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iJ TREVOR 

&SQNS ( 

Property Consultants 

GROSVENOR STREET W1X ODD 
Telephone: Q1-629 3151 


FINANCIAL TIMES 


No. 27,466 


Monday January 23 1978 ** lap 


& 


i^ESPLEY-TYAS 

CONSTRUCTION LTD 


Building & Civil 
Engineering 


AMemberctThJ Erp!«f-Ty»i Graup o( Eompjniei 
f>0 Box 6. Park HnH,'Sa'!Jord PhOrj, EvrfUnm. 

• Worcestershire'. Tel Bidterd-on f Avor> 


CONTINENTAL SELUNfi rtHCBSi AUSTRIA Sa.1I; BlfflUM Fr.U\ DENMARK KrJ.Sj FRANCE Fr.JJ; GERMANY DM2.0; ITALY LJP NETHERLANDS FIJ.Bj NORWAY KrJJ; PORTUGAL Esc.20: SPAIN PtsiAfl; SWSJEN Kr.3.2Si SWITZERLAND Fr^.Oj EIRE 15ja 


JEWS SUMMARY 


pRAL 

ifth 


BUSINESS 


lurder 

ictim 

>tind 


Firm line 
on jobs 
aid ^ 
scheme 


*« :-.;k 




« In Scotland yesterday 
d the body of a fifth 
ler victim, believed to he 
Dorothy Scott-EJliot, wife 
.. e murdered former Member 
aril ament. 

e .partly -clothed body was 
1 in a water-filded ditch 
Braco. Perthshire. It had 
rently been bundled over 
tdside wall and covered with 
s and leaves.' 

e search for Mrs. Scott-Elliot 
been going on amid snow- 
fields aU week, but the 
- switched to a new site yes- 
ty after a man who helped 
e the fourth body in Dum- 
oa Saturday arrived . ■ in 
ishire under heavy -escort 
ie murder hunt began 
■ police at Newcastle-under- 
e found thousands of pounds 
h of antiques and other pro- 

- f belonging to the Scott- 
>ts. 

voy expelled 

opia expelled the West Ger- 
ambassador yesterday in 
trent reaction to Bonn's 
sion to give $12m. in aid to 
alia. He is the second West 
nan diplomat asked to leave 
.opia this month. Western 
ons to pres for talks to end 
Somalia-Ethiopia fighting, 
e 2 

Ilian crisis 

the eve of inter-party talks 
Italy's political crisis, the 
nmnnists have reaffirmed 
ir demand for direct pa Mict- 
ion in the next Government— 

- move being- resisted by the 
1 rislian Democrats. Sig. Gitdio 

dreotlf. Premier- designate, 

3 ay begins a series of over-' 
es to opposition parties in bfe- 
to obtain support for- a new 
r emment Page 2 

lost city 

■ora Penh resembles a “ ghost 
with few people and no 

k, mail or telegraph services, 
irding to Scandinavian diplo- 
5 just hack in Peking from a 
t to the Cambodian capital, 
jr said the Communists had 
cn up the State bank and use- 

hanknoles were lying in the 
ets. Vegetables grew in side 
els and there was no sign of 
„ ration — or of panic over the 
ler war with Vietnam, 
era! Glap near war zone, 
e 2 

ce link-up 

it ^.jiet Union yesterday carried 
link-up between the first 
**" • new type of unmanned cargo 
, veship. Progress-1, and the 
: VTiting space' station. SalyuVd. 

