 
through on the office front 
About 600 jobs, building up 
later possibly to 1,000 will be 


created in a new central 
customer- service bureau which 
the Cooperative Bank Is moving 
into a new office block in the 
town. 

Morale high 

Furthermore though Skel- 
mersdale has been knocked, 
both by closures and by the 
media, morale in the town has 
remained high. The man in 
the pedestrians’ streets (there 
being no streets where wheeled 
and pedestrian traffic are 1 
mixed together) is by 
and large very pleased to be 
away from Liverpool, source of 
around 75 per cent, of Skehners- 
daJe's current 42,000 population, 
or so a recent survey suggests. 
There are individuals who for 
various reasons have moved 
back to Merseyside, but more 
than three quarters of those who 
have moved into tbe town pro- 
nounced themselves happy or 
very happy and 88 per cent of 
those who arrived in 1976 
thought it a good place to live. 

Yet while Skelmersdale is 
evidently succeeding in provid- 
ing people from an overcrowded 
urban area with a place in 
which they like to live, there 
is concern that the change in 


government new town policy 
last year could leave It. in. a 
kind of half-completed limbo, 
perhaps never properly able to 
play the role originally intended 
for it in the surrounding sub- 
region. 

Like other new towns 
Skelmersdale was Instructed 
last year by Mr. Peter Shore. 
Secretary for the Environment, 
to scale down its population 
target because of the reduced 
birthrate in the UJK. as a whole. 
In the case of Skelmersdale the 
target for induced growth will 
be 60.000 as opposed to 80,000 
and its Development Corpora- 
tion Ls furthermore being expec- 
ted to complete the Job - of 
preparing the infrastructure 
within five years. 

Yet, as Government Ministers 
have been told, there are prob- 
lems over land availability in 
Skelmersdale which will make 
it difficult to achieve this and 
at the same time produce the 
right balance between industry 
and housing for successful 
further growth. 

When the town was designed 
by Sir Hugh Wilson in 1964, 
tbe brief was to use • only a 
compact area (to minimise 
encroachment on agricultural 
land) but to avoid high rise 


residential development In 
effect this meant high housing 
densities; but earlier estates 
built op these lines have proved 
unpopular and lower densities 
have subsequently been used. 

This, however, has put 
pressure on the space available 
for industrial development 
while at file same time experi- 
ence has shown that the number 
of jobs created per acre of 
industrial land In modern indus- 
try is much lower than had 
ori ginall y been hoped— around 
30 against the estimated 50 some 
15 years ago. There has also 
been the need to provide Indus-, 
try with sufficient space to 
Increase the size of Its opera- 
tions at a later date alongside 
its premises. . . 

With file Government declin- 
ing to designate any further, 
te nd as part of the new town 
there is only enough land avail- 
able, according to the Develops 
meat- Corporatio n, to provide 
employment opportunities fora 
town of 50,000 people; In order 
to obtain further land the 
Corporation, or the local 
authorities, when they resume, 
full control of the area in 1982, 
would be obliged to use normal 
planning procedures — a time- 
consuming process which could 


result in Skelmersdale missing 
out on projects- -As Mr. Tim 
Bradbury, the Corporations 
managing* director points out, 
Skelmersdale, instead of playing 
a regional role as an employ- 
ment centre for a' wide area of 
West Lancashire could find 
itself continuing to export 
worfcen to neighbouring towns- 

Disappointment 

The reduced population 
target is- itself regarded 1 
disappointment, making it diffi- 
cult to attract the kind of ser- 
vices and ^facilities which the 
-town needs to develop a charae- 
-ter and self-sustaining vitality 
•Of’ its own. Development of 
town centre facilities has been 
slow .with only one major 
department store moving into 
the concourse shopping area. 
The town will also be getting 
a smaller hospital than origin- 
ally planned and ls only slowly 
developing adult education and 
industrial training facilities. 
Yet it is the absence of facili-. 
ties which can make it difficult 
for potential developers to per- 
suade their key workers to move 
to new locations. 

Against this, Skelmersdale 
can offer in the battle to attract 



industry its favourable geo- 
graphical position, in the fo\d 
between two hilly ranges, and 
linked directly by its own 
motorway with the MB. It can 
also point, in spite of the 
failure of Courtaulds and Thorn, 
both of which were affected by 
external difficulties ■ in the 
markets in which they were 
operating, to the success of ' a 
number of companies -which 
have settled in the area, among 
them big names such as 
Dunlop, BOC wd ■ A to m . 
Labour relations, too, l have 
been generally good. . - - - 
The lesson of relying on very 

big companies with all the 
attendant publicity their prob- 
lems can bring has been 
learnt Though Skelmersdale 
would like major concerns to 
replace Thom and Courtaulds 
it is expecting most .of. the. 
growth over the next few years, 
to come from tbe expansion of 
the many small- and medium- 
sized companies on which the 
town’s industrial base is now 
founded. 


Norfolk Air safety nap Dealers turn out in force 

w A .. . .1. Ttia Parci.n Shni 


Stampede 



BBC 1 

t Indicates programme In 
black and while. 

9.30 a.m. For Schools, Colleges. 
10.45 You and Me. 11.05 For 
Schools. Colleges. 12.43 p.m. News. 
1.00 Pebble Mill. 1.45 Mr. Benn. 
2.05 For Schools. CoJIeues. 320 
Trem. , 3.53 Regional News Tor 
England (except London). 3.55 
Play School (as BBC 2 11.00 a.m.). 
-1.20 It's I he Wolf. 4.25 Jackanory. 
4.10 dancers. 4.55 Crackerjack. 
522i Fred Basset. 

5.40 News. 

5.55 Nationwide (London and 


You may well think that the 
monetary authorities of the 
world will wake up sooner or 
later to the fact that the way in 
which they are running things at 
the moment is crazy, and will 
duly reform their ways. The fact 
is that the present monetary 
regime is not compatible with 
large interventions in the 
exchange markets; the Jaws of 
the copybook headings dictate 
that you can have a monetary 
policy or an exchange rate 
policy, but not both. Tbe fact is. 
though, that there is a genuine 
dilemma: the business -com- 
munity likes stable exchange 
rates, but the financial com- 
munity takes fright if monetary 
vigilance is relaxed. It is hard 
to maintain a consistent policy 
in the face of domestic protest. 
Since investment managers must 
live in the world as it is. not 
as it should be, the moral holds: 
the market is unstable. Stand 
by for the stampede— -sooner or 
later. 


South-East only). 

6.20 Nationwide. 

6.45 Sportswide. 

7.00 The Pink Panther Show. 

?7.30 Sherlock Holmes Investi- 
gates: “Dressed To KiU," 
starring Basil Rathbonc. 

8JQ Porridge. 

9A0 News. 

9-25 Gangsters. 

1050 To-night (London and 
South-East only). 

10.50 Regional News. 

10.51 The Late Film: "The Tiger 
Makes Out," starring Eli 
Wallach. 

All Regions as BBC 1 except at 
Ihe following times: — 

Wales — 11.05-11.25 a.m. For 
Schools. 1-45-2.00 p.m. Sioncyn 
Sboncyn. 5-55*6.20 Wales To-day. 
7.20 Heddiw. 7.45 Tom and Jerry. 


F.T. CROSSWORD PUZZLE No. 3,572 



ACROSS 

1 Succeed in chase (4. 5> 

f> Turnover in coals (5) 

*» li isn't commonly a black 
mark (5) 

10 Leading churchman cooling 
the hotheads (9) 

11 Quilt* ohxcure golf shot with 
snooker ball (5. 5) 

1*2 King horn in sueh a joint (4) 

11 Hurler makes Scots leader put 
nff dcparlure (7) 

13 Time for settling without men 
fi. . 

17 1 am backing award Id wan- 
derer (7) 

19 Breathe in fashionable part of 
church (7) 

20 Previously willing to go to 
church (41 

22 Recently devised like fresh 
noa's-touth that was tn front 
(3-7 1 

25 Uncomplicated heavyweight 
is a fool (9) 

26 Animal from eastern country 
(5) 

27 Inquiry into bow puhlic rela- 
tions leaders got New* Year 
Honour (5) 

2S Colourful ambition of athletic 
Student Prince (5, 4) 

DOWN 

1 Upset when given the chop 

2) 

2 iiv most important ' for 
mother at home to object 
(4. 5) 

S Fool about io take Billy s 
pari (.3, 3, 4) 

4 Acrobat seen in glass (*) 


5 Fundamental right to notice 
one American slate (7) 

6 Noble though surprised ex- 
clamation (4) 

7 Develop additional wear (3. 2) 

8 Enormous sort of chap is easy 
io read <5, 4) 

13 Newspaper boss is willing to 
alarm inventors (6. 4) 

14 Gathers writ has expired 
(7, 2) 

16 Routine passage making room 
for military exercises (5, 4) 

18 Negotiator buying a round of 
drinks (< l 

19 Early days seen in imagina- 
tion (7) 

21 Turned up no carving with 
relief (5) 

23 Keep out of way of city in 
Kansas (5) 

24 Said severe cold was due to 
chimney (4) 

SOLUTION TO PUZZLE 
No. 3,571 


p&oaasEra asEnsa 
a g s a 0 0 g 
gsEsnsaS::: sheb^e; 
m fi a n ra a- m a 

«E!3G03JHn3 03H0E 

a a a a e a u 
HEaa aaaaaas 
IBI--52 El - 9 0 ~Q 

□maHEnra eeisg 

a a e -. e 3 • 3 □ 

lE 3 3 0 El B a E 
EEHEEH EnBBHGna 
[3 ~G3 M EJ.', E g . 3 
E0E3£! as cjgncaaaE 


The news from Kempton last 
night was that in the absence of 
severe frost racing was certain, 
but the programme at Catterick 
has been abandoned. 

There is an adage in racing 
L circles— albeit an obvious one — 
that a short-priced winner is 
better than a loser at long odds. 

Acting on this assumption. I 
i have no hesitation in nominating 
Norfolk Air as the winner of 


RACING 

BY DARE WIGAN 


Division II of the Middlesex 
Novices Hurdle. 

This colt, by tbe 1969 Derby 
winner Blakeney, was bought out 
of Jobn Dunlop's Arundel stable 
for a stiff price after two vic- 
tories on the flat last season, 
including tbe valuable Doonside 
Cup at Ayr in September. 

After an initial appearance 
over burdles at Cheltenham on 
January 3, he trotted up at 
Warwick on Saturday. 

The remainder of Kemplon's 


S .00- 8.30 Sykes. 1020 Kane on 
Friday. 10.50 News for Wales. 
rl0.5l-ll.59 • Sherlock Holmes 
Investigates: "Dressed To Kill,’* 
starring Basil Rath bone. 

Scotland — 1023-10.45 ajn. and 
11.05-11.25 For Schools. 5^050 
pjn. Reporting Scotland. 830-9.00 
Current Account 1020 Spectrum: 
Transformation. 1050-10.31 News 
for Scotland. 

Northern Ireland — 1023-10.45 
a.m. For Schools (Ulster in 
Focus). 3.53-3.55 Northern Ireland 
News. 5.55-6.20 Scene Around 
Six. 1020 John O'Conor plays 
Prokofiev and Chopin. 10.50-10.51 
News for Northern Ireland. 

England— 5.55-6.20 pjn. Look 
East (Norwich): Look North 

(Leeds, Manchester. Newcastle); 
Midlands To-day (Birmingham); 
Polnis West (Bristol): South 

To-day (Southampton); Spotlight 
South-West (Plymouth). 1020- 
10.50 East (Norwich) On Camera; 
Midlands (Birmingham) The 
Carden Game; North (Leeds)' 
York: North-East (Newcastle) 

Enterprise Norlh; North-West 
(Manchester) Sit Thl Deawn: 
South (Southampton) Are We All 
Right. Jack?: South-West (Ply- 
mouth) Peninsula; West (Bristol) 
Public Lift 

BBC 2 

11.00 awn. Play School. 

7.00 p.ra. News on 2 Headlines. 

7.05 Discovering Patchwork. 

720 Newsday. 

s.to Kilvert’s Diary. 

825 Tbe Money Programme: 
Pay in the Pits. 

9.00 Pot Black 78. 

920 Programme Trail — the 
Mayor of CasterbrLdge. 

9 JO Horizon. 

1025 Benoni and Rosa, part 6. 

1123 Late News on 2. 

11.30 Closedown: David Markham 
reads 41 The Aliens " by 
Herbert Williams. 

LONDON 

920 ajm. Schools Programmes. 
12.00 A Handful of Songs. 12.10 
p jn. Stepping Stones. 1220 Cuckoo 
in the Nest. 120 News plus FT 
Index. 120 Help! 120 Money-Go- 
Round. 125 Beryl's Lot. 225 
Friday Matinee: “The Scarlet 
Pimpernel.” starring Leslie 
Howard. Merie Oberon and 
Raymond Alassey. 4.15 A Place 
to Hide. 4.45 Magpie. 5.15 
Emmerdale Farm. 


RADIO I 247m 

<SJ Stereophonfc broorfeast- 

6.00 ajn. \3 Rad in 3. 7JB Noel 
Ed run nib. s.oo Stiunn Bates, mx Paul 
RUroeit including 12JS pan. New. Deal, 
226 Kid Jensen. IXL Dave Lee Travis 
Including 530 Nrvsbeat. 7 JO Joe Loss 
and his Orchestra (joins Radio 21. HUB 
John Feel (Si. 12200225 *m. As 

Ratlin Z. 

VHF Radios 1 and 2—620 *jn. with 
Radio 2. uiriudmz 138 P.m. Good Listen- 
ing 10.02 With Radio 1. 12.001225 *m. 
with Radio z. 

RADIO 2 L500m and YHF 

620 a. ns. Neva Summary. 622 Roy 
Moore *25 * with The Early Shnw. in- 
clodloc U5 Pause for Thought and T.Q2 
Cricket— Third Teal: Pakistan V. England 
frrporti. 73* Tcrnr Wtwan (Si JocIndlK 
SJB Cricket— Third Test (further newsi. 


127 JJaoas DuDefln and 825 Pa dm for 
Thought. 1022 Cricket: Third Tout f »»- 
timr report l . 1025 Jlnnny Young (5> In- 
cluding 1222 P-m. Crsckot— TMrd Test 
(report). 1235 Waggoners* Wall;. 1230 
Pete Murny’t. Open House (Sj including 
125 Sports Desk. 230 David Hamilton 
<Si Including Z.S and J.O Sport* Desk. 
439 Waggoners’ Walk. 425 Sports Desk. 
427 John Dunn fSj Including 5 JB Sports 
Dfsfe. 625 Sports Desk. 722 joe Loss 
and file Oixt wvra lo Band Parade (5>. 
822 John Gregory conducts ihe BBC 
Radio Orclmrra s3». 14 S Friday Night 
tv Haile Nigbt i St. 455 Sports link. 
10.02 Treble Chance. XOJO Let's Go 
Latin wilb the Chico Atom Orchestra. 
U22 Brian Matthew with The Late 
Stour. 1220-222S o,m- NfrwV. 

RADIO 3 W4m. stere. &W 

US a.m. Weather. 720 News. 7.85 
Overture iS> «VHF only from 738 1. 
£750450 Crltkcl— 1 Third Test: Pakistan 
v. England. 8.00 News (VHP only). 825 


programme is a punter’s night- 
mare, with the exception of the 
Royal Mail Novices Handicap 
Hurdle in which Gentle Prince, 
who is likely to appreciate three 
miles after the shorter distances 
over which he has been running, 
is preferred to Sweeping Along. 

David Morley, who trains 
upwards of 50 horses at Bury St 
Edmunds, Suffolk, bad been out 
of action for a month because of 
an obscure virus but the stable 
is now tbougbt to be in the clear 
and bas bad a host of entries 
during the past few days. 

One of Morley's last runners 
before the rot set in was Doo’cot 
Park, runner-up to tbe useful 
Mannyboy at Folkestone on 
December 20 and, before that, an 
easy winner from Pacify at 
Huntingdon at the end of 
November. 

Doo’cot Park .may be too good 
at the weights for Jimmy Miff, 
re-routed here after yesterday's 
abandoned meeting at Newton 
Abbot. 

Morley, also has fair prospects 
of landing . the Easter Hero 
Handicap Chase with. Juilian 
Swift, whom he trains .for . his 


uncle-by-marriage. Sir William 
Penn ington-Ramsden. 

Baroncroft, successful io a 
bandicap on the flat at Windsor 
at the end of July, has shown 
that he is able to jump 
eloquently and may win Dhr. 1 
of the Middlesex Novices 
Hurdle. 

KEMPTON 

1.30— Baroncroft* 

2.30— Doo’Cot Park 
-3.00— Gentle Prince** 

3.30 — Julian Swift 

4.00— Norfolk Air*** 


Scots do well 
at Boat Show 

THE SCOTTISH boat-building 
industry won business worth 
more than £lm. at the Inter- 
national Boat Show at Earl’s 
Court The final tally of orders 
is likely to be higher, as builders 
and chandlers follow up in- 
quiries for leisure craft, equip- 1 
meat and sailing holidays. ] 


LONDON DEALERS were out 
in force at Christie's furniture 
sale yesterday, presumably buy- 
ing up stock depleted over tbe 
holiday period. The auction 
totalled £124,415, with a top price 
of £4,400 for a Queen Anne 
bureau cabinet which had been 
restored. 

Other good prices were' £4,000 
for a late George HI mahogany 
pedestal desk; £3,500 for another 
Queen Anne bureau cabinet; 
£3,400 for a pair of George IV 
Cary’s teirestdal and celestial 
globes; and £3,200 for a George 
U kneebole mahogany desk. 

Bonhams held a European pic- 
ture auction which - totalled 
£51,245 with just 6 per cent un- 
sold. A portrait of a gentleman 
and bds three sons, by Herman 
van der Myn realised £1,500; a 
pair of views of ships by J. 
Wheldon of HtiH sold for £1400; 
and a cornfield near Littl champ- 
ion by John- Hooper fetehed 
£ 1 , 000 . 

A nightcap wore by Napoleon 
aboard the British warship 
Northumberland when on his 
way to exile in St Helena Is to 
be auctioned by Sotheby's next 


month in a sale at Monaco. The 
relic is about 14 inches long, of 
Ivory silk wdth perpendicular 
parallel lines of brown stitching. 
It is frayed and worn at the 
headband. 

The cap was presented by the 
Emperor to William Pyle, one 
of bis military guards, as a 
gesture of tbanks for his kind 
treatment, it is now being sold 
by Pyle’s great-great-grandson. 

In November 1976 Sotheby’s 
sold at Monaco the jacket Napo- 


SALEROOM 

BY ANTONY THORNCROFT 


-leon wore at Waterloo. It was 
bought b ythe then Duke of 
Wa&mgton for £22.600. The 
sale, expected to make about 
£500,000, contains several pieces 
of French royal furniture. 

Sotheby’s in Belgravia was dis- 
posing of European glass and 
ceramics for £76.333. witb just 
2.7 per cent unsold. - A pair of 
large Vienna plaques, painted by 
A. Jager. sold for £3,700 to file 


Persian Shop, and a large pair 
of ormolu-mounted Dresden, 
vases made £3,300. Kurus bought 
a pair of late 19th-century . 
Sevres vases for £2.300, and a 
Berlin plaque showing a young 
lady sold for £2,100 to a Japanese 
deader. 

At Christie’s South Kensington 
dolls and toys totalled £29.386. A 
bisque-headed bebe doll by Bru. - 
the famous French maker, went 
for £2.000. and another Bru doll, 
but with a cracked face, sold for 
£1.200. A wooden dolls* bouse 
made about 1S80 was bought for 
£1,050. At Robson Lowe a pair 
of George V ’•Seahorse stamps" 
auctioned on behalf of the Stubbs 
appeal at the Tate Gallery, sold 
for £2.800 while a single “Sea- 
horse” stamp made £1,300- 

At its main saleroom jri Bond 
Street Sotheby’s sold contem- 
porary prints for £41,66L As 
usual David Hockney was in 
demand. Page, a London dealer, 
paying £4.000 for the set of 16 
etchings to "The Rake’s Pro* 
grass.’* 

A lithograph by Rauschenberg. 
"Sky Garden,” went for £1,800,.- 
and another Hockney etching 
"My Bonnie Lies Over -the 
Ocean,” made £900. 


5.45 News. 

6.00 Thames at 6- 

635 Crossroads. . 

7.00 Comedy Hour: .Mind Your 

Language. 

730 Maggie and Her. 

8.00 General Hospital. 

930 The Professionals. 

1030 News. 

1030 Police 5. 

10.40 An Audience with Jasper 
CarrotL 

11.10 Baretta. 

12.05 a.m. David Niven’s World. 

1235 Close: Karin Feriiald reads 
a poem about Christianity. 

All I BA Regions as London 
except at the following times: — • 

ANGLIA 

1.25 P-ni. Anglia News. 245 Friday 
Film Matinee; " Lets Saudi.” 320 Out of 
Town. 545 Happy Days. 620 About 
Ansi la. 10 JO Probe. 1120 Friday Late 
Film: “ Crosscurrent.” 1225 an. Men 
Wbo Matter. 

ATV 

120 p.m. ATV Newsdesk. US Indov 
League. 225 The Sullivans. 325 Beryl’s 
Lot. 320 Stars on Ice. 545 wish You 
Won? Hem . . .? 620 ATV Today. 
1020 Big KUm Premiere: "Macho Calla- 
han.” starring Davtd Janssen. 

BORDER 

tL2* P-m. Border News. M-55 Film 
Mailoee: " Notorious.” starring Cary 

Orant and Ingrid Bergman. 320 Beryl's 
Lot. 545 Happy Days. 020 Lookoround 
Friday. Id JO Border Parliament Report. 

11.00 Lale Film: Ben.” t!2J0 u. 

Border News Summary. 

CHANNEL 

LIB p.m. Channel Lunchtime News and 
Whal's On Where. 125 Cartoontline- 

2.00 cpsuirs. Downstairs. 320 Tho New 
Avengers. 420 Ca noontime. 620 Repot 
at SI*. 1028 Channel Lair Nbws. 19JS 
Laic With Danlan. 1020 Late Night 
Movie: ” Tho Bliss of Mrs. Blossom.'* 
1223 04a. News and Weaihvr In French. 

GRAMPIAN 

M3 ami. First Thing. 120 jmh. Gram- 
pian News Headlines. 125 Indoor Loamic. 
f225 Friday Matinee: " Checkpoint." 

starring Anthony Steel. 320 Beryl’s Lots. 
620 Grampian Today. 720 Welcome to 
the CeDldh. 1020 Reflections, followed 
hr road and SW report. +1025 Friday 
Film: " The Four Fcuihcrs,” . starting 

John Clements. Ralph Richardson and 
C. Aubrey Smith. 

GRANADA 

120 pan. This Is Your JtighL 125 
Friday Matinee: “The Assassination 

Bureau." starrina OUver Reed and Diana 
Rlgg. LSI Beryl’s Lot. 540 This Is Voter 
Rteht. 545 Crossroads. 620 . Granada 
Reports. 620 Kick Off. 1020 Reports 

Extra. tU2Q Great Films of the CcMbtf: 
*’ Rebecca." starring Laurence Olivier 
and Joan Fontaine. 

HTV 

139 p.m. Report West HeartUoes. 4-2S 
Report Wales Headlines. 120 Indoor 


Morning Concert fS) (VHF only!. WO 
News fVRF only). 925 nus Weeh's 
Composer: Franck (Sj (VRF oulyl. 920 
BBC Concert Orchestra (Si. U20 Cham- 
ber Music (Si. 12.05 p.m. Midday Con- 
cert, part 1 fS-. US News. 125 Playbill 
iSi. L2D Midday Concert, part 2 (5). 
220 Anthony Golds tom?: pUmn recital, 
part 1 (Si. 2J9B interval Head Inc.’ 2 -55 
, Anthony Goldslone. part 2. 325 Schumann 
and Britten, choral concert' rat. 025 
TBe Young idea. tS). 5.ss Homeward 
Boned. 625 News. 1642 Homeward 
Brand (continued]. 7&J0 Lifelines: Lei- 
sure and Recreation. 730 Live from 
Huddersfield, part l: Moan's Symphony 
No. 38 (Si. 820 Chinatown; The private 
language of Hollywood. L15 Huddersfield, 
part 2: Beethoven's Choral Symphony (Si. 
125 The Living Poet: w. S. c rah am Intro- 
duces and read* recent work. 1020 
Ruhbra. chamber music (St. U20 Music 

Him 11 K lU.w. w * ~ 


nfrV’s Schuhrn Sane (Si. 

Radio 3 VHF only: 630.730 pjn. Open 
university. - 

RADIO 4 

434m, 330m. 2 Bom and VHT 
635 a.m. News. 637 Farming Today . 
625 l/o tn Ute Hour. -622 (VHF5 
Regional New*. - 720 News. 730 To-day. 
7JS Up to tho Hoar tcnntltiucdl. 722 
(VHF! Regional News. 820 News. 838 
Today. 8^5 Yesterday lft pgxUameiu. 
920 News. J925 Voice of the People. 
0920 News. JU2S clKt&poim. MJO 
Dally Sendee. 0025 Morning Story. 
0120 News. 0125 LVelhus lo Medicine. 
12.00 News. 1222 B-m. You and Yours. 
12 -Z7 My Music I St. 0225 Weather, pre- 
Hriznmc news: VRF texrcpr London and 
S.E.) Regional News. 120 The World At 
One. 120 The Archer-. 125 Woman's 
Hour U from 2.00 1 Ineltxflnn 22D4JB 
New*. 025 Urien With Mother. 3.80 
News. 3.05 AiteTwoon Theatre (Si. 920 
News. 4.05 Gentle Claus. 425 Story 


League. 229 Women Only. 1U5 "Hide 
and Seek" starring Ian Carmichael. 545 
The Undersea Adventures at Captain 
. Nemo. 520 Crossroads. 620 Report 
West. 645 Report Woles. 62* EUnmcr- 
riala Farm. 1125 Rapan Extra. +1125 
The Friday FUm: " Bade Room Boy ” 
starring Arthur Askey and Monro Mar- 
riott. 

HTV/Cypmi/W«te»— As HTV Cenersl 
Service except: 120-125 iun. Penawdap 
Newyddlon Y Dydd. 435425 Camau 
CunUrolL 6,00435 Y Dydd. 7,30429 
Showcase. 19.35-1125 Outlook on Agri- 
culture. 

HTV West— As HTV General Service 
except: 12D-L38 p.m. Report West Head- 
lines. 645-430' Report West 

SCOTTISH 

125 p.n>. News and Road Report. LB 
Betty Boop. 1220 Friday FOnj M ati n ee : 
“ Lydia " starring Merle Oberon. 159 
Beryl's Lot. 535 Professor KitzeL 529 
Crossroads. 620 Scotland Today. 659 
PhyDta. 1959 Ways and Means. 1129 
Futures. XL45 Lale CalL 1120 Baretta. 

SOUTHERN 

120 pan. Southern News. 150 indoor 
League. 226 Women Only. 225 Friday 
Matinee: Banacek. 359 Beryl's LoL 530 
Weekend. 520 Crossroads.- 629 Day By 
Day (Channels 6, ll, 27 42. 68 and 69). 
629 Scene Sooth Bast (Channels 10. 43. 
66 and 86 only). 659 Out of Town. 1156 
A Southern Report. 1129 Southern News 
Extra. UJO Unwed Father. . 

TYNE TEES 

929 a.m. Tho Good Word. Tallowed hy 
North East News Headlines. 120 pan- 
North East News and Loakaround. 155 
Wish You Were HereT t22S Friday FDa 
Matinee: " The Night of tbe Full Mora.** 
starring Denser Walsh. 350 Beryl’s Lot. 
5.15 Mr. and Mrs. 620 Northern Lire. 
UJO SportsOrae. 1125 The Friday. Film: 
” Scream of the WoU.” 1225 sum. 
Epilogue. 

ULSTER 

120 p.m. Lunchtime. LS Friday. 
Mauncc: ■' Edward My Sou," starrtna 
Spencer Tracy and Deborah Kerr. 350 
Beryl’s Lou 453 Ulster News Headline*. 
533 The Brady Banda. 620 Ulster Tele- 
vision News. 625 Crossroad* 650 

Reports. 650 Police Six. 720 A Drop 
In Your Band. 1050 Two at 10.3S. 1055 
Sportecast. 1125 Friday FUm: “ Delaney 
Street." 

WESTWARD 

628 a-m. West Country Job Finder. 
1226 PJii. Gus Hooeytmn'a Birthdays. 
120 Westward News Headline* 155 
Cartoonthue. 220 Upstairs. Downstairs. 
320 The New Avengers. <UM Cattoon- 
llmc. 420 Westward Diary and Sports 
Desk. 1021 Westward Late New* 1655 
Late wttb Dantou, 1950 Late Night 
Movie: *■ The Bliss of Mrs. Blossom." 
1225 a-m. Faith for Life 

YORKSHIRE 

120 p.tn. Calendar News. +2.00 Friday 
Film Matinee: *■ Lydia," starring Merle 

Oberon. 350 Beryl’s Lot. 535 Calendar j 
Sport. 420 Calendar (Etnley Moor and . 
Balmont editions). +1050 Great FUms of 
the Century; " Rebecca/" starring 
Laurenee Olhrfer and Joan Fontaine. 


Time. 550 PM Report* 550 Seren- 
dipity. 3555 Weather, programme news; 
(VHP) Regional News. 420 News. 658 
Galon Places. 720 News. 725 The 
Archers, .720 PI eh of the Week ltr>m 
BBC Radio and Television fS). 830 In- 
stant Sunshine (Si. 850 Any Questions? 
935 Letter from America. U8 Kaleido- 
scope. 951 Weather. 1820 The World 
TonlchL 1050 Wesk Ending.... 1055 
My Delight. U2Q A Book at Bedrtm* 
1135 The Financial World TomghL 11.39 
Today In Parliament. 3140 News. 

For Schools (VHF only): 920 tm-HM 
and 220420 pjn. 

BBC Radio London 

208m and 94 J VHF 
620 *ra- AS Radio 2. 6J0 Rush ROW. 
920 Lobby, 929 London Live. 023 in 
Town. 1223 pj*i. CaD in. 223 showcase. 
*23 Homo Ron. 630 London Snorts Desk. 


uv cow risniag. im loh, £>top, Listen. 
758 in Town (at 11.03 a.m.t. &38 Black 
Londoners. 1620 Track Record. 1229- 
Close: As Radio - 

London Broadcasting 

261m and 97.3 YHF 
. 526 ajn. Morton# Music. 429 a.m.: 
bon -stop news, travel, sport, reviews, In- 
formation. 1920 Brian Hayes. 126 pjn. 
LBC Reports including George Gala’s 
3 o'clock ealL 820 Alter 8— with las 
Gilchrist, 928.120 a jr. NlshtUne. 

Capital Radio 

194m and HL8 VUft 
6.99 a-m. Graham Dene's Breakfast 
Show (Sj, 920 Michael Aopet (Si 1220 
Hike A 11 m with Cosh on Delivery (SI. 
326 pjn. Roger Scow with his Three 
o'clock Thrill ,1S; 720 London Today. 

<26 Jonathan King’s Your Mother 
WonldnT Like It (Si. ZL6D Tony Hyatt's i 
Late Show (St. 229 cum. Ian Davidson’s : 
London Unit International 


THE BANKER FINANCIALTIMES .INVESTORS CHRONICLE 


WORLD 

BANKING 

CONFERENCE 


Grosvenor House, London 
27 and 28 February, 1978 


The conference will give the international financial community 
the opportunity to : 

Appraise international economic trends. 

Assess the prospects of the leading economies. 

. Examine a number of banking questions important to 
London and other financial centres. 


The proceedings will be opened by the Rt. Hon, Harold Lever, MP 
Chancellor of the Duchy of Lancaster. -/ 

M. Francois-Xavier Ortoii, Vice- President of the Commission of the ’, '4 
European Communities, Mr. Hasson All Mehran, Governor of ^ ^ 
Bank Markazi frar? and Herr Manfred Lahnstein, Secretary of - 
State of the Finance Ministry in Bonn will be among the keynote 
speakers. * 


To be completed and returned to : 

The Financial Times Ltd. Conference Organisation 
Bracken House. 10 Cannon Street, London EC4P 4BY 
Telephone: 01-836 5444 Telex: 27347 FT Con f G 

Please send me further detaih.Qf WORLD BANKING CONFERENCE 


Name 

BLOCK CAPITALS PLEASE 


Company. 


Ji: • i 









‘ Financial Times Friday January 20 1978 

„ Cinema 


Quiet pleasures of the past 


Festival Hall 


{Theatre Upstairs 


Mahler’s Ninth 


fw fr F O F R T? D W NT Twenty years ago. only the memorably powerful? 

, ■ oy UEUrr BKU WIN tiniest fraction of the musical The last time I heard Haitink 

- . ‘ , population — musicians and conduct tie Ninth, a few vears 

One on One (A) * s £f? “«etor next week) is The Glenn MflZer as one of his catches). There's amateurs alike — would have ago, it was iust possible to'cora- 

■ r ■ General release from Stindav L? ert v de StOT11 - raade Universal-Inter- also -a film from the scandal- heard or played in Mahler's plain that toe final Adagio was 

v The Glenn MillerStuy (1)* hffellWnSl^hi^w^v IVm Dati onal in 1954. I*d call this an loving Vilffot Sjoman (Taboo, no Ninth Symphony under more too coolly calculated, and so an ! 

\ Plaza 4 ffrom next week) „ 5? * worked his way up to acquamtance rather than . a less, showing on January 27) and than one conductor, it is a inadequate resolution for the i 

Vew Films from ^wede? WBek ^ Prestige television moviei wlto a fnend r though it's certainly a dizzily preposterous item called sobering thought Even implac- earlier searchings and grids. 
New kuhu from social conscience (That Certain among the more dignified of Egg! Egg? -A Hardboiled Story able anti-Mahlerians now find it That was ndiSriast nigh? the 
National Film Theatre Summer, dealing with homo- Hollywood biopics. James (January 28) involving Max von hard to evade his music, and pS of that 

There’s only one new commer- «2 a Stewart is incapable of giving an Sydow as a horrid tycoon whose devotees can amass as many as natural, and as broadly 

ivtpuca 7h(c uook Prwoie Slavik, a chilling tre_at- insincere performance and fortune was founded on “bottom accounts of most of it as of thp flmM* n c f-T mtva inftiniii I 


One on One (A) 


Says I ? Says He 

bv B. A. YOUNG 


more too coolly calculated, and so an \ 


' ■iai release this week, suitahlv PTW ^ te r sl °^ * tre * t - insincere performance and fortune was founded on “bottom accounts of most of it as of toe flexible as’ if pure instinct 

Entitled One on One ^more of a ^ esert,oae ^ e) - He manages to provide a decent por- scratchers.” But toe film shown Brandenburgs or the "Eroica." guided it — whichwas certafnlv 

• owtic times thTfilm deserves attenum. . trayal of toe popular bandleader to the Pra was Mb. Place If Mahler’s shade were dis- noi the case Tt w^tS s^e 

1 receive short shrift for it hairilv - , helped by toe correct quiet (January 23), a first feature as appointed by the decades of with the towering first move- 

nsists on attention The diree- , Elsewhere, there s a new and demeanour and charm, those director for the actress Gunnel near-neglect, would he be happier ment, where to a jaundiced ear 

\ -nakes the kind of film that ™ a2a J -^ me ^' 31151 1™ u ca * coaching from trombonist many Bergman films. Bergman Many a conductor now fee Is ously difficult were manaced 

■ “ ini 'fiat Piccadilly Circus. 'Which has .In*. Vtifrl wbis nlavs «n tha in f at * i.nder-«n>os»H nmil -m.- zESt u _^ e r? ™ ana * ea 


■ nenTinterriew^e cateeorS iybei^ advei^ « “a new same time was also directing there's much angst in the air, port -with the composer, the music w^ immense 
‘‘limself as “a B-movie Erector p ,^- t 0 w“ a -_th ® Stewart in a series of splendid ranch lacerating analysis of per- wealth of available models sup- T w e rpn rose heroicallv to 

^u many resorts? S oJd Mentis ^question being past Westerns (The Par Country. The sonal relationships and their everything he could want to the * cSn mLS 

□ in any respects, maxing successes of Paramount Univer- r i uniae'c in 9 riai, n9 niH ip.m fmm Ann »h«< th* occasion. . scrupulous string 


i2!lSFL|ih!S? bans, such as the Garbo Anna Allyson. a lady of rather pro- horde of daughters, grand- left in Mahler, but there is forked oct. Haitink has long 
■* inDHrate i^oui^^ueeMs^er? K . ar * Kina OT Astaire and Garland cessed charms — and a final children, grandparents, ment- hardly room left for surprises: found h ?„ w ro display 

•7^SnW singing their wav through the syrupy tragedy (Miller’s wartime ally ^unbalanced acquaintances works so complex and so magis- JJ e Panted .wit and savagery of 

'S5 1 v. c i SSS? Ibont Inv 3rvin R soagbook m Easter disappearance). But there’s lots and boy friends. Characters terially constructed resist per- “ her 5°, movements; and 

: ' infred ^o? ^erican ^m Para ^ _ Indeed, there’s a of music too : 12 orchestral mim- gather for communal meals In sonal experimentation. How. , tbe * h £ e wor} f er "erged 

ThS . film »?wraY ?k.f»S>Sk speaal P Jeasu re jn seeing any bers. five vocal numbers not for- the open air (Tony Forsberg’s then, was Bernard Haitink’s per- luminously.. One wont willingly 

• ®£SuM ^ mmt-perfert print ofa_film from setting appearances by photography Is quite radiant), formance with the London Jt a 8a>n for a long lime. 

'• p P roaiaDre the major Holtywood studios on luminaries such as Gene Krupa wandering off in between for Philharmonic last night so DAVID MURRAY 

- ' ema «i Manhnm f h e big screen. Even toe most and Louis Armstrong. Other old sad, frustrated arguments about 

-N The youne. small greenhorn m inor M-G-M musical becomes a friends. In the lineup include the awfulness of people and _ 

iero (played a httie too win- visual feast with the opulent All’s Quiet on (he 'Western Front things ■ (the parent-child rela- Elizabeth Hall 
%S*l£r5k t 'iZ sheen « its colour photography, and m(jh Society ; so far toe tionstip come/to tw\ fSoSIS 
*2 J vr ^‘ e tpE of Cr j\ - h b,s the spick-and-span costumes, the selection of titles seems a little attention). Despite some care- . f ■ Tf i-g 


though 


DAVID MURRAY 


, , --- ------ — — - — — uie spiL-A-stua-span cwumes. me ocicuuuji u* uucs wemj a uuic auenuoo i. ues pite some care- 

n ^e . v _ ™* 7 . Jc ”? 5 1 e . ga y JS"» “ heroine’s rosy cheeks and dewy timid, bat the scope and oppor- fully felt moments (the scenes 

I £ ! ? A thlet’c scholarship to ^Western eyeS- One also comes to appre- tun i ties for Plaza 4 are between Katha and her de- 

* - M VI University, where everything Is cj ate the dream-llke chromium pleasantly vast pressed friend Emma are 

°ut ou » ? tyle . of . Pararfl oant’s street sets. * notably well presented) the film 

iven a. token iob^ (switching tb . m which huge blue cats drive up The National Film Theatre offers something of an uphill 
.• oorts field sprinklers on and oil) . 

• • '^'-o imDrove his finances. But 
- ie still lands Into many dlflieul- 
" . r ’,jes. Academic study seems a 
,';. : iew world to him (due .to 
-nadequate scriuting it also 
. .. -eems a new world to his tutors). 

'■ •‘■ill the other .basketball pleyers 
eem several feet- taller and the 
t .-oach (G. D. - Sotadlin) tries 
• ’ fverything to get the scholarsb«o 
• escinded. However, under the 
• riendly care of tutor Annette 
)Toole he proves his mettle amt 
h’seovers — in the gruesome words 
- . if the distributor’s synopsis-^ 

that there is more to life than 
. lasketbalT.” Certainly there ' 
s ■■perns nothing exceptional here: 

•. ritb 8 few alterations the hero’s 
. >art could have be»n plaved hv - 
. 1 ' dickey Rooney or the slim Jade 
3akie of the -early thirties, when 
- hings collegiate were all the 
■age. And yet there’s more troth 
n One on One than may apoear 
it first glance: two universities 
■ trivially refused to allow loca- 
ion filming because the barbs 
.. . brown at college sports were - 
limed too well for comfort 
'Colorado State finally provided 
jospitality). 

Bnt what ultimately tips the 
balance in the film’s favour is 
uamont Johnson's astute band- 
ing of the material. As with 
Robert Wife’s Audrey Rose. One 

— ->n One offers strong proof how 

^ warding old-fashioned -craTts*- 

"'^^^^nanship can be. with scenes 

teatly rounded off and all Eva von Hanrio in ‘ Bang! ’ 

rt. r; --/-irc; ^tylistic excess trimmed (except- - j . 

• L'?i i wM *'"ng the very last shots, with a and deposit Dean Martin plus offers another of their regular journey for its . audiences. The 
letted basketball framed bv the girl, while pedestrians duster on dips into toe new product of director seems unable to ani- 

:un’s golden halo). Johnson the litter-free sidewalks, trying here, there and everywhere. The mate her concerns sufficiently, 

las had vast experience directing to look busy. And it certainly subject tor treatment is now and allows too many points to 

or television, though he shows makes better ^festbetic and. Sweden and during the following be conveyed in set speeches and 

-sr'-Nj. lardly a trace of the zoom-happy economic .sense to reissue past week one can savour the possible crudely engineered situations. 

£ a booting style most directors successes than tip limply remake delights of eight films. Jan TroelJ It’s well meaning and certainly 

.? S idopt; perhaps this is bpcause he them, which Is • the commercial is represented by Bang! (January pretty to look at. but the vital 

, 5 if legan as long ago as U*55 after cinema's newest and saddest 25, with a philandering would- spark which could bring every- 

4. i motley career as radio actor craze. be composer as its hero and thing to life remains unkindled. 

Charlie White A fZ- American The opening attraction (from Susan Hampshire among the cast A pity. , 


The Dellers 



iti'iuIiC L'uS 


Stephanie Faye r man and James Duggan 



ihill Some SO years ago the counter- save in reference to two modern 

tenor voice was symbolised pieces. One of these. Christo- This able play by Ron Hutchin- and Mick's Aina/uiuan sister 
almost uniquely D> Alfred pber Brown’s The Harper oj son concerns Protestant ter- Bella (Stephanie Kayermani m- 
Deller’s singing of such songs Chao, on Chinese poems, essayed ronsts in Belfast, not the vnlved. in the lighting, and Mick's 
« Purcell's “ Music for a while.” to accommodate the ensemble of Catholics that we arc generally girl Maeve {Maggie Shcvhn) a 
On Wednesday Mr. Deller’s well- two counter-tenors, harpsichord shown: but it is a neutral play, willing luul. the way i> open Tor 
maintained artistry could be and viol. A certain uneasy Its theme is the elements of a welter of disloyalties th.it 
hailed anew in a programme sense of double pastiche — dishonesty and violence, common leads to a splendid ‘night scene 
which included that same song, baroque sounds re-used, and to both sides, which the civil where Mick’s true situation is 
He . was . Papered by his son tired oriental metaphors paraded disturbances have exacerbated revealed after the terrorists have 
v. . Mark (the two counter-tenor in Western clothes— prevented to such an unmanageable degree been to great trouble to force 
v!? 16 !? a n* very dls *inct. bu t me, perhaps unfairly, from There is noi a character in the his 25 grand out of him. 

. blend -well) and accompanied by responding to Mr. Brown’s work play, which is acted by the whole The early scenes in Londnn 
Robert Spencer. Harold Lester, with anything more than cast with alarming conviction are particularlv well observed. 
? • and Jane Ryan on toe lute, superficial pleasure. under David Lel.md’s direction, written in the ha I f-poetic stvle 

.: harpsichord, and bass vloL A _. riniM _ imer , nnpr in the who is trustworthy or faithful «o that conics natural I v to Irish 

.But did anyone not already OT oerS e oresum- anything but the mutilated playwrights. adorned with 

: knowing the sung words make a hi h p awn principles that have grown up ballads, and drenched in an un- 
head or tail of them ? Visitors LiLi I.J iD to-day’s atmosphere of haired ending stream of filth, both of 

from outside toe immediate cul- o R a i D h Wood, in which and destruction. thought and word, that seemed 

t ? re ’ notin G toe rapt reception rt. ' Dartineton Ouartet made its Sharp young Mick (Raymond tn mo absolutely appalling. It 
.V given to an evening so lacking cof P ^TTioSeh it Campbell) and fat idle Pete was neither the thoughts nor 

?;•: m customary baroque excite- cwdial (James Duggan) leave Belfast the words that apoalled me: they 

ments. must have concluded that ^ nt ,“ a ? fn , . „ If i t ^ E f °r toe London labour market are presented with a notable, if 

/•; toe English were indulging in its Areo movemrate 86111 are industrious thieves, but perverse, artistry. It was the 

one of their private, mysterious Henendont on reoetitivT while Pete lives principally on though I of creatures so little 
.v ritiwls like cricket Lute solos repetitive. ^ do|e> Mk . k works up lo a ah0Ve the anilu:ils tr) lhcir 

; by Dowland as played by Mr. _ , partnership in a small haulage squalor and their savagery- 

Spencer, or Miss Ryans appre- 1 ! lked best Alfred Dellers firm un m his associate secs him Mr. Hutchinson asks. 1 lake it. 

. hensive unfolding of some divi- opening group of solo songs (to nff when his dishonesty becomes not for our contempt but our 

sions by Christopher Simpson. l“\f_ ^ n - ,0 ° obv ‘ous. Congenitally men- pity. There must be little chance 

:> hardly caught the music’s fire. Johnson, when the familiarity of dacious . Mick says he has so ] d f| , r people cr 0 W i nQ up | n the 

The printed programme (this bls share for £25.000. and deprivation and the ridousnevi 

C; was a presentation by the Red- naturally this good news is of Belfast to-day tn develop into 

vJ cliff e Concerts of British Music) welcomed at home in Belfast, rational beings. When the Irish 

:■? gave minimal help. It included where hofh families have a toe themselves see so dearly what 

•Vi three blank, unused pages but .-iurj*-*!" ln terrorist activities. is wrong, and write so power* 

■ r: nothingj by jway of song-texts, and expressiveness. With Pete’s vicious hrnther fully about it. whv in Heavens 

. • rtiistorical notes or biographies, ARTHUR JACOBS Jigger (Christopher Hancock) name can’t they put it right ’.* 

~r. 

rftlTETDTAIIIIliriJT theatres theatres theatres 

rbe EH I kill Hill In CH I DRURY LANE. 01-B36 BIOS. EMrr MAYFAIR. CC. 629 3036 O' -MB 2 BB 0 . OMIH B 00 . 

IW . . night 8.00 *ltan» Mjtinte W«L and Opens Tut#., fro. 7 ar 7.0. MjC. Tnura. XDU saturMw S.JO A 8.30. 

ini- muni* sit. a.oo. Gordon cmater m no sex J’^ase— 

GUIDE — voTtD MWEr« i»78.- ssa; SHHSK& 


THEATRES 


night 8.00 sluro Matinee Wed. and 
Sat. 3.00. 

A CHORUS LINS 

~ VOTtD BEST MUSICAL OF 1976.- 


6Z9 3036 SfRANO 


V\ 

L a 


Ki 


Oxford Playhouse 


What The Butler Saw 


t-t 

a 


by MICHAEL COVENEY 

irresistible ■spray of descends tentatively through toe 


COLISEUM Credit Card*. 01-240 S258. 
Reter.altona 01-836 316T. 
ENGLISH NATIONAL OPERA 
Tonight 7.30 A Tees. next S.OO 
RIGOLETTO Tomorwr fi, Thin, next 
7J0 Orpdets In me Underworld- Wrd. 
7.30 Carraeo. 104 Balcony seats avall- 
ahle day of pert. 

Cpy ENT CARDEN CC. 240 1066. 

IGardencharoe credit Cards S36 6903). 

THE ROYAL BALLET 
Tonight & Tges. 7JQ p.m. 

Tdhjottow 8 PJTL 
La Fjlle ma g ardee 

Mon. 7 P.ID. 

The Dream. A Month In the Country, 
Elite Syncooetlons. 

. _ Wed. 7 p.m. 


DUKE OF YORK'S. CC. 01-836 S1Z2 
Mon .-Set. n.oo. Mats. Wed. 3.00 and 
Sat 5.00. 

SIAN PHILLIPS 
PAUL OANEMAN 
in 

„ SPINE CHILLER 
Tkktp <rom 1. 1 -oj-£_5.80 
Instant Credit Card Reservation 
Dinner and rop-pnen Seat L7.30. 

ELLE et LUI. . CC. 01-437 2610. 
Walkers Court Brewer street, w.l. 
Twice NtgnUy 8 . 1 S and 10.15 
PAUL kAYMOhD presents 
PENe I RATION 

An erotic adventure in Frencn porno- 


tori 


iV* 0 


“A combination of elegance Gerald Scarfe’s otherwise in an irresistible ■spray of descends tentatively through toe 1 ?he F o ROY 4 j?* 0 opeRA 

jnd crudity is always ridiculous ” ordinary design — where Dr. sexual innuendo, he calmly Te- skyline in a leopard skin on a ? p-m. 

ante Joe Orton in his diary is interviewing a girl marks: “There are two sexes, scene of bloody and chaotic rar ?i i tiit*. o„ ^2" i^n'^o 

Tfter rpadinp Genefs Ouerelle of f or a 3 ob - The interview balloons Prentice. The unpalatable truth confusion below. Pauline Yates .j£LS! 

the lunatically into an examination, must be faced." Michael Bar- Is too young for Mrs. Prentice w St a 

best Orton revelled in toe The doors of the clinic are, rington does not have the re- and again, misses by a mile the tb - 

tdiculouB, shocking an audience before long, swinging open and iaxed, befuddled authority of outrageous swagger the text sits? ^ 30 * Temarraw 

iith delightfully phrased shut in true farce tradition. Mrs. Valentine Dyall in the Anderson demands. The best performance vatVfnce. wo*. Tu*. a h.m.s. 
ssaults on toeir moral sens!- Prentice returns from the Station production, -but be is certainly is that of David Cann as the page liSiSS. m ' nw ^ Feb ' 1 

illties and prejudices. It is Hotel m a fur 0031 and cami_ nearer the mark than was Ralph boy. very funny in drag and 

ieht vears sinee l first ww ibis ^‘ckera; a hotel page boy- Is Richardson in 1969. What- the quick on his toes throughout THEATRES 

® n fleeing toe consequences of hav- playing lacks above all is a sense When Ranee summarises the. plot 

onderful farce, Ortons tet, ing interfered with a party of of unbridled relish, and while so far, Mrs. Prentice declai*es: »london» M 8bt night out ? .? 

n a pre-Loudon visit to Oxfords schoolgirls; and the hone-headed William Russell as Prentice “ rd condemn it in the strongest ^^Qn^X'cr combdv T. 11 !® p-Jifj 4 * 5 

lew. Theatre. In. 1975. Lindsay Sergeant Match comes tramping copes well enough with toe terms if it were fiction." It is ^rwi ’ 

•nderson's Royal Court prodoc- through to inquire after the miss- Physical twists and turns, his Orton’s final masterstroke to •■slkk™sumpti>ous ^ SI irene has 

<m confirmed the brilliant in * parts of Sir Winston treatment of the language is buUd into toe words of his IN „*LV*Vo H iwfeMi^' , ?»IS?? M cAR Q 

Qergv of a nlav which is no w Churchill’s statue which, it to timid where it should be full- characters .the censonouspess lw " bookin^on m.kw %\u abd 

Jgularly produced throughout happens, have been embedded ini-bloodei ' . to^ 1 p *^ h !?L l n 'l L”. : albert, a 36 ss78. credit caw bud*. 

)e country Even this oedestrlan the interviewee s mother at the . The Eunpidean finale, too. is It is regrettable, though, that sse 3962 w. satL Mon-Fn. 7 . 4 s. 

roductionby Gordon McDougali tone of a fatal gas explosion. JMUr lacklustre, as Sergeant -Orton does not. on this occasion, a u thous a'no ti m we.lcom'e fs 

oes not tarnish toe anarchic So it goes on, a superb display <a good .blockish . per- get the interpretative breeze he M1RACULOU L s l0N M E is^s Hn rifnes 

irprise of lines like “ Boys can- of spiralling farce lugubriously formance by Michael Kemp) deserves. __ Oliver 

ot be put in the club. That's observed by Dr. Ranee, inspect- s. t° T -- t1^S« viS^tijrn^^i^ 

air their charm." Ronald ing the clinic for the Govern- Cactival Hall /Radio 3 - CJ cT W T^ n oliverT returns 

ryden labelled Orton “the ment. Ranee proposes incorporat- ■“SXIVai nail/Kaaio O triumVhantj-y . .consider your- 

scar Wilde of Welfare State ing the events in a best-selling _ Ik /T t ‘ again " C oiy nhw ab “ to see IT 

totality ” and, as in Wilde, toe wot* of fiction, but his observa- . • # n O fl QP l\ /I O O I/" AffO ri now booking through isrve. 

nart lines ‘ both enrich mid Con of the quirky antira is as I I I VI Q,Li«,C1 I aujwych. sja 6«o 4. im. sse sisz. 

,,-erlve from a confidently main- comically distorted as the am- aw a t a hoyal shakespeare company m 

I -u unih avannns - - ..rcBw-rcm* 


A Thor*. 7.30 P-ra. Tile Dream. Mono- greehy. ” Good -look mg men and women 
tone*. Tin; Four Se**on», 1 pcrioim vartous nernruaUnans Ol tnc 


THE ROYAL OPERA «»WI act.” t yen I do News. You may 

, . . . .. ■?*?[:. 2 P-m. _ orlnk and smoke in me auditorium. 

if laundiJIi d*I West. 85 Ampul* «*ats 

SSh °" trom 10 *- ,n - on "ORTUNE. 836 Z2S8. EvBS. 8 . Thor*. 3. 


Opens Toe#.. Feu. 7 ar 7.0. 
GORDON CHATER In 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 
by Steve J. Soeart 
-'Outrageously runny . . Proloundlv 
moving." Vanmv. 

Prev iews trom Feb. Isi. 

MERMAID. 248 7656 Rest. 24* 2B3S. 
MOn.-SaL 0.15. Mar. Wen- B. Sat. 5.3D 
OAVY JONES MICK V DOLENZ 
in HARRY NEILSON'S 
THE POINT 

"A doeen dcHghHut songs wn#1> linger 
■n the memory. ” D. Express. 

Stalls tickets £1.25. £3.50 Combined 
Di nner-Theatre ticket £5.95 

NATIONAL THEATRE. 929 2252. 

OLIVIER i open stage). Ton'!. 7 30 To- 
morrow 2.30 S 7.30. 

VOLPONE by Ben Joiaon. 

LYTTELTON iproxenlum stage). Ton'i 
7.45. Tomor. 2.45 & 7.45 Lasl Pis. ol 
STATE OF REVOLUTION by Robert BdIi 
COTTESLOE itmall auditorium). Ton l. 
Ton’t. & Tomor. B ROBERT LOWELL. 
AMERICAN POET (all scats £ 1 . 00 < 
M— ny cxccOent cheep seats al< «nrpe 
thettres nay ol prt car park. Rsteuiw 


** 3t Mj | - tvcnlog News. Yog may 9 28 2033. Cre di t card bkgs. 928 3052. 

Brink and smoke in me auditorium. ■■ — 

OLD VIC _ 928 7616. 

ORTUNE. 836 2238. EvBS. 8 . Thuc*. 3. c PROSPECT AT HIE OLD VIC 
Sat. S.u ana BJ) Spring Season i JML 16-March 25 

Muriel Paviow as MISS MARPLE Id ( c( Br» l 2 A ?J«fe r 

AGAIHA CHRISTIE S 4 c L . L ,i? R ^ E I 

MURDtR AT THE VICARACI AUTnwv t jPAJl,,,. 1 

ifiro G reat Year, l45Wa roV E ?^^iD | 

^"S^vKS^e-o. £££■ Jtzz roc * 2™ 

JILL MARTIN, JULIA SUTION PALACE- 01-43? 60X4 

OAIVID FIR1H and ROBIN RAY Mpn.. ! hur a.op Frj, Sat 6.00 ana 0.40 

in tbe JESUS CHRIST SUPERSTAR 


Sat. S.u ana 14 

Muriel Paviow as miss marple Id 
AGAIHA CHRISTIE'S 
MURDtR AT THE VICARACI 

ihiro Great Year. 

GARRICK THEATRE. 01-8X6 4601. 
<VS. 8 . 0 . Wed. Mat. 3.0. sat. S.15 A 8.30 
JILL MAR1IN. JULIA SUTION 
OAIVID FIRTH and ROBIN RAY 
in tbe 

■- BRlLLlAN i MUSICAL 
EN 1 kRi AINM 8 N ( . People. 

SIDe BY Side BV SONUHklM 
uO rwica." Money, hunen. 

“ GO THREE TIMES.*' S. Barnes. I4YT 

GLOBE. CC. 01-437 1592- Eyetunss 8 . 1 S. 
sars. 6.0 and 8 >»o. Mai Wao. s.u. 
AMANDA BARRIE. JOHN OUENTIN 
in the SECOND YbAR 01 

UdhAtia (CAM 

„ . by Michael FRAYN 
THE BEST buMtuf irlt YEAR 
Last 5 weeks. Ends eeb. IB. 


i THEATRES 

5TRAND. 01-836 2660. Eten.ngs B 00. 
Mat. Tnurs. X. 0 U Saturdays 5.30 A 8.30. 
NO SEX PLEASE — 

WE'RE BRITISH 
THE WORLDS GHcAIEST 

LAU GHTER MAK ER 

ST. MARTIN'S. CC. 836 1 C 43 EyflS. sToo" 
Mai lue». 2.45. Saturday! 5 and 8 . 
AGAIHA CHRISTIE'S 
1HE MOUSETRAP 
WORLD'S LONGtal -EVER RUN. 

26th YEAR. 

TALK OF THE TOWN CC. 7X4 5051. 
8 . 00 . Dining. DanOna 9-30. Super Revue 
RAZZLC DAZZLE 
and at 11 P-m. 

• BUDDY GREC O 

THEATRE UPSTAIRS. 7)0 2554. Ev« 7.30 
Crucible Theatre. Sncmcld. in 
SAYS I. SAYS HE 
oy Ron Hut chin son 

VAUDEVILLE. 836 99BB Ev«. al 8 . 
Mat! Tues. 2.45. Sato. 5 aid 6 . 

D<nah bherid.in. Duicic Gray. 

Eleanor 5ummer»eld. Jims Grout 
A MURDtR IS ANNOUNCED 
f Hi N ElVES I WHODUNNIT 
Oy AGATHA CHRISTIE 
■' Re-enter Agatha wun anorner wn> 
dunmt hit Arjaiiia Christie is stjik- 
ntg the Wev Ena ver an am with another 
ol her fiendishly ingemaus muraer 
rryslcnes ." PoIIk Barker, t v News 

VICTORIA PALACE. 01-834 1 SJ 7. 

Evgs 7 10 . Mas. Wed. and Sat 2.30. 
BA5IL BRUSH'S NEW REVUE 
BOOM' BOOM' BERT WELDON 
BOBBY CRUSH ANO STAR CO- 
A 'rue Gm. 1 v snow." D Tel. 

; law 2 we eks. 

WAREHOUSE. Doomar Theatre. B36 660P. 
Royal Shakespeare Company. Toni 3 00 
Jame! Rauson'k FACTORY BIRDS. “T.Pi '1 
oH like a rocker " Times. LI 50 Ad*, 
bkgs. Aidwvch 


THE MUSICAL MUSICAL Mrs. 6.0 and 8-40. 

"SLICK SUMPTUOUS — IRENE HAS AMANDA BARRIE. 

EVERYTHING." Dally Express. in the SLCONO 

INSTANT CONFIRMED CREDI1 CARD UClKvckte 

BOOKINGS ON 01.836 7611. Dy Midi art I 

~~ ' — THE BEST ivwtvt 

ALBERT. 836 3678. Credit card Dkgs. Last 5 weeks. En 

836 3962 rex. Sata. . Mon-Frl. 7.45. 

luurs. nuts. *JD. SaU a. 30 ana 0 GREENWICH TH 6 AIRE. 
A THOUSAND TIMES WELCOME IS Until Jan. 28 tvg“ I 
LIONEL BART'S 2. 30 LEONAKD Ri 

MIRACULOUS MUSICAL. Hn Times. IMMORIAL HAVuON. 

OLIVER vehicle lor Rossiter 

“ROY HUOD 5 splendid perlormance. and hugely entenammi 

S. Tel. " Taleirtad JOAN TURNER." Oly — ! 

Mail. '* Capital tun me snow is a HAYMARKET. 

deWaht." D. TeL . OLIVERI RETURNS InL. 7 “5 Tw r. a.: 
TRIUMPHANTLY . .CONSIDER YOUR- CLAIRE 

SELF LUCKY TO BE ABLS TO SEE IT BLOOM 

AGAIN." Oly- Mirror, MICHAEL ALDI 

NOW BOOKING THROUGH 1978. R05ME*JS4 


PHOENIX. 01-836 8611 — — 

Lvgs. 8.0 Mat. Wed. 3.0 iat. POOS. WEMBLEY EMPIRE POOL until Feb. 25. 

- 4.30 and 8.00 — — LAVISH ICE PANTOMIME 

KEITH PENELOP 1 HUMPIY DUMPrv 

MICHELL KEITH " Sheer sparkling tpectatlc.*' D Tel. 

_ NIGEL STOCK Mpn” ro Fri. T.J5. Mala. Wen. Thurv 

JUNE JAGo ROY DOT RICE —JT 3. Salt, at 2 . 5 and B chldP and 

In the Chichester Festival IkutR'a-' Senior Cits, lull once except Sat. 2 and 
- uro auction or 5. Pa* al doors Eqauines 902 1 234. 

THE APPLE CAR! Snacious cj r*-w«rlc 

” Oulstandlnu ^al^pTSStM Shew." WECTmTi«TER THEATRE EC O l-aJ4 028 3 
Dally Teleuraoh EvBS- 8.00 Mai. Thurs 1 O, sat 5.0 S 8.0 


WkENWICH rHLAIRt. 01-85(1 77SS - 

Until Jan. 28. bygv 7.30. Mats. Saia. PHOENIX. 
2 30 LEONARD ROssITER as I HE 
IMMORIAL HAYUON. -■ A stunenoous 
vehicle lor Rossi ter . . . earned I ing The 

and hugely eniena>nmg." Puncn. I 


Daily Telenraoh. 

Dirrued bv PATRICK GARLAND 
~ - 'LAST 2 WEEKS 


AUJWYCH. 836. 6404. Inf. 836 5132. 


!AYMARKET. 01-930 96X2. 

Tot. 7 ,«5 Tmr. «.3S ana X.tb. 
CLAIRE DANIEL 

BLOOM MASSEY 

MICHAEL ALDRIDGE in 
nniMFii'SHni m 

DIRECTED BV CLIrFORli WILLIAMS 
"A MURDER PLAY MORE EXClIING 


IOENIX. 01-836 8611. 

_ . Ooen.no March 1 
FRANK FINLAY .n 
The Leslie Brlcusse Musical 
KINGS AND- CLOWNS 
Reduced price previews from Eeb 16 


Tickets LI 50 10 £4.00. 

PAUL JONES m 
DRAKE'S DREAM 

England's Grpjiefi Musicji Ao.cnuif. 

— E selling.'' F.n Timm. 'Man, Merry 


■■.•^■flessrtsbiwdiip- sS'iiaf&^SiTrsa •>*, ^ 


ROYAL SHAKESPEARE COMPANY In THAN AlT? BV^LGATHA CHRISTIE. 


^repertoire 

TonrgtrL Tomor 7 JO 
Brecht'S THE DAYS OF The COMMUNE 


J. Baxter. Dty. rc 1 carat) n. 
LAST Z DAYS. Musi end Sat. 


previews Wm 34 Jm.i RSC also el 


azringly white and neon-lit in otoer'a clotoingL the stage a wash toe interpretative key to withdraw al of J anet Baker ^ t C rrt®l?fce I 

- rnaTiv dlvppca IrvisHe nf miicii* 10fi WH fl uiSWEl 01 JEOGt o2RGr Previews from 24 Jkp.i RSC also el 

many, diverse Kinos 01 music » th meant the the warehouse u»e sum- w.j and 

^ ab H oal SS^I^of ’ bSm'SL M 

toe most versatile opera condnc- Berenice and Beethoven’s Ah! s*®* Lobhan' 5 ‘ 

tor of our day, Charles Mackerras perfido, and the almost equally as saran imm in memoir 

on Wednesday led the BBC Sym- happy substitution of two Me t .. Pcr t*et. > Tn h «^ A ki 1 ' wumi*" e News. 

: flhony Orchestra in performances, concert arias. In “Bella mla student Tick e ts ei.‘ 

of Beethoven, Mozart and flamma " (KJ538) and “Ch’lo mi ^S* 3 c n „ E, ?i ( | R2 

Schubert that each boasted a scordi di te? * (FL505) we could ^don ^ld sin dYn^s' super ^ now! 
keen and' judicious judgment hear how toe jewelled soprano s th7nk' of England 0 

of specific musical character. 0 f Margaret Price, recently a UltT 1 ' 

The opening 40-or-so minutes less frequent visitor to London x=?^Si7£tSF“ — ■”* 
wei^ spent, to our great good than formerly, has grown In tom rtoppARo ? s 

fortune, on toe Overture and a amplitude without sacrificing its - Hiunow D ' w^smaiy Times 
suite of .six movements from very individual shine and focus 0 , t 

Beethoven’s Creatures of —indeed, tbe sound seems now rs TORia. esSB » bh ,1 

PrcmeOieus ballet music. . warmer, less fluted, less “ instru- 01^37 5757 ar qt^U 01 «9i. Nwit 
It was a little sad, though in mental " in the slightly discon- JJg. T r^ 1 ?yr^iiW.oD 0 j% T ffc 
concert circumstances it was certing way that was its wont. the st a« spectacular 

probably wise, that we were not For toe second aria, with Imogen Tickets si.5o.ebjo " instant o-rtit cam 
given - aU 16 numbera: but in Cooper an immaculate player of 

what we had there .was a feast toe piano obbligato: Mr. •*** » h ° ” ,B * J ** nco - 

of. beautiful and beautifully Mackerras took toe finale just - infectious. ippwJmg iooc-sumping ana 
■scored numbers, of a lyrical, a shade too comfortably, elicit- n ” rt .’^j l 1 £.. 0l » erver ' 
delicate, expansive manner of ing the singer’s only less than "i^^V ^ B ?Sw5S$l 0 “ 0 ,n It’ “ r B n “ 


01-930 9832. 


PICCADILLY. 457 4605. ClNn. bka. OPtN 5UI 
636 3962. IE*. 54 m Mon IO Ftl. 8 . 00 . ?AUI - 

541. 5.15. 8.30. Yfra 3.00 TM , 

LAST 2 WEEKS TH£ eRO, J 

ROYAL 5HAK E&PEARE COMPANY in ._ * 

WILD OATS ** 1 

Wild Ojis. Season finishes Jan 28- Pmcr 

NKhol'a A warn Winning Comcav WYNDHAM'S 

PRIVATES ON PARADE OCrt». irorri booking 8 X 8 
February 2 . Thun. 8 In 


WINDMILL THEATRE. CC 447 6312. 
Twice Nighilv dt 8.00 did 10.00. 
OPEN SUNDAYS 6.00 dnd 8.00 
PAUL RAYMOND Ore&ent* 

.. RIP OFF 

THE EROIIC EXPERIENCE OF THE 
, MODERN ERA 

I ” TilPS to unorcccdonlcs limits whit is 
i ocntilssiBie on our stdgcs " Evg. News. 
I You RI4V drink JO Smoke in tha 
Aitdiurium 


Preview Jan. 24 jChantyi and Jan. 25- PRINCE OF WALES. CC. Ol- 1 
Opens Jan. 26. 7.00. Sobs. was. B.M " u Frl”“ MK & m 
M at- Wan i. 2 .30. bn. b.w and 8.15 EJSts. Thursda? ll l^O 


9X0 8681. 
and 8.45. j 



« i^ur inwire. INGRID BERGMAN 

iMBASSADORS, . 01-836 1171. WENDY HILLER 

Cuts 8.0. Mitt. Toes. 3. SUL 6. OEMEK DORIS FRANCES 

SIOBKAN MCKENNA GODFREY HARE CUKA 

as Sarah Bernhardt i„ wEMDvr In 

with NIAIL BUGGY. WATERS Of THE MOON 

Perfect, a sopb or tr 1 dmph. , ' E. News. bv N, C. Hunter 

studewt Tick e ts £i. now BOOKING 

^S? 3 C nn’Tti Son HER MAJESTY^ CCT 01-950 6606. 
" DONALlTsiNMN^'su’pBRB^ NoW* *-° 0 md %?*■ 3 00 ,nd B -°®- 

D0N/ OOn vSSSf M J QS5- NDW ‘ . eg MONTAGUE? HELEN LINDSAY 

SPELLBINDING," D,. Mall. "RATTIGAN RWEALS HIS MASTERY." 

JITS THEATRE. __ 01-836 2132. S.T. "A BoweHid drama." 6.N, "GLYNIS 

TOM STOPPARD'S JOHNS play> Brilliantly " P T. 

- Hilarious “ wr^iy Times ««« CC D1-9M 6606. 

Monday » Thursday 8.35. 

frioay and Saturday « loo ami 9.1S. Lesllv B “ u « Newfey-s 

lSTORLA. charing X Rd. 01-437 6239 .«■ travelling music show 

01-437 5737 or_ 01-734 4291. Nearest Preview* from March 16. 

Tube Tottenham Court Road. Man .-Thors, ^rrr 

8,00. Pricey ilfd'Sihirdly r on and MS KING* ROAD THEATRE. 3S2 7595- 
TVlESTACk SPECTJttfuLAR Mon, to. Thera. 9 0. _Frl...&at » 3fl. 9.30 


THINK OP ENGLAND 
- WICKEDLY FUNNY." Tlm«. 

" SP ELLBINDING," P. Mail. 

ARTS THEATRE ~ _ 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

" Hilarious __ see It." Sunday Times 
Monday w Thursday 8.30. 

Piraay and Saturday « 7.00 and 9.15. 


THE STAGE IS AGLOW." 
Daily Telegraph. 
RICHARD BECK INSALE 


nrNDHAM'S. 836 1028. Credit card 
booktrre 816 1692 »c«. Sal • Mon- 
Thun. 8 In. ana Sat. S-tS and 8.30. 
_ "ENORMOUSLY RICH. 

VERY FUNNY " Evening Ncwi 
Man, O'Malley's imuh-hit comedv 
ONCE A CATHOLIC 
"Slirctire tomprly on v« and religioru" 
Dally Tclegraoh. 

"MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


1 LOVE MY WIFE • — — — - 

-HILARIOUS COMEDY MUSICAL " Sun. YOUNG VIC (near Old Vlcv 928 6 X 63 . 
Directed by Gene 5aks with "BoumiiuI Ton'! 7 45 The Tam mo ol the Shrew. 
Invention and wit " Financial Times. — -- • 


INSTANT CONFIRMED CREDIT CARD 

BOOKINGS ON 01-930 0846 . CINEMAS 

0>IEEN*5 THEATRE. 01-7S4 1166. 

Eygs. S«i_ s.0. 8.30 I Mat. W«L 3.0. "HL » te 3, f7 i L 5 L BU «AT? V Ln.-? 


" ' ' ALEC GUINNESS in ] f E6 TOE^Lvu^L»T kL f'xi 5t Br T h i 

flic DID rOllftinv ■■ Tn L uAUNTLET iXj. Wk. & Sun. 

A New Play by ALAN BENNETT {.00 5 00 8 . 00 . Late show TOnmht 

Directed fry CLIFFORD WILLIAMS a. nW ON owe iai wi . e„- . 

BEST PLAY Of THE YEAR _ - oo S Jo a sa® ute u.™ u» 4 n SU iV 

Plays and Players London ermes award. *- oa - Late sno w Sdt 11 . 1 5 . 

-One of Ihc most notable tncairkal camDEN PLAZA. Odd. Camara Town 
•vents In this country for a good manv Tubt , agn jXxa. lav, an, T^ pAbSJ 


years." 8. Levin. Sunday Times. 
RAYMOND REVUEVAR. CC. 01-7X4 1593 


Tube. 485 2443. TavianiL PADR8 

PADRONE iXi. Giand Prire Cannes '77. 
■■4lh MONTH 1 " 4.05, 6-25. 8.50. 


at 7 P J! J*; T.v . J. 1 — B l " - ’Ay* S 0 "-* | CLASSIC 1. 2. 3. A. Oiclord St. (Don. 


:Il& s s tacuuir 


S KkCtS 51. SO- £5 JO. Instant Credit Cafe 
O. Eat in our hilly licensed Restaurant 


THE ROCKY HORROR SHOW 
NOW IN ITS Sth ROCKING YEA 


PAUL RAYMOND orments 
THE FESTIVAL OP 
EROTIA 


Tottenham Conn Rd- Tubel. 6X6 0310. 
T .ONE ON ONE IA). Prgv 1.45. X-SS. 
6.05. 8-15 Laic snow 11 o.m. GENESIS 


Fully AIR CONpiTfONED. You may l( jj ' WHITE ROCK (U) 


drink and smoke in the auditorium 


or Buifet Bar fenartime and before and LONDON PALlAOIUM. CC 437 7 373 . ^quudhousE. 

after I hp v r Jkrtu ffe In advance. E /?m i/f'd 0 SFASDN -TO^FEB^ z^ONLY 5- BRITISH PREMIERE 

, , . "ELVIS ■■ LIMITED SEASON ITO PE 8. 25 ONLY y.ctar Hugo's LE5 BUI 

“ Infealuw. appfejmg loot-sum Pina and ca! f ?y ,, lXiif T SwEcc Presented by Le Theatre a 


imouiom. appwmg loot-sum pi no and 
neart thurnnhijr ■ ^Observer. 

- I w ai JbsoHrtetv caught no in it. earned 


267 7564. 
ERE OF 
BURGRAVE5 


invention perhaps still under- cleanly poised phrase-ends of * k ^?rv^*nd' so^?? , ?flL- 1 ^ U n. ,l TcL B, * r 
valued by. Beetoovenians who toe evening. - . - siwAe&v T ««s. 

only want toeir composer . in Finally, Schuberfs C tumor - , ^el vis ■■ 
earth-shaking mood. The play- Symphony, No. 4. was given a 1 1, S" 1 ®? 

' •- ■ - — ’ -■ J — : — V1_ » — J — audience dandiig In the aulas. Thu 

• Elvis it bmtWIIqm." Sunday Ejrorass. 