V cargo' ship, launched on 
e-Ifjr®* has taken fuel, scientific 
Ar ptnent and other supplies to 
two cosmonauts in the space 
ion. 

izzard clears 

•*,- ' 

t . ; ' r i«iound north-eastern states 
^ i te- U-.S, hove been straggling 
normal arter, days of 
weather. Airline flights 
LuIrtTTiirrl n runways were. cleared 
JTT^Je^e'r rail services returned to 
ft ' Island where commuter ' 
trhs were cut off for two 
l- and highways were 
•ened although snow . still 
seed higher lhan roofs of 
:- r on some . New York City 
Mb.- . : 

iefly . • . 

hit Sutcliffe, former Eng- 

l. - and - Yorkshire opening 
Wn, died yesterday in a 
dog ham« at Keighley, York- 
6. at the age of 83. 

field Labour Party in Notting- 
shire has chosen miners' 
thee Frank Haynes, 51, to 
jKt the seat which Mr. Tim 
to narrowly won for the 
R8 m a by-election last year: 

toy £50,000 premium bond 
P was won by No. 1VS 1970SS. 

1: winner lives in Bedford- 


• THE GOVERNMENT will take 
a firm line when it defends the 
Temporary Employment- Subsidy 
before the EEC Commission 
later tins week. ■ 

Commission officials axe - con- 
, cemed at the distorting effect 
1 the subsidy has on . competition 
within the Community: but the 
U.K. Government: has made it 
dear that some measures to 
assist . employment must 
continue. 

Back Page. * 

• BRITISH LEYLAND shop 
stewards meet to-day to : launch 
a shop floor campaign -to . boost 
production and cut strikes, in an 
attempt to persuade BL' manage- 
ment not to reduce employment 
Company forecasts suggest that 
BL will supply only 25 per cent 
of the ILK. car market over the 
next five years. Back Page 

Tough action 
on #ay code 
breakers 

• SUN ALLIANCE insurance 
group may find itself .on the 
Department of Employment -pay 
sanctions blacklist because - of 
changes in the companies pen- 
sions scheme. Page 3. Meanwhile, 
the Department of Energy has 
told, industries including: the 
NCR. British Gas and' the CEGB, 
sot to deal with companies in 
the private sector which iffeach 
the pay code, and so p A vent 
higher prices being passed is to 
the consumer. Back Page -.A . 

• -CONSUMER expenditure \is 
expected to make a'- share te- 
covpry’in the summer. aeeoriP t 
to *hc. latest Financial J Iib:vT 
survey of consumer confidence. 
Page 43~ At the same time, the 
Government 'Is eomsufr under in- 
creased -.pressure to- plug the 
Price Commission- loophole which 
allows companies to. put up their 

. prices while they .are: being in- 
vestigated by the' Commission. 
Page*. 

• NATIONAL SAVINGS re- 
ceipts for the five weeks to the 
end of December totalled £61 Am. 
compared witil £16m. in the same 
period in,. 1976: Page 3 

• -GATT -meeting— the so-called 
Tokyo round — begins its most 
crucial phase to-day, at which 
rules' ^governing international 
commercial relations for the 
next ; decade will be decided. 
Back-Page. . 

A BRITISH RAIL is expected 
this year to place orders worth 
£28m. for ships for its cross- 
Channel services. The ferries 
will almost certainly be built in 
UJC. yards. Page 3 

• EMPLOYEE share-ownership 
schemes are to be the subject 
of a Treasury consultative docu- 
ment to he published soon. Back 
Page 

• STOCK EXCHANGE has out- 
lined to stock market firms, 
arrangements to protect inves- 
tors against the possibility of 
default in the proposed trade 
in share options. Podium 3 on 
the Exchange floor will be used 
.for the trading. Page 40 

• AN INVESTIGATION by the 
Stock Exchange into the conduct 
of . affairs of Mr. Alan Knapp, 
who resigned as senior partner 
of stockbrokers Sandelson and 
Co. last August is almost :com- 
plete. Back Page 

• EASTMAN KODAK has lost 
a SSOOm. anti-trust suit in tire 
US., brought by Beckey Photos. 
Kodak is to RppeaL Page 2 

• CARLSBERG, the only Conti- 
nental' brewery group with its 
own brewery in the UJvL, reports 
profits of £l-3m. 0 n U.K. sales for 
the year to September 30 com- 
pared with £500.000. Page 40' 

• I SAUDI-ARABIAN shipping 
line has been formed to capture 
40 to 50 per Cent, of the country’s 
rapidly growing seaborne trade. 
Page 2 


Carter unveils Jsr f el tialts 

$ 24 . 5 bn tax crucial C a iro peace 

, ,. . to Budget discussions 

reductions died tax cuts; ^ ^n 0N ^ » 

m , VUlivy ISRAEL decided to-day not to Sadat's dramatic peace initiative, 

resume for the time being dis- he added. The barriers of mis- 

BY JUREK MARTIN. U.S EDITOR Washimrton Jan 22 By Peter Riddell, cussions of the military trust which the Egyptian leader 

* UK, wasnington, Jan ’- ^ Economics Correspondent committee on a Middle East originally sought to tear down 

j • settlement in Cairo. were clearly still intact. 

President Jimmy Carter’s $24.5bn. (£!2.7bn.) (ax redaction plan, unveiled ^ INCREASED importance j pe Government to-day re- Roger Maflhens reports from 

. . ... . . ' , , , ! of monetary policy in decision- (called General Avraham latmr Cairo: Only a major shift in 

Over Itie weeK-ena, contains Significant tax cuts for corporations and i making Is likely to be shown in from Cairo, where he was head- Israeli attitudes can now save 

individuals, but some Of his controversial relatively minor reform nronosals ^ lhe sl *e or the tax cats in the ing the military committee, for President Sadals Middle East 
nn _ij * aUam>j , . ? . I* F j sprtn“ Budget. consultations. The rest of h;s peace initiative from failure. 

COIlld be substantially altered by Congress before becoming law. i As a result, the Government’s team will stay in Cairo for the This became starkly clear last 

Among items likely to be hotly the new social security levies and rate of one-third of the subsidy! eommitmenl lo control the mornem. night afier the Egyptian leader's 

debated are the proposed phase- the impact of inflation on tax over each of the next three years Srowib or the money supply The Israeli Foreign Ministry long and rather rambling speech 
.out over three years of the tax receipts, which, it is estimated, is likely to come in for special P r <>bably will be a bigger ;said Israel did not see much to the People's As-emhly. 
subsidy for American exporting will take nearly $30bn. out of attention, given the growing rac,or *b an calculations based .point in the military committee For the firsi time m Ihe past 
companies known as Domestic the economy over the next two concern over the large U S trade merely on the use of the whole resuming talks while the political three munths he jppeared to he 
International Sales Corporations years. deficit and the need to boost} 0,1 lllc P° tcnti al headroom committee in Jerusalem is in on the defensive, probably fur 


Israel halts 
Cairo peace 
discussions 


BY DAVID LENNON 


TEL AVIV, Jan. 23- 


ISRAEL decided to-day not to Sadat's dramatic peace initiative, 

resume for the time being dis- he added. The barriers of mis- 

By Peter Riddell, cussions of the military trust which the Egyptian leader 

Economics Correspondent committee on a Middle East originally sought to tear down 

i - settlement in Cairo. were clearly still intact, 

nnvpiled THE INCREASED importance ; The Government to-day re- Roger Matthews reports from 

umcicuj of monetary policy In decision- ! called General Avraham Tamir Cairo: Only a major shift in 

10ns .2H€ti making ts likely to be shown in from Cairo, where he was head- Israeli attitudes can now save 

Bronn^als I the size of the tax cats in the ing the military committee, for President Sadat's Middle East 

l* F sprtn- Budget consultations. The rest of his peace initiative from failure. 