SALLY ANN HOWES 
■no ANTHONY VAtfcNTINE 
in The Fairy Tale Musical 
HANS ANDERSEN 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-734 8961- 

LONDON PALLADIUM. 01-437 7373. 
MARCH 30tb ONE WEEK ONLY 
MISS 

GINGER ROGERS 
aim Special Gucct Star 
DONALD O'CONNOR 


2. HIDING PLACE (41. Sep. Peris. 2. 00. 
s.OO. 8.00. laic show 11 p.m Eivu 
Ptcsfey SPEEDWAY Oil. 

J. EAST OF ELEPHANT ROCK IAA>. 
Proos. 1.55. 4.10. 6.25 . 8.40. 10.55. 


SfjS^MM at 7 B S| *5 *■ WIZARDS «A». WBS. 1 UO. 3 00. Sno.’ 

d ,W ^ umn 2*8 J.A a 1 * 1 - 7 .00 9.00. L«e show every mgt.1 11 p m! 

oval QUIRT * 1 17 ,c CURZON. Curaon Street. W.l. 499 3737. 

® Y PrmSv.M a t. m-i- .. . ? S0 , J 7<5 ' PAHwDN MON Art AIRE IX). lEngltsn 
Pr 5£" JL* A g *ej£ 7 - suO-tltlci.) "A Sparkling New French 

NiO*. ryes. o. sat. si B.jD. Cnmedv. Qirccwi with ihkea v UN- 


MUSICAL COMEDY STARS 
BOOK HOW — Seat* E2-L6- 


r Veronica Roberts aiid WffiTani Russell 


ing was fresh,' buoyant, alert, robust but also admirably tender a yf^ c „ ^SSrftruiB *** ? ula V Tl> ‘* ■n_SKff»SsS„5a r 

with, -in the' fifth piece, particu- reading, which (until some Cambridge, cc oiZsi^ssos"" Mon. io a great 'evening-s entertainment 

larly. -clear and lively solos, rather brutal cutting of toe rh,™. s.oo^^U. w WIT l !J tJ ^i^ l T^gS edv F ?? iS , s OST 

from harp; flute, clarinet and closing tonic-and-dominant) paid - pulsating Munich, i_- evb hhm,. book how— seat* e 2 -l 6 - 

bassoon in- enchanting turn, the young composer toe oeces- smcwk* moists oo london p&> laoium. cc. 01-437 7373 

And in toe E flat finale, with the sa?y compliment of taking his oiimer and a>»ptfce mm ujs inc. for°7summeS^sJ§om 

theme . . that was to generate moments of high tragedy with EJ> nnn.r 

both the Op; 35 piano variations appreciative seriousness in add!- win^r' ’ "^JSts^nh. T 4 Z 

and toft Eroica last movement, tion to enjoying his abundance ^ ywt ll*b& wSef?^\ f gra v-s 255 ^“ 3.0 sat/ s.o^airf aiS: 

there was a : spring and a light- of A fiat major lyrical felicity b CRA ’ 

ness that showed the conduc- When the. sheen returns to the . u^st^^davsTm^ »S l siL *5? 1 r*st»,K*. ¥CS ,n 

tor’s exact sense of the ways in BBC strings, tbe orchestra’s play- cRrrnioN: cc; p,.q 30 szig. ov Eduardo STfh, pm . 

which- ballet and symphony ing of toe classics will become s*" ln « *j£gii p&5jps *•" 300 - rSr^°nfum n**™ an 

differ, and are 'related. (Please, even more enjoyable. •• imoaccawe - a maitgr." sun. nm«. event to treasure." b. mu'. - may 

dear Rctfal ^aUet, ’jJrlilg nS . MAX LOPPERT 


LONDON P*> LAOIUM. CC. 01-437 7373 TN. t 

OPENING MAY 25 - 

FOR A SUMMER SEASON 
THE TWO RONNIES 
BOOK NOW TK»lrg «od Agrntl. 

LYRIC THEATRE. 01-437 J6B6. Efe. 8 0. 

Mots, man 3.0 SiiL 9.0 and 8.30. 

JOAN PLOWRIGHT 

COLIN BLAKELY 
and Patricia Hayes in 
PILfJMEMA 
Dv Eduardo do Filrsoo 
Direct od far FRANCO ZEFFIRELLI 

- TOTAL TRIUMPH." D. Mir. "AN — 

EVENT TO TREA5URE." D. Mir. " MAY SHAW. 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS.” Sunday Times. 


ROYAL COURT. 730 1745. 

Prevtewi at 8. Tuesday next at 7. 
Subs. eves. 8. Sat. 5 A 8. JO. 

World Premiere O' 
LAUGHTER* 
or Peter Barnes. 

Sec also Theatre Upsta irs. 

ROYALTY. C.C. 01-405 8004 

Monday- Thursday Evenings 8.00. Friday 
q 30 a no 8.45 Saturday 3.00 and 8.00. 
Lennon * crlim vote 
RUBBLING BROWN SUGAR 
Bust musical of 1977 
Id. bfcgs. accepted. Mai or credit cards. 



01-388 1394 | 

AN INSPECTOR CALI 
bv J 8. Priestley. 


Corned*. Directed with hnnse by Yw* 
Koucrt. ' Sunday Express. Proa*, at 2.00 
i not S un-i. 4.05 6.15 and B.30. 

LEICESTER SQUARE - THEATRE? 93o"~ S252 
STAR WARS IU|. Sep Progs, dly. 2.00 
s. lb a. 35 Lore show an.’ iai Sat. 
11.4S P.m. Seats Okbic. lor 5.1S and 
a 35 progs. SEATS STILL AVAILABLE 
FOR MANY PERF5. HURRY* 

MMa^iiwu'aaaMu. 930 Gin. 

THE DEEP l As Srp. progs, every tUv. 
Seats may be hooked dabr open u 
1.20. 4JS0. 7.45 Late ibows Fr^and 
Sat*. Doors 11.15 

ODEON MARBLE ARCJL ,T23 2011-2.1 
AUDREY ROSE rAAI. Sep. progs. WkS. 
2.30. 5.30 8.30. Sun. 4.30 ^15. "iti 
Sho w Fn. and Sdt 12.QQ p. m * 

prince Charles, lc c. s a ayT - aTaTl 

SALON KITTY IXJ. 5ep. Peris. Dly. (iw 
Sun. 2.45 G.I3 9 00 Late show Fn. & 
Sal. 11 SS. Seats bkbi c LKenicd Bar. 


— -| SCENE I. trie. So >Wardour St.) 439 

Eros. 7.30. 4070 A BRIDGE TOO FAR IAI. Props. 

HL 3T 12 50 4.10. 7.40. UtO Show Fn. * sSl 



18 


Financial Tfenes Mtfay January 20 .1973 


FI nancf at. times Mr. Eric Varley’s steel dilemma 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams Ftiumlimo, London PS4. Telex: SS63U/2, 883897 
Telephone: 01-248 S00<> 


BY ROY HODSON 


Friday January 20 1978 


Mr. Sadat’s 


next move 


THE Middle East peace inltia- public remarks in Jerusalem 
tive may not have been lulled emphasising Egypt's commit- 
by the breakdown in the nego- meet to this principle were an 
tiations between the Foreign unhelpful start. Even more tact- 1 
Ministers of Egypt and Israel, less was the speech of Mr. 
Mr. Cyrus Vance, the U.S. Sec- Menabem Begin, the Israeli 
rotary of State, who participated Premier, at a dinner on Tuesday 
at the short-lived first session of night, in- which he rejected the 

formal negotiations, has ex- te ™- _ a . , 

Undoubtedly, Mr.. Sadat has 


MR. ERIC V ABLE 7, who has 
been on the losing side of 
several industrial arguments 
within the Cabinet — notably 
over the Chrysler rescue and 
the Drax B power stadon 
order — now finds himself at 
the centre of the British Steel 
crisis. Once again the basic 
issue Is whether industrial 
efficiency and profitability 
should take precedence over 
the preservation of jobs. 

As far back as September 
last year civil servants In 
the Department of Industry 
were pressing upon him 
a series of options for 
rescuing British SteeL 
Suggestions included a new 
and faster closures programme 
For old works still being kept 
open to provide jobs, a revised 
capital spending plan, and a 
possible financial reconstruc- 
tion to relieve British Steel of 
Us interest burden. 


He has been resisting action 
for more than four. -months 
and does not now intend to 
make public before March a 
Government scheme for re- 
shaping British SteeL 
His political timetable tells 
him he has everything to gain 
by delay. Some of the heat 
from the present Parliamen- 
tary controversy about British 
Steel may disperse with time. 
More works closures might be 
agreed with local work forces 
thus removing from the 
Government the responsibility 
for locking the plant gates. 
If the spring Budget puts 
more money In people's 
pockets, demand for steel 
could rise quickly and sharply 
on a consumer boom. Finally, 
the longer tbe delay, the 
nearer a general election 
looms and the more likely It is 
that the Cabinet will go for a 


plan for steel which would 
look politically attractive 
(fobs saved) although prob- 
ably economically unattractive 
to the British. Steel Cor- 
poration. 

A fudged solution to British 
SteePs problems would be a 
certain recipe for an even 
greater industrial disaster. 

Of the corporation's five big 
steelmaklng complexes not 
oue Is running in the balanced 
and efficient way it was 
designed to do. Uanweru, 
South Wales, and Scunthorpe, 
Lincolnshire, are nearer that 
state of grace than are the 
others. But the committee 
reported that Llanwem was 
still being “worfced-np" 25 
years after being opened and 
that Scunthorpe, which has 
been modernised la the last 
10 years, still does not have 
enough blast furnaces. 

The other three complexes 


all suffer from being semi- 
complete. They sure Port 
Talbot, South Wales, Ravens- 
entig, Scotland, and Red car, 
Teesride- 

The big five were planned 
for a growth In sales volume 
which the committee charit- 
ably observed is “ unlikely.” 
The sales target for the works 
indudes several millions of 
tonnes of steel for export. Yet 
there -Is toe much steelmaking 
capacity in the world. Tbe - 
U.S. and the European Com- 
munity as well arc setting a 
new fashion in defensive 
measures against unwanted ' 
steel from other countries. 

British Steel will not be 
able to load its modern works 
properly until the old works 
being kept open to provide 
fobs axe dosed. Even then 
the new steel plants now 
being built will be too 
grandiose. 



The Select Committee 
suggested cutting out two 
planned new rolling mills 
(for Teessido and South 
Wales) to save perhaps 
£500m. and dropping the 
..ELfibn. new integrated steel- 
w yflfcifijy project designated as 


pressed belief that the peace . .. 

process will continue. The £«en disappointed and angered 
Administration has cautioned ^ 3 response to bis ges- 

against excessive alarm follow- *“» >» Soing to Jerusalem, 
ins President Anwar Sadat of ; n reUnrn For ^ 

Egypt’s dramatic and sudden t0 P ea « h * h : °? ed ^° I ^ ut was 
decision to recall his delegation unrealistic 


from Jerusalem. There seems 
little doubt that both Egypt and 
Israel want a settlement, how- 
ever differently they envisage 
its terms, and in principle 


in expecting — an 

Israeli commitment to with- 
draw from the territories occu 
pied in 1967 and to the prin- 
ciple of Palestinian self-deter 
mi nation. In pan-Arab terms 
Mr. Sadat went far 


A bid to hitch labour-shedding to pay 


accomm " aation with * 

visit to Israel in November to 
be resumed. But it would be 


omitting any mention of the 
Palestinian Liberation Organ- 
. isation’s participation in nego- 
wishful thinking to pretend that tiations or ils - right " t0 estab . 

the movement towards peace jj sh an independent State, 
has not suffered a setback. Implicitly he reneged on Egypt’s 

Mr. Kamel's return . pledge at the Arab summit con 
_ ference at Rabat in 1974. In 

The psychological barrier d 0 i ng so Mr. Sadat created acute 


broken down by Mr. Sadat’s own SUS p" c i on among moderate as. . , . _ 

initiative has not been re- we y ^ m j}itant Arab States, as var,oe consent to the early to its 10 per cent, target for the 
erected and the new parameters wc u as the hope in Israel that f losure °J the ten remaining increase of earnings. To what 


of the Middle East conflict f, e might be prepared for a| Keswick" plants or parts of extent the 6 per cent offer is 


created by it still exist despite bilateral settlement leavins P lants » aTld of an unspecified tbe Government’s idea, and 

s.i ® « imihiST* n-F nfhar nIH L. ^ _ A OCr". i *. 


to 


the misgivings, opposition and svria Jordan and the Pales- number of other old high-cost what extent BSC’s is not known, 
f — J *'-•* * — — - ‘ works, there will ,w » -■* — *- — -* »- — * 


SURVIVING PLANTS REPRIEVED 
BY LORD BESWICK 


ENGLAND AND WALES 
Shelton (iron and steel 
East Moon (whole plant) 
Efrbw Vaje (slabbing mill) 
South Teesside Cleveland 
works (blastfurnace) 


fury aroused in different pans tinians to their own devices. works, there will be no im- but the offer has already set 

of the Arab world. A direct _ . . . provement on the 6 per cent back union co-operation in the 

dialogue that has clarified differ- ralcstuuans (or £60m.) pay offer from the early closure of the least viable 

ences between the two countries Mr. Sadat is astute, as well BSC For the unions, that com- plants. Only recently did the 
as well as- in the Arab com- as impetuous, but his recent mitment could mean signing TUC committee consent to local 

munity of states has started. Yet words and actions must have away about 25.000 jobs out of talks at the most run-down 

the Egyptian leader's "quantum dashed any false optimism that the total 206,000. plants, a decision that quickly 

jump into the unknown" has he might be contemplating Given the determination of resulted in closures at Hartle- 
achieved little more than this so ‘‘selling out" other Arab Inter- sir Charles Villiers, BSC chair- pool and compensation for 

far. The depressing fact is ests. dearly, he feels that he man since September 1976, to 1.840 workers. East Moors, at 

that, technically, the negotia- must negotiate a form of extract every possible ounce of Cardiff, was to have been next; s-m 01 ® could be the model doing their work. BSC has just 

tions had not even reached the Palestinian self-expression going productivity from hia union <tis- but some of the unions have ***** 44 * 00 ® J obs should go — still fighting to stop tnc BSC then perhaps 12,000 workers dec jded to go ahead without 

cussions. the demands were not dug their heels in again because ? figure that v? e ^ exte ® <il11 ^ tbe net and coercing could go overmght Together agreement, 

ciimrisine UnfortunntAlv fnr of the nav deadlock from P resent BSC thinking — employees into accepting com- with an early closure of the re- % .. 

BSC. hnwfver toe ?roposid deal Ear* dtosui? «5f toe remain- “ d set a two-year deadline, pensation.” But with the latest maining Besvn^ plants, that 

is not so simple. ing Beswick plants would still which expaes on Monday. How closure compensation payments would total 22,000 jobs. f he'f defence of their 

First there is the Govern- scratch the surface of the much has been achieved? averaging about £5,000 wHfc a — * 


SCOTLAND 
General Terminus Quay 
Ravenscraig (open .hearth) 
Hallside (primary and billet 
mills) 

Craigneuk (bar mills) 
Glengamocfc (open hearth and' 
blooming mill) 

Hamilton (foundry) 


The Steel Council would be the 
Productivity bargaining, too, national body for reconstituted 
has been hampered by Phases divisional councils, works coun- 
One and Two of the incomes c]] Si and in some cases lot 
policy. They arrested implemen- departmental councils, 
tation of the soKaUed Work 0ne Qf ^ aims of thi* 

Measured Incentive Scheme. stniclur6i ar least f rom BSC’s. 
to which BbC attaches great . tQ overcome inter-union 

f eudin e Which makes the .re- 
doubt whether the WM1S frame- 0 f demarcation lines ip 

work is sufficiently generous. response to technology and man- 
The crisis has revived union njng 0 f new plant so difficult, 
interest in an early retirement • For esample the Redwr sinter 
scheme, which BSC has agreed 1{mt bui]t at - a rost of £170m . 
to consider. If all the manu^ has not started up aftt!r e[ght 
workers over 60 coitid be offered mQuths be cause 50 boilermakers 
special terms— the miners’ ^ objecting to other craftsmen 


substantive stage when Mr. far beyond what Mr. Begin has 
Mohammed Kamel, the Egyp- been willing to offer so far. It 
tian Foreign Minister, received remains to be seen whether his 
his order to return home. The decision to recall the Egyptian 
discussions foundered on the delegation was a tactical move 


ouia xoiai 4 ^,uuu joob. . — . , - . 

Running in tandem with the tional jobs in the face of new 


first three points of an agenda to bring more U.S. pressure on ‘J.; 1 ’. “ JJL *1 problem, according to BSC. It Between Jannary 1976 

TTC Tergal an ..Itlmati.m „n [ 117 e n l S incomes policy CO COO- nnn ■ 


designed by the US. at the Israel, or an ultimatum on * rjr , TiLst «f in ““ght remove 10,000 jobs and last Octobef, according to Mr. bait seems to 

r>F nninninlo TVm gnewar SlQer . WnlC n SdS a limit HI 1U , . , Ci-» Q oao 


and maximum of around £7,000, the Pay and manning discussions, 

and so far unaffected by them, much ^ friction. One anion 


week-end as a framework for de- issues of principle. The answer ^ bring a saving of £100m. a year. Sirs, 8,383 job opportunities 

tn that n.inotirn mnu hp | per ceiiu. on e:irnmgs increases. , , - k... 


tailed negotiations. 
Nevertheless, even 


to that question may be re- 
at this vcaied in his speech, to the 


Other public sector workers The real saving, it frizes, 
have settled at or slightly over wo «W come from switching volving 100 


be sufficient tb ere j s a -working party which l€* d ®r described them as a 

have been lost in closures in- M £ot ^ re *E, of e 19 . 76 is trying to fill out the details P a <& ^ wolves.” constantly 
or more workers at a £ reemei>t * Mr. Sirs says the 0 f a grand design for worker battling with the Corporation 
unions have given their participation— -the cornerstone and among themselves. There 


early procedural point the talks Egyptian People's Assembly to- . orde rs from other high-cost a time. Since then Clyde Iron fl rp nfhpr ipalousies The ISTC 

touched on the most sensitive morrow when even an offer of * f i-rS JIS. pxnp( 4 plants and closing them, or at has shut, with 826 out; Hurtle- co-opemion and even snggrated of Sir Charles Villiers industrial “e « sf 

matter of substance-the ques- his resignation cannot be ruled J*J« J /•SS.SJI u least the iron and steelmaking pool with 1,641; and about 260 sa ^ n * fi ‘ 1 hl “ cutting overtime, relations philosophy The BSC w ™osed for behaving as if 


tion of the Palestinians. Egypt nut. His address to the nation parts of them, from raising pn? elsewhere. About 90 men will the . B .® C ^ “ ta ? e “ J 1 *: [ ^i ^rantiv be^ co^ 

had only reluctantly agreed to and his next move could be “ mfehtseem ductivity and reducing mining go at Ravenscraig .in April and «P- One (rf the mabi element^ tract . as the i key -to productive were constantiy being con- 

attend the first session of the influenced crucially by Mr. th S"'5lv the forum for at the viable plants^and frm^ others from Dalzell. swaRed “job restructuring,” effimeucyand orderly relations spired against. mKTCsecs 

committee" after Vance, wno flies to Cairo for , OT , nd y ' .1 ninnin^ itc hi» wnrirc a. * has not really got off the between unions and between the Transport Workers which 


"political 


;ter Vance, who flies tn Cairo fori * ecn " a ‘y. ; roruiu f e or has not really got off the between unions and between the Transport workers wmcfi 

having, under heavy U.S. per- talks with him m-day. It will - < r5?s2i Sd£ auSSniatioraf manning leraS ma ? y more f i^smauS Uouus which the unions lay managementand unions. On the claims the second largest mem- 

suasion, .o drop «, in- ooed a ««««» o E « oe ? o- ^ ZVZ?* co'n^Ud’M £ 


sistence on a reference to maey on the Secretary of State’s 1 try Commattee rather than meet 

he part to put the peace ini 
Palestinians.” Mr. Kamel’s own back on the right course. 


mes with individual unions, ti a ting pay for- those who shifts: > some plants the nor- thing more than participation- the opportunist waiting for its 


self-detenmna tion for tile r ° n p t “ t ft t ^ h P e J™ r ^ , ti an ve| ISTC re j ecte|! ggCs main pro- remain, compensation for those mal 21 shifts over seven days 

power 

take o 
formei 

rejected an attempt to pick the run-down of manpower in in new plant in the same period, trades or unions. For more 


Spending and 
money 


position-while accepting a who go, aod the removal of have been reduced to 15, ten or ^^ n b ^ r ^ r ^ t ^ n ^ nT ° b^tSeen* IS^an^’^Ka^ 

- FAr fSS .ThSS ^ investment furnacemen, a small, proud and 

-r, in«aui i. trades nr un-inns F’nr mnrn suaicgj. 


reason. In other words, it lines. 


British Steel’s 
inside track 


TEN DAYS ago the Bank of above the target range. Factors 
England announced a JE800ra. which may have contributed to 
issue of long-da led Government Ibis result were "a continued 
stock. The annnunccment itself i hough reduced" inflow of 
was not so .surprising — the foreign funds into the private 
Government broker needed a sector, difficulty in making 
new tap with which to control accurate seasonal corrections to 
this end of the market — as the raw data, and tbe reinvest- 
the fact that it was made on a ment in Treasury Bills of some 
Monday instead of on the usual public funds previously in the 
Friday. The market supposed. Inler-bank market. 

as it was presumably intended In ret respect , the announce- til e controversy over 

to suppose, that something un- meat of the new long-dated how mu ch BSG did or did 

expected had happened and slock in a dramatic rather than not to the parliamentary 

drew its own conclusions the a regulation manner looks select committee there is one 

next day. when figures for the slightly odd : the growth oT the incontrovertibly unknown factor 
hanking mnnth to mid-December money supply is almost if not — the identity of “deep throat" 
showed a more rapid growth in completely under control. On w ho leaked internal documents 
the eligible liabilities of l he the other hand, there are now to the Press last week-end. But 

banking system than had been only four months left in which he. or she. is a very popular 


militant union, appear to have 

unions off individually. accordance with local needs, although there could be further competitive maiming, say the JJ® 52,2"“ ^aS^the 

Thirdly, there is the public not a mad scramble for hand- redundancies to come as a unions, the BSC must pay. The board^with representatives^ management association SIMA 
ambivalence of the Department outs, and it mean^-certainly resiUL last two yeap of TUOGov- 2SS22 Tg£ knS 5S. J2& 

of Industry. Mr. Bill Sirs, for the present chairman— At some of the old plants ment incomes policy has made enune nt and independents The also has staff members has this 

general secretary of the ISTC union participation in the run- given a stay of execution by that impossible. ^tion tf S hL nofbeM week anS«d k rannot Sin 

and chairman of the TUC com- ning of the industry. These, Lord Beswick, former Labour Critics, even within the worked out, but theTUC steel because it “Si** i? Still J be 

mwtee, believes tbe Government the industrial relations issues. Minister for Industry, the unions, say that the TUC steel committee has proposed a swamped. 


MEN AND MATTERS 


looked for. There is no preci.-a* to bring (he running figure for I P®rson with committee members 


own code 
secret in- 
him or her 


correlation between this ihe year down below 13 per 
advance indicator and the actual cent., and there are \*arimis 
movement of sterling M3, the uncertainties (apart from 
most common measure of external ones) tn be faced in 
money supply: but it looked as that period. The income tax 

if the annual rate of growth cuts have yet tn make them- 

of the latter so far in the finan- selves felt on revenue. Some 

cial year might turn out to be increase in spending may take maiid for more information pre- 
still some way outside the top place as the end of the year senled to Sir Chares Villiers by 

end of the 9-13 per cent official approaches. And earlier sales of the cleric to the Serjeant at 

target range. lax reserve certificates may Arms Mary Frampton on Wed- 

nesday. Ilie letter called for 
highly specific information 


who have their 
name for their 
former. They 1 call 
‘■hot-coil.” 

Hot-coil ’’ was very much in 
their mind, it appears, when the 
committee formulated the de- 



of Andersen's business it feels tiated, is Julius Irving, the most 
fit. famous basket ball star of the 

Heath was introduced to Philadelphia team) he'll be glad 
Andersen chairman Harvey t° come and run rings around 
Kapnick by Davison, who is a y° u lor $7,500 a session, 
personal friend of the former _ 

Tory leader. It was Kapnick who 

formally asked Heath to join Armchair travel 
the Review Board, whose exist- 


ing membership of six includes science fiction writer 
former secretary of the U.S. Arthur C. Clarke's vision of the 
treasury William Simon and of tourism has any 

William Cary, former chairman validity travel agents are going 
'of the Securities and Exchange t0 suffer a very lean future. On 


Commission. 


Money talks 


the other hand his message 
should prove comforting to all 
those for whom a trip to far- 
flung places basically means 
checking up on monuments and 
tourist sights to make sure that 


about the quarterly estimates 
of cash-flow in 1077-78 as sub- the U.S. accounting profession, 
milted to the Department of 


Would you. like a round in the they tally with the picture post 
ring with Mohammed Ali, a cards they send back home to 
game of tennis with Rod Laver, prove they've been there, 
a ride round Monaco's Grand Clarke's vision of the touristic 
Prix run with Jackie Stewart or future, as spelled out to 
Go one on one with Dr. J ”? Travel Association meeting in 
It can apparently all be Colombo,- would make tibe whole 
arranged — for a price according business of buying tickets 
to a new book called “ What it hanging around at airports and 
costs" just published in New putting up with foreigners 
Under the new rules, which York. quite obsolete. 


I'm not surprised, they 
were only held together by 
safety pins," 


lax reserve 

This was disappointing, since affect the mnnev supply, 
it was hoped that large sales of whether the holders present 
gilt-edged stock would have them in lieu of tax nr borrow 
brought the growth of M3 back from the hanks instead, 
into line. The market, which (JutlSUffinfion 

rise b, P u!s' n |n a i2L C t a «tet feU Seasonal factors, and the diffl-l&pS'eSeiT Stt*”’" ^ f he nice5t or ™ st 

back. It was widely assumed cu,t J of uiaRing adequate allow- 
that the Government's borrow- ance for them, affect spending 
ins requirement must have been as well as the 
pushed up during the month, preliminary 
perhaps as a result of the cats consumer expenditure 

in income lav coming into finaJ quarter of 19// „ . , . . . ,. . . . 

operation. further rise of * percent from ***** !" cm, . as ? e had L origm ' to J udlt their performance. By long one and also includes a television screen and as the 

7 21 . ihe trough of the second aiIy M ^rattened, "hot-coil” setting up Arthur Andersen great number of personal guide moved around “thev 

per cent. quarter: the general trend is 1V0U,J J he in a position lo know S.C. in Geneva the company’s services. could Iook over hig 5 ho u ider 

It soon turned out, however, similar iu that 0 f retail sales, . y vvhat ihe rommjttee was firms around the world were Some are more enjoyable than ask questions and ask for closed 


American profession was talented people money can buy MTuSe”!® hire 
Great care was taken to ask divided up into large and small together with other luxuries like with a teie-Smera anri 

IT nrppieo .A , - tinhtor Thinhr - i;«- « W1LU d ana let him 



that tliere had been no sudden which account for less than half and * eisdi details ^^tively excluded from this others. You can, for example, get ups of interesting objects. 


rise in the borrowing require- of consumer spending as a 
ment. which continued to run whole. But the fact that con- 
well below the original forecast, sinner expenditure is measured 
The full banking and money by the quarter conceals the 
figures published yesterday, in remarkably sharp rise • in 
fact, show that the Govern- retail sales which took place, 
incnt's accounts had not yet if the seasonal corrections are 


Peer Group review which now your worst enemy or rival But who is going to send the 
only concents the company’s roughed up for *200, broken up postcanis back to Aunt Ethel* 
extensive U.S. operations. . —8500 for a broken arm for 
After their Geneva-based example — or simply “rubbed ' 

organisation had been set up, but” by a seasoned pro for Moral tales 
the appointment of Heath as 85.000, depending on your purse ,W,VM aa 


Reviewer Heath 

When Arthur Andersen, one the first non-American member and your whim. 


Following the mid-air - eon- 


been affected in this period by accurate, in between November of the world's eight largest of the Review Board helps to The latter services come con- version - ” of American pom pub- 
the income tax cut and that the and December. This was no accounting firms, opened its new make it more of an international siderably cheaper than playing lisher Larry F3yn by Jimmy 


public borrowing requirement doubt partly due to tax rebates. City office in Surrey Street last body. out one’s sporting fantasies, the Carter’s sister-in-law R U th 

as a whole was still outmatched Taken together with the irt year, Edward Heath was there Ian Hay Davison, senior book makes clear. It would cost Carter Stapleton, sources on the 

by sales of stock (including crease in earnings and the to join in the ceremonies. Now partner at the firm’s London between 87,500 and $1Q,QQQ, plus trade Press grapevine report 

rails on previous issues) to the higher demand Fnr consumer h? has been appointed to the end. described the Review first class airfare, to persuade rumours of two new imminent 

general public. Yet the annual credit, however, it may be a company’s Geneva-based Public Board as totally independent* Laver or liie Nastase to become anti-porn publications. The new 

rate of increase in sterling M3 better pojater to this year's Review Board, set up in 1974 “an impartial eye staffed by fnur temporary doubles partner titles Prayboy and Repenthouse, 

remained at about 13) per cent., experience than the consurap- as this highly aggressive firm’s people not afraid to speak up.” or 8100,000 for a punishing 

only slightly down on the figure tion figures for the fourth idiosyncratic response to the It meets quarterly and is free round with Mohammed Ali. As 

for the previous month and still quarter of last year. new rules then being mooted by to investigate whatever aspect for Dr. J (who, for the unim- 


Observer 



GIVE THEM 


ALL it STAR 

petrol card: ltd; 




the second stage- of Redcar, 
Teesside. 

That is the sort of surgery . 
Mr. Variey most he prepared 
to adopt with -all the 
consequent implications for 
regional Investment and' loss 
of tens of thousands Of job 
prospects. 


By CHRISTIAN TYLER, Labour Editor 

B RITISH STEEL has this cannot afford — if only for elec- lie at the heart of BSC’s workers have become tired of committee has been dragging its management-union ratio of 2-1* 

week injected a new and toral reasons — to preside over reaction to the crisis — not the turning up to work part time feet, successfully playing for moving eventually to parity, 

some would say the first the dismantling of an industry constitutional fervour .-of the at half-dead plaints. That was time in the conviction that The otiier is to set up a Steel 

towards | nole 0 f urgency into the which, he thinks, may then find Select Committee of the the mood at Clyde Iron, where drastic pruning would be Council, probably of 100 or more 

handling of its latest financial itself unable to cope with the Commons. they took the BSC oompextsa- politically unacceptable. to accommodate all tbe union 

crisis by hitching its plans for upturn whenever it comes. The reference point for the tion. against union instructions, Du 1 there are other factors, interests, and to discuss . al l 

labour-shedding to the size of w r sirs is gome to Mr Eric present round of negotiations is ^ the same mood has been By the time BSC and the unions issues except pay. The executive 

its employees* next pay rise. Variev Industry Secretary to the agreement signed in the observed at East Moors. . got down to work on it, uie arm of the council would be the 

What the Co roo ration said to mate that noim and towarn small hours of January 23 1976 . , Flnniston plan itself was being TUC steel committee, which was 

wnai me uorpcrauon saia to mate _tnai point ana to arn nr o tract ed confrontation Joint union “action com- overtaken by an upturn of recently expanded from seven to 

Steel 1 tofcdmtloa betweentoe ^nlonTLi tiie mittees ”-some of them highly orders in 1976. BSC took the 17 members after protracted 

(ISTC), 0 ^Tuesday andto other cSSLnt trtJd touseBSC then BSC chairman. Sir Monty successful - were soup in pressure off. and so did the argument about representation, 

inions as they come round is pay^ements as a means to F ^°n. Sir Monty had respem^ toe^r^posed by unions, 

that unless the unions give ad- hold down the national average °P ened bidding by declaring the investment strategy and are 


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Wii) 




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Financial Times Friday January 20. 1978 


19 


POLITICS TO-DAY 



' \ 
J 


■ c 


f" €\ 

l \t 


fHEKE IS a slight question 
nark over the weather, but Mr. 
i David Steel now seems certain 
I o remain leader of the Liberal 
■ ?arty after what will probably 
>e the party's biggest-ever 
„ Assembly in. Blackpool to- 
'■ norrow. 

The ground has been carefully 
1 repared. Mr. Steel’s policy of 
uaintaining the Lib-Lab Pact, 
intil he— in consultation with 
tarty officers and the Parltaxnen- 
ary Party— decides to end it, 
eceived overwhelming endorse- 
ment at the Scottish and Welsh 
assemblies last Saturday. His 
-fareat to resign if be failed was 
eriously meant, and seriously 
aken: the -last thing the party 
'anted was another leaderchip 
ontest with a general election 
erhaps only nine months away. 
:£r. Steel will thus himself 
eak in favour of preservation 
least until alter the passage 
f the Finance Bill, which means 
'bout June, and termination be- 
>re the end of the Par liain en- 
try session when in any case 
te pact is due to expire. (At the 
cottisb Assembly he remained 
dent until after the vote had 
een taken.) The weatber is a 
. ictor in so far as it affects the 
irn-out: it is possible that it 
• iJl keep away the largely pro- 
act delegates from East Anglia, 
evon and Cornwall and the 
order country. Evea so, the 
ftimate inside the party is that 
5r. Steel should pull it off by a 
lajority of about- two to on& 
efore going home delegates 
ill then turn to a debate on 
leir election strategy. 

One does not have to be clair- 
jyant to report that the party 
praying for another hung Par- 
ament. Preferably its would 
e one which gave Labour a 
ight edge over the Tories, but 
t case the opposite happens 
ither more attention will be 
iven than there has been in 



the past to the possibility of 
having to do a deal with Mrs. 
Thatcher. .In either case the 
Liberals would use their recent 
experience to negotiate a much 
tougher bargain than has proved 
attainable from Mr. Callaghan 
so far. Even Mr. Steel now 
admits that he was not insistent 
enough on the question of pro- 
portional representation for 
elections to the European Parli- 
ament' he should have 
demanded a three ' line whip 
rather than agreeing to rely on 
the Prime Minister's “best 
endeavours.” Next tune one 
would expect the Liberals also 
to go for PR in Westminster. 

Half their seats 

But will it happen, or will 
it not. as a glance at the ac- 
companying table suggests, the 
Liberals be lucky to. 'preserve 
even half of their present seats? 
The size of the majorities can 
be misleading; some of the lar- 
ger ones are in greater danger. 
The Tories concede that Mr. 
Stephen Ross. Mr. Clement 
Freud and even Mr. IJavifi Pen- 
baligon are probably safe. But 
there are doubts over Mr. 
Russell Johnston, who could 
well go down to the .'Scottish 
Nationalists. There are question 
marks, too, over Mr! John Par- 
doe and even Mr.". Jeremy 
Thorpe. Mr. Cyril Smiths the 
arch opponent of the pact, has 
said recently that he would bet 
£5 on his own survival, but not 
£50. 

And yet if one looks at the 
Liberals' record over a period, 
the only conclusion can be that 
it is unwise to make firm pre- 
dictions. The main lesson seems 
to be that Liberal fortunes can 
rise— and fall — very quickly. 
Some of the statements that 
have been made against the pact 
can also be shown to be wrong. 


revivals can come quickly 


It is not true, for example, that 
support for the Liberals in the 
country has steadily fallen 
away since the first pact was 
formed last March, The truth is 
that in terms of expresing a 
preference for voting Liberal 
the country has not taken a 
great deal of betice: 

According to National Opin- 
ion Polls, Liberal support last 
February was 10 per cent It 
fell to 6.6 per cent early last 
June, but was up to 10.8 per 
cent, before the month was out 
In the last three' months of the 
year it fluctuated between a low 
of 6.2 per cent and a high of 
7.5 per cent The only firm con- 
clusion one can draw from that 
is the conclusion drawn by NOP: 
namely that the Liberal vote is 
rather variable. 

Similarly inconclusive evi- 
dence comes from by-elections. 
Since. the pact the Liberals did 
reasonably well at Saffron 
Walden where they held on to 
second place behind the Tories, 
but very badly at Bournemouth 
East where they conceded 
second place to Labour. Yet it 
is unconvincing to blame the 
pact for any failure to produce 
the votes, for the fact is that 
the Liberals had on the wbole 
being doing badly in by-elec- 
tions long before the pact 
was thought of! The only 
really creditable result since 
the general election of 
October 1974 . was in the 
“rotten” borough of Newcastle 
Central where the Liberal can- 
didate, Mr. Andrew Ellis, moved 
into second place behind 
Labour. (Incideh tally, the same 
Mr. Ellis will move the motion 
calling for an immediate end to 
the pact at Blackpool to-morrow; 
he is also the party’s by-elec- 
tions officer.) In three other 
by-elections, all in the Midlands, 
the Liberals actually fell behind 
the National Front 



LIBERAL MAJORITIES 


Mr. David Steel 


Btith 

Berwick-on -Tweed 

73 

over Tories 

Freud 

Isle af Ely 

2MS 

over Tories 

Grimond - 

Orkney & Shetland 

6352 

over SNP 

Hoafon 

Montgomeryshire 

3,859 

over Tories 

Howells 

Cardiganshire 

2.410 

over Labour 

Johnston 

Inverness 

2,704 

over SNP 

Pardo* 

Cornwall North 

3.856 

aver Tories 

Penhafigon 

Truro 

464 

over Tories 

Ross 

Isle of Wight 

2.04O 

over Tories 

Smith 

Rochdale 

2,753 

over Labour 

5 ted ' 

Roxburg, Selkirk & 
Peebles 

7.433 

over Tories 

Thorpe 

Devon North 

6.711 

over Tories 

Wainwright 

Colne Valley 

1,666 

over Labour 


The party claims with some 
justification to have been un- 
lucky; the by-elections occurred 
in the wrong places. . For 
instance, if Sir Arthur Irvine, 
the Labour Member for Liver- 
pool Edge Hill, bad ever carried 
out his threat to resign, there 
might have been a spectacular 
Liberal victory. Other seats 
which the Liberals regard as 
almost theirs include Skipton, 
Bodmin, Leominster and 
Pudsey, and indeed there is one 
piece of good news which will 
probably be announced tomor- 
row. Last September the party 
launched a national membership 
campaign; as a result it now 
appears that at least 135 Liberal 
constituency associations now 
have more members than the 
corresponding Labour associa- 
tions. 

If one takes all of tbese 
points together, the general 
picture that emerges is one of 
the Liberals going up and down 
much as they have done' for 
many years. 1974 was an aberra- 
tion. In the general election 
campaign of February that year 


the Liberal share of the vote 
peaked at 22 per ceuL accord- 
ing to NOP (28 per cent, 
according to Marplan) just be- 
fore the election took place. It 
actually doubled within two 
weeks and the final result was 
a Liberal vote of 19.3 per cent. 
Support fell away slightly by 
the second 1974 election, but 
the real, return to normal (that 
is, hovering around 10 per 
cent.) took place in 1975-76. 

What the Liberals have to do 
now is to see if there is any 
way of recreating some of the 
political conditions of 1974. To 
help them, there is some fascin- 
ating work on the voting habits 
and intentions of that period 
contained in the September 1977 
issue of Political Studies * It 
appears that the hard core 
Liberal vote, defined as people 
who voted Liberal three or more 
times during 1966-74. amounts 
to only 4 per cent of the elec- 
torate. But there was another 
S per cent, who voted Liberal 
twice and a further 13 per cent, 
who voted Liberal once, so that 


it is possible. to say that about 
one-quarter of the electorate 
has voted Liberal in little more 
than a decade. Indeed, in 1974. 
if one adds together all the 
people who either voted 
Liberal, didn’t vote but said 
they would have voted Liberal 
if they had. thought seriously 
about voting Liberal, or would 
have voted Liberal if they 
thought their candidate had a 
chance of winning, the Liberals 
had the support of half the 
electorate. 

Of course, there were some 
special factors: the miners' 

strike, dislike of Mr. Heath, dis- 
like of Mr. Wilson and the Left, 
and the special appeal of Mr. 
Thorpe at that time. But do not 
say it cannot happen. Liberal 
revivals can come quickly. 

* Clarendon Press, Oxford. 
£4.50 net 

+ * * 

THE LAST few days have shown 
an interesting contrast in style 
between British and American 
diplomacy with a slight tendency 
on the British side towards self- 
congratulation. 


When it became clear that 
Sig. Giulia Andreotti, the 
Italian Prime Minister, was 
about tn resign, tile British 
Ambassador in Rome was asked 
from London whether a public 
statement warning against Com- 
munist participation in a new 
government would be helpful. 
Back came the answer “no.” 
The U.S. reaction, however, was 
quite different. The American 
Ambassador to Rome, who at 
the time of his appointment had 
been regarded as a dove on the 
question of Eurocommunism, re- 
turned to Washington and 
the State Department issued a 
statement saying that the U.S. 
was opposed not only to Com- 
munist participation in Italy, 
but would like to see a redue-. 
tion nf Communist influence 
throughout Western Europe. 

In London anyone who in- 
quired after tlie British view 
was directed to the Cambridge 
lecture of last November 18 by 
Dr. David Owen, the Foreign 
Secretary. This is held to have 
resolved a long-running dispute 
within the Foreign Office on how 
the issue of Eurocommunism 
should be approached. The im- 
plication in the past few days 
has been that the British Gov- 
ernment has made known its 
distaste for Communist entry 
into western governments, but 
unlike the Americans — was 
tactful cneough to do so at a 
time when the question was not 
especially topical. 

I find this response less than 
convincing. There was, in fact, 
a number of reasons why the 
U.S. Administration needed to 
say something, mostly to do 
with Congress. The U.S.. for ex- 
ample, cannot easily pursue a 
policy of inactivity towards the 
Horn of Africa without express- 
ing at least verbal opposition to 
Communist advances in general. 
Nor can the Administration ex- 


pect to secure ratification of the 
Panama Treaty if it gives the 
impression of heiiw utterly in- 
different to what the Russians 
are up to. 

As for the Owen speech, it is 
contradictory. The final para- 
graph consists of a ringing 
denunciation of the policy of 
dealing with “so-called 'Euro- 
communism ' ” by threats. 
"Evoking fear.” it says, “imply- 
ing that we will not accept 
(Eurocommunists) as parpf-s 
in Nato and the EEC if they win 
elections in their countries is 
the worst passible response.” 
Yet we were told this week that 
the speech itself was a threat, 
differing only from the 
American statement in that it 
was delivered at u more appro- 
priate lime. 

The speech was partly con- 
ceived as a reaction to the 
impression that the idea nf 
Eurocommunism was becoming 
rather too chic at Lundun dinner 
parties and might even take 
root in Britain. Sit Harold 
Wilson had already had a go at 
it. though without Dr. Owen's 
preicnce to subtlety, and was at 
it again on his return from 
Singapore last week-end. Mr. 
Roy Hattersley is working on 
the subject, but has yet to give 
voice. 

My own thought, for what it 
is worth, is that it is belter to 
keep silent. One dues not par- 
ticularly want the experiment of 
Communist participation in 
European Governments to be 
put to the test, hut there is nut 
much point in taking public 
positions before it happens. Nor 
is it much nl a tribute to Euro- 
pean Socialists to attack those 
Communist parties with which 
they are ready to co-operale. 

Malcolm Rutherford 


Letters to the Editor 


heavy goods and commercial ticular. the profit of the airport see that by looking at AV re- successful finance director but 
vehicles, is still on the increase owners. * suits ja Australia. Suppose that there cannot be many that would 

and as a guide we can quote ]£ ,chael J - Frost in each Scottish constituency the JLA? 0 ?,, 

from personal experience that 23 Loioct B eiflrove treat, S-W.Z. first-preferences votes were like J in , putting your* case ? :o Ms 

the actual votes in Dunbarton- superiors. i 


shire East In October 1974: 


Ability to 

pay ___ 

n Rnhh the journey time irom Telford , ’ _ 

sT.-in the fu?™! tac nMi o„ “ ' “ 6 ha5 ■« ISew base date 

interning the future of an lea ^ p ^I c f Dt : :imc ® we first c fnv 

toomes policy, one omission .arrived. That is, of -course, |Or R3.IHS 121X , 

Mram j a , B thefe 1 * re From Mr J. Bennett 

“b. °rel.tionship AftBrii ^ TSmSiZSulZ ^-Amon* the n. 

^t... b etween °lh. level of hi “S2, 

SSHt'l abUi“ 1 Sr2m n °-“-^^ y -- lh ^ “° menUM of what seems to me the three nearly equal parties people^ who . are^ not even pre- 


If there are funds available, 
for goodness sake let them be 
utilised for the benefit of the 
country as a whole and for the 
people who are prepared to put 
their lives into working for it. 
Anyone can give it way. which 
Under any proportional system is what seems to happen with 


SNP 15,551 

Conservative ... 15,529 

Labour 15,122 

Liberal 3.636 


• Uivuuuu U1 ivuai ott-iuo uv v1l 

. . , . . t increase wltfc each t0 ^ obvious and first step would each get one third of the P^ea to work at all! 

idustrv 6 Sis °relatiMK^ln Va is ^ towards average equity and sim- seats, but under the alternative J < 3*f ! ? ry ' 

xiomatic. Wages at a level “JL ^ ■ w&v ? wmil? Mmost “at ^stroke” Uie 1 f N ^ might Set anyth,ng Sandiacre, Nottingham. 

fohRr rhan a company can afford - - economics of, Jils.situ^ion. It .would almost at a stroke from ail the seats to none, - — 

paid only, at the risk of 3 ° a veaJL 0 back * caicufatilms 0f and according to whether supporters .T 0 L All f 

SSL'&rsra-JJ *< . •»» ww. » Leaning about 


igher than a company can afford 
in be 
ankrupting 

MM? Jfifl L/ti? prodSjfto®! Fong ’journef mTlTWtw of a both ~tte~ihkmd RevenuTand ifr « ive SNP candidates their second j nr liictrv 
ivel which reduces demand, driver’s limited driving hours, vestors.-, preference or not UIUUMIJ 


rare will be a consequent threat the difference (between a Jack Beqnett. 
i the level of employment return journey in onjs day or an 5. Mountfleld, Faversham. 
„ ___ overnight stop; being very much Kent. 

* Whir? ^ Part of a service industry a firm. \ 

dstT as in^ttie Post Office^? delivery date is alwoluiely neces- • "rio/W-Aral 
Kmtial orSlt can be madS sary ' if a vehi£je ias an unfore ’ HJcClOrai 

S82WTS ^,: h « re f 0 rm 


„ u in an essential field, and a v ®htele to meet a delivery; 

>st Office workers can reason- From the Director. 

Jlybe expected to have a claim by'ufc^be^art biTufmSde Natiorial Committee for 
t some of this profit to increase s t y a SSS eel ad de Svs on ^toctojol Reform. 

lose C °S , a P tionaiised 'industries could mean our opera- Sir,— With reference to your 

lich are subject to competition, tives being paid for waiting report of the Parhamenury From Airs. V. Evans. 


No system of electing one From . 

member from each constituency Administrative Director , 
can ever possibly be propor- The Business Graduates 

Organisation 

Sir,— Your article “Bringing 
schools and industry together 
(January 9) prompts me to refer 
to an earlier letter of mine which 
suggested that the British educa 
tional system was lacking in 
systematic teaching of children 
at all ages bow the nation earns 
its living and how they can earn 
Ibeir own within it The CBI 


tional. 

Enid Lakeman. 

6. Chancel Street, 
Southwark . S.E.I . 


Winners at 
crosswords 


twever. " are" on the" whole out- rime, and,' of course, the cost debate on January 13, the alter- ' SirA Do i" detect a shade of P”?*®* “Understanding British 
iodine lor their loss makinn. the vehicle and the driver’s native vote is not proportional smugness in Miss Lewis's reply arid Qther ‘Mtiatives 


representation (PR). Only voting on crosswords ? (January 18). mentioned in tiie article show 


i'-r 1 rr 



inding for their loss making. . . . . , 

is in the great loss making time caused by the delay. . --- — » — , — Ull uawb—w*— . f , u „ . 

dustries that 1 find the policy Welare increasingly having to in 016 Congratulations to her on being IrJ, 1 

wards wages curious, because absorb these costs, which over m propor a winner! As for drawing con- nrp a f°SIhfri n tw 

oerally speaking it is those a -full year have increased S? n VQ 3 S ^ aD 6e fusions, she is indeed right, we 1 „il® hat l tn t ? e ^ fil1 s ° me Rf 

ry industries which lose most alarmingly. These moneys could des ^ n J >e<i ®? proportional repre- can draw our own. But no doubt s :„ „ t ? re , 

me? which pay the highest be beulr spentonSew plSnt "gS& . . , ^e would be equally wrong as 10 ** 

iges. T am thinking particu- giving more do ten tial for crowth Preferential voting in single she is in the one drawn from °L 

of British Steel and British greater effieienev wMch m “ember constituencies, the alter- my letter. Alas, it failed to occur .. 1 “ we h . ave 

d. ■>>«"=, Wta. «w hav, some ,o Miss Lewis the, there are SIS 

advantages over our traditional manv of us who “do" (her ear “er age. Although the 
voting system but it does not word) the crossword rather than 5 nt,ca l period of career choice 


L .i£nd it curious that there 
ld.be any coutempla tion at 


la conclusion, we would add- produce party proportionality, waste time beina rude about Q0 ^ usua,I y begin much 




■•&25*S» efther^SC orlS 13181 foregoing has been as The result of the recent men. In fact. 1 enjoy the com- before the age of 15, surely the 
What arethe aliments ^ eD £ u 0m P° mt of Australian election indicates this pany of men, particularly when groundwork ought to be laid long 

amiriovees in these inc^lries but consideration of the very clearly. The Australian they are being intelligent and 5f! or f7 ,n f “ ct f 5 soon as child- 

mine more than Post Office pu b^ c must also be taken into Labour Party came out top with logical. At such times there is t0 school, 

or munlcinal workers. apcQ “ nt .. in . riiat a motorway 40 per cent of the vote but less Karcely a cross word between 
twuld the dangers and than 30 per cent, of the seats; tis. 

pioved in combanies whose riiistrations that now exist, and the Liberal Party, with just over Vivin Evans 
SSS ran ?STSlh Tn Ume “ tte received 

■y continue to make a profit ? Problem is cured. 50 Per emL of the Arkley, Barnet, Herts. 

» run . hs.lth, A. R. Longhurst ZS&PWVS* 

momy requires that the laws Fieri House, Rarcourt, - around 9 per cent, of the vote 

■fffi iS-STSlSS Hfa ^ UU Shrogs. each, but the former has IS seats 

nt those industries which no 

/require labour to those JJQY6SuQ6Ilt 111 
do. An artificial incomes 

^ustiy’s ^ahUity to loanee transport 

Z?-' Di rector. 
a false- industrial and Consuitino Grou P 
. structure 
4ong-teri» 


Banking and 
new projects 


in ■ Parliament; the latter none. 

So the decision of the Australian _ 

people is in no way reflected in From the Managing Director, 

. Parliament Media Commanications 

.That .is why the National ( Midlands i. 

Committee for Electoral Reform Sir.— When one takes into „ . , . u 

has rejected the alternative vote account the fact that small burn- organisations, school teachers, 
and is pressing for the use of a ness account for one quarter of local mdustriabats. and above 


Much attention has been paid 
in the Press recently to political 
illiteracy. It seems to me Iras 
important and more dangerous 
to educate children in politics 
than to tea eh them how the 
nation earns its living. I am not 
suggesting formal economics for 
toddlers, but I do believe that 
every subject that can be, should 
be taught in the context of pro- 
ductive work as a basis for a 
happy life, so that when adoles- 
cents reach the stage of choosing 
a career the efforts of several 



be 


Bnrbage, 

Witts. 


** Ha thaHaiuj *bly more incentive to develop standing. They win then 

f£S.r ten thi«° aw RicbardHolme - their ideas and possibly threby more likely to_. succeed. 

vniSiSi^jr Vmi 12 ' ®VP er Sel Gmvc Street. S.WJ. create even more employment The pedagogic reform involved 

vaiuea in-. money terms, you i* nnns derahle. »ho mnrvi 


nn ■- potential " is considerable, yet the mood 

"0 on to comment tnat a p-' Would it not, therefore, be among teachers may be more 
fhe° ri RMkn?^nmm^Lfon Bn as ^COtS“IVatS beneficial, for both the clearing receptive now than for many 

aJSS 111 .- and businesses alike to years. The. Secretary of State is 

differences between sites .CQHlll^lOTl have a secondary approach be- doubtless considering various 

seemed to rest essentially upon^ - • ■ . yond the bank manager? If the initiatives to .follow the Great 

t?mp P8 £ ar hv B neoni* initial approach were made to Debate. I hope thai one of them 

time saved by people gnin^ The Eleetcrnu Reform Society. the bank manager, in the normal will be on the . lines suggested 

off on a package tour holiday. Sir,— Hie Scottish National w ap. the customer would have above. 

. It is quite true that any Party in general and its leader in the opportunity of taking the David Clutterbuck 
u almost six years sensible analysis of a transport particular really ought to make benefit of his advice and. if he 

we located our base of investment is likely to have the up -their minds what electoral was then still determined to go s ' Jerrogn Street. SWJ. 

-imm In Telford and one^ Vtirtorrats .of users as an . impor- system they want, 
r .prime reasons for doing ri® 1 factor. This is particularly „on the devolution 


Vo spur to 


the Managing Director, 
a^P-taq'Parittiona. 


ahead with, his project he should 
Bill, then have recourse to a select 


the oro Dosed motorway time in cases like Roskiil where Margaret Bain said (Hansard, panel, set up by that bank, to 
at that time seemed a environmental case is very col. 1555) u Members of my party which he could p! 


Too much 



M . present his case oir 

n all tv QhviaiMiv thl« 3 frm;ed finely balanced. Equally, many have no^ hesitation in supporting for more impartial consideration, all 
■fleciatons-of many other rom- su< * users in the U.K will proportional representation. 1 do feel that the local branch Fram the Director. 

ies who arc in Telford and lndeed packaged tour travel- The consistency of the SNP on manager often has too much on SmoWfto and Health 

'Wh & mJi iffl lers Berests are not to this issue Js an oample.to others responsibility and could possibly T,,hZT L 

oXetr ^ scornfuUy dismiased. m the Honse.” But on thebe more concerned about bis ® ne “n" 0 ? 

ure S fhe MjS^nf ktSe As a Mint of fact, however jr ^ "*PW* : elections Bill (Han- own personal future; and who W™ ^ 1 5 J£C ® J J ® 1 nl 

Who either cannot or eumpanaon was ^cially depen- f0 f l01a ^ „ a y ? be importem for the initial 17) ? We attract the attentioS 

• Mt, announce thrir final, dent on the of wch time wl£ d Jp rolSaSes over the approach tobe made through tiie of ■ a ™ n ®Hl2 ,^ ost r pr l e t 

S have been- manv deed- SSJS w “reluSt^ SOS ^ag^cb^t the managers 



we m Telford ore very frus- Within wide limits rite commit ir V^qssible that the “oof " Some' Ot’ the foreign" cTearine able at all times. 

®d by this fact, and this must won s conclusion would I have ^ 3 mistake in Hansard, but banks, now establishing thenv the public arek nowever. a 

ln dc?ten 1 a? vfhfes ^ there is no /mistake about the selves in this country, seem much different n)»tti- r - I was to-day 

I r rompanles from mnviufi values of time used. faet aat SNP* latest effort quicker to realise the potential informed of a tadv who tele- 

in favour 'o’f a system— the of onr small businesses and I phoned us worried that if she 

:mative "vote — 'Which is no personally wish them the best of B awe up smoking sne-.might take 

■ • too much air into her lungs. . . . 


Members of 
however. 


£ Curiously one of The most sig- is ««• IATU 

^ n *v^v on of .tro®* 01 ^ the ntficant omissions in the com*- alternative 

ea 0 hlch has increased . oyer mission’s analysis concerned more proporrionai titan is our luck. 

rMts and a large jjriw>rijQn..th(ae very terms wlu’ch are most present system of electing the A bank, manager, and his Mike Daube. 
u>at traffic is made dp of easily .quantifiable and io par- House of Commons. Anyone can thoughts, may make a reasonably -37-35, Mortimer Street, W.l. 


GENERAL 

Retail price index for Decem- 
ber. 

President Carter makes 
economic policy statement to U.S. 
Congress prior to formal presen- 
tation on Monday of his first 
Budget. 

Session of European Parlia- 
ment ends Luxembourg (until 
February 13). 

Mr. Robert Cryer Under- 
secretary, Industry, chairs con- 
ference on “ Small Firms in 
Inner Cities” at Centre Hotel. 
Newcastle. Other speakers in- 
clude Mr. Ernest Armstrong, 
Under-Secretary, Environment, 
and Mr. Ian McLean, chairman of 
Tyne and Wear Council’s 
economic development committee. 

Mr. Ron Hayward, general 
secretary. Labour Party, addresses 


To-day’s Events 


Barrow constituency meeting. 

British Shipbuilders* manage- 
ment team flies to Newcastle to 
meet Mr. John Chalmers, general 
secretary of the Boilermakers’ 
Amalgamation, and other officials. 
In further effort to persuade Swan 
Hunter boilermakers to agree job 
flexibility. 

Shell management and shop 
stewards meet Department of 
Employment officials on pay 
claim of company's tanker drivers. 

Mr. R. S. Porter, director- 
general of economic planning. 
Ministry of Overseas Develop- 
ment. addresses London Chamber 
of Commerce on “Arab Funds in 


the Middle East und Africa," u'j 
Cannon Street, E.C.4, 11.30 a.in. 
PARJLIA MEN T AJR Y BUSINESS 
House of Commons: Private 
Members' Bills, including second 
reading of Employment Protection 
Bill, sponsored by Mr. Edward 
Fletcher (Lab., Darlington) and 
backed by Government, which 
seeks to prevent disputes over 
union recognition similar to that 
at Grunwlck. 

OFFICIAL STATISTICS 
Financial accounts of industrial 
and commercial companies and 
personal sectors: and new 

acquisition of financial 
analysis by sector 
quarter). 

COMPANY RESULT 
Grand Metropolitan 
year). 


assets. 

(third 


(full 



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Financial Times Friday January 20 1978 


BET expands to £29m. at half time 


LN LINE with the directors’ fore- 
cast of a further Increase in 
profits in 1977-7S, British Electric 
Traction reports an advance from 
£24.5 lm. lo £29. 02m. in the pre- 
tax balance for the first six 
months ended September 30. 1077. 

Turnover showed an increase 
from £232.38ni- to 1289.23m. After 
tax (up from £14.73m. to £16J»m.) 
and minorities the attributable 
balance emerges ahead at £9.39m. 
against £7J7m_ giving earnings 
per 25p share of 6-4p (4-&p)- The 
directors point out that the tax 
charge is higher than normal 
mainly because of certain overseas 
losses which cannot be set off 
against profits elsewhere. 

The interim dividend on the 
Deferred Ordinary capital is 
raised from 1.54p to 1.694p, cost- 
ing £2.4Bm. against £2 -23m. The 
total for 1976-77 was 5:1 68p, paid 
from record profits of £55 .3m. 



INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

CoL 

Company 

Page 

Col. 

Abbey Panel* 

21 

5 

Hardys & Hanson 

20 

5 

Assoc Paper 

20 

A 

Madannon 

21 

2 

Atlantic Assets 

20 

A 

Newmark (Louis) 

20 

2 

BET 

20 

1 

Noiton 

21 

3 

Burt Boulton 

21 

7 

Prov. Cities Tit. 

21 

2 

Cont. Stationery 20 

4 

Updown 

20 

A 

Corn Exchange 

21 

8 

Warner Estate 

21 

1 

Dixons Photo. 

21 

1 

Western Board 

21 

3 

Fluidrive Eng- 

20 

3 

Westinghouse 

20 

S 

Francis (G.R.) 

21 

1 

Windings 

21 

A 

Geifer (A.J.) 

20 

6 

Woolwich 

21 

1 



Sli mnnth* 


1877 

1976 


mu 

£000 

Turnov*r 

289.235 

232JS3 

Tradlnc profit 

29.417 

23.189 

lnwstment Income ... 

2.162 

2.615 

.VsMiciaira 

2.021 

1.277 

Making 

34.140 

29.DS1 

Imprest parable 

5.124 

4J73 

Pruitt before tu 

24.016 

2A506 

Tuailon 

18.302 

14.731 

N« profit 

12JI4 

9.773 

M utonlies 

3.129 

2.803 

Attributable 

9.3S3 

7.172 


Application is being made to the 
Stock Exchange for the quotations 
of the group's different classes 
of capital to be shown in future 
in the Daily Official List under the 
commercial industrial heading. 
With BET's wider range of 
interests the directors consider it 
more appropriate for the group 
to appear under tbat heading than 
as now under financial trusts 
land, etc. 

• comment 

Although British Electric Trac- 
tion's p.re-tax advance at 18 per 
cent, was not as impressive as 
the more sprightly 24 per cent 
spurt in last year's first half, the 
latest figure was £2m. above the 
more conservative expectations. 
Full-year figures look like making 
£85m„ against £55m. without too 
much difficulty. On tbat basis 
full-year earnings per share 
could reach lap assuming a 
similar tax rate as the first half 
of near 57 per cent At 107p 
(down Ip) the shares stand on a 
prospective p/e of 7. The market, 
however, probably had an eye on 
attributable earnings, which had 
been supported by a slightly lower 
tax rale than last year, and the 
reduction more than offset the 
rise in interest payable . of 
£549,000. Meanwhile on the trad- 
ings incurred losses and this is 
earner, United Transport, 
accounted Tor a half of the £4m.- 
plus improvement in trading 
profits, while Wembley Stadium 


building work has again left this 

subsidiary of Rediffuslon Hold- 
ings incurring losses and this is 
partly responsible for the rise in 
Interest charges. The yield on 
the shares, assuming a maximum 
payout, is &3 per cent, more than 
twice covered. 


Newmark 
at £0.9m. 


midterm 


ELECTRONIC AND precision 
engineers and watch distributors 
Louis Newmark lifted pre-tax 
profit from £753,000 to £916,000 in 
the October L 1077, half year. 

Turnover in the period climbed 
from £9.27ra. to £10.98 izl, and 
directors are predicting a record 
full year profit of £2m., based on 
current order books and the first 
half advance. Last year profit 
totalled £1-S4m. 

After tax of £476,000 (£392,000) 
first half earnings per share are 
stated at 14.33p (11.67p) and the 
interim dividend is raised from 
2p to 2.5p net per 25p share. A 
4.02 p final was paid last year. 

Half-year Year 
1977 1978 1978-77 

moo 

Turnover 10, 973 

Groan profit ......... 1.0S3 

Depreciation 166 

Profit before tax ... - fU 

Tax 478 

Net profit 440 

Prof, flies. 15 

Ordinary divs. 74 

Retained 3S1 


woo moo 

920? SO.ttt 
892 3.128 

ins 2S8 
755 U 38 
383 984 

361 874 

13 SO 
59 ITS 
287 8« 


comment 


Louis Newmark’s first-half pro- 
fits have risen by more than a 
fifth on turnover up by 1SJ per 


cent, of which about S points 
represents volume gain. This Im- 
provement has come through 
mainly increased market share 
rather than any inherent Improve- 
ment in overall demand. This is 
particularly evident In the 
electro-mechanical and electronic 
fields which are benefiting from a 
broader product range, and : in the 
merebanting division (26 per cent 
of profits), which has recovered 
from last year's 16 per cent 
profits shortfall. Here the com- 
pany was rather slow to react to 
the changing trend from conven- 
tional to solid state watches, but 
this has now been corrected with 
Imports from Switzerland. U the 
company's full-year forecast of 
£2m. is achieved, this wiU put the 
shares on a p/e of 5.0 at 15Sp, 
while the yield of 6.5 per cent Is 
covered almost five times. 


Fluidrive 
slows in 
second hall 

PROFITS GROWTH at Flnldrive 
Engineering slowed In the second 
six months of 1976-77. For the 
year ended September 30 the pre- 
tax balance emerges 16.9 per cent, 
ahead at £920.000 after a rise of 
some 20 per cent in the first half. 
Turnover jumped by 31 per cent, 
to £826m. 

Mr. David Donne, chairman, 
explains that because of the con- 
tinuing depression in the group’s 
sector of the world’s capital 
goods market the order book is 
not as high as at the same time 
last year— the group achieves 


about 40 per cent of its sales 
through direct exports. 

Unless there Is an Increase in 
the order intake, he adds, it is 
difficult to see-further growth in 
profits in 1977-7S. Nevertheless, 
the company is . poised to take 
advantage of any upturn as it 

arises. 

Earnings per 20p share are 
shown to be up from 10-2p to 
X0.7p. On the basis of the tax 
rate remaining at 34 per cent, 
after the April Budget a final 
dividend of 2.4364p net is pro- 
posed compared with- 2.3995P 
Indicated at the time of the rights 
issue in June 1977. This takes the 
total up from 2.72S3p to 3.319Sp 
on the increased capital. 

: 1978-77 1B75-TB 

r £ 

Turnover 8,381,000 0J9SJ00 

Profit before tax (00,000 TS7.008 

U.K. tax 301.090 230.000 

Ner profit .... 819,000 567.000 

PmF. divides U 1,925 S.S30 

Ordinary 223.236 148.782 




New Central Witwatersrand 
Areas Limited 


(Incorporated in the Republic of South Africa) 


INTERIM REPORT AND INTERIM DIVIDEND 

The following are the unaudited results of the company for the half-year ended 
31st December 1977 together with the comparative figures for the half-year ended 31st 
December 1976 and the year ended 30th June 1977: 


Investment income 
Interest earned 


Deduct: 

Administration expenses 

Interest paid 

Taxation 


Net profit after taxation 


Number of shares in issue ... 
Earning per share — cents 
Dividends per share — cents 

— Interim 

— Final ■■ 

Cast of dividends 


Half-year 

ended 

3L12.77 

Half-year 

ended 

31.12.76 


Year 

ended 

30.6.77 

R 

R 

R 

113 588 

95654 

338422 

2 246 

2703 

5 135 

115 834 

9S357 

S43557 

r 21 966~ J 

24 534 


45 837 

404 

743 


743 

| 903 | 

777 


1610 

23273 

26054 

48 190 

R92 561 

R 72 303 

R285 367 

1766 396 

1766 396 

1766 396 

5J24 

4.09 

16.72 

5.00 

4.00 

4.00 

— 

— 

12.50 

R88 320 

R70 656 

R291 456 


Particulars of the company's listed investments and the net asset value are as 
follows: 



At 

At 

At 


31.12.77 

31-12.76 

30.6.77 

(a) Lisled investments: 

Market value 

R5 900 404 

R4 70S 781 

R4 505 65L 

Book cost 

Rl 602 836 

R1692S36 

Rl 692 836 

Appreciation •• 

K4 207 658 

R3 015 945 

R2 812 815 

(b) Net asset value per share 
which includes unlisted 
investment and mineral rights 
at book values — cents 

334 

266 

254 


At ISih January 1S7S the net asset value per share was 323 cents. 


For and on behalf of the Board, 

J. N. Clarke 
J. Ogilvie Thompson 


Directors 


INTERIM DIVIDEND NO. 25 

An interim dividend of S cents per share (1977: 4 cents) in respect of the year 
ending 30th June 1978, has been declared payable on lOtb March 1978 to shareholders 
registered in the books of the company at the close of business on 3rd February 197S. 

The transfer registers and registers of members will be closed from 4th February 
lo I7th February 1978, both days inclusive, and warrants will be posted from the 
Johannesburg and United Kingdom offices of the transfer secretaries on or about 
9th March 197S. 

Registered shareholders paid from the United Kingdom will receive the United 
Kingdom currency equivalent on 2Sth February 1 978 of the rand value of their dividends 
(less appropriate taxes). Any such shareholders may however elect to be paid in South 
African currency, provided that any such request is received at the offices of the 
company’s transfer secretaries in Johannesburg or in the United Kingdom on or before 
3rd February 197S. 

The effective rate of non-resident shareholders’ tax is 14.62 per cent 

The dividend Is payable subject to conditions which can be inspected at the head 
and London offices of the company and also at the offices of the company's transfer 
secretaries in Johannesburg and the United Kingdom. 

By order of the Board, 

ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED 

Secretaries 
per B. P. Saunders 
Divisional Secretary 


Registered Office: 

44 Main Street 
Johannesburg 2001, 

(P.O, Box 615S7 Marshalltown 2107). 

London Office: 

40. Ho) boro Viaduct, 

EC1P 1AJ. 


United Kingdom Transfer Secretaries 
Charter Consolidated Limited, 
P.O. Box 102, 
Charter House, 
Park Street, 
Ashford, Kent TN24 SEQ. 


20th January, '1978. 


Upturn by 
Associated 
Paper 

SECOND-HALF profits of fim. 
against a £0-22m. deficit, enabled 
Associated Paper Industries to 
finish the year to October L 1977, 
showing a recovery- from an 
£0.44xn. loss to a £l.Sra. pre-tax 
surplus, reflecting the benefits 
from extensive capital Investment 
and product developments which 
are continuing. 

The directors expect further 
improvement in profits for the 
current year provided demand in 
the home market increases as 
anticipated. 

Turnover for the year Increased 
from £26-79m. to £32 Jm. and ex- 
ports were up £tm. to £2Jttai. 
Basic earnings per 25 p share are 
shown as 10jp (2.8p loss) and 
fully diluted as flip (1.3p loss), 
while a final dividend of 1.7871p 
lifts the total to the maximum 
permitted 2.887ip (1.5p) net, cost- 
ing £257,253 (£133,574). 

1976-77 1975-78 

I f 

Turnover 32 .*3,1713 M. 788. 841 

Pre-fox proltt 1,7940*7 *4360*8 

Taxation ... 871.140 T228.S29 

Net profit 828.007 *209.489 

Extraord. debit — £463417 

Dividends ■■■■■•a •M'lMN, 270.613 155.938 

Lea Tins 5648094 -S39.323 

* Loss, t Credit, t Belatina to closure 
of Edward Colins and Sons, t Profit. 

Statement, Page 22 

• comment 

Associated ^Paper’s £2Jm. turn- 
round to profits has more to do 
with the success of the group’s 
rationalisation programme than 
any marked upturn in demand for 
paper products. A 23 per cent 
turnover Increase represents little 
or no volume growth while the 
profits recovery Includes a large 
element of loss elimination. 
Papermaking profits - may be 
around £300,000 (after losses of 
£711,000) following the closure of 
Edward Collins in 1976-70. The 
group has recently concentrated 
its investment in the more profit- 
able paper converting division— 
particularly in specialist papers 
which command better profit 
margins and are less susceptible 
to the peaks and: troughs of the 
paper industry. Profits from 
converting may be as much as 
£l}m. (£440.000). Around 80 per 
cent of group products end up- as 
packaging, in one form or another, 
but the group, says that this 
market has been rather dull since 
around June last year— -following 
a bright start to 1977 when there 
was a strong period of stock 
building of packaging products. 
So the next first half figures may 
be unexciting. The shares at 55p 
yield 8.21 per cent, while the p/e 
is 6.6. 

Atlantic Assets 
up £146,000 
at six months 

After interest and expenses 
totalling £387,000. compared with 
E417.000, pre-tax revenue of 
Atlantic Assets Trust jumped from 
ES6.000 to £232.000 in the Decem- 
ber 31, 1977. half year. 

The result is subject to tax of 
E96.000 (£47,000) and earnings per 
2op share are stated at 0.31p net 
(nil). 

Revenue excludes contributions 
From the subsidiary Woodford In- 
vestments and income from asso- 
ciates has been included only for 
dividends received by Atlantic. 

Directors say the income for 
the six months should not be 
taken as an indication or the full- 
year results. Last year revenue 
before tax was £).09m. and a 0.4p 
net dividend was paid. 

Continuous 
Stationery 
ahead so far 

ON TURNOVER ahead from 

El .07m. to pre-tax' profit 

of Continuous Stationery climbed 
£13.689 to £114,120 in the Septem- 
ber 30. 1977, half year. 

Mr. G. C. Lansdown, chairman. 

says he is hopeful that this level 
of profitability will, continue In 
the second half. Profit .totalled 
£0-21 m. last year, 

The interim dividend is lifted 
from 0-7 p net per lOp share to 
0.9p. A 1.62p final was "paid last 
year. 

Updown Invest, 
over £75.000 

For 1977 profit of Updown In- 
vestment improved from £84,594 
to £75,635 after tax of £44,468, 
against JE36.441, and expenses and 
interest of £31,281, compared with 
£29.325. 

Stated earnings per 25p share 
were US9p (Lfilp) and there is 
a special interim dividend oF L75p 
net For 1976 the dividend was 
1.53 d. 

On behalf of its investment 
clients Cazenove and Co. has 
bought 2,791,699 Ordinary shares, 
representing about 70 per cent, 
at 58p per share ex-dividend. 'An 
unconditional offer of 58p per 
share is being made to remaining 
holders. These holders will 
receive the dividend but the offer 
will not be revised or be extended 
beyond February io, the directors 
state. 


ft* 


lUfiies Aatacofxl 

Sir John Spencer Wills, chairman of British Electric Traction. 


DIVIDENDS ANNOUNCED 


British 


OTaefchman 


Current 

Date Corre- 

of sp on ding 

Total 

for 

Total 

last 

payment 

payment 

div. 

year 

year 


1.34 

— 

1.95 

2.64 

325? 


L79 

March 22 

t 

229 

1.5 

int. 

35 

April 3 

3.5 

— 

10 

tion 

1.69 

April 6 

1.54 

— 

5.17 

im. 

0^ 

April 7 

0.7 

— 

2.32 

L01 

April 1 3 

0.9S 

1.99 

L7S 

int- 

0^1 

Feb. 27 

0.S3 

— 

2.17 

2.44$ 

— 

1.94 

3.32t 

2.72 

inL 

12 

April 11 

1.12 

— 

2.56 


1.45 

Mar. 17 

120 

1.45 

L20 ‘ 

inL 

4.5 

March 13 

3 

— 

9 


2.14 

April 13 

121 

3.495 

3.1 


1 25 

April 3 

1 

— 

5.25 


1.65 

March 16 

Nil 

1.65 

Nil 

InL 

5!| 

Mar. 11 

4 

— 

16-5 

InL 

2.0 

March 10 

2 

— 

6.02 

int. 

0^7 

April 3 

027 

— 

2 


0.58 

March 3 

0.53 

— 

L35 


1.75 

Feb. 10 

L55 

1.75 

L55 


1-36 

March 9 

1J8 

2.66 

' 238 

inL 

12 

March 10 

1.1 

— 

32 

L3 

April 3 

L16 

2.13 

1.9 


L67 

April 10 

L5* 

2.57 

22* 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue. fOn capital 
increased by rights and/or acquisition Issues. {Assumes 34 per cent, 
tax rate after Budget. 5 Includes special 0.03 p for 1975-76. f For 
13 months. 1} South African cents throughout. 

Westinghouse tops £5.6m. 
on sales held at £62m. 

WITH SALES almost maintained per cent, of shares. Lloyds. Bank 
at £SL96nL, against £82 .23m. for retirement benefit schemes- 5 per 
the previous 53 weeks. Westing- cent, and Whitbread Investment 
house Brake and Signal Company 6.41 per cent 
expanded taxable earnings from Meeting, Not tingh a m , February 
£4.52m. to a record £5.62m_ for the 14 at noon. 

52 weeks to -October 1, 1977. 