{ As a result, the Government's team will stay in Cairo for the This became starkly clear last 

r up suhsidv' eommitment to control the moment. night after the Egyptian leader's 


(DISCS). To the S24 5bn‘ in new tax ruts American exports. " ”” below the borrowing ceiling suspension following the depar- domestic political reasons, and 

Several popular business tax sho uid be added another S4bn The Administration's reason- wreed with the International ture of the Egyptian team. failed to produce the rlear re- 

deductions, including first-class unspent from last year’s mini- ing is that DISCS — already n ^net»ry Fond. pie Cabinet decision, taxi n in a^esMncnt of the situation that 

air travel and executive lunches, reflationary measures declared illegal by the General Current indications, bow- the face of strong U.S. urgi.ig to he had promised, 

may be curbed. ♦- Aereement of Trade and Tariff^ ever, are that there still should maintain a direct dialogue with Mr. Sadat s primary hope is 

The package produces net cuts n h^uU^hv ry !t nt, fw min i Slr . atW)n ^Lave turned out lo he morel be scope for a stimulus of at Egypt, is a further blow to the that the United States admiuis- 

of about ^4 5bn-$lfi.8bn. for J?!??" rativ a^S ^ess effective Xan ,east £2bn - P®«ibly nboul jalready fragile relations between tration can induce sufficient 

Individuals, S5,7bn. for corpora- c5bs ?athe“ tbJn^Mt^fJde^S orfflnalfy claimed! lar^ely : £2 5 h “- ® ain . , - v in form pf ijhe two countries. B Ir. Mcnahem Israeli flexibility to allow the 
tions, and a further S2bn. in Se!it3ig ^ S of the advent of fleSble a faction in income tax ; Begin, the Prime Minister, said discussions of the political com- 

Federal excise relief. Mr. Carter's budget, to be un- exchange rates. . Tbe** b<*. caution a^jut nmtee--hdHed by Egypt last 

ti ...I. 15 ° IU I#c uu e» ...... _ _l laropr^ra p aHinn lhon thic I WorfnacHov n rofiinio -at cnnin 


agreed with the International 


There may be caution about 


In Tact, the overall cuts veiled to-morrow, will peg The Administration referred ] ’ arg ^'?5 a *'L J^ 11 

amount to about S34bn. (S23.5bn. federal outlays at about S500bn., again to a Treasury study which' °P, JUJU? 

for individuals, $85bn. for busi- a real increase of less lhan 2 per showed that the use of DISCS in ! 

nesses, plus the ?2bn. off excise cent on the current fiscal vear. 1974 boosted exports by only 

taxes), but these are reduced by The deficit will remain high at SI bn. and $3bn. (less than 3 per ^®P,°.™ y “ n 

S9.4bn. in revenue-raising just over SBObn. but would have cent, of the total exports) but at f !h 

reforms. been SlObn. to SI 5bn. without the a cost to the Government of 

The cuts are planned to lake tax cut provisions. S1.2bo. Tuese factors ha\e emerged 

effect on October. 1, when the Initial reaction to the tax pro- Another proposed three-year as ..^. ey u ^l es on th,nhlD S 
Administration believes the posals. a shrunken version of the phase-out of the U.S. tax deferral tne tj^siiry as pre- 
economy may need some stiro- promised wide-ranging reforms, on the earnings of the foreign “c uuagei 

ulus after a good first half of the has been rather critical. A simi- subsidiaries of U.S. corporations 
-y™- ... .. Cirter-s is also unlikely ro please Ameri- 


ture of the Egyptian team. failed lo produce the clear re- 
Tlie Cabinet decision, taken in assessment of the situation that 
the face of strong U.S. urging to he had promised, 
maintain a direct dialogue with Mr. Sadat’s primary hope is 
Egypt, is a further blow to the that the United Slate* admiuis- 


i Begin, the Prime Minister, said discussions of llie political com- 
i mittee — halted by Egypt lost 


Mr. Cyrus Vance, UJ5. Secre- 
tary of State, expects Israel 


Wednesday — lo resume at snme 
fill tire date. 

To this end. Mr. Sadat 


Mr. Michael Blumenthal, the voluntary anti-inflation plan can business. The tax cost to ^ I nostoone until Tuesdav 

Treasury Secretary, said that the which both corporate and labour business, the Treasury calculates, ^ October when Mr. Penis | postpone unut ruesuay 

economic effect of the measures leaders are opposing. will be.8100m. in calendar 1979. 

would be to create a million Congressman A1 Ullman, chair- rising to 5900m. by 19S3. Exchequer, explained why the 

more jobs by the end of 1979. to man of the House Ways and The decision to stop first-class ^„ c ?L,?] ad h a i? B «h 0 ab ^ >T ?r?. 

reduce unemployment by 0.5 per Means Committee, from which air fare tax deductions, further! r.« 

cent, and to ensure that the real all lax legislation emanates, has limitations on travel expenses to f nT„° , ° foT 


and Egypt to resume peace annnunced thal hc W3S willing to 
contacts wiliun the next week ir rhe jnint mi!itary com . 

if L 3°, d . a >^ * V ,S ; mi Hoe to go ahead if the Israelis 

official said m Washington tost derl(ied t0 atfend 

night, Rem or reports. Mr. The ohvioUs bewilderment of 
vancc expected Israel to re- president Sadat at Israel’s 
sume participation m the determination to keep its settle- 
Cairo military talks despite the meats in northern Sinai again 
Israel announcement of a post- s howed through clearly last night. 
pen#»mcnt or flivrn^.ons. He said he had fold Mr H^er 
Mr. Begin had decided to Weizinan. Ihe Israeli Defence 


Minister, thal it must be a joke, 


if no stimulus were applied. does not like the ending of plus the banning of assorted 
Administration officials also corporate foreign tax breaks and . rnnHm>**i on R a .t 
insist that the cuts are neces- entertainment deductions. wmunued on Back Fage _ 

sary to offset the fiscal drag of The phase-oat of DISCS at a Men and Matters Page 10 


borrowing requirement head- 


dorisjon on resumption of the t huf It could nnt be a serjnus 
Cairo talks demand. “ If you are serious 

ahout this, please tell Br. Begin 

it had been taken because Prest- *5 1 ' vi11 not . Mow 3 sin * le 
dent Anwar Sadat when he settlemem. or give up a *iuare 
addressed the Egyptian Peoples inch of nty land even if this 
Assembly on Saturday night had me . an S t ^t ' «Bht you to the 
made M ultimative demands which p? of the earth, 
are totally unacceptable to Sl 5 I, ‘ fica " t, >L ^ '* * Ute * 



BY IAN HARGREAVES AND. NICK GARNETT 


uv .. vn .H h IIHU1HUICUI totallv nnapppntnhlo tn oisnincaiuiy, u was luis suue- 

rooro and still keep control of i {E£ ri - 1 y unacce P tab,e t0 menl . by Mr. Sadat which drew 
the monetary aggregates as M ‘ r>^ Qi paitprt Mr Sarint^ the firmest applause from the 
planned," he said. spbech "Siemist aJd **** Assembly, tending to 

TVff * aggressive ” and accused Egypt or * at .|g « . fin f “ 

Different conducting “ a campaign of grave JJ® 1 9 . n 2i B «LSiS ku 

i vilification aedinst thp anH CBriy dll senior mpinwrs of bis 
Similar factors are likely to ]hi GoSernment 'of Israel along with him. For the 

apply in the financial : : mr start- Eevntian newsoaDers evt J used m3st parL members of ?thc 
ing in April, especially as the aStSremitlc ex- Assembly heard Mr. Sadat in 

contribution to the growth of be raid ' silence and left wirtt a feeling 

the money supply for private jhi* Israeli Prpmier called tin of let-down thni hr.s not recently 
sector loan demand, probably tbc Egyptian Govern meat lo p^e- bp lT expen e n rtd , 
will be much larger than at V enl a repetition of such state- s‘y*e. tinting and content 

pi JS*« t - t . u men is. He said they togeLber ° { „ the Israeli Prime Ministers 

This will have to be accom- should create “a suitable iterances tn the past days have 
modaled within an upper atm n sphere for the calm conduct undoubtedly contributed to the 
growth limit which Is unlikely 0 f negotiations in which Israel f ee,in " of pessimism in Cairo and 
to be significantly different ls s i U 1 interested.’’ produced the realisation that 

from this year’s figure of 13 The Cabinet would reconsider t0,al failure is now a real 

per cent., even though the tar- the decision on the military com- possibility. 