Midway profit was better at T . - 
£2-57m_ (£UWm.) and the direc- l.jnlp ChailffG 
tore forecast a similar result for L/,luc tuaugfc 
the second half. 

For the year earnings per 2op tut VjrClICI 


32 wfcs. 53 wka 


Group sales — - 

moo 

GL9«L 

Trading profits ft other 
Income — 

091 

Group — 

5.029 

Share of assoce. 

1^62 

Interest — .... 

urn 

Pre-tax profit 

sja* 


1^48 

505 

U.K. 

Overseas 

798 

Share nr assoc. UJC 

117 

Stjr ol osaoc. O’seas 

130 

Net profit 

4.071 

To mlnoililes 


Extraord deWts 

— 

Attributable 


Interim dividend 

354 



Retained — 

3.149 


After tax of £134,700 (£132,000), iiujgb uuc j « 

the net profit came out at £125.625 1 a price of 99.375 per rent 
5.873 (£121,860) for earnings of 2-Olp, 1 ' m -~ •*-* — - — — 
f-ffg against 1.95p per 20p share. 



ECI gives backing 
to James Neill 



BY TERRY GARRETT 

Equity Capital for Industry, the 
equity bank set op by City 
institutions, is haying * sub- 
stantial stake . in a Sheffield 
based engineering 
Nem Holdings, wth a .minimum 
investment of £1.7Sm. ... 

Neill is making a £3 -^™i 
issue and ECI has apert \otalK 
up over 2m. shares allotted W 
Neill directors and. a ““{ at f£ 
trusts, which will give ECI an 
US per cent stake in Neill after 
the issue. In addition ECI has 
agreed to underwrite the balance 

°^The ^announcement yesterday 
caine as the fourth investment 
that ECI has made since its in- 
ception in 1976, when over SoO 
Institutions put up I4im. « 
capital to provide equity vtnere 
normal market machinery could 
not do so. . .. 

ECI has underwritten a rights 
issue once before. That was the 
£3m_ offer or convertible Pre; 
ference stock made by Dunford 
and' Elliott at the end of 1976. 
The rights issue was taken up 
and ECI was not called upon lo 
take up any shares. Dunford was 
later taken over by Lonrho. 

Up till now ECI has invested a 
total of £5. 15m- Though its firsi 
investment of £L75ra. went into 
the ill-fated carpets group. Bond 
Worth, which went into receiver- 
ship last August. 

Last summer Ed made two 
more Investments in UBM, the 
builders* merchant, and Renwick 
Group which takes in motor 
distributors and travel agents. 

Since then Ed has been quiet 
but it has been building up a list 
of 150 companies which might find 
its services useful. Neill was on 
that hut- . 

Mr. A. J. Barrett of Ed said 
yesterday that the “ equity bank 
was now taking a more positive 
role and had “ used up some shoe 
leather*' since Christmas in con- 
tacting companies. Ed Is m- 
dlscussion with a number of com- 
panies at the moment. 

The terms of Neill’s rights issue 
are one-for-three Ordinary shares 
at 84p each. In the market Neill’a 
shares dosed lp lower at 90p_. 

Giving the reasons for the issue 
the directors underline the need 
to finance capital expenditure 


plans They are planning to 
soend £4-5 m. over the next 18 
KL Atn- of which wUl be in 
the UJv. mainly on general expan- 
sion and modernisation. . . 

also the company foresees a 
significant rise in volume dang* 
1978 and thereafter, mansiy 
through increased penetration of 
- export markets. Theref ore t more 
working capital will be needed to 
finance additional sales. 

The directors had considered a 
conventional rights issue to raiso 
the capital but this was discouttfed 
as some 66 per -cent, of NeilTs. 
equity is in the bands of the 
family and trusts. InstmitWM 
account for a further 24 per cent. , 
with small shareholders holding 
10 per cent 

A more appropriate financing 
method was a placing but the 
Stock Exchange would not relax 
its rules limiting of.a 

placing 1 to £lm* despite the 
Board's Intention to obtain prior 
approval of shareholders. 

Hill Samuel, adrisers to Neill, 
then approached BO, j which ww 
willing to underwrite a rights 
issue at a discount of around 71 
per cent, which is comparable to 
the discount on a placing. 

If Neill had attempted a con- 
ventional rights issue the discount 
would have been much greater. 

The company has taken the 
opportunity to indicate figures for 
the full year 1977. Turnover was 
up from £S3m. to £42m. but profito 
before tax are below earlier ex- 
pectations at £3.7m^ -against 
£2. Ira. . ' - 

At the interim stage un 
directors had Indicated that . fait’ 
year profits would probably be 
double the Brel-half figure of 

The reason For the shortfall-ia 
that the appreciation in sterling 
affected both the results of over- 
seas subsidiaries and the stock 
profits inherent in a vertically 
integrated business with a long 
manufacturing cycle. 

The directors are proposing to 
raise the total dividend by dose 
to 20 per cent, with a final of 
3.642n per share making a total 

° Dealings start on Monday. 

Sec Lex 


* n 


%r 


p 


ICI hit by exchange 
loss in fourth quarter 

Imperial Chemical Industries Goldman Sachs and Co. AppH- 
an Bounced yesterday that the rise cation has been made to list the 
of the pound sterling in the debenture" on the New York 
fourth quarter of 1977 would Stock Exchange. . 

result In an exchange rate loss The proceeds of ttoeisme mil 
on net current assets overseas of be added to the ICT Jgroup 
between £36m. and £t9m. This general corporate funds tnd are 
charge against fourth-quarter expected to be used for In vest- 
profit compares with an equiva- ment outside the U.K. 
lent charge for the first nine There is a. requirement for 
months of only £10m. S10.5m. of the debrat^lobe 

* IC1 also said that the strength redeemed by means of a sinking 
of sterling would prove to have fund on January 15 te each -rt 
reduced ICTa export profitability the years IMS to 20C2. The 
in the last quarter. The com- redemption price is lnO per cent 
pany made these predictions of the principal amount of the 
while announcing that the regis- debentures plus accrued interest 
tration statement for its $l75ra. and 80 pet cent of the deben- 
bond issue— originally filed on tures will have been redeemed 
December' 29— had now become prior to their reaching maturity, 
effective, enabling ICI North The company has the option 
share before extreoitiinary debits ~ • America to so ahead with the to increase the annual sinking 

of £120.000 Iasi time, were ahead Profits of makers of ties, men's issue. The amount to be raised fund payment by an amount no. 

hv 2.8d at 9J>D A net final divi- headwear and scarves A. and J. is £2 5m. more chan was initially exceeding the mandatory pay- 
dead of 12971D lifts the total to Gelfer showed little change in envisaged. wi* nt * an ^ ther ® further pro- 

a maximum permitted 2J2724p profit tor the half year ended This wholly owned subsidiary visions for repayment before 
(L90456p) • September 30. 1977. It amounted of ICI Is to make a public offer- maturity on payment of a 


ill WJi!-: 


'0e 
, ?! *> 

la qi 


.119 

1S1 
2JQ5 
tl2 
1M 
*.727 
317 
485 
1.915 

t Minority loss. 

No provision has been made for 
deferred tax this time as the 
directors see no reasonable proba- 
bility of it becoming payable in 
the foreseeable future. The com- 
parative figures have been 
adjusted accordingly. 

• comment 

While year-end sales at Westing- 
house are unchanged, the com- 
pany has managed to improve 
profit margins by almost two 
points, due to a more favourable 
batch of orders. Total trading 
profits are up by 17 per cent.. 
with the star performer being the 
50 per cenL-owned Bend is 
Westinghouse (supplier of brakes 
to the buoyant commercial 
vehicle market) whose contribu- 
tion has jumped by 122 per cent. 
There was some growth in 
Australia (Rbout 40 per cent, of 
profits) but after exchange 
adjustments, the contribution 
was similar to last year's trading 
profit of £2m. At 46p the shares 
are on a p/e of 4.7 while the 
yield is 72 per cent. The benefits 
of the £8.1m. signalling contract 
on the London Midland region, 
and orders for the Tyne and Wear 
transit scheme and Kowloon- 
Canton railway (totalling £20m.) 
should start coming through in 
the current year. 

£lm. expansion 
plan at Hardys 
and Hansons 

Brewers Hardys and Hansons 
have produced a £lm. plan for 
the extension of its brewing and 
kegging capacity at its Kimberley, 
Nottingham, works. 

Retiring chairman Mr. W. G. 
Hanson says that with the current 
uncertainty about the future of 
the industry, the Board can only 
proceed with its forward planning 
at a cautious pace and hope for 
co-operation a ad help rather than 
hindrance from Government; 

Taxable profit of the company 
rose from £lJ>m. to £1-6 Im. in the 
September 30, 1977, year and Mr. 
Hanson says second half results 
were disappointing, with a falling 
off in lager sales. Managed 
houses also produced less satis- 
factory results. , 

The company Is now building 
three new public houses and tost 
year renovated a house in Derby 
and dosed a redundant house in 
Kimberley. 

Brluanic Assurance owns 10.12 


f prom tor tne nai* year enoea Tins wnouy owneo suosia>ary vuuuiu, mi icwmcm wims 
September 30, 1977. It amounted of ICI Is to make a public offers maturity on payment of a 
I. to £260.325, against £253580 from lug of 3175m. 8575 per cent, premium, the amount of which 
■ turnover £76.000 ahead at £1.4fim. guaranteed sinking fund debeu- reduces annually. 

tures due January 15, 2003, at 
price of 99575 per rent 

The debentures are uncon- KLr — of A* 

Tvjjjr Hgaiiidi pci £up waits. iditioaalTy guaranteed by ICL and RCF Holdings rights Issue has 
Jjgj The interim dividend is raised the offering being made been taken up as to 875 per cent 
^■m from 1 dZp to 12p net — last year's through an ~ underwriting group The issue was of one-for-three at 
1.888 total was 255Bp from profits of managed by Smith Barney, Harris 32p each raising a total of 
SSI £628.000. Upham and Co. Incorporated and £600.000. 

833 


NOTICE OF REDEMPTION 

to the holders of Debmrtures payable in American Currency 
of the issues designated 

9% Sinking Fund Debentures due March 1 , 1985 

(herein called “Debentures") of the 

PROVINCE OF QUEBEC 

CANADA 

rDBtlC NOTICE IS HEREEY GIVEN that the Province of Quebec intends to and wiU redeem for SZNK2N0 
FUND PUEFOSES on March 1. 197S. pursuant to the provisions of the Debentures, the foDowhur debcntarai 
as indicatul, of the above-mentioned tosiie, at IQO'/o of principal amount pins accrued interest to the redtmuh- 
tion date, namely: . . • 

8 970 1901 2858 3811 4758 5706 6676 7610 8562 

15 986 1917 2871 3827 4770 5721 6634 7620 8578 

34 9SS 1945 2899 3850 4736 5726 6699 7626 8599 

52 1013 1958 2910 3365 4811 5812 6715 7667 8607 

61 1024 1983 2925 3836 4834 5823 6737 7634 8628 

78 1042 1994 2947 3899 4846 5835 6748 7697 8646 

106 1066 2016 2962 3907 4854 5861 6739 7709 8659 

122 1 080 2035 2978 3921 4870 5884 6782 7728 8873 

130 1100 2050 2997 3942 4897 5897 6796 7745 8887 

157 1117 2062 3004 3960 4910 5908 6817 7759 8706 

172 1132 2093 2028 3973 4933 6927 6831 7775 8725 

187 1141 2100 3045 3990 4948 -5950 6848 7799 8748 

208 1158 2114 30 H7 4011 4960 5962 6863 7809 


'am- 




226 1187 2130 3083 4028 4972 59B5 6672 7826 8779 

243 1198 2149 3097 4044 4994 5998 6891 7849 8790 

2S6 1215 2167 3105 4068 6016 6012 6921 7853 881 T 

28+;. 1227 2180 3119 4081- 5028 6025 6936 7370 8835 

299 1 250 3183 3134 4099 5050 6032 . 6945 7893 8847 
304 1269 2242 3157 4107 5064 6050 6964 7907 8382 

332 1283 2245 3170 4121 6082 6064 6972 7926 8879 

350 1298 2249 3186 4145 5096 6075 6990 7945 8897 

367 1311 2262 3209 4160 5108 6082 7004 7958 S906 

382 1320 2278 3221 4182 6123 6095 7026 7984 8920 

323 12 3 7 S 95 3&, ° 4198 3148 6 i° 8 7047 7991 8947 

407 1356 2307 3263 4207 5152 6115 7089 8007 8960 

424 1373 2328 3276 4218 


51S0 6123 7084 8032 8978 

5198 6147 7097 8045 8992 

6156 7113 


8061 


9006 
9015 

9027 

6210 7158 8107 9156 


448 1397 2348 3291 4248 

460 1403 2361 3308 4256 

484 1419 2382 2335 4271 

496 1441 2399 3350 4283 

508 1453 2409 3357 4315 

627 1479 2421 3381 -4332 

546“ 1492 2445 3392 . 4348 

558 1514 2457 3415 4361 

576 1531 2478 3428 4380 5328 6271 aim. 

.587 1643 2497 3446 4399 5342 6238 7248 8194 

602 1566 2506 3459 4411 535S 6315 7257 8211 

613 1579 2520 3473 4435 5332 6333 7231 8229 

646 1 595 2548 3498 4+47 5399 6345 7298 8242 9214 

3314 4483 5411 8359 7307 8260 9228 


5206 

5229 6174 7134 8073 

'5247 6191 7146 8092 

5261 

5284 6233 7182 8134 9163 

5297 6249 7199 8150 9169 

6559 7210 8161 
7225 


5302 


9175 


9996 
10009 

10027 

10048 1 0988 
10064 1101+ 
8186 9183 10075 11039 
9199 10098 11050 
_ M03 10107 11060 
8229 9207 10H9 11072 
10140 11098 
10164 


678 1617 2576 3529 4474 5429 6374 7338 8274 923S 10176 111!* 

sen llrti 9U A. *>aon jja-s r,„ w... — Z-ZZ :?!' D 'll*® 12075 13028 


690 1631 2594 3550 4493 5443 6399 7344 8299 

716 1662 2607 3566 +514 8462 8418 7358 8308 82611 

731 lore 2829 3585 4537 5479 6431 7377 8324 9271 

™ 2S!T HSi 4 3894 4650 5438 6449 7393 8348 

762 1704 2661 3612 4572 6514 6460 7407 


10JW 11410 12354 13302 14355- 

9 f30 10473 11423 12368 13331 14362 

12393 13348 14268 
1 14S6 12401 13360 14288 

III? 12422 13379 14272 ' 

9396 10643 JUKI 12436 13397 14294 

9606 10 |S8 11612 13470 13410 14403 

9619 11530 12484 13431 14408 

10586 11545 12496 13448 14413 

9662 10612 11566 125C8 13463 14417 

11579 12523 13471 14421 

11698 12546 13482 14433 

11610 12578 13505 14428 

11627 12584 13618 14433 . 

11644 12596 .13532 144+0 

11661 .12607 13555 14502 . 

11670’’ 12628 13570^14815 ■ 
116S9 13632 18592 14635 

1170+ 12664 13608 14854 - 

11722 13663 13621 . 14567 v 

BDEO ---j- 11738 12676 1363+1+637 

S 3ES2 12711 13665 14605 ' 

9370 10 §26 11772 12728 13674 14623 

9389 10848 11797 12746 13695 14639 

. 51810 .12755 13710 14654 

flOJB 222? IISH 12774 137 » 14566 

2221 2S?r 2 1833 12800 13743 1467a 

HI 5 10913 riSW 12818 -13758 14707 . 

9971 22222 11378 12830 13773-'. 14718 
11894 12850 13790 14721 

12221 33221 12862 13811 14773 

10966 11926 12875 13835 147B0 

21845 12894 138+6 14797 . 

119M 12908 13855 14803 - 

2J2I3 12933 13873 14812 

11995 129+7 13892 1+827 

Hfi 7 12953 ' 1S913 14831 ' 

22031 12968 13930 1+837 

12047 12985 

13014 


,%i 

v 'l . 


9675 10624 

9692 10650 
9709 10684 
9723 10673 
9744 10692 
9758 10711 
9777 10735 
9798 10746 
9310 1 0758 
9829 10773 
9840 18788 



8361 


9250 10199 
10204 
. 10217 
9289 10238 
9307 10362 
9326 10359 


H147 1208S 130+6 
11155 12105 13060 
11174 12123 13080 
1119 5 12134 13092 
Ha09 12158 13106 


13948 14845 
13961 14883 
13985 1*859 
13999 14883 
14009 ' 14877 
.14018 14894 


14025 

140SB 


14893 


840 1796 2748 3698 4649 

859 1808 2763 3715 4864 

881 1826 2777 3731 +671 

897 1840 2794 3743 +69B 5635 6691 

Is lf?5 E5 5 f 70 ? 6668 6607 7664 

945 


5598 6550 7491 8448 9391 10393 11200 Vn&n 

5608 6562 7506 8461 9408 10404 11310 12<mb 

S 6 ? 7 |S?3 7632 8476 W2o 1M12 1^327 1K7 5 

9439 10419 11340 12289 

9465 10436 11357 


7549 8+91 
8510 


32 SB IS US S SS ££ 331 HE w S S3 12170 13127 14066 

809 1789 2709 3639 4621 5561 851* 7464 8407 9360 inal* iiocn 1 2 14 ® 14072 

327 1791 2725 3875 4®3a 5578 M37 7477 8430 2 22 13 131 59 14078 - 

840 1798 2748 3698 4649 SRQB S“n yiS file SH? 10381 11276 12222 13170 14081 

13191 14096 
13208 14204 
13222 14209 . 

13949 1421ft 

1889 2819 377? mr 567? SHo 7586 8527 l+Sl 12310 13258 T+223 “ 

t8W 2846 3790 +749 5«! 6650 t!!? fJH BBS llil igS !SS5 iS? . 

coinW «»nwcy«C 

rnit«| gtni« of America. thJ X “rtl? ffid HA ^ f" 4 PHv.fo In toU 

in the Bnro.i t -h ..f Manhattan, Cito ud State if Kew VotW Tn«t Company 

office-* or the Fnfluirinu Papin*? AcencitS' Dank of Mnntmit America, <tf at 'any of the 

London, Enjdand: KNicilunk N.V. RruwcL Bdcium- Canada: Bank of-Hontiwal. 

Federal Itei.iiblic nt Germany: CommerdS' AG CiiwmtnUe. DiwrMorf, 

S - A ~ Luiembounr. fTron.l Dr,ehy ot (!crm " 11 ^ KrrdtrUwnk 

“jgjaisaaTiig js&J ggg&gjaa&et 

maturing autMOineat to that, date will be void. ns to he »o redeemed w*l) craac and interest coopoM 

. Minixt er of FInni&« - 

PROVINCE OF QUEBEC 


■j,.. 


DATED AT QucIkt- 

THIS Twentieth tfey- 0 f January. 197?;. 





0*0 


\'J5& 







Financial limes Friday January 20 1978 


i )a t Dixons Photo ahead 7% 
1 but spending picking up 




Bad start for 
United Wife 



iSmt^tndinc*^ Srilii™! ■ and will absorb £28,130 (£25,608). 

uveral major markets,- Dixons BOARD MEETINGS 

on £?ross revenue 

■holographic managed an im- -tub foiiuwin* comfranten ham nouflud Directors * 

•rovcment of some _ ' — — — — ~ • 

n group pre-tax 


forecast increased 


ome 7 per cent. £*«« * Board zmwtuws n- tins stock second half nrofits thi« v«.r 
profits to £4 77m *“*»•» Such mvbm arc usually proms uus year. 

1 the 28 'Meeks ended NovJmw for 15,0 of cwaWcrtag «ivi- Net asset value of each share 

2 J377 m„* _u ®y?? „ dBDdfc. Official uxHcvuhu tiro not avail- rose from 24p to 36p at the half 


Net sates showed an. able wheihur dividends wnwrnud arc year. The increase from Mav 3L 

icrease Of 19 per cent to £S0.9lU. Sf«b» «■ toate awl *e snlvdlvisiMis J 877 was 4 share”* S1 * 

For the full year Mr. S KaJms sbown bttaw aro t*** 1 on ia« • ’ 85 * p per snare * 

halrman, says that he expects yt ‘ ar ’ s Ul “ ,aWe To.D*Y- - 
? suits to again show satisfactory tutertm: Baitoc BbWIbjp, Union 
rowLh— the proiit for 1976-77 noWhuw. vim.-ps. 
imped from £5Ji2m. to £8.73m. ar ^ ,ni & 

. c rr l S m on » ,hc ,h h f™ year MSroS[ r *L^ff i sss sts 

faults Mr. Kalms says that Dixons meut Trust. 

Jv. had a record Christmas and future dates 

we are now clearer indications B i!iSnS «. 

r an increase in consumer sponU- c.c"X T.r!‘ Jan. 5? 

ig. Westons is still only mar- Carriwou visiiia’ r.....'..' feb. is 

nally profitable but he remains n»oaarW uwrwiw- - ~u- - Jan. :e 

mtident that it will be able to s& , n2^ cn ' d9* » 

jvelojj potential carninctL ™ 7 

The continuous and vuide move- HMnnMlwaMMIBMaaa 

ent of major currencies causes . ■ 

i ^hort-term Gross income improved to ahead from £LOtm. to £1-34 m. in 

'jjjf £227,480 from £233,048. : ' the September 30. 1977, six 

auing companies but, on ’ »> o, mnnth« 

dance, the chairman believes 


Advance at 
Western 
Board Mills 

EXCLUDING RESULTS of Turner 
and Company (Cardiff) for both 
periods, pre-uxr profit of Western 
Board Mills increased from 
£300,000 to £423,000 on turnover 


e group will be a subMntt.! *, *S*g>W«g« CsSSm 

mefirta^ a str^er pound shown at imp f9s5p). meats. The subsidiary. Turner,. 

The major expansion pro- ’ mo was sold on August 25 to Severn- 

PCORressing speedily, wp , . «?« sjde Wasle a Member of 

iu concurrently -Rita the dross income - 2 susa ssi.ms the Mardon Packaging Group, .to 

"oaueolng of the product range, intwst charge* ss.sss 

The interim dividend is in- Manacemam exoensrs a.ses 

" 41,738 

was 


eased from 0.82op to O.90?5p dmaJSi 


•t— the 
iS3p. 


total for 1976-77 


r uire . ._ 

bBi More tux 

gallon 

7.K. ... ; 

iviYSoaf 

I profit 

See Lex 


First 28 wks. 
I3J7-7S 1876.77 
SOW 

SS.Sfip 71. KK 
4.766 
2 015 
1.872 
343 
2.731 


4^65 

1.921 

1.565 

356 

3.544 


G. R. Francis 
£6,871 ahead 
midterm 


Mackiimon 
recovers to 
peak £0.4m. 


rationalise waste paper collection 
in the area. A favourable tong 
48,006 term supply agreement was nego- 
tiated as part 'of the disposal. 
Including Turner- results. last 
year's halftime figure was reduced 
to £283.000. 

Directors say the first two 
months of the current' year con- 
tinue to show an increase in sales 
and profits and say a considerable 
improvement on last year’s £0.5 Bin. 
profit is expected. 

The first half result is subject 
to tax of £206^00 (£153,000). and 
A SECOND half pre-tax!' profit of the interim dividend is lifted 
£366.824. against a loss of £64.967, from Up to L2p net per lOp 
by knitwear manufacturers Mac- share. A 2JJp final .was paid last 
kiaoua of S cotland , turned the year. The Vogel family has 
full-time figure for the year to waived dividends on its 3.35m. 
October 31, 1977, from a £&332 shares, 
loss to a record £421-523 surplus. 

Sales jumped £2m. to £&03m. 

Tax ’ took £2274)00 ricredit 

^ £32,131). leaving a net balance of 

eased pro- rax profit from 191,638 f!94j523 (loss £30,201). Earnings 
£98^09 in the lialf year ended Per 25 P share are stated at 7-65 p 
ptember 30, 1977, on turnover Hass 1.58p) and the company 
i from 12.05m. lo £2. 3 6m. returns to the dividend list with 

Directors say that the company a net payment of 1.65p. ■ MCJU iiinH a qbiuu suruma un 

asTd^TWif sss .-sss y^jESsssjnaa 


Heating 
ants G. 


and plumbing raer- 
B. Frauds Gruup in-. 


Nolton 

improves with 
£55,000 so far 

Excluding, a capital surplus on 


Shareholders hi United Wire 
Group were told by Mr. A. A. R. 
Green, chairman, at yesterday’s 
annual meeting that the turnover 
and profits for the first quarter 
of- the current year were dis- 
appointing aDd that the group 
faced a difficult year. 

' The demand for the group's 
traditional products was running 
below that of last year, and. faced 
with increased manufacturing 
costs, the Board projected signi- 
ficantly lower profits for the first 
half. 

On the brighter side, the com- 
pany's project, .Thule United, 
which supplied special vibratory 
screen machines tor the recovery 
of mud and drilling fluids pri- 
marily on' oil tigs, was showing 
promise, but was not expected to 
make any significant contribution 
to the year’s profits. 

Record 
£0.66m. for 
Whatlings 

ALTHOUGH . TURNOVER of civil 
engineering -and building contract- 
ing group Whatlings edged lower 
from £20.61m. to £20.5403.,. pre-tax 
profit jumped 42 par cent, to a 
record £0.66m. in the year to 
September 30, 1977. 

At half way, profit was up 
£51,000 to £139.000 and directors 
predicted further improvement 
for the year. 

Directors say the group's much 
improved liquidity has con- 
tributed to making the increase 
possible. •- 

Government action has resulted 
in the flow of new work being 
below expectations. putting 
pressure on margins and creating 
excess capacity. 


And while they say it will be 
difficult to maintain the improved 
result the group is in a strong 
position to take advantage of any 
upturn in demand. 

The result for the half is sub- 
ject to to* of £349.031 (£245,178) 
and earnings per 25p share -are 
stated at 7.77p (5.48p). The divi- 
dend is up from an adjusted 1.5p 
to L66Bp. taking the total to 
2.568p (WP). 

Downturn 
at Abbey 
Panels 

TAXABLE PROFITS for the year 
to September 30, 1S77, of Abbey 
Panels declined to £433,024, com- 
pared . with £349,755 for the 
previous 15 months. Turnover 
was reduced from £4.42m. to 
£3.49m. 

At the- -interim stage, when 
reporting a lower surplus of 
£207,730 (£236,742), the directors 
said that results showed the 
effects of lack of orders in the 
sub-contracting business. They 
pointed out that margins were 
becoming tighter and orders were 
only being gained on a very 
competitive basis. 

After tax of £231.411 (JE26&202) 
net profit dropped from £281,553 
to £202^13 for the year. Stated 
earnings per 25p share are 
10.126p (14.07SP) and a final divi- 
dend of 1.34p makes a total of 
2.64p (3.25P) net. costing £49,104 
l £44.643) — the final has been 
waived by the joint managing 
directors on their holding of 
70,000 Shares each. 

The company’s activities are in 
the prefabrication of sheet metal 
units, press work, machining and 
toolmajting. 


TEXTILE AND menswear manu- 
facturers JLwcroft Kflgonc Group 
announces 8 36 per cent: advance 
in pre-tax profits from £764^59 to 
a record £1,040376 for the year 
to September 30. 1977, which re- 
flects the continued improve- 
ment anticipated by the directors 
at halfway, when they reported 
a surplus up £60.000 to £363.000. 

Direct exports from the UJf. 
increased 25 per cent, to a peak 
£5.I5m. at the year end, while a 
breakdown of turnover and 
trading profit -shows £7.54m. 
( £5.69zn.) and £657389 (£429.781) 
from preceding and distribution 
of doth and £4.8 m. (£4.16m.) and 
£384,493 (£154,891 ) from mens- 
wear manufacturing. 

Stated earnings per lOp share 
are higher 3t 18.7Sp (10.37p) and 
a final dividend of 2.14p lifts the 
total to the maximum permitted 
S.49p (3-lp) net, which Includes 
a O.OSp payment in respect of the 
previous year. 

1076-77 1975-70 

£ I 

12.540.362 MM.15I 

1.MUW2 814.07? 


sterling,' which has occurred 
since the .end of the. year... has 
resulted in unrealised exchange 
losses for the group of approxi- 
mately £70.000 on the basis of ex- 
change rates ruling on January 
17, 1978. 

a total of £349.789 has been 
released from deferred tax and 
added to reserves, in accordance 
with ED19. 


Tornorer .......... 

Tradtna profit ... 

Investment income S&344 

Loan Interest 5S.1M 

Exchange deficit ..... ... 16.561 

Profit Men tax ....... 1.HUA 

130.977 
806 JOB 
9.360 


33,976 

51,451 

•167.702 

1M3» 

260.812 

504,347 

7.388 

13.000 

483.858 

148JS0 

335.408 


Tax 

Net profit 

Minority interests — 

Extraordinary debirt .. 

Artnbmable - 908.639 

Dividends * 1E7.23S 

Retained — 732.S01 

• Credit. i After transferrins £.113 
(£67.721 1 lo capital reserves. 

During the year the group pur- 
chased for redemption £82.596 
nominal of its 9i per cent, un- 
secured loan stock 1977. The prnBt 
on redemption of £2,113 has been 
included as an extraordinary item 
and transferred to capita) re- 
serves. The outstanding balance 
of the 91 per cent unsecured 
loan stock 1977. being £139.818 
nominal, was repaid at par on 
December 30. 1977. 

The upward revaluation of 


First half 
drop at 
B. Boulton 

TAXABLE PROFIT of Burl 
Boulton Uoldlngs decOned from 
£645,600 to £628,100 In the half 
year ended September 30, 1977, 
on turnover down From £18-22m. 
to £17.Bflm. 

Directors say the poor demand 
for timber and its products 
coupled . with the increasing 
sler 11 ng value will -adversely 
affect .second-half trading results, 
and say it is likely that total 
profits will be .somewhat less than 
last year's £1.03m. 

The higher value of stocks in 
the period led to increased bor- 
rowings which were partially off- 
set by lower interest rales. The 
interest bill climbed from 
£307,500 to £363.900. 

Profit of the timber company 
showed only a slight reduction. 
Shipments of softwood were de- 
layed and bunched jn August and 
September leading to temporary 
high stock levels. 

The U.K. and Italian road sur- 
facing companies suffered from 
the recession, and in particular 
the downturn in road maintenance 


spending by local authorities in 
the summer. 

■ Savings were made in the 
period from the reduction of losses 
of the industrialised building 
company ai}d the Italian chemical 
agency business. 

The interim dividend is main- 
tained at 3 .op net per £1 share. 
A 6.5p final was paid last time. 

Hall year 
1577 107* 

f £ 

17,851,000 IS ,220.000 
1 .220,900 1.192. #00 
234.900 239,908 


Turnover 

Trading profit ........ 

DrofedaUOt) ....... 

UilercM 

Profit before tax 

Taxation 

Xi-i profit 

Minorities 

Prvf. dividend 

'Attributable 

.irU 'nary dividends 
Leaving 


363 MU 
BUN 
iUB.700 
279.480 

BAOO 

£73,000 

33,400 

219,000 


287.580 

M&WO 

355.000 

28,7.680 

13.500 

6.108 

276.080 

53,408 

250.600 


£0.34m. from 

Corn 

Exchange 

TAXABLE EARNINGS of Corn 
Exchange Company in 1977 rose 
marginally Trom £310,000 to 
£335.000. After higher tax of 
£175,000. against 039,000. however, 
the net balance was lower at 
£160,000. compared with £177.000. 

Mid-term the pre-tax surplus 
was up* from £134.334 to £174345. 

Earnings per lOp share for the 
year are shown at o.67p «LS7p1 
and the nel total dividend is 
raised to lB96o0op (1.7S75p) with 
a final of 1.0133Sp. 

The activities of the company 
concern the operation of the 
London Corn Exchange and 
management of the club room and 
offices on the site. 


ar profit totalled £241,136, and 
single 3.537p net dividend per 
p share was paid, 
rite result is before tax of 
1.225 (£47.652) which leaves net 


v " 


in 


improved 

to a proflt of £55.133 for the six 
months to October 3i, 1977. 

Turnover climbed to 
(£lm.) and there was again no 
tax charge. 

The directors are confident 
that the recovery begun in the 
second six months of 1976/77 wHJ 

_ continue in the second half. Last 

GROSS INCOME of Provincial vear there was a fulltime pre-tax 
Otic* Trust increased ' . from loss of £13.682. 

£76.422 to £80,524 in theiNovcm- Slated earnings per 25p share 
ber 30, 1977. six months. . were l-84p (loss 3JSp) and the 

After management expenses of net interim dividend is held at 

Earnings per 25p Ordinary £12560 against £9,749 and tax of 027p. The final last time was 

are of Grecnfrlar Investment £23.422 compared with £23,426 net 1.73p. 

unpany moved up from 1.75p revenue comes out at ' X44A42 The company's interests include 

LSIp in tho yoar-1977 and the (£43247). - : property investment. Industrial 

vidend is increased, from l-Jp The interim dividend is up from manufacture and provision of 
1.45p net. Q-528P net per 2ap share to Q58p financial and other services. 


Prov. Cities 
at £80324 

\ °fil at £47284 against £43.986. . . 7 

midway 

. .. .Greenfriar 

: \ ■ t;*i' ‘,V. • 

earnings up 


Woolwich chief hopes for 
stabilised loan rate 


JILD1NG SOCIETY interest 
tes should, remain stable for the 
vn six moiilhs. according lo Mr. 
an Gumming, chief general 
anager of the Woolwich Equit- 
1c Bui Wing Soriel.v. 

Before last ■ week’s cuts in 
:erest rales, the societies l>ad 
cn taking in too much money. 

said, and even the latest 
sure hud not completely 
unched the excess, 
fbe societies could have cut 
fir rates even lower and slitl 
:en in enough money lo meet 
•st mortgage’ demands. 

'We have lud lo strike a com- 


promise between a commercial 
rme of interest and biflng fair to 
our investors. To have made 
larger cuts would hafe destroyed 
the balance.” 

Mr. dimming was speaking in 
London, where he announced end- 
year figures for. the Woolwich. 
Britain's fifth largest society. In 
1977 Uie society grew by 23 per 
cent, and lent £400m. on 4J.OOO 
properties. „• 

For 1978. It was hoped £475m. 
would bp lent on about 45,000 
properties: 

Looking ahead over the next 
year, Mr. Gumming said he 
thought both borrowers and inves- 


Warner Estates upsurge 


. f /* 


»fter reporting a £«0.4S6 rise 
£385,3459 in midway profits, 
rncr Estate Holdings finished 
year to September 30. 1977 
h a record pre-tax surplus of 
$250, compared with £724.538, 
turnover increased from 
dm. lo £4.98m, 

. final dividend of 1.3633p net 
js up the total to 2.A638P 
Wb2p) from maintained cam- 
i of 4p per 2T»p share, 
ax took £400,381 (1319.6(H) and 
tr extraordinary items, attri- 
»ble profit was higher at 
'-250 against £420,540. 

icsson wins 
5m. orders 

tf- ERICSSON has woo orders 
S27m. (£15nj.) for 

Jputercontrolled telephone 
oenges from: .Spain and 
'“ark, conventional telephone 


equipment from Guinea-Bissau 

and radar equipment from 
Tunisia. 

Bland Payne’s 
joint venture 
in Brazil 

Agreement has been reached 
between Bland Payne and Brasil- 
iuvest SA. a Brazilian merchant 
bank, to merge the two groups’ 
existing _■ insurance broking 
interests in Brazil. 

The new business will be 
carried on in the name of Brazil- 
invest-Bland Payne, which will be 
owned 4fli por cent, by Brasil- 
invesL 33] per cent, by Bland 
Payne, and the remainder by 
other local interests. 


tors wanted to see stability in 
interest rates. 

LEEDS GROWTH 

Yesterday, Leeds Permanent 
Building Society decided lo pub 
Ush calendar figures, although its 
normal allocating period Is to 
September 30 and the 1976-7 
results have already been given. 

For the whole of 1977, receipts 
rose by £2S2m. to £956m^ while 
home advances were £24.43 m. 
more at £398.78m. Assets stood at 
£2bn. (£1.66bn.). 

At the year end reserves stood 
at £SS-86m. or 4.17 per cent assets, 
and liquidity at £41 7.47m. repre- 
sented 20.75 . per cent, of assets. 

GEC considers 

compensation 

distribution 

GEC is considering ways in which 
it could distribute to shareholders 
cash received from the Govern- 
ment as compensation for 
nationalisation of its 50 per cent 
share in the British Aircraft 
Corporation, the company said 
yesterday. 

An interim payment is expected 
from the Government early next 
month. - So far. no negotiations 
have taken place between GEC 
and the Government, and the 
group has no idea what amount 
the interim payment might repre- 
sent as a proportion of the final 
settlement. 

Last April GEC announced that 
a . fair commercial acquisition 
value-, for the whole of the equity 
of the BAC Group would be ** at 
least £20Om. w 


i 


lONEY MARKET 


Large assistance 


lank of England Minimum 
ending Rate 61 per rent, 
(since January 6, 1978) 
tidy large tax payments were 
®iijor factor behind an overall 
tego of credit in the London 
®y market yesterday. Apart 
1 the excess of revenue, pay- 
ts over Government disburse- 
ts tile market was also faced 
the repayment of the 
“ate amount lent to the dis- 
‘l houses last week. On the 
r hand banks brought forward 


surplus balances and there was a 
fall In the note circulation to help 
the market. 

The authorities gave assistance 
by buying a large amount of 
Treasury bills from tbe houses. 

Discount houses paid 6-Bj per 
«nt. for secured call loans at 'the 
start, but closing balances were 
taken at 4$ -5 per cent., suggesting 
that the amount of help given by 
the authorities may have been 
overdone.. 

Interbank overnight rates also 
declined, from an opening level of 


around 62-6i per cent to 3§-4 per 
cent at the close.' 

■ - Short-term fixed period interest 
rotes were slightly easier in 
places,- possibly as an indication 
that the increase in the money 
supply was not as large as may 
have been feared. Discount houses 
buying rates for three-month 
Treasury bills eased to S-\i-o2s per 
cent, but still remain above the 
trigger point for a reduction in 
Bank of England Minimum Lend- 
ing Rate. • 

Rates- In the table below are 
nominal ' In some 


Ml. 19 

i(Q5 


‘ ChiTliuc ; 

I CcrUlVwe i lntiRbank 

{of ! 


Adw ; 

"Mice...! 
• or i 

iltuti.'v ,,. 1 

"UMImJ 

U*«0lll».J 

***■ - ...Li 

I'aini I 


6rL'f U 
O'a-OSB 
6 * 

Wb-«4i 


s:--ess 


S52e 

fi 


Iu«l | Audi. 
Aulhunry imcittlabh* i 
riCl«*iHa | bnoilii ' 

Pliuuru 

Hi*ihq 

Uqwn 

CnmiMiiy 

Uepoeii* 

Pistmmr 

rarkat, 

di^nb 

Timore 

JHIU* 

IfitKihlc 

Bonk 

BHU* 

Pinii Tr*de 
Bills « 


_ 1 


69* 

4 ia-61* 




— 

64-6* | 

- 1 


.• — 



:' — 

— 


1 

6*6*4 

6 jb 

e'a-eje 

L- 

__ 



7-esp j 

eis-63* 

660 


-B5 t -S5 

6 >* 

6J| -67b 


6 Sv£fe v 

Sie- 6 s? 


®: 8 iV 

§fi-?U 

6 i- 6 ,\ 

65* 

a.:** 1 

6 ls- 6 l 0 I 

640-688 

65a 




6 Ba 6 i* 

62 - J 

.6^3 6 1« ; 

. 6 S 0 ? 



— . '. 

, 6 tJ- 6 w 

6 S, 

j 

7i0-6i* . | 

71* 






l • 1 

71«-61g 1 

7J? 



• — • ' 


— 

a 

• " i 

. -*■ 


■ 





am wvziii|r i giv iu# ujtie imim w Vf fMl wVMi- 

ra» tar osa-namS Tram ry Wlta s pur coat; iwo-moota M arr ecu.:- tad uiwawatt S& 3 S 

ft inns raw Ter- eoe-nema bank bills K-M (8 pcr.xmi.i two-manui Bl»-V 33 per cm.; sod ume^muii 
~ unMwmtU bnn SM! per Itru-meuia 81 per ««.: ana also ran-e-awstb per cenu 

^1? B*wo 8 a» mus imaushcd w the vtoaoce U«sl- Auod«noii> si per turn. f«aj Jacoiuy “ l, 13751 . aearlai 
“•VJjJt Rates iter. pJn*n sums »\ serm easv 1 flOHeci 3- pci cent Cloarws Rank Rates loi Ttnaua tt per com. 
a nns: Avenge Tender rates of dtscema xsus percent 



A profitable formula from Lloyds and Scottish 

In 1977 Lloyds and Scottish Limited produced record 
pre-tax profits of £17.4 million, with turnover and dividends 
also up on the previous yean 

Which is particularly good news in a year when interest rates 
were volatile and the economy remained sluggish. 



75 RT" frn S 1 73" 

Profits before taxation in Emiltioru Net dividends pershare in pence 

These results are yet another vindication of our policy of well 
planned diversification. 

Buying an interest, to secure our interests 

For some years Lloyds and Scottish have not only pursued 
a policy of forming joint companies or partnerships to promote 
traditional financial activities, but we have also acquired 
companies whose trading operations create a captive financial 
market tx> which financial services are ancillary. 

Forinstance, weformed joint venture companies ro participate 
in car financing and other forms of consumer finance while 
acquiring companies in earthmoving equipment, television 
rentals and invoice factoring. 

Just how successful this policy has been can be judged from 
the feet chat our industrial and trading activities accounted for * 
£L3 million of last year’s £2.9 million increase in profit 
■ The companies acquired or formed in 1977 included 
Wheelbase & General Finance and Mann &. Overton- the 
eading supplier of taxicabs in the U-K.Both are already contri- 


Management philosophy 

One reason why these policies have worked so. well is that 
the relationship between finance and trading is always well 
balanced and realistic. 

While working within clear-cut policy guidelines, subsidiary 
companies benefit from ahigh degree of management autonomy 
- but the performance of each subsidiary is assessed against strict 
financial yardsticks. 

This professional attitude to our internal arrangements keeps 
up the profits of our finance companies, and our trading 
companies efficient 

And it works. 

Strength to strength . 

It is stability plus performance that really counts. Our financial 
strength is demonstrated by the fact that our borrowings 
increased during the year by £70 million and our gross assets 
by £100 million to £533 million. Share capital and reserves have 
increased by £7-4 million to ; £59.0 million. 



77 W 




^ , 



BOO 


40S 


Capital and Reserves in fi millions Gross Assets in £ millions 

These factors mean that in the-coming year we should be 
able to continue along our path of proven success. 

If you would like a more detailed account of our performance, 
please write to the Secretary for a copy of the 1977 Annual 
Report, Lloyds and Scottish Limited, Vigo House, 115 Regent 
Street, London W1A 3DD. 







22 


Europe re-emerges as 

Caravans’ mainstay 


IN THE YEAR 1876-77, which bad fleeted in the result. after the severe cutbacks of the 

as its main feature the re- The aggregate result for the Previous two years. 


emergence of the 'European com- year eDTed August sT lST? was Cl Caravans of Newmarket 
panics as the mainstay of proGts, a j ump Q r so per cent from earn ed a substantial profit Its 


the financial strength of Caravans £2.09 m to £3.7Bm in group ore- home market sales rose due to an 
International improved sub stan- tas pn)f j t on sales 3g p^. to increase in the market share. Cl 


tiaily with net tangible assets per ^ good at £61,71^ Margins Bluebird lifted its production of 

®*jare soinj U P from SS.32p to wen , up from 4J7 per t0 


static holiday caravans and its 

1I2AI P : ' e.r per-cent." Au^aly sis *of U sales sale J. }° ** borne and export 

The strong performance of the and trading profit-i-£3.7om. "JjJS?!, J° ^SSSmSSS nnn 
European companies, which over against £U7m. — shows (JEOOO's u - k - Tnanufacturing and 


1 he last four yea re have recovered omitted): European compact S^^mSSthyST^J 


from losses of £783.000 to a record ££,267 (£36,505) and £3^18 « vZr 

contribution nr £3.32m. in 1076- a „d South ™c,n ™m “ d “W" 1 bj 63 90 

77 U--IC npimanlu Hi to f/v thO _ _ i _ _ pa _\T - — ^ UGilU 


77. was primarily due to the panies £0,438 <£S,068) and £63 The German companies bad a 

response of management follow- The New Zealand asso- verv succSiS m^Thtfr sidu 

& f °trlbuted £172,100 S^BSSSjtat iS uTS 

conditions mode nocS °S , th ' P ™ 6L . g ** 

1974: and to rather more favour- Referrin« to the low tar prow a , 

able market conditions in slon or £1.34m. the chairman says Looking at overall group 

Europe explains Mr S.AIper, thar this was made possible prospects for the current year Mr. 

chairman because there were trading losses Alper says that he is confident 

, “ ‘ , r . _ brought Forward in the U.K. f D r Xf° u P results for the first si* 

In South Africa the reverse has tas purposes. These amounted months will exceed those of the 

been the case with profits collaps- tQ £l.Im. and a settlement same P eriod of the previous year. 

1Bi4-iB to only was cached with the ini»n<4 However. in view of the present 
£03.000 in 1976-77. The chairman 


revenue under which certain nsst economic background and difficul- 

trading losses amounting tosome 


severely reduced by economic and ^ been dM other “‘^afacturers* “ over- 

political conditions, by the week- "S puwaeS Snd SS stocking." the directors feel that 

end restriction on petrol purebas- V' ' they should not attempt to fore- 

mg. and by the switch oF rema,fli ‘ owes of ^ >W0 t0 be 


carried forward. 


raril . u cast for the full year, 

consumer spending to recently in- The group’s balance sheet at 

troduced television. To meet the Referring to the UK. companies August 31 showed stocks up from 
changed conditions there has been the chairman says .that the year £9.39m. to £l3.46m. 
some costly reorganisation and can best be described as one of Meeting Great Eastern Hotel, 
scaling down, and this is also re- carefully controlled expansion EC, January 26 at noon. 


Scottish Provident bonus 


Scottish Provident Institution £3.00 per cent at the last per cent, for policies taken out 

has declared record bonus levels declaration and £6.00 per cent, in 1966 to 65 per cent Tor those 

on all classes of wilh-profit con- for the 19n interim. The Simpli- effected in 1939 or earlier. The 
tracts in respect of the three fied Pension Investment Plan previous maximum was 50 per 
years ending December 31. I9i/. (SPI) rate is 107} per cent of cent. 

On ordinary individual liTe and guaranteed increments compared Mr j oe Macharg general 
endowment contracts, including with 90 per cent, at the previous manaeer of SPL stated that the 

the flexible endowment, the rate declaration and an interim rate S triemiium* Sd been m5 

is £5.00 per cent, per annum of of 100 per cent. excellent one for the company’s 

the sum assured and attaching The company has also imoroved policyholders and he looked for- 


bonuses, compared with the 


as from January 1. 1978. its ward to the future with confl- 


preyioua £4.30 per cent, and the c jj,j ms bonus rates paid when a dence. Whatever the variations 

interim rate of £4-/0 per pojjry becomes a claim from in the financial markets, the rom- 

wnL death maturity or surrender, the pany aimed to give policyholders 

On set [-em ployed and “E” type rates on the policies in farce for first class value for money, 

pensions {Tor executives) the rate ’he longer periods being signifi- However, the company has kent 
is lifted to £6.40 per cenL per canrly lifted. the interim bonus rates for 1978 

annum compound compared with The new scale ranges from 1 



Marine & General rise 


at the same level as in lflu, that 
is somewhat lower than the 
declared rate for 1977. Mr. 
Macharg pointed out that interest 
rates had been historically high 
due the past triennium and it 
would be imprudent to expect 
them to continue. 


Scheme to 
defer capital 
gains tax 


Marine and General Mutual Life individual annuities, were well 
Assurance Society reports new down last year at £1.67m. from 
annual premiums For 1977 up by 12.05m. in 1976, despite the com- 
14 per cent. »o ISS2.000 from pany being among the leaders for 
£776.000. weti above the average annuity rates throughout 1977. 
for life companies in general. This fall, which was experienced 
Most of this growth came from by the life assurance industry in 
the company'* new pension general, reflected the fall In rates 
scheme Design Tor Retirement arising from the general decline 
launched last year which sold * n interest rates. 

£86.000 of new annual premiums. ,.,„ nr _ M ,, nr 
Previously the company sold very WORLD WIDE 
little pensions contracts. ACCITDAfcir'E 

Ordinary individual life busi- A^jUKANL-C. 
ne*s advanced slightly with new New premiums for World-Wide Leicester and Nottingham based 
annual premiums up to £761,000 Assurance Company advanced firm of insurance brokers, 
front £730.000. from £317,735 to £1,141,040, for Developed from earlier arrange- 

In contrast the company's net new suras assured of £101,196,012, ments applied where a controlling 


A scheme to take advantage of 
the extension of provisions for 
rolling over liability to capital 
gains tax on the sale of shares 
in private companies has been 
devised by Pointon York, the 


annuity considerations, mostly compared with £30,342.219. 


LEGAL NOTICES 


In (hi- llltill COURT OK JUSTICE 
• I'hanivry Division i Companies Conn In 

ih ■ jilts ,.r \j no*is or ibts electric 


rum LIMITED am No MW> 

of iars 


.... POSTER CITY LIMITED and In 
i hv MatUT or ihi- Cnmnarui-s An. 19« 
NOTICE IS HEREBY GIVEN Ifial 
P- 1 1 ' (nils far (In- Winrtlna un •>! itn > ahovi'- 
ium"d Civnoank'S hr (hi- Ilish Coun of 
JnM'if vt-rv. mi ihi- 8lh day nr January. 
197- nn-SL-nifd lo iho said Conn by itH* 
rnnimivdoni-rs of riwtor-is nnrt Excise ol 
Kind's Ei'am Him*’, nn-n Mark Lane, 
[.oudon EC1R THE and ibal Die said 
prill ions an- «lirw.i"d «o !><• lu-anl bi-fon.' 
m.- c«in sllinu: ai »)»• Biival conns of 
Justice. Strand. Inndoii ft(3l 31 on 
ih.- i:ah Day ol K"brnary. U»ts ami any 
jrnliTflf or ixMtirlhniory or any of iho 
6jld Companii-s di-siroos lo sniiporr or 
iiunux- Hie nuSinu iif an ontrr an any 
nf the sjid pi'iliions nu> JPPear 31 me 
unit of hi-arniK m persnn or by his < -oun- 
S' i fur ihat pnrposi-- and a cuny ol rhe 
PeiKinn Kill b«- lurnifheit hy ihi- unact- 
•tuned in any vrednor or o»n»rihinoi> of 
a?t\ nl ilu- so<d Coiniunies r.sjmnnc such 
i oj»y mi iiaymcni of ihf rcwiiaicd enuree 
lor Ibr same 

It KRIKOR1AN. 

K inn's R-am House. 

41 Mark l-un- 
t mu i oi i r.ciR mi- 
Solieiuir for ibc I'riinoniTs 
NiiTl- —Aliy pi-rsan who im- nils 10 
jl,|i. .ir on ihi- lirjrlEU ill any ol lllf said 
is to mi,* miLM serve nn or semi by oov 
in i In- .tho' I'-nadiisI nnltri' «* ivriiiiiK of 
hi- tTii 1 . 1 ii 1 'in so in do The notice must 
■,i, ii. tii,- iiait'e jjul .iildress nl ihe n--rs»in. 
.ir tl j firm tile name adiln-ss ol the 
Hixii ,i’ij tiinsi h.- -un.il hj the iwPiun 
or nrni nr his .ir their «i»lK-itor til any 
■Hid must He yTWiI or if pn-li'd. IH'IM 
h.- solil In aos' in sitnideiit IlllUe in r>'oi.Ti 
Die jligve-ll jilted lull IjLT Ihall four 
m ihe jfnnionn ol the 10 th Ua» 
of r.'hruars 197- 


Nn IKK1 of '97* 

In ll..- niGR Cni'KT 'IV .IVSTH.F. 
rii.ivnvrr Ctiiirt In Hi** 

M III, r or TRINITY SITE CLEARANCE 
v'MMPXNY LIMITED and m the MjiUV 
uf TH" Colimanii's Act. ISA- 
\uTU E IS IIF.RF.OY GIVEN that a 
p. m mu 'or th>- wnirtmi: up w the aboro- 
naiiti d Company hv '•»■- Hi«h Couri of 
.iiistiit ti-js on Die iiih >Lii ol January 
l«-“ iir.'v, n'"'l :n Ihr -aid Cillir 1 III 
I \ A A PINCH .GHOUP. UMITEP 

whnse resist, n-d ■tfll"' at 

I! Iinh.nn Rood. . Elm ParV IJur'i^hurch. 
Esm'X. and Hun Hie xa'H P.'tnnni w 
il'tv. U'd to Ue heant rwforr- tin- Coom 
smin« ai the Boy.it Coups -of 
S.raiid. London WCSA JLL. on ffte 
fi-h day of F.hntars IB*!-, and aw 
.■n-d'tiir or comrlhutnry of the said 
Company demrims i»„wpport or i»bi»*{ 
ft., matum: ut an OrtsT on the said 
Pet'ilon may annear at ifc-* 
heanne In person or by his Cowwii 
fur thai nnrnosi': and a dl thc 

IVtilioti trill he furnished OF lift- oiuK-r- 
.irinvil in any ircrttwr or eonirihutiuT 
ui Ihi said Comiuny rruuirtiik MdcW 

un payment ol itac wnulaU'd cliarw: ,or 
thi uLfVEY & LAKE. 

21S Sirattd. 

London tfl-R 1AU 

Rel- PM .'L1C T.-l- Ol-.-taJ aCU. 

rL\ n RKE r \'UHRlS J & PUPPED 
ol Hnmford 

s'ol'.'iiiin. lor Hu Pcimuiier 
NUTC.-Aiu- wrson uho niienil> w 
aort. ar un the hi-arina ol ihe said Pi'MUO n 
must serve on or send •»>' P«i '«■ ,ni 
above-uawed nana* «» ir P ,i niS , 
mu'iiiiau so ro du. Thu nouv mUsiEiaiu 
she name and address or the Person- of- 
H j lira ih.; ojnu 1 and address of un. 
flnu and musi ho snMied to the plMW 
or limi. or lux or their soliL-iior ilf anV 
ami masi he served, or D poMud. nilUM 
be win by pom in suntriup’ “ 

reach Hie ahuvisiumud am lalvr man 
four oV-lori: in iln- aflurnuop d* 1,10 
Snl dav of Kehruarv iDIS 


PERSONAL 


IE TOO LAROfi? vaor imosf 
i»!“char^^Hmn'me SeeOl- 

i ar vour survlvino WO'rtQ * 
-tree ol rent, ratxs- esientat 
hor oortlons, conisrrtw tor 
ics Please wrDe wKbasit 
i: TW seereur.. Help tm: 
g AOKSf- t flom F>1C. 

wmte*. w 1 


CLUBS 


e ?s^is i,r««rria 

IS 

“ Ba °E l w 4 5rai ^EAs\ , ^bonSH3w W ' 1 
nis ORE AT .BRITISH STRIV 


Man. r«. tUeica Sal urtay*- OI-4A7 6455. 


No. oom or OTS 

fn Ihe HIGH COURT OF JUSTICE 
Chanuery Dlviaton Companies Conti, in 
•be Manor of BULLINCDON BOUSE 
WINE CO. LIMITED and la lira Matter 
if The Companies Act. IMS. 

NOTICE IS HEREBY GIVEN. Ihat a 
Petition for the Winding up of ihe above- 
named Company by [ho High Court of 
Justice was an the 10th day of January 
1978. presented to the said Coon by 
CLODE. BAKER & WYLD LIMITED 
whose Renistered Office Is a I 17 Camber- 


land Avenue. NW10 7RN. In the County 
nr Gn.'; 


Gntaicr' London— Wine Merchanu, and 
that ihe said Peiinan is directed to be 
heard before the Courts sllihw ai the 
Rural Courts ol Juiiiee. Strand. London 
WC2A 2LL. an [be inih day of Kcbruarsr 
1979. and any crvdilor or contributory 
of the said Company desirous u support 
or oppose the mahitu: of an Order on 
the said Pcituac may appear at tha 
-ime of hear me. to person or by his 
counsel, for lhai purpose: and a copy 
of ihe Peitiion will hi 1 furnished by the 
underpinned n> any crvdilor or conuibutory 
of tbe said Company reqiririns such copy 
on payment or the reculated charcc for 
'be same. 

TROWF.R. STILL A KEEL INC, 

5. New Square. Lincoln's Inn. 

Lundon. w.c 2. 

RlCrGWAJB. Tel- 0M05 3613. 

Aaeqn tor: C. R. JONES. 

RedmiDSi-.T. Bristol BS9S 7JR. 

Solicliom ror the Peillioner. 

NOTE.— Any person hllo intends la 
appear on the hearina of Ihe saM Petition 
musi si'rve mi. or send by post to. tho 
above-named notice in wrilMic of hJs 
intemiQD so ro do. The nonce must state 
•be name and address of ihe person, or, 
if a arm [he name and address of (he 
flnu and must be shaud by Die person 
nr Urm. or hLs or tluur solknior tif any! 
and must be served, or. If posted, must 
be »eul by Dual t ti su (Helen I time lo 
rearh Ihe above-named not taler lhan 
'our o'clock in the afternoon nf ihe 
tihh day or February I97S. 


No. 00107 of 197X 

lit the niGH COURT OF JUSTICE 
Ouncery Division Companies Court. In 
Ihe Mailer of BRENNAN and KENTISH 
LIMITED and Ut the blatter of The 
Companies Aei., I94S. 

Nt'TICE IS irEREBY GIVEN that a 
lYUiiim fur rh- Wind inc up of the above- 
named Company by me )Ii Kb Court of 
Jusiice was on ihe IDh day of January. 
1973. pmeuied io ih.- said Court by 
ERrTH 4 cu LIMITED whose rcKimeri'd 
oflliv is siiuate ji 530 Hi£h Road. Lcyion- 
Slone. London. ELI 3EQ. Builders Mer- 
chants. and Dial Die said Penoon is 
directed lo be heard before the Court 
Stirtnu at the Royal Courts of Justice. 
Strand. London. WCJA -LL on Die 13th 
•lay of K'.'bruary. I9re. and any creduor 

ur eont ribu lory of the said Com pany 
desirous tu supnnn nr oonosc the maklna 
Of an Order on ihe said Pen Hon may 
appear a! the time of beannu. in person 
nr by bm counsel, for ih.ir purpose: and 
i conv ur Du? Petinon will bn tarnished 
bj ihe underxlunod lu any iredlior nr 
eonirtbuiory of ihe saul Comoanr requir- 
■nq sneh copy on pavmem of Die reculated 
charge for ihe same. 

BRARY A WALLER. 

S'-t. Bind Court. 

Heel Sir-rci. 

T.nndnn. F..C.J 
iRef- FiTTIIi, 

T.-l: 0I-5S3 Sail. 

Solu-tlors Tor The PelillOltrr. 

NUTE.— Any person who iiirends to 
appear on the hearing of Ihu said pL-uDon 
musi serve on. or send by nOsl io, thy 
a bore- turned nonce m vcrtUnc of his 
Intcnlidit so to do. The notice must state 
ihe name and address of the person, or. 
If a firm the name and address of the 
firm and musi be signed by the person 
or Arm. or his ar their solicitor ilf anyi 
apd OWsl Ik served, ur. tf POSTed, musi 
be sem by nosi in suflident lUmo to reach 
the ahovo-named not later than lour 
o'elocb id the afternoon of ihe lIHh day 
of February . 1 979. 


_ SHAREHOLDERS OF _ 

THE Bu ASTON CROUP LIMITED 
• IN LIQUIDATION) 

Sturenoiacrs who have In their possession 
unpmenhM Dividend Warrina tor the 


wn o-i 1 972-74. snooin present these sain 
warrants bv post to the o#ier of the 


Liauidawr C'o Messrs. S Dicer and Peolor. 
S6-60. St. Marv Ascr. London ECIA SBJ. 
Attention Mr Wood, lor redemption before 
1st March 1478 

R. N. □. LANGOON 
LIQUIDATOR 


ART GALLERIES 


c KJl*S! , .l s > A? DIO Bono Sit- W.l. 499 
VIENNA SECESSION Juflcnd- 
StlU; fnntt im Drawings 1897.1917 
‘/J, „ f, 40 ■ t40 ° ' and CHRISTMAS 
EXHIBITION ol EnuDsn Watercolours. 
Until JO Ian Mon -Frl 9.30-6-30- Sat. 
IO-1 


EXHIBITION Or FINE PAINTINGS Pr 
MiS" European Arrau trem 1700- 
I96S.5-6. Cork street. London. W.l. 
Sals. lW M 2M6 ' w “ kda vs 10 - 6 . 


shareholding was sold, this 
scheme enables owners who are 
prepared to dispose of 25 per 
cent, or more of the equity of 
their company for paper to defer 
their capital gains tax liability 
until they sell that paper in turn. 

Having increased tbe capital of 
their company by a third by the 
issue of non-voting shares, such 
owners effectively exchange the 
new shares (which end up in the 
hands of an institution which 
specialises in such stakes), for 
units in the trusts of one of 
Britain's biggest unit trust groups. 
The institution ends up with non- 
voting shares providing a high 
minimum dividend; the owner 
ends up wtlh a more marketable 
investment: and the unit trust 
group makes substantial sales. 
The scheme has already been 
used by some companies. 


SHARE STAKES 


iHaple and Co. (Holdings) — D. L 
Swaffer advises that he has sold 
the 423,000 of bis personal holding 
of shares. He also states that 
when agreement was reached on 
November 28 for Black and 
Edgington to buy the capital of 
C. Groom, control of the holding 
of the 200.000 shares owned by 
Groom effectively passed to them. 

Anglo American Asphalt — W. 
and J. Glossop has bought 100.000 
shares and is now interested in 
379 J 50 (8.42 per cent.). 



Consortium offers£17.5m. 
for London Sumatra 


BY JAMES BARTHOLOMEW 


A CONSORTIUM including Moreover, other holdings, of per share m cash. Last night 
Rothschild Investment Trust Harcros 70 per cent of whose London Sumatra closed u BSp, 
McLeod Russel and Sipef SA last investments are in Harrisons and up 5p. 

night announced a £17.5 m. cash Crosfield related companies, The consortium has been oppas- 
bid for London Sumatra, a plan- would increase the group’s con- Harrisons and GrosfieZds bid 
tation company managed by trol of indirect stakes In London f 0r Harcros by buying 12 per cenL 
overseas traders Harrisons and Sumatra which are believed to 0 f the shares in the market at 
Crosfield. amount to a further 13 per cenL above the price offered by Hac- 

The consortium has described The bid for London. Sumatra risons *** Crosfield. 

Its bid as part of its opposition jg to be made by a company Rothschilds, the merchant bank, 
to the “creeping control" which waited for the purpose, which and McLeod Russel had to give 
it claims Harrisons and Crosfield be owned 45 per cent, by way in two previous battles with 
has engaged in by building up a McLeod Russel, 45 per cent, by Harrisons . and Crosfield. ' Last 
network of cross-holdings among gj e Belgian Sipef SA and IQ per year Rothschilds advised Geo ting 
17 plantation companies. cent, by Rothschild Investment Hi ghlan d*, a Malaysian plantation 

Rothschild Investment Trust at qyusL company, which unsuccessfully 

present own 10.9 per cent of The* Trust's smaller oercentaee opposed the amalgamation of 
London Sumap*. It fears that jg totaTaeSmSir St three other plantation com panies 
its stake is being endangered by ^ n h , £t =_ Dla!rillE a biseer under the wing of Harnams and 

a bid that HaSsons and Cros- Crosfield. The “three sgexs" 

field is making for Harcros R?? 1 115 P now constitute Harrison Maiay- 

Investment Trust which owns , sian Estates. On Tuesday, McLeod 


about 10 per cent, of London Tb^ e ^ ^RIT Rus8el dropped a bid it had made 

Sumatra. financed to hO per^c^L^by Kit for Mariam Plantations, an 


If Harrisons and Crosfield f °r the purposes of the bid. The Indian company with both tea and 
obtained Harcros its direct stake Qthe r two conwimum members rubber Interests, for which 
in S^atS ^ would about will each provide 23 per cent. _ Harrisons and Crosfield is offering 


30 per cent. 


The terms of the offer are llQp a rival £8.lm. 


Premier moves baying into 
North Sea Piper Field 


BY RAY DAFTER, ENERGY CORRESPONDENT 


At a cost of some £859,000. amount to some $3-33 m. ££*.S4m.>. based investment trust which is 
Premier Consoliated Oilfields has Although Piper has been pro- only quoted on the London 
bought a stake In the North Sea during oil at a faster rate than market, gained 3p to llOp, yester- 
Piper Field which should assure expected, the information gained day followmg publication of the 
the group of a gross income of from the most recent wells has formal offer document from 
w stw led consultants to downgrade the Colophon inm Pty„ its biggest 

■ThA interest has been acouired amount of recoverable reserves shareholder, 
from SFE North Sea Holdings, a from Colophonium, a partnership bc- 

subsidiary of Soriete Flnanciere barrels. The field s tween a subsidiary of Hooker Cor- 

Europeenne. The principal asset ^ ? a ined^^iS poration, and company owned by 

Melbou™ soucitor Mr. P. N. 


oil produced from the 20 per 


yesterday tljat the Yungbanns, is offering AS1.30 in 
would provide the cash for each LAIC share, equivfi- 


cenL interest of Thomson North „ . - — - — 

Sea in the field. This arises as a "ddroonal cash flow lent (aliening for inclusion of the 

result of the financing arrange- d^xriorarion P actirities ?n toe* benefit of the investment enr^ 
S e the f fieff divriJS^e^cwS North Sea. The concept is attrac- rency premium at current rates), 

tions which provided finance. The jp»up first became in- in th e offer document 

Premier’s new entitlement. to accept without delay. However, 

gained from North Sea Holdings, f*Gbl J**** SJJJ 1 , 11 ® °I subject to certain provisions, it 

is 11 per cent, of 2.5 per cent l? 8 , 1 . - ; i lt , whfJv, remains open for acceptance until 
of Thomson’s production, up to a P oU ^-j£,d ^1° March 19. Latest word from 

total field - output of 642m. .°F s 2£^ e . „ e Jp sts ' J*? - LAIC's Board is that shareholders 

barrels. panded Premier group has par- should do nothing— neither accept 

_ . . ticipated in five North Sea wells ... market— -until thev 

Premier, a British independent and ^,0 onshore U.K. wells, all be^Sn^ £ BoSSrliSra 
oil company, has estimated that of which have been uncom- ^ 5 ‘ 

on the basis of current oil prices, merciai. 
the sale proceeds from the 


entitlement would be $4.77m. 
(about £2.4£m.) including £246,000 
already received. 

After payment of attributable 
Petroleum Revenue Tax it is ex- 


‘WAir ADVISES 
LAIC BOARD 

Shares af London Australia In- 


RAYBECK 

Ray beck has completed the 
purchase of Bon Marche (Wood 
Green) for JE2.65m. cash. Tbe 
acquisition is with effect From 
November 12, 1977. Pufi details 




Financial Times Friday January 20;l#S ■ 

Oil companies 
backed UDI, 
says Lonrho 


FINANCIAL TIMES REPORTER 
MAJOR international coin- •«*-» 


tolare even if Lonrito’, pipalin. w„ 



\ID'« 


ill'. 


^dependence ^ in 1965 and to clwed.^ ^ ^ compsnta* 

SS -In "the 1& 'court ^naoi^ *'*»' . 

yesterday. desia 0 ii and sustata the 

The charge wasmade by Mr. ^ j regiB , e . 

Robert Wrigbt, QC. counsel for ^ wright said: *^The a«lzf ^y. v - 
Lonrho, which is suing 29 on Qf the oil compauios ww^ -s> fc . 

companies for about £100m. in f 0 support UDI. We say that la* j J ' . . 
damages for lost royaiues. dofnR thal ^ey also lutend^d to^ Vj - - .-n 
It alleges that the oil com- harm us.” . --i v‘ j. '■ 

naidei broke a 1962 agreement Shell ahd BP have atguwt.t^ ; 

supply Rhodesia with oil Loitrho’s action 1 * j- ■ 

exclusively through _ Uufeoi alleged breach. V 


pipeline between the Mozam- covered by an artitraUon «aufc^ ■ . 
Sque port of Beira and the in the 1962 contract. . _ . - (f • 

Rhodesian border town of Mr. Wnght said y^terday toaf. •: 


Umtali. the Issue of conspiracy. t .. l J llt 

Two oil groups, Sell and BP. would not be ■ “*§!*•>: 

are attempting to block pubtic tration. was mterHnkrt - . 

court action against them and that of breach of rtntreA ft , .. 

hav? the dispute dealt with in would ^ lnapproprf^a to, 
private, by arbitration. Lonrho with ^ ^ 

Brightmao* that Lonrho and Its Lonrho and itt . . 

Mozmnbiqu e-Rhodesia pipeline sidiaiy want to add to .toe 2**, • 

subsidiary, the Companhia do defendants .^° the . r * 4 1' 1 -', 

Pipeline Mocambique/Rhodesia. n- 


that before UDI me toruiev oujvc* — -a -- j ^ • 

companies, with intent to injure si ^f. r r ?/' 1 P^L haVe n0t yBt beeB :^ ■ 
Loufho. had conspired to assure t(rt W . ! if ;,' 


the Rhodesian Government that 


Metric schools way 


ij' 




ahead of industry 

{ffi.SL'-fi’BLSfSSK 

tary, to make sure that both because of the ^ infusion 5. 
metric and imperial units arc just before their examiMtioM. . - 
taught in schools. Mr. Andrew Confusion is left now until thrir ^ 
MaStay. Tory MP for Stechford, first working day. - ■ ’ 

said: “It is apparent that in 1 




Rate rise held 
below 8 % 


i-r. - ' >'• 


many industrial firms the change 
to metrication may not arrive for 
30 years. 

“ Yet children are leaving 
school with only metric units in 
their beads, only to find on their 

first day that imperial units still Derbyshire County Councit- f .. 
apply in many firms. haa 3sree d on a rate rise of less V ? : ' 

“At present, the education thlin gjgbt per cent next year—.^!* : 

system is way ahead of the out- . for five years--. ; 

dtildren° r to leYve Sftil”” 0 ” 1 " 

knowledge of the imperial unit, successnii. 
which they will need in everyday The increase, which takes the,. 4 
life, and in many jobs for many county rate up to B9p w the., nr ^ 

years to come,” he said. pound, has been agreed by the 

A survey in the Midlands by a Conservative-controlled councirs 
head of mathematics at a Binn- policy sub-committee and will 
ingham comprehensive school add 14p a week or £7.50 a year . 
concludes: “ It is not now usual to the average domestic bllL 


pected that gross proceeds will vestment Company, the Sydney- will be circularised in due course. 


Crystalate plans expansion 


The electronic components and Is subject to shareholders’ Mr. Beney’s stake in Associated 

plastic moulding group Crystalate approval at an EGM on February Sprayers in recent weeks. An 

(Holdings) yesterday revealed 10. announcement made yesterday 

that it may shortly announce bid ' The group says that a stronger shows that, with shares already 
terms for a private electronics capital base will assist its plans acquired, and including an option 
company. At the same time toe for new acquisitions and in par- to acquire a further 200,000 shares 
group published its prospectus for .ticular toe bid proposal currently on or before May 2, 1978, his h'old- 
a £400.000 rights issue. under review— for a “ relatively lug will amount to 746,875 shares, 

trth _ r Awnrthv frvstalate substantia] ” electronics company, of 20.56 per cent of the company. 

25t5m The «**? ^UJ enable an Roughly two-thirds of these shares 
chairman, declined to nmne me - appreciable reduction both m have been acquired from family 
company concerned ti“£^saadLttiat borrowings a nd in the burden of interests, who still retain a hold- 

ZJFES P SSL ha we^aTS ? tercst -" ,* Total debt at ine 0 Tjome 90^00 toSei The 

and that talks were ai an January 13 was £339,466 com- remainder has been bought 
advanced stage. He said ^toat the ared with £60L0O0 in tbe last through the Stock Market °° 
new acquisition — if it succeeds accounts. But toe group said ™ ‘ ™ 

could increase profits and turn- ^ ^ underlying revel of debt Mr - H ; K Newton-Mason the 
over from the electronics equip- was rising ^ fij, ance higher work- cur »^i Associated Sprayers chair- 
men! division by 50 per cent. big capital and stock require- mari ' sai ® yesterday that there 
Trading profits from electronics, m “ ots ^ electronic orders °? quesnon of a full scale 
in the last annual accounts, also increased. ben,e made for company 

published yesterday, were £431,000 xhp group — with Treasury per- by Beocy, who is presently 
in the year to October, 1977— out mission — is proposing to. double “i® countoy. He added 

of total group pre-tax profits of dividend payments to Ip gross “ ie .?iP7*, nt JP° wa * ** Ter y 
£522,000 t £357.000) and compared. (0>6e p netJ ^ oart 0 f the rights happy with introduction of a man 
with electronics’ profits of £210.000 issue package. like Mr. Beney, with a proven 

in 1976. The issue is underwritten by track record, to the Board." 

Group turnover last year Kedderwick Stirling Grumbar, 
increased by 36 per_ cenL to t he group’s brokers and dealings 
£5 Jim. despite a drop in demand hi the new shares are expected 
for plastic mouldings, reflecting t0 ^3,^ on February 13. 
lower orders from the Post Office 


—the group’s largest customer. 

The terms of the rights issue 
are one new 5p Ordinary share, 
oriced at lOp. for eveiy two held. 
Loan stock holders are offered 
comparable term!! while the oner 


TOWER PRODUCTS 
ASKING FOR 
S15 A SHAKE 


RESTRUCTURE OF 
WCP MINORITIES 

The directors of Westminster 
and Country Properties have con- 
cluded arrangements with Mr. 
A. E. Leach and Mr. R. E. Gilbert 
— the holders of toe 25 per cent. 


ASSOCIATED PAPER 
INDUSTRIES LIMITED 


Summary of Results 


Year ended 1st October, 1977 


1977 1976 

Turnover £32,903.170 £26,786,641 

Profit floss) before 

taxation £1,799.147 (£436,298) 

Ordinary Dividend... £257,253 £133,574 

Earnings (loss) per 

25p share 10.2p (2.6p) 

Dividend per 25p 

share 2.8871p 1.5p 

* Substantial recovery: Pre-tax profit £1,799,147 
(£1 million earned in second half year). 

* Dividend return to maximum allowed. 

* Profits reflect benefits from extensive capital 
investment and product developments which are 
continuing. 

* Exports up £1 million to £2,263,393. 

* Main Board changes: J. A. Graham now group 
managing director. W. H- C. Bailey CBE deputy 
chairman and W. Q. C. Mackenzie FCA financial 
director- 

* Further improvement in profits expected this 
year provided demand in the home market 
increases as anticipated. 

The above figures are subject to completion of audit. The 
directors’ report and accounts will be circulated to share- 
holders on 24th February. 1978 prior to tbe Annual General 
Meeting on 21st March, 1978. 