the money supply for private 
sector loan demand, probably 
will be much larger than at 
present 

This will have to be accom- 
modated within an upper 
grow'th limit which Is unlikely 
to be significantly different 
from this year’s figure of 13 


SWAN HUNTER management however, that his optimism was building and Engineering Unions W vpn ( ho,f P h i ,*7- !, v, 1 ^ ^ ° hl i ,Vv ’ J 

and negotiators for the com- being "drained away." for failing to base its response ? el itsel f is like j y be mure \ - L JJ“ n ol l 1 ^ 0 rtiJi r fn l if,S ^The nnlv rabbit that Mr Sadat 

pany’s boaei-makers held talks Shop stewards at SwaD Hunter to the Swan Hunter problems on § eli bie and on aniline lasts ' £11” Th Prim vr n u-Lr i n did null our of the hat was the 


to reach sotne^ agreement oh the with a further meeting with The likeliest outcome of to- were stressed bv Mr 

pay and flexibility dispute which management later in the day. day’s meeting is that the Govan Hcalev when he said he was 


Sadat's speech when he addresses U.S. lo provide Egypt with the 
the Knesset to-morrow. same quantity of arms that it was 

Now the Middle E^st peace supplying to Israel. Although the 
negotiations have reached a stale- request was made without hope 


S^TiTnL onlirK nX amnjt3e to the reallocation of the Dunning contract wnicn mr. speed a| wh!ch an economy „, a j e . n is, now up to the U.S to of its being realised. Mr. Sadat 

further three bulk carriers in the Michael Casey. Bntish Ship- recovers after a long period of gei the process moving again, an went on to emphasise that it was 

th^ werenot^crap^ja^aU^t^Lr 0r ^ r t0 1116 builders^ chief executive^ to depression. I am determined Israeli official said to-night. U.S. military aid to Israel which 


rtn „.n f ~ n .In ___4 1UC 01 eating u>uuul ■ m — o— — — — - . um IW IUJCVI a “1()‘ tv ill 

^ expected to offer a straightfor- . The stewards hope that after demand which wilt lead fo the 
Ilf,, ^ ward acceptance of the latest signature, further efforts will be Continued on Back Page 

I wa ? s 9 1 utlnimisni g the effects of addition to the yard’s share of made to resolve pay parity 

reducing the amount of job inter- ort j er issues on the Tyne and so make 

changeability. M „ * Ajr . lit , w. d of ^ it possible to switch the orders 

; Although British Shipbuilders jo j£’ romrmtteL back to Swan Hunter. 

said on Friday that the deasion tee viwvtlmtGora™^ shotS Although Bntisb Shipbuilder PhnnQfi \if 

to reallocate the rest of Swan no . ^ ^ «the d um ping wiii not be drawn on the possi- wMUUvR# Vwi 

Hunter’s share In the Polish orobSS of b^ty of such a development, it i .1 * 

order— three to Govan on the ShjJbuSders’^ has taken the view all along that K\f fhp (*C 

Clyde and one to Smith's Dock swp™«rfc individual ship orders can be •Jj U IW VV 

t on Teesslde— was final, Mr. John He is strongly critical of, the switched raid-contract [X L 

i Chalmers, general secretary of failure, as - he sees it, of Bnna Govan is not in a position to H 

the Boilermakers Society said he Shipbuilders to foresee the com- start work at once on the three 
'still had **a slim hope ” that Ihe Pte* labour problems which have lfiiHMRonne bulk-carriers lost- to 
four ships would be built on the been thrown up by public stam- the Tyne last Friday. It still has 
! Tyne. peding of the unions into pledges four larger vessels for the United 

•Mr ’ Chalmers, who was S°° d Arab Shipping Company on the / > 

involved In the week-end late He also attecks the leadership stwks- ^ - / 

| along, with shop stewards, said, of the Confederation of Ship- British Rail orders— Page £ t. 


lj e sign in Poland this week. 


nol to inject a degree of 


The latest development had contributed to that country’s 
set the region back almost to the Intransigence 
poiol it was at prior to President Arab reaction. Page 2 


Choose your bank 
by the company 
it keeps. 