It looks as if Dickinson Robin- uiuiority interest in. and directors 
son Group, toe UJC paper and ot toe subsidiary Regal Industrial 
packaging combine, is going to Estates and Regal Construction 
have to pay S15 a share rf it wants Company— for the restructure of 
to go ahead and buy the American the Westminster and Country 
flexible packaging group Tower Properties group interest in those 
Products. companies. 

Yesterday, Tower’s directors There will be no material effect 
made it clear that this was the on the net assets or profits of the 
figure discussed during prelim i- WCP group. Profit available for 
nary talks between toe two sides, distribution will be unaffected. 

and that il was this figure which _ 

had won their endorsement “in LOAN FOR SEMA 
principle” to the sale. Technical Development Capital 

Earlier this week DRG con- has agreed to advance £20.000 in 
firmed that talks had been on, convertible loan to Serna Elec- 
blit refused to be drawn over tronics. which is based in Irvine 
Tower’s claim that the price Ayrshire. The loan will be 
would be "substantially above” utilised for expanding production! 
the S4 at which shares have been facilities. j 

changing hands in “ over the 


APOLLO 


Edited by Denys Sutton 


The world’s leading magazine of 
Arts and Antiques 


Published Monthly price £)J0. Annual Subscription £21.00 (inland) 
Overseas Subscription £24.00 USA & Canada Air Assisted &4S 
Apollo Magazine, Bracken House. 10. Cannon Street. Lmdon, 
EC4P 48Y. Tel: 01-248 8000. \ 


Ji-.. 


CsQCsQO 


THE SOUTH AFRICAN LAND AND 
, EXPLORATION COMPANY LIMITED 

( Incorporated in the Republic of South A frica ) 
EXPLORATORY DRILLING PROGRAMME 

In rwpet' w me On Ulna werammt la tbe area iu the south and somh 
w«n of ihi- nune worktogfc me follow-in* borehole nwair relailruTio tmmSe • 

,c * lhc Bh0 " defcSSSfi ™ iSSbXXFte 

. rcs ^ ^ intersection, repealed below for Information, was contained 
to the Company anmmnwmeju published on December IsllVTT 
, ®wrtole SWP. 1 is snuainl in the claim area on the farm Winmorria 
117 r.R.. approximate! r 3 300 metres west north west of tho mTi h 
oTrhe m Inins 1 ease- Drillma commenced in the lauer part"o? W? and. ts 
cowraulrjt. The resoiu of the second sbon deleeuoti are mne^ieiertbb 
momh ana thmmer .a long deflection with ancillary atari 


drlHeo 
Mai« Reef Leador 


Depth Cornered 
Metres 


3 165 


Width 

Cold 

era 

B/r 

cm.R/t 

71 Jl 

D.S3 38 

S3 .9 

0.43 

» 


Uranium 
kp/t cnuks/T 
0.03 3.ES 


0.07 




1st Intersection 

3nd Jaterseetion 

tlw Deflecuom 3 064 

Core recovery was complete. 

& ^^tsSSrS- 

Jobannesbatg 
January M W7S. 


counter” deals in recent weeks. 
DRG would only say that over 
the counter sales are no true 
guide to a company's worth. 

’ And so it seems Tower is 
is obviously holding out for 915 
and throwing the weight of its 
Board's 42 per cent, share stake 
behind it. 

On the other hand whether 
DRG will want to pay £4.63 m. for 
a company with an over the 
counter value of £lJ24m. must 
wail for the next DRG Board 
meeting early next month. 


MR. BENEY TO 

JOIN ASSOCD. 

SPRAYERS 

Mr. Richard Beney. chairman of 
White Child and Beney, which 
became a subsidiary of brewers 
Arthur Guinness last February, is 
set to become chief executive oF 
Associated Sprayers. His appoint- 
ment is expected to be confirmed 
at a Board meeting to-day. 

The move follows a build-up of 




VIKING resources 

INTERNATIONAL 

N-V. 

NA.V. at 31.1277 
S22B1 (D.FhJIj62) 


INFO Pnnm. tMdrioc ft Pfomn N.V. 
H c r enx radit 214. Amsterdam 


i'- 

i»i 


! V ... 
! ... 


V- 


1/-., 


*'r 'r 

: r r . , 



Harmony Gold Mining 
Company Limited 


(Incorporated in the Republic of South Africa ) 
A Member of the Barlow Rand Group 


Announcement to Sharebolders — Merriespruit No. 2 Shaft 

The board of directors wishes to announce that tho .. ■ 

developed extensive damage in the Karroo Shale Zone from 5? P .Era Nf L? shaEt ff ha * 

t0 280 SgSoJ 1 " W3S rGVeal6d in 80 “ f Te s^aft X* 


circuit 


means of closed- 


The shaft is of circular concrete-lined construction. 11*0 matro. 
for upcast ventilation purposes, it is not equipped for wlniS5TS 1 i 1 ? p Su Mfl a ,a ^ 
inspected on a regular basis, as are other shafts! ^ 0 W n{Lng and ls therefore not 


...... 


r .... 


■ •>.. 

i .... 


The shaft was sunk in 1954 and its design incoruoraw n j- „ . . . . 

concrete lining at 4.57 metre intervals to allow =,?K? led 0 , ni etre gaps in the . 
equipment if required. This practice fs not unusual hnt U i£S q - UeDt jnstaHi *tion .of shaft., 
strata has resulted in the spalling of the^ ^oSldta th* l n C ? m £? ,ei,r 0alUre of °l e 
W! ' 1 ' this spalling apmmV inilted to bEn th? e " n,ined .* a P s ,n the shafL 
of the shaft sidewaU to cSlapre Qd th& conerele ri “SS causing large 


With time 
sections 


. ^ eta j ,ed consideration of the possible procedures in ~ 

facility, it has been decided to sink a new ventilation vhart ■??.« 10 u« EUard ae upcast 
of 990 metres, win bj t h"^ imaged ^ No ^ 

diameter and will be lined throughout. e -shaft it will be 7.34 metres in 


L;' 4, 


» L - S±! ta 

S33S35? S5 '"“ b ™ S®fiES«5!: 


! , 

, ■ C • 

! 

») % '• 1 
i i‘. . " 


T’ho offonf unuiuiuu a BkaLCUlCTIL. . • - 

providing temporary upcast facilities through the recently comSSsioneq NoS^Jffc^ A J 

Johannesburg 1 .r* ; 

. 3B January ‘ft j 



4' 

’■--S " 

*•» 










Ffcaaacial Tte«S;Fil<Jay January 20 1978 


23 

ADVERTISEMENT 



Published by The Association of Investment Trust Companies 

Tins ojankstt at p rcqa e d by contributors to Has Review are their own 
and sh^d opt be assumed necessarily to reflect those of the Assodatfoa- 


Disequilibrium in the 
investment trust market 

by D. H. Maitland 

Managing Director, Save & Prosper Group Limite d 


estmeot Trust Units, set 
In, 1937^ is Save & Prospers 
seat uait trust Designed to 
Bst-in the investment trust 
Tket, it currently owns 
am. of investment trust 
ipanies' stock, some 4 per 
t. of the sector. The. mist 
resents a quarter of Save & - 
sper's total unit trust it* 
ate. Zt follows that a fully, 
ctive and weU-balabwfl in- 
tment trust industry la an 
mtial element in our 
■tegy. 

aye & Prosper^ objective 
j achieve for its unitholders 
he long run the maximum 
1 return from ITU’S hold- 
's in the investment . trust 
nr. Total return Is madh 
of dividends to the shjire- 
lers and growth .in invest- 
it trust share prices. The 
■mtiQQ «jf this article Is to 
both 


I . russ both of these two 

C 1 1 0 i i k u ,i.. nents - but “ P^ticular the 
* elopmant in recent years 

iiuittsirv 


High levels of discount on 
asset values which have 
lited in relatively poor 
re price performance. 


Kaic ; 


Income Growth 

■a the early days of invest 
jt trusts, managers tended 
edge themselves on income 
■ wth; Indeed the original 
active of borrowing was to 
: nvest in stocks yielding 
Vre than the cost of loan ser- 
,mg. The emphasis later 
* tched to capital perfowo- 
e of underlying, assets and 
ay investment trusts wept 
capital growth at the ex- 
tse of their, income distrt- 
tions. Consequently there 
i a period during which the 


record of . dividend- ’.growth 
compared unfavourably with 
.the portfolio performance 
measured in net asset- value 
term?. 

One reason for this ~ may 
have been that .the. private 
shareholders who used to own 
the majority of investment 
trust ordinary shares, were 
thought to be taxpayers at 
more than the standard rate 
and less interested ip yield- 
The rise of the institutional 
shareholder has undoubtedly 
contributed to the recept 
change of attitude by manage- 
ments, and the yield relative 
to the F.T- All-Share Index 
has risen significantly, helped 
partly by an improvement in 
dividend growth ojf the under- 
lying foreign assets caused by 
the depreciation of starling 
in 1976, and partly by a signi- 
ficant step up in the pay out 
ratio of most trusts. Invest- 
’roent trusts’ dividends, which 
are not subject to Government 
limitations, are currently- in- 
creasing at between 18 and 20 
per cent, over 1976 levdis * .. 

Thus there has been aPhstan- 
tiai progress in recent years at 
providing the first aleraant of 
total return — dividend? to 
shareholders, 

Share Prices . 

Before considering share 
price performance, it i? neces- 
sary to review the perform- 
ance of the underlying, assets 
of investment trusts./The 
actual portfolio growth within 
the sector has by and large 
been satisfactory. On ar net 
asset basis, apart from -one 
period between 1973 and 1974 


when many trusts were caught 
with severe foreign currency 
loan problems, the industry 
has produced results as good 
as if not better than other 
investment managers- Many 
trust managers have shown 
particular expertise at over- 
seas investment, notably In the 
United States and more 
recently is Japan, and also in 
: certain specialised . areas 
within the U.K. market. Port- 
folio performance has also 
been enhanced by the ability 
to gear, although interest rate 
structures have caused thig to 
be a declining factor. 

Unfortunately, the net asset 
value performance has- not 
been transmitted into share 
prices and tbe margin between 
the two has widened {dis- 
counts reaching 45 per cent, 
at one time in 1976) to tbe 
great disadvantage of share- 
holders. We believe that tbe 
Boards of Directors of invest- 
ment trust . companies owe a 
duty to their shareholders to 
take all steps within their 
capability to' narrow discounts, 
so that share prices reflect 
portfolio performance. Whilst 
some level of discount against 
going concern values may per- 
sist, the objective should be to 
eliminate any discount against 
realistic break-up (net liquida- 
ting) values. 

This objective or yardstick 
for Boards of Directors needs 
further explanation. Realistic 
break-up values must take into 
account capital gains tax lia- 
bilities, realistic disposal prices 
for unquoted securities and 
exceptionally large holdings 
and some allowance for ex- 
penses. They must also assume 


paying out prior charges at 
par. The siun of these items 
will still leave a significant dis- 
count against going concern 
valuations, probably of the 
order .of 16-15 per cent. 

In the case of industrial 
companies, .break-up values 
are often irrelevant for a 
variety of - social/economlc 
reasons. But this line of 
argument has doubtful validity 
for investment trusts which 
are a medium for investment 
It could have some merit 
if the break-up yardstick 
pointed to the total destruc- 
tion of the investment trust 
industry. But the issue under 
discussion is the return to 
full effectiveness of . Invest- 
ment trusts, certainly not 
whether they have a role at 
all. Like any -other Industry 
they cannot be imraiip* from 
some rationalisation and it is 
in that context that the break- 
up value objective should be 
used as a yardstick. 

Supply Position 

Evidence suggests that the 
principal reason for the poor 
price performance is the over- 
supply of investment trust 
company stock. At present the 
total market capitalisation, of 
the sector is over £4bn. (5.8 per 
cent of the total UJC market) 
and, although mergers and 
takeovers have taken 1 some 
£300m. out of the sector within 
the last year it appears that 
it will require further reduc- 
tion to establish an acceptable 
level of discounts. It should 
be remembered In this con- 
text that the level of discount 
is cyclical and although actual, 
discounts may fall as at pre- 
sent it seems that the' long 
term trend is still rising. It 
is important that the problem 
of oversupply is not forgotten 
during these temporarily 
better times. 

The oversupply of trust 
shares is due to a number of 
different factors which have 
affected both private and 
institutional investors. Until 
the end of the nineteen sixties 
private investors were solid 
supporters. But having been 


hit by a falling standard of liv- 
ing generally -and disillusioned 
by rising discounts, they have 
been net disinvestors from the 
sector for several years. The 
capital gains tax relief on sell- 
ing trust shares may have had 
an effect in influencing sales 
of investment trusts rather 
than other equities. 

Institutional investors on 
the other hand, with large his- 
torical holdings in trusts built 
up at a time when there were 
few 14 in-house ” foreign In- 
vestment departments, have 
fpund themselves disinclined 
to pick' up the supply from 
private shareholders, except at 
“bargain prices." The market 
reflected this sentiment, and 
in 1976. the level of discount 
rose to. around 45 per cent 
(taking a “ going concern " net 
asset value). Although the dig, 
count narrowed by some ten 
points during the months that 
followed, this merely reflected 
the underperform an ce of over- 
sea? holdings and the invest- 
ment premium against the 
ILK. stock market Institutions 
were not prepared to start 
purchasing investment trust 
shares in a meaningful way 
despite the high level of dis- 
count until the yields on those 
shares had risen to match the 
average for the UJK. stock 
market as a whole. Thus 
institutions have also-, shown 
themselves as more reluctant 
holders . of investment trust 
shares in recent years. 

Wide discounts have inevit- 
ably led to bids for Investment 
trusts as pension funds and 
others see the opportunity 
both to acquire a high quality 
portfolio of investments and 
to increase the value of their 
existing investment trust hold- 
ings. It is true that the bid 
route for reducing discounts 
presents dangers, particularly 
if carried too far. .In the first 
place there is a risk that 
bidders will buy only the best 
trusts, at least until the mar- 
ket becomes more sensitive to 
quality In the levels of dis- 
count Secondly a wide 
diversity of viable and well 
run management groups is a 


valuable element of the .stock 
market, as well as of the 
investment trust industry. The 
best answer is for Boards of 
Directors of investment trust 
companies themselves to take 
the initiative to solve the over- 
supply problems, both by re- 
duction of supply and by 
stimulation of demand. Suc- 
cess within the Industry would 
pre-empt the contraction 
through bids which otherwise 
appears inevitable. 

New Initiatives 

We do not believe it is our 
job to press specific solutions 
for Individual trusts or man- 
agement groups. Each will 
have its own technical struc- 
ture and relative strengths and 
these wiU be much better 
known by its own directors 
and managers than by out- 
siders. There are a number of 
problems which must be con- 
sidered by Boards and 
managers. 

Investment trust companies 
appear too homogeneous. A 
potential investor is con- 
fronted by an enormous 
number of trusts which seem 
to pursue much the same 
policies to achieve similar 
objectives. There are three 
points to make. 

Firstly management groups 
often operate several funds 
with similar objectives. Mer- 
gers within management 
groqps, such as that recently 
achieved by Electra House in 
merging Globe Investment 
Trust and Cable Trust, would 
be a step in the right direction. 
Despite the size of the sector, 
it is surprising how few mar- 
ketable trusts there are, so 
that consolidation into larger 
and more marketable vehicles 
could have a significant effect 
on discounts. 

The argument that trusts 
should differentiate their pro- 
ducts is more complicated. We 
would not take issue with man- 
agement groups with more 
than one fund who tailored 
their products in terms of high 
or low yield to meet particular 
investors' needs. Specialisation 
for its own sake however has 


little merit unless the man- 
agement has developed exper- 
tise in a particular field, like 
North Sea oil. 

Thirdly as pointed out 
earlier in the article we be- 
lieve that diversity of manage- 
ment groups is essential and 
more efforts by trust company 
managements to portray their 
distinct “image” would be 
welcome; only Ido often it 
seems that like tortoises and 
sex the only people who can 
tell tbe difference are other 
trust managers. Management 
groups could consider identify- 
ing the names of their trusts 
with their own names. Inves- 
tors would then be more easily 
able to invest in groups with 
successful records. 

There may also be cases 
where some degree of capital 
reorganisation should be con- 
sidered. U may be possible, for 
example, to move to some re- 
gearing through the issue of 
dated preferred stock. Whilst 
this route would envisage the 
possibility of shrinkage at a 
future date, conditions at that 
time migbt well be different. 

Finally, the expense ratio 
of investment trusts is an area 
that often provokes interest 
amongst institutional investors 
who have tended to adopt a 
rather parsimonious attitude 
towards them. By and large 
trust companies are run effici- 
ently and the investor ought 
not to criticise increased ex- 
penses if they are matched by 
a conscious effort on behalf 
of Investment trust directors 
to improve the total return to 
shareholders. If such efforts 
involve liquidating a fund and 
thereby increasing the expense 
ratio split amongst other 
funds, shareholder? ought to 
appreciate that an improve- 
ment in overall share prices 
generated by this kind of cor- 
porate activity is well worth 
tbe increase in expenses. 

Role of Boards 

The context in which Boards 
of Directors should be examin- 


ing the problem needs to be re- 
iterated. Whereas it is the 
responsibility of management 
to set its sights on specific 
performance targets, it is 
equally the responsibility of 
the Board to look after share- 
holders' overall interests 
which include, importantly, 
the share price. Given achieve- 
ment of performance targets, 
the Board must then examine 
what else can be done to 
attraet and retain investors. In 
the final resort, it must decide 
whether it is in the best 
interests of tbe shareholders 
to consider partial or complete 
liquidation or unitisation. 
The outside directors in par^ 
ticular, should play' a more 
positive part here. 

To sum up ■ 

(1) Shareholders in iuvest- 
ment trusts seek a total 
return made up of in- 
creases in dividends and 
in share prices. 

(2) Dividend records are 
satisfactory but a good 
underlying asset perform- 
ance has not been re- 
flected in share prices. 

(3) Boards of Directors 
should seek to ensure 
share prices are not less 
than break-up values. 

(4) The present imbalance 
arises from oversupply of 
investment trust stocks. 
Tbe solution is a rationa- 
lisation of the industry 
whilst maintaining diver- 
sity of management. 

(5) If this cannot be achieved 
constructively. Boards may 
have to consider a degree 
of liquidation or unitisa- 
tion. The inevitable alter- 
native will be take-over 
bids. 

The investment trust indus- 
try should not be dismissed as 
a historical anomaly, but it is 
at a crossroads. Given accept- 
ance of its problem, positive 
solutions can be found, for 
there is surely no shortage of 
inventive talent within man- 
agement groups. 


A free booklet ** Investing in Investment Trust Companies " is 
available from: The Association of Investment Trust Companies, 
Park House (6th Floor), 16, Finsbury Circus, London EC2M 7JJ. 


Vet Asset Values 


The information in the columns below is supplied by the companies named, which are members of The Association of Investment Trust Companies. 
The figures, which are in pence except where otherwise stated, are unaudited. 


Jal Assets 
s current 
abilities 


r 


.'million 


OLlw 

252 

t 

10.4 

154 

BM 

4L5 

^ VA 




■ 'it 




AiitW* 


if 


684 
SW 
S4.fi 

76.1 
17.6 

83.4 
234 

44.5 
.M 14) 

• *62 
484 
7.7 
114.4 
53.8 
, 833 
^ 48.0 

T V 
. *8 0 
t 

20.1 
.:83.Q 


U1.5 

8*3 

<65.5 

134 

374 

8*5 

48.7 

5*7 

18.7 

7M 

14*3 


6.0 


ji 


Id 

iiite 


8k 


d 


,23.8 

252 

*9 

SA 

10.5 

21.7 
1*8 
12.0 
M 

m 

1M 

79A- 
59.fl 
UJ . 
17.9 
5841 

58J. 

15.7 

(lift 

$ 6.6 

28 2 
4.0 
45lS 
6* 


Company 

Vi) 


Share? nr, Stock 
(3) x ' 




viLuATION MON?bL?T 

Alliance Trust 

Anglo-Ameriean^ Securities Corpn. 

Capital & National Tryst ...... 

Claverhouse Investment Trust 

Crossfriars Trust 

Dundee & London Investment Trust 

Edinburgh Investment Trust 

First Scottish American Trust ..... 

Grange-Trust ;... : 

Great Northern Investment Trust 

Guardian Investment Trust 

Investment -Triipt Corporation 

Investors Capital Tryst 

Jardine Japan inveatinnnt Trust .. 

London & Holyrood Trust 

London A Montrose Investment Truflt 

London A Provincial Trust 

Mercantile Investment Trust 

Do. Do. ... 

North Atlantic Securities Corpn, 

Northern American Trust 

Save & Prosper Ijnked Invent, Trust 

Scottish investment Trust .... 

Scottish Northern Investment Trust 
Scottish United Investors 

Second Alliance Trust .. 

Shires Investment Co 

Sterling Trust : 

Technology Investment Trust .. 

United British Securities 

United States fie General 

United Slates Debenture Corporation 

Do. Do, ' ......... ;.i : 

Baillie Gifford & Co. 

Scottish Mortgage & Trust 

Edinburgh A Dundee Investment... 

Monks Investment Tryst 

Wlnterbottoro Trust 

Baring Bros. & Co. Ltd. 

Outwich Investment Trust ..... 

Tribune Investment Trust .... 

East of Scotland Invest Managers . 

Aberdeen Trust 

Edinburgh Fund Managers Ltd. 

American Trust 

Crescent Japan Investment Trust.. 
Electra House Group 

Electra Investment Trust — 

Globe Investment Trust 

Do. ■ Do. • 

Do. " Do 

Temple Par Investment Trust 

Do. Do. ........... 

Do. Do. .... ..... 

F. & C Group 

Alliance Investment 

Cardinal Investment Trust 

Do. Dq. ... 

FAC, Eurotryst 

Foreign A Co JoniaT Invest. Trust... 

General Investors & Trustees 

James Finlay Investment Mgmt Ltd. 

Provincial Cities Trust 

Gartmore Investment Ltd. ' : 

Ait i fuqd 

Do, Do, ......... 

Anqlo-Scottish Investment Trust ... 
English & Scottish .Investors 
Group Investors 

London * Gwtmore Invest- Trust-,. 
London fit Lennox Invest. Trust ... 
London & Lomond Invest. Trust ... 
London & Strathclyde Trust ......... 

Meldrum Investment Trust 

New York & Gartmore Investment 
G art more Investment (Scotland) Ltd. 

•Scottish National Trust 

Glasgow Stockholders Trust .u.,...; 
John Govett A Cd. Ltd. , _ 

Border & Southern sto&hldre. Tat 
Debenture Corporation 
General Stockholder* Invest. Tryst 

Govett European Trust' 

Lake View Investment Trust 

DO, DO. ..H.n,.lWM. 

Stockholders. Investment Trust ...... 

G. T. Management Ltd. .... 

Berry Trust - 

Do, . Do. ........ 

G.T. Japan Investment Trust 

Do. Do. - -'—**• 

Northern Securities Trust 
Hambros Group . 

Bl&hopamtte Trust 

City of Oxford Investment Trust ... 

Ham b res Investment Trust 

Roiedlujonfl^ ^Investment Trust, 


<=■** [ - 

Ordinary 23p 
Ordinary -gap 
Ord. & “ £ ” Ord. 25p 
Drdlnars 3flp 
Ordinary 25p 
Ordinary Sop 

£J t)o£nvd 
Ordinary S5p 
Ord. fitock 25p 
Ordhinry 25p 
[Ordinary 3.">p 
Ordinary Sap 
Ordinary 35p 
Ordinary Sap 
Ordinary 2."»p 
Ordinary 2op 
Ordinary 25r> 
Ordinary 25p 
Conv.’ Dpb. I »S3 
Ordinary 3Sp 
Ordinary 25p 
Capital .Shares 
Ord. Slock 25p 
Ordinary 25 p 
Ordinary 25p 
Ordinary 25p 
Ordinary 50p 
Ordinary 35p 
Ordinary 25 p 
Ordinary 25p 
Ordinary 25p 
Ord. Stock 35p 
Conv. Loan Slk. 1893 

Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

Ordinary 25p 
Ordinary 50p 

Ord. Stock 25p 

Ord. & ** B " Ord. 2&p 
Ordinary J>Dp 

Ordinary 25 p 
Ordinary 25 p 
Conv. Loan 1987/01 
Conv. Loan 1985/90 
Ordinary 25p 
Conv. Loan 1985/90 
Conv. Loan 1987/91 - 

Ordinary 25p 
Deferred 25p 
Cppv. Loan 1985/87 - 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

Ordinary 25p 

Income 50p 4 

Capital 50p 
Ordinary 25p 
Ord. 4 M B" OrcL 25p 

Ordinary 25 p ■ - "• 

Ordinary 30p 
Ord. * " 8 " Ord. 25P 
Ordinary 25p 

Ordinary 25p 
Ordinary 25p 
Ordinary 85p 

Ordinary 23p 
Ordinary 25p 

Ordinary 50p 
Ordinary Mp 
O rdinary i2jp 
Ordinary H5p 
Ordinary 20P ^ 

Conv. Loan 1973/98 
Ordinary 25p 

Ordinary 25n 
Conv. Loan 1993 
Ordinary 25p ■ 

Conv. Loan 1987 

Ordinary 2$p 

Ordinary 23p 
Ordinary ?3P 
Ordinary 258 • 

Capital 35 p 


Dale of 
..Valuation 
7 (4) 

Annual 

Dividend 

<5) 

. pfUtr dedtu 
clun 

at nominal 
value 
(6) 

7tmg prior 
ges 

at market 
value 
17) 

Investment 
Currency 
Premium 
(see note gi 
(8) 

Total Assets 
less current 
Mobilities 
(1) • 


Pence except where 

£ stated (see 

note d) . 

/ 

38/12/77 

6-35 

274.1 

2824 

234 

:i2&3 

31/12/77 

2M 

119.8 

1252 

1L7 

i J194 

31/12/77 

•4,0 

157.1 1 

160.0 

112 

5.7 

31/12/77 



t 

t 

. J84 

■ 30/&/77 

3.3 

303.7 

103.7 


23 

41/11777 

. 2.3 

822 

834 

34 


30/12/77 


272.1 

286.6 

35.7 


30/12/77 

2-15 

2134 

1152 

10.7 

19.5 

30/12/77 

2.1 

10J.0 

105.0 

42 

10.9 

30/12,77 

3.45 

1334 

133.7 

64 

22.4 

30/12/77 

. 2.35 

1044 

10S.7 

54 

129.6 

30/12/77- 

5.915 

- 231.1 

257.1 

262 

5.0 

80/12/77 

J.H5 

941 

99.4 

• 1LQ 

37.0 

31/12/77 

0.7 

1424 

1424 

283 


31/12/77 

SJ 

143-9 

147.5 

32.5 

t 

SI/12/77 

■ 545 • 

235.1 

239.3 

214 

1014 

31/12/77 

3.0 

1374 

140.4 

12.9 

t 

30/12/77 

0.115 

*30.3 

55.1 

14 

13a 

80/12/77 

£4.50 

£7720 

£82.70 

£2.60 


31/12/77 

2.7 

112.B 

115.8 

1Q4 

112 

S0/I2/77 

2j35 

119.5 

122.7 

114 

394 

30/I2./77 

- 

163.2 

1632 

— 


SO/ 12/77 

‘ 2.36 

120-8 

124.6 

11.6 

' t 

30/12/77 

2.8 

3234 

132.1 

7.4 

21.1 

31/12/77 

1-7 

1034 

1072 

14.7 

302 

30/12 '77 

5.65 

2334 

241.9 

20.4 

t 

31/12/77 

7.56 

152.5 

132.5 

— 

4.1 

30/12.77 

■j* 

t 

t 

t 

22 

81/12/7? 

245 

129.4 

130.7 

10.7 

5.9 

SO/12 m 

t 

t 


t 

474 

30/12/77 

5.94 

240.2 

246.4 

204 

50/12/77, 

3JW 

312.9 

127.0 

10J 

f 

SO/12/77 

£5.00 - 

£124.10 

£128.70 

£11.10 

f 

31/12/77 

3.0 

1394 

1414 

12.6 

102 

SI/W/77 

3.5 

173.7 

177.7 

16.7 

t 

31/12/77 

1.4 

634 

64.0 

5.4 

924 

. 31/12/77 

4.6 

2444 

- 2564 

25.3 

234 

28/12/77 

1.265 

644 

68.4 - 

52 

554 

f 

14/13/77 

12.1 

8821 

884.4 

iai-g 

42.1 

632 

31/12/77 

4.65 

1752 

TS*J 

12-2 

31/12/77 

*L2 

562 

383 

3.4 

10.1 

164 

31/12/77 

t 

1524 

152.5 

214 

16.0 

- 31/12/77 

- 43 

137.1 

138.7 

6.9 

• 7L0 
22.9 

30/11/77 

41 

1432 

143.4 

7.9 

30/11/77 

£540 

£117.60 

C1740 

£6.50 

202 . 

30/11/77 

£626 

£164.60 

£164.90 

£9.00 

31/12/77 

- 8.5 

t 

t 

t S 

28.6 

31/12/77 

>£5.75 

t 

t 

f 

81/12/77 

£6.00 

+ 

t 

t 

48.0 

30/12/77 

2.45 . 

1274 

132.0 

82 

282 

30/12/77 

t 

t 

f 

t 

- 12.7 

30/12/77 

t 

+ 

t 

t 


30/12/77 

045 

60.6 

60.6 

8.3 


30/12/77 

t 

t 

t 

f 

t 

30/12/77 

3.4 

139.3 

144,0 

74 

ZL3 

30/11/77 

T 

t 

t 

t 

98.4 

31/12/77 

73. ’■■■■ 

102.1 

102.1 

34 

30.6 

S1/J2/77 , 

046 

2682 

2682 

34 

40 8 j 

31/12/77 . 

L6 

502 

58.7 - 

34 

294 

? 31/12/77 ' 

•22 

904 

964 

34 

153 

•- 31/12/77 

7.7 

744 

774 

4.6 

I7K5 

33/12/77 

Q4 

844 

87.7 

5.9- 

35.0 

31/12/77 

•2.1 

934 

95.5 

7.6 

a04 

31/12/77 

2.3 

952 

98-0 

44 

62.6 

31/12/77 

1475 

51.0 

55,0 

4.0 . 


.31/12/77 

1.75 

57.7 

57.7 

04 

712.7 

34 

31/12/77 

0-ff 

36.8 

36.6 

24 

31/13/77 

3.45 

1844 

3S84 

" 16.1 

J4.0 

■31/12/77 

2.05 

1384 ■ 

1324 

• UA 


30/13/77 • 

■74 

3794 

386,7 

294 


-30/12/77 

275 

1104 

. 1132 

42 

112 

50/13/77 

L7 

1342 

3454 

144 . 

80/l|/]7' 

. 1-6 

83.9 

83.9 

7.6 


30/12/77 

*• 2.1 

118.4 

1223 

9.1 

1 


£4.00 

£18740 

£15220 

£1240 

24 

80/«/77 

VH 

2214 - 

. 1264 

10.4 

9.5 

.81/12/77 

0473 . 

734 

734 

8.0 

68.6 

31/12/77 , 

£425 

£109.40 

£109.40 

£4.40 

1L0 

31/12/77 

1.0 

*140J 

*1384 

6.6 

84 

-??/t2 m 

£840 

£8649 

18520 

£4.10 

8.1 

3T/12/77 

9.0 

145.9 

.1514 

92 

15.7 

80/12/77 . 

525 

241.6 ' 

- 2502 

9.6 

64 


S.0 

864 

882 



50/18/77 

■ S25 

• 122.6 

1322 

£.2 

11.1 

S0A2/77 


120,4 - 

1204 

34 

2SJI 


Company 

(2) 


to 'Prtftmwr'A" Qr4|H» «*>■ I mcftukt KD*cU 1 fitrMmt cc aaiwuwj ^ tc rtp . gw*. • AdliMWt tor rtghu iwne, t Cnrmwnr will announce yrar«ad or 
» »»*«■ ttocaj. xu* note nu tdtw. e Not SUvofly coatwndd* *iu» «» »ioiu aabKSwe fimn. 0 ttaHwftffi « “ B " store camrnstvm. fCtanse ip tte 
• nufa dace tto pravfcM. M|)U9b«4 ftawv, 

__ jmm_ . ■. 

i ' I I m min i iwi r w« ntma » mlfi trtaat a t nfauww: awa hKihrte mo w cam, w w mveawm a 

crt. , -. _ «$« r ‘"Mm W»-w^wdR pwvh?". •« w w «* M w wvta aarnawr »«fw wkw iW Mv «"•»« Hww. 

rff-J r*»V *» kviwum 


HO Cols, s* 

le) Cal. 5 
<f> Cols. M 

to) cm. a 


Henderson Administration Ltd, 

Witan investment 

Electric & General Investment 

Greenfriar Investment 

Lowland Investment 

English National Investment ... 

DP. Do. 

Philip Hill (Management) Ltd. 
City & International Trust ...... 


General Cpns. Investment Trqst 

Philip Hill Investment Trust 

Moorgate Investment Co 


Ivory tf Sime Ltd. 

. Atlantic Assets Trust 
BritiBh Assets Trust ... 


Viking Resources Trust 
Keyser Ullmarui Ltd. 


Throgmorton Trust . 
Klelnwort Benson Ltd. 


Charter Trust & Agency 

English & New York Trust 

Family Investment Trust 

Jos Holdings 

London Prudential Invest. Trust — 

Merchants Trust 

Lazard Bros. & Co. Ltd. 

Raeburn Investment Trust 

Romney Trust 

Martin Currie & Co., CLA. 

Canadian & Foreign Invest. Trust.. 

9t Andrew Trust •. ; 

^ Scottish Eastern Investment Trust 
Scottish Ontario Investment Co. 

Securities Trust of Scotland 

Western Canada Investment Co. 
Murray Johnstone Ltd. 

Caledonian Trust 

Clydesdale Investment Trust 

Glendevon Investment Trust ... 
Glenmurray Investment Trust ...... 

■ Scottish St Continental Investment 
Scottish Western Investment 

Second Great Northern Inv. 

Schroder Wagg Group 

Ashdown Investment Trust 

. Do. Do 

Bmadstone Investment Trust 

Do. Do 

Continental & Industrial Trust 

Tr* Tis-Oceanic Trust 

Do; Do. 

Westpopl investment Trust 

Do, Do. 

Stewart Fund Managers Ltd. 

Scottish American Investment Co. 
Scottish European Investment CP- 
Touche Remnant & Co. 

Atlas Electric & General Trust ...... 

Bankers* Investment Trust 

Cedar Investment Trust 

City of London Brewery 

Continental Union Trust 

CI*RP. Investment Trust 

Industrial & General Trust 

International Investment Trust ... 

Snhere Investment Trust 

Trustees Corporation 

Trust Union 

Williams & Glyn’s Bank Ltd. 

Sizewel] European Invest Trust ... 
Atlanta Baltimore & Chicago 

West Coast & Texas Regional 


VALUATION THREE-MONTHLY 

Gewal Scottish Trust 

DO. Do 

Ringside Investment Co. 

Lancashire & London Invest Trust. 
London Atlantic Investment Trust - 

London Trust' 

Do. .. Do 

Safeguard Industrial Investments 
Scottish Cities Investment Trust .. 

Wemyss Investment Co 

Yeoman Investment Trust 

DO, Dp. 

Young Companies Investment Trust 
East of SeotJand Investment Managrs- 
Dominion & General Trust ......... 

Pentland Investment Trust 





Net Asset Value 
after deducting prior 

Investment 




charges 

Currency 


Date of 

Annual 

at nominal 

at market 

Premium 

Shares or Stock 

Valuation 

Dividend 

calve 

value 

(see note «) 

(3) 

(4) 

(5) 

(6) 

a> 

(81 



Pence 

except when 

£ stated (se 

e note d) 

Ord. fit M B Ord. 2op 

30/12/77 

•1.9 

*110.7 

116-0 

8.7 

Ordinary 25p 

30/12/77 

1.45 

914 

92.3 

84 

Ordinary 25p 

. 30/12/77 

t 

1124 

3124 

7.4 

Ordinary 25p 

30/12/77 

2.1 

65.B 

65.7 

1.7 

Prefd. Ord. 25p 

30/12/77 

1.74 

334 

344 

— 

Defd. Ord. 25p 

30/12/77 

2.06 

58.1 

614 

- 

Ordinary 25p 

31/12/77 

4.07 

1234 

1274 

6.4 

Ordinary 25 p 

31/12/77 

4 45 

1721 

381.6 

7.6 

Ordinary 25p 

31/12/77 

t 

1044 

107.6 

44 


31/12/77 

6.9 

234.5 

2310 

5.4 

Ordinary 25 p 

31/12/77 

3.055 

98.4 

100.8 

1.1 

Ordinary 2op 

31/12/77 

1 -5j 

257.0 

265.5 

18.4 

Ordinary 25p 

30/12/77 

t 

t 

£- 

1 

t 

Ordinary 25p 

30/12/77 

23 

854 

90.9 

9.4 

Ordinary 25p 

30/12/77 

t 

t 

7 

f 

Ordinary 25p 

30/12/77 

0.9 

132.1 

132.1 

94 

£1 Capital Loan Stock 
Ordinary 25p 

30/12/77 

30/12/77 

4.0 

83.6 

1814 

874 

- 


30/12/77 

T 

- t 

t 

t 

Ordinary 25p 

30/12/77 

345 

126.0 

128.8 

6.4 

Ordinary 25p 

30/12/77 

2.15 

704 

73.0 

5.1 

Ordinary 25p 

30/12/77 

t, 


T 

‘ t 

Ordinary 25 p 

30/12/77 

3.65 

92.7 

92.7 

0.2 

Ordinary 25p 

30/12/77 

1 2.04 

5S.6 

5S.6 

1.1 

Ordinary 25p 

30/12/77 

3.75 

93.5 

9C4 

5.0 


30/12/77 

2.6 

S8.4 

91.7 

6.9 

Ord. Stock 25p 

30/11/77 

t 

t 

t 

t 

Ord. Stock 25p 

31/12/77 

t 

t 

f 

t 

Ordinary 25p 

31/12/77 

345 

Z4I.9 

145.7 

12.8 

Ordinary 25p 

31/12/77 

3. Bo 

t- 

f 

f 

Ordinary 2op 

31/12/77 

3.75 

160.6 

1664 

16.8 • 

Ordinary 25p 

31/12/77 

4.0 

1614 

164.4 

174 

Ordinary 25p 

31/12/77 

5.65 

217.4 

2354 

21.8 

Ordinary 25p 

31/12/77 

16.0 

t 

t 

t 

Ord. & “ B " Ord. 25p 

31/12/77 

•1.6 

91.7 

934 

104 

Ord. & “ B " Ord. 25p 

31/13/77 

•1.675 

88.4 

914 

10.5 

Ord. & M B” Ord. 25p 

31/12/77 

•L65 

1164 

1184 

144 

Drfl. & " B " Ord. 25p 

31/12/77 

•1.7 

90.9 

90.9 

10.1 

Ordinary 25p 

31/12/77 

14 

73.0 

73.0 

74 

Ord. & “B" Ord. 25p 

31/12/77 

•145 

1104 

1154 

224 

Ord. & "B" Ord. 25p 

31/12/77 

•1.76 

100.7 

104.1 

12.6 

Ordinary 25p 

31/12/77 

3.4 

1724 

178.5 

13.5 

Conv. Loan 1988/93 

31/12/77 

£4.75 

£120.40 

£125.00 

£9.50 

Ordinary 20p 

30/11/77 

44 

187.0 

1944 

16.1 

Conv. Loan 198B/93 

30/11/77 

£4.50 

£134.70 

£12940 

£10.80 

Ordinary 25p 

0 1/1 2/77 

5.75 

253.7 

2644 

144 

Ordinary 25p 

31/12/77 

44 

3304 

2264 

17.6 

£11.00 

Conv. Loan 1988/93 

81/13/77 

£440 

£137.80 

£14140 

Ordinary 25p 

31/12/77 

2.65 

13L4 

134.7 

10.4 

Conv. Loan 1989/94 

31/12/77 

£5.00 

£11840 

£12140 

£9.40 

Ordinary 50 p 

31/12/77 

t 

t 

A 


Ordinary 25p 

31/12/77 

14 ■ 

49.6 

49.6 

2.4 

Ordinary 25p 

30/12/77 

1.6 

78.1 

S2.0 

3.6 

Ordinary 25 p 

30/12/77 

3.3 

72.7 

77.4 


Ordinary 25p 

30/12/77 

2.5 

85.4 

87.8 

44 

Deferred 25p 

30/12/77 

2.4 

774 

82.0 

1.1 

Ordinary 25p 

30/12/77 

245 

352.4 

137.8 

104 

Ordinary 25p 

30/12/77 

14 

894 

934 

4.9 

Ordinary 2Sp ! 

30/12/77 

1.43 

68.4 

70.6 

AT 

Ordinary 25p 

30/12/77 

244 

96.1 

301.1 

54 

Ordinary 25p 

30/12/77 

24 

14H.0 

150.7 

94 

Ordinary 25p 

30/12/77 

4.0 

185.5 

191.0 

7.0 

Ordinary 25p 

80/12/77 

2.8 

133.7 

143.0 

64 

Ordinary lDp 

31/12/77 

1.5 

931 

93.1 

7.0 

Ordinary lOp 

31/12/77 

04 

, 644 

64.2 

5.7 

Ordinary lOp 

31/22/77 

0.5 

78.1 

78.1 

6.5 

Ordinary Sop 

30/1J/77 

3.0 . 

106.1 

1084 

54 

Copv. Loan 1995/2000 

30/13/77 

£540 

£134.70 

£137,40 

£7.40 

Ordinary 25p 

31/12/77 

? 

t 

1 

f 

Ordinary 25p 

30/12/77 

1.5625 

574 

573 

1.6 

Ordinary 25p 

30/12/77 

_ 2.67 

78.3 

79.1 

2.6 

Deferred ?5p 

31/12/77 

8.0 

2304 

246.8 

R.7 

Conv. Loan 1985/87 

31/13/77 

£6.00 

£140.10 

£144.30 

£3.90 

Ordinary 25p 

31/12/77 

3.6 

95.3 

06.9 


OrtU&“ A” Ord. 25p 

19/12/77 

8.0 

256.6 

258.5 

5.3 

Ordinary £1 

50/12/77 

10.75 



32.2 

Ordinary 25p 

31/12/77 

643 

224.6 

229 5 

7.9 

Conv. Loan 1993 

31/12/77 

£4.50 

£133,50 

£126.20 

£430 

Ordinary £1 

31/12/77 

34 

97.5 

97.5 


Ordinary 25p 

30/11/77 

8.75 

240.4 

249.B 


Ordinary 25p 

30/11/77 

3.4 

150.0 

1544 

164 




to n w« ff "W u *ntoM <Hn mi Mm atoyo?®* '■*" 


SSSiSE £££, K 000 Co ™ iWB L °" *■* CD, “ ,, 5 M W ««« •MHM.Ih or ■ p«™y W 

tomn ob lou qtocks hi Mtaimt S»«9 or Income tn. 

of the fewtmeflt cotYenor pretalum aopnm to calattoUaa U» valnaUon For cola. L. 

IS tte to vw- tor nun. CwrmlWo Mocks in trHted as rally eoovmod to 

d*to( or vniera ■ nwe Is *rfc«d - X os Brito charges: mrraiito or subnrtodM rfrites ora treeted as oncxe—’ — > "* 


-DMOctO is tin las( aami «*Wead or Hm Forecast, exetotfina ImmooUm credit. 
B *..* 1 * ■'Vdoomed ta mepnto cwiw, 

JwjMmmt oar obarc/swck unit rapnoontod by MO nr cent. 

COBVtofiblo 

tto rat* For the sext 


th) Cols. M 






24 


“ ■ rj ■» - _ 

Financial Times Friday January 20 1S?» 



Group Gold Mining Companies 

(Ancomparies3rein20fparaledin1heRepiJfcfcofSoulhAInca) 

Transvaal 


Reports of the directors for the quarter ended 31st December, 1977 

The South African Land & 
Exploration Company Limited 


Vaai Reefs Exploration 
& Mining Company Limited 


Eiandsrand Gold Mining 
Company Limited 



Bumper quarter 
for Vaal Reefs 


BY KENNETH HARSTON, MINING EDITOR 


ISSUED CAPITAL: 19 000 000 shares pi so cents each ■ 

PLANNED PRODUCTION FOR THE YEAR ENDING DECEMBER 31 1976 
Tonnage 7200000 Grade SM a 




OPERATING RESULTS 
GOLD 

Tons milled 

Yield — sit 

Gold produc e d fcfl 

Revenue per Ion milled 

Cost per ton milled 

Profit ncr tan milled — 

Revenue 

Cost ... 

Profit 

URANIUM OXIDE 

Tans treated - 

Yield— kgit 

Ovide produced — kg 

Profit on sales 

FINANCIAL RESULTS 
Working profit— Gold 
Profit cn sale o>'. 

Uranium Oxide ........... 

Sulphuric Acid — 


Net sundry revenue 


Deduct' 

Royalty to Seuttivaat Holdings Limited 
—estimated 


Prune before taxation and State's share 

of profit 

Taxation and State's J hare of profit- 
estimated 


Profit after tax 
estimated 


ano State's share— 


Capital expenditure 

Dividends declared amount 

— per share.. 

Loan Levies— estimated ....... 

CONSOLIDATED PROFIT 
Estimated consolidated profit after taxa- 
tion and State's share of profit of 
the company and its wholly-owned 
subsidiary. Western Reefs Exploration 
and Development Company Limited. 


per ton 
Quarter 
cudw 
Doe. 1977 

Quarter . 

ended 
Sept. 1977 

Year 
ended 
Dec. 1977 

1 809 000 
8.79 
15 903 
RM.87 
R27^S 
R1&02 
R7S35BOOO 
R50 572000 
R28 986 000 

1 839 000 
9^4. 
17 183 
R37.0S 
R27J2 
R9.76 
R68 184 000 
R5Q 239 000 
R17 94S 000 

7 1 65 000 
8.95 
64 126 
R37.09 
R26.75 
■ R1 0-34 
R265 737 OOO 
R191 658 000 
R74 079 000 

1 287 000 
0.20 
259 794 
■u 774 OOO 

1 192 000 
0J2 
267 691 
R2 677 000 

4 786 000 
0^1 
1 016 955 
R16 9EO 000 

R20 9B6 000 

R17 945 000 

R74 079 000 

8 774000 
18 000 

Z 677 000 
16000 

16 950 000 
68 OOO 

2 321 OOO 

1 479 000 

3 883 000 

40 099 000 

22 117 OOO 

94 980 000 

3 268 000 

2 80S 000 

8 462 000 

30 731 OOO 

19 312 OOO 

86S18 OOO 

4 191 OOO 

4 702 OOO 

14 258 000 

R32 540000 

R14 610 000 

R72 260 OOO 


ISSUED CAPITAL: 50 322 825 d»NS of 20 cants oadl 

CAPITAL EXPENDITURE , 

Net expenditure on mining assets was as follows: 


ISSUED CAPITAL: 0 $00 OOO. chorea of 35- catta aseh 


aided 
Dec. 1977 
ft14 064 000_ 


Quarter 
ended 
Sent 1977 
HU 496 ODD 


Year 
• - ended 
Dec. 1977 
R45 395 000 


Orders ptaMd °and outstanding on capita! expenditure contracts as at Dec era hw 31 

■Jnrg. 1 "prior m commencement of production, exnondliuie will be capitalised and 
revenue cirned. after any taxation payable thereon. w III be credited » Owning 
assets. 

SINKING 


SHAFT 


Quarter 


Mem Material Shaft 

Advance - 

Dentti to date ......... — 

Station cutting — 

Oresuss raisetwrinp — 

Rock; Ventilation Shaft 

Advance 

Depth to date 

Station cutting 


Dec. 1977 
metres) 
12 
1 933 
. 1 522 


Quarter 

ended 
Sept. 1977 
(metres) 
108 
1 921 
672 


Year 


Dee. 1977 
(metres) 

• *24 
1 93S 
4 079 
1GZ 



Quarter 
ended ' 
Doc- 1977 

Quarter 
ended 
Sflpt. 1977 

Year 
ended 
Dec 1977 

FINANCIAL RESULTS 

Gold revenue 

Sale ol salvaged equipment and scrap. 

Sola ol capital Roms ... — ‘ 

Net sundry revenue 

R1 805 QUO 
135 OOO 
602000 
239 000 

R1 429000 
446 000 
71 000- 
219 000* 

R6 722 OOO 
1 017000 
. 1 uzboo 
761 000 


2 781 POP 

2 185 000 

10312 Q0& 

Deduct: • 

Operating and salvage costs • 

1 085 000 

1 674 000 

6 879.000 

Surplus before taxation 1 

Taxation — estimated 

1 696 000 
381 OOO 

491 000 
103 OOO 

3 433 000 
860 000 

Surplus after taxation — ~ 

R1 315 000 

R388 000 

R2 573 ODD 

Prospecting expenditure 

RIOS OOO 

R184 000 

8462080 


72 

2160 


160 
2 08B 
96 


B68 
2160 
1 610 


Including reversal of estimated State assistance of R69 000. 


on January 5 1978 the RocW Ventilation shalt reached Its final depth ol 2195 metres. As^ M * SSFvEf 


OPERATIONS 

result of the decline 


i .?s. IrlSIr 

from comm e n cem ent to the end 


R21 236 OOO 
R11 400 OOO 
60 cents 
R428 000 


R8 225 OOO 


DEVELOPMENT 

Dirlwi the ouarter ended December. 1977 . 

SuMi!" thfs 'company's lease^rea"and on Its Drtialf bv Wtetare'Dcap Dwell .HSierty 
In addition, haulage development outside the station area conpnttad in a naitiierfy 
86 518 OOO chr^Ston tovrarts the underlying reef on the 1920 '®»M. Oort nu the quarter wged 
ueremoer 1977 " “*»' tnn arfclmd louartar ended Seotember 1977 

— 207 metres). 

The Ventvsd'frp Contact reef 
at a <k 

furaniomr’over^ a^width^V’To'cTiT^uTraient to _ 26 B _ cm ji t aMd7~and~V5(i tmJigi 
< uranium). As stated In the prospectus. the shalt system was sited In an area which 
.X tn hr In*, unde u that richer ora would not be locked up In the 


November 27 w«n a mutflkroB|ft|Mt ~ol~T79'bob ton! _16r _ the ^to d h-nra 
of the Quarter to— the date of termination. On Nwmi1w j “Of 


put Into operation lor the treatment of rock end sMmcs 

from' van'oos " locations' on. the East Rand 'resulting In the ml»iny ol 31 . 000 - tons 


December s?vmg »n 

foT^'TSteem^'odarter oT: Zioboa ton CSeatemlxr Quarter 2*3 000 eons). 

t^f^~ ibo*iiietra was achleved [quarter' ended September 

cut' north 


mill throughput 


PROSPECTING 


R309 000 


R4Z 232 000 
R2l 850 OOO 
115 cents 
R1 509 000 


was expect od to be low grade sb that richer ora would not be locked bp 
shalt niUar far :he life ol.tns mine. 


R32 534 OOO R14 618 000 R72 270 000 


Includes net expenditure of Rt07 000 for the quarter (September SO 1977: 
R121 0001 being the company's chare of net onerotJenal costs In terms of the 
in bu ting arrangements with Buffelsfontein Gold Mining Corn parry Limited. 
DEVELOPMENT 

Sampled 


GENERAL , , 

Construction work lor the establishment of the mine continues to be ahead of schedule, 
in the company's 1976 annual repart ft was stated that the mine was expected 
t> came into production b* the beginning ol i960. Present Indications are that 
production should commence In 1979. 

For and on behalf ol the board 


D. A. ETHEREDGE ( 


an anno u ncem en t dated < *Decerober'’ 16. Recently. the first short defieetton «l 
SWP.1 Intersected the reef at 3 06a metres, and the result* are shown to an 
announcement pobilshed today. January 20. The results ot the second Wort 
detection art expected Isfer this mooth. Th er e a fter, a tong deflection with ancillary- 
short de flections will be drilled In SWP.1. 

Up to December 31 1977. expenditure on the two holes SRK.1 and SWP.l nulled 
jDpnacfmuely RS8Q OOO. and it is estimated that a further amount of some 
H40O- Don will be spent to complete this phase ol the drtiitng programme, a 
decision regarding further boreholes is dependent on the results of the current 
drilling phase as they become known during the course of the neat she to eight 
months. 


IV. R. LAWR1E I Directora Orders placed end outstanding as at December 31 1877. totalled R224 000. 


VAAL REEF SHAFT AREA 


January 20 1978 


For aod on behalf of die board 


No. 1 (Northi 
No. 2 (Northi 
No. 3 1 Northi 
Na. a (North) 
No. 5 iNorth) 
NO. 1 I South 1 


Quarter ended 
December 1977 
Quarter ended 
September 1977 
Year ended 
December 1977 
“C M reef 
No. 1 (South! 
Quarter ended 
December 1977 
Quarter ended 
September 1977 
Year ended 
December 1977 
ORE RE5ERVE5 


Advance 

nielres 

3 872 

4 717 
1 431 
4 303 
G 144 

12 005 

metres 

230 

G3D 

136 

382 

280 

914 

channel 

width 

CD) 

24.1 

7B.1 

17-2 

17.9 

383 

8S.6 

gold 


uranium 

git 

75.10 

31.46 
6735 

65.47 
53:45 

29.10 

cm.g/t 
1 810 
2 457 
1 167 

1 172 

2 047 
2 491 

haft 

2.20 

0.49 

130 

1.13 

1.52 

0.67 

cm. kgit 
52.97 

38.59 

31.01 

20.16 

58.37 

5739 

32 472 

2582 

593 

35.48 

2104 

0.77 

4538 

34 184 

2 720 

50.9 

39.45 

2 008 

0.82 . 

41.98 

128 652 

12 298 

43.9 

4038 

2 020 

0.89 

44.45 

144 

8 

73 

30.40 

228 

1.78 

1334 

106 

24 

93 

226.53 

2 220 

4.6S 

45.S7 

357 

126 

17.8 

151.40 

2 695 

4.36 

77.69 


East Rand Gold and Uranium 
Company Limited 


January 20 1978 


N. F. OPPENHEtMCR 
M. S. McCRUM . 


Directors 


ISSUED CAPITAL: 40 000 000 shares of SO cants each 
CAPITAL EXPENDITURE 

Net expenditure on mining assets was as follows: 

Quarter 
ended 
Dec. 1977 
*15 396 000 


Western Deep Levels Limited 


Quarter 


Sept. 1977 
R27 914 000 


12 months 
codra 
Dec. 1977 
R82 522 000 


ISSUED CAPITAL: 25 000 OOO shares of K2 each 

PLANNED PRODUCTION FOR THE YEAR ENDING DECEMBER 31 1978 
Tannage SOOOOOO Grade 144 grams per tot) 


Net expenditure on mining assets and stores since the Inception ol the company ta 
December 31 1977 was RH 8 OO 8 OOO. 


Net expenditure on mining assets for the 15 months period ending March 51 1975 
I* estimated at R101 000 OOO epn-rioualv R1 - - - 
Orders placed and oatstanding on capital 


1977 totalled R9 822 000. 


R105 000 0001. 

' expenditure contracts as at December 31 


Gold 


Uranium 


Note: Prior to commencement of production, expenditure will be capitalised and yield— g/t 


OPERATING RESULTS 
GOLD 

Tore milled 


Vaal reef 
Sept. 30 1977 ... 


Sept. 30 1976 


V.C.R. and Elsburg 
reef 

Sept. 30 1977 .. 


Sent, 30 1976 


□ia price u 
kilogram 

*f St 

Tons 

UPC width 
cm 

B’t 

cm. At 

kgrt 

cm. kg t 

R3 300 

IS 149 000 

105.3 

15.49 

1 678 

0.44 

4739 

R3 900 

17 079 000 

107.3 

14. BO 

1 567 

0.42 

45.07 

R4 500 

16Z97 0OO 

106.9 

14.08 

1 SOS- 

0.41 

43.83 

R3 100 

13 838 000 

107.4 

15.60 

1 67S 

0.49 

52.98 

R3 500 

15X86 oao 

106.7 

14.83 

1 583 

037 

50.16 

R4 000 

16 429 000 

106.4 

1436 

1 528 

0.46 

48.92 

R3 300 

114 000 

121.8 

1135 

1 382 

__ 



R3 900 

162 oao 

124.9 

10.42 

1 302 

_ 

— 

R4 500 

206 000 

125.9 

9.73 

1 225 

_ 



R3 100 

169 OOO 

125.9 

9.66 

1 245 


— 

R3 500 

271 000 

1343 

9.01 

1 210 





R4 000 

309 000 

133.0 

8.77 

1 166 

— — 

— 

asm contribution tram 

uranium 

to the 

company's 

overall 

working 


revenue earned, atte- any taxation payable thereon, will be credited to mining 


OPERATIONS 


Progress on construction and commissioning ol the plant Is satisfactory and orodueboa 
is still se‘ 


scheduled to commence In the current quarter. 

After water commissioning ot the slimes .reclamation, flotation plant and residue 
disposal systems, monitoring ol Che first slimes dam (Spring No-3) started In December 
1977 to enable the pulp commissioning ol these s yst ems to commence. Polo com- 
missioning is continuing and nyrlte concentrate Is being r ecovered from the Dotation 
process. Tbe^ BrtWjnventonr will be^bulll up prior to commissioning ol the uranium URANIUM OXIDE 

Tons treated . . . 


Gold produced— kg .... .... 

Revenue oer ton milled _ . 1 - 

Cast per ton mrited . 

Profit per tan milled 

Revenue 

Cost . . .. 

Profit 


recovery plant and the 1 000 tons-a-day sulphuric acid piaeL 

As is to be expected Id a project ot ms magnitude, teething troubles are being ■L.T'!*, “, w ‘" 

encountered but these are being dealt with as they arise. The Bold plant will be Yieid— kgit 

the last section to be brought on stream, and the first gold is ex peeled to be produced Oxide produced — kg 


towards the end ol the current quarter. 


Profit on sales 


based on a gold price ot R3 300 a kilogram <1976: KUDO a kilogram) aod taking 
account ol an appropriate Price for uranium. Also shown are ore reserve tonnages 
estimated at composite pav limits based on gold prices ol R3SOO and R4 500 a 
CAPITAL * EX PENDtTlJ R e**" 4 ' VtV af **= on> tesaryes 10 gold price variations. 
Estimated expenditure lor the year cndlna December 31 1978 Is R72 000 000. 
orders Placed and outstanding on capital expenditure contracts as at December 31 
>977 totalled R19 388 0OD. 


January 20 1978 


For and on behalf of the board 
D. A. ETHEREDGE 
M. 6. McCRUM 


Directors 


FINANCIAL RESULTS 
Working profit — Gold . „ 

Profit on sale ot U ran rum Oxide 
Net sundry revenue 


VAAL REEF SOUTH 


East Daggafontein Mines Limited 


Profit before taxation and State's share 

of profit 

Taxation and State's share ol profit — 
estimated 


Included In the above are the following figures In respect of the South Lease Area: 
PLANNED PRODUCTION FOR THE YEAR ENDING DECEMBER 31 1978 
Tonnage 2 300 OOO Grade IO.O grams per ton 


ISSUED CAPITAL: 3 730 OOO shares of R1 each 


Profit after tax and State's share — 
estimated _ 




Quarter 
ended 
Dec. 1977 

Quarter 
ended 
Sept. 1977 

Year 
ended 
Dec. 1977 

OPERATING RESULTS 



GOLD 

Tons milled 


544 000 

564 000 

2 120 000 

Yield 5»'t — 


933 

10.50 

9.77 

Gold produced — kg 


5 348 

5 923 

20 716 

Revenue per ton milled 


*48-64 

R41.71 

R4032 

Cost per ton milled .......... 


R2837 

R2S.78 

R263S 

Profit nor ton milled - . . 

Revenue . — . . 

-17". 

R19.67 
R36 463 OOO 
RTS 762 OOO 
RIO 701 OOO 

R15.93 
R23 526 000 
R14 541 000 
R8 985 000 

R13.97 
R85 899 000 
R56 2B2 0OO 
R29 617 000 



llftANIUM OXIDE 


Tniw tr»Mt*-d - 

. -n. 

369 000 

375 000 

1 297 000 

Yield — kO t 

... 

030 

031 

031 

Oxice produced— kg — .. 


73 678 

7B 818 

268 339 

Front on Mien 
FINANCIAL RESULTS 


R1 652 OOO 

R513 000 

R3 080 000 

Working profit — gold 

■ a_n 

RIO 701 OOO 

R8 985 000 

R29 617 000 

Profit on sale ol Uranium Oxide 

. . . 

1 652 000 

513 000 

3 080 OOO 



T2 343 000 

9 498 000 

32 697 000 

Deduct: net Sundry expenditure* 



107 000 

121 oao 

842 000 



R1 2 246 000 

R9 377 000 

R31 855 000 

Capital expenditure— new South uranlun 






R5 153 OOO 

R4J7 000 

RS GOO 000 

—Other 

-- .. 

RG 325 000 

R3 5 65 000 

RTS 496 oao 



R1 1 478 OOO 

R4 012 000 

R21 096 000 


FINANCIAL RESULTS 

Royalties and goto revenue 

Sale of salvaged equipment and soup 

Sale of capital items 

Sale ol waste rack dumps _ 

Sundry revenue . — 


Deduct: 

Costs of clean-up and salvage operations 


Surplus before taxation 
Taxation — estimated 


Qp arter 

endod 

Dec. 1977 

Quarter 
ended 
Sept. 1977 

Year 
_ ended 
Dec. 1977 

R291 000 
21 OOO 
112 000 
210 000 
49 000 

R448 000 
105 000 
624 000 

35 000 

HI Oil 000 
389 000 
1 345 000 
210 000 
109 000 

683 000 

1 216 000 

3 064 000 

1 000* 

113000 

531 oao 

682 000 
279 000 

1 103 000 
486 OOO 

2 533 000 
827 000 


Capital expenditure 

Dividends declared amount 

— per share. 

Loan levies— estimated _...._ 


Quarter 

Quarter 

Year 

ended 

ended 


Dee. 1977 

Sept 1977 

Dec: 1977 

741 OOO 

764 000 

2 977 000 

14.66 

14.45 

14.61 

10 866 

11 043 

43 479 

R89.82 

R56.07 

R59.35 

R31.64 

R30.01 

R29.4B 

R38.1B 

R2G.06 

• R29.67 

RSI 739 ooa 

R42 838 OOO 

R175 683 OOO 

R23 445 000 

R22 929 0OO 

RB7 753 000 

R28 294 OOO 

R19S09 OOO 

R88 930 000 

192 000 

195 000 

747 QOO 

032 

032 

032 

42 724 

42 607 

167 410 

R1 405 OOO 

R806 OOO 

R3 249 000 

R28 294 OOO 

R19 909 000 

R88 930 000 

1 405 OOO 

806 OOO 

S 249 000 

948 OOO 

487 000 

3 052 000 

- 30 647 OOO 

21 202 OOO 

95 231 000 

15 481 OOO 

9 686 000 

44918 000 

R15 166 000 

R11 516 000 

R50-313 000 

R4 556 000 

R4 906 000 

R19 600 000 

R1T 875 OOO 

— 

R20 625 000 

473 cents 

— 

823 cents 

R1 673 OOO 

R1 047 000 

R4858 000 


DEVELOPMENT 


Sampled 


Advance 

metres 


metres ci annel 


gold 


Surplus after taxation 


R617 0C0 R1 706 000 


Carbon Leader 
Shaft area 
No. 2 


Dividend declared — amount 


R746 000 

_er share 20 ernt» 

■ After writing back provisions totalling R88 000 


R746 000 
20 cents 


3 692 

4 568 


Quarter ended 
December 1977 


Quarter ended 
September 1977 


ROYALTY AND TRfSUTING AGREEMENTS 

Under the terms of agreements with outside Parties for the sale of the company's 
gold treatment plant and the r ec o very by such parties of aald from surface and 
underground eleon-up operations, the company receives a share of the revenue 
derived bv those parties from their recovery operations. The company also parti circles. y Mr ended 
tc a limited extern, in any revenue obtained from the treatment by those parties December 1977 
of gold-bearing material from sand and rock dumps over which they hold rights. V.C.R. 

The underground Clean -op operations aro covered by a tributing agreement wliich Shaft area 
Is subject to the approval of the Minster of Mines. No _ 2 

For and on behalf of the board 


N. F. OPPENHEIMER 
M. S. McCRUM 


NO. 3 


2 310 
681 


Directors 


■This company's snare 01 net operational costs In terms of tbo tributing arrangements 
wuh Buffelsfontein Gold Mlnrng Comuanv Limited. 

DEVELOPMENT — SOUTH LEASt a RCA 

Sampled 

Advance 


January 20 1978 


Quarter ended 
December 1977 


Quarter ended 
September 1977 


Vaal reef 
Quarter ended 
Arcember 1977 
Quarter ended 
Srot. 1977 
V car ended 
December 1977 
* C ' reef 
Quarter ended 
December 1977 
Quarter erwind 
Scot. J977 
Year ended 
December 1977 


10 and developed 
bv Buflelslontein 
■not included in 
tours) 

Vaal reef 
Quarter ended 
December 1977 
Quarter ended 
Scot. 1977 
Year ended 
December 1 97 


metres 

metres 

Channel 

gold 


uranium 



wtuiu 

cm 

B * 

cm.g.t 

kgr 

cm.ket 

12 005 

914 

853 

29.10 

2 491 

0.67 

5739 

12 310 

1 260 

6G.S 

36.53 

2 429 

0.77 

50.96 

45 864 

4 806 

72.9 

32.85 

2 395 

0.73 

53.10 

144 

8 

7.5 

30.40 

M 

M 

n 

1.78 

1334 

106 

24 

9.8 

22633 

2 220 

4.65 

45.57 

357 

le 

128 

17.8 

151.40 

2 695 

4.36 

77.69 

1 842 

255 

120.3 

1330 

1 600 

041 

4936 

2 318 

228 

116.0 

17.45 

2 024 

0.55 

6331 


Year ended 
December 1977 



cm 

art 

cnva.t 

fcnrt ' 

Cm. kart 

64 

32.3 

68.14 

2 201 

1 . 1 s 

37.28 

16 

11.9 

840.42 

10 001 

6.01 

71.56 

80 

283 

132.90 

3 761 

136 

44.13 

232 

31.0 . 

103.94 

3,222 

1.14 

35.40 

526 

29.0 

8738 

2 534- 

1.04 

3034 

108 

111.6 

30.32 

3 384 





62 

24.9 

6034 

1 500 

— 

— 

170 

804) 

33.71 

2 697 

— 

— 

220 

733 

36.09 

2667 


— 

666 

60.3 

3.38 

1 886 

— 

— 


ORE RESERVE5 — SOUTH LEASE AREA 


Sept. 30 1977.. 


Sent. 30 1976_ 


Based on 



Gold 

Uranium 

gqiu pnee per 

Stooe width 


— — 


Id log am 

Tens 

cm 

OH 

cm.e.'t 

kg t 

cm.kpt 

R3 300 

3 931 OOO 

118.8 

16-55 

1 966 

0.47 

56.07 

R3 900 

4 041 000 

119.2 

16.33 

1 946 

0.47 

56.02 

R4 SOD 

4 091 OOO 

119.3 

1631 

1 934 

047 

56.17 

R3 100 

2 741 OOO 

120.5 

16.76 

2 020 

0.66 

78.97 

R3 500 

2 807 000 

120.4 

16.59 

1 998 

0-65 

76-42 

R4 000 

2 842 000 

1 20-4 

16.50 

1 987 

0.65 

77.97 


ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 


GENERAL NOTE 

Development values represent actual results of sampling, no 
allowance having been made for adjustments necessary in 
'estimating ore reserves. 

The Orange Free State Group's results appear on another 
page in this paper. 

Copies 0 / these reports trill be available on request front the 
ogices of the transfer secretaries' 

Charter Consolidated Limited. P.O. Box 102. Charter House, 
Park Street, Ashford. Kent, TiVS4 8EQ. 

LONDON OFFICE: 40 HOLBORN VIADUCT, EC1P 1A4 


ORE RESERVES 


Based on 


Gold 


kilogram 


Carbon Leader 
Sent. 30 1977 


SeoL 30 1976. . 


V.C.R. 

SePL 30 1977. . 


R3.300 
R3 900 
R4 500 
R3 TOO 
R3 500 
R4 000 


Sept. 30 7976 


R3 300 
R3 900 
R4SOO 
R3 1&0 
R3 500 
R4 000 


sr Si 

Tons 

:ope mdth 
cm 

g« 

cm.g/t 

leg.t 

cm.legrt 

2 629 OOO 

100.7 

25-52 

2 570 

0.26 

25.96 

2 642 000 

100.7 

25-44 

2 562 

0.26 

25.89 

2 721 OOO 

100.7 

24.96 

2 513 

0-25 

25.49 

2 826 000 

100.6 

2S.SS 

2 570 

0.26 ’ 

26.B2 

2 840 000 

100.6 

25.47 

2 562 

0.26 

26.SS 

2 920 000 

100.6 

25.00 

2 515 

0.26 

26.17 

1 890 000 

130.0 

15.48 

2 012 

— 

—1 

2 306 000 

12B.5 

144)8 

1 809 

— 

— 

2 459 000 

129.2 

13.59 

1 756 

— 

— 

2 273 OOO 

130.0 

13.65 

1 774 

— 

— 

2 488 000 

129.3 

13.05 

1 6B8 

— 

■ — 

2 66) 000 

129.1 

12.58 

1 624 

— 

— 


Because of the increased eonfrtbutiqn from uranium ro the company S overall working 
profit, at Septambor 30 1977 ore reserves were estimate* at a composite pay limit 
based on a ucW price of R3 300 a kilogram i)976: RJJOO a kilogram) and taking 
accmini of an appropriate price for uranium. Also shown- are ore reserve tonnages 
eitimweO at composite pay limits hassd on gold prices of. R3 900 and R4 BOO 
kilogram to Indicate the sensttlvltv of the oro reserves to gold pnea variations. 


CAPITAL EXPENDITURE 
Estimated expenditure for the veer ending December 31 1 978 Is R46 000 000 of 
Which R27 000 000 Is In respect of the new South uranium plant. 

Orders placed and outstanding on capital expenditure contracts as at December 31 
1977 totalled R12 0S3 000. 

For and on behalf of the board 
D. a. ETHEREDGE I 
w. R. LAWRIE I Directors 

January 2D 1978 


Southvaal Holdings Limited 


The attention of shareholders is directed to the report of Vaal 
Reefs Exploration and Mining Company Limited. 


CAPITAL EXPENDITURE 


Estimated expenditure for the year ending December 31 1978 is R26 000 000. 
Orders placed and outstanding on capital expenditure contracts as at December 31 


1977 totalled RZ 776 000. 


For and on behalf ol the board 
W. R. LAWRIE 


•D. 


R. LAWRIE I 
ETHEREDGE ) °' rectors 


January S3 1978 


APOLLO 


Edited by Denys Sutton 


The 


world’s 

Arts 


leading magazine 
and Antiques 


of 


Published Monthly price £1 .50 . 
Overseas Subscription £24.00 


Annual Subscription £21.00 (inland) 
USA & Canada Air Assisted $48 


Apollo Magazine, Bracken House, 10 Cannon Street, 
London EC4P 4BY. Tel : 01 -248 8000. 



WE.THE 


LIMBLESS, 

LOOK TO you 

FOR HELP 


Donations and information: 
Major The Ear! of Aucaster, 
KCVO, m. Midland Bank 
Limited. 60 West Smith&eid 
London ECIA.9DX. 


British Limbless 
Ex-Service 
Mens Association 


Wecome from both world wars, 
Wc come from Kenya. Malaya, 
Aden, Cyprus . - . and from Ulster. 
From Keeping the peace no less 
than from war we limbless look to 
yon for help. 

And you can help, by helping 
our Association. BLESMa (the 
British Limbless Ex-Service Men’s 
Association) looks after the 
limbless from all the Services. 

It helps, with advice and 
encouragement, to overcome the 
shock of losing arms, or legs or aa 
eye. It sees that red-tape does not 
stand in the way of the right • 
entitlement to pension. And. for 
severely handicapped and the 
clderly.it provides Residential 
Homes where they can livein 
peace and dignity. 


WEXOIB0SE WHO GAVE- OEBSE 1 OC Wasted. 


INCREASED working profits from ing will he acceteeted. 
the Abb!" American Corporation "Hie E rou * > 
sroup^South African gold and profits are compared In the follow, 
uranium mines bring the Decern- ang table- 
ber quarterly .report season to a 
happy conclusion. They follow the 
pattern of high gold prices (an e. Daoafontpta 


Dec. 

otr. 


Sept 

«r. 

MH 

tue 


Jnng 

qtr. 

ntw 

«• 


average of over ?17* P*r ounce. nm ,mm a**, a® swg ar*7 


was received) overcoming the £. ««* saatoiaw 


SM 

- President Brand ... 17JHU 

effects of lower production. preswwr stem _ Maa 

Vaal Beefs has done outstana- SjV Lands ♦ l»6 

ingjy well thanks to the Vaal Setts st.to 


list 


additional boost of sharply ~ in- weUwm ^ 


■» "LW 
XL571 14.719 
19.524 4 23* 

Nri t*T 
».638 18,834 

ua zsn 

30.715 34JM 
19. OCT M4 V 


creased uranium revenue. Goti* 

producers which have shown UP • loss. . t Pretax samim tadodes axh 
well on the latest occasion include of canud hem iWtowtoa om m— ot 
President Brand, Welkom. and ndnlra. 




t' 


W S e 7lrSy‘ reported in this T{|CO lOOkS 
column, the group’s big new lutu lywAJ av 

spectre of 


Eiandsrand gold mine continues 
to race towards prod action and Is 
now expected to start up next v » • , 

SS H&SF was bankruptcy 

rntio other newcomer. East Band IN A sharp defence of successive 
Gold and Uranium, which will re- decisions to cut back nickel pro- 
treat old mine dumps for their duction and lay on employees, the 
gold, uranium and sulphuric acid world’s largest producer, Inca of . 
content Is still expected to start Canada, has said "that it would 
production in the current quarter face bankruptcy if_.i t were forced 
but is encountering the inevitable by the Ontario Government to 
teething troubles. continue production In order to 

The joint Orange Free State save jobs, 
metallurgical scheme has also Mr. Edwin Carter, the group's 
encountered teething problems, chairman gave the warning to an 
As a result the current year’s Ontario Legislature committee In. 
uranium output will not be suf- reply to a question about what 
Sclent to meet sales commit- Inco would do if it had to take 
ments and arrangements have more responsibility for the impact 
been made to buy uranium from ot its cut of 23 00 jobs at its 
other group sources. Methods of Sudbury facilities, 
augmenting uranium production Inco, said Mr. Carter, cannot 
are being studied and it is produce more nickel which it- 
possible that the. deficit position cannot sell. Tn recent months the 
may be reduced by the end of the group has switched from a stock- 
financial year. piling policy and_ has been 

Fre State Geduld has revised Its rigorously retrenching in an 
capital expenditure forecast for effort to balance supplies with 
the year to next September to what the international market 
RSSm. <£19.7m.) from R25m. be- can absorb. - 

cause of the decision to sink the l^ie consequences of this policy, 
main No. 5 shaft and the ventila- which has spread from Canada 
tion shaft concurrently. It is to Inco interests in countries like 
pointed out that this will not the UJC, has aroused fierce con- 
materially affect the total cost of troversy. The Ontario Legislature 
the project, but the rate of spend- hearings are part of this pattern. 


Gold Fields cautious 
on Arabian hopes 


THE LONDON group, Consoll- tion given in the chairman’s 
dated Gold Fields, moved y ester- recent statement 
day to scotch suggestions that it He forecast a final dividend of 
had found large gold deposits in 25 cents to make a total of 50 ^ 
Saudi Arabia. It has been engaged cents (29.tfp) for the current 
in a drilling programme In the year to June SO compared with 
Mah d Adh Dbahab area. 25 cents for 1976-77. Harmony 

A spokesman said there was a rose 15p to 36Sp in a firm London 
gold deposit, but added. u It is market yesterday, 
relatively small and until we 


Denison earns 


finish our drilling one cannot say 
how big.” 

Gold Fields first became in- 
volved in the area during ramsirr] CFIfini 
September, 1976. when it signed I CLU1 U vJ>V_xAfOlli. 
amelioration iicence agreement the CANADIAN uranium 
wtth the Saudi authorities which producer. Denison Mines, reports 
gave the_ State an option to take an 83 pe r cent rise in 1977 con- 
up to a 00 per cent, stake m the solidared net income to a record ' 
prospect, if it should ever go to gcan.27.9in. (£13.17m) (SCan.6.10 
production. per share) from SCamlom. 

Since then’ the group has com- (SCaxL3^9) in 1976, writes John 
pleted a first phase of drilling Soganicfa in Toronto, 
which encouraged it to continue. Sales were up 24 pw cent, to 
Its second phase, diamond drill- $Can_199m. from »Can.l60.1m. 
ing, will be completed by the The Improvement is largely the 
summer after which »t will be result of increased uranium ship- 
decided whether to press ahead ments, together with increased 
or pull out. revenue from oil and gas Opera- 

Knowledge of gold in the area tions and a rise in earnings of the ' 
has been abroad for several subsidiary. Lake Ontario Cement- 
hundred years. The Saudis mined In addition,- the discount on the 
it commercially between 1938 and Canadian dollar helped. 

1954. extracting about ft75m. ozs. The effective corporated income 
or about One-sixteenth of current and mining tax rate was down ' 
annual South African output In to 44.3 per cent from 53.1 per 
the early 1970s, tile U.S. cent Major factors included the - 
Geological Survey examined' the “investment tax credit and capital , 
area from the air. gains realised during the year." 

Yesterday - Gold Fields shares Denison since 1973 has incurred . 


were 2Q2p. 


of more 


FIJI COULD BUY 
EMPEROR MINE 


capital expenditures 
than 5Can.l46m. 

The dividend rate has increased 
from $CanJL40 per share in 1974 
to scan 220 paid In 1977, witfcr 

the quarterly rate being increased ’ 

The Fiji Government is to S 7 ? t 52i* cents in the 

negotiate the purchase of the ***7 **}*”* qu ^ ter - ' 

Vatu ko ula gold mine from the uraiuuin oxide production in 
Australian company. Emperor ®* *„^ was Just over 4m. pounds,'^ 
Mines, reports Dai Hayward from “P cen ^' on l® 7 ®- tonnage 

Wellington. The Government is of uranium .ore nulled at Elliot 
to call In overseas consultants to if*. 6 * increased 35 p« 

investigate the working life of the M t0 a !™? s * “Am. short tons. '• 
mine "and the cost of further , record daily, production level 
development of 7 » 444 tons was established and 

Three davs aeo 1 000 wnrkpni at company reports that the 
the mhe weM° onstxike ^ter 7 ’ 100 P« day capability is 
Emperor had laid off 770 men. Saris "ni ^£ hb i S 5^? *5? 

The mineworkers’ union de- nfau" ° E ^ 1878 producti a 

S?2£ » . Hoo Pr e’>niir«ry detailed engineer. 
Jfeanwhue the strike has been mg has been completed for an' 
called off while lhe negotiations expansion of the existing mill to " 
continue. The Fiji Government 12.000 tons per day Denison 

supporting shares in London yesterday were, 
the mine financially. A year ago £34. 

Emperor wanted to close it down 

in order to prevent further _ 

losses, but the Government PARK CITY 

stepped in with a low interest _ 1 

VENTURES 

ni^it^o»?nri th ftnrtS« ermne ^ Hi ^ h «>sts arising from rock 
support conditions and ground water a| 
and ^ mine site have led* Park Gt* 
Emperor'S hope at that time was Ventures to suspend lead, rid?'!-., 

the'haris < n^™rtnnL Pn>a ^ ble on silver operations at tM . 
the basis of reduced working, Ontario mine in Utah. The miirt ./ 

has been unprofitable for some 
time. Park City . Is . 60 per cent . 
owned by Anaconda, the Atlanta 
Richfield subsidiary, and 1 40 pd 
cent, by Asarco. . 


LOSS MOUNTS AT 
ASTURIENNE 


The Belgian lead and zinc group, 

Compaguie Royale Asturienne 
des Mines, made a considerable 
loss last year, a statement dis- 
closed, but no figures were men- 
tioned. In 1976 there was a net 
loss of BJrs.S8.6m_ (£l.4m.). 

Severe competition in the 
depr^ed zinc market, leading to lj v j tiS 
s* “ade it impossible for 
the Astunenne mines and found- Public ifcpnriVC 


bank return 


WciIrchIbv 
J lUL IS 

. 1978 


!ur-’i+)^ .. 

Peo-H- 

-tor™*-. 


banking department 


ries to make a profit, and prob- Se** 1 *' Pepo.iujl 


Jems 


were compounded by a 
build-up of production at the 
mines while work in the foundries 
remained at a low ebb. 


Banners 

Bnuevn Sc Otherl 
Ajcx 


There was some retief for the . 

group, however, in the steadiness 
of leas Prices. /ucorgSl S SSeiSd 


mines or plants in Morocco, Spain, a m , 7 ™: 


Norway and France. 


NEW SHAFT FOR 
HARMONY GOLD 


JPnmilBflu, b,ulu't 

ftnUwrSfva 

8oUta 

Cuta. 


M,£x,000| 
SiD23,606f 


assarai 


37&J&8JW + 1AJ6W5* - 


681,788,776!+'. 


2.298,305^81' 


* 




317,7D6JSia— 66,068. US 


e^ssioaU «. 

- nn i »s8u~- iDi. 


Because of extensive damage 
which has been revealed in the 
Merriespruit No. 2 shaft. Harmony 


new ventilation shaft. Its 
estimated cost is R3.5m. (SLOSnO. 

At the present level of gold 
prices the South African mine 


diminishing the dividend indica- 


LUXUIUTIBU 

Notea lamed 

ta Circulation. 
taBanl'a Dept 

ASSETS 

Govt. Debt*. 

Other Govt, tke-i. 
Other tSeeuritlfl. . 

— — : ■ ■ — q 
. -St ' 

ijmmtit 

IJAV&jm 

: £vS6J.a^ 

.'iwns.i« 

6AS8.-1&J8I 

i.ooo^oua 

- £ .' 

-iifceaiSl 

+ 8.938^ 






0+0 








» * 


M&y Janoary 20 1978 


Group Gold Mining Companies 

CAD companies are bicorporaled in BwuWie<rfSoi4h Africa} 

Orange Free State 


Reports of the directors for the quarter ended 31st December 1977 


‘ee State Geduld Mines Limited 


‘ ‘vieo capitali iomoqu Maty* of so cams era 
■ Hi.. ; 'NNED PRODUCTION FOB THE YEAR ENDING SEPTEMBER XD 197* 
1 i I [ jo* a sDoooo crui tL7 mm mt idk 


,|;iI ikriis 


lI,;'tATfNG RESULTS 

milled ... .: 

'—at „ . . 

produced— ka . . — 

nie iwr ton mdiad 

. P' ion milted 

: per ton milled 

nue — . 


«T METALLURGICAL 
ME i JM5) iSee Summary) 
delivered 


io— a t ...... 

jnum — kg;f 

ipniir — Der cent ... .._ 

tim.tieP share at profit ifoss) tiv 
white stfnct charge* '.... 


\NCIAL- RESULTS 

■“tg prosit- -Gold 

» ol JMS fl« prpflt (loss) — 

li mated .j 

•suiiui v rci-etiue ........ ...... 

: brlorc taxation, and State's share 
pro tit . 

ton and State's share ol profit — 
.imavcd u.(* note; .... ....... 

t after tax and State's sharp— 

iimated -tsco note) 

at expenditure — metallurgical com* 
?■ — partly financed ny wav o> Mans 
.purchase ol Freddies’ mining and 

ori»r assets 

«Lher . . 

ends declaied — amount - 

— Per share 


, -Quarter 
-enoBd 
Dec'. 1977 

834 000 
12.02 
10 037 
■UftAB 
R2U9 . 
R 34.89 
K49 605 OOO 
R20 504 000 
R2B 101 ODD 


. Quarter 
ended 
Scot. >977 


President Steyn Gold 
Mining Company Limited 

and its wholly-owned subsidiary, Video Mining Go., Ltd. 


President Brand Gold 
Mining Company Limited 


Free State Saaiplaas Gold 
Mining Company Limited 


898 000 

13.08 ___ 

11 f£9 : 44 274 

RS3.19 -:'R4B.ia 

rIJ'-s ' Rasa? ® P «RATING RESULTS 

ratjmooo imubm om ftS**"* ■ 

R2Bouooo r9?5i4odd s?ic n ^°^'^T*Snk ! d' ~ ~ ~ 

Cost per ton milled' — 

Profit oar ton mined _ — 

Revenp* _ 

... - Cost 

. - •... Profit . . , 

JOINT METALLURGICAL 

508 000 1 0*9 000 **“* S ‘ m ” T1 * n ' > 

fl.2B • .V 0J8 

?'00 ; l'ot 901(1 — B.-t 

CUbuooq R 240 .QOO Eetlmateri imr C af*proftt" (toss) Inclosing 

serrlce charges . 

FINANCIAL RESULTS 

Warning nrofit GohJ _ . : 

RZ0O63 bOO 1*9*814 000 Share ol JM5 net profit (lossX— estimated 
■ " . _■ ... Net sundry revenue 


Sop 97 7 'SSUEO CAMTAL; 14 566 400 sham of SO nab each 

_ J PLANNED PROOUCTlpM FOR THE YEAR ENDING ’SEPTEMBER M 1978 

nnn Ton| M«3MOOOO Grade 8JT gram* per top 


3 436 000 
12.89 


5 52 a 7 OPERATING RESULTS 

tSs nXA milled 


R29UU00D RZBO&3 000 


1516 0001 
712 000 


2BQ 000 jao 800 

491030 .3 932 000 


Quarter 

ended 

Dec. 1B77 

752 009 
B.02. 
6 031 
■ R39.G8 
R2B.28 
R 13-42 
R29 8X8DOO 
R18 746 QDO 

me 092 ope 


IR260 000) 

RIO 092 OOO 
(260 OOO) 
268 000 


Quarter 
endod 
Sent. 1977 


Year 

ended OPERATING RESULTS 

Dec. 1977 ‘Tons mined 

Yfflfd— B/t 

3 ion non Go,d produced — bo . — — . 

a ioo odd Rovcnuc p„- urn mined — . . 

26 at! Ca» aar tan milled 

R 32 35 Profit per tan milled 


ISSUED CAPITAL! 14 040 OOO unlu at stock at 50 cents each 
PLANNED PRODUCTION FOR THE YEAR ENDING SEPTEMBER 50 1978 

ImdEwa 5 540000 0 tBin uTte treated hi Fm^tate ualplaas an a con Mo* urvlca ISSUED CAPITAL: 28 100 000 sham ol R1 each 

ISSgeOairt} ^ PLANNED PRODUCTION FOR THE TEAR ENDING SEPTEMBER 30 1 970 

Quarter Quarter Year Tonnage 1 200 000 Gratia 4Jf Drama per tan 

ended ended ended 

.. ... Dec. 1977 Seel. 1977 sept, 1977 • Quarter Quarter 


009 000 
8.08 
T 1B7 
R 36.75 
R2A5I 
R1 2.24 


R29 257 000 R28 834 QOD - 


1 902 000 Profit be (ore taxation and State's ahare 
— «f areht .... 

* Taxation and Stete'C Owe pi profit — 

454* OOO estimated . 


RIB 729 OOO 


Ri 536 QDO 
Rid 453 000 

R9 183 OOO 
RIS OOP 000 

- iso cent* 


R94 *4*000 
29 223 000 
RBS~~323 000 
RIO 338 000 


R24ls: R23A6 5*2 au * 

R12.24 RB.49 — — — — 

Rll B29 OOO '‘rtSm! Soo METALLURG.CAL 

. RB 903 000 R26 277 000 ' ^deH^ve? lS ** a “ m,ni,n 'J 

Ton* . . - „ _ 

Gr gQfrt— g(t 

017000 1497 000 

a.57 n.so Estimated chare ol prefit Including 

0 -D 9 o!o 9 service charge* ....... 

0.86 0.89 FINANCIAL RESULTS 

Working wans — Gaid 

R62t OOO R621 000 Sb*re at JMS net profit— estimated 

naxi uuo . D 7 J ldcm ,, received Iram Free state 
S*an»a*s 

R9 905 OOO R26 277 000 Net sundry revenue (expenditure) .... 

S3 1 522 . PI mo Profit before taxman and State's share 

355 000 1 445 000 p| profit 

— Taxation and State's share ol profit — 

• ■atimata) . 

10 879 000 28 543 OOO 

Profit after to and State’s share— 
— — estim a ted 


761 OOO 
9417 
6 905 
R45.28 
R23.94 
R21 JW 
R54 458 OOO 
R18 221 OOO 
RIS 237 OOO 


Profit alter to and State's aharr — 
estimated 

Capital expenditure-— metal largtcal cotn- 
u lex— -partly financed by way ol loan 

— other . _ 

Dividends cfcciared-~-emount 

— per share 


RIO 096 BOO RIO 879 OOO R28 343 DOB 


R563 000 
R4 68? 000 


R2 022 000 R11 345 000 

R5 990 OOO R22 8BOBOO 
RI 4 57 000 R2 857 000 


ttlmat«d tsee note) *■ . 


L'iiiiiiOjj 
iiiijlo ! 


U.FT SINKING 
5 main shaft 

nee— mcirei 

n to cuic — metres 

51 cuttin'-. — metres . . . 
5 ventilation shaft 
nee— ipcrres . . . . ■ 

h to date — - melrus. . , 
gn cutting— -metres . . . 


. Sampled 
gold 

.of _ em.R,t. 


i ). ■■■■ 


2 

3 

4 

7 (Freddie* 
No. 3) 

: 9 (Freddies 
No I) 
topi No. 414 
<t area 

tier ended 
lln her 1977 


tier enoea 
ember 1977 


petted 

fmOtr 1977 


RU 459 000 Loan Levies— estimated 

824 718 000 SHAFT SINKING 
□ 24 MO OOO No. 4 lub-vertical Shaft system 

240 cents Advance— metres 

Depth to date— metres 

R3 QBO ODD Station cutting — metres ...„. 

DEVELOPMENT 


NO. 1 

No. 2 

No. 4 ...... 

Video lease 
are* 

Quarter ended 

doc. 1977 . . 

Quarter ended 
Sept. 1977 . . 
Year ended 
Sept. 1977 .. 
Leader rent 

Nn. 1 

No. 2 

No. 4 .:.... 

Video Ins* 
are* 


7 T„ . - — Capital expenditure — metallurgical conv- 

R2a 343 DOB piex — partly ftnancod by wav of loans 

■ —Other 

Dividends daciared — •mount 

R1 1 345 000 --par unit of stock . . 

R 22 8 S 0 000 Lean levie s- ■ e s timated 

R2 000 * includes ’ tonnage treated on a cost 
20 cents plus lervtoe charge basis by Free 

— State Saaipteas 

Consol Matin’ profit’ after taxation and 
State'! share ol profit ot the company 
exc i and its subsidiary. Free State Saalolaas 
«:'q Gold Mining Company Limited — after 

1 377 4 aRawIng for minority shareholden’ 

* lutei eat 


RI 6 237 000 

1 368 OOP 


17 120 BOO 
7 589 000 


R2 281 OOO 
RI 126 000 


788 OOO 3 093 OOO 

9.35 10.56 OPERATING RESULTS 

R3s”i ^ l ^_Tf UCt,0n - l0 "‘ m “ ,Bd — 

R2S 36 R22.1 2 Yield— git • 

RTS. 33 R 17.48 Gold prgdncad — kg 

"30 490 OOO RIM 4M OOO Revenue per tel, milted 

RIB 411 QOD UBB 424 000 «. tan minn 

R12 079 000 RS4 064 00D ^ Sn m"« _1 II — " ! ! "II 

Revenue 

626 000 ■“«» sst o^"zz::zzzzt:~7, 

Sil 

0.89 0.9S JOINT METALLURGICAL • 

.in 000 ““ Su,n ™^ - . 

... . „ . ___ Tom ....... 


Quarter 
ended 
Sept. 1977 

299 OOO 312 000 

JL93 385' 

1 174 1 201 

R1944 RI 5.83 

R21.07 R 20.69 

R1.S9 R4.H6 

R5 826 000 R4 9*0 000 
R6 SOO OOO R6 457 OOO . 
CR474 OOOl (RT 517 000) 


Year 

ended 
Sept. 1977 


R12 079 000 
192 000 


11 688 OOO 
3 873 000 


R2 359 OOO 
R2 1 04 000 
RB 424 OOO 
60 cents 
R442 000 


R54 064 OOO — ' 

192 0D0 Gnde 

_ gold — grt ..... 

11 882 000 ) uranium— kglt 

r ■ lulDhnr — oer cent 

52 574 000 "»• °f nrofit — net — 

6 757 000 FINANCIAL RESULTS 

— Working profit iloas)— Gold _ 

BXEKv-vnnn Proflt «•«*** on ssie ol uranium oxide.. 
R4 617POO Share ol JMS net oroflt— estimated _ 

Net sundry revenue 

r 29 658 OOO ‘Cost adjustment on urevlowa sale 
RE 083 000 Profit ( lose) before taxation and State's 

RIB 252 OOO _ share of profit 

130 cents Taxation and State’s share of profit 


Profit after tax and State's share 
—estimated 

Capital ex Derail lure — metallurgical mm- 
ole* — financed by wav of loans — 


0.37 
0.21 
0.78 
RMS OOO 


588 DOO 
719 000 


041 
0.20 
O.BD 
R2 173 OOO 

■RI 517 000) 
(166 000) • 
2 173 000 
1 553 000 


0-40 
0.20 
0.82 
R2 173 000 


IRS 359 000) 
4 716 000 
2 173 ODD 
4 604 000 


RIO 148 OOO 


R48 1 85 000 Dividends declared ' 


R119 OOO 
>3 028 000 


RIO 000 
R2 518 000 


R743 OOO 
R11 153 000 


The attention of members It drawn to the report on the operations ol tne company's Tonnage treated lor President Brand on 


»437 


:cr rrrt 






* 


1 .... 

102 

»14 

185.9 

3-09 

574 

' P.17 

31 71 

4 . . . . 

395 

156 

207 9 

314 

953 

/ 0.11 . 

22.91 

fw riufrrf 
mber 1 977 

' 497 

370 

198.7 . 

3.12 

619 . r 

‘ 0,13 

28.62 

Iit widrd 




' 

* 



ember 1977 

- 634 

210 

184.8 

1.95 

361 

0.09 

15.71 

word 

Irobcr 1977 

3 054 

1 406 

■196.8 

3.15 

.620 

0.11 

22.12 

iortrvrtvf 
7 iFresdlrs 








•• No. 31 

588 

244 

147.B 

4A6-. 

655 

0.03 

4.49 

# iFrrd.ncs 
No. 1 ) 
»i No. 414 

522 

zse • 

1112 

4.19 

500 

0.05 

5.92 

1e area . 

23 

— 

■ “ " 

“** 

— 

— 


tsr mtaad 

■her 1977 

1 131 

802 

133.0 

4-34 

*77 

0*4 

S4S 

hi: rraj>d 
mber 1977 

1 337 

404 - 

»51JI ' 

2JI 

375 

0.04 

5.98 

sued 



_ 





mber 1977 

4 655 

1 53* 

'SM, 

2-87 

*47 

0.04 

5A7 

1DPMENT 









metres 

metres 

channel 

gold 

uranium 



wipm 

err 

9 t 

cm.g t 

kgf 

rnt.kg't 

1 (65 

304 

26 2 

26.74 

753 

0.80 

15.78 

1 977 

2 DB 

36-3 

4S.E7 

1 658 

0.70 

25.40 

3 398 

412 

37.0 

46.70 

1 728 

0.13 

4.86 

, 1 502 

110 

43.7 

(39 

411 

0.03 

1.46 

*S41 

1 034 

34.6 

SIM 

1 287 

DJ4 

11.84 

*427 

822 

*7.1 

36JM 

1 736 . 

0-26 

12.48 

33 B63 

3 296 

*3 8 

39.38 

1 725 

0.33 

14.55 

285 

82 

111.2 

' 5-09 

- 556 

0.33 

39.11 

Z50 

11 Z 

108.1 

3.15 

341 

0.14 

15.67 

Nil 

•“* 

- ” 

**- 

— 


— • 

— 

32 

279.3 

0.85 

237 

0.05 

12.97 

S35 

226 

1S3A 

X05 

408 

0.16 

23.79 

891 

640 

1 B 2.2 

2.94 

448 

0.24 

35.91 

1 83* 

1214 

138.3 

3.98 

. 550 

0.30 

*1*3 

208 

112 

72* 

6.17 

*47 

0.17 

12*8 

. ;w 

112 

72j4 

6.17 

447 

0.17 

12.28 

S3 

— 

— 

— 

— 

— 

— 

Z39 

104 

68.6 

5.89 

404 

• 0.11 

7*1 

tribute to mri tiqretopqd bv FmMtm.liw4 tout kncladtd mbami 

S57 

44 

10 E 

251-51 

2 666 

2.17 

22.96 

606 

42 

24.0 

593)0 

1 416 

0.44 

10.64 . 

. 1 740 

Z78 

.16.9 

184.44 

3117 

1*4 

20.94 


Quarter ended 
DCC, 1977 
Quarter ended 
Sept. 1977 .. 
Year ended 
Sent. 1977 . 
•a* R«ef 

Na. 2 - 

Quarter ended 
Oec. W77 . . 
Quarter, ended 
Sept 1R77 .. 
Year ended 
SnpL 197F .. 


Basal reel 
Quarter andMl 

Dec 1977 : S57 44 10 E 251-51 2 666 2.17 22.98 

Quarter ended 

5eut. 1977 .. *06 42 24.0 594)0 1415 0.4* 10.64 

1977 .. .1740 Z79 16.9 184.44 3117 1-£4 20.94 

DIVIDEND PAID 

The divine nd or 10 cents per share declared during the Quarter ended September 30 
1977 was paid an November 4 1977. 

CAPITAL EXPENDITURE 

Estimated expenditure tar the veer ending September 30 1978 is RI 9 000 000 which 
excludes an amount of R 2 ODD 000 to be spent on the metallurgical complex. 

Orders placed and onutancHng on capital contracts as at December 31 1977 Mailed 
R3 2x5 OOO Of which R32* 000 was In r**PF« Of the meteHurgtael complex. 


suoS'dicrv. Free State SaeAlaas. published In conjunction herewith. 
DEVELOPMkNT 

Sam d ted 

Advance — : - — - — 

metres metres channel gold 


Shaft area 
Basal reef 
No. l 

No. 2 ...... 

No. 3 _... . 

No. 4 

Quarter ended 
December 1977 
Quarter ended 
September 1977 
Year ended 
September 1977 
Leader reef 

Nn. 1 

No. 3 . : 

Quarter ended 
December 1977 
Quarter ended 
September 1977 
Year ended 
September 1977 
In addition, 
Area onder 
tribute from 
President Stem 
Basal reef 
Quarter coded 
December 1977 
Quarter -ended 
September 1977 
Year ended 
September 1977 
DIVIDEND 


e cast olus service charge basil 


SHAFT SINKING 
No. 8 Shalt 




cm 

Bl 

eikO* 

taft 

un.ka)t 

291 

66 

9J 

557-99 

S 300 

4.25 

40.39 

2 753 

362 

33.0 

24.06 

794 

0.22 

7.39 

1 413 

200 

9.2 

185-BS 

1 70S 

1.67 

15.39 

3 490 

396 

125.2 

17.97 

2 250 

0.07 

8.49 

7 947 

1 024 

62.5 

29.22 

1 826 

0.18 

11*47 

7 999 

890 

82.6 

38.23 

2 393 

0.20 

12.31 

29 511 

3 734 

54.8 

43,07 

2 360 

0.24 

1 3-25 

722 

212 

1 $5-5 

4.71 

732 

0.18 

25.29 

1 128 

288 

127.5 

6,56 

ass 

0.24 

30.87 

1 850 

SOD 

13IL4 

SJ 68 

792 

820 

28^0 

1409 

348 

148.3 

5.2* 

777 

0.25 

36.95 

5 37* 

1 740 

115.4 

5.99 

691 

0.26 

30.47 


Depth to date — metres _ — . 1 683.3 1 682.1 1 682.1 

Station cutting— metres ... ; 1264) 7 * 5.1 2 124.2 

Sinking operations, wmeh were stopped by the accident which occurred on October 7. 
were restarted on Decmber 31. 


113 000 

125 400 

499 500 

1JI 

64 J 

580-3 

1 E83.3 

1 682.1 

1 682.1 

126 !o 

745.1 

2 124.2 


857 

44 

10.6 

251-51 

2 666 

2.17 

22.96 

606 

42 

24.0 

59.00 

T 416 

0.44 

10.64 

1 7*0 

275 

16.9 

184.44 

3117 

1.24 

20.94 


DEVELOPMENT 


" a A a> f~qp.fl 

Quarter ended 
December 1977 
Quarter ended 
September 1 977 
Year ended 
September 1 9T7 

Leader reel 
Quarter ended 
Decamber 1977 
Quarter ended 
September 1977 
Year ended 
September 1977 
Haul reef 
Quarter ended 
December 1977 


Advance 

metres 


Sampled 

gold 

Oft cm. at 


uranium 

kg/t cm-kttft 


The dividend of 60 cents .par uoH of stack declared during the quarter ended Quarter ended 
September 30 1977 was pud on November 4 1977. &nemberi977 1 482 

CAPITAL EXPENDITURE Year ended 

Li lima led expenditure lor the year ending September 30 1970 is Rll SOO 000. In September 1977 5 047 

addition an amctmi pi R16 500 000 Is tq be spent on the metallurgical complex Of 

which approximately RB 500 000 rotates to the extension of the treatment facilities. 

Orders olacotl and outstanding on capital contracts as at December 31 1977 totalled CAPITAL EXPENDITURE 


142 

12D 

144.1 

23B . 

417 

0.14 

20.69 

' 653 • 

146 

*7.1 

637 

607 

0.3* 

3X04 

444 

116 

7o.a 

730 

517 

0.33 

23.06 

1 156 

412 

70.5 

5.74 

405 

034 

16.99 

1590 

214 

12 U 

438 

874 

0.16 

20.08 

1 482 

46 

863 

5.79 

500 

0.27 

22.90 

5 047 

784 

94.5 

6.10 

576 

0.27 

25.90 


R7 790 000 ol which R5 655 ODD was In respect of the metallurgical complex. 


Estimated expenditure for the rear ending September 30 1978 is R12 0Q0 000. 


January 20 1 978 


For and on behalf or the board 
D. A. ETHER EDGE } 

G. S- YOUNG \ Dlr « wrs 


January 20 1 978 


Welkom Gold Mining 
Company Limited 


For and an benall ot the board Orders Placed and outstanding op capital contracts as at December 31 1977 total Mt 
D A ETHCREDGE*) Ri 301 OOO or which R33 000 was hi respect iPf the metallurgical complex. 

- Directors 

G. S. YOUNG ^ For and on behalf of the boar* 

G. 5- YOUNG I D|peaM . 
D. A. ETHER EDGE I 

January 20 1978 


Western Holdings Limited 

ISSU 8 D CAPITAL: 7 499 378 shares ol 50 cents each _ 

PLANNED PRODUCTION FOR THE YEAR ENDING SEPTEMBER 30 1978 
Tonnage 3100 900 Grade 11.5 grams per ton 


ISSUED CAPITAL: 12 350 000 SHARES ol 50 cents, each 

PLANNED PRODUCTION FOR THE YEAR ENDING SEPTEME9R 30 1978 
Tonnage 2 100 009 Grade E3 grams per ton 

Quarts* Quarter Ye 


90M 

flit " ’ ~ em.fllt 


uranium 

kfl/t cm.kgH 


•r ended 
nb#r 1977 


*r ceded 
•Bbcr ld?7 


fK'm _ - 

hbrr 137 * 68 66 ~B2.6 1.28 - 80 O.IZ 7.23 _ _ _ . . 

. Profit alter, taxation pnd Stated share 

_ -HOHlmitod ■ 

— — . - — - - • Capltef expenditure ■ m etallurgical c*m> 

UND paid we x — part l y financed •» wav el loans 

■ —other . , t 

“Hieim d 150 ’topis' 'per Mare declared owing tee quarter ended September 30 DiyWanfl* declared •■•emoUirt^ — — -j 

wi) paid an November 4 1977. Loan tenles — esUmatcd — 


ended 
Dec. 1977 

OPERATING RESULTS 

Toro milled . . 7*7 OOO 

YMd— flrt — - IDAS 

GoSf produced — kg . 0115 

"jvyiwe per -ton milted Wl '7 1 

Cfltt. per ton milted R22.07 

Profit per tan milled _ ..R2 9-S4 

Coat RIB *86 OOO 

Profit K22 144 OOD 

JOINT METALLURGICAL. 

SCHEME <JMS (See Summxry) 

Slime delivered 
Grade . 

Tom - BIB DOO 

BOW— git — BAS 

uranium— kg* 04J9 

Wdni iu c up cant 031 

Cidmited share of urafitciaasl — n« .. UQS3 DBqi 

FINANCIAL RESULTS 

Working prost— Gow R22 1«*Ot» 

Share of JMS net profit! tosu — estimated C2ss BOO) 

Net sundry revenue 1 304 DOO 

Profit before taxarkox ana State's share 

of profit 23 195 BOO 

TMatJon end State's fto of profit — 

estimated .. ljiMOte 


Quarter Year 

ended _ ended 
Sent H77 Sens 1977 

■15 000 3 093 000 

11 15 11-77 

P 090 35 39* 

R«9.5» R43.79 

HI 9.95 RI 9.74 

RZ2.72 _ . R24.05 

R34 77S 000 R1T3 449 DOO 
RI 5 262 000 RSI D» OOO 
RlflS-IZDOO R74 389 000 


R22 1*4 OOO 
(25X000) 
1 30* DOO 


23 195 DOO 
13788 080 


R213DOO 
RI 504 000 


GS4 OPO 
0.44 
0 . 0 ? 
0.97 
*534 000 


R18 513 00P 
534 OOO 
989 000 


20 036 000 
12 218 000 


9792 000 
*978 OOO. 
10 495 000 
1 40 cents 
*1 026 000 


OPERATING RESULTS 

Toni milled i... — — .. — — — — 

Ytew—H'l . — 

Gold produced — kg — — 

Revenue per ton mMIgd — 

_ * n0 *SL_ cost oer tan milled _ 

Se°* 1 977 prof. i (Mr ton milled . — 

5 093 OOO rSt nlW 

JOINT M ET ALLURGICAL 

5*5-52 SCHEME lSf« Summary) 

S2:oS Den '* rrd - 

*5449000 J5Se 

51 060 000 

74 389 000 sxraiwt - . " 

sulphur— per cent — — — 

Esilirwteo share W - profit ...n e t- 

FINANCIAL RESULTS . 

» Working ornfit— GqW - — ■ — 

Net sundry revenue - 

1 051 OOO 

0-42 Profit adore uvatlop and State t. Mare 

0.09 of profit ... 

0.97 Taxation and Stale's share of profit — 


Profit niter tax and State's ahare— 
R 74 389 DOO estimated 

„ *52 “9® Capita) ewenomiro — mataitunpui com- 
4 209 OOO “Sl„— financed b« wr of tea** . . 


Sept. 1977 Sen- 1977 


ilex— financed bv wgy of loaAS .. 

—other 

Dividends declared ■ .amount 

— per stuu-e 

Loan levim— cetimated 

DEVELOPMENT 


540 000 
6.17 
3334 
R3O-08 
R22.T5 
*7.93 
RIG 242 OOO 
Rll 961 OOO 
R4 291 OOO 


R4 281 000 
329 000 


4 610 000 
1 942 000 


RTS DOO 
R352 000 


f*L EXPENDITURE DEVELOPMENT 

■t cap.ixl et pen u 1 utc foe the' vear ending Semember 30 1978 has been revised 
■1 030 000 -drcvlouilv R? 5 000 0001 te order to teflecl the decision to Sink 
“h r« s shaft and- the vkhulatldfi shaft concurrently. WhU* MHa doe* *« 

!*■» a Ben the- fatal cost qf tee nroieci tee rate of Baoh*! e*pendlture 1 * Unitun 

srvrf..,„ 

NO. 2 — . . „ 

m>fl nsntandlng on capital contrails .as at December 31 1 977 i gtelltd 5 7" 1.1 "T 
Moofl af.wmch R300DM wgi .m respect of tea mmUwgltal- comphs*. - ■ . 

Quarter ended 
December 1977.' 

TiON AND ■TATE'S SHARE OF PROFIT ' % U pMmto?977 

■* ol MIC etPCll Of the merstr 0 ! the mining teas* area of Freddies CqnsoHditwJ jj£5£,£KsM977 


Advance 

metres 


Sampled 

gold 


TiON AND STATE'S SHARE OF PROFIT ' ^DMmberl 977 

■* ol MIC etPCll Of the nwrotr ol the mining Muse area crl Frcddtes CorooHdited sm^i^mQ 77 

. Limned with that gf Free Mate Geduld retrrsoectlvn to October 1 197B. and Loader rqd 

V. *-kB‘Sufpn ol t»e Freddies 1 mm tug ana attar aunts, no cornwretlv* figures No. 1 

Hlloa. States Share of profit and H*gn WTv.are shown lor Ita ausrtar c rated J 
ifcTr 197? ,t K left these would grove mikleadmg. AH adWitmonti aiiotifittd . 

Me above nutters nave bsen taken into atcouat m tha figures givao for tha vgar Quarter coded 
Sfrnmnbd, 1B7T. ■ SEYMS' 

yi3S! m S£SL? J77 

"3HAFT COMPLEX Senfeeihcr 1977 


4B 

130 

618 

222 

18.8 

43.8 

55.1 

9-4 

106.12 

157.29 

2034 

199.47 

1 995 
6358 
1 010 
1 B75 

0.60 

0.46 

0.1T 

(.95 

1133 
20.19 
5-0 4 

1732 

1910 

403 

41.76 

2 015 

936 

1637 

1 138 

483 

51.78 

2 500 

036 

17.18 

4 526 

*83 

. *8.00 

2 35i 

. 0-28 

1 5.75 

94 

70 

f* 

241.0 

148.1 
204.7 

439 

1.1* 

7 179 ‘ 
3*3 
UQ 

031 

0.08 

0.M 

61.61 
9. 22 . 
12.66 

182- 

- 2M3 

■ *31 

772 

D.T* 

39,62 

198. 

213.D 

S.1* 

1 103 

a 25 

54.12 

740 

1843 

432 

*91 

01* 

30.13 


79 132 000 
48 215 000 

R30 917 000 


ftl 928 000 

R3 496 OPO Sba „ uv 
20 UOO BOO Kfl 1 , rut 

2*0 cents gg^iT. 

R4 074 OOO Jv5! 2 

NO. 3 

QpBrtBf ended. 

DecwnMf 1977 

Quarter enouo 

umalom Scncrnber 1977 

- — ■ , Year ended 

kftl Cm. tat 1977 

D 1UI NO. 2 


553 000 
6.34 
3 509 
824. 63 
R2I.35 
*3.28 
R13 621 OOD 
*1 1 809 OOO 
RI 812 DOO 


RI 812 0D0 
802 000 


2.31a 000 
384 000 


R JS 000 
RG1.B OOO 
3 369 000 
77-5 cents 
R36 000 


2 183 000 
6.36 
13 686 
R23.78 

"SJs JOINT METALLURGICAL 


Advance 

metres 


R213OO0 R3E 

S ampleu 

nel cold 

1 * 1 1 ’’ ■ ” 

•g 1 tm.g t 


R51 903 000 
*44 126 000 
R7 777 DOO 


R7 777 OOD 
1 499 ODD 


R371 000 
13 951 OOD 
4 288 DOO 
35 cents 
*118 000 


SCHEME 



Quarter 

Quarter 

Year 


ended 

ended 



Dec. 1977 

Sent. 1977 


Flotation plant 

slim* treated — toitt _ ^ 

3*68 000 

2 960 000 

4 767 000 

uranium Plant 

slime treated— tons ... _ 

553 OOO 

516 000 

913 000 

concantrate treated — tons ... . . 

60 OOO 

38 OOD 

84 000 

uranium oxide produced— kg . • 

105 90S 

94 420 

206 845 

Ada mate . 

acM oroaucM — tone 

S8B4B 

57 805 

137 668 

Gold plant . 

calcine treated— tons 

40 938 

34 522 

34 522 

paid produced— kg 

209 

114 

11 * 

Profit uoss) — after taking Into 
account service charges 

gold .... 

IR1 SOB DOO) 

— 


uranium 

R2 344 OOO 

R3 800.000 

R3 SOO 000 

add 

R2S1 OOO 

— 

— 

Total _ 

RI 327 OOO 

R3 800 000 

R3 800 000 


'-SHAFT COMPLEX SbWWiW j W 2 14*5 7dfl 1 BA -9 4*7 mi m ii H1 13 Qffarttf 

•Ugh Df sfnRinfl iprvicH and heBdgefif equipping at the mmn shaft have reached September 1977 

i»l ifagw. and work h on schedule to: tt».T taU scale slnkino operations «t dividend paid * smJLKS^io?? 

■S sf February 1978. Q" tee retitiwawi Wh Ihq collar end concrete headgear The dividend paid • of 1*0 am per ahare declared durtnfl the quarter ended dividend paid 

rtry (omptetsd in Decemb e r 1977. Pr»> linking openttans 2ra contlnulitt find September 30 1977 wafi-Pfild Dfl November 4 1377. The dividend pa 


Quarter ended 
December 1 977 
Qnarier ended 
Scstcmber 1977 
Veir ended. ___ 
September 1377 
Lcrtjer Reef 
NO. 2 .... 

NO 3 

Quarter cnml 
Deccmoe; 1977 

Yesr ended 
Scocembcr 1977 
Intermediate leef 
No 2 
Quarter 

December 1977 

Quarter ended 

Sept e mber 1977 
Yeir ended _ 
September 1?77 


1 600 
16 

183 

208.6 

75-00 

0-45 

1 380 
93 

0 6 * 
0 05 

1546 

9.86 

. 16 

2083 

045 

93 

OJU 

9JB6 

— 

— 

— 

— 

' — 

— 

^ , 


__ 

_ 

— ■ 


162 

148 9 

4.02 

599 

0.24 

35.05 

182 

1*8.9 

. 4.02- . 

599 

0.24 ' 

35.03 

80 

1593 

. 3 14 

501 

0.29 

46.39 

180 

1*7.6 

3.84 

567 

. 0.35 

50-95 

*4 

256.9 

DJB7 

222 

0.23 

57.92 

32. 

333.8 

0.54 

214 

0.19 

62.10 

92 

307.8 

0.60 

184 

0.19 

58 03 


tie tbik’no 1 * scheduled to commence to Mgy 1978. 


CAPITAL EXPENDITURE ... 

HS"g *. emnfltitre for tlw vaar endfna September 30 1973 It *7 500 000, 

For and on brtnH of the beard ^S^STS^ 

G. 5, YOUNG ) janwr W 1979 • «■ «* «* « 

D. A. E7HEMDGE \ Q * r ® CW<X C. S. YOUNG l_ _ _ 

p. A. ETHEftSDGC 


The d’vjdenjj ,g*ld sf 27J cents oer share declared during the Quarter endec 
Seotembcr 30 1977 w«umm an November 4 1977. 

CAPITAL EXPENDITURE 

™ r OHtino September . 30 1978 Is *4 SOO 000- 
ui f?v Sma. iSHvSHRS'Klte" 611 «P= f « ton tracts as at December 11 1977 totalled 
RI 183 000 O' which R3C OOo was In respect of Lie mwaM'iro-rji eomofev. 

For and on befifill ol fftfi bMto 
G. Y. -NISBET \ anetm 
G. 5. YOUNG ) 


NOTE 

Diner tnin prom irem uranium a» oe« revenup to -September 30 1 977 was 
capttersea. 

Due to tut urooiems encountered <n commission ing the original and new oJairts in 
tne JdMii Meuilurgical Schema, production has not come up to early forecasts fit 
order to mem sales commrtnunti a provision >s net no raised by oaracJoanta In each 
Quarter Ot thk current financial ve«r to finance the ourcna&e of uranium during 
tne roar from oner sources within the Group. 


ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA, LIMITED 

GENERAL NOTE . 

Development values represent actual results of sampling, no 
allowance having been made for adjustments necessary in estimating 
ore reserves. 

The Transvaal Group’s results appear on another page *n 
this paper. 

.Copies -.of these reports will be available an. request from the 
offices oj the Transfer Secretaries: 

Charter Consolidated Limited, P.O. Box JQ2, Charter House, 
Pork Street. Ashford. Sent TN24 8EQ. 
v LONDON OFFICE' 40 HOLBORN VIADUCT. EC IP IAJ 



Financial Times, Friday- Jaamwp 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



Enka loss cut but result 
worse than expected 


AMERICAN NEWS 


BY CHARLES BATCHELOR ARNHEM, Jan. 19 

ENKA GLANZSTOFF, the German stocking and tight man u- Mr. Hutter added that per- 

chemical fibres subsidiary of facturer, Kuhnert, get up a son Del at Enka’s Dutch and Ger- 

A fn nfnm hnfnm in SamWA .....it- _ m • f.ll u ARM A— 


BMW taps 

commercial 

market 


Sun pays $290m. for 
Becton Dickinson sta 


RCA 39% 
ahead at 


^ 4,700 ,0 SKur"™ *££&•»& a."5 n f“fli3 “S' atsuk: rsi £ ^ .«« jv-** 

lug Us loss in 197V . Last years the state Government. This InvestmpntK in 1977 were about Work. c » inini«* ttu eaIaai « .u. ♦« « Cnn pjihimm . <«m a«b avmii. Hertz Car Rental to 


By Our Own Correspondent 

NEW YORK, Jan. 19. eBY STEWART FLEM1NG 
tfW North America, the jjj ANOTHER major diversifica- 


NEW YORK. Jan. ML 


Throngh Wall Street invest- records 


o 8y ^NEW yl Y0KK r Jan, 

*• RCA CORPORATION climbed 

' record earnings fa 1977 on 8^/ 
with back of best-ever Tujrformancw*" 


the company's net " 
were 39 per cenu- 
the year ; before:” ! 


deputy group- chairoian, told a The cuts at ^ meant use of developm^tof, new product to-day forS2&£ hoId^andfromMr. Dickson per share were ****** higher than the ywr . wrajj- - 

Press conference. These tosses capacity was relatively high at that it will Issue up to S35m. in Becton Dickinson is one of the and his daughter. . — profit S134hn. and sales revenues although the 1^ net pnatfof 

exclude extraordinary items. S4 per cenU compared with the Mwnf commercial paper, using the pro- bluest manufacterers of medl- Sun said that now h has 5174.4m. . $177 .4m. Was depr^s^d -fajW * . 


exclude extraordinary items. 84 per ““t compared with the fnrthp airrent mr commercial paper, using the pro- biggest manufacturers of medl- Sun said that now h has 9174.4m. ^ $177 Am . , was 

Chemical fibre shipments fell “ vera i e of cent for Euro- . JRjSLjJL 1 for^dustrfal ee6is for short-term working C aL surgical and laboratory acquired the 63m. shares it is ^ 1978 Snn Company reported tone of S20m- ^by ■ 

6 St in ^ 1977 to 319M0 p ^. p T?SSL a LS £ hole - * rcrofJthS there will be ca P itaJ requirements resulting ^Sipmew including syringes, considering a merger or other- «*£ of £5.4bn., profit .after mx me win* of ."^S ;■ 

SSS “ « ESSK ssa wswss s&saasraac cr js t sshsu£sm& “ d “ * ■ 

ctt “s SSVf ieS" " “ ? *”*■ - —d 30 per cent Ztt££A t SffS\25L SSon w Td^ ue tb ® iflaafSB-fi y? ££ ■ ■ ' 


butkm of cars through the com- ment and bacteriological culture Sun and Becton Dickinson, a share §7.33. 


luoa mirauaicti lug ujaiuiuxig wxuic uui«. *uc iciuie uuiu uuua uuu im*b ubou avuicvcu euauies cmnpauies io issue uui» SULftS ID tne COntrOJ 01 3 top U.a. UJ>. SEOCK maiKCl. — „„ inetrifshlv must mVm "*♦*“*'. r." — “V ” 77 - 

effect of Government assistance, division accounted for 42 per In textile fibre capacity will have with a short maturity — in BMW’s company for several years and fa its latest financial yeaT a ^ n a n-rcn ewab le president and cnlri , pxecmtivej . 

Dr.- Hans Guenther Zempelin, cenL of total sales last year, no marked impact on profits in case not more than 270 days — reflects among other things dis- Becton Dickinson reported -sales* ® ace '* xc - said that- the peak profit- etc 

n heimtui rnl-n oniil TVia RA nor Aant ;«I 1 ry?n 1070 in e>wv7a^ fn r Wu* -jt- . nnnnnnA Pah A* rBSOUTCfiS. . . V k n ^ nri PaTfllTlffl HWOTrifr 


chairman of Enka, said. Tbe against 60 per cenL in 1970. 


Credit Suisse bond issue 


case not more than 270 days— reflects among other things dis- Becton Dickinson reported -sales- “T.* 7 — said that- me pew vnmjM ^ i 

in order to raise finance. Tbe satisfaction among major share- revenues for the period ending resources. been based on earnings p* 0 ™*'' i.ihJliK 

market frequently brings holders with the unseating In September, 1977, of S596 idl, net He added that me company is by seven divisions and, bw-- fljt*** 
together companies with spare April of last year of Mr. Farleigh profit of $46.5m. and earnings considering - purchasing adai " sidiaries, Hertz. Corp., Nation^ 
cash and those seeking short- s. Dickinson Jr„ then the chairs per share of 52.43. . tiional shares in brokerage or Broadcasting Company, Coronet o||l> 

term funds. It has grown rapidly man. It has. one -of the best earnings private transactions. - - - Industries, RCA Records^ RCA , , l 

in the past two years because tbe . : — ^ — ; — : — : ' : service Com any. Solid. State and jihJl’U 


BY JOHN WICKS 


ZURICH, Jan. 19. 


costs of borrowing through com- - 
mercial paper issues have been 
significantly lower than tbe costs 


CREDIT SUISSE of Zurich, is by 


Suisse,- totalling SpA, reported that it _ bad ?fc to I^^Sii p r“L rate fr0m 


SEC chief urges new board structure 


to Issue a further Sw.Frs.100m. Sw.Frs.53m. and being redeemed bought some LSibn. (about £2xn.) 
of bonds in a public offering prematurely, as well- as to The three plants from the 


U.S. commercial banks. 

About 25 foreign companies 


BY OUR OWN CORRESPONDENT 

ui uuuua in u MuuLic uuciiitK prematurely* as wen • as lu me uxrets pidius ituui uic ^ . <■ ^i rt j _ . , . u*v a r— ; - 

from January 25 to 31. This finance long-term Credit Suisse AmpagJas and DugapJast con- JJJ RADICAL CHANGES in the Although Mr. Williams is totally independent of manage- tube has helped the colourU-, , 

follows a SwJYs.lOOm. issue on business. ceras. both controlled by Texon r g T composition of the board's of suggesting that the restructuring, -ment This would prevent a tele virion manufacturing division;,^- 

the capital market as recently as Paul Betts writes from Rome: Finanzanstalt, the Liechsten- Tobacco and u - s - corporations have been pro- of company boards should' be. minority of outside directors to. sell more seta than ever be-,- 


best earnings private transactions. . . . Industries, RCA Records RCA " 

— : — : — : ' : • service Com any, Solid. State and * r 

, Oriel Foods. ' 

v board structure • ^ 

increasing the quality: of its pro- v '- 
NEW YORK, Jan. 19.‘ duct lines in most markets- Thua^ -' 
the development of a pev-plb;'^ 
Williams ' is ' totally independent of manage- tube has helped the. colour ' sIt' 


cent, offered in November. following the Chiasso .Affair have now been taken over by outstanding, backed by a French 


The new 15-year issue will be emerged to-day with the sale of Credit Suisse. government' tnTarantee “ fag debate fa the U.S. about the tive directors to only^one and “Intimidating power” over a During this tounn jejuaner* ■- 

offered to the market at 101 per three plastic manufacturing Caleppio, which currently has In BMW’s case, since the com- structure of company boards; recommen ding that the executive' majority of directors who are RCA’s expectations of the con^ ■ - - 
cent. Its proceeds will go to the plants controlled by the Swiss an annual turnover of some pany did not want to release include a restriction on -the director should not also be the dependent upon him for -their suraer electronics . sector ,vni*6.. 

conversion or repayment of three bank in Northern Italy to a small L13bn^ and operates in the detailed financial -information number of management repre- chairman, Mr. 'Williams in a seats. heightened by lt$ fatroductipn.’ - 

former loans of Schweizerlschc Milan-based private concern. plastics sector, now proposes to about its UE. subsidiary and sentatives among a company's speech to the Securities Regula- Earlier this week the SEC of a four-hour videotape recorder^ r 
Bodenkredit-Ansfalt. which was At a Press conference to-day. expand its activities and increase because it wanted the top ratine directors to only one — ideally" tion Institute of San Diego also issued a report suggesting that produced by the Japanese com-, y * 

taken over some time ago the Milan company, Caleppio its capital from _the. credit rating agencies the chief executive officer. suggested that other members of outside directors have an obliga- pany Matsdsnita. This is MUing. - ' 

' ’ (which it got) the paper it issues Concern about the fadepend- management should be excluded, tion to check the accuracy of for 51.000 in a mareet whi^_' 

will be backed by a bond of ence and influence of outside along with “outside counsel information which their com- Mr. Griffiths said wday s&aulC 1 


EUROBONDS 

Few new 
issues 
on offer 


Options clearing house 


indemnity issued by a leading directors has been a recurrent investment bankers commercial ponies provide investors. 

U.S. insurance company, Aetna theme, particularly in the wake bankers and others who might ' Toe report criticised six of the 


reach $lbn. fa 1979. 


Life and Casualty. 


BY MARGARET REID 


By Mary Campbell 
THE PRICING of four issues 
yesterday and the postponement 
of one due for announcement Id 
the D-Mark sector leave very few 
new Issues on offer on the inter- 
national bond markets. Most 
remarkably, there is not a single 
issue on offer in D-Marks. 

In the dollar sector, the Datichi 
Chuo issue was priced at - 99 
The only dollar issue on offer in 
tbe Eurobond market now is the 
ECSC $30m. offering. 

In the D-Mark sector, the 
World Bank DM500m. offering 
was priced on the indicated 
terms and, despite its large size, 
was bolding up well in secondary 
market trading. The Brazilian 
offering, which was increased in 
size earlier this week, has been 
priced at par on a 6f per cent, 
coupon as indicated. This was 
said to have gone extremely 
strongly. 

The D-Mark sector was again 
stronger yesterday, with substan- 
tial turnover. 

Tbe issue postponed was 
DMSOOra. due from Commerz- 
bank. The reason for the post- 
ponement was thought to be 
delays in approval From the New 
Zealand Government, for whom 
the offering was apparently due 
to be made. 


A MULTINATIONAL consor- 
tium has set up a new Dutch 
company, First Options of 
Amsterdam, to aet as an 
options clearing house and 
dealer on Holland’s proposed 
new European * Options : 
Exchange, which Is dne to 
starl operations on April 4. 

The new venture is the first 
clearing house whose forma- 
tion . has been announced, 
though it appears that some 
four or five Dutch banks and 
other financial bodies are also 
to set up clearing houses to 
participate' in the planned 
new market 

Merrill Lynch, the largest 
U.S. international stockbroking 
concern, las applied for, and 
been accepted as. a nahlie 
floor-broking and clearing 
member of the EOE. 

First Options of Amsterdam 
Is jointly owned by Barclays 
KoL an Amsterdam tanking 
and stock market concern in 
which Barclays Bank Inter- 
national has a stake of more 
than 80 per cent. First Options 
of Chicago, and an overseas 
subsidiary of the London stock- 
broking concern. W. L Carr 
Sons, which has played a 
leading part In researching 
options trading. 

The Amsterdam-based Euro- 
pean Options Exchange, 


6^nid“i“lJ5S 0 K ™L JtelMPfl SITSnu 

nrted under the ran- long terra debt by Im pen al- 


in options in 30 British shares, 
probably beginning with five 
or six of the largest companies 
including Shell Transport, BP, 
(Cl and perhaps GKN. 

Present Indications are that 
the limited British options 
trading operation, planned to 
be conducted under the con- 
trol of the Stock Exchange, 
will be launched at much fc 
same time- as the Amsterdam 
venture. A project for a joint 
Dutch-Britlsh options exchange, 
modelled on the active Chicago 
Board Options .Exchange, which 
has been running for nearly 
five years, was shelved in 1976 
to be replaced by the present 
two separate ventures. 

The new First Options of 
Amsterdam will have major 
forces behind it Barclays 
Bank International. In the 
Barclays Bank group, has 
offices In over 79 countries. 
And another of Its three 
owners. First Options of 
Chicago, was said yesterday by 
its vice-president and control- 
ler, Hr. Howard Lawrence, to 
be the largest clearing member 
of the CBOE, clearing some 
16 per cent of the business 
there. 

The new First Options of 
Amsterdam will have 
authorised capital of Fls^£m. 
(£570,000), of which FlsJJ3m. 


Quick sale for 
ICI offer 


of the company failures earlier realistically* be thought of as seven non-executive directors of 
in the decade and the corporate suppliers hired by management.”. National Telephone —> which is 
bribery scandals of tbe past few The objective of such reform, now in bankruptcy proceedings — 


Raytheon 

optimistic 


By Our Own Correspondent 
NEW YORK, Jan. 19. 


Westinghouse 
contract probe 

: PITTSBURGH, Jan. 19. 


would be ta make the board for failing in this obligation. opitmiMic ■ 

: : * UNUSUAL strength .in both- -! 

Raytheon Co's Government and- , 

AMC switches engines helped boost fourth quarter' net' i 

° income by 41 per cent: and m&- 

BY JOHN WYLES NEW YORK, Jan. 19. created “good conditions" for a-. 

dividend increase this year Mr. 

AMERICAN MOTORS (AMC). necessary to. comply -with ever Thomas L. Phillips chairman j 

fVio trnnhlwl cnialljqr mnrirtiHvr tinhtpninP PwIpmI Ofonrinrrifi in .mJ .Viinf AVfu,nfiub tAlJ A P.Hrtitf m 


BY JOHN WYLES 


NEW YORK, Jan. 19. 


Chemical Industries* tl «! «,K. - ah a. eu muiuno iaibw, uewaadij w- wlui j. nomas Li. rnuiips cnaimren r :i 

sidterv ICI NorfF Amerira Sri WESTINGHOUSE ELECTRIC the troubled small-car producer, tightening Federal standards m a nd chief executive, told AP-Dow * 

quickly SdiS on thf New^ York Cor P- 33111 ftat *** Department has abandoned plans to build a these areas. w Jones in Lexington. Phillips 

bond y market, according tn °* Justice and the SEC are con- Volkswagen car engine under Mr. Ian Anderson, AMCTs chief said fourth quarter net income *■* 

(syndicate members. . ducting an Investigation into the licence fa the United States and administrative • officer, said, rose to about S30m. or 97 cents 


The offerine the second such awarding of a nuclear power has turned instead to General yesterday that his company a share from 521.2m. or 69 cents 

issue hv Id’ fit- first raised plant contract in the Philippines Motors as a supplier of four- would continue to buy engines a share a year earlier adjusted 

money this way in 1975 with a Westinghouse, AP-DJ reports, cylinder engines for Its 1980 from VW under a revised agree- for a two-tor-one stock- split last* 
5100m. offer carrying a nominal The. inquiry is being made by models. ment, and wU offer them in some June. Fourth quarter sales rose 

interest rate of 905 per cent)- a special task force under the After a year in which its 1978 and 1979 car lines. -• about eight per cent, to a hour 


plus accrued interest to yield ments. decided to save' most of : the luxury small car. The Concord. 'was the 32 per cent -gain '’Iff' 

8.94 per cent, to maturity fa the Westinghouse said it expects $60m. investment originally About 15,000 engines have so far profit for all 1977 on a 14 per 

year 2003. The sinking fund investigations to clear up slated fora plant to manufacture been supplied by VW since the cent, increase in sales. Net 

debentures carried a - nominal “the confusion^ caused by recent Volkswagen . engines under contract was signed in 1975. Mr. profit rose about 32 per' cent 

interest rate of 85 per cent and media reports.” licence. Anderson acknowledged yester- last- year to $H2Jm. or about' 

were Triple-A rated by Moodys Westinghouse also reported Moreover, the .new arrange- day that investment; in an engine 53.65 per share from $S5.2m. or 
and Double-A rated by Standard quarter 1977 net earnings men t with General Motors will plant “didn’t appear economical $2.79 a share in 1976. Sales rose 

and Poors. of ^Im. or- 78 cents a share. g lve AMC access to the dumber to make at the moment" 14 per cent to about 52.820bn. 

At this level the extra cost of against S62^4m. or 71 emits a ooe automobile producer's tech- ’ He also said that AMC bad from S2463bn. in 1976 he said, 

the issue to ICI over a compar- share in lws. Latest n gores achievements in the fields wanted a Slightly larger engine ■ — - ’ - ■ 

able Double-A rated U.S. include ap exteaordinary item ror 0 f emissions control and fuel than the two-litre VW and that l?lA/>fv<nninn lifi 

chemical bond was about 40 basis settlement of uranium supply C c onomy. If is doubtful whether the GM version will be 2JS litre JiiCCtTOllICS lift 

p° mts - aSSLi- JStUrn iTH*. w P n» AMC has the resources on its and will be acquired from GlTs * „ * n 

7 S^ S n ^orllV»ed^S •» *“ -»■ d™.opm raB Pontiac division. . . far ROCkWCll : 

neyuoiuswnDyeai; . 5223.2m. or S2.54 for 1976. * ROCKWELL * INTL ' the aero- 


through which investors will . is likely to be paid up initially. 


Reynolds ends year 
on strong, note 


Electronics lift 
for Rockwell 


*111* TER 


be able to trade, under stand- 


The dollar sector c .interned to ardised terms, in options to buy 


pick up yesterday morning but 
fell back a bit in ihe r.ftenwnn. 


shares In future at pre- 
determined prices. Is likely to 


dealers reported, mainly on pro- deal In Us first year. In options 


fessional profit-taking and in 
line with the dollar on the ex- 
change markets. 


in some 60 shares of European, 
British and UJS. companies. It 
aims to deal, within 12 months. 


and access to another Fls^im. 
In subordinated capital from 
its owners. It is expected to 
offer clearing services to con- 
cerns which want to join the 
EOE but which do not have 
a place of business in Amster- 
dam. 


REYNOLDS METALS; ended 
1977 on a strong note With 
fourth quarter earning s v amount- 
ing to £23 ^m. or 51.20 k share, 
compared with 518.9m. or 3L05 
a year earlier, Reuter reports. 

The latest figures include 
foreign currency translation 
losses of about 56m. or 32 cents 


Borden in Dow 
Chemical deal 


Machine tool merger 


BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT or 85 -cents ^reiiousi^ w 

A MERGER planned between director -of G and L-F, said diluted share earnings. c,s GHii.j ; 


ROCKWELL INTV the aero- m 
engine manufacturer, announced . 
net- profit for the first-quarter to . 7 aaI« 

December.. 81 of- .540 Jim. or -Z0CI1O'* 

51.15 a share compared with 


By Kerin Done. 
Chemicals Correspondent 


the: UE. groups Giddfags and yesterday that the merger, °? n ™ 11 

Lewis and Motcb and. Merry- when it goes through, should totalled W^Sbn. against -r 


weather to form one of the noiT result ”to too manv chansM 51^Sbn. - - ' . 

world’s largest machine tool ^ ^ UJC . busfae^^Wb dotft V7 Anders0n - president, ^ 


ses of about 56m. or 32 cents ®°]P EN : **** chemicals and groups will have repercussions compete 'anywhere Bait there is 37 P«r cent facrease"ro : i fV - 

share. compared with about food products group, is expand- in Europe . F ol earain&s reflected continuing:.-. 

7m. or 21 cents in 1976. Ing its European chemical opera- Tnw.ih*r th« earnings growth in the elec- ,. ." 


EULABANK 


$3.7m. or 21 cents in 1976. fafi its European chemirol opera- Toget her the American ffiimatiin smd^uSiStelS: growth- i n th e eltc-a, : 

However, commenting on the tions with the acquisition of a vrill have an annual SJS - marxet intern trourcs business and in the utiUty " A 

figures. David P. Reynolds, chair group of small plante from Dow of aroun d 52 50m. of * „ . ' J • • “ d industrial operations which 

man. said shipments In the first Chemical, one of the leading aroond $50 itl ^ i 0 non . Motch. and Merf-yweather is he said benefited from n $5nt. - , " 1 

half of 1977 were ahead of a chemical conglomerates. machine tool operations such as a l so fae biggest importer of net gain-on a property sale. - ’ T C 1 ' 

ye'ar earlier, but for the full Borden has acquired the the manufacture of industrial European machine tools- into the Also cited for the improvement' c 1 .'," *' 


Extract from Audited Accounts 
for the Third Financial Year ended 30th September 


economy dunng th e second six ^ at Bilbao ta the north of ma B n 0 u t ? ac tS“ P g anieS JgSoSZ Heller of West Germany. du^.to redured losses fa- the 

Primary oneratine rate at the Spam - Giddings and Lewis- Fraser. It has also distributed Giddfags T ota i . |W4 , A -- 

I end of year waf 84 per cent. Uf year Dow Iberica’s sales based in Arbroath, Scotland, has ^ Lm^. machine tools ‘ for fend** aeroapaco* ^orders 8 was 

of North American capacity, of formaldehyde, resins and a turnover approaching £4m. many, years in the UA and 54.ibn. as of Dec^ber "^! 


Share Capital and 
Retained Profits 


Deposits . 

• Cash, at banks, money at 


Deposits with banks- 


Loans 


Total Assets 


Profit before Taxation 


Profit after Taxation 


1977 

1976 

£ 

£ 

13,158,270 

10,192,063 

143,983,522 

90,134,035 

; se.Tk^ie 

15,956,634 

8,601,784 

5,760,056 

110^90,052 

79,666,832 

160,030,529 

103,668,849 

. 3,068,057 

1,750,314 

1,526,207 

719,105 


Of north American capacity, roraiaiuenyoe, rest us auu a luiuuvei appruacuniK «iu. ajuu. £4.ihn as Of DemmW-'ti- • 

and the previously reported re- moulding powders were in the Motch and Merryweatheris off- claims to coyer 80 per cenL of against S4Rbn a wear ^ tSrnSr'- .' i 

start of idle capacity now under region of £8ra Borden has shoot, is Cone-B lan chard at the Industrialised states through Backlog of "commerriai anri 

way in the Pacific North-west will acquired the plants for about Aldridge Walsall. direct-selling operations- as well funded - aerospace orders *as= 

«v. ... k. nn — Cfim TJtr Pat Ralln manaerina nc mrantl-v mnirinn ini. ann, .. H . c UAUtUTs 


increase the rate to 90 per cenL £6m. 


Mr. Pat Galley, managing as recently moving into Canada. S2Rbn. (S2.4bn.). 


U.S. QUARTERLIES 


SHAREHOLDERS 


Europe 

Atonrai! b'l.i- Ked-si i NV, 

AMSTEFDAiVI 

E.illCa N JUC a. > It -fe i Li'. CIO, 

ROME. 

Banco Cent Ml S.“., 

MADRID. 

K'lnquc- Bf li.wlierf liUiiber: SA, 

BRUSSELS 

RiiKine FLiioi do Ku is Sn. 

PARIS 

B.irclavs Bduk IrjWrnjiiQiul lid, 

LONDC-N 

EAysni'did H /pcilw^ii- ur.d Vvefriisel-BdiLft, 
MUNICH 

Dei iiwrh-Sodui.te t ikunLche Btifa" AC, 

HAMBURG 

Dresdner Bunk AC, 

FRANKFURT. 

Ojier teidi ioL-he Linde i fckjhk AG, 


Latin America 

LiucaSt.-rfin SA, 

MEXICO D.F. 

Banco de Colcrrubia, 

BOGOTA. 

banco 'lei Ecladu tie Chile, 

SANTIAGO. 

B.tnco de la Naddn, 

LIMA. 

Banco de L Nacion Argentiiia, 

BUENOS AIRES. 

Banco de la Republics Oriental del Uruguay, 
MONTEVIDEO. 

Banco del Pidnndia, 

QUITO. 

Banco do Brasil SA, 

LRASIUA. 

Banco Industrial de Venezuela 
CARACAS 

B-onco Mercantii de S3o Paulo SA, 
SAOPAUIX*. 


VIENNA. KAO PAULO. 

Copies of the Annual Report may be obtained from the Secretary. 

EuTo-Latinamericaii Bank Limited 

Gillert House, SSflosinghall Sireel, London EC2V SEN. Tel: 01-60E SI-41. Telex: 6SI 1939. 


GREAT NORTH NEKOOSA 


PARKER HANNIFIN 


REPUBLIC .STEEL 


FoaiUt Quarter M77 

s 

Revenue 234. im. 

Net Profits ... 15-bm. 

Net per share u.98 

fnt 

Revenue 923.am. 

Net profits ... 77 dim. 

Net per share 4.84 


844.6m. 

62.1m. 

4.05 


STAUFFER CHEMICAL 

FourUi Quarter «n 14i 


Fourili Quarter ISti 

S 

Revenue 275.2m. 

Nei profits ... 32.*<n. 

Net per share 1.49 
fear 

Revenue I.g3bu. 

Net profits ... 116m. 

Net per share 5.32 


im 

s 

251.2m. 

244m. 

1.11 


LlObO. 

113m. 

550 


NCR CORP. 


Faortl* Quarter 1977 1976 

S 5 

Revenue 774.3m. 715.8m. 

Net profits 59.3m. 38.9m. 

Net share dil.„ 2.07 L41 

v#» 

Revenue 2fi2m. 2.31bn. 

Net profits 143.6m. 95.6m. 

Net per share... 5.09 3.60 


Fourth Quarter 

wn 

s 

WTfc 

S 

Net profits ... 

6 -rim. 

5J8m. 

Net per share 

■;.68 

0.58 

IMP. CORP. OF AMERICA 

Fourth Quarter 

1977 

1976 


s 

s 

Revenue 

111m. 

91.1m. 

Net profits ... 

15.6m. 

11.7m. 

Net per share 

JJ.4 

0.85 

Year 



Revenue 

410. im. 

335.9m. 

.Net profits ... 

56.2m. 

407m. 

Net per share 

4.10 

2.98 

MARSH AND McLENNAN 

Fourth Quarter 

1977 

1976 


s 

s 

Revenue 

103 Jm. 

87.4m. 

Net profits ... 

10.3m. 

9.4m. 

Net per share 

0.79 

0.69 

Year 



Revenue 

430.4m. 

355.4m. 

Net profits ... 

56.1m. 

46 9m. 

Nei per share- 

407 

3.41 

TRANSAHER1CA 

Fourth Quarter 

1777 

1776 


FoorUi Quarter 


ETHYL CORP. 

Fawrlh Quarter 


ALLIED CHEMICAL" 

Fowl* Quarter MM 


Revenue ........ 732.8m. 584.3m. 


Net profits 15.0m. 

Net per share... 0J3 

Year 

Net profits ...,„ 4L0m. 
Net per share../ 254 


65.9m. 

4.07 


PACIFIC GAS & ELECTRIC 


Revenue ......... 

Net- profits 

Net share dll- 

Year 

Revenue ........ 

Nqt profits- 

Net share dil.; 


1W7 IM Fourth Quarter 1977 1716 

-S • . J. J 

Revenue 757m. - BESah- 

17 £ek M n 7 “j 5 et profits 35.9m. 4L2m.-^ 

°- 8G P-72 Net per share 1.2S 1J48 Ip'i 

ci 8 ? 0 * - I9bn. -. 2.6bn^“-'' 


72 77, *‘wv„uv i,uon. 2.6bHig“- 

^4^ S®! profits- 132m. - IITMjJ; 

3 59 Net . per share 4.70 - 4JMp Ss .“' 


Fourth Quarter 


Revenue 

Net profits — 
Net per share.. 
Year 

Revenue 

Net profits 

Net per share.. 


1777 1776 

5 S, 

946.8m. 71.2 m. 
66.0m. 71 An. 
0.73 0.81 


ALCOA 


3.5bn. 2.7bn. 

282.4m. 2385m. 
3.15 2.90 


■ -.Fourth Qnittr 1977 1776 

Revenue 826.5m. 140.4m: 

Net Profits ... 44.78m. 39^3m. 
Net Per Share 1.27 1.13 

Y nr 

Revenue 3.42bzL 2.92bn. 

Net Profits — 195^1m. 143.79m 
Net Per Share 558 .4J4 


UNITED STATES TST. OF N.Y. S0.-(’AT.fF"^piS0N 

Fourth Quarter 1W7 1776 Fourth Quarar m 


COMMONWEALTH EDISON-, r : / 

Pwt, l Quarter 1977 W7» “ a 

Revenue ...... 523m. ‘ 478m."^ 

Net profits .... 59m. ftn£T, • 

Netper share .. : 0.'6S -053- ; 

Revenue 2bn. -JJtai V 

Net profits ... . 246m. ,241m.... , 
Net per share 258 ' • 350. - 


350 


Fourth Quarter 1777 

S 

Net profits 2.8m. 

Net per share... 0.94 

Your 

Net profits. 95m, 

Net per share... 3.07 


WESTERN BANCORP- 


Fourth Quarter 1777 


Net before secs 34m. 

Net per share 1.43 

Yew- 

Net before secs 120bn. 

Net per share 5.04 


5 S 

Revenue 831.5m. 7122m. 

Net profits ... 39.sm. 29m. 

Net per share J.60 0.44 

Yw 

Revenue 351bn. 2.73bn. 

Net profits ... 171m. 1145m. 

Net per share 2.56 1.71 


OWENS-CORNING FIBEB GLAS 

Fourth Quarter 1777 M» 


raurth Quarter 1977 Wfo 

.gS*™- 536-4m. 458.4m. 

Net profits ... 615m. 59m. 

Netper share 0.90 c.97 

Revenue 206bn. l.SSbn- 

Net profits ... 256.8m. 221.7m.' 
Net per share 3.88 3:70 


AIRCO INC. 

Fourth Quarter - x*n 1W 

Revenue 235.4m. . 214.4ri^- ; . 

Net profits. ... 135m. ..-444nk 
Net per.^hare - iJjo : -..iar-. *. 

-Yoar . ~ n . 

Revenue ...... gso.im. 841.7m. ^ [C 


MARINE MIDLAND 

Fourth Quarter 1777 


CHAMPION INT. CORP. 

Fourth Quarter 1771 


Revenue 4S9.1m. 297.0m. 

Net profits 35.8m. 215m. 

Net per share... 238 741 

Year 

Revenue l-4Sbn. I.08bu. 

Net profits 1125m. 7LSm. 

Net per share— 7.48 4JJ0 


BURLINGTON INDS. INC.' 
H«* Quarter 1770 ■ , 


Revenue 920,1m. Stt.Tm: ; - 

Net profits _. 55JShL v., 54m- : , 
Net per share 4J0. 4fi8 v 


Net profits ... 
Net per share 

Yaw- 

Net -profits 

Net per share 


ITrimr 


Revenue 769.6m. 771. 6m. 

Net profits 15 3m. 31. 8m. 

Net per share... 057 0.63 

Year 

Revenue 312bn. 3.07hn. 

Net profits ...;;. 138.6m.- 135.9m. 
Net per share... 2.49 2.51 


FIRST CITY BANCORP. TEXAS 

Pnrtit Quarter M77 n™ 


w QWUHtr vnt ■ 1977 ■ 

Revenue ......... 59L9m.'550 $ 6m. 

Net profits 14fim. 205m 

Net per share... 0.5L oj£ 

SOUTHERN PACIFIC ■ 

Fourth Quarter 1777 in 


Net per share 
SCI CORP.~~~ 

- Secoatf Quarter ' 


Net profits ... 12,-un. 
Net per share 1.12 
Year. 

Net profits ; ... 41.8m. 
Net per share 3.7s 


Wt7 1777 

s $ 

9.2m. 
1-12 0,83' 


34.6m, 

3^3 


Revenue -S24nL. -485m. 

Net profits ... 265m. fl25m. 
Net per snare ' 0.98 1 on 

Year. 

Revenue 2.10bn. L88bn 

Net -profits ... 118m; -108m! 

Net per share 4.39 ain 


6m. ■; W 

5m. Revenue 35Sifim. 

££1 Net profits 

Net per share 0.75 
St* Mouths 

ft Revenue \725m^ 

' ’ Net profits item. 

Net per share 

S CHARTER N.Y. ; ; 

Sbn ^ aar0> Quarter ~ 1917 - 

profits 1 .. liAnr 

4.10 Net per share... L53. 


’’ ‘ * i' 


• =irt; • 

- s -7 

332.8m.. : ^ 

fc - 

051 :! 


67 

.- IffTtiLti'-. 

. wj • 




j._ US . 






Financial Times- Friday January 20 197S 


27 


STER NATIONAL FINANCIAL AND COMPANY NEWS 


yr France’s re-equipment programme 


DAVID CURRY 


’FRANCEms to spend almost after Renault and - Peugeot- Boeing- 737s (the company jean. It is foreseen 


PARIS, Jan. 19. 

■ <«ie« i'; zi"" j — •• — — , — o ■«■<> v”- j '»*“■ ** »■» iuiwtsu that the costs of investment in the 

' r 9on. (£b&5m.) on. re-equip- Citroen, has always had this dual wanted 20), But firm gnaran- Frs-2.74hn. will come from the Concorde services including the 

oyer the nest three years, role. Over the past.- few years tees have been given that Air company's own resources, some purchase cost of the aircraft. In 

tuition, it has given a firm the company, has. demanded a France will be first in line for FrsJootn. via a state contribution addition, it will cover 70 per 

“taking to buy the new “renegotiation” of the balance the new European airliner now id increased capital, and the rest cent oi the operating losses of 

wan medium-haul airliner between business and national being discussed between France, from the domestic and inter- Concorde, though Air France says 
ded it is competitive in interest operations oh.- the Germany and the U.K. M. national markets. that its supersonic services 

; of cost and performance, grounds that the latter restraints Giraudet envisaged purchases in The <u»i*nTiri nhitiratinn strain! should be out of the red after 
. berre . Giraudet, ihe ; Air had- begun to compromise three batches of, respectively, 20, S! 1979. 