Liberal decision makes autumn 
election likely 


BY RICHARD EVANS, LOBBY EDITOR 



* or - • • 


'///.>// 

jY./ V/ . y . . • 


CONTENTS OF TO-DAY'S ISSUE 


toeas news 2 

trade news 2 

tee news— general ... 3&42 
—labour 3 


Arts page 9 

Leader page 1J 

UJK. companies 40 

International companies ... 41 


5*keinent page ............ 4 Foreign Exchanges 41 

dntieal page 6 UInfatg. Notebook 41 


FEATURES 

{• Etcess capacity in 

horope’s refineries ID 

te_ change In British cat-. India 
“8 habits : 38 


FT SURVEY 

India 11*38 


nwtfiiiUa 

Dtuy ..... 


m tMtam i vfotid Ben. m*. _ % 

. T m«b and Kattm ... IB lue VendlM Rates . 41 

^ atS ANNUAL STAYIMBMT 

| ShwviBfaranttai-. M «rtb» -«l» Nm- 

« . Tuiart Bwubs ... » *** 

« TVW RM(I» * 1NTBMH STATEMENT 

» . UHtTins**......, . ..... ZUtfmirCoM • 

«-..WBBUwr . - -bflsiu to. -• 


'ff 


For latest Sharp Tndcr 'phone 01-24$ S026 


THE PROSPECT of an autumn 
General Election appears in- 
creasingly tikely following the 
decision of the special Liberal 
Assembly at ihe week-end to con- 
tinue the- Lab-Lab pact until the 
summer and to allow Mr. David 
Steel, the party leader, to choose 
the time for. withdrawal. 

Although Mr. Steel would like 
to keep his option on renewing 
the .pact "'open, he admitted, 
yesterday that the chances of 
reaching a further agreement for 
the next Parliamentary session, 
while "not impossible, were ex- 
tremely slender. 

Despite the impressive 
endorsement by more than 3—1 
For 'Continuing the pact until 
July, Hr. Steel would almost cer- 
tainly find that the terms he 
would have to seek from Mr. 
James Callaghan for renewal 
would be 'tojD high. 

In practice, the Assembly deri- 
sion by ^ 1,727 to S20 marked the 
beginning - of the Liberals’ 
gradual disengagement from the 
agreement that has sustained 
Labour's minority Administra- 
tion in bfijee since last March. 

Nevertheless, Mr. Steel’s per- 
sonal triumph at Blackpool, when 
he sought to spell out the harsh 
realities of his balance qf power 
strategy to a party deeply 
worried by lack of electoral 
success, means That .the Govern- 
ment is sale for the remainder 
of the session. Mrs. Margaret 
Thatcher, . : The. " Conservative 


leader, will not seek to table a 
motion of no confidence she 
knows she will lose. 

It gives Mr. Callaghan the 
necessary security to complete 
his present legislative pro- 
gramme, including the devolu- 
tion measure he regards as vital 
to Labour’s prospects in Scot- 
land, and to complete the 
Finance Bin implementing what 
promises to be a popular 
Budget. 

In the summer, the Prime 
Minister will have to deride 

Tories warned not to exploit 
race Page 3 

Liberal share-ownership plan 
Back Page 


whether to call an election 
around October or soldier on for 
another session. 

Without firm Liberal support 
this would be a considerable 
gamble, . particularly as the 
Nationalists would be less dis- 
posed to keep him in office once 
devolution legislation is com- 
pleted. 

Continuation of the pact 
simply - means that the 13 
Liberal .3375 will support the 
Government on confidence 
issues, bat not over the whole 
range-of policy. 