* chairman, smd that the seriously its growth and reputa- 12 and 20 aircraft. First Mirations berte?n f ir. Air France reckons that Con- 
, any envisaged the purchase lion and that the compensations deliveries are. hoped for in the nnr£ ? nfn?w a Jr £ , mVal io flv *7™ 

jrelhan 50 of 'this new «r- t,,a become iffifdectwte first half of 19St The* to b” 

beginning with as many as There have- been three replace both 737s and 727s.. JonrentSteJ Srofitabl^last the coo? 

uroraft with a 130*eat restate. .First, the .reqmr^ Still on ^subject of fleet ™S$Sy a d thaf "e fobriXdSS flew SSi 

,ty " . - , ment .to maurtam in. operation a enlargement, the contract P«>* 0 ™rf rarter Air Inter uriii ^n on^varace 1 675 hours 

we are some of the main fleet of old Caravelle. aircraft vides for the purchase of a fur- 0Q avsrage 5 0 nours - 


es-in the “contract" Air until a European rather than ther seven Boeing 747s and a p^bsv ^ 6 mternaJ t0 other parts of the contract 

:e will shortly sign with its American replacement became further seven airbuses by the rZ~, ... .. deal with growth expectations 

it — the State... The contract available.' It .has now been end of 1980. This will give the ims wni permit the compen- amj productivity, and with the 

fact, an elaborate planning agreed ' that Air France will company a 747 fleet of 26 (in- . n . f ° r 7^ spl “ company’s own promises of fi nan- 

meat. Whose main purpose, receive, from 1977 to 1980; pay- eluding five pure cargo) in 1980 ‘bminish from Fra.llOm. tins e j a i recovery.- The fleet acquisi- 

* as the airline -is concerned, ments of FrsJ.0OnL, FrsB5m-’ and and a fleet of 18 airbuses in ^ ear e - a? u tL, rrs^Dra. to ti an programme is baaed on an 

draw a clear fine. between Frs.l6m. in the three - years 1981. The government has Alr d’lf 6 , “ at average - annual Increase • of 

»Ie as a commercial opera- respectively covering the estra "dearly nudged Air France to-. TDe state_ conceaed onjy SO per capacity of 7 per cent for pas- 
and its role .as an instru- costa - involved . in operating wards further airbus purchases ^ ent r of isnoring loose senger traffic and 14 per cent 

of government policy. For CaraveHes. , The payments, rather than permitting it to f£ r loss traffi c resulting from f or freight, more modest than 
ling the latter capacity it diminish because at ItfSt the air- acquire as many. Boeing 737s as F 16 uowuiingnMS of passengers Lufthansa’s forecast but still on 
■eceive specific payments, or line is to-be- permitted Jbo take it wanted. to c ha il S e airports to ay the flag, optimistic side. If is expect- 

ensations. ‘ them out -of service. ' These sub-sonic purchases The tiiird restraint was the ing its aircraft to be 62.1 per 

‘ France,. the country's third In their place the company will account for Frs.?.4hn. of the in- operation of Concorde. The state cent full In 1978 against 61.8 per 
st foreign currency earner acquire on a temporary basis 13 vestment over the next three has agreed to reimburse entirely cent last year. 


lit 


iilabank 

rofits 

Dubled 


ancial Times Reporter 

3-LATtN AMERICAN Bank 
ibank), the London-based 
irtium b ank which links 
bean b ank shareholders 
Latin American' bank share- 
rs, has announced after, tax 
a in the year ended last 
raber 30 ;of £ll33m. more 
double the previous year's 
i of £0-63m. 

the same time, it has 
unced that two new Latin 
-lean shareholders have 
d the bank. Banco Industrial 
Venezuela has subscribed 
000 worth -Of shares (or 6 
cent, the same as all the 
* 'Latin American share- 


?rs). 

-uaaor’s Banco del Pichincha. 


<» 




i . , , L, subscribed £120.000 worth of 
' **' l; ; is, or 1 per cent. These two 
. subscriptions mean that the 
Fli'^-ri Amen can shareholding in 
" bank has how reached its 
Juled 50 per cent, of the 
. There - is still - room for 
nsion in - the European 
eholding — 3 per cent, of the 
aL reserved for Europeans, 
still to be allocated. 


kir India 


armngs up 

• P. C Mahantl 

CALCUTTA; Jan. 19. 
INDIA, which recently 
a Jumbo 747 in a 
-air disaster off the Bombay 
st has earned a profit of 
<ees 1 70m. during the first 
:n months .of the current 
petal year, . - .The - airline 
ted almost the same profit 
the whole of the previous 
nciai year. 

Ithough it is not officially 
iitted. the airline manage- 
t is being -clearly- hard put 
. to maintain its existing ser- 
s to the Middle East on 
:h route the disaster-hit 
bo was being used. 


DOMESTIC BONDS* 

German call for flexible monetary policy 

SY JEFFREY BROwVf 

THE 'SUPPLY and ^demand relief earlier this month when has distinct reservations about week. Reuter reports that BFCE 
balance .in the ‘ "West' German the .first new issue of 1978 — any further decline in bond is looking for Frs.200m. over 10 
capital market ‘ will -be less DMS50m. -by the Federal Rail- yields. Last year the drop in years at 11.3 per cent., while 
favourable in . 1978, says the ways— failed to follow the yields at the longer end of the Solvay is in the market for 
Dresdnet Bank ih lts latest bond foreign' bond market down to market was unprecedented with Fr&lOOm. over 12 years at 
market review.: .V : - coupons, of. 5 J per cent The the average return on 10-year 11.3 per cent Prices could be 

And although the bank stresses Rundesbahn loan opted instead government paper falling by 98 4 and 98.3 respectively, 
that anv ^•crbtSninH.“ of for 2 6 per cent coupon on a almost a quarter — to 5.2 per cent _. ■ .. . 

fr ° m 6 ' 6 * Per "f * ° n f XX7o™° P Sf 

is- unlikely, it floes «ake. an pre" D . * French elections remains a long 

ioS occasions last- year- on a ' Banque Francha Com- one— mcludln 
6 per cent coupon. 

Present ' market 


« floes .make; an years— in contrast to the ten-year . * * * 

urgent, plea that centralv bank occ^^i^l^- yea^on^a ' B anque IVanchaise du Com- one-including many state secto? 

monetary policy m the coming ? X if * * raerce Exterieur (BFCE) and names who will be looking for 

months be both flexible and 0 cenx - coupon. Solvay et Cie SA will both anything between Frs.500m. and 

interest rate .conscious.- l - Present market conditions borrow on the Paris market next Frs.l.5bn. apiece. 

Given - the much reduced lssmD ^ suthonties with 


spread -between money rates and 5?°“ to manoeuvre— even with 
from something like Si -points 

at the end of 1975 to ; around t nt ej-bank m^ket. The Gennan 
two- points . cunmtih^the ? ond ma [^tjias yet to come to 

monetary policy- of the Bundes- terms with the sort of long run- 
bank is- going to be of ^ vital ^ 

importance to the climate of the and in North . Amenca where 25 
capital markets? ■ ' >'f ars ™* tu f ltI « common- 

, m ^ A . place, but the Citq -of Hamburg 

In this respect the bank, gives did extend outwards to 15 years 
a welcome nod towards recent in the middle of last year. 

official policy. But its remarks „ ‘ 

on bond . market management 

are much more guarded. It calls ? ml TJ. n - f^^ng by the Federal 
for the Bundesbank issuing Rcpubhc at the ckise of la?t year 
authorities to ' adopt a high '* “>* 8^ de ' th&Bundesbank has 
degree of flexibility wheq fiSg f ew q P aIms , about sp^W^S new 
leSs for new GovernmcnTor into two ot more tranches, 

quasi Government debt ■ - Dresdner Bank's analysis of 

Greater use of varying interest the outlook for the bond market 
rates is urged toglt&J^the 
continuing use of split tranche 

borrowing. At the -same time financing deficit coupled with a 

spedaHhvestor grbups ' should 

have bond issues “ tailored more t? 

directlv ” to their needs. . ' cenL to 13.8 per cent To some 
dirm to tMir needs. estvai ^ less favounible 

The Dresdner Bank Is 'iiot . balance of capital supply and 
alone in to demands. The -demand is mitigated by the 
! Government's il878 : fimdij}C' m 1 .inbuilt - liquidity of the Frank- 
gramme is known to be . sub- furl banking system. 

28 “ 1 22 .jr. 4 SS 

Officially forecast 10 rise £y more marbefv rm^ectment ^ nMenriSl* 
than a quarter to DMSObn. in At tb^ Inri lff iow 
1978. And many bond dealers ^' ni gj? 77 h r nVmli^ 
are only too anxioug^ that the whiJh ISCSIS 

f|o«y iccnip fiiipiiA Vtt Vpnf he iptSUlCu DMuyblL WlllCu IS more 

oSerivli* Kcpt ^than a tenth higher than 

orderly, as possible.^ figure at ^ end of 1976 

There was obvious market Clearly, however, the market 


1 


2DIUM TERM LOANS 

r* 


Czechoslovakia secures better rates 


Y FRANCIS GHHJS 

ST EUROPE’S most reluctant 
nwer in the medium-term 
feet. Czechoslovakia, is rais- 
8150m. for seven, years on a 
ad over the interbank rate 
per cent Lead manager is 
litenstalt Bankvereln. If the 
r conditions attached to this 
..(grace period and fees ) are 
k into account, Czecho- 
ikia has obtained terms at 
: -as fine as those of the 
tt Union’s Foreign Trade 
f which raised S300m. at the 
. of last year. 

iey also mark an Iruprove- 
t on those terms which the 
try has previously been 
cd. Czechoslovakia has 
■filed fully from the fall in 
ads and the lengthening in 
iritles -. which has chars c- 
cd the market in the past 

echoslovakia boasts - the 


lowest debt of all East European 
countries and has in. any case 
always preferred to tap the 
export credit sources in the West 
rather than the medium-term 
market 

A number of bankers would 
not be surprised if Hungary were 
the next East European borrower 
to be in a position to raise 
money on a similar spread. 

Rumania is another East Euro- 
pean borrower currently raising 
money. It has awarded a man- 
date to. National Westminster 
Bank to raise SlOOm. Another 
five-year loan Of 853m., carrying 
a spread - of 1‘ per cent., - for the 
same borrower, is due' to be 
signed shortly. Terms attached 
to the loan currently being nego- 
tiated Will "be of interest: many 
bankers believe that finer terms 
are not ruled out. 

The list, of Latin American 


borrowers able to Taise money 
on cheaper terms than a few 
months,, or even weeks, ago, 
grows longer by the day. After 
Venezuela, Mexico. Chile and 
Bolivia, Panama is in the market 
for a new loan: $150m. over 
seven years on a spread of 15 per 
cent throughout. There is a two- 
and-a -half-year grace period. 

Lead manager is First Chicago 
which is • currently forming a 
management group and the 
response at this level is under- 
stood to be very good. 

The Spanish State oil comi.any. 
ENIEPSA; bas just raised 830m. 
for six years on a spread of IJ 
per cent. Lead manager is First 
National Bank in Dallas. Paris 
branch,, their first operation of 
this kind. Terms of this credit 
are in line with those for similar 
S p an ish borrowers. 


SELECTED EURODOLLAR BOND PRICES 
MID-nAY INDICATIONS 


ItHtt >M 

Australia filpc 1SSI St 

1 toe 198? Sol 

*lpc MS te* 

■Uan U. A S. line *BS 97 
*73 Baal; sipc 1983 97 

«r Bloc I9K 97 

4U N. Rly. hi dc 1SSS 96 

Xml -sipc 1B8S 971 

8iBC1954 995 

.•$* 1993 - BU 

toxr is67 97 

■ toe U95 . Ki 

Use 1989 as 

Ofl Sice 1969 »i. 

ipe 1SS8 Nov 9M 

Paper Sipc *M m 

f ten «;pc i«* - 994 

^hWKrVBpc IS 82 ... 

IDC 1937 

-jMuala Sine Ifes ... 

Man Blocttcl 9pc ’•S 

r Vergpson 9ipu vi 

^ Mpc JSEs 

Wlw. Pin. Slue 1892 
- too US? 

Westminster 8 pc 1888 

•gUnd 8oc. 1SS9 ~ 

> Kftnm. St pc 1S9S... 

« Sipc 1880 

Actoaomea 9pc 1331 
jSocbcc' 9 k 1993 - 
ra&ichewan. Kpc "M 
Memaiional ape 'St 94 

toe IMS 944 

5» Tnar Kpc 1388 911 
toarisk* Bn. toe ini h 
toe 1SS7 . *i 

•4 'Ksdm.i UK 1»J 9« 
i Bigcaiti Ik iM ... » 

^PC-UST March &U 

.« 

■fa 7|pc U84 W 

™»*4a Itpc net 8U 
gwntoa Hrd. s^«c ’$6 9» 
«c. Sipc 1884 ■ -.... 98 

wnarar spe usa _. ns 

jtocaa ’ Ptj 

<spe.isa« . sa . 

Jtoe 1884 :l. .. ...... M. 

®WI XlflC USA- - • «l 
ttKea 7|M US 96 . 


Offer 
873 
9S| 
36 
. 9Ii 
975 
9i£ 

962 

fei 

1004 

.894 

971 

su 
981 
97t 
3 Ml 
188 
1MI 


Kodiuou 8pc 13S3 

UictKUn sane VKS 

Montreal Urban Sipc 1961 
New Bruunrick 6pc 19S4 . 
New Bruts. Pr. Sipc 13S3 
New Zealand 8}pc USB ... 
Nordic Invest. Bit. 7; pc *S4 
Norsk Hj-Cro Hoc 1882 — . 

Norway raw M9S — 

Ontario Hydro Spc 1887 ~ 

Slnser sow 1992 : : 

sUl Scotland Elec, aipe *S1 
Sweden {KnBdm. - ) 7ipe 'SS 
Swedish sate Co. ftpe 'S3 

Tchors 9ipc 1964 

Tenncce 7Ipc 19S7 Uar ... 
Volkswaceo Tioc 1987 ..... 


Biff 

Offer 


BU 

«* 

tel 

UW14D0 19S2 SBC 

101 

M2 

1Q» 

Midland ia$ 7 7"i»pc 

tei 

9S 

93i 

OKB 13SS <lpc 

Ml 

a*5 

97 

SNCF IKj 6 n i*K .... 

ss 

1024 

103 

SiaiNL Omni. 13S4 Wpc 

tel 

364 

97* 

Vitus. * Giyas 19b* Tot ... 

981 


932 

») 

STERLING SOWS 

Kl 

M5 

ConnauUs tepc 13S8 — 

1022 

Ifcl 

ECS Kpc 13S8 

M2 

- 874 

EIB 82PC UBS — 

1C4 

1052 

Fm, For indRrte Sipc **7 

1M2 

1814 

Plums item; 1987 

tot 

as* 

Total Oil 9toc 1364 

942 

>32 


IBM 

1832 

OH BONDS 

98 

Ml 

Austria 62pc 18SS 

tei 

»4 

BFCE 7PC.18ST 

» 

su 

Dmmark Hoc 1S8S 

9 42 

Wi 

.EIB Use 1384 

1M4 

101 

Grand McL Tpc 1954 .«. 

93 

892 

7trdn>Qacferc Bisc 05? — 

93t 

M2 

i a toe os? " . 

99 

991 

Montreal 7pr 1SS7 ........ 


96 

974 

964 

93 

-994 

994 

98 

W 

96 

93 

XH 


m 

IMS 

•« 

»4 

935 


1384 
194* 
- 104i 
1054 
1014 
IU 
1054 
103 

1033 
1345 
un: 
1075 
tool 
103 

1034 


It: Norsca Cu Tpc 1989 ... 

.955 Norsk Hydro Sipc 1SS9 . 

935 Nonrar SiDC 1382 

992 Shell 82pc 1959 

Ki . Spain «pc lSM .1 

M Sweden 6aPc 1886 

892 World Bank 61 pc 18S7 

90 FLOATING BATE NOTES 

Bank of Tokyo 1354 r’«pc 832. 
BU BFCE 1864 7p0 w..... ... 974 

tei bkp iss* Otoe »i 

842 CCK USS.Spe 99* 

»r ccmf ws4 <o«.pe es 

BSJ CretJrtamttii IBS* tipe 9SI 
87 Credit Lyonooln 1983 «fpe 89 
8H D.C. Bar* l«SS T«W 894 

. - BTJ . SSZB - 1981 I*PC 10« 

M2 iml. Wwmmatr. ’8* I”i»k » 

m Unds 1388 74PC -U 992 

982- LTCB 1882 61m 99* 


Offer 
IPU 
»»: 
951 

881 

f« Senrte; Wute Weld Sccurtues. 

CONVERTIBLES 

1081 . Amencao Sxpms 41pc *87 784 80) 

IPfli - A s h land 3 k 1888 . . . fSi Mi 

9SI B*lwack A- Wiicnr Cpc 'SI 9a » 

<rr: Beatrice- Foods 4i pc 183* 97 • 95 

Beatrice Foods 44 pc 1«2 Mo UK 

mi Beecftam 82pe 1992 97| *! 

Mi Borden 6 k UBS- 9B let 

Broadway Hale line iaS7 »n 771 

• Carnation 4 k 1887 7jJ 77} 

■74 Ctevroa 5pc us? U3» Ji*i 

Utl Dan <*PC 1987 79 61 

4$ Eastman Kodak 4Jpc 1899 Hi MJ 

sat Economic Laba. 4Ipc U87 77 79 

10Q Htwtofte &K 1SSS Mi S3} 

89 Hw* toe !9$8- 814 S54 

General Electric 41 k 3867 M S3 

g diene 42 k 1987 744 • 761 

I«7 Gould 5 K I9ST Ill 113 

IDS* Golf and Western 5pc 1888 74 76 

iM MM* 5PC 1X93 128 131 

]0o * HmmS SK 3988 ......... 844 8S4 

l«i IC1 Npe 1985 S3* SSI 

IfllJ 1NA ope Xm Ki 

10B* lnrt»i« Sipc 1393 183 1M 

1022 rrT . 4tPC- 74 76 

1065 Jnwo -Spc 1382 

Xdmateo Tipc U80 1«5 l«i 

lHi J. Hay MeDcntWl 47 k "S7 133 137 

1854 MatBadiHir 62pe 1890 . . 121f «a 

J0U Mitsui - 7JPC 1990- 106 107 

1032 -J. P- Morgan 4,‘pc 19S7 ... 93 *»7 

10U Nalnsco Sloe is® ... . ., *?! iw 

• Outk Dlbieta 4. , pe 1967 ltel VZ\ 

J. C. Penney 4}pc 18S7 ... '* 76 

B9i BcTlOn^K 19S7 ... 10SI 1J»> 

BeynoMs Metals Ope 19SB Hi s« 

993 ffandvik-Btoe- UR.. UU 181. 

tU Soerry Band 4Jpc. US7 si) 92) 

B&4 Squibb 41k l3E7~ - 76 IB 

89* Teaaco 44pr 18S8 .„ tg) . 78» 

994 Tesblba 31 k UB2 ... . 80 IK 

union cartido ^K I8B2 m si* 

Warner Tjonhen 4>K 1537 774 m 

Warner Lambert <1 k 1SE8 714 TP 1 

Xerox toe USB ..... 7B4 785 


100 

1801 

994 

XMtt 

9» 


Source: Kidder Peabody Secunuex. 


Dividend up 
as Mauri 
recovery 
continues 

By James Forth . 

SYDNEY, Jan. 19. 
MAURI BROTHERS and 
Thomson* the diversified food 
products group, continued its 
recovery from the 1976 setback 

with a solid 27 j per cent, 
improvement in earnings, from 
SA1.22m. to SAL56m. in the 
November half-year. 

The directors have restored 
the 6 cents a share dividend 
rate paid in 1974 and 1975 with 
an interim payment of 3 cents. 
In 1976 the rate was cut to 4^5 
cents and edged up to 5-5 cents 
in 1972. 

If the profit growth is main- 
tained Maori Brothers will pass 
the record $A3.9m. earned in 
1975. In 1976 earnings slumped 
to SAXJjn. prompting the com- 
pany to 'cease production of 
many of its canned products. 
The Heinz Group now makes 
the products under contract 
for Mauri. 

The rale of profit increase 
outpaced sales, which rose 
almost 19 per cent, from 
$A57.4m, to $A68-3m. 

The directors said that the 
company is budgeting for a 
sustained improvement in .earn- 
ings for the full year, but 
cautioned that the economic 
climate was still uncertain, 
particularly in New Zealand. 

The higher profit In the 
November half came from most 
sections. Health Foods had 
record sales and marginally 
improved results because of 
the rationalisation arrange- 
ment - with. Heinz. The indus- 
trial food dirision lifted turn- 
over and earnings. 


SANTAM-SANLAM 


A banking issue 


BY RICHARD ROLFE 


JOHANNESBRG, Jan. 12. 


SUSPENSION THIS week of the bank Mercanbank. When the 
shares in Santam Bank, the shares were suspended at 65 
ninth largest bank in South cents, Santam was capitalised at 
Africa, may signal a further R23m. and should the talks pro- 
round of rationalisation among gress satisfactorily, a bid is likely 
the smaller banks in the Repub- at about this level, 
lie, particularly those within the While the official aouounce- 
sphere of influence of Sanlam, ment of the talks does not indi- 
the Afrikaaner life insurance cate any discussions beyond the 
group. Twelve mouths ago, insurance interests, sources close 
Sanlam baled out the Trust to both groups suggest that the 
Bank, which had run into banking activities of Sanlam and 
liquidity problems, by engineer- Santam will be involved as well, 
ing a reverse takeover by Through the listed Bankorp 
Bankorp. the quoted bolding group Sanlam controls Bank of 
company for a number of smaller Johannesburg. Trust Bank, the 
banks m which Sanlam had an merchant bank Senbank. and 
interest. Kredietbank. while a successful 

A joint statement from San- offer for Santam would add con- 
lam and Santam says that the trol of Santam Bank and Merca- 
two will be holding discussions bank. But liquidity in the 
this week on rationalisation of Ri.Tbn. Trust Bank in particu- 
their insurance activities, with lar remains strained, largely 
the relisting of Santam shares because of long standing 
provsionally set for not later propertv commitments, 
than February 1. But the talks Santam Bank, by contrast is 
on insurance may pave the way | ow geared. At September 30. it 
for integration of the banking hart shareholders funds of 
side of the two groups as well. RiTm. against deposits of R177m. 

Despite its massive life activi- Od the 16: 1 ratio permitted by 
ties, Sanlam bas no short term {he authorities, this gives con - 
insurance interests. So rational- siderablc scope for* expanding 
isation of the insurance side of the Santam banking activities. 
Santam. in which Sanlam already At t h e back of Sanlara's 
holds 33 per cent, would enable rationalisation is its developing 
A“®,ff rou P \° market com- confrontation with Volkskas. the 
bined life and short term pack- other major Afrikaner financial 
age deals to clients, while power. A year ago. Sanlam was 
simultaneously reducing over- the biggest shareholder in both 
heads. In the -last accounts of Volkskas and Trust Bank. 
Santam Bank, holding company when Sanlam's original rescue 
for the Santam insurance and plan for Trust Bank> a merger 
banking interests, gross premium with Volkskas was rejected bv 
1Dcol 2? rt . on the , shor l tcrm s,de latter’s Board. Sanlam dis- 
was R104m.. making Santam one p0S ed of its Volkskas sharchold- 
of the biggest short term in- j n g, which was placed with the 
surers in the Republic. Rembrandt tobacco group. Since 

In addition. Santam owns then, the lines have been drawn 
other insurance subsidiaries in- for heightened competition 
volved in broking, underwriting between the Santera-dominated 
and reinsurance as well as a hanks and Volkskas. which tradi- 
general bank, Santam Bank, and tionally have been friendly 
64 per cent of the merchant associates. 



A people-oriented family of companies 

CASCADE 

GROUP 


in Western Canada 


The strength of the Cascade Group lies in our interlocking operations. 

Led by Cascade Development Corporation Ltd., five divisions of companies 
make up this unique group. Our portfolio is diversified, with building 
development and construction, development financing, leisure time 
activities and insurance as typical areas of involvement And our portfolio 
is expanding. With the acquisition of The Sovereign General Insurance 
Company and The Sovereign Ufe Assurance Company, we now offer a 
greater range of insurance products, including the only Alberta-based 
surety underwriting service. 

You'll find us engage^ in spheres that range from multi-million dollar 
commercial complexes to an international franchise of waxworks museums. 
But as a group we form a cohesive, progress-minded corporate entity. 

Our growth alone testifies to our innovative, success-pattern management 
Nineteen years ago, we started as a small building firm. Now? 

Most of our development projects 
top the $30 million made. 

The Family Life Assurance Group 
has assets worth $220 million and 
ranks as one of Canada's largest 
insurance companies 

We have well over S350 million in 
assets invested throughout a variety 
of specialized fiekts. We build, own 
and manage office towers, shopping 
centres, housing developments, 
recreational, commercial and in- 
dustrial facilities. 

The Cascade Group is one of Canada's fastest growing organizations, 
based in one of Canada's fastest growing cities - Calgary, Alberta. In the 
expanding Western Canadian marketplace, we're emerging as a 
cornerstone of financial growth. 


CASCADE DEVELOPMENT CORPORATION LTD. 
CASCADE BUILDERS LIMITED 
INLAND FINANCIAL COMPANY LTD. 

FAMILY LIFE ASSURANCE GROUP 

MERRETT MANAGEMENT LTD. 

LEISURE TIME GROUP 

And a spectrum of associated companies 


HEAD OFRCE: CALGARY, ALBERTA, CANADA. 
Suite 2506, Sun Oil Building, 500 - 4th Avenue S.W., 
Calgary, Alberta T2P 2V6 - Phone (403) 265-7914 






28 


Financial Times Friday: January 20 



WALL 



‘ AS MARKETS 


+ FOREIGN EXCHANGES 


Dow reacts 7.6 in cautious trading 


BY OUR WALL STREET CORRESPONDENT NEW YORK, Jan. 13. 

SWEFLY conUnuins the Federal Reserve reported that the were again recorded in dull eased, with Royal Dutch losing afresh in moderate trading, with 

ecent rally in the early stages Ml money supply fell $3.4bn, and trading. F1 &ol 30. interest continuing to' centre on 

lo-day, Wall street retreated m M2 declined $2bn. in the week Electricals showed slight gair.5. In Shippings. KNSM relin- high-yield Property shares, 

fairly active trading as investors ended January 11. These figures but most other sectors, notably quished Flsj.50 following the Buying in Properties has been 

took a cautious attitude awaiting are about In line with market Engineerings, Constructions and previous day's Fte.6 rise on the noted since record prices were 

President Carter’s State of the expectations with the decline Stores, tended easier. company’s encouraging remarks reached at Government land sales 

Union message to-night and the perhaps slightly more than some CGE put on 2.5 to Fre.356.5 and about 1978 prospects. on Tuesday. Kong put 

weekly money supply figures. economists have been predicting. Skis Rosstgnol 20 to Frs.1,640, but Algemelne, up F1&250 more, led on 10 cents to SHK5.40 and Swire 

The Dow Jones Industrial Aver- gun retreated H to $38" after D ® uo ? ie declined 6.4 Banks higher, while elsewhere. Properties 5 cents to JHK2A25. 

age, up 14t points over the past the company disclosed that it has 5« Els CTier _ put on Fls - L8 0- Among Blue Chips, Hong Kong 

two days, improved further to privately purchased a 34 per cent SWITZERLAND— Quietly mixed Bask and Jardine MaUheson rose 

790.02 before receding to 778.67 stake in Bocton Dickinson, last on investor reserve pending last 30 cents each to SHK1&90 and 

for a loss of 7.63 on the day. The quoted at S32J. Dealings in the m 016 paSt night’s State of the Union message SHK12XK) respectively, while Swire 

NYSE All Common Index was latter have been halted since yes- c 56 ^. 0113 ' * . . by Presidenr Carter. Pacific gained 15 cents at SHK555. 

* ■ ~ “ - ~ . BRUSSELS— Firmer for choice Gains predominated among In- Hutchison Whampoa 5 cents to 

following increased activity. surances, although NeucbateJ SHK3.60. and Wheelock Harden 
„ Solvay were &> higher at eased on profit-taking after the 2.50 cents to SHR2.I5. 

B.Frs^.4 W and Faorlque National* recent advance. Paul Y Construction were 30 

45 up at B -FrsJ.495, but Petrofina Declines were in the majority cents down at 8HK180 offered on 
ceded _ 30 to B.Frs.3,700. in Industrials, but Sawer Bearer lower interim results. 

Aston enne were only slightly rose on strong speculative buying. TOKYO— Mixed in moderate 

16 a con- VIENNA— A shade easier in 

places, although Veltscher 
, . GERMANY— S ha res remained Magnesft reacted sharply by 8 

“ “ ar n K “ easier-inclined In quiet trading on points to 225, 

MILAN— Market showed wide- 


Dollar weaker 


GOLD MARKET 


in. 19 


•tod. IB 


finally 22 cents down at £49.32, terday and the New York SE 
after £50.12. although losses at the plans to investigate the trading 
close held only a small edge over pattern of the stock, 
gains of 70i to 674. Turnover . Alcoa, which reported only a uu 
amounted to 21-oOm. shares, small earnings increase, declined r t>reripri an to BFra17M 
agamst 21.38m. yesterday. i» to $41, while Allied Chemical were 3' 

.In addition, the tfo.wnw.rd drift fell >1 to MTJ o n low er proBta, e a,1£de“”.e Su&TSJn- 


Of the dollar in Foreign Exchange but RCA, on a profits improve- Sderable tos* in SB 
trading added to the market’s menu picked up * to 1235. e loss in 1377. 

uneasiness, while another adverse -pjjg 


Volume 320m. shares 


AMERICAN 


ihol 0r tK Wa Tr 2 Government report virtue Index, however^ ended 0.40 further nrofir-takins and position 
that the U.b. economy grew by higher at 12159 after moderate 22S? n ^ Position 

4.2 riAi* iwnt in real tor me Ti-s... n ClOSin„. 


only 42 per cent. in real terms activity. Volume 256m. shares 
during the fourth quarter of 1977 (257ra.>. 


THURSDAY’S ACTIVE STOCKS 

' Clumac 



Stocks 

Closing 

an 


1 reded 

price 

day 

Cmi. Tel: & Eleoa 

au^ao 

29 

+ * 

CltlCDID 

3H3.4W1 

211 

-i 

Aouia Life & Cas'ity 

3(7.100 

S3 


NCR 

278.400 

noi 

+ J 

Marshall Field 

an.orn 

321 

+ 1 

G »rdrer-Dctrrc r ... 

207.000 

151 

— J 

American TeL & TeL 

204,400 

58) 


Annex 

IS1.4M 

111 

+ 1 

Tenneco 

iso. too 

SSI 

— j 

Aluminium America 

135.800 

41 

-11 


OTHER MARKETS 


Commerzbank lost DAB JO and 
Bayernhypo DM6.50 among Banks, 
while Electricals and Motors lost 
up to DAE! .50. 

Engineerings. Steels and Utili- 


aetlvtty. 

(310m.). 

There was selective buying 
interest in large-capital stocks, 
J Bur export-orientated issues re- 

spread gains as operators covered acted Qn profit-taking after the 


short positrons 
business. 


in a 


moderate previous day’s sains. 

Market interest revived 


in 


^ Ref, DP 36 on Wednesday, added shares related to Government 
4 at L1.912 on news of favourable public works spending. Kajima 


results 

except 


for 1977 in 

cars and 


Canada higher 


arter a 3.1 per cent. GXP growth to 1,379.3. However .Metals and price, 
rate in the preceding three Minerals reacted 125 to 828.4 and AMSTERDAM — Stocks 


all sectors pu t on Y3 to Y348. Maeda Coo 
connected structfon Y22 to Y74Q, and Daiwa 
_ ... House Ylo to Y313. * 

12 to L412 AUSTRALIA — Markets again 
mixed appearance 
. t in quiet trading, 

shed zo to Oakbridge were outstanding 
t J „ . . with an advance of 16 cents to 

y _ SPAIN— Stocks eased afresh ui $aiB 5. while Consolidated Gold- 

Loan was places, but Bunding and Property fields rallied 4 cents to SA2.44, 

per cent, issues held steady. El Aguila but Metals Exploration receded 

issue continued to improve, adding 2 4 centg t0 j 3 cents. Among 


ties were also lower, but major 
Chemicals were steady and Stores activities, 
improved between DM1 and DM2. Sola VIscosa _ 

_ m Public Authority Loans recorded and BastogS 21 to L380. but Mont- printed a 

Canadian Stock Markets were gains to DM0.20. The Regulating edlson came back &25 to L139.50 
inclined to gam farther ground Authorities sold DM17.2m. and Mediobanca 
yesterday In reasonably active nominal of paper, against D&tLLm. L30.630. 
trading. The Toronto Composite 0 o Wednesday. 

Index was L7 firmer at 1.0103. The new Railway 
while Oils and Gas gained 7.7 at introduced at 100.05 
1.380.0 and Golds rebounded 18.6 against its 100 per cent 


months. 

After 


the market close, the 


Banks shed 0.15 to 230.30. again Irregular in thin trading 

PARIS — Irregular movements Dutch Internationals generally 


points at 71. while there was also Uraniums, Pancontinental ds- 
were demand for Solace, 2 harder at dined 40 cents more t0 SA11.40. 


Indices 


but Peko-WaHsend added 4 cents 
HONG KONG — Share prices rose at SA5.34. 

Ampol Exploration were 3 cents 


Slight nervousness . ahead of 
President Carter’s State of tbe 
Union message depressed the U.S. 
dollar in tbe foreign exchange , , 

maricet yesterday. It may have -Etf7UxiTBRUlWi 
been felt that the speech was ' *** -* ■ 

likely to take a general view of 
the economy, and would not be 
as helpful to the - dollar as first 
envisaged, earlier this week. 

Tbe US. currency was quite 
firm in early trading, touching a 
best level of DM2.1370 against the 
D-mark, and Sw.FrsJJ.Q34Q in 
terms of the Swiss franc. The 
German and Swiss central banks 
may have given some support to 
the dollar in the afternoon, how- 
ever. when it fell to DM2.1230. 
before closing at DM2.1265, and 
to SwJrs. 13920, before dosing at 
SwPrsX998Q: 

The dollar's trade-weighted 
depreciation, - as calculated by 
Morgan Guaranty of New York, 
narrowed to 4.45 per cent from 

4A7 per cent, but this was nrob- - D , TffC 

ably a reflection of the decline of CURRENCY RATES 
the Canadian dollar to 90.431 U.5. 
cents from fl0:94i. 

Sterling rose to a high point, of 
Sl-BXSO-UttfiO before dosing at 
SL9330-U9340. a rise of 90 points 
on the day. The pound’s trade 



ftuUI Bullion! 

!SS.7!!3mto - 19M» ISITllf-njq 
timhi- «na u-m s iwu-iw^ 

11JC8B.WW1 
Aneru^ns’a^irajAP. 

.iEoa.Twi 


MSB? 

wawjMij 


(iffht C-VlD.-.-f i , 



I" ' 


i 


(irtld €i4H*,. 1 

■SSS^SlI^ 

&H, ■ 
:il!27-SB! 1^7401 ; j- 

5a .. j&ass-asa iiwwi-— jiy 1 


FOREIGN EXCHANGES 


.Ian. 19 


'Uftllkj 


Mar bat Baity 



Da.v's 

8p>«ad 


Cist*. 


Mrnmu I 0.896865 

weighted Index, as calculated by u.s. «untar..... i.ai079 

the Bank of England, rose to 86.1 3 

From 65.8, after standing at 68.1 1 

at noon and 65.8 in early- trading. ££u» h 
Gold rose Jll to 617^173) ■ in Peuc-.'brumnK 
quiet trading, influenced by tbe Uuteb gniww 
prospects of President Carter’s f«n* '™ n: - 
speech. The krugerrand’s 
premium over its gold content fell g^,Vii«nM 
to 329 per cent, from 355 per th»ip 
cent for domestic and inter- itmur 

aationai delivery. Swi- nmn>-,— 


1.83866 
18.4948 
39 J) 157 
7.01550 
2.57696 
2.76598 
8.74701 
2057.93 
295.374 
6.88047 
97.8128 
5.67073 
2.42884 


0.631319 

1.22074 

1.34284 

18.8089 

40.2418 

7.05891 

2.39377 

2.77399 

5.79485 

1066.25 

294.920 

6.31244 

98.8413 

S. 71454 

2.44557 


York—! 
UantnnJ.-.i 
Aiiintantani | 
Knimm« «...i 
toJlHIlMUTO,' 
VnuiLtml... 

Lithmi 

Mndrtii 

Mihul 

Otlo. 

Hira. 

8t«r khnlni.. 

Tktkvu 1 

Yieai» 

Zurirh .1 


6toi.9itoiAaniuas.uia 
4l-i4.87to-4.4tto iMlMSk ' 


7i(i UAB4SAQ , .. 
3 i U.HMUajl 1. 

3 I 4JHM.1U 
u 77.ton.rn , 

6 ltotolMJCl 

Uto I.E78-I.BH 
e I 9.KMWH 
9to 9.JI-S.J9 
B i 8.3MJ»i* 

4 to 469^176 
&I S ! 29J049.U 
Usl 5AS4A5- 


fi-lMUt, 
2.17 i 


ItUiStt 


J Rales clvvn are for comKtbto tnoa 
Financial franc 63.6549.83. •- • 


OTHER MARKETS' 


K.y.S.E. ALL COHKON 


Buns and Falls 


NEW YORK —DOW JOSES 


Jan. 

19 


( f f 

Jan. | Jan. I Jan. i- 
13 ; 17 ! 16 I 


1S77.T8 


High I Low 


lan-’/B 

Sim+tini pilot ion 

: 19 : 11 ; 11 j W 13 . 12 . High 

Uai- 

High j l*nv 

Indunnal ...’ 778.87 786 JO, 773-02 77 1.74 1 776.73 778.15' iba./b 
1 ' > I3/1/T7) 

B'nieB'nta* 89.S0 83. 76’ 88.62, 88.73 , 88M 89.78 oi.al 

1 1 ' ! rf*) 

Transport,..., ZH.24 2)2-07 209. 19 : . 207.681 208.171 207-64 24ti.M 

1 1 > (lii/bi 

Utilities 100.73, 106.00 108.73' 106-38 .106.63 13B.18 HB.67 

. : 1 , lE/a 

Trailing rol : 1 1 

771.74 1 1051.70: 41 J2 
(lU/imnilU/l/TS, 1 ; (277/32) 
83 fin ) _ j _ 

(13/1/TOi, | 

Ida.bO 1 279.68 1 13:23 

(25 10) (7/2/63) | (8/7/32) 

104-97 163.32 | 10JM 

(25/2) !(20/4ftj9)'(28/4/C2) 


4132! 6B.B4 48J7t 49.4o| 57.07 j 49.40 
, ! ~ (4/1/771 !(IS/I/78] 



Jan. 19; Jau. 19' -7ao. 11 

Issues traded 

1.859 

1.863 • 1.843 

Kims 

67* 

1,00 a < 333 

Hills 

701 

415 i 490 

Unchanged 

484 

4*10 430 

New Hiafas_ 

15 

13 1 9 

•New Lm... .. 

34 

33 61 


MONTREAL 

j, 

Industrial 

Cnmbineil 

1 

Jml. j Jan. 
19 ] IS 

JlD. 

17 

1 1977-7 


16 1 Hi{ifa 

l«w 

166.91) 166.02 
173.49] 173.62 

166.2S 

173.09 

168. IbJ 186.47 07/9) 
172-69, 19735 il&ri/TO 

169.02 (20/10) 
165.60 (25/10) 

TORONTO ktoinpoaitej 1010.5] 1006.8 

1007.0 

lB04.0j 1067.4 (19/7) 

96 LO (26/10, 

JOHANNESBURG j 1 

Ctol-I ! 208.71 206.1 

Industrials J 212.1 212.4 

210.8 

212.2 

1 

210,5) 214.7 (17/iCn 
811-3, 214.4 (4(1778) 

139.4 (24/b) 
199.1 ISM) 


* Basis oi index chawed 

(nun Aupnsi 24 




Jsn. 13 

Jsn. 1* 

Dei-. 3(1 1 l'mr bjjo lappnu.i 


5.93 

1 5.80 

5.53 

4.21 

STANDARD AND POORS 




1 vrm 

'Sinre LompKalto 

19 ] 16 , 17 

. lb * 

13 1 la | 

Uifib I Don 

Utfili { toiw 

: Industrial* 09.16 99.7Sj 98.99, 58.44] 
5 Composite ; 90.03; 90.69, B9.B8: 09.43' 

99.74. n.BSi iis.32 ! -.44 
j I (3,1/77)1(18/1/73) 

89.99; B9.62J 107-flD 4a .43 

1 '<3/1,71) (16/1/73) 

134.D4 1 A.S2 
lll;W3jj(aas/33 
123.1(6 , 4.40 
*11/1/73): fl/8*S2). 


.Ian. IB 

' Jan. 11 

Jan. 4 | Year Rfio (approx.) 

Ind. rttr. yield t j 

5.13 

! s.ia 

4.96 j 

3.77 

1 il l. Pi k U>1 10 [ 

8.74 

; 8.65 

9.01 ! 

11.24 

UfefeVl. tfc'ud > lei'i 

8.17 

• 8.19 

8.04 i 

5.91 


Jail. 

19 


f“rey- ,1977-78 ]l877-78 
ions ; Bigb | Lon 


Jan. 

19 


Pro- 
v Ions 


Australia tS] 4«.7& , 4M.6S , 479M tleJa 
, _ its/i/rai! (i6/2) 
Belgium (Ji 92.50 1 91.75 


Spain id)) 95-07 


Denmarkl* 4 ) 96.15 , 96A0 


Francs <tto 61.9 1 51.9 


Gemanyit:/; 806.0 j S06A 
Holland ji 8 Dj5 > 80.6 


99.12 ; 90.43 
'cL0/lr77:C12rlf7B 
107 I 95.04 
«/6) TJb/ll) 
58.4 43 -5 

.17/1/77)1 110(61 
SLiA I 7LEL5 
(17/11) llU/5) 

! 9A2 1 75j> 

: (4(b) I (29,9| 


Sweden ifV 384.96 


Switarl'd(' x 305.0 


95.61 


36032 


11977-78 .6377-78 
Uigb Uw 


1COJX. 

(51/12) 

4ia.ua 
(22/31 rf 24/11) 


304-3 iildJ- 
; (IUIOi . 


95.07 

(19/1/78 


2AL9 

(3(3) 


Italy 

Japan 


: (b/1/77 1(23,12) 

to). 376.99 : 377 ^1 390 Si | SbO.49 
(09/9) J24/11) 


Singapore ! £83.59 ; 262.78 J 268.02 jS42L28 
(if. ! I 129/8) i l Oita 


Inucea ana Ouse tuns (ail onse vuIimb 
1M except NYSE All Com man — 
Standards and Poors — 10 and Toronto 
300-1,0 do, the laai named weed an l»9i 
t E^duning bonds. l«oo industrials 
(400 inda. 40 Utllinea. 40 P (nance 
20 TransnorL (S) Sydnes All Ora 
<n> Belgian SE 31/12/ S3 (”•! Cooeabamn 
SE 1/1/73. mi Pam Bourse 1801. 
(tt) CommmbanK Dec.. 1853. <M> Aimn» 
dam. industrial I97D. (tl) Hans Sena 
Bank 31/7/64 (111)3 Milan 1/im. (aiToun 
New SE 4/1/88. lb) Strain Ttmea 1S6« 
rr> Closea. U/) Madrid Sr: lt/tt/77. 
Siockbolm tndnsrrtal 1/UBa. (»> Swiss 
Coro 7in3/» «a) DmnranaWe 


OVERSEAS SHARE INFORMATION 


Investment premium based 
$2.60 per £-774% (75%). 


on 


NEW YORK 


■Slivl, 


Jan 

» 


Jan. 

IS 


Alm.n» Lata. i 

Al.lrrw-^mi'li ...; 
Aetna LilcA fsasi 

Air I'n-ltfHs 1 

Air.'* 

A I -an Mu mun uni' 

Al xn 

Allcif! Ilf >V laoll.. 
AlaKl/CUV H’asii 
Ai'ieiUiemi-iK.i 

Allied Slum* 

Ailis (,1 m imers... 

AM \X • 

, AnivM-ia His,-..... 
A liter. Ainme... 
A nun. lliuiul- .... 
A HUT. IIP*I'4-I.. 

A mer. L'*ii • 

Aiiht. Livimnii-i. 
Ainvr. tii»-. Pi*u 

■liner. Kipm- .. 

Ampr.HiTiiel'hsi 
Aiiht. Oell.ai... 
A hici'- llutinv 

>\lulT.i\*l.(<4'... 

Aiiu-r. Maii'lanl . 
An, er. ai, avs. — 
Aincr. TcLA Tn. 

Iim-te* «... 

A Ml’ 

AMI’ 

Amivs 

\ii-|u<i His kiii”. 
An!, eii -it Mn—li. 

Aim ■•aiH.-i 

A.**. A - 

A ,'iiH-ra 

Awn 

A'litm-I Ml'. . . . 
At,, id -In ipm.... 
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AAC 

A* 

Awn I’nslii-ta.. 
u, ii Lm« tins i.... 
Bank Allien -a... 
Danker, Cr. 'A 

Uarlvr Ml- 

Ha«ip[ Inn fin ii 

betin -c Viaai.... 

He -touUi.’ki-num 
Hen A ... 

Hpivlix : 

HriKict lAn-'B' 
lR-rl<ielieni mw.' 
Hia-WA Itor-kei. 
H<<ii|, 

IHiibp Caaewna— .. 

ikirlt-n — - • 

lkir: Wamei 

Hranilt Ini 

Diauen 'A'.... .. 

Hi i«U>- Mvers 

Hnt. Pci. AUK... 
9 m.*w»vU laes.. 

UnilUn'U-k 

Hucvni, Brie 

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Siiiein \Vali-li .. 
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DunvusUs 

LnmpliHi rkHi|,„. 
t'anaiiiBO Pu:iih- 
t'anal Uandnlpli..: 

t'ainal'"d> 

CarrlB AUvncnH: 
Uatirt Haw Icy... 

I i«ei(iili«’rw!l, 

V »a 

I'ClaUMOtonw...! 
Cent ml A S-M.-.-i 

CoruinlrvU ; 

lemma Ainalt 
I’base Mnnhattan' 
I'hrmi fi> Uk. NYi 
UiciwMinrh Pon i .[ 

C licmsie dyueni . . . 


52:. 
13. b . 
a5 1 
253« • 
52^i | 
4dto 
*1 
iB/fl 
19to 
47 to « 
20 

Sato : 
o5ii | 
2r538 ! 
11 
401, 
a7So ; 
c6<t 
aO.,i 
<c6- s , 
03 to 
471, 
17. g 


42.. B 
92 .s 
5U 
38 
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26>2 
lllj 

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IB-to 
*7 to 
21 -to 

9 

151, 

30to 

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26to 

9-S 

16., - 
« * 
abto 
alto 
a5 
•SB 
abto 
221- 
a2>B 
15 
a5 

2to 
as to 

14 ib 
26to 
23 1 = 
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U61; 
10 
12to 
3a to 

15 to 
2S3| 
143 b 

19to 

313. 

3>8 
40 to 
66i| 
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10 to ' 
28'.o , 
1(>4 . 

18to ■ 
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47 to 
40 : 

lb to . 
21 
50 

28to ! 
39 to i 
fcO'.a 
32to 


Chfens*/ krl<toO— ■ 4^*S 


l lirtniM'tuv- 

ClirvslFl • 

I'liicmmn. 

Cm,-. Mlttiavu ... 



Ciuea tieivli'n.- 
Cilv Invest iic..-i 

CneaCola..... 

CiUuate i 

Conluf Aiknuni-i 
I'm u in I iln (i*k,... 

l^ltiRilua Pm 

l.mi.liuLtiiiAiu 
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L'diubuiriioo h|... 
L'tn'w'ib fc/liwm- 

t'ujii'w lli uu k’ol 
l.oftim.!?aielMe..- 

icunH«iierticHffu.fr 

ttonrsc------ 

CiUk tiuou A-\- 
Cornel i cckia- 

liwml XaL. I'll.., 
iMiMun/r Kuwi.t 
C'.MII Mental l* II-. 1 
CmmiMiiut l *il. 
Cmnioeuial lciiv 
Caninil Uau....~| Wto 
Cooper ludus-.--.' 42 


15 to 
i3Jg 

a» a 

is 

alto 

so 
11 to 

a6to 
2Uto 
101. 
Br 53 
15 
lb3« 
“4 to 
183. 
27to 

30 to 
SiS 
2a to 
£4as 
24 
39 to 

alto 

cBl, 

Ibto 


S3 
13 'to 

a3ae 

23 to 
a5 to 

24 to 
42 Jb 

19 
19s« 
aBto 

20 

: z;3i a 
I a5'i 
! 25to 
. llto 

41 

; 98U 
37 
<5 

. 23 to 
a3to 

27 1 1 
17i h 

a2Jg 

29 

bB's 

29 

I71 S 

*»to 

II 

4 / 'R 

18 to 
27 to 
ai^H 

a>B 

15 

S9to 

46to 

cbJe 

9jo 

16to 

46Jb 

Bb'u 

21ao 

a5to 

3s 

35 1. 

Base 

52 to 
M*« 
55 
2aa 
22 to 

14J, 
26^8 
24 
29 to 
*6to 
io to 

13 

52 

1918 

29 

IS 

19 to 
3i. a 

9 Ib 
40 
b7X, 

5 1 
lbto 

loss 

28 q 

121g 

18 

05 

47to 

4Qto 
la to 

20 to 
29to 

aaia 

59 to 
dl 
dale 
441(i 
-IS 
I5U 

19 to 
21to 
50 
12 

21 to 
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2b to 
15 to 
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551s 
lB3a 
tSlj 

2 to 
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S4to 
<4 
39to 
x'aii 
J i to 
26 to 
it) to 
U5ba 
41 to 


"'loch 


J«n. 

19 


Jan. 

IE 


Liinmu. (j lus 

CPC lin'ii'itoiua.j 

Crane 

CiivherNat j 

Ltiinn AenertMdi 
u i in in i n» Undine 
•-iin-Wnsht | 


473. 

441. 

Bato 
24to 
32 to 
341. 
I9to 


48to 

45 

*5S* 

24to 

aaij 
33 to 
193a 


Mart* ,j 

Marl [irliiRiriPf..! 

Uiwp 

t/e( Mivkp 

UtltlHU 

UcniBplr Intel... 

LK-lnill Kili-vjn . . . 
UuiiniMiiiblianirt,; 

Ui. uiJiinid 

(/(filial tqiup...,. 

Uleuev (Walt).... 

Ui'Ver CiTpil • 

lki« Clietnk-ml...,' 

ilns.'er ' 

Mu I tail I 110 1. 

Uviiim Ifuiminn. 12bi 
Ka-jlc Hid hr, 

rnn \iritim 

•juwnun Huiak... 

(m uu 


25 
34to 
243e 1 
K3to f 
oia • 

B77 B | 
115a i 
44/tf ; 
36to I 
39to > 

Mbto i 

40to 


Iba* 
7 to 
49 
533. 


22T a 
a4sa 
24 i s 
Sito 
ai. 
18to 
16 to 
271 B 
113, 
44 'B 
36 
38 to 
26 to 
sOto 
112 
123. 
183g 
7to 
495s 
33 to 


eiim-le 


Jan. 

19 


Jan. 

18 


b. (i. % l! 

i:i Ita' .Nil. lia* 

KUm - J 

hnier-iin Ulecutri 
r Mir* Air Pr'ciii > 

t.im«ii„_ ' 

l-.-Al.l 

hli|;i. l b ml 

b-inark • 

hi Ii vi 

l-,«a,.ii 

rvin-lnl'ICninem 
r«l. Uevi.^li'te*! 
Himinne iln?...., 
('id. AnU IV mi i m. 1 

I' Iff l V*n ; 

CtiiiiL.rie .1 

I'Mirnb, Pin* ci 
lluur..^. I 


16 to ) 

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fi8 i 
324* : 
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29 j* . 

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20 I 

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25 r* ;• 
56 to i 
14 (j ! 
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183, ! 
50 to | 

333* 


17 
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333s 
383s 
294a 
5 to 
261a 
27 to 
20 


233. 
47 'a 

14 4* 
*5 to 
175|i 
18 to 
30to 
53 to 


r.M.U • 

■'.Ml, VI'ltiM 

Pivein'M Ml-k..,. 

Ptiviwn. 

Cnnkllu Him 


r'reei.iM Mineral: 
Pi UcUitiit 


i-ufiiw In'IuiLne*; 

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lien, oifiiioi I 

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lirtieni 


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42 to 
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301* ! 

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19« , 
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21 4, 

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301* 

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(,no,l.>-earl7rp....| 

(•■HiM...: 

fitUM ». It, , 

UL. Allan hu 'Ini 
UiT.AurlU Inm.,.- 

Umnt'iiivi 

Unit A Wertciti...; 

Hull (In 

Ha i |l hu 1 1 i 

H*nna Miunis.., i 

Hurai*.4HGuer 

ILutir Ctfim ! 

Hna/ H.J ' 

Henhiein j 


HcU'iett l’a> ■**!>! 

rtii'nia* Inu- 

HnimMakc.. ....... 

' 

Himei • 

HiO|iC«n|. Ame*. 1 

HmntoiiAia.(«H-| 

HuiU/Pii.A.IC'bni II 
Hutton ( K J 12 
l.C. lmliiMrira.,.1 

INA - J 

lu/;eiaoiKauri.....l 
III isn't Sled — .. [ 

(n*ti 


L'43, 
20 la 
17 
28to 
2o 

7to 

25 to 
IJito 
llto 
BO to 
60 
371, 
16 
4ito 
56 
2m 1* 

70to 

Was 

bBi, 
44i« 
12 to 
233e 

26 to 


2a T a 
aeto 

54 

581: 

133s 


Uto 
35i, 
5**8 
as;* 
iiJ, 
43 
46 to 
30 
87 ; B 
69 to 
Zuto 
26to 
284, 
23i, 

5 

201, 

lb3-*i 

24 to 
soil 

17 

28to 

2 b to 

7sa 

25 to 
13 to 
114 

2b to 

59 "a 
37 
16 
401: 
58i, 
24 lg 

70ia 
It to 

3Bto 

44S, 

12 to 
B3i, 

26 
Ills 
12 
24 
38to 

&51s 

38to 

13 to 


JollUk Manville... 1 
Jnhllfiou -loll quid' 
Jobmmn Cuntiui. 
JwUaniitar.tiu ", 
iv.MauCorp.—.. 
tvaiaeiAlunriBi'ni 
Kaiitor Induiti iea. 

Kaisertitem 

Kay 

KutuievMt. , 

Kni Mi-Gee ■ 

Kidrie Waitei....' 
Kimberley Clark., 42 

Kufipera.... 22 to 

krmll. n • 

Kn*ser Co j 

t*vi Blrauss 1 

Libbj-Otr.Koml.... 


28i« 
70i, 
26 to 
30to 
25), 
29 to 
4to 
27I B 
7 

24 to 
461, 
877s. 


43to 

K6to 

29 

271. 


29 to 
7U- 
26i a 
30to 
261s 
29 to 
4to 
26 to 
7 

25 1 a 
46fe 
27), 
411, 
2di« 
441s 
26 1, 
28 to 
28 


UsKCU Group — ! 

Lilly I Kill [ 

Lllh'U ln>1unl_...' 
LucfiUeeil Atrcr'li, 
Ume Star (o<la.. ; 
LfOfi I -Jam I Lot. 
IxMiiatanaUmd... 

UilirifiC.... 

Lucky arum 1 

L'he* V’u uu«t ' h n 

Mao.Uilian 1 

lloey K. H : 

Hits Hanover_... 

Mapeo.. — . 

31 arm tin mi Oil.-.. 
Marine Mbiiaun. 
Kara tall Pielif..., 


zai 2 j 
39&a ! 
1453 : 
135, ; 
ISto : 
I8to ; 
22 • 
34to : 
isia ; 
6*a * 
10 

36 i 
31*8 • 

37 , 
431- 
13 to i 
32to i 


281, 
40 
147 fl 
135s 
18to 
lb to 
B2l a 
34 
151, 
6 to 
luto 
36to 
31to 
37to 
4SJ. 
15 
32(, 


Mar Ltoia.bloreil 

MCA ~ 

M -Ltorraott 

M .•!>*, icn Lri'ut. 

JL</«w Hill 

Menmrex 

Mer.-k 

Merrill Lvm-Ii.... 
Meet Petroleum . 

MOM. 

Miuri-UnraAMta. 

M.ibii I'.irp, 



M.vfiaa J. P. 

Mutotnw — 

MurpbvOi*— — - 

>atab„ ........ 

Nak-oL'bvitiu-aJ... 
NatHtiW Can 


241, 
34i, 
26 
Ho 
16 to 
£7 to 

55 
14 to 
37 
27 

46 og 
60 
alto 
45 to 

56 
34 

47 to 
2b la 
16 


24 
361* 
261 , 
<sb 
175s 
27 to 
65to 

15 
37ie 
27 1, 
47 /* 
60 
alto 
45 
36 U 
34i, 
47 to 
^6ss 

16 to 


Svi- Uistilieo.... 
Aal. Suit ice lial. 
N'lUt'iiai Ulrvi.... 

.VniuiiiHP 

ALU. 

AoptUUe Imp 

■New hnfiiainl Ki.’ 
Aew Luplalnl Tel 
■tuinn Mubawk; 
Aiafifirt share...’ 
A. U lQ.lur.lrk— . 
AnrinluWeilen] 

Aurtli An. Una... i 

.Mnn .Stale, Pwi 
M lineal Airline* 
A rim e, i lumcarj. 

Aortuil bln IOII 

Mvciileomi t'eiml' 

Mpilvy Mather... 

Ohio U-liHon 

Oho 


23 ij 
15to 
32>s 

91 

3958 

lb 'a 

215J 

351, 

la 

lOi- 

171, 

27j, 

3 7to 

25 to 

25na 

2J'a 

iSfis 

20 >3 

37to 

18Ta 

loto 


Bill- 

39 

371, 
58 ; 8 
IS 
ZliS 

55to 

la to 

10* 

171, 

B75s 

36 

253, 

24 to 

US 

id’s 

alto 

57to 

19 Is 
16», 


Sin* 


Jan. 

19 


Jan. 

12 


Stock 


Jan. 

19 


lleetnn 

Koynulds Metals. 

KeyuiiUU. it. J , 

Kieh’nna Merrell.: 
Hoc* well Inter,. 


Knbm A Haas..., 


4158 

30 to 

54Sg 

22 

29 

283, 


415, 

305s 

D4Ss 

217 8 

29 

29 


Kotal OutL-fa I 

KTK I 

Uiur Ur-> 

Nrder B.rateoi .... 
baletrav Store*..., 
3L Joe Mineral,- 
bu Kewa Paper...! 

Sama He lota ' 

dam loves.- 

dn-vyo lals j 

Ok-blilf 8remne..> 


Svh l umbercer— - j 


aCM 

a.ou. hiwr. | 

bvirt-ll Mn; 1 

Si-odr* Hum- V«rt| 


655, ( 
into I 
115s j 
13to I 
38 to 
29 
50*1 
36 
33, 
4*s 
11 
685s 
17 
133, 
203a 
6to 


56 to 
iaq 
116 b 
114 
37? b 
29 
301, 
36ig 


43, 

llto 

69 to 

175s 
13 -B 
20 
65* 


Sea Cotualnera.... 

acognuu 

Searle IG.U.) 

Stan. Roebuck....' 

bKDCO J 

Shell Uil..„ | 

SbeHTranaport... 

Signal ! 

slfinodeCorp. ( 

SlmpiHrv Pat...; 

Singer « 

Smith Kline.......: 

built |l mi 

suulhiWn 

Southern Cai. KiU 

Sum Item fm 

aihii. \ai. Wee. ..| 
Southern /Tigiltc.i 
auuthcrultaliB'avl 


213, [ 
206s 
125s 
26 ; 
371, 1 
28to 1 
39to j 
891a ' 
36to i 

117a i 
20 1 
471, : 

I to 

183, I 
253, : 
1/3* 1 
3Ito ; 
54 . 

495b ; 


223, 
203, 
12 to 
2b3* 
371, 
28to 
39 
29 to 
351, 
113* 
201* 
47*3 
lto 
183, 
25H 

17 to 
31 to 
34 
493, 


UverwuashiiL... 
MiveuaCvraiofi... 
Unen* luiuor*....- 

Pa-llicGuk. 

Pat-ih- Lifiliun:..' 
Par. Ko r. A Ll.. j 
PnoAmWorMi Air, 
Pnrker UuaiHii. 
Peataslv Inu...-. 
Pen. P»A li.... ' 

Ptfime* J.C._ 

Penomti 

Pea<|<lea Urut, 

People* lia“ , 

Pepouix -/ 


23 

61 

213, 

237a 

1B5b 

21 to 
5to 

22 
21L, 
22to 
543s 
29 

7 to 
53 
26 U 


I i 


25 

uls* 

213s 

Z3, a 

20 

sv e 

5to 
21 
20 i a 
USh 
34to 

29 
v to 

337 ? 

265s 


Intercom Knerio 7to 71- 


I0M 267.0 ; 269.25 


Inti. Pluvmita — 
InU. Horredd... 
lull. JLlilACheiu 
Inti. MulllinoRa.. 

Iircu 

lull. Pa,** , 

IPU - 

IhU KwtiHpe 

Ini. le». xlljl — 

Jn veul — .... 

Iu»u Ufft 

IG InteruaUMiai.. 
Jim Walter.. 1 


i\ 

291, 
40 
Bts* 
155, 
4H, 
8b l, 
71, 
60 
I to 
aa-to 

iii.t 

281, 


81 
*91, 
40 to 
alto 
161* 
413, 
K6 to 
b.a 
30i, 

„ l '“ 
28 to 
Ilia 
283, 


l'crkin KJiner i 

Pet - ; 

Pu*r - 

Pbeipu Lkfilfic.. 
PbiladeipiiB Kle-1 

Philip Morns : 

Phl/llf* Pefnai'if 
PlislkirV 

Pitney • 

PNtatun 

Pteuw 1*1 AUi;i 


18 U 

32^1 

37 to 

20to 

1SU 

576* 

273s 

afiij 

laij 

23 to 
17 l fl 


18 », 
iEia 
271, 
20to 
191, 
b7I, 

271* 

&8to 

lusa 

24 

165b 


Potaroui 

Piiluniiiv b'ftr.. . • 
I'lli iwltiamo.4 
Piuder lianUito..' 
Pub bene tied.. 
Pul mu, 

I'um ] 

(Jnakcr Hutu. ■; 

Kipio Vmcrfian. t 
liaitbemi ......—.I 

ltC\ i 

KepoWic bteeu.j 


25 

13 

26Sg ' 
82 ' 
22to ; 

25to 

151, 
22 ' 
81, ' 
h9?b ; 

23 to I 

24 


25i a 

lbi, 

B63fl 

b2to 

2a 36 

25 

15/ a 

U33, 


29sa 

233* 
23 1» 


SimLblaiul 

a'n'l Ban. -share"! 
S|fin ry Hutch 

3|*wy Until! 

Sipilb. 

Slmnlard HiamliJ 
St <1.0 1 lUalllnruM i 
Strl. UU Indians., 
atii. on oiiio_...; 
StauS Cbeniknl.J 
SLerlins Unifi „.i 



sun lii. j 

Siiudhtmiul 

-viut-\ : 

Liwliiii<jih>r I 

(eklmnls [ 

IdnU'iir j 

L'ctex - j 

Tosuro Peinilenm 

Teuuu : 

Tnfipilt I 

Texas lustm 

Texts IJil-A Gas.. i 
Texas ItDItles....: 

Tune luc — , 

Times Mirror ' 

Timken. f 

Tnuic ' 

Tnmsinenca "I 

TraiUft?!. 

Trans Union 

Tia nsttay I ill /ml 1 
fmriH UiirU Air. 

Tmi ellun- 

Tri CntitLoeuial..., 

T.JS.TV | 

2tnh Ccuttirv Iku. 
UAL * I 

r.iKtto i 

Util i 

TOP 

Inilever. ; 

Unilever S'" ; 

Union Bancmji 
Liiv/n Usrimle....| 
Unbm Crmiuierce 1 
Uni.ni (II) Calif.. I 

L'uigu lta-iiU- | 

L'uiroval 

Unite. I JUrande-i.' 

United t'orp j 

US UaiKurp. ! 

US. Gj-psum 


237 B 

243, 

15 

OS 

231* . 
253a 1 
3bi a 
45 
66to 
081* 
131, 
»6 
385* 
oSto 
1958 
lOto 
95* 
6118 
16 
283s 
81s 
26*8 
IB i, 
711* 
305s 
iflsa 
367# 

231, 

473s 

341, 

133, 

19to , 

341= i 

£3 

111 ? I 

28 I 
193* I 

29 to j 
22 ; 
21to I 


kK Oj-paum | 

US. Shoe. I 

Cb. Steel ! 

I'. Tcirhniilufilee..' 
UV Indualrin..... 
Vitsinia Blei-t... ’ 

Walfiiuen ..... 

Wariicr-Uuuiiiin 
lVfira«--LMiiilvrt : 

WaaicMan'iucul i 

Wells- pHiao* ; 

Wcatcfli llamiirp. 
Weal cm X. AmerJ 

Western Union...' 
WcaLhlchse Blft-l! 

WoKlayen : 

Way w) laenwr. - 

Wltlrlixiil 

Wlute Cun. Ilul.J 

Wilbam Co J 

Wisconsin Elect J 


191, 

211 , 

14se 

39 

B3to 

15 

39is 

63, 

461., 

4868 

7i* 

7to 

10to 

295, 

211 , 

221 , 

31to 

33to 

181* 

145s 

161; 

303, 

261* 

183, 

241- 

31 

241* 

17 

171* 

287 a 

2D 

2uto 

201 , 

lBiff 

29 


237g 
24 to 
16 
351, 
23 
255* 
35to 
45% 
67 
A75g 
14 
441, 
39 : b 
o2>s 

19 to 
9 s, 

35 

624* 

a 7* 
283, 
81* 
26U 
185s 
72to 
303, 
193, 
365s 
233, 
47 l B 
341* 

14 

20 
35 
23i, 
1U, 
281* 

291* 

22i* 

211, 

19 

2U, 

143, 

38to 

631, 

15 
3Si, 

63, 

463, 

47.* 

Z 7 » 

7*8 
101, 
293, 
215s 
221* 
315c 
35', 
19 to 
145s 
161* 
30 to 
26 
18 
243s 
306s 
245b 
171, 
173, 
S6to 
25 to 
205* 
203b 
183, 
291* 


Wtwiworth 

TO 

Xerox 

XeiMUi 

Zenith Kfirilg. j 


U^j.Treas KlSUCj 
lK7S/7r 


bS.Tren4i| 


181s 

03, 

45 

17 

131, 

rtWri 

teias 


Jan. 

18 


U20^6i^>jw7L£«3 


18ae 

4D7 B 
17 to 
151* 
t93fj 
1816* 


CANADA 


Abillln Popa M „.; 
.Leu I CO j 

Alcan AJiimlniuni! 
AlfiOtna Steei.._.: 

Aabeatoi ! 

Sauk oi Montreal 
Hank .VovnScoQai 
Uaate Kfiaources.. 
Hell 3taepbon<u..f 
Bow Valiev IndnJ 


10 to 
6 

263, 

l«to 

(571* 

173, 

183. 

6S( 

Ml* 

203, 


101, 

67s 

27 

14&s 

59 

175s 

185a 

63, 

63 

an, 


BP Canada. [ 

Bmaaa 

BriOl-O | 

Country Ppitw 1 

l. Minm l a Cement.. 
Caanila MV Land 
Can iinptJukCom 


16 

14to 

13J2b 

353, 

S'* 

12 

24 


Canada In.luat.... tlbJs 


can. Pacifii-.. 

Can- Partfit- luv.,1 
Can. super Uu.... 
Carl Inc U’KeefeJ 
ir 


17 

173, 

65 

3.35 

9*8 


161, 
14 1, 
3.75 
355s 

»3, 

117s 

233, 

tieis 

167s 

173, 

641, 

3.15 

9*8 


Cluei tain 

Cumincu 

I -our baUiurM... 
Ctxuumer liu... 
Ciweka KewurceH 

Cuntaiii Itieli [ 

UeiHtcn Mtues.. 

l*wiie M (nea. 

Uunic Petroleum 
LbjmluK'n Hndfie 

Uumtar 

Uu|Mill 

PWoou'ce .\icke 
rmti .Moro. can..! 


207a ; 
ne>B 

22 Is 

16to 

i 748 
t73, 
044, 
76 
67 to 
tZBto 

14 to 
7 12 to 
17i* 
BO 


20 
27As 
22 to 
18 
71, 
8 

543, 
75 
S6fe 
t22 
14 to 
12U 
181, 
801* 


Geo war 

Giant Yel'u-kmt^ 


UullMi.LiuiaiiA... 
Ha» Ke« SUt. Can 1 

Hull in- ei 

Hume U,i -a 

Hiatauii toy jinal 

Hu. I nun ufiv 

UialaonUii'f Has' 

I.A.C. ‘ 

ima>-o 

Impenai Oil 

louu I 


263, 
12 to 
2839 

J" 4 

291* 

4Hs 

Ibis 

171* 

45 

173, 

28 to 

19to 

17to 


261* 
12 
2B 
61 a 
29 to 
42 
161, 
173, 
44 
17Sa 
TBSto 
19to 
176s 


lotlai, 
luiaml X,L.(i, 


liiB'K'.vPipeLmej 13 to 


Kawer Kesomvei j 
taumt’t Pm Con 
UiOian Ixni, "B‘, 
31^' tun Pn tnoed'i 
Maoae.v Kerauaan 
M.-lutyrc Parpne 


ilwweLortm^.... 
Amnnita A£ine»... 


■Numn Kneno... 
Xthn. l'dieora.— 
huuiin Uu 1 Gael 
Uekuooi Petr'm! 
Pacihu Copper M 


9 

luse 


Into 

71, 

3.4a 

165, 
lass 
Z3to 
291, 
22 
.1758 
26to 
151* 
5 AW 
2.03 


b3, 

105, 
13 to 
lose 
f/to 
o.4a 
16 7 B 
1338 
23 to 
293 b 
323, 
173, 
26 to 
14to 
4.8b 
tl.90 


PacibcP^uroiPunii 391j | 
Pan. Can. ftot'ml 33Ljj 

PKtino ; tl4i* 

Pwpue. Ueia. oJ 4.16 
Piai-e Ca* £ y,J * ~ 
PlawwOeveiopmi 

WW LVirf Brim f 'n 

PrH*_ 

tjuel«e diurceim 

lbnj.tr On 

Wear! SibfiH 

KKi Ai-om- 

Itonu to. .* can. 
ituyai 'IruM^. 


1.0 J 
205, 
101* 
luto 
1.46 
28 
9 to 
26 
253, 
16 


395s 

53 

tl43, 

4.15 

0.96 

203, 

101 , 

lOSfl 

135 

27 

»87 8 

♦25*, 

253, 

156s 


aceptrel 

3ety> tanks, 

Shell Ca,w.i*.„.i 
Shemttu. Mtoea 
SkHwmO.U-.-.. 

iliiilfiuuii 

sieei oi Canada... 
steep ltocii Itan. 
[exaooCaiia.ta... 
Tuiamo Uum.Ek 
IVKiibLaiiptpyLn 
Itaiw Mount 018 


tnuc.- -..J llu 


1'RWlUkj,,. 

Wdker Hlmiailll 
\Ve« Load I'm, 
Heston 


858 

227 a 

183* 

4.4U 

fcBto 

4.70 

23ia 

2.41 

377a 

1658 

1478 

87* 


1M 

2859 

S27 fl 

USto 


Bto 

227b 

161, 

4.50 

t53a' 
4.55 
23 Is 

fd. 40 
577a 
165s 
15 
□78 
:1J 
10 
e6S* 
523, 

134, 


• Assented, t rkl t AiRefl. 
} Traded. I Mew omefc 


firmer at SAL28 in Oils, while 
CSR gained 3 cents at 8A3.03 in 
Sugars. Industrials bad Tooth 5 
cents down at SA1.72, but Bank 
or NSW pur on 6 cents to SA5.2B. 

JOHANNESBURG — Golds re- 
versed an initial easier trend to 
close generally harder on balance 
after moderate dealings, having 
moved in sympathy with Bullion 
price indications. Both local and 
Overseas interest was evident. 

Industrials were quietly mixed, 
but tending firmer 


NO res : Overteas on era shown Below 
exclude X premium. Behnsn dnrtdeods 
are alter withholding uo. 

• DMSfl oenotn. unless otherwise staled 
V Pras SOD denom. unless odienrae suieo 
41 Kr.lOO dmom . unless otherwise staled 
9 Krs-5D0 denom. sno Bearer snares 
anlest otherwise sated. 8 Yea U denom 
unless otherwise stated. C Price si time 
ot suspensma a Plorins. o SehlUlmts 
r Cents. 0 Dividend after Pending rifitils 
and/nr scrip Issue. r Per share. I Praocs. 
n Gross 41v. %. h Assumed dnuiend after 
term and/or rictus tssne. * After local 
taxes, m % tax rree. « Praocr tododma 
Unilac drv. p Mom. o Share sotIL • niw. 
and yield exclude special Daymeot. ' Indi- 
cated dlv. a OnoOdal tradnuc a Minority 
holders only u Merger oendlmt. • Asked 
» Rid. 8 Traded, t Seller, r Assumed 
XT Ex rights, xfl Ex dividend sc Ex 
scrip tssue. xa Ex alL 4 Interim since 
increased. 


EXCHANGE CROSS-RATES 


J«jq. lfl : VrankfurtlNew i'orii 


ynuUun.J ~ 1 2.12XU6 

New York >6.8947.02 — 

Parts ria5I-5.4T,4.7dCI5-762d 

Mussels.... lb. 38-52 32JW3.O0 
Lmiion-.... A.ll-12 1J33O9M0I 

Anin’dani.. 107.025-07^ 2^74*67 
Zurich I93.B6-9*. 1 4/ UBRSjOOI 


isar 


M. 77-78 
ZL06O7 


. 0A3-8B 
9.17 
*7! 


"B mm is 1 Lund on i Aiu«'3'ni ; Zurfb 


; ! NdUeRM*,'. . 

Argent ins/ 120LU--4& AxaentlBaJIttwm 

Auwmila.!ll.8884-l-70M<.\urt»fc--l 

B*H4ii | 30-78-40.81 H«l K lun>4 


Flnland...| 7.78-7.81 Hmidh. 


b. 450 -its, 1 4.LB6-IW i tU-W-65 
3 jQ446-9p j ld-353- 3W M.0&-1O 
10»l-425 1 9J6a&-l5a rtb.41-91 
- — i 63.6300! W.*1-5t 
, 63.70-80 i - 1 4.-301-401 

ta0to-eci954.399&-«<*&! 


«.07D-Ifilk06*9«i6iBKI2-867ai 97^8-87 


100.00- 2& 
60.10-16 
836.7-72 
18.14-47 


Greece «8.88B-7DJ»V^uuida..^.Ui ; « 1 Mi 

How K'nal B.9CS-S-3S6 lOmamds^tMQM 
Imp - 128-186 

Kuwait 0.821-4.641 taennanV->JW.T8 . 


Horn K'nitl «^3S-« JMB lOwatericJl. 

I 19A.1SK iFmiuw . -H 


UJi. S In Tomato UJi. > =110.40-44 Canadian nent e. . 
Canadian 2 In New York = BO. 62-64 cents. l»A 3 in Mlbu 873^60. 
Sterling in Milan 16S4J&-1b. 


i x ussdwa Loxerab'cJ 05.79-S8.BB lllruce 17441 

Ma»y.ia.>J8OQ-4.eOO0 ! ltaly JlHO-tiH 

I113JB&-43& M . z 4 JanH )^ 1 B.)3D0BiJapeD...:_4«8WM 

smalt Ateh tSM.fiS (Netfiert'oS 4JM45 .p r 
Sli ifiaporejs. 6225-4.642^ Nonva..v...J&S).lB, W; j f'»f1 


fj, Arricfi...i).GG87-1.6>26 Portoeaf..J SMS 

L'.S I ,'SlMW.ro-. 161-114 

Canada. ...i Swiulanrt UMH 

t'g I jUdt 

U.X cental B0.42-M.45 lyufio^naj (THK 


anil 


Rate given for Argentina l* a free nu» 


EURO-CURRENCY INTEREST RATES 


fin pn« 


Jan. 19 

Sterling 

Dollar 

D.A. Dolhu 

L)i 1 tcli 
Guilder 

Swiss 
fra no 

lY.lhMnuau 

mark 

(short term—.. 
7 da?a notice. 

llomb 

Three months. 
She months.... 
One year- 

638-860 

Sil5 

15-1? 

6-7 

630-738 
Bfia-7 
67a-7l4 
7.i! -7 ft 
7ft-7f* 

634-7 

6Ta-7to 

7-7i« 

7to-7to 

7Ba-7to 

734-0 

fXJfXSfff 

jjr + 

yeiS+e 

to-u 

to-U 

to-68 

W-liW 

_ 2, n -E u 

3-3U - 
3-3*4 

270-3 

ltf£ 


FORWARD RATES 

I One' moot ti fl'hrunuffi! 


New York KI. 08-0. 18 c. UUKK30iO.40e.dir' 
Mnnuw .^0.03-0. 18 c. di3jO.2O-0.SOc. JU 
Amst'dam t r. nm-iar 88*- 1** e. pu 

Uru»ielB...j5-16 o. ,Hs 15-30 tL dU" 
C-op'nhfio lOi-124 ore At* SOi-321 ore dis . . 
Frankfurt 16s- to ji. pin 
Ltdma '65-165 c- Ui« 


Euro-French depone rat**: twday 81-82 per ccriL: ecverwlay 8*-9l per cent.: 
oQB-tnonth ltti-101 per cent.; threMBonth 124-124 per cent.: stx-tnonth 12Uu-13Ju M«dri.i ._.»5-16B c. dl« 
one inT 13-131 oer dpbl Mil*u....Jll-ie lire du 


4 1 *-3 1* pt. pn : 
300-600 e.db 


u-t cent.' one »ear 1S-135 oer o>bl • ir-,- - iei - _ 

tnng-te > n' Kunidi>rar dep-Mlt-.- two years K-84 per cent.: three rear* Si-Si per Oslo ........ |o-lo ore ala 

cenL: fonr yean tUis*55is per cent: Bve yean St-Si per cenL ftubi [2»,-3 3 * «- dis 

ThH nlu^rtiw nominal 'ales w*r- (mated for London doDar rartlUcatu of deposlc stockb'inr3to-0to oredia 
one-month ".K-7.12 per cont.; three^uonth- 7.18-7^8 per cent^ all-month 7.43-733 Vienna... 47-17 cm dis 


110-510 c-dia-. 
(46-54 Um ilh‘ 
ffl7i-29* ora dl»: 
(124-134 c. dU. 

1 14-16 oie dit 


per cent.; one-year 7.7D-7JB8 per cent. 

0 Rates a-k nn*nu»i C«> mg raicx. 

Ebon-tent, rate*- are ml) for sterling. (JJS. dollars and Canadian dollars: 
days' notice for guilders and Swih* franc-. . 


Zurich )2to-lto**. [4U 


J15-3S gra dls /. 


B-48S u-pfil 


Six-month forward dollar 0.6341.13c dR. 
12 -month BJW4LS0C dia. 


GERMANY ♦ 


Jan. 19 

j Prices 
j Dm. 

+ or 

% 

rw. 

OF 

40 

AEG 

1 93.3 

-1.4 





• 494 

+ 4 

*18 

1^ 

MIW, 

224.0 

-1-2 

20 

4.fl 

RASP . 

140.7, +0.6 

17 

6.1 


1 137.8; +0.8 

16 

5.8 


; 291 Dsf, — 6.B 

20 

3.4 

Bayer. VorelnoW 

312xr, — 6 

20 

3J2 

1 m it ^r^rrr 

T5ti 


— ig 

- 


225.11-3.9 

IS 

ICH 

1 pW> - If rffWfPIP 

! 75 

— 1 

— 

— 


l 315 


19 

3.0 


; 269.0,-0.5 

18 

33 


. isa.oi-o.8 

14 

4.6 


312.0 — 3.6 

80 

3.2 

Uraadner Hank _ 

251.5.-2-0 

20 

4.0 

Uyekerboff Zemt 

155 

-1.5 

4 

1.3 


1 211.0+0.5 

12 

2.9 

tUpeg Lloyd 

116 I 

+ 1 

lx 

5.2 

Hooctat— 

15OJ+0J 

16 

6.2 


43JI+03 

. 4 

4.5 

* " 1 ■ ‘ 1 1 

131.51 



10 

S.9 

Kali und data— 

163.0! 

-0^) 

V 

2.9 

Karaum— 

337 

+ 2 

20 

2.9 

Kaulhot 

217 +1 

UO 

4.3 

nlockner Dm IOC 

89.0,- 

-1.3 


— 

KHJ)_ . 

169.3,-0.7 

12 

3.5 


99.5— 0.5 

_ 



Untie- — ... 

240.0—0.5 

16 

3.3 


1,530'. 

1 

20 

1.3 


HO.Ot-2^ 1 

7 

3Ji 

AJAiS 

203.2)-03 

12 

2.9 

Manaesiuann.. — 

165.01-1.8 

14 

— 


239.61+0.5 

10 

2.1 


510 | + 15 | 

18 

1^ 


122. 0;_ ] 

— 



120.0 —0.5 I 

7 

5.8 

1U10H1 tt’rta Hipct. 

2042- 

-2JS 

16 

3.9 

a.+«wiii(i 

269.5 + O.S 

20 

3.7 

dtemeus 

296.0- 

-1.5 

lb 


suit /iiL-ker 

246 \-<4 

17 

r-ff-I 

tby&wD A.G 

119.0 — Oft ] 

11 

lM 1 

Vartoi 

176.01 + 0.8 

14 

4.0 

V KH.V. 

116.5- 

-1.5 

12 

5J1 

Verein A West UK 

30a > + 4 1 

ao 

3.3 

ViiitsuMisen 

312.8- 

-1.7 i 

10 

2-3 



TOKYO t 


Jan. 19 


A»nlil Ula,*. — 

Caaon_M 

Casio 

Ubtnoc .... 

L»vl Wippon Prim 

£ui Photo 

EUtachi 

Uomla Mtaonu:- 
House Food 

U. /sofa 

[to-XokmJo... 

J-A 


Ten 


316 

439 

550 

418 

530 

515 

S03 

507 

935 

234 

1,260 

514 

2,700 


AMSTERDAM 


Jxil. 19 


1 Mw i+or (O'lwTiVhl, 
; Fh. | — It 


tUukl (Pl.OUl J 

AkJfii (Pfe.JOl I 

Ai ’em dnk(F -1UUI 
*LUBV. {Ph. 10) — ; 
Ajiuv UfiukiFi^ai) 
dljenkorl iFijU). 
dobs West 'in(Fi. 
Bull rai -Teitemrl 
KisertertPUSh.-.J 
SnalaN.V. 
KuroComTstFI 
lilfiBiawlefiF, 


4^ 


99.61 + 0.5 j 24 

*3.7 1 ~ . 

328.0 + 2J!A22^ 6JB 
75.0 +0L3 ;Aw4| 
67^1 + 0.6, ggr 
84.4^+0.41 US 

la 1.6 +1 7u 


.Bearer] 

W.Fi.10 

lestF.iCJ 


66.3+0.3 1 <|6 
546.81 + U j 121 _ 
123.o! + 0.2 J 3z 
5l ,9^3 

39.9+0.7 SZ 


HeiliiQkentPij*i_. 103^*0! +0.1 I 14 


Uuufioven*iKlil) a )| 26.4'. — 0.1|IlL26j 


Hunter U. (2.10011 
H Li. H0II1UI1I...I 

KLM (KIIOO) 

Iul Uuirer ilo. 

union /FIX!) 

Nfit^ailos.(FL.iL 
NertfJredrib <Pt£ 
MeiLMIdUklFIlhC 
Ltoe f Fiau) 


Vso Ummeren.„. 
rt.klwe.1 (FiJan... 

Philips fFi .10)'. 

KijnSchVerFi.ia 

Itcdieoa (FijO) 

mjidco 

itoreutolK.jOu.J 

dq>arUutcfa(Pija 

soirentjuqr 

iieduUrpiP.ju 
ttikyu W UidsS.' 
Unilever (pt.Bj).., 
VifilnRttM.liil.fi 
WesUsad/u. (Junk 


24.1-0.4 

14^i 

121.5;- 1.7 
39.6. + 0.3 
3B.5 —0-3 
99.51— d.l 
49.6—0.1 
180^aJi + 0.3 
1 55.01—43.5 


12 

1(3 


Kutml Htoct.Pw.Jl.080 

Korns t»u 1 289 

Kubota 270 

KyotoClenalc.^.12,460 
Uauusfaiia Ind...: 595 
AUtsnbublUoak..' 279 
Mitsubishi Hesvyj 148 
Mitsubishi Corp_.! 414 

Mitsui £ lto. I 316 

MlUokoshl I 518 


Nippon L/ensok.... 1.080 
Nippon btynpsoJ 


. . .... 533 

Nuasn Motonu...! 702 

Pioneer — .,1.460 

dauyoBiectnc' 2U5 
defetMd Prelah__. 1.010 

dtuseldo «... 975 

SO tre 1,890 

OUrtio ilsrine — 255 
DUcdaUhemlau.l 274 


U3K 11,430 

fejm — | 118 

lukto Usrlno.^... 498 


bMlohto-t Pow'i jl,180 
lokyo tauyo— 



Ltayo bb 
1'remy, 


9 

. 

IKS 

m 

1 


+1 

14 

2.8 


+7 

12 

1.4 


-14 

25 

2.3 


-6 

20 

2.4 


-5 

18 

1.7 


+12 

15 

1.5 


+2 

12 

3.0 


-7 

1H 

UB 



55 

1.9 


-1 

12 

2.6 



30 

1.2 


+4 

15 

1J 


-40 

— 




10 

4.6 


+ 9 

18 

3.1 


1-2 ' 

15 

2.8 


—20 

35 

0.7 


+ 3 

20 

1.7 


— 1 

10 

l.b 



12 

4.1 


+2 

13 

L6 


+1 

14 

SJS 


r— 2 

20 

1.9 


—20 

15 

0.7 


—7 

12 

1.1 

-2 

lb 

1.1 

Jr- 10 

4d 

1.6 

;+i 

12 

2.9 


+ 10 

50 

1.5 


+4 

20 

1.0 


-10 

40 

1.1 






-2 

15 

2.7 


-20 

50 

1.0 


-1 

10 1 

4.2 


-3 

11 

1.1 


-20 

0 1 

3.6 


+9 

12 ] 

2.4 


+2 

10 

S3 



10 

3.8 

1-5 ; 

2 J j 

13 


Source Nlkko SscnrlQes IHkn 


BRUSSELS/LUXEMBOURG 


AUSTRALIA- 


-ton. la 


AusL'S 


'f+or 


ACM 1L(& cent,— 

.Vctua A not re liu.... 

A Wet iJfnte-Trrfa. I ndus Si 

Ampol Kxpioretloa. 

AaiMOi-CBtreieuin-- - 


Avioc. Minerals— 




Asrec4*nlt> Paper 
Assoo-Orin. rndostrles— ...; 


Aunt, FoutKtsribn loreet.. 
0.1 , 


AodimoL. 


Audi. Oil t Gas., 


mm Meta, lod. 


UotwsinvUle Copper, 

broken Hill Proprietary... 
HH South 


ktoritoo United . Hraverv— 
C.J.Cotea 
UiK (Si). 


Uoofi GoWfleuls .Ins......... 

Container (SI) ; 

Cooxlnc Kiocinto.. 

CoettUo AuscnUta.— 

Dunlop Hubber (SI) 

KJCOK. 


tQ.76 

TQ.80 

ta.25 

11.28 

tQ.78 

10^5 

tl.00 

U-75 

t0.96 

fl.55 

10.38 
tQ.27 
ta94 
tl.04 

15.38 
KL97 
tl.90 
11.85 
13.03 
12.44 


'+U.01 


1 + 0-01 


1-0-02 


l+tt.01 


-0.02 


trO-fll 


W.OT 

'*4.04 


bluer 3taftfa„ 


8-4, lodintries. 


Ueo. Property Tturt 

Uftmmstey. 

Umlvr. 


■0.1. AostraNa 
l<U«r-Copppr.. 

-J ecu Inga indu 


nduatnes 


«-05 i— 0l0b 
1-0.02 


Jones Ufa trki) 
Metal* hot 


"total* ttxplontkir^. 1 

MJM Holdings I 

Myer Emporium. I 

deni 

Nicholas International ' 

North Broken S’ Imcs/faOe 
(hUtfcta 
Uiidesreh 


Jml lfl 


Price 

Fre. 


*«xm 2,000 

Oq.hra.Lamb.__. 1,424 
Oekm 1,750 


Cuckeriii 

HUNS, 


372 


140 


■Of-OJ 

-5j — o.s 


18 

IQ 

46J 

ao 

ao 

A 34 
8 
21 
16 


AM 

•— 


43.5-43J 
46.11— UJS 

62.5 -L5 
167.9i + J.4 
117.0 +0.5 
130 Ji + 0.5 „ 

12/.4,— 0.alA5U 
239.6- —0.5 ’ 

1-+7 :+0J 
83.5; + 0.5 
120.8—0,2 

43.0 1 

410 i+2 


lfl 

30 

AflUl 

85 

32 


9.1 
8.6 

4.6 

8.1 

5.6 
4.4 

5.7 
9.6 
6.3 


7.5 


3.5 

7.6 

7.9 

3.7 
0.8 

6.9 
1.1 

3.9 


COPENHAGEN 4 


Jan. 19 


i Me* 1+vriPlr.iYid. 
; Kroner 1 - 1 % \ * 


.I'hlc'ManeuL.... 
Ourm'sCrW^rr „.i 

Uftuehe bftiiii 1 

dust Alia tii- Uta..! 
i r iiuu«tMnken._. : 
P)«r.Bryjn»erier 
Ktr.Hipir j 

Hnuiif-JfeUjtnk 

iVtb'n U.(Kritt.j 

.iiinl Ksbei j 

letsbrik I 


Prtvatbanfi | 

Pi l<v (us hank r 

aoffii- uerondsen.! 
fiuperfns-. 


139 -1, | 
425 -5 ! 
1864,1-to ! 
841 ,+l | 

115*,! j 

3351,!- U 
80 j+4 
132 U -to 
2503,! + u ; 
253 I+1A, I 
95tol + U 

135to| 

142to -to 
368 


10 j 7.7 
IS ; 3.6 
U 8.0 
U 5.0 
13 1 1 1.3 


UlMVdM 6.19J 

P»briqncN B t.._. , a,496 
-».U. I nno-UttL_„ 1 1.855 
Covnart Iljsl4 


HobosetL. __.I2.650 

inter.-om— 1,870 


KmtleaMOk .6, ISO 


Utvale Uelce JS.15U 
Pftu tuXiilnv 


Petrel kna 
3ne Oen Uanque ,| 
dectieo Belfiiauei 
Soriim 


=oiray - 

Trnctinn hleet_.. , 

blTB ,| 

On. Min. (i/hn .... 
Ilellle Monwtrnel 


d.aOO 

{3.700 

'4.69J 

1,895 

d.t,20 

2.455 

12.520 

1.004 

740 

1.450 



dir. 



t’ra. 

YhL 


Net 

• 

-70 



+4 

60 

4.2 

+ 20 

118 

6.4 

L-10 

90 

7.6 

It* 

— 


j + 25 

177 

7.4 

J+30 

430 

6.9 

1+45 

170 

ti.B 

[3 

130 

80 

7.0 

6.6 

+ 5 

160 

6.7 

-1+30 

rcnwni 



m 

h-10 

305 

ia 


i'.tfh. 

d.fi 

— 30 

I'M 

4.7 

1 

189 

7.0 

r-^J 

153 

7.1 

,—10 

206 

7.0 

(*■35 

A W 

1*11 

Its 6 

162 

6.4 

c| 

— 


6J 

8.1 

■-26 

IOO 

6.9 


SWITZERLAND 


Jan. 19 


Price 

Fre. 


Aluminium [1,285 

dUC-A' _...| 1,690. 

ClbaGeifiyfFr.LMl.llO 
Uol Pr. Certs 870 

Uo. Ueu 624 

Credit 3ui*ae_. ....2.236 
Ktoctrowatt. , — ...1,690 
Fla her (Geotjre).. 735 

don man Pt.Uen*' 89.750] 


| — 10 

Pi a 

+5 

+ 15 


Uiv.iYtoL 
i t 


190 +11, 


3.5 

10.0 

8.3 

4.3 
4.7 


Ua (smaiiL... 
ItUerfoart it. 
Je/fuolt (Pr.WO) .. 

XewietFr. JLOtto— 

Ua Krg. 
Uerlihou-rtJF.'ftit.l 

Pirelli tilPiF.lQO 

sondoiL 1 Hr. dbOi.. 
Uo. Puri Orta™ 
nuhind lerCtsTlOC 
diheer iCtaJ'.U*;. 
iwissalriFJoOL.. 
Swiss Hank. (t.LGGj 
Swiss (IteJ’^&O).. 
Union Uank™__' 
Zurich Ins 


+25 
I — 50 


r~8 
+ 15 


+3 


[8,900 
3,300 

I, 465 
13,620 
2,255 
2.475 

266 
(4,000 
478 
305 
370 
810 
431 
i4.976 
3,265 

I I, 500 j+125| 


6 | 2.3 
1U j 2.9 
22 I 2.0 
22 : 

22 | 3.6 
16 : 3.6 
16 ; 2.9 
- , 5 ; 3.4 
+750| 66O1 0.8 


L3" 


55 

UO 

20 

MKJI 

h?* 

1 15 
26 
26 
9 , 
14 


0.8 
3.1 
L.4 
2.4 
3 JB 
b.7 

5.6 

1.6 
SL7 
1.6 
3.8 


Pioneer Concrete ! 

BeofclU t Cbhnan: 

tI. l. {Mentis, 


3uoUiia« 1 Utaiiut 

l«*h (8 b j 

«aiton«_ 


■Vestern Mininn (faOcemsi.! 
i»oo**ortbs 


12.25 

tlJO 

tl_36 

10.95 

11.93 

12.00 

tl.41 

ta^o 

10.77 
12.06 
tOj29 
tl.34 
11.00 

10.13 
11.74 
*1.95 
t2.16 
tO.95 

11.13 

11.85 
tO .09 
11,40 

13.85 
10.76 

10.19 

11.78 
t0j95 

11.19 
tl.61 


l+a.fla 


+0JM 


1+flJlS 


HUM 


+0.01 

1+0.02 


[+4LTB 


1-0-82 


S-MU11 


PARIS 


Jsa. 19 


Price 

Fre 


(toulfi — — — 
.UriqaeOodri’t'ip 
Air Uqufate... 

Ai^mstnoL 

olC _..] 

itouya ue«. • 
OJ d.W. fl emh....! 

Carreioar 

U.Q.K. [ 

C.I.T. Alcald._...i 
Ui e Hanoi re.. .1 

Club M ©liter 

Credit Com SVce.1 
CreoMCLoba..... 
Uume»__™._._.. 

rr.Pecroim 

Goa. Cfeatfencsfe 


740.1: 

312.2 

262 

518 

512 

376 

351.61 

1.256 

256.6] 

621 

268 

340.0 
100 

52.0! 
4S4 
65.1 
178 a| 
64.051 
100.8 

141.0 
510 


JfeuquM Horst. 

tofsTfie. 

L’Upwi.-. — ___ 

Ugnind 1.3B1 

Shumtu. Phctoto..: 731 
Alb-ben n 1,105 

Most Hennessv...j 339.&I 
Mouiiaes: iQ3.n 


Purl boa...™. 

Pertilnqy 

Pflroorl-Kfc-tairU,' 

PeujteoLUiotw,. 

Podain 

Kolb Technique. | 

hdrioutc — I 

Khone Pouien- 
Uotain 


7Q.» 
195. In 
277.« 
104 
356 
482 
Dl-5) 


i-2 d.67i 3.7 

I J 10 2JI 

pj**} + 2J3 
1 + 5 ! 20 I 3.1 


40 j 1.7 


MOAN 


Jan, 19 


Price 

Lire 


+■ or I 


VIENNA 


Jan. 19 


nliLu.fiil , 
PeniiKnoer ™. 
•Sei«.1*fe.._,™„„ 

dempens 

: rop usiiBier:,:. 


Alaanewll™.. 



Jtoiu 
Aurooia .Isjia.... 
OfeMuati 

FUs J 

Ua Prlv 

Fresiiicr 

itafi-emead. 

Itamk/«i_™ 

AlfeMK*jftia-Ji_ 
Monied ton _ 
Olivetti Prlw 

Pirelli £ o^_ 

Pirelli 
^*ds V* 


Uiv.iViii. 
tore; ^ 


123.25|+0Jb' — 1 _ 

Hi j;i 1 [ i 5; , “ 

as b ! iisj ii 


74.00: +o.ad 

19.690 1 ^ 

109 
,30.650 
139.50 
749 


1,987 

1,011 

422 


+40 
+ 5 

-30 

-8.2*1 — 
+ 13 
+ 39 


+ 12 


300| 3.1 
1.200! 3^9 


80! 


llrt 6.8 


13 


dkis UoKlvnoi. ...1 

ouez— 

l'eieiUMniqfeie.._| 
UimtMto ttauyit 
Ustoor.. 


1,640 

aiojji 

659 

136.0| 

20 . 6 | 


+ wr 


+ 30.1 
+0.2 
+ 2 
—8 
+ 3 
-3 
-6.4 
+ 6 
+ 2.5 


Uiv., 

/re 


■*toJ u.6 

ai.lbr 8-B 


1B.S 

24 

ll.lfc 

il.ih 

37.1 

611 

uf.r 

SiJf 

1» 

6.d 


« 


6.6 

7.7 
U.U 
8.6 
10.7 

4.8 
10. 

7.1 

4.1 

1.9 


BRAZIL 


Jan. 19 


i' “Price 
I Cruz 


.C-esiu_ 
daora unni UP.. 1 
deifiu MmetnUP 
Itocas OP-._.„_. 
Lfijss Aider. UP, 
Aladne*n>an UP. 
Pntrobrik- PP__ 
Pirelli OP 


xxtza Crux UPH 
Fate Kin (In f I’l' 


1.28 

3.91 

1-30 

0.98 

2.74 

2.48 

3.16 

1.84 

3.46 

L71 




~U.h4 

+0.91 


0|r. 

Crux 


d.ia 

Lift 


-ojjslj-ia 

+O.OUJ.I4 

+u.ua.iijK) 


-ojij.i8h.at 


+ O.flB 
\-OM\ 
+ 0J1 


+0.04J/.1S 


’0.10 

|J.1B 

•*.33 


XUL 

S'. 


a.ar 

7J9 

(4.H. 
T3 0, 


a.ifi 

(OO* 


IMS, 


VoL Cr. 174.1m. Stares 65,8m. 
Sources Rio do Janeiro SE. 


1 i ! J 


t£ 0 

Vi 


OSU.O 


| mi 

Price'' 

Kroner 

+ or 

Uff. 

* 

YZ 

* 

Uatxeu taut 

Dociwumd.-M-., 
Oredltt»nh___ 
Hhiihil. — _.. 

tyuftllf 

flank Hyrirekr.fft' 
ilorgbnutii 

100 

61.5 

113.5 

300 

113 

188.75 

90.00 

+ 1 
'^OJS 

+o'js 

+ 1JZ6 

10 
4 

11 
20 
11 
18 

9 

10. (T — 

6.4 

bA 

6.3 • ' 
9.7 • 
5.1 
10.0 


JOHANNESBURG 

MINES 

. . Rand 

Anglo American Uoim SJO 

Charter Consolidated Sjj 

East Driefonteln jl® 

BUsbnrg — *88 

Harmony „ LL cna 

5^?” «• 

tuoof — JL8S 

Rustenbarg Platinum - Xjo 

SL Helena „ . IBJffi 

SOOhesal 9JB 

Gold Fields SA SLOd 

UnlM Corpora tlon +.70 

g£B«rtD£emsi 6.70 

Biyrocruitdcftt 4gn 

Ban Rand PrV ..... a«o 



—2 
+5:5 

iliIilVo 

+03\ 12 123.1 
-1 I1M6I 4.6 
^.9 1 14.101 14 3 

ajfaj 4.6 
+o: 7 4 B I & ^ 9 _: 7 

1-1.8 >16. fT'llj 

|— I lltaff 3.1 

-18 |3/.S6( 8.4 
. 39-bj 03 
"JO ‘3sJ8f 2.9 

i 1 5 6 i 3,7 

137.5«j— 0.4 jia.afa! 
""■’-O.Yj 73 
12 
lb 


+ 2.6 
— 1 
—2 
+4 
+0.2 


lao.of — o.i 


+20 


, 1 - 8 
!14.5 

20.6 

6.2 

6.4 


7.2 


4.9 

17.5 


24 
9 

U.B&M1.4 
39 ( 2.3 
. 86.K12.1 

-9 IBI.ISI 3,9 

faw? 


STOCKHOLM 


Jan. 19 


Price 

Krone 


AUa Au iKz jU|.. 
A<h tounuiifKirCj 
AdKAdtrJO), 
AuasttopmfKrjtl 

oioerul _ r 

onfam 

itada 


^eiiuioro ..... 

bieet’iux-utKjb, 
Kricsson* 8*( Kr JLJ 

Kabeae“H*__ 

fagervta... . 

UnuiEW (1reei__ 

Handdshuilten ... 

Usratiou 

Uu Ucb Uunuln. 
-jand*lh A.B.— ... 
3.K.P. ‘Vf Kre_„ 
dlwod Kaskilrta_ 
Zaudstik -BTMO. 
Uddeb 
Volvo (Kr. bO) — | 


-Hu- 


+ 1 


+4 
+ 3 
+ 4.5 


+4 
+ 1 
+ 1 


123 
IBS 
101 
106 
80 
123 
375 
199 

132 

133 
322 

82 
53 
365 
115 
63 
215 
.73.51 

132 

89.5—0.5 
- 43 .3; +0.5 
69 +1 


Uiv, ilfid. 

Kr. i % 


6.6 

6 

6 

6 


3J3 

3.3 

8.1 

4.8 


Free State OoduM 
President Brand . 

Prssidenr Steyn 

Stllfomein 

WpBwdi 

Wort Driefonteln 

5 

aeci 

An gto- Amer. IcdusirlaJ _ gjO 

0 NA Investments lss 

Currie Finaoee j toS 

« 

federate ■ «"» 

Grearermam Stores ... a» ai 

SK aD _ A#mpaftce ,SA > 

lta .«« 

SSSl? if 







-rgtt 


Nc 


gloria Cement" 
Protea HbkUngs 


_ 135 

g^wandt anmp 3J» 

4*1 


Reteo 

Sage Holdings • — — — 

sappi i « 

C. G Smith Sugar •« 

Sorec .Tflrl™ 7 — J 3 

SA Breweries . ..." ’**“* Y7* 

^er Oats and NatL Migl 9 . 1 S 
^ I 4 S 


Securities Rand Discount 


SPAIN 


Percau. 

UI - 



as 

Mi 

2** 

2M 

1»- 

2 CL 

US 

111 

sot 

33 

32 

m 

w 


-1 


__ . ) 


— >' ; 


-1 
» I 


'1 1 


>v. - . 


“J 






I r6-8: 9.0 
4 r 3JJ 


1+1 1 

+ 2.0 J 

+4.6 ! 

-1.5 
+ 5 
+ 1 


12 

10 

0.6 

"5 

B 

a 


14.U71 

6 

6.6 

6.0df 

4.6 

8 

6 


3.2 

5.1 

4.2 
4.7 
3.6 
10.1 


8.5 

7.3 
9.9 

2.4 
6.8 
6.1 

6.6 


8.8 


2sr 

n 

EM 

332 

in 


•"t 


r-4: 


■‘•-I-. 

1 . 


January u 
Aaland 

Banco BOhao 

Banco ADaattco i’i.MaT 

gMM .T'™’ 

Banco Exterior 

garni Ccneral ii 

& hSK? 

Santander ^3ff) 

MnCO UrquUO fl.QM) 

Bantu Viecapa 

ZarajKHano T~" 

Btntmnlon 

Bamtt Andaiaria"3~ 
g*cock Wqcqx _-_Z 

famotanl/ .. J'"""’ 

B. 1 . Aragotiesas 

Zinc 1T1 - 

inca iJS^! . - 

peeoa n.qoai ;aj---i-.^v 

Fenow h jw> ,ZZZ. n ' ^ 

Gal Pnctigdoa lot . 

nwrduero met 

Ofcnra • _ -"'}•* - Jj 

Petrolltar .... ••• m 

PetrutaOB I, — in _ 

g Tlla «' — sq.-. +2 ji-,. 

SSSU~r=; • 

” • . -7 

toinn Bteo. t*Jf - 

. . • • ' '-V^V 




- 1 



































































29 




EQi Friday .Janc ary. 20. 1979 


>Vorry over 

mthrax 

mtbreak 


hits 


J Chrifto P ,,er ***** BY JOHN EDWARDS; COMMODITIES EDITOR By Our Commodities Staff 

USTRY of Agriculture Lack of buying interest pushed 

irinary officers are urgently SPECULATIVE SELLING, en* earlier is expectations that it national tin production would prices lower on the London 

ung the source of a serious couraged by the firmer tone in would breach the £400 a tonne also be adversely affected, by as 60608 Md coffee futures mar- 

ireak of the deadly animal sterling, brought renewed losses mark before the end of last year much as 10 per cent- kets yesterday, 

ase, anthrax, which can also in the lead, zinc and copper appear to have become dis- Load shedding was never Hay delivery cocoa sank to 
» severe effects on humans. on the London- Metal illusioned. . 'experienced before among the a new five-month low of £1,535 

ae Ministry has received Exchange yesterday. - Selling by chartists triggered mines during the monsoon a tonne, down m.S on fee -day 

iris of one outbreak a day Lead suffered the biggest foil off stop-loss points that acceler- season and he Bald enforced work while March coffee ended £13 

e the turn of the year— 19 in a day of active trading with a at ®° the downward move. stoppages would raise the danger lower at £1.811 a tonne 

jrts in 19 days— most of turnover of over 15,000 tonnes. In copper there seems to be of flooding at the mines, particu- ~ ^ . . n * . 

-b have been confined to the Cash lead closed £12 down at similar disillusionment, with a larly during the wet months. P V^* “““ opened 

v~. £335.75 a tonne making a loss of shift in marker sentiment to a The load shedding in Perak is ^ steaay jy”L. tlie - 

i January last year there was more than £34 in the past week, more gloomy view. being enforced because only one “fefe 6 a 

case which killed a cow. And Cash rinc fell to the lowest Much depends on whether of the three generators at the ,,? ne ,, ®Oe«*mtive 

be whole of last year there point since June 1973, falling by President Carter's State of the Chenderoh hydro electric dam is pu ™ d pr * ces lower 

i 139 reported outbreaks £5.50 to £2HL25 a tonne andneash Union speech helps strengthen working. before ra neb tune. 

-*h resulted in the death of copper wire bars, £9 down at the dollar and confidence in the Datuk Leow said water. With sentiment depressed by 
animals. In 1975 there were £847 .25 a tonne Is dose to last outlook for the US. economy. intended for the Chenderoh dam the availability of nearby and 
36 cases. year's “ low." Our Kuala Lumpur eorrespon- was being diverted farther north afloat cocoa at reduced pre- 
in is try officials suspect that Tin values, however, resisted deni writes: Tin mines in Perak, to operate the new Temenggor miams against futures the 

- present outbreak has been fbe downward pressure awaiting Malaysia's biggest tin-producing dam, which was idle for months, downward trend continued into 

ed by animals eating infected the result of the International state, report that production has Meanwhile. Malaysian customs the afternoon taking the March 
.. probably imported from TiD Council meeting being held been hit by power euts over the have disclosed that they seized position to £1,530 at one stage, 
•a or Pakistan, where the this week where producers are past few months. more than (L3m. ringgits (about Dealers said major mannfao 

ase is endemic. - seeking substantial rises in the Datuk Leow Van Sip, president £lm.) worth of tin ore from hirers appeared to be fairly 

■opical mnmal feeds such as Price i ranges of the International of the All-Malay a. Chinese Mining smugglers last year. well supplied at the moment 

jodnut meal, and bone meal fe^ Ag T e ,? n l en f „ - . Association, said- mines stopped Yesterday, Malaysian Customs and showed little Interest In 

'v certain countries, are the . eame despite operation on 13 occasions a also seized 12 pi cals of tin ore. the cocoa on offer. 

■1 source of the disease in ™ tteSowte* Wurto® tag month ■ • valued at 26.000 ringgits on the Coffee prices had moved np 

ain. bought at least another, 2.000 Datuk Leow said the stoppages beach opposite the Singapore to £50 lower during the morn- 

iores can be produced In t0 Kri „„ hf i oor » K , f !3!5 rk,n ? h<M ?l by 45 coast puti« on the tin ore in* as brokers assessed the 

ried animals which can Speculators, who bought lead 10 per cent and he warned that amounted to 7,000 ringgits. significance of rumoure that 


base metal markets 

BY JOHN EDWARDS; COMMODITIES EDITOR 


Cocoa and 

coffee 

cheaper 


U.K. AGRICULTURE 


Hay delivery cocoa sank to 
a new five-month low of £1,535 
a tonne, down £22J> on the -day 
while March coffee ended £13 
lower at £1.811 a tonne. 

Cocoa prices had opened 
relatively steady and the May 


ain viable for up to 20 years, 
the British Veterinary 
relation. 

ie Ministry of Agriculture 
suspected cases had to be 
-rted to the police— anthrax 
g a notifiable disease, 
id officials warned farmers 
knackers not to handle, move A 


Russian timber pricing dilemma 


before lunchtime. 

With sentiment depressed by 
the availability of nearby and 
afloat cocoa at reduced pre- 
miums against futures the 
downward trend continued Into 
the afternoon taking the March 
position to £1,530 at one stage. 

Dealers said major manufac- 
turers appeared to be fairly 
well supplied at the moment 
and showed little Interest tn 
the cocoa on offer. 

Coffee prices had moved np 
to £50 lower during the morn- 
ing as brokers assessed the 
significance of rumour's that 
Brazil was offering new “special 
deals” to roasters guaranteeing 
them deliveries for the next 
few months. 


‘Green pound’ not 
the only problem 

BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


BY A CORRESPONDENT 


knackers not to handle, move A SENIOR official . From Ex- tlons on national wages, and tied to the value of the krona 
ut open any animals, which portles. which sells Soviet forest there is widespread talk of a fur- if ir can be accepted by the 
die suddenly without any products, is due to arrive in Lon- the r devaluation. sellers. 


ui open any animals, which pomes, which sells Soviet rarest there is widesprea 
die suddenly without any p redacts, is due to arrive in Lon- the r devaluation, 
rent ailment don to-day for consultation on Swedish and Finnish softwood. The contracts could a’su be in ill Dl*0(lllCtt OHB 

- the first offer of Russian soft- wbich are sold in krona, compare sterling and here the buyers in * u 

wood for the UJK. market this directly with Russian wood and the U.K would have no protec- WORLD production of natural 
:rrw f - year. the UJt buyers of Russian tion against a general fall which rubber was estimated to have 

.TA > iarmers Negotiations are likely to be would therefore like some pro- could result from any further risen to 365m. tonnes last year, 

more complex than usual and tection against a fail in the weakness of tbe krona, and against 3 56m. in 1976, Inter- 

PTYlCinrl the formal offer is not expected general market level. would as a consequence expect national Rubber Study Group 

CliklUU J /O to be circulated to-. ’he importers The timing of the offer will very keen initial prices. figures out yesterday show. 

. . . until January 27 or a week later, hinge upon the speed with which The Russians have taken that Consumption rose even more 

!SC 111 tiriCGS! There are two main com pli- P acceptable solution can be course with their West German to nearly 3 77m.. against 3.55m. 

** cations. First, last year's weak- offer which is in deutschmarks. T ^ je nse In demand is due to the 

ness in the Scandinavian cur- Th®*® appear to be two lines but it is reported that importers strong®* demand from North 

rencies and in the Canadian approach Contracts could be there are not too happy. America, tne group says. 

dollar, which led to falling soft- World production or syntactic 

wood prices on the world's robber is estimated at 8.5m, 

markets, means that the Russians r».i » i *, , » iv/ »• l tonnes (7 B5m i and consumption 

will certainly hate to sell below Sc hmi nt [jltS at U.K. OD fiSO wes M m tonnes, up 8 per cent 


Rubber demand 
exceeds rise 
in production 


MR. JOHN SILKEN, the Minister 
of Agriculture, is firmly en- 
throned as the farmers’ No. 1 
bate figure. Even if he polls 
some devaluation of the "green 
pound *' out of the hat next 
Monday it is bound to be treated 
as too little and too late. 

The relationship between the 
National Farmers’ Union and 
Mr. Si 1 kin can best be described 
as a dialogue of the deaf. 

Neither seems to hav,e the least 
understanding of the problems of 
the other. It is very doubtful 
if when they meet either Sir 
Henry Plumb, tbe NFU presi- 
dent, or Mr. Silkin talk tbe same 
language- 

In some respects Sir Henry is 
tn a weak position. He has to 
present a case for higher prices, 
bur it is difficult for him to pro- 
vide evidence Df hardship being 
suffered by farmers, except per- 
haps in the case of pigs. 

The recent annual review 
showed that in real terms 
farmers’ incomes were static. 
But tbe actual rise of about 15 
per cent, could be considered 
satisfactory. After all as long 
as inflation continues debts aim 
become less of a burden in real 
terms. 

Sir Henry's problem goes back 
to tbe referendum campaign 
when he was a leading advocate 
i of remaining in -the Community 
He undoubtedly influenced many 
farmers into voting Yes, without 
really understanding how the 
Common Agricultural Policy 
would work out in practice. 

Farmers had been led to 
believe, and not only by Sir 


Henry, that once tn tbe Com- 
munity they would enter a sort 
of promised land. 

The constraints of the previous 
system would be cast off and 
expansion would be tbe watch- 
word. British farmers, because 
of their superior skills, farm 
size eta, would be able to domi- 
nate the continental peasants. 

That expectation led to a con- 
siderable stimulation of farming 
investment particularly in land, 
in stock to graze it and tbe 
machinery to work it. - It oonld 
weH take decades of inflation to 
make land at more than £1,000 
an acre show a reasonable eco- 
nomic return. 

Farmers’ constant attack on 
tbe “ green pound ” which at the 
moment is keeping some of their 
prices — and some of their costs 
— below those of other EEC 
member countries has blinded 
them to more serious threats to 
their future. 

The first is overproduction in 
the Community. The most 
obvious example is milk pro- 
ducts: but beef, sugar, grain and 
pig meat are all running dose to 
surplus. 

British farmers eiafro that 
there is no surplus in the U.K. 
but this only demonstrates that 
no one has made them under- 
stand the basic fact of a Com- 
mon Market where surpluses and 
shortages are common to all. 

Tied to thar is tbe stagnation, 
or actual decline, in consumption 
of food, partly as a result of 
higher prices and partly because 
of a change tn eating habits. 


The reaction of British 
farmers is that they would 
export to Europe if the British 
consumer won't buy. However, 
this leaves out completely the 
probable reaction of the politic- 
ally much more Important farm- 
ing lobby on the Continent. 

Mr. Silkin can be credited 
with having warned farmers of 
changed circumstances. The 
national Interest, he says, deter- 
mines the relative benefit to tbe 
country of imports subsidised by 
monetary compensation amounts 
compared with encouraging 
home production. 

In referring to the manifestly 
unfair way in which the pig 
meat MCAs work he potato out 
the enormous pressures that 
have to be used to make any 
government sacrifice a possible 
advantage which a change would 
entail 

Where Mr. Silkin could be 
blamed is not emphasising firmly 
enough that British forming is 
no longer of paramount import- 
ance to the nation’s economy. 

Import saving appears to have 
gone out of fashion and pos- 
sibly for national, oi EEC in- 
terests, some sections of farm- 
ing are in the Government’s 
view expendable. 

Mr. Silkin would not gain any 
popularity if he followed that 
course. But there is a precedent. 
Sir Christopher Soames placed 
real constraints on farm produc- 
tion when Minister some 20 
years ago. He made no friends, 
but at least after his plain 
speaking farmers knew where 
they stood. 


■ cations. First, last year's weak- I0 £? a offer which Is in deutschmarks. 

BRUSSELS. Jan. 19. . ness in the Scandinavian rur- , Ttiere appear to be two lines but it is reported that importers 

COMMON MARKET far- rencies and in the Canadian of approach Contracts could be there are not too happy. 

lobby group, Copa, to-day dollar, which led to falling soft- - ■■ - — ■ 

inded a 5 per cent rise in wood prices on the world's 

anteed producer prices for markets, means that the Russians O.i ,.|x it-V r*„i 

1978-79 marketing year. The will certainly have to sell , below ijCDBllul IlltS Sit U.JKV. OD tlSD 
Commission has proposed (heir first offer prices of last 

a 2 per cent. rise. year. BONN. Jan. 19 

iC Agriculture Ministers Second, the problem of how HELMUT SCHMIDT, the West “The delay in obtaining agree- 
discuss tbe proposals at a allowance can 'be made for. .flue- German Chancellor has criticised meat . has prevented our 

ing here next Monday and tuations in currency . /values Britain’s attitude towards a aebievine results in fthe EEC’s) 


was 8.5m tonnes, up 8 per cent 
from 7.9m. 


‘Pig men’s future hangs on MCA cuts’ 


BY OUR COMMODITIES EDITOR 


ing here next 


and tuations 


currency ■ /values Britain's attitude towards a achieving results in (the EEC’s) 


day, but final decisions will between the date uf tbe offer European Common Market negotiations with third countries, 
ably not be taken until April and tbe individual utils Of- lading fisheries aereemenL savin? ir was The Eumnean r.nmmnnirv hac 


India cuts 
jute stocks 


ably not be taken until April and the individual utils of- lading fisheries agreement, saying it was The European Community has J 

' the European Parliament some six to nine months later incompatible with , the spirit of therefore lost valuable ground . NEW DW-hi, Jan. 19. 
been consulted. In the past It was sellers who community. as a negotiating partner." he THE INpiAN Government has 

■pa said the Commission’s demanded orotection from , fan Herr Schmidt in a. speech to said. reduced, the maximum permis- 

osals were inadequate, would j_ ster u nB -nd so the contracts the Bundestag (Parliament) to- “West Germany appeals to stale stocks of raw jute in jute 

ess the agricultural industry were linked to U S Sila?VaSes day. did not specifically mention the solidarity of member States mill* from eight to six weeks’ 

cause a fall in farming in- N ^ j •,»]«,. Iost mue h 0 j Britain, but observers said there to refrain from special requests requirements. 

B6nL . Its stahnitv and the option is was no doubt h ® was re- which are incompatible with the The decision was announced 

disputed (he Commission’s f lirr w P hv *ht f erring to its demands for spirit of the community.” be following discussions last week 

ssment that there had been c wed f- r u terona y -oe preferential treatment on the added. between George Fernandes. In- 

tpward trend in farm prices ' “ -• question of EEC fisheries’ zones. Britain is demanding an exclu- dustry Minister, and members of 

incomes justifying tbe very That suffered two devaluations The Chancellor said he was slve 12-mile off-shore zone around tbe Indian Jute Manufacturers’ 
price increase this year. last year, the country is he^et concerned at the stagnation of its coast and preferential treat- Association, 

ter with difficulties in the negotia- the talks. ■ ment in a further 12 to 50.miles. Reuter 


A “GREEN POUND” devalua- 
tion should be played as a 
tramp card in the EEC Farm 
Price Review in return for a 
change in the calculation of the 
formula used for calculating 
pigmeat monetary compensatory 
amounts. 

Thai was urged yesterday In 
London by Mr. George Paul, 
managing director of Pauls and 
Whites Foods, animal feed com- 
pounders and are also one of 
Britain’s biggest pig producers. 

Mr. Paul said tne future of 
the whole British pig industry, 
not just the bacon trade, was 


dependent on a reduction In 
those “grossly unfair" MCAs. 

Temporary respite bad re- 
sulted from lower feed costs 
and slightly higber pig- prices, 
but the slender margin may 
soon be eroded again. Mr. Paul 
added. 

He said that all farmers badly 
needed a substantial “ green 
pound” devaluation early this 
year. 

Although such a devaluation 
would raise the cost of some in- 
puts. notably feed. It would 
mean more cash generated for 
the -re-investment - ^ ' 

Cost “ push ** was giving 


farmers “a hefty kick up the 
backside" which many did not 
realise yet because of unex- 
pected windfalls. 

These bad tended to mask the 
fact that input prices and oper- 
ating costs have rocketed, he 
said. 

Mr. Paul, commenting on re- 
cent rumours of possible take- 
over bids that bad boosted the 
share price of the company said 
that under Stock Exchange regu- 
lations directors most make an 
announcement if they knew of 
any potential bids. 

Since they had made oo such 
announcement, one could draw 
one’s own conclusions, he said. 


3MMODITY MARKET REPORTS AND PRICES 

M FT A 1*5 5*1 a 'moflwately aAire day. j — JM-U «3SJR». Indicator prices Jan. U: trade study. Quotations c and t OJC. Sfil. 6-380 A Mar M2J, MLB. nil; July FKICfc CHANGES 

lk51 - 1 Turnover 25.900 unmet mjjj Qffld*, P— Unafflefci — average 136.75 22-das for January shipment: lOounce 40-tuch 384.0. 384.!. SG5J-3S4.L Sales: 872. ■ 

.’PER — Lost sramd despite a steady Amalgamated Metal Tradifo reported „ I r~ — iWn8e 148 45 llALn >. _ ^ % BRADFORD — Crossbred topa Quoted «tm5d“ 

»lun forward metal was £888. in VMtalSm marniag law iMwi Sign Sraflet £ £ * rArT , cr Sid p0 ? ay w "» tower '“Uwina tola wee*a 

K Ir’Sdil&i* :SSirL.T 0 - COFF EE si* 5 °^r a ,r‘a«S rt ”!So!5S visitor. 


~...i 644-.S ‘-9 l 647-J> -9 
It*..’ 6S7-.S .-9.761 669.5-601—9 
i'ut: 644.5 .—a — J ...... 

Am! 

633 4 8.75 636-7 -8^5 

Ift-.j 646 .5 j-B r , 649-5 U8 


*FJp R Brausd despite asteady Amalgamated Metal Tradl&g reported - J r" ; H* ^ 7^ 

wtu-n forward metal was £888. in mat tn the morning cam wiretoara Hi S ;,iera<l | I w.£_ £ r * rrvrnrr 

lib's speculative selling ewersed and traded at 044. 44J. ffln-t' ^nion t h« £885, Caan— 6260-3 -82^6890-300 COFFEE 

bwera reluctant the price fcU to M mlM. mTh. wS nc>M« a rnontha. 6246-86 -10^6280-90 L_io “fe 1 * , , 

— - , — , — JhHur^Wh< m V aJ.- SIX? aettlam't. BBSS —0b — ...... Robustas opened sHsfcdy lower ana 

,£K i rmw* I 4 * W t ‘^ C ° tn S2as"a!ffl'«tala? Standard mituily failed io break through major 

CMUrta. | - InmBeta..-- mOTthfaM-fc ™ 62606 -S2J 6290^00 Wwwrt level around £1^00 basis Mar. 

i £ irr v hr ^ ^ t ™ 4S sc jsra: 



three months IM?/ «j. i2ri»: Wire bars 6265 . - -- n miS t ^dl^!r 1 bi^%oSh er mmOT Y * rn “ n ‘ I C ’ 8lh '"****' ^ Pri “* Br “' sU&bdy easter landancy. Market is aider IB7- 

three months £S58. S9 59 J: a ANxmoon: Stwicsfr.rd 10 "r™ . °*«ot ukJ depressed. • 

IVI r5v»rB ihfflrri nimrh» raw s 6B606 -32.6 6290-300 - support level around £1,800 basis Mar. _ - 

Amooths.. 6233-40 -105 62704S -ISA RUBBER 

£850 J. 5B wwaw, uirew mmnnB 6863 -96 - ron ^ H v ^ u “ MPAT/VPIiFTA RI EC Metals 

- atnirnSL I? 1690 -1 - . — - EASIER opentag on the Loudon physical fflUA 1 / ’Lutl AoLtO AJnnrimiun £660 

Ttw — Utrit dmmMd on balance but kawSiwft. — 567.50 + 3.0 .. °g Wlt ff B . J*!”*. ^ marteL Unit interest throughout the KreeMarfaet(dB)S980- 

thb martmt was quitter than other metals, m tay closing on a CaU note. Lewis and Uoppen»diW. Ban«£b47j 

jj! tal° throe nvmUH OBU. £sa». DS. io. 20 ened from earlier imm-dawD aS^^ cen&^^kUo rbovCT tUnrtlJluiner8 57.0' to 80.0, forequarters ^°r£i Kl ^ do ' Sglg'j 

and tw* aliowoa jwward metal to sort M u. » u H i_u Cmim. m.** imh wm hnrim m-irtoi Prtco was 20l <Z02i cents a Ulo (buyer. T* n « n- MnHnnmw. ra n tn w n L **“ 1 L636.I 


nm i im* wIlrtiaMul tororeWI moral tn Brew mat v . “d. aw. -m ciwu uuuj cmiuca iuiui'uuuu utmu __j^ , 

rt» dun ^ ^0, J H *S h cash £fi»0. local dealer buying caused market to 

ISo£E2F * ^wSSmwJSS ^ POOlbs £C40. close only a to £28 lower on da,. Volume 


Cocoa eases 
as precious 
metals rise 


i'dl 1 634 (-8-5 : — I ^ iTS helped by ^ Aftewo: Staodani. cash £8289. good Un healing encourajons speculBiive i 

•■"I. - C.. J 60-62 J ^"SSt^Tli^bSbre hSglS Kcrt: BSSgis ,*•.* Bwdww 

’riih some stov-loas seJUng nmter against Bnropean p&ymcal demand 5t “ -ir A toree montha £8250. liesienlej’s: H.S& dose j diw done 

la the afternoon there was some caused a ra&y to £6.290 But trade and L EA P — W uato wtd> the market unable COFFEE 1 Llw,e l + nr 

re, despite a lower Co'om market, twdgo seUhs led to a dose on the Kerb to suanlo an uztr price of 4351 for I i — Done 

l. Tbo dose en the Kerb was of £8.250 Turnover I.4M tonnes. forward - rowal when covering against iCpwumna ~ 


Feb. 46.25-47J 

Uareti.. 48.75-47.1 


47 AD-47.9 
48-BO- 48.3 


MEAT/ VEGETABLES 55^ eeso ,6 ao P 1 

Ew: Sfl eMrisf^o' reltre fTlpj-olc rjcp 

*“ “ “- 11 £tS' HEW YORK. Jan. U. 

quarters to 34.D QojiL,.. — .Troy cw. 51IS.6/W+ 1.6 3159.87b COCOA eased on charUst selling and 

Lamb: En gli sh small 30.8 to 5&0. *smail Lead Uiuh £585.75 l— 12.0 £367.5 scattered ring selling. Copper eased 

68.8. medfmn 47 0 to 54.0. heavy 38.0 to 6 montha..._.^^._ £341 £372.79 «ar the close on Cam mission House sell- 

480: Scotch medium 47.0 to 510, heavy Nfckei _ Ing and local selling trying to oiect 

stvtiTra l mn i k ssssSm’ss—b s. 1 ® 

t=Sth 


Index Limited 01-351 3466 Three, month gold 175-6-177.6 
l-ainom Road, London SWlO OHS. 

INVESTMENT IN METALS 

! LJM.E. provides a medium for Investment In Copper, Tin 
id, Zinc, Silver, and we shall be pleased to act as brokers 
private clients, stockbrokers, financial institutions, met&J 
ricators, metal stockists, etc. Option trading also available 

Contact R. J. Wylde or P. 3X Grabbe for further ■ 
information. 

HENRY BATH & SON LTD. 

(Metal Brokers since 1794) 

Market Buildings, 29, Mincing Lane, EC3R 7DA 
01-626 1981. Telex S87700 


iGAL NOTICES 


p.m. | 

Uonfida) 


[SastDTn bloc Interest Induced steafUneUL — !■ Hfiitti .. 4B.75-47-60( 404M>-W.5CJ ■ — rtnrir- onnatch _ __ _ ™ Lluo^o £94. 7b 

tte UgukUctao of kmc Potitfcmfl, cbMtto J*nwty ;1979 I960 -01.0, 1980-T9S7 Aj^Jne «.aa-40.5fr, 49^0-uid 49^0-48^0 (7GQ>.). 8126-6 

Ud stop-ion Bulling led to a fall to Man*! J1BIO 1812 ,-18.0lloI4-r7S2 Jly-iw|^ 50.15^0.2^ a J.154il^ Bt-15^0,10 ® «-*• *» «.». 120-180 B> 8Z.0 W HUrerTroj o. 264^6p -1.B5 260.4- 

OJW to the second morning ring. Mny -X 715-1719 -!5.5 ; 1720- 1672 Od-l>re 6 1.5>qt.Bffl 62.684*2.8^ 62.5«siT.88 0 mouths 288.S. -2.0 2a3.9 

AMtongh £342 was touched to the early July— 1X670- 1675 !— 10J3 1 1670-1 B39 J*u.Mr. 55. 10s>3_20( M.td-M. IB BS.6iwiJJai Bn *“ ai leadIS 178,0 10 Ttn Crab £6.662-- 

alternoou, semng orewure was mato- Sei4wnber..!lb27 i860 .- OB.O; 1625-1628 Aja-Jne M.65-i4.7l« 65-M-66J^ 55.7048.00 pj^rldiias: Youna iraehi into m imo J roooU S."^ ~to6.27X6 -12.S 26,647.* 

tatted, toadtoa to a dote on the Kerb staremtar „;16751600 -22.6 — Jly-Sep- &6.Z5s«6.Jffi O7JJW7.10 58.5tt-aB.a5 B« (wtoMi Su w WoUrem£2iKb.«<sms 188- iTp -4.3 siss-7 

,01 BS5A after active trading soasloas- j M oSrjfe.."!lS50- 1600 —17.6 - OeMleJ 67.7W7iii) B8.8fr6B.5d 67.70 jjTo BBSt ‘ per 0nce) 3a ®-° “ Zinc oub ffi265.26 -6.S B29D 

|T t?? overj3,4M tonnefc l__ J I _! •Vera hlgb amdltp prodne in Umued £“«!*•■ jEB70- 7 5 -6^S emn 

r.**n n-ftEj,, + " Sales: 3.352 (2_207> tots of 5 tnunea. Sales: 254 (HDi lots cf a tonnes add TOPlr. tfredocera ,3600 SBOO ra . 

LHAQ Ofl Mm Unofficial lco 1 ,^,*, prices tor Jan. is lUjS. one- ifli i at 5 lonnea. Phjralral dosmg meat COMMISSIOM-Avcrege tusxoch ^ T3 TW - 

z r per pound): Cotombian Mild pnees tbmwsi were: spur 4&75o (473): prto* representaUve martets Jan. la. P 1 ^ _ _ msjo-islm MarS'”' 

ti- i la 19 A«totoa* W8.8C 1208JHH: unwashed Feb. 47 d £48.01: Uanto 47p (48.0). G.B. — Cattie, 60A4p par hg hv ( + B.33 ) ; Oowmut CPhUj^j.. §557* +4v6 6667.3 144X0-15(1X5, May 

— 14 335.^6 -12 Arablca£ njP.BO (samel: other mSd U-K.— Steen liflita Tr ** aa new Groundnut.. £609 £597 “Mnowa. SflJra; «»- 

”11^ Arabtcas 208.67 CUEJNi: Rohosias tfgjO ( +2-8J : G P Ping 00 Bn uer ke lw l^nseeo Orudefv) .. 6067 —3.6 5253 Cwpbt— J an. 57 J0 (58.70), Feb. 56.10 

M5A US ^ —«».»>. Daily arerage X92J9 «9!U»». SOYABEAN MEAL <4S». EM 22d “ &AiS S 605 ” +5J> S505 

■'‘.x.o jtoij — — rr " — L ondon MtABiCASr— Doll to corarast * ftDC/ill ltU:JxL« nnmhm down S8J per . average If2r 

"S 1 ? Unchanged oesmte weak close in Chicago- «■«» t+(LS8i; Sheep w SSi wr eSu iaao**’ ^ S * BU * °°' 

S 44, ham. Valuei *2 to S3i lower per 58 Buwncss was small prices remained average lSIUlp (+14): P«b down W per _ 1 a,3TO - _ 

Ttove “omte . . wlihin narrow trading range. Ugbt canu average 00. Bp (+X8). Scotland- J ' ■ 


£ 

335- .5 

jmoothe.. 348J-.75I 
aMCtm'Al 33 3. b 1 
M.X.* pm. - I 


-14] 335.6-6 I 


» A ®. «A Karto momte Htos. S nWw 80.8?^ i+£S.' teeSSnd^ “g 86 „ C ““2r Na - i: 1 35.13,. 

4J. 48J, AttsrnAon: niomlis Prices (in OTder buyer, seller, change, uqotdatton met wttb- trade buying at Cattle up 13.7 per cent., average 5948p {U.S.)_.|5234«7 j — 1.0 |g248.lb May 58.03 (58^1), July S7.02-S7.08, Oct. 

^ 41.5, 4L25. 4L Kerb: Three Dimness)— nnril 2X7.W2KUMI, “S- 3 ?. lower - levels. 5NW commodities renorts. <+(LSt>: Sheen down 1L1 oer ML. _ I , ■ 0*6* ®»S5, March 58J5-59.58, May 


— tog and local wiiinn trying to alect 
8t.75-i.i- "WuH orders. Precious metals finished 
vhh r. sUghtly higher to quiet conditions before 
President Carter's State of the Union 
uieiL* xldreas. After initial support on trade 
Doytog, sugar eased to close lower on 
""" Commissi era Bouse and local selling, 

oL- re '« rts - 

-72 5 26'647.v Cocoa— March 158.30 (138.75), May 125.90 
-d.S H 165-7 '127-0). July U2J8. Sept. 13005. Dec. 

■45.S BlfflD >«■«» ^-*0. May HUM. Sales: 

-6X1 2286.75 L ” 7 ' 

5600 Ceffee— "C" Contract: March 196.00- 

187.08 1X85.01). May 183 AO-183 X> I IB 1.75). 
July 170.00-1 70 A9. Sep!. 165.00-265.73. Dec. 


Copper— Jan. 57AD (58.70), Feb. 56.X0 
15830). March teJSO. May 59.50. July 80.50. 
Sept. 51.50, Dec. CJO. Jan. 63.40. March 
64.30. May 85X0. July B6.10, Sept. 67.00. 
Sales: 3,300. 


orauhs £341. 40-5, 40. *9. 38. 17, 88. 208.00-218X0; June 204-38»iLaJ. -3JJ5. ^ m - 

35. 505.00-203-73: August 1£6.7S-1»BJS. -126,. le»wniv*( + ar bum 

ZIMC-Uwer after mm.iiy 188.0W84J5; Oct 18558-187.50. -2 45. ^ 

marted down to J^Q70tor f^^fd 1 2^ 3: Dec- ira.00-178.00, -2.63. nfl: Feb. 1 

pfia£s5r£rSf am&it* “ 

STVns 2 GRAINS ' -• 

the Kerb was £288. Turnover 4J90 tonnes. U,VUJW ^FSL ' 

— ^ ’ ' “ ■ ■ ‘ — • v — Crain FUTURES fGAETAl— Mflrim ^■-towr .^, N , lQi .40417^^-0.75, 1QB.DD 

a. « “Sr J?V “S {agg dgsgfcsfi--*. 

p ~ ~ n commercial shon-corermg, large scale Sales; 58 <135) lots of 100 tonnes. 

j v*h non * an tu n _o ft praflt-taidnu entered and values tpnckly 

SSs: irfSJfl 5 iVo if SUGAR 

MfiQ.fl ^75 _ — fiooD losses 01 op to 50 points registered. 


lower levels. SNW commodities reports. (+IESJ); SSteep down 1LS per eatu., „ . 

vss —— ts ; — average HS.lp (+1.7). SS^EEC 

Ciooe i — Done COVElfl CARDEN (Prices ra sterling Hniae Pntom 
j r- — — per pocicage unless stated)— Imported are- w.t,^. . 

Epertounc du«: OraopeS— SpanUu Navellnaa 1.50- pi w»fb “jK'*j Ai 

February >107^88.^—0 Jttl8BJiUJ17.5U 2^8. Navela 3.00-3 J0: Jaffa: 3-30-3.93; tVh™t 

Ajml '1B6J0^8-5,+O.lu!l07J!0-0B.I0 pS™; *»«“- W ^10. 54/808 3.00- sfe I fMo Sonn 

June )10t7^;8Jr-Ojpjl07JKW)6.f0 AoZ.HiSXS 


B7l^ +0.16 


57-90. Dec. 5&S3, March 58.35-^.50. May 
80.05, July 8045-81.05. Sates: 275,000 
bales. 

-Cold— Jan. 173J0 (171.80), Feb. 173.78 
(172J0). March I74.9B. April 176.20. June 
178.78, Aug. 1SL20. Oct. 183.80, Dec. 138^8, 
Feb. 189.10, April lfilJD. June 194.70, 
Aug. 197.50. on. 200.30 Sales: ll.ooo 


' ho »SM 81 Nft. B8172. ot 19IB ZLNO OBIdal — Dnolfictol — Sf'S? ^2° Jr'S Februarv h07.HUM'-OJs! — Spaxsia: approx. 40>lb SJttWjW. Owm 

a HIGH COURT OP JUSTICE la the mGS COURT OF JUSTICE — — site ^ ~ Sg ~ <132) ioia ~ a/ H8 ’ tS5 5 Une!^Alarc*Cc»n: 3.08 *M. Satsumaa- - MBral ^ 

y Division CotUHtoea Cram, m Cbaoeery Dlviauu Compaalos Court to £ £ £ £ s*<w^ret^ l^ ecale Sales: 58 ns*) lots of 108 tonnes. Spanla: 2.08^48. Aw>ies-Fre«»di: 40-lb “"^.TVV £ 2v fl " -15.0 £1.707. ^ 1. (nM „, 

Mr (d DENTY-PLAS* UU1TKD the blatter of. SARCOMBg (WINE X60-JS -8.B7 26S-J3 -5-S t2fSS?“«J^2!5JS JSSf cririD Cranw Smith &50-7.5S ^ GoldenDelicious V°aon .’A +0.7 60 J j«5T 

he Matter ol The Companies Act MERCHANTS! LIMITED and to tbe imoniha.. -18 270JL1 -6 ^ gW teUms to after- SUGAR j. 4fr5.(«: JO-ib «ruo Granny Smith 3.58- J ure Ul AHC S437 *437 5 2 - 00, Jan - 

M attar of The Companies Ad. IN8. 5Tm«U.„. itfiO.S -9.76 — 5°°P r cgls, . cr q i uvvww 4.10. Golden DeUdous Z4(WJfl, Start Hnbberldla 46.75| -0.76 47, 213J8-215.70. April 2I9.10-219J0. 

* IS HEREBY GIVEN Hut a NOTICE IS HEHBBV GIVEN. Butt a erm.Wwt — 30J5-31 wteartigUt.^ OW crop barley steady LONDON DAILY PRICE for raw sugar Crimson 3.30. tumble pack, per pound, auwl £ KASL. ^Aj-i a in60.7fl Wlrer-^Ian. 490.30 (483-S9). Feb. 491.30 

tor tbe winding up ol the above- Petit! do for the Wtaduut op of the a bore- — — - r -J — - a rr * ? „_ n e ?r£ nw - D0 (same) a tonne df tor Jan. -Feb Golden Dcllcloiia0.llMl.15: Italian: Golden 3ii^ar £114 . mos i«®2 D »- 495 -°C- May 501.00. Juts 

CdUDain to the Htnh Conn of named Company by tbs High Court of S““ D “ 00 * ,na r 0n 0/wn * w aMorbmJ. Martei dosed between lUfl sbtament- White sugar Tally orice wan Delicious 0J2: UJ.: Red Debcuus 9.00- Wooltops 64e ailo... 267i> 871. a®-* Sept. 515J0, Dec. 526-70. Jan. 

. wim the tah day <4 January Justice was op (he XTth day of January "to*". ^, CU L . “***” ■ New bailey Oeady on old axed at fll4 samel. 9J0; Hungarian-. Rad DeUdous 7.00-7.28. K ~ J 530.3(1, March S37J0. May 54A.7C. July 

Twrteo 10 the add ttourt by 1978. presumed ra the »*d Cwm by i'^^i T rada selling to tim market reduced Alrlrao: : Santa Rosa lVlWb Notamai Uoaontea nSeftar* jam. »»■»»■ SepL 569-10. Sales: 8^00. Handy 

»URY TURNED PARTS LIMITED 8ACCONE A SPEED UJC. SALES ran. te, W. ». OTA O. « pf 2 8 poba s on tew crop wheat tmafl price, by some 60 pouts from orenUgM Per Pound 0.UAS7. Crepto-SpaiMb: Hon. ^Oeno- > oonnd o Kz-tank i^dno “ a Hamnan snot 481.60 (489JM). 

reeaered office » Mandevliw LIMITED whose reglsiered office Is ai montiia OBS AftaraeM: toio tosses of 10 mums by dose, reports levels, but loases recovered by dose on Ahnerla UWA38; cahrornun: Red mm m Pw p lan^Keb rOee/Mtb Sanbeans-JaiL S5M isuui Marrh mi 

drabura. Bucktogbam, a creditor. Ktolpcb House, *7 Cumberland Avenue, Ca^ ms. 63.S, ttere jmwtha iSfflA 79. AdL artorraw buying agstoai Uglier New Emperor per pound 0.40: S. African: r Pab.-Mar .ufJZT™ . JS l ^SS!*^S m wSr 

: toe saw Petition to fl reclod to N.W.1B. in toe Couoty of Greater London Three months £388. OSA 68. — TZ ' ~ " York -dvlreB Turnorw KUarsed by Q««i ot Vineyard bm. Banaoat- m March u JaS^Mareh »Pw m IBBw m3« jS-‘ 

S before the court toning at (he -Wine Merchants, and thar toe ntd P«l- Otl VrD «rHHAi BARU3* wH trade of 23.000 tons to angnt Jamaican: Per pound 0J8. Tom«»e»- «??«». -sept Nov. bh-SSM. Jan. 

teru or Justice, afrand, London. Bod a directed to be beard before toe 31L VEJK lYenmday'to + or Yesterfsr’iJ + or -KSE — per E kUos. C«dara: 2.SW.005 Soamsi 

^aS 1 2^ h J%£JE£2?Z SX S ' d*ed IJSP an OUDM lower H’«th [ ^ 1 - Sow - vgr Yesterday^ Previous hoton™ 

? ™y crefflior or cODtributqry Of Jnsocc. Strand, London wgusuj, an m jw.__ ta ,v_ iw- balllBa — Cumm. Close Ckm Dm J 1 -* 1 x - s> 

l Company detoroaa to buspott 20th day of February 1978, and any Jan. 83.70 1 — Ojbs 1 7IJM +0.15 o^,V, &tom»bcn^tonary: 2-JMJD. Ontons- 

ta ite making ol an Older os credUor or contributory of the stM AUr. aS.7b l-ojul 73A0 +030 ^ Spanish: 3.0M30. CadMowsr^enwy: 

Pwitlon may appear at the Ul)M Company desmns 10 npmn or oppose a} . Jg? .‘fiH, S Mar 86.6a i — O.&flj 7a.SO +o.«D c : fi.M: French: SJM-8.50. Potaus»- 

-79 to gem or by hts rnunwi the of an Order on toe said S?. r mBrwS *2 l ojk! ttna inis fiiwunat Italian; 38-lb Z.7D; Canary: 2s Kilos s.00 

■' And 1 copy Of tbt PndtwnMy appear « tiu tin* at “g, ^ tan? 2^“ 85^6 talfr so'oo +Sm -March..' 120^2 1J»]2UMmiai.76^0.B8 Cdaw-Spanlsa: 1S/4SS 3.MM.M Aprfa* 

will be fttmiBMd by toe inidw hearing, in person or by Us counuel, tor .hT/J o»«SfTt S . .. M-y..„:ia.»-i«.reli2E.tB-28.i»ia7J»8^6.48 -s. African: Per 0J7A« 

o .any creditor or contributory that purpose: and a cow of tbe Petition SEE - S S2t SuMM^ue^-Whsafr Jan 54.lWO.es. AUK. _.(12a. 15-28^ 129^S-28Je I3D.OO-<3.7S Paaches-S. African; 3.00-3 JS. 

Ud Company reoutmn such copy will be tontosbed by toe mrferslimed to ffi*. * nd ” “4JW68A) (49*- March S5jfrS4-60, May ST^SS^e. SepL ua_. ^loZlo^SoJliS^WS.foliws.nMi.M ra-m 

*"« or. to* regulated dune hr any creditor or contribolore of toe said ; {B-BB-tABO. Nov. 55^5-55J5. sates; 213. rw— . . 

*• . Company reoBtring such copy on payment J r Bartcy: Jan. nfl. Uar. 73^0-73.00. May jintrit. 

* CO. -of the regulated -chance for tiw same. SlEiVHK Bn man H- oh L.UJ*. 4- re Sei 5; raw-TTAO. Not. 80.96. iiaj 

74. Chancery Lane, THOWEH. STILL & KEELING. pgr (Mu (— H due — * ~ S liga : l 23 - ^ .-n n»» u ao-o ™ 

London. wcSa 1AA. 5, New Saaare. Llneoln'a las. IMeaRTEO— Wteat: _CWHS No. 1 121 Sales: 2407 (2.7125 tela v 1 vaaaaL Sf? ^ 


3281. March 3331 _ 

inathua— April 204.19-204.fi0 ( 200.60), 
July 208.60 1284.40), Oct. 212.00. Jan. 
2 13 JO-215, 70. April 2I9.1B-219J0. 
tSUver — Jan. 490.30 (48888), Feb. 49180 


83.70 >— O-OS! 7IJM +0.15 
84.76 73A0 +080 - 

86.69 1—0.60, 7a.SO +0^0 

62.70 l-OJKi 77.60 +080.,, 


1 ■ — Per 8 kilos. Canary: 3.20-3.00; Spanish 

TmmyIkvV Pmrimi. Mainland; L88-X80. CapalcmM— Caoary- 

ckM Ptr 184b 2. SO: Israeli; uJb 1M. 

Gtose DMfte Cocaim h e re— Canary: 2-4-280. Oaten*— 

Spanish: 3.008-50. Canlfflow w* Jersey: 

1 „ \ S.DO: French: 120-8.50. Potatoes— 


fiwtasue 


5 any creditor or contributory that purpose: and a copy of tbe Petition 
Ud Company rytmtring neb copy will be furnished by toe radersJsned to Sg. 

• of toe regulated charge ter any creditor or cootribotore of (he said ^ 

*■ . company mmtring sort) copy on payment 

• BA7UNG * CO. uf the regulated -charas for the same. tiltiYl 

74. Chancery Lane, THOWEB, STILL St KEELING. per 

Ludoo. WCSA 1AA. 5, New Sonare. Uncoln's Dm. treyc 

Hef: JAH. London. W.CA ' - 

SoUchor* ror the Peuthmara. • Ref: RGW/AJB. Tel: 81-496 3813, 

peraan who intends 10 Ageing f8 R C. R. JONES. Sdo*-. 

" toe beartng to tbe raid Petition Bedmluwr, Bristol BS» 7JR. gSmil 

?.«■ or rand by post 10. the Soluaiora for toe Petitioner. 


Italian; 28 -lb Z. 7 D: Canary: 25 Kilos 6.00 0*1 05 i MS > on { "ife, 

CeJary— Spanl&i: 18/4SS 3.WM.88 Aprfcms J I WM 

— S. African: Per pound 0A7A4S L 1932=108) 


SlEiVBE 

per 

troy oft. 

BnkUon 

ftgjpy 

pricing 

L* 

L.MJL 

eliM 


S34w6Sp 

-74 8 

254^p, 

bUMSilhe. 
i wmnth^. 

258.5 p 
262.B® 

-to 

25B^p 

emutnhs. 

fiTSJSp 

-1-®I 

— 


1 62.8W2.8ol w. 08-41.80 English produce: Po t atoes - Per 58-Ib. 

WtUKS/RedB L2D-U0. Lutara— Ptff U. 
“ IndObr L38-X.80. Cab base— Per Mag 

14146-4 LBB | — primo D.7B. Beetretos-Per 28-lb 

" IMPORTED— Wheat: CWR5 No. l ui Sales: IMS (2.712) tela w 2 twmes. 

Per ceni- Jan. £3i Ft*.. March £83.75 Tarn anti Lyle m-reflaery price tor fS 

TUbbiy. UA Dark Nortoarn Serins granulated basis white sugar was 1242.40 jL+StmuS DalwtS 

.« No, 2 14. per cent Jan. B2.75. Feb. tamei a tonne tor beau trade And SritL-foEaBL ^ 

Mare h £8125 transhlpmeni East Coast. H79 (same) tor export. B8MJ4 

M UA Barf Whaer onUnvy tmoosted. Inunuttongl Sooar Awteenuat-todl- .Py^ '-g? 6 ' 

— Australian when umnoied. caior prlcea fU.S. cents pee pound fob ™ 2^ ’•gji.iflt 


! Ud Hfifren of the pram or. most serve on, nr send by post to, toe IMEt-Dmttver 88 fiW) lou of lO.OOO March £180 franabtomem East dally price 8J9 (8J1); XSdgy average ISSjfTTre 

? “• "Ml* and address of dm abovMumed notice in wntlnfl of his opnees. Uoratog: Ttoee month* H9 *3. CoatL S. African grades nwwted. o.47>. areiaso pound D^fi. 

i» *gned"by the oersw intention so to do. Tt» nonce mast «■» 0 Kerb*: ' Three awntfas 289. gi 9 Hangy: UBouated. 
orchi s or th eir soUcttot (if any) tbe name and address of the person, or. Afternoon: Three months 250J, 9 A BA hgca— * s.farm spot pnees Jan. 19. nmmrn irpri 

w Jtf owed, tBblf d a linn the Dime and address of toe terta: Three months I5*A l 8 U. <>**■* mHiiag wheat? Sooth Ltocoto £88.79. WOOL FUTURES VEG1 

teJS * »» » Am end tmut be signed hy the person ftegd wheat: Sooth Lurato E73M. «rut- ' ^ 

w nm kjua «ten or firm, or hto or their soUcttot CW any) store m&L teed bariey: Soato Lincoln CPeore par Uto) LONDON 

“rit in the afternoon of .ihe XOtil gpd must be served, or. If posted, most s/flTO A iaib, Wiltshire Cfi.80. — '-7- - ■ , March 278. 

^hrarlflW he.rani by pom la- itolBdeai thorn to ‘ ''/fe EEC IMPORT LiaVlBS-EffPctiva today ^ ^ July. Ang., 

— , — ■ read) toe above-named not later than Oradn seffina ores wired marten wan In onfer hbnh lm dIu Pri»- March Breo3yWnol i L,k * 

», j«jr rn th* afternoon Of the mdmry' nty sparing scale-down bwr, and Apfl prevfoa u brackets to units of j " 

MPANY Uto ttoy « Ketereary 18J8. reports GUI and Duff to. • account a tome. Common Whrat-WJS. ^sjdjmda Pxnn 

J 1 — r - p; nil- nil, nfl (samel; Durum WhaM-US-ffi. — 234 -° hides— a 

■Tice mco* “sar Sa-rTriSS:’ ~ - 


reports Gill and Du&is. 


,T *1 U AMUL or CANADA 

■JCaawr*i . 


PUBLIC NOTICES 


+ «r ( Hurittvo 
- I Done 


accoma a tome. Common Wwat— 87.29. . 3jaa40Al 

na nil, nfl (same); Dpnnn Wheat— Utffi, 1 

nils 1X17.84. (tugi: Ny»-74ff9. nils irame): r^> — "““ mbaSd 


Bbriey— 7745, nils (game);' Oate-fiStt. 


ISlSHtON m.‘ 


0,'WSK tMm wmW JW 1970 [Joly- 


fonoM oHrtte nV * r ■ -22.0147a.-5a 

S* ■* toe Bank urn itk-wreneiiM BffiW.'J 8 .’ — — — — — — Uareh— — tUB.»4(Lii . — I7.0ii446. -36. 

24. 1978 to toare- . DARBY ernr- councu bills. __ May 148ft. -27. ~14Jj' W25 -2C. 

ran ftera ol taimw CUMQ.aoo due iVMi April IV7S / ■a 

BBffi :‘nSKK’-M 


|1«8JM0ji -81.76! 1B71.I+S Lb 
I6B6AH4, -2L0 167X1*80.. 
naajhtkL. -is a lo^e jm48« 
1WU-07A — ^ 13JljlbtfU-148S 
WLnffiJu -22.01478.1-58+ 
lea.«-4£U . — i7.0ii445. >164 
1426. -21. . -14A 1 teg. -2C4 


nils (same); Mate (ad 
for fwdtmu— 7388. nils 


ten hybrid 
amej: Mfite 


July me-»,D 

Ortrtmr 2ttJM8-0 

December „|HG-UU! 


SSf’i^SS 5T— Bgas — ~ 

aSMff- i¥SS^ tiPJSz , 

■ TTTTF sBPer. tnstaMs. sales)— Mlcren cm 

March M84. SM.4. 3174-3384: May 
DUNDEE jure— Wry firm. Prices ol 34L5. 342.1441.1: Jtfly 30.7, 146.0. 


IfSoyabean Meal— Jon. 149.79-150.09 

. FINANCIAL TlMFQ ’ March 13146-15140 (152.70), May 

Dreumbere-Canary: 2-0-240. Oaten*- riiWBWRL UMES 154.B9-154.70. July 167.70-158.00. AUg. 158.59- 

Spanish: 3.094^0. Caol»(»re»+-Je*wy: TiirW7a E ~ B T MmU) ' ISS - 7a SeVL laLS0 - ^ 1SB4H5640. Dec. 

5.90: French: 12M.SD. Potatoes- ' *“*• 1, lpnMI ^ ^*8" 158.09-158.50. 

ftallan; 28-lb _X' nh^Canajry^ M Jdte 6.00 231.63 J2tf2.27 I &36.BB SA7 cm Sayahesa Oil— Jan. 1943-19.80 08.78). 

Ctey-Spanlsn: U/4Sa 3.WM.M i Bree- Itol 1 iflte-mat 7 ' 04 Man* 19.93-1940 (1940). B£ay 20.0S-20.il), 

- S.^ Afti cam^ Par ^ ^Pougd 047JU9 W InIy L ,9 “-lM) July 2009-30.15, Ang. 30.06, SepL M.70, 

Peaches— S. African; 3.00449. HEUTEH’S 00 UJ* Dec. 1840. Jan. 1840. 

***?%?; r — Sonar— No. 11: March 9.43-9.43 (9.49), 

, ^°‘ Lfi ?:^. u U ^ K Sr PBr , 3 TfSHa Jan. Wiltaab ^ May 9.W (9J83V. July 8.83. Sem. 10.12-10.18, 

. j^ LdO. C afabap^Per Wu« — j— 4—. , :L Oct. 1042, Jan. 1948 bid, Mart* 1048- 

1610.4 |l41S. 7 1418-4 I ifiUU «-*S. May 1842. Salas: 3450. 

pS aS^^S SjE*^ Cten ^WatoS^M fBaae: Sowemoer IS. 1931=166) — ^*^8840489.90 asked (550.90458.00 

MSfiifc I&^e^pmd, Dratoy 0 !^ DOW JONES •^Wheat-March !7M-2n «78£>, May 

I4L Cos's 9.18-0.35, Bramleys 0.11-006. r v^ -r-v— t~ „ . 277M77J (STTa) Jute 283KS3, SepL 2flBi, 

Peara— Per pottnti, Conference 8.89A1L J ?P- Monta rear Dec. 3811. Man* SIN. 

=“ta 1. Sjw-fw WtoM 047- 4mu *_ 18 _" gl \ *** WINNIPEG, Jan. ». tHtye-May llLoo 

&siS:?3 SSiSsbli 

tend 840. 7;” ^ ttCK»-May 7548 Did <74.501. July 7340 

(Avenge 192+2548=198) asked (7340 asked). Oct 7340 asked. 

VEGETABLE OILS • moody’s JiaS?SLTaSSf lfc ' J-f 7ajw 

U3NDQB PALM OIL-CVoca'- FetL, Moody' j “{a" ^ “S So 

dan* 27B 48-20040: April, May. Jane. — - <gp _ * 1 Ud. Nov. 218.00 asked. 

filly. Ang., Sept. 380.9047840. ipte (Jommt - 1895^ 8fl6 s'aan a bm c Wheat— SCWKS 134 per cool nrotetn 

^ f Pccwter bTa g g l Mi «?“* df , St 3993 (3 931). 

★ - AH cents per ponnd ex-warehouse 

unless otherwise staled, ss psr troy 

HIPCS -Maactteriftr: Maratoally wpalag. otmre— JM ounce tots, t Chicago loose 

tx 3X-3Si Mtos 48.5P per knot 25881 kUos ★ 5JJTJP l 5c2*gL - ore - 

3m 22-35 (dies 82. In. Light COWS 57 Jp , rious day. Prime Steam (.o^>. NT butte 

7r maT no calf Seret mTTAlW nmk cars, teats per 59 to. busheJ ex- 

LU1 Idla warehouse. 5.000 bushel tots. |Sa per 

, troy ounce for 58 ounce calls of 988 ner 

*■ COTTON, LHtenHtel— Spot and stdpman nnrity delivered NY. 8 cents per 

* . «. „ ' ***** ammna to 782 umnes bnngtnu ibe troy ounce ex- warehouse. 11 New ** B “ 

*^«rannes comract to Ss a short ton ter bulk lots 


VEGETABLE OILS 

LONDON PALM OIL-dOEQ'- Feb., 
Mari* 27848-20040: April. Hay, June. 
July, Ang.. Sent. 380404784ft. 


REUTER'S 

Jan. I&HaAUT MSI 


»&u. u .in, uaw] age 1 ear ago 

1410^4 |ms.7l 141 B-4~ ~ifiin_A 
(Baae: September iff. lB31=:l00j 

DOW JONES 


gpot 344.04;d4fi.3 ip«.7l|580.3 1 
Fumreg|333.70 |55A.a3pa7.3slj7a_Q9 

(Average 192+2548= 1M) 

MOODY'S 

~ 7” [ Jin. Jan. iionCA fSu 

Moody* j 10 18 -130 

jptoOommt- |s95JiaS6.6aM.4 l 88g.B 
roceentoer si7 ira=foe) 


HIDES Muirtwte" Margimlly weaker. 
Ox 31-351 KUos 48 . 5 P per kflo: 2+381 tdloc 
33 p: 2 Z 4 S fetloa 82 . Ip. Light cows 57 JP 
per kilo. No calf offered. 


COTTON 


toteruatettl C— O reaHaitoa OJ4 tale afloat in UJL: BWC £2fl2. BWD £258. 
c«a» per porndj-oafly price ior Jan. 1* item -SIC £242. BTD is. Ckkots 




Firm trend in gilts takes equities into higher ground 

Share index advances 9.7 to 486.0— Small trade-- Golds up 


financial times stock INDICES 

■ — I. • i Jan. I Jio. i t 1 



Account Dealing Dates 
Option 

'First Declare- Last Account 
Dealings tions Dealings Day 
Jan. 3 Jan. 12 Jan. 13 Jan. 24 
Jan. 16 Jan. 26 Jan. 27 Feb. 7 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 

Now time " deiTiMf mv taka place 
from us a-m. two b a ihiMf days earlier 

Stock markets made an impres- 
sive showing yesterday, with the 
three main sections ail making 
good headway. The volume of 
trade, however, again left much 
to-be desired. Long-dated British 
Funds set the pace, gains to } 
in the . early afternoon being 
Stretched by } further in the 
late trade, and the shorts ended 
with rises to {. The Government 
Securities index put on 0.36 for 
a two-day rise of 0.62. following 
the previous two-day loss of 0AL 

After a slow start pending the 
development of a trend in the 
Funds, leading equities quickly 
improved from about 11 a.m. as 
reflected in the FT 30-share index 
which was 6.8 up at noon after 
having been a mere 0.5 harder an 
hour earlier. Rises were often 
out of proportion to actual de- 
mand, with the market generally 
moving sharply ahead in thin 
trading with jobbers again 
choosing to go with the trend. 

Several gains in the index con- 
stituents ranged to double 
figures, while Distillers, initially 
helped by the announcement that 
whisky exports last year reached 
a record volume, went further 
ahead to close 9 up at 174p on the 
proposed rise in its export prices. 
The FT sector Index gained 4.7 
per cent, to 24S.31 and the 
Brewery index, up 3.1 per cent 
at 222.34, benefited from the 
interim price increases allowed 
on most of Allied's beers pending 
the Price Commission's investiga^ 
lion. 

The All-share index improved 
1.4 per cent, to 212J5 and rises 
in all FT-quoted equities out- 
numbered falls by nearly G-to-1. 
Trading news and announcements 
and the current speculative 
favourites again provided 
numerous firm features, but the 
disappointing level of trade was 
illustrated by official markings 
which continued this week’s pro- 
gressive fall and. at 5.031, were 
at the lowest since January 4. 

Renewed pressure on the dollar 
was partly responsible for a rally 
of 4.2 to 147.3 in the Gold Mines 
index. 

Gilts advance again 

Hesitant in the first few 
moments of business. British 
Funds soon went better fn thin 
trading, not all of which was one- 
way. and ended the day showing 
fresh gains ranging from i among 
the shorts to l in selected high- 
coupon longs. Business in the 
former was helped by the pre- 
sence of a sizeable buying order 


COMPANY NOTICES 


BRISA AUTO-ESTRADAS DE 
PORTUGAL SAR.L 
EUA 15.000,000 . BL-. - 1974/ 1MB 

BRISA AUTO- ESTRADAS OF PORTU- 
GAL has undertaken ro repay, on the 
Gtn February 1978. an amount of 
EUA 1.000.000 — of bonds from the 
international loan expressed In EUA 
which It issued In 1974. 

Following a draw by lot which took 
place In the presence of Madame 
Jeanne HOUSSE. huissier de Justice, 
the following 1.000 bonds of a nominal 
EUA 1 .000— oomberatl: 

6557 to 7417 and 7419 to 7557 
are called for redemption in respect 
of the amortisation ol the EUA 
1 .000.000— instalment repayable on 
6th February 1978. 

These bonds arc redeemable at ear, 
coupons at 6th February t979 and 
loilawjitg attached, as from Gth Feb- 
ruary 1978. date at which they will 
cease to bear interest. 

The following banks will carry out 
the redemption of the said bonds and 
tnc payment of Interest doe on 6tti 
February 1978: 

CREDIT LYONNAIS — Luxembourg 
CREDIT LYONNAIS — Paris 
KREDIETBANK SJX. 

LUXEMEOURGEOISE — Luxembourg 

COMMERZBANK A.G.— Frankfurt 
BANQUE BRUXELLES LAMBERT S-A. 

— Brussels 

AMSTERDAM-ROTTERDAM BANK 
NV. — Amsterdam 

Amount remaining In circulation after 
6th February 1978: 

EUA 13.000.000. 
Luxembourg. 12th February 1978. 

The Fiscal Agent 

CREDIT LYONNAI5 — LUXEMBOURG 


N. V. ENGILSCH- HOLLANDS CHE 
BE LEGGINGS TRUST 

(ENGLISH AND DUTCH 
INVESTMENT TRUST) 
ESTABLISHED IN AMSTERDAM 
PARTICIPATION CERTIFICATES 
■ Issued Oy Royal Exchange Assurance) 
NOTICE IS HEREBY GIVEN that the 
net asset value ■ unaudited! ol a Participa- 
tion Certificate ns at December Slit. 1978. 
using um official rates of exchange was 

pounds 

HOLLANDSE KOOPMAN5BANK N.V. 

Managers. 

Samnjtrtrsal 14. 

AMSTERDAM C. 

January 20th. 1978. 


from a Building Society, while 
sentiment as a whole was under- 
pinned late by a favourable 
reception to December’s money 
supply figures. Following this 
announcement, the longer maturi- 
ties met with increased HpmanH 
which extended their advance to I 
In places before a short-lived 
reaction and then renewed firm- 
ness in the final dealings. Cor- 
porations failed to match the 
trend in the main funds and dis- 
played small mixed changes, but 
recently- issued scrips were some- 
times harder. Southern Rhodesian 
bonds marked time following light 
Interest. 

Unsatisfied institutional buying 
ensured _ a continuation of the 
upturn in the investment ■ cur- 
rency premium, readily absorbing 
occasional arbitrage offerings and 
bringing a closing rate of a fur- 
ther 21 points higher at 771 per 
cent, virtually the day’s best 
Yesterday's SE conversion factor 
was 0.7584 (0.7704). 

Insurances better 

A quietly firm trend was main- 
tained in both the Bank and In- 
surance sectors. In the latter 
category. Life issues returned to 
prominence with Equity and Law, 
7 higher at I74p, leading the 
advance. Son Alliance put on 6 to 
582p among Composites which had 
Commercial Union 3 dearer at 
153p. 

Rumours, later confirmed, that 
the Price Commission would allow 
Allied Breweries to proceed with 
its interim beer price increases 
af 2p a pint caused a late flurry 
in Breweries which closed with 
widespread gains throughout the 
list. Allied finished 4} better at 
87}p, while A. Guinness, 188p, and 
Scottish and Newcastle, 67$p, put' 
on 3 apiece. Bass Charrmgton, a 
dull market of late, rallied 3 to 
148p, while Davenports’ continued 
to attract speculative interest and 
closed 8 to the good at 90p. Else- 
where, Distillers' decision to in- 
crease its export prices of whisky 
brought a late rise of 9 to I74p, 
after 175p, and also created firm- 
ness in other distiller; concerns. 
Highland rase 7 to 158p, Inver- 
gordon 3 to 88p and A. Bell 4 to 
232p. Amalgamated Distilled Pro- 
ducts were also better at 39p, up 

O 

Speculative buying engendered 
by bid hopes lifted Tarmac 6 to 
146p, after 148p. in firm Buildings 
where Taylor Woodrow put on 10 
to 404p. Aberdeen Construction 
and Barrett Developments ended 
4 better at 90p and 120p respec- 
tively. while RMC added 3 at I34p 
as did John Mowlem at I31p. 
Tunnel B Improved 3 to 272p. Still 
reflecting the better-than -expected 
results. Countryside Properties 
edged forward a penny more to 
40p- 

ICL 8 better at 344p, led 
Chemicals higher. Flsons rose 12 
to. S92p, while Allied Colloids, a 
dull market of late on the poor 
interim statement, rallied 3 to 7lp. 


BRAZILIAN EQUITY 
HOLDINGS SA. 
Registered Office: 

LUXEMBOURG. 

32. rue JL-P. Brasseur 
Notice of Annual General 
Meeting of Shareholders 


Press comment drew buyers’ 
attention, to LWT A which 
advanced 6 to 116p. 

A Press article suggesting the 
possibility of a further bonus 
issue prompted marked firmness 
in GEC which pushed ahead to 
close around the day’s best with a 
gain of 11 to 274p. Among the 
other Electrical leaders, EMI were 
also helped by Press mention and 
hardened 4 to 186p. Plessey 
firmed S to 92p. while Thorn 
rallied a few pence more to 364p. 
Still reflecting hopes of a counter 


396p dong with Hawker, 10 to the 
good at 2Q2p. Scattered demand 
ahead of next Friday’s interim 
results left J. Brown 5 dearer at 
24Sp. Elsewhere, demand in a 
limited market let Whitehouse 8 
dearer at 125p and P. Brotherhood 
6 better at llBp, but Fluidrfve 
contrasted with a fall of 8 to 74p 
on the current year's profits warn- 
ing 'Which accompanied the 
annual results. Samuel Osborn 
finned 3 to 77p in response to 
Press mention, while compensation 
hopes continued to stimulate 


MA\I]F4£TURIMi 

" ' F.T.-ACT11ARIEB INDE X ~ 

= TO77 = = = | I I ~ -1978- 

MAY JUN JUL AUG SEP OCT NOV DEC JAN 


Th* annual general meeting of 
shareholders ol 1979 will re held al 


27, Annin du Monterey, Luxembourg, 
on 7 February. 1979. at IT. 49 a.m. 
lor the purpose of consldar'ng and 
rating upon the following matters: 

1 To hoar and accept the re port s or: 
(al the directors: 

Ibl the statutory auditor. 

2 To approve the balance sheet and 
the profit and loss account for the 
financial year ended TOlti Septem- 
ber. 1977 

2 To discharge the directors and rtie 
auditor with resoect to their 
performance of duties during H*e 
financial war ended 50 September, 
1977 

4 To decide on the reduction • the 
share premium account. 

5 To doclde on the allocation ol the 
unappropriated profit. 

6 To elect the directors to sc->e 
until the next annual general meet- 
ing of shareholders. 

7 To elect tho auditor to serve unlit 
the next annual general imwrfog of 

shareholder*. 

B Miscellaneous. 

Tho shareholders are --dvlsed that 
no Quorum for the annual general 
meeting If required and that decisions 
will be taken by the majority of 
the shares present or rcoresented 
at the meeting with the restriction 
that no shareholder either oy himself 
or by proxy can vote for a sinifw 
of shares In excess of one-filth cl the 
shares Issued or two-flftns o» the 
shares present or rcoresented at tne 
meeting 

In order to take part fn the gcreral 
meeting of shareholders of 7 
February. 1979. the owners of tearer 
shares are required to deposit thefr 
shares three business days before 
the meeting at me registered mice 
of the company or with Cnxne 
Generate du Luxembourg. 9.A.. 27 
avenue Monterey. Luxembourg. 

Bearer or reolsnrred -‘laretio'rtm 
should lodge their proxies w’h the 
company three business days brlo r » 
the meet I no. 

THE BOARD OF DIRECTOR 5. 



offer, H. Wigfall advanced £fresh 
to 264p before settling at 262p for 
a net rise ot S: Comet Radiovision 
hardened a penny to 103p. making 
the bid for Wigfall worth just over 
241p per share. Deeca, 480p, and 
the A, 470p, advanced 10 apiece, 
while Racal closed 4 dearer on 
balance at 222p. Automated 
Security moved up 5 more to 61p 
in response to a recent Investment 
recommendation, while Westing- 
house hardened a penny to 4fip 
on' the increased dividend and 
profits. 

Stores closed at the day’s best 
levels. Comment on the interim 
figures saw Allied Retailers push 
higher in lively trading to close S 
better at 193p. Buying ahead of 
next Wednesday’s annual figures 
lifted Status Discount 7 to 136p 
and Dixons Photographic rose 13 
to 171p in reply to better-than- 
expected half-yearly figures. 
Uneroft Kilgour gained 3 to 60p 
following the trading statement, 
while improvements of 4 and 5 
respectively were seen in Vantona, 
131p, and Martin the Newsagent, 
230p. Of the leaders. Barton A 
were particularly favoured at 119p. 
up 4, Gussies A also did well, 
rising 8 to 298p. 

Engineerings made progress, 
with the movement continuing In 
the late dealings. Tubes were 
noteworthy for a gain of 12 at 


BRA5ILVEST SA. 
SOC1EDADE DE INYEST1MENTO 
04- 1401 

NOTICE IS HEREBY GIVEN that the 
report and accounts of tho captioned 
company, lor the period ending 
September 30. 1977, are available 
to the stockholders at the olfrce_ of 
Morgan Guaranty Trust Cy of New 
York In: 

Brussels. 35. avenue des Arts 
New York. 15 Bread Street. 

New York 10015 
London, 53. Lombard Street. 

Zurich. Ch 8022. Stock erstrasie 38 


demand for Vosper, which 
advanced 17 further to ISOp in a 
market none too well supplied 
with stock. Interest was also 
shown in Babcock and Wilcox, up 
5 at 116p, but the profits state- 
ment and dividend boosting 
rights issue failed to stimulate 
James Neill, a penny lower at 
90p. 

Bejam came to the fore in 
Foods, on bid rumours and closed 
7} better at 74ip. after 76. despite 
a denial from the company; the 
Bejam rihairman added that the 
group was aware that a total of 
600,000 shares had changed hands 
on Tuesdey. J. Bfbby rose 6 to 
229p for a two-day speculative 
gain of 13, while Robertson were 
also favoured at 148p, up 8. 
Supermarkets moved higher 
under the lead of Wiliam 
Morrison which advanced 9 to 
194p. 

Lon. Pavilion np 

Press comment on the lottery 
venture directed fresh attention 
to Ladbroke -which improved 6 to 
212p for a two-day rise of 14. 
Grand Metropolitan edged forward 
1} to 10?p in front of to-day’s pre- 
liminary figures, while small buy- 
ing in thin markets lifted Prince 
of Wales 7 to 90p and Wheeler's 
Restaurants 10 to 25op. 

Miscellaneous Industrial leaders 
took a distinct turn for the 
better. Glaxo, 592 p, and Metal 


Bos. -310p, rose 12 apiece, while 
Beeefaam added S at 643p and 
Turner and NewaQ 6 at 208p. 
Secondary issues continued to 
attract considerable speculative 
interest. London Pavilion rose 25 
further to 5QGp on continuing 
hopes of a higher offer, while 
Madame Tussauds edged forward 
11 more to 66p on further con- 
sideration of S. Pearson’s agreed 
cash offer. Bid hopes lifted 
Norton and Wright IX to l83p 
and persistent demand in a 
market short of stock prompted 
a fresh gain of 20 to 385p in 
Robert McBride. Reflecting late 
overnight business Toys opened 
sharply higher at 45p and 
Improved further to dose at 47p 
for a net rise of 7. North Sea-oil 
favourite National Carbonising 
met with renewed support at 50p, 
up 4, while Western Board Mills 
put on 4 to 66p following ■ the 
interim figures. The chairman's 
reported forecast of only a small 
increase in consumer durable 
sales during the current year left 
Hoover A 5 lower at 368p. 

Motor Distributors took the 
recent market re-rating a good 
stage further in another good 
turnover. Heron rose 3} to 101}, 
still on the interim report, while 
further consideration of the pre- 
liminary figures lifted Henlys 21 
to 122 p. T. C. Harrison improved 
S to 105p, while Caffyns, 109p, and 
Hanger Investments. 28p, put on 5 
and 6 respectively. Among Com- 
ponents, Jonas Woodhead rose 4 
to 105p and Incas Industries 3 to 
268p. Turner Manufacturing, 
however, contrasted with a fall of 
3 to lllp on profit-taking after the 
previous day’s speculative rise of 
17. Group Lotus rallied 2 to 44p 
following news of its Improved 
exports performance. 

Thomson staged a useful rally 
on bear dosing and regained 26 
of the recent 78 fan at 640p. 
Among Paper/Printings, Associ- 
ated Paper rose 5 to 55p in 
response to the strong return to 
profitability, while the 9} per cent. 
Convertible moved up Hi points 
to £104 in sympathy. More 
OTerrall added 5 at 81p. 

Activity in the Oil sector 
remained at a low ebb. British 
Petroleum dosed a few pence 
cheaper at SOSp. but Shell 
managed a gain of 4 to 514p. 
Royal Dutch were again note- 
worthy far a fresh rise of a point 
to £38} on dollar premium influ- 
ences. Outside of the leaders. OH 
Exploration remained friendless 
and reacted 8 to 284p, but 
Bnrmah contrasted with a specu- 
lative rise of 3 to 56p, after 57p. 


Properties firm 


Properties soon shook off initial 
dullness as buyers began to show 
interest at the lower levels. 
Among the leaders, MEPC e ased 
to 125p before rallying to dose 
a net 3 higher at 129p, while 


Land Securities settled similarly 
dearer at 224p. Stock Conversion 
continued to benefit from tho up-, 
ward revision- of the profits fore- 
cast and improved 4 more to 
264p. Hammeraon “A" rose 10 
to 573p in a limited market while 
Great Portland added .4 at 322pi 
but Raglan eased i to 6Jp follow- 
ing the company’s statement that 
it was unaware of any reason for 
the recent rise In its share price. 

GUI and Dnffns stood out . in 
Oversees Traders with a specula- 
tive rise of 10 to 227p. Lonrbo 
dosed a penny harder at 77p in 
front of to-day's results, while 
Mitchell Cotta pnt on 5 to 49p. 

Investment Trusts provided a 
couple of firm features. Updowxi. 
Investment rose 6 to 60p on the 
bid from Cazenove and Company, 
while renewed speculative interest 
lifted Clifton Investments 5 to a 
1977/78 peak of 12p. Atlantic 
Assets finished 1 } harder at 79}p 
following the Interim report. In 
Financials, Britannia Arrow 
hardened 2 to 23fp. 

Among Textiles, Conrtanlds 
closed a penny harder at 125p 
despite adverse Press comment. 
Mackfnnon of Scotland hardened 
2} to 25p on the return to the 
dividend list and profitability, 
while Radley Fashions improved 
3 to 46p and John Haggjss 4 to 

106p. 

BAT Industries Deferred high- 
lighted Tobaccos with a rise of 8 
to 275p. 

Good day for Mines 

Mining markets enjoyed their 
best day for some tune with most 
sections moving ahead strongly. 
Overseas-domiciled shares were 
particularly firm, thanks to the 
continuing strength of the invest- 
ment currency premium. The 
latter rose to an effective rate of 
31} per cent, compared with 29} 
per cent 

Golds advanced from the outset 
of - business as the bullion price 
gained ground and heavy Cape 
buying appeared. Sentiment was 
also helped by the latest batch 
of higher quarterly working 
profits— those of the General 
Mining and Union Corporation 
groups. The bullion pace was 
finally -$L50 higher at 3173J75 
per ounce, while the Gold Mines 
index put on 42 to 1472. 

The mar ginal Wit. Nigel 
featured lower-priced issues, 
further heavy speculative buying 
lifting the shares 7 more to a 
1977-78 high of 45p. 

Continuing bid rumours 
coupled with speculation concern- 
ing the ttahd Dhahab gold pros- 
pect in Saudi Arabia * caused 
further buying of Gold Fields, 
which closed 8 higher at 202p. 


==== ™ 2 

Ort.Dtv.VWd 658 5-651 D. M 


IHIHIIIU9 A * 

P/B Ratio (net) rt) — ®- a9 8 ' 2S 

Hqrtty turnover £m.M — _ __ 

Equity tergal m Wtel. ~ 13.281 


■_ 488.0 G 76.3 "I 

147.3 143.1 143.9 J 43.4 13 B. 1 | - 148 - 4 | 

0-.DK.YI* “> H “3 *2 

“5 - "-a a ”3 is 

5 031 8.128 6.194 6 . 474 , 8 . 03 ^ B.E 66 j 

” _ 64.94 6SAI 6 S.«| 80 * 3 | ^ 

jj] _ ISJggal 13 . 825 ! 17 . 950 } 14 . 636 ! 14 . 087 } 


"Jen. Irk 

12 | 4R0 

77,25194.10 
BQ,80j 64.8a 

479.4 SWA 

148.4 lOfi.8 i 
8.60 SJK 




wb; 

»S9 1 ** 


^r. 7 . u a,no. 4T&5., Wooa «.!• 1 
IB ajn. « ; P.QJ, «,s, 3^9 um . 4SJ-L 

MioSf wwS. se ActMts July-Dee. wo- 


mens AND LOWS 

1977/78 phwo OorttpiWJoo 
~~ni c h | Lo~ High I Dw 


S.E. ACTIVITY 


— •- SEA » ffiSg- 1S5 S»5 : 
- - sis w as *» 


0/U78) (4/D IWIW 

, . n . B4QJ2 367.6 &49.3 

Uri-Ort (14/9/Ti 

Ootd UilW»- 174.8 96.1 44?-3 

08/ioj a® 


1/^47) 114 *« 

*49-3 208.7 2Q1.B- 

4 / 9 / 77 ) ( 36 / 6 N 0 ) llll)Ml *U„ 191.9 X 84.6 
48.3 43.3 Mpck-ulrtiw- .41.7 41A 

S/&/7&nD6/lO/71J r.vu'e — 126.a 187.9. 


Other London-based Financials to 
improve included Rio Tinto-Zlnc, 
which advanced 7 to 186p reflect- 
ing good investment buying. 

Oakbridge held the limelight in 
a generally strong Australian 
section: bid speculation in over- 
night domestic markets was fol- 
lowed by a 17 rise in the coal 
Issue's shares here to a 1977-78 


high of 144p despite an announce- A 
meat by the company that it frj^p -j 
not aware of any reason for the . ‘ 1 
sharp rise in the share price. ' V- . 

Elsewhere, C on soMatod^-!. ■ y. 

Murchison staged a good recovery. . 
to close 30 better at 2»5p ' 

London buyers discounted the re- v 
cently published December r-; 

quarter losses. . 


OPTIONS TRADED 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

in gs ings tion ment 

Jan.ll Jan. 23 Apr. 13 Apr. 25 
Jan. 24 Feb. 6 Apr. 27 May 10 
Feb. 7 Feb. 20 May 11 May 23 

For rate indications see end of 
Share Information Service 

Calls were dealt in Selincourt, 
Thomson Organisation, Lonrbo, 
Bnrmah Oil, Camford Engineer- 
ing, Talbex, House of Fraser, 
Town and City, British Land, 


English Properly, I. Halstead, 
Allied Colloids, Tcseo, Adda . 
International, Streeters of 
Godaiming, Mount Charlotte, 
Glyowed, Rustenberg, H. Wigfall, 
Celtic Haven, Empress Services. 
1CI and British Mohair. Puts were 
done in Gussies A and Tata and; 
Lyle, while doubles were 
arranged in Selincourt, Inveresk, 
Talbex, Royco, Adda Interna- 
tional, Rest air, Brent Walker, 
EMI and Bnrmah Oil. A short- 
dated pot was token out In Tate 
and Lyle. 


NEW HIGHS AND LOWS FOR 1977/78 


Tho following securities quoted in the 
Share Information Service yesterday 
attained new Highs lor. 1977-78. There 
were no new Lows. 

NEW HIGHS (112) 

FOREIGN BONDS (11 
AMERICANS <1J 
BANKS (11 
BUILDINGS m 
CHEMICALS IT) 

CINEMAS IT) 

DRAPERY AND STORES (11) 
ELECTRICALS (2) 
ENGINEERING till 
FOODS (5) 

HOTELS 15) 

INDUSTRIALS 08) 
INSURANCE O) 

MOTORS (IO) 

NEWSPAPERS (2) 

PAPER AND PRINTING CS) 
PROPERTY a ) 
SHIPBUILDERS 111 
SHOES n) 

TEXTILES 16) 

TRUSTS IS) 


RUBBER5 12) 
TEAS (1) 
MINES (S) 


RISES AND FALLS 
YESTERDAY 


Up Down Sum 


British Funds 

03 

2 

4 “S" 

Corpus. Dora. 

and 



Foreign BWHff 

16 

6 

44 - 

Industrials 

62B 

109 

842 :• 


199 

3S 

2SS 


16 

2 

is . 


13 

3 

m ;. 


7* 

7 

3B 


. U 

2 

38 ; *i: 

Totals 


1*9 1219 • 


RECENT ISSUES 


EQUITIES 


FT— ACTUARIES SHARE INDICES 

These indices are the joint compilation ot the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


BRAZIL FUND LA. 
SOCIEDAOE DE 1 N VEST1M ENTO — ' 

DL. 1401 

ORDINARY AND EXTRAORDINARY 
GENERAL MEETING ANNOUNCEMENT 

NOTICE. IS HEREBY GIVEN JO Out 
holders of . Bearer Depositary Recei pts 
1“ BDfls Issued hy European Oymuas 
Issuing Corporation In reject ol dure 
ol Cr.51.00 Mf value ol tne Brazil Fund 

SJV. 

That the Ordinary and an Extraordinary 
General Meeting o| the Company will 
bo held on SOth January 19TB at 10 
o'clock In i he firm's headquarters at Rua 
do Ouvfdor No. 75. 4th Floor. Rio Oe 
Janeiro for tnc onroose of taking now ol 
and discussing the following Agenda: 
tai Approval of the Report ol tho Direc- 
tors. Balance Sheet and Profit and 
Loss Account for the year ending on 
30th Seotember . 1977. aporoval of 
documents and dividend distribution. 
09) Reform of the statutes of the Com- 
pany. In order to adapt them to the 
New Corporate Law 6AM of the 
I5tn December. 1576. 

K1 Election of the Administrative and 
Consultative Connell members and the 
Directory and the fixing of the monthly 
remuneration Ol the same, 
id) Matters ol general interest. 

In keeping with. Article 9 ol the terns 
and conditions of the SDRs the BDR 
balden may Instruct In writing European 
Overseas Issuing Corporation. 11 Boule- 
vard Grande-Duchess* charlotte. Luxem- 
bourg as to the exercise ol the voting 
r-flhts attributable . to the above shares. 
Eormean Overseas Issuing Corporation will 
accept until the 25th January 1978 .such 
instructions together with the deposit of 
the BDRs representing tho shares con- 
cerned. E ur o p e a n Overseas Issuing Cor- 
poration shall notify the shareholder's 
representative Of such Instructions and 
the latter shall. In so far as It Is prac- 
ticinte to do so. cast the votes attribut- 
able to the shares In accordance with such 
instructions. In the absence ot such' In- 
structions the shareholder's representative 
may cast such votes or refrain Irom 
racing os It thmki fit. 


5 1 £» S5 *5 


I M V WA ,ANn Wed. | Tau. Mon. I Ftl Yew 

Thnrs., Jan. 19, 1978 ^ | J ^ 

GROUPS & SUB-SECTIONS 


Gross 

Dtv. I P/E 
Yleld%| Ratio 
(ACT J (Net.) 
at 34%) ‘ 


Index Index I Index 
No. Na 1 No. 


HNANCIALTIMES 

BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 86634172, 883897 Advertisements: 885033 Telegrams: FlnanUmo, London PS4 

Telephone: 01-243 8009 

For Share index aud Business News Summary in London, Bir m i n g ham , 

Liverpool aud Mar Chester, Tel; 246 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Birmingham: George House. George Road. 

Telex 338650 Tel: 021-454 0922 
Boon: Pressbaus 11/104 Heussallee 2-10 
Telex 8569542 Tel: 210039 
Brussels: 39 Rue Dueale. 

Telex 23283 Tel: 312-9037 
Cairo: P-O. Box 2040. 

Tel: 93S510 

Dublin: H Fiizwilluuu Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Tclrx 73484 Tel: 031-226 4120 
Frankfurt: 1m Sacbsenlager 13. 

Telex 416263 Tel: 555730 
Johannesburg: P-O. Box 51 2& 

Telex 8-6257 Teh 838-7543. 

Madrid; Esprondceda 32, WadrW a. 

Tel: 441 6772 

ADVERTISEMENT offices 

Birmingham: George HousejGeorge Road. 
Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Sin**- 
Telex 72484 Tel: 031 226 4139 
Fraakrurn Ira Sachsenlager 13. 

Telex 16563 Tel: 554667 .. . m 

Leeds: Permanent House, The Heidrow. 
Tel: 0532 454969 


Sfanehester: Queens House, Queen Street. 

Telex 6668)3 Tel: 061-S34 9381 
New York: 75 Rockefeller Plan. N.Y. 10019. 

Telex 66390 Tel: <212) Ml 4625 
Paris: 36 Rue du Sentier, 75602. 

Telex 220044 Tel. 236.5743. 

Rome: Via della IHercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Sveuska Dagbladet. Raalambe- 
vageu 7, Telex 17603 Teh 50 60 88 
Tehran: P.O. Box H-1879. 

Telex 2)2634 Tel: 68269S M ^ 

Tokyo: 8th Floor, Nihon Keizal Shimbun 
Building, 1-9-5 Ot eras chi, Quyoda-fttt, 

Telex J 27101 Tel: 241 2920 
Washington: Second Floor. 1325 E. Street, 
N-W_ Washington D.C. 20004 
Telex 440225 Tel: (202) 347 8876 


Manchester: Queens House. Queen Street. 

Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller PI aw, N.Y. 10019. 

Tetex 423025 Tel: (212) 489 8300 
Paris; 36 Rue du Sender, 75002. 

Telex 220044 Tel: 236.86.01 
Tokyo: Kasahara Building. 1-6-10 Uc h iha n da, 
Chiyoda-ku. Telex J27104 Tel: 295 4050 



R ^mmr iatwn <tat<: usually last day for d e ali n g free ot stamp w. o ift gw v i 
baaed on proswetua estlmaie. a Assumed dividend and yield, u Porecttn dhndend: 
cover baaed era prenoos year's earnings, r Dmdeiid and yield based on p r os p ectus 
or other official estimates for 1979. q Gross, r figures assumed p Cover allows 
far conversion of sbares not now ramdng for dividend or ramose only for restrlcied 
dividends. ( Placing price to public, pt Fence unless otherwise indicated. 1 1ssued 
by tender. | Offered io holders of Ordinary shares u a - rignta." ~ Rights 

by way of caolubsadon. ft Minimum tender price. JJ Reimroduced. n Issued 
In ctxmectlon with reorganisation merger or take-over, flu Introduction, rj issued 
ro former Preference holders. B AHotmem letters (or fafly-oami. m Prevtstonal 
or Darthr-oak) aUdlmeni letters. * With warrants. 


ACTIVE STOCKS 


Denomina- 


Closing 


SUBSCRIPTIONS 

Conies' obtainable from newsagents and bookstalls worldwide or on regular subscription 
from Subscription Department. Financial Times. London. 


tion 

marks price (p) 

on day 

high. 

low 

25p ’ 

11 

274 

+11 

284 

16S 

25p 

11 

514 

+ 4 

835 

454 

25p 

10 

125 

+ 1 

135 

89 

fl 

10 

344 

+ 8 

448 

325 

23p 

10 

222 

+ 4 

270 

118 

25p 

9 

275 

+ 8 

308 

235 

£1 

9 

808 

- 2 

966 

776 

£1 

9 

56 

+ 3 

. 83 

41 

25p 

9 

202 

+ 8 

224 

137 

25p 

9 

133 

— 

13S 

75 

25p 

9 

1S6 

+ 7 

247 

173 

25p 

9 

180 

+17 

ISO 

73 

50p 

S 

S3 ' 

+ 2 

124 

78‘ 

25p 

8 

202 

+ 10 

214 

113 

25p 

8 

364 

+ 2 

448 

196 


U JA U2B- 

IU6 : 1L« 
1L42 1152 


un 


Thnra - 3r,M1 - M Y£ T ;«' PjMay Timre. 

Io j^ | ™ 18 17 ■ J it J fj n * J £- 


63J3fl 63.2a 63.13 
87.57 67.62 37A7 
78.56 78,43 78.51 



























































































mcial Times Friday January 20 1978 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 










rmt 




^UnlMJ 








ft 






■Wi 


i m. ' ij.itiv 


S3 



vssneft: 


INSURANCE, PROPERTY, 



CLIVE INVESTMENTS LIMITED ; 

Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101 
— idex Guide as at 11th January,. 1978 {Base 100 at 14.1.77.) 

. Clive Fixed Interest Capital 134.97 

Clive Fixed Interest Income • 127.53 


CORAL INDEX: Close 484-489 


INSURANCE BASE RATES 

t Property Growth . 84% 

Cannon Assurance 4|% ’ 

♦ .ViidiiM* bbDvni under laorsnce and Property Bond Tabic 


BASE LENDING RATES 


. LB.N. Bank 8i% 

Ulied Irish Banks Ltd. 6±% 
American Express Bk. BJ% 

Unro Bank 6{% 

•IP Bank Ltd 6{% 

' lenry Ansbacher 8j% 

tanco dc Bilbao 6J% 

‘ tahh of Credit & Cmce.ll 81% 

tank of Cyprus % 

- tank of N.S.W 61% 

tanque Beige Ltd 61% 

tanque du Rhone 7 % 

tarclays Bank ;. 6)% 

itamett Christie LTd.... .S»% 
; fremar Holdings L*<* 

Mt Bank of Mid. East 64% 

■ i trown Shipley 61% 

. tahada Permanent AFI 61% 
■'.tapitdl C&C Fin.Lta. 9% 
tawer Ltd. ........ 7 % 

. tadar Holdings 8 % 

. lharterhouse Japhet... 61% 

tE. Coates 74% 

. Consolidated Credits... 74% 
^operative Bank 64% 
.torinihlan Securities... 64% 

1 fcedft Lyonnais '6)% 

T>e Cyprus Popular-Bkr -61% 
tancan lawrle. ......-.,.1 6*% 

; .tagU Trust : 61% 

taglish Transcont ... 8 % 


61% ■ Hill Samuel S 61% 

64% C. Hoare ft Co t 64% 

84% Julian S. Hodge 74% 

64% Hongkong & Shanghai 64% 

64% ■ Industrial. Bk. of Scot 7 % 

8J% Keyser Ullmdnn 64% 

61% Knowsley & Co. Ltd.... 9 % 

8i% Lloyds Bank 61% 

64% London ft European... S4% 

64% . London Mercantile ... 64% 

61% Midland Bank .... — 65% 

7 % ■ Samuel Montagu 64% 

6) %'■ Morgan Grenfell 64% 

84% National Westminster 64% 

Norwich General Trust 64% 

64% P. S. Refion ft Co. ... 64% 

64% Rossminster Accept*cs 64% 

61% Royal Bk Canada Trust 8}% 

9 %• • Schleslnger Limited ... 7 % 

7 % E. S. Schwab 81% 

8 % Security Trust Co. Ltd. 74 % 

61% Shenley Trust 94% 

74% Standard Chartered ... 64% 

74% Trade Dev. Bank 61% 

64% Trusted Savings Bank 64% 

61% Twentieth Century Bk. 74% 

64% United Bank of Kuwait 64% 

61% Whiteaway Laldlaw ... 7 % 

64% Williams ft Glyifs ... 64% 

61% Yorkshire Bank 64% 


taglish Transcont ... 8 % MUMtber* of tha AceatHibg Room 

' Iftt London Sees. ... 64% 

‘ Iwt Nat Fin. Corpa. 9 % **• ***”** 

Ifst Nat Secs. Lt(L ... 8 % r Mar deposit* on •uoa at ao.m 

atony Gibbs 64% *nd mater nt op to CB.DM »i% 

Durrant Tnist 7?% , g?, 

•«yhound Guaranty.-. 64% i Demand *%. 

. 1 trindlayg Bank 61% 7 Rato >oo anpUea to Statin* lad. 

lUlnness Mahon . 6}% g deposit* 31*. Rates for Term 

- umbros Bank ' 84% Deposut over no g om nie. 






<OOD PRICE MOVEMENTS 

Jan. 19 Week ago Month ago 

x .£ £ £ 

kCON 

Danish A.1 per ton 1.080 1,030 1,010 

British A.1 per ton 1.030 3,030 3,030 

Irish Speciafper ton 1,680 1,020 1,000 

^erll per tonfl 1,0$0 VBO, LWO 

' NZ per 20 Rb 1DJ4.11.05 10.94-13.05 10JMI.05 

EftgHsh per ewtf . 63.03 63.03 63.03 

- L^aniah salted per cwtf... 70.15-71.60 69.15-71.60 69.15-71.80 
ttESEt 

; NZ per town* 1,1«LTO L161J0 tfOLSO 

Engnsh Cheddar trad. 

1 jb JW t 0 ® 06 1,818.42 1,219.42 X2l9.42 


3J0- 4.40 -4,00- 4AO 4.40- 4-60 
L30- 5.00 4.50- 5.00 5.00- 5.10 
Jan. 19 Week ago Month ago 
por pound per pound per pound 
P P P P • P P 

*9JS 47.0 — 50.0 — 

32J>— S4-0 31.0—33.0. — 

47.0— 54.0 47.0—54.0 — 

46.0— 48.0 — — 

, 3tlli-4a.O 30^41 J ' 

30.0— 34.0 30.0—94.0 SO.O—34.0 

price per lio. eggs, t Delivered. 


, Hnme-produee: 

Site 4 

Size 2 «... 

Beptt isn WHed tides (ex- 

forequarters 

English 



umiN 

English ewes 

o25rav W * w,w . 






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Norwich Uniaa Imoranco Group (b) 
P.O.Box A Notwlch.NRi3yjO. OSM 32200 

OrottPTB.W.-«_P0SJ 3UL7J+4JJ 43B 

Pmrl nut Mutagen Ltd. (aKCW 

maie Bribery SQVia 01-409 SMI 

PaariUBI(ltt. nnw .5u 37S +jj3 

tAc<maLtnitaa^_)aa . 473j *o.«j 4j4 
PBhutn uotts Admin, Ltd (gf«) 
SllftnrfaluStJUnrhutar - 0Sl*»B8» 
FaSUnUalts HOC# - S&4-t«4 «i» 


UWer Manky <a) 

W*ria*Shaat. Bdti* ( HplBBT 

ftRJtaUrGrt«ih-pa2 Am +CJj 447 

Daft Trust Account ft H put. Ltd. 
SaiWUltoBLEOdtaAB 01434K1 

Do. Acnim . p*-0 SMI — J 127 

Wlalar Growth Ftmd 
maatnntaBSLEOiRflan oassab si 

2SS®I=gS £S=!S 


Ineera Units 
accmbl liata 


O M834B B1 

| SLZ7 

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London Indauttlty ft GnL Ins. Co. lid. 
uaD,TteFortns. RcadlasSnsn. 




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BELLS 

SCOTCH WHISKY 


Growth of money 


supply accelerates 


British Steel 
bid to break 


THE LEX COLUMN 


6E« £i?i 


Sterling M3 still 


BY MICHAEL BLANDEN 


manning impasse 


THE GROWTH of the money increase after seasonal adjust- The contribution to DCE of 
supply accelerated again last ment of £414 hl, or 1 per cent, bank lending in sterling to the 

S’or'Sr — ™ BRniSH S‘«> corporatloa General Worfcers' Iftfton and the 
months of the financial y^ar All month. Simultaneously, growth ****** . B ° I _ , _ er “. ak i^’ 


BY PHILIP BASSETT, LABOUR STAFF 


over the top 


.Tore the top “ih^S «“ *•« aed'at Sta K. blfte were sUrted in touew lest The securities martats be- _ ketsfteraJJ 

*»■* -«r «s? -ss *" sssj'jEriSLxs, sra index rose 9.7 to 486.0 P5ws 


... . ... .. . 10 05 per cent, during the months. It was almost exactly without union agreement on its bility arrangement designed to the probability that the money 

on"? ”t£k P o!i “he wile? month, after its earlier sharp ih- •« U “ ■‘WMSKSiM on the supply, as measured by aterUn* 


money stock on the wider ; 

definition (jW3) has risen by just creases. 


public sector’s contribution. has kept the plant idle since it. All the unions agreed on toe „„ _i d not have bccn 

cea-aceayaoi was opened in June last year. arrangement on January 4. last wouui not nave been 


VenT^fs The rise in steriin* M3 iest f «- *» ^ Sate SW SlSSS. 4 JS M => -wTS. 9™ ES 

equivalent to an annual growth montb is subject to uncertain- * a ® t0 ”* over ^?eS52 e -!S.«i < E22d sin** refused to ratify it. I 13 per cent target growth range • ^ 


equivalent to an annual growtn montb is subject to uncertain- ^ ™«5 since refused to ratify it. « per cent. larger growtn range 

rate of about 131 per cent. - J? es oaitoiSl? in relation to deficit was smaUerftan in some National officials of the by mid-December, and jester- 

above the target range of 9-13 meS ao^WL recent months — not yet affected a “ Amalgamation would like the day’s confirmation of that fact 45 

per cent, for the full year hut an f a Sf aoI i?t by the October tax cuts. - and » hen agreement ratified, but the boiler le ft both gilts and eoititiw un- 

account For the increase? namely ^ JX^TTBJE tion. at the Ll^wero bbSSE *S have refused ruffled . Seasonally adjusted. .. 


MONEY SUPPLY 


STERLING 

M3 


just under 131 per cent recorded 
in the seven months .to 
November. 


a contlnu ed effect of ’ earlier met * lIMltf 

inflows from abroad and the uo- sa,es - 


naces In South Wales. 


to let members of maintainaoce 1 44 i 

craft unions do their work. ferlmg M3 rose by just under 


m^iaK^ETy fiffi! LT2SS 1-3 


,5 rt 2S , S S5Li^ “JJ J*% oa £ With other craftsmen’s jobs in J per cent, during the December 


publication of banking figures Domestic credit expansion 
for the inontb. The increase (DCE). the main measure 
announced yesterday was quite watched by the International 


of external and foreign currency mittee was told last week, 
finance. It was also affected by The corporation is unsur 


stock in December had been HS S^"£SiS tf Siri Mp «S mitt« was rold a* week UOm ' boilermakers to ratify the agre^ figure in itself, but sufficient ~ 

widely expected after last week’s ported m the previous montn. of roa ,L Jbo^flSSZdB ^e coSo rations unsSre what nient and start work on February only to reduce the annualised 

publication of banking figures Domestic credit expansion ““i a 11 in „„„ ■ £ fPfT^ 11 . 00 is.unsurew nat 13 . ^ eI t0 be great. growth rate since April to 13.2 42 

for the month. The increase (DCE). rhe main measure * ” “S SJ British Steel has, until now. Sr cent Aa Ins 1 133 percent 

announced yesterday was quite watched by the International ^posit liabitities, reflecting the c udi^g , 50 mer ?be™ JJ® refused to open Redcar without i\r n vF'mh»»r Mnnpt-rrv *rm«rth 
well received in the money roar- Monetary Fund, was low at only reinvestment in Treasury bills or r J}?jL BI J a a manning agreement but j t h 41 

keLs. which appeared to feel that £95m. seasonally adjusted. This some of the public sector funds witii a projected loss of £520m * ll! p J 0 a . ve had ,0 be kept down 

it was not as serious as had been brought the increase over the placed temporarily wifti the in tids financial year, it now ^385m. or less during the 

feared. first eight months of the year to interbank market which had a 3T^opian tor new woriung feeb that jt can Q0 longer afford January banking month, which 40 

i» ih. fm,. I. milt, cl Cfikn wall within thn Kailinn nTPirininlv rlittnrtar? thp mnnPT Hiauicw— are lOla lO 5 Lari lUB anitoit lnc*t W oHyiQCftow aniiiin. 


ACTUAL- 


TARGET 

RANGE 


in the four weeks to mid- £1.56bn., well within the ceiling previously distorted the money S aH?a^n»TSfr e nW°vL .a^Tiv 106 to leave its huge investment ended last Wednesday, equiva- 
December, sterling M3 showed an of £7.7bn. for the full year. supply downwards. Eight P hundred IJ ' a re idle - lent to a rise of 0.9 ; per cent, 


AMJJASOHOJFMA 


nouncerocnt that it is to under- 
write a £3.79m. rights issue, by 
James Neill and take a stake 
of around 15 per cent, in the 
company Is well within ECl's 
terms of reference. And for the 
first time the equity bank will 
be seen to be investing in *, 
company which makzs its money 
from manufacturing. 

James Neill is at . pains to 
emphasise that it is no lame 
duck, even if profits for the 
second half of 19# i at JiUnu 
are not up to its interim fare, 
cast tbat they would match the 
£2ra. achieved for the first sir 
months. The reasons for this are 
not hard to trace— sterling, ap- 
preciation and declining stock 
profits. 


GROWTH OF THE MONETARY AGGREGATES (£m.J 


already working on the Redcar c ™ er ? "J “ J jJSf { or sterling M3 tohavc edged Dixons photographic’s share 
ritejo build a 10,000-tonaes-a-day ?h” e ^a^aygal^g in , ° the pcr m - it,gd . mne ' » inp yesterday follow stnicLuro Of 


ECI is able to play a nselul 
le in this case because of the 


structure of James Neill's share- 



the development plan. It pro- l a « »» the steel- given that the rompany was ^r^pf whom did not 

duces a mixture of coke and iron . unexpectedly bign Government boasting, in its last annual re- u __ were unable to nut un 

ore which, trials have shown, is _ Fou ^ ° lder smt ^ T plant ^,. al borrowing or buoyant private port of a tenfold increase in its ’ finance for the comnanv’s 

ideal for the new blastFurnace. Port ™ bo l a . r ® stiti providing sector bank lending (which was profits over ^ laat ^ yeare . more finance fPr inc companys 

Commissioning of the sinter enough material for the planLs actually quite sluggish) but— g ut recent rumours that it P ,anned ^f m ’ n K 

plant will give work to a further ^g^tfurnaces. t0 a significant extent-to shifts would tiim of under sramme, while nytituMnna hold 

750 men-mostly members of the in foreigners’ balances. Domestic S thl 14 ^ cent an ? sma l shar t 

steel industry craFt unions other talks leaders of the craft dj . e vn a nsion wac very na “ “® aul y " e P re ; s ® a ”* e holders account for a tenth. A 
than the Boilermakers. unions that witiiout cooperation ™n ‘I?2 share price over the last week. . . j h ; nsiUtut i 0ns Was 


would work C at Red- giant and on early closure of £95m. , ^ lhe fact thtt , ast half . year g«“ lh “Vo U nds ha 

car— including the Electrical high-cost older works. U would January s complications wil has been tough going with the on 


1UK1UUJU* IUC f.IWUM.'SI " , ,7. T ' ------- - — uas ueeil luugn gUIUK. WIUI IUC ™,nhf rtirr-i-nrfnH ilB 

and Plumbing Trades Union, the not raise its 6 per cent, pay offer, be numerous. The seasonal Noveraber industry rolume of the ? m0Un J- S "* B V k * i U eu..i 1 
Amalgamated Union of Engineer- . Varley’s dilemma. Page 18 adjustment will once again be consumer durable goods sales raaximum limit offlm. but also, Sftyj-T--# 


ing Workers, the Transport and 


VUllers letters. Page 6 


Trafalgar sells City 
offices for £ 61 m. 


Leyland to recall 30% 
of its cars in U.S. 


BY IOHN WYLES 


NEW YORK, Jan. 19. 


Pay rises 
and tax 
cuts boost 
spending 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


aa jus mien t win once again oe consumer durable goods sales 

hard to predict, given that the down 6 per ^ f f r example. P " n j' e £ - 

year-end crediting and debiting virtuallv no vnlume aI1 shareholders should have 

of interest on baA deposits and DtaS'SdwSS et *» al rishts - The outcome is a 

loans will reflect much lower :L. ai i side and mape ,ins were r,shts 1!{s,,e underwritten by . 
money rates than a year ago. ^ 52L™ At Jhe ^me ECI at the 53100 0081 t0 James 
0n this ™ U nt the adjustment to “ o£ u, e Neill as a placing The im 

could easily be ton powerful and Westons epemist chain has so ralses Capital s ime^ 

tend to depress the result far produced only a token profit far t0 “J™* 

unduly. . contribution. snl1 has over £30m ’ in lhw , , 

There is also uncertainty Dim n s has also been investing ta " k - ’ilCker 

about the impact of the freak- falr|y hea „ ly in bllildjng up jts 


ish sales of certificates of tax overseas business, particularly TfT 
deposit sold last year-no less in the tic.. wh ich exolaine whv 1V " 1 


aeposu sota Iasi year— no less j n the U5.. which explains why . . 

TRAFALGAR HOUSE, the ship- three buildings already sold are than £489m. in the third quarter, ove rseas sales cose by. over a ICI's U.S. debenture issue has 


ping to newspapers group, has underwood to be Billiter Build reflecting the anomalously high fiftb wb jj e profits were up by finally been priced, tbe coupon 
sold three of its City of London ing, E.C.3, LeadenhaU House and 9 P er <*nt. yield. If finance onJy g per wnt However, with fixed at 8J percent and the aiaT 5 * 1, 

office developments for a total of 12o, Keacnurch Street, all pnme- directors decide to run these tbe upsurge j n u.K. consumer increased from Sl50m. to 

‘^ by the largest quality City offices. certificates for another year spending starting to show $175m. One more detail of the.. 

?! ty office dlspQSaJ m recent The purchasers are unknown, (on^year money costs only 8 tbr0 ugh Dixons is confident of group’s 1977 performance has&lOW to 

years. But the Past Office's Derision nor pent nr cn tn a lamp rnm- ^ l.m > t tr « A innm A i« 


BRITISH LEYLAND is lo re- for a potential sticking throttle rllflO' 

call more than 30 per cent, of and the Spitfires for possible 
tls cars being driven by leaks ^ the fuel bose and fuel 
. . _ . . . pump. These could cause fires. 

American customers lo remedy fc’ire is also a potential hazard ' By Peter Riddell, 
actual and possible defects. with 20,000 Austin Marinas being Economics Correspondent 
This is the largest recall recalled because of a possible 
Leyland has ever announced in f uel ^snK vent hose leak. Accord- CONSUMER SPENDING is now 


ZT' _ w , But the_ Post Office’s pension per cent or so to a large com- a better second half wh i c b now been released in the, ; .. 

St?ao n “?b U Veri P*ny) the ta! season could boost should push fH „ yrar profits amended prospectus-lhu final 

S^InrdLaThrSShSS’ttS bank Ending unexpertedly above a. £10m . mar k (against quarter's debit ansing rmmnir- ; 


released, they are eapectefi to institutional buyers. bank lending unexpectedly. above the HOhl 

tSSnSSSlSSSS t 23S3*'£3 TS „ ThE °"' y ? h " Cl " Si0n £r ° ra a ," ^S'ciSSS reney movements wlii be Jlfim.l-u 

^ Trafalgar has been granted after rie« about the Slue of V' , f . ' s . that ,he money •“«'» yield IS per cent ■ That compares with just E!m. 

Stock Exchange permission to prime City properties. It has ,s lllcel y t0 re ” a13 a P n ‘ enMal 
defer a formal announcement of been suggested that at least one sour «* of double for the slock j NpiII 

the sales until all the legal of ^ buildings has been bought market in the next few months. ncm 

formalities of the complex deal a price that shows its jnstitu It looks as if 


in the third quarter after which J 
, m pc NpIII pre-tax profits were £105m. 

w t «>■ Since the disappointing third" 

It looks as’ if Equity Capital quarter results the shares have 


the V S h coven 0 a° U iotal of in S to Leyland 14 fires' in Spit- definitely rising as T resuu'of ^ ® U1 « j* kn gg tional purchaser an initial return DixOHS for. Industry may have found a underperformed the market byg 

181,500 ‘vehicles out of “in J> res and -^4 stia . Marin “ ha ^ e ?he boost to take-bome pay from Offices bav« been sold f?r £«S! °? than 5 P e . r < xnt - As sales At first si ght. a 13p jump in genuine gap in the capital mar- about 6 per cent. Sunday 


««• «r ioo.000” which it K STm income' Tax' TuA^ and thalthe sale o fa third block; SSSff & 

says are being operated in the TR6 ^roMes bad beginnins of a recovery in real for £20m.. has now been agreeci ' 3 3?5 


- “‘■-o - . rprelvpd ucBiumujj ui a icuiuij iu 

US. The company declined tn “ e ®J re “* SJ- Ja2ua r line is earnings. 

comment on the possible cost a j ao a ff ec ted by the recall Figures published yesterday 

The nature of the work In be About 12.500 1973-77 models j by the Central Statistical Office 
earned out on several models are being called in to re position show that ihc volume of con- 
suggets an expenditure of well the windscreen washer pump, sumers’ expenditure rose by 


over Sim. with a possible out- whose proximity to the engine! about * per cent, in the final m e“ts.. 


beginning of a recovery in real for £20m.. has now been agreed’’;!," 

earnings. and is nearing the legal comple- u of n ^, at h f!*L d 

Figures published vesterday tion staee. would be taken as a new bench- 

by the Central Statistical Office Talks are also being held over JJJJ* by ‘J e Propefiy tnvest- 
show that ihc volume of con- the - sale of Trafalgar’s three ra ®° 1 F ldrK T i - . . 

sumers' expenditure rose by remaining City office develop- . -^^h a drop in yields would 


signal another sharp increase in 


Weather 


Beer u 


lay uro'or mon% of iast yea, corn- n ^'-f ^ s,«are e, 


Much depends on the response sequent pump failures. pared with the previous quarter. he given to share- provide a boost Tor property com- western districts. Occasional 

Thv Triumph^ TR7 , »f 19T5-7S Spending »( k«4bn. (> »<>»«« « TraW-pr-s .ppual piojei- v«l M «s. _ Sleel pr snow showers ,o eastern 


to the recall, which American Ttie Triumpn m? oi iw.b openoins o. «**■». iai ‘ 

manufacturers have found vintage is being recalled because prices and seasonally adjusted) | rae 1 n S Thursday. The 

vanes from 82 per cent, for a of passible moisture in the was the highest for a year and 


Property market. Page 12 


three-year-old car lo 93 per cenL windscreen wiper motor and a 2 per cent, up on the low point of 
for a new model. loose link that could cause tbe last spring. 

Lev-land's notice covers (he motor to fail. i The Central Statistical Office 

1 970-76 Triumph TRfi. GT6 and A group calling ilself theisaid that in the final quarter. 
Spitfires whose faulty master- Centre for Auto Safety com- 1 

headlight switches will be plained to the agency last year roN^iMPP cprsiniNr 
changed. that it was not doing its job | N . MER SPENDING , 

The TRfis will also be checked properly on imported cars. fat 1970 prices, seasonally adjusted 


Silkin seeks to soften 
‘green £’ change impact 


BY CHRISTOPHER PARKES 


said tbat in 

the final quarter. 

CONSUMER SPENDING 

at 1970 prices. 

seasonally adjusted 


£m. 

1973 

36.062 

1974 

35.631 

1975 

3SJ57 

1976 

35.405 

1977 

1st 

35A62 

8,761 

2nd 

8^65 

3rd 

8,796 

4th 

8^40* 


Qualified U.S. approval 
for German tank gun 


districts and Scotland 
London. SJE., Cent. S. and N. 
England. Midlands 
Sunny periods, wintry showers. 
Max. 3-4C (37-39F). 

E. Anglia, E. and N.E. England 
Cloudy, with sleet or snow 
Max. 3C (37F). 

Channel Islands, S.W. England 
Sunny periods, wintry showers. 
Max. 6C (43F). 


BY DAVID BELL WASHINGTON, Jan. 19. f . 

A UNITED STATES Defense half of the tanks to he produced. J*.W. England, S and N. Wal^, 

Department delegation will The U.S. has. however. Lake District, Bte of Man, S.w. 

arrive in Europe- soon to tell apparently lold the Germans that N.W. Scotland, , N. Ireland 
Britain and West Germany the the Gema gun will probably be Sunny penods scat ered wintry 

results of the Pentagon's testing installed on the remaining showers. Max. 4C (Jd * ) 

of their rival tank guns for a XM-ls after 1984 if Congress Borders, Edmburgn, Dundee, 
new U.S. tank. agrees. Several Congressmen “°, ra * tl £l j 

There are strong indications have already expressed reserva- Orkney, .Shetland- Higbiands, 
here that the West Germans have tions about the German gun and G “ SB,1U ' 


FINANCIAL 
EXECUTIVES OF 
OUTSTANDING 
ABILITY 

Currently earning 
£7,000- £25,000 p.a. 


;ief|y _ 


emerged the victors in the con- have accused the Pentagon of 


Aberdeen, Glasgow 
Cloudy, occasional sleet or 


MR. JOHN SILKIN, Minister of the change were held up until] Source: Central stadMoi o«ce battle tank. But the Americans sure." | uumook: answers or 

Agriculture, who is expected to. April l. ihc start of the market- are apparently resisting German It appears that the British guo| cu ^|? r J ?aks ram or snow. Cold, 

announce a devaluation of the ing year. spendin" on food recovered pressure to instai the gun on is no longer a serious contender! w,lft ana rrnsI loca,,y - 

“ qreen pound " in the Commons Tbe dairy year also begins its low summer level while lbe 2000 XM-ls laenk scheduled although this could still change, 
an Monday, is seeking ways to then. Sugar marketing starts in ol h er areas of retail sales ^ or Production. The U.S. Army has always 

reduce tbe impact of the move July, and the cereals season on fshowed little change The German gun was appa- been less enthusiastic about the 

on food prices and to ensure that August 1. Since producers of Expenditure on alcoholic rentl y judged marginally Gema gun. which uses advanced 


* first preliminary estimate test for a gun for the U.S. XM-1 giving in to "international pres- snow Mas. 2C (36F) 


Outlook: Showers or longer 


BUSINESS CENTRES 


Expenditure 


Yday 
Mid-day 
°C *K 


imly those sectors of farainejn these commodities are not in drinks and motor vehicles is superior to the British one but combustible cartridge ammuni- F § b Ma .dwr. Sn i Z 

greatest need get the full benefit sucb ^re straits as some of their estimated to have fallen in the tI]e Penta B° n felt that both guns tion, than the Defense Depart- Athens f ti k MeBwun* c at ss 


greatest neeu me mu ucnem sucb straits as some of their estimated to have fallen in the XDe renia 6 on ten mat oom guns non, man we uetense depart- A ,hei» f ti k Metooun* can 
of the change. colleagues, they are' unlikely to miartcr needed much more testing and ment which sees the purchase of Bahrain s w os'Mexico c. s 21 n 

Mr. Silkin asked the Cabinet benefit from an uutnediale q Over last vear as a whole ^ neither was significantly the gun as a symbol -oE Ameri- f ’ Sj SSL ji B S J J 

tn approve a 5 per cenL adjust- detfahlatl0rii consumer ^pmSng wi 1 per Metier than the .American 105 mm can wilting ness to buy European 1 ! S SSS? r-^? 2 

ment yesterday.^and formal pig just be3ining l0 SnL lowerffin In ?976 and 3»n to be installed in the first military equipment. -- - - - ’ “ 

fc fhl U rSuncii at nf recover from one of U* worst 1 23 per cent below the 1973 

SS25. (*»■?.« S - „ . 


Berlin S 4 39 Moscow 
Binrvhm. Sn 0 .-slMunldi 


s -0 17 

F— 12 10 
C 28 


- DMiPQair novi Tne<« . u WUUIU peak. „ „ Budapest r 1 :h|usio sn 0 3 ? 

Ministers m Brussels next s of belp now ratber tbao N 0 v e m The turning point appears to Continued from Page 1 B - Akos * * ^j Pariw sn u *• 

A devaluation of the “green * e ' whea ^ feting year hove been late lost summer and ^ 6 gS* I “J S S3, c JJ 5 

pound ”“the spwial asricultunti EEC Commission, as part S,? 1 “is* GlllllntlTlP flllPPr ' 355 ?~i 5 KT„s i 5 

rale of exchange for sterling Qf ^ ail . Europc New Year f arm “* in'Snse ?o Se slow VfUmUUIlC ailgCl Copotwan. c 2 ^ ^ f 1, S 

2 Sit Sr account ™wou Id ^lead* to n T dSwn in pri'ce inflatiorhigber support, for the guillotine be- P ?L tom_«taiy__ Labou L ftrb gBt- so i S |S l*i> g 


Bristol S 3 41 Nevcarfllc C 2 3# 

Brussels MS New York 15 —2 2fl 

Budapest KIM Oslo Sn 0 0? 

B. Aires S 2S S3 Paris Sn u .*• 

Cairo S 21 n Penh S xi 95 

Cardiff S 6 43 Prague C — 1 3$ 

Chicago Sn— I 24[Reyktorflr C 2 38 

Col COT e C 2 M RJo dv J'o S 29 84 

CapotiasD. C 2 26 Rome F 11 32 

Dublin C 4 39 Singapore S 38 SS 


Sd-uybrs. -C 4 38 

Sydney c it 74 


are U the°minimum levcis at which price proposals, has asked Mr. with 1977, vary mainly between last night that there was now no Eric Heffer, were so furious c m j- ,a ie 

farm produce such as beef and Silkin to accept a 3^S1 per cenL 3 and 5 per cent. Tbe largest hurry to pass the legislation, and in the Commons that they G 2 w ; Warsaw ^n-i m 

butter is bought off the open devaluation from April l. with a recovery is expected in durable to vote for the guillotine would threatened to withdraw support Lmembrg. c t s-»[zunt± c i ss 

market and stockpiled in the 2 per cenL increase in the basic goods. leave the Government ample from other Government legis- Madrid c b « ' 

EEC’s notorious ** mountains.” prices For farm products. This is also a sector of high time in the remainder of the lation in protest at the decision HOLIDAY RESORTS 

But Mr. Silkin will probably The Minister has fought off import penetration so that pur- session to introduce vote-catch- to push ahead with legislation 

arrange for the adjustment, appeal after appeal for a de- chases of finished manufac- ing legislation. opposed by the Labour Party. J* ti f s 41 

which could even tua II v be closer valuation but now there are fears hired goods from abroad are Mrs. Thatcher was warned that „ . J~ e threats are serious, and Bk^Hpoo] q 3 arlLoLimn^ r « 

to 3 than 5 per cent., to be that io Monday’s Commons forecast to rise rapidly, offset- there would be protests from Monsters were taking a sanguine Bordeaux c 9 48; Majorca c 13 ss 

phased in gradually over the debate on agriculture the ting some of the benefits of party activists if Torv MPs were Tlew la5t night, the most obvious ,2 2r!JJ a ! aRa F 14 57 

year. Liberals, Scottish Nationalists North Sea Oil. seen to be supporting the target is the Scotland Bill; now = JJ g j«* R « » 

Devaluations can be phased to and Plaid Cymru will line up The main boost to both dls- Government in getting its legis- » it* committee stage. corfo c 13 55 Naolea j p j| 

take effect commodity by com- with the Opposition in the vote posable incomes and consumer lation through. The Government is introdue- Dubrovnik c 14 37 Nm s 7 « 

modity at the start of each mar- on devaluation. spending is likely to be during During a 40-minute debate the ing a guillotine on the Bill to c is » 

keting year. Mrs. Margaret Thatcher the spring and summer. This Is MPs who spoke were two-to-one clear the way for other legisla- pudliui r i 6 m s {} « 

But a change could easily be Leader of the Opposition, has when the main tax -uls and pay for opposing the guillotine. tion later in the session, includ- j-ibmitar r 1.1 sa|s B irfnir K -a 27 

implemented immediately for, tabled a motion calling for a rises come through and before On the Labour side, anger ing the Wales Bill. Without a £?££ !!% £ ^ X an;!,p r r ^ 11 « 

say. beef-producers. They are 7A per cent, change. Tbe Liberals any acceleration in the growth erupted in lhe Commons when guillotine, anti - Marketeers on inwnipss c 1 ai e £ ]jj ^ 


an s 0 49 

Aviv C 22 72 

n C 9 « 

nlo il— 10 15 

aa S 0 32 

aw Sn— 4 25 

* C S 38 


Odgers and Co. are Management 
Consultants specialising in Executive Re- 
cruitment. We are extending ourcontacts 
with young executives 'of outstanding 
ability and ambition in the field olTinaoce. 

We would like to hear from people 
aged 2b lo 45 who feel that in developing 
their careers over the next few years they 
should not rule out the possibility of a 
move to a bigger job in another cumpanv. ' 
Wc are interested particularly in those' 
who are happy in their present positions ‘ 
and are doing well, but who nevertheless 
wish to keep in touch with the market so '■ 

li5 ” outs S n *ng opportunity comes 
along, they will be in a position to learn 
more about u. 

it n n! u plcusc wr '««5 

.0. Odgers.Managmg Director, giving u 
brief summary ol your experience, quali- 

and M,ar >'- Alieraativcly, 

" more mlormation about 

c, a J l,d . c .°-« a \ °u r new address I, Old . 
Bond Street, London W.l. 


A ny approach will be treated in the wrv 
strictest confidence. 



suffering severely from low map have demanded 10 per cenL The of earnings is reflected in Hr. Foot made his announce- both sides of the Commons could is. or Man k « w- Valencia 
ket prices, and national supplies National Farmers’ Union wants prices. ment it was later decided to keep the committee stage going 

might be seriously affected if 12 j per cent Editorial comment. Page 18 hold a special meeting of the for months. a-B^ now ' 


P 14 67 
H 13 65 
S 21 71 
F 12 64 
S 7 4» 
C 15 H 

r 11 m 

S 17 K1 
C —3 27 

C 11 62 

C 12 64 
h 10 3« 
f. 14 57 

n « 4.1 
C— Cloudy. 


M ANA GEM ENT CONSULTANTS " 

n Odgers and Co. Ltd.. ‘ 

One Old Bond Si., London WiX 3TD 

Telephone 01 -don 8811