An Ulus tration of UberaJ 
independence is -likely in the 
Commons' to-night when' ‘the 


Government is in great danger 
of defeat over its proposal to 
devalue the “green pound” by 
5 per cent 

The Liberals have failed to 
persuade Ministers in intensive 
talks to devalue by 10 per cent, 
so they now intend to vote with 
the Nationalists and the Con- 
servatives — who • advocate a 
devaluation of 7| per cent.— 
against the Government. 

Two Labour back-benchers. 
Mr. John Lee (Hahdsworth) and 
Mr. John Ryman (Blyth) have 
said they will rebeL 

On paper, the Government 
should lose the division, but Mr. 
John Silkin, Minister of Agricul- 
ture, will seek late converts by 
arguing that the 5 per cent 
figure is necessary in order to 
restrict the income of farmers 
to an additional 10 per cent, in 
line with pay policy. 

Mr. Steel's underlying 
strategy of seeking maximum 
advantage from holding the 
balance of power was taken a 
stage further yesterday when he 
hinted at the minimum require- 
ment be would need for 
supporting a .Conservative j 
minority Government led by : 
Mrs. Thatcher. j 

In a BBC radio interview hej 
said that the key issue in any 
future negotiations would be 
electoral reform. Recent deve- 
lopments had forced, the Issue 
to the forefront of politics, but! 
Mrs: Thatcher still refused to i 
take account of the pressures. i 




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: Financial Times MondayJanuary23 1^78 


West to seek negotiated 
settlement to Ogaden war 


BY DAVID BELL 


WASHINGTON. Jan. 22. 




\ - 


I 


OFFICIALS FROM fere western weapons to the Siad Barn freely disposable credit for whose 
countries met for more rhan Government. preuse use the Somali govera- 

s^veh hours In Was hing ton yes- However it I* understood that meat would not have to account 
te relay to discuss ways to yesterday's talks were more con- The Development Aid Minister, 
- encourage Somalia and Ethiopia cenaed with the prospects for Frau Marie Schlea, described this 
to open peace talks and prevent getting negotiations started and form of aid this week-end as 
» further fighting over the Ogaden with the possibility of the “ not typical— but not extra- 
: ngion. Somatia-Etoiopla conflict being ordinary either.*’ 

- 1 - • tv.... .., ,, onnVncni „ discussed in the United Nations Word of the credit comes as 

•a..- A Stote Department spokesman s^rity CounciL Last Wednes- something of a surprise— even 
said this morning that five ^ ay jn the House of Commons though relations between the 
v countries— --the Bntain, j^ r _ David Owen, the British two states are particularly close, 

France, Italy and West Germany Foreign Secretary, did not rule following Somalia's support last 
--agreed that aiHpanons were out the possibility that Britain October for Bie West German 
1 ‘ ^ j “ e might supply arms to Somalia commando raid in Mogadishu 

c'.:and all pledged nm support tor a \^ OU gb he said that since the against terrorists who had hi- 
■».. -the Initiative of the Organisation gg^ting started the U.K. bad not jacked a Lufthansa jet 

of African Unity to get talks any e jther side. In his government policy 

tu afirway. The Carter Administration has statement last week. Chancellor 

>' -‘Mbt five nations were the same been watching the Russian build- Helmut Schmidt reaffirmed 
group who were formally asked up in Ethiopia with mounting Bonn's polity not to deliver arms 
lait week bv the Somali Govern- concern and it is assumed here to areas of tension. 

“ment to supply Somalia with that the U.S. will tacitly approve David Salter reports from 

* J ‘arms following the massive any shipment of weapons by a Moscow: Pravda stated to-day 

Soviet build-up that has taken European nation to Somalia if that the immedia te withdrawal 
place in Ethiopia in the past only as a symbol of Western 0 f Somali forces from Ethiopian 

seven weeks. support for that nation. territory is a necessary pre- 

*■' 'While the U.S. has ruled out Jonathan Carr reports from requisite of peace In the 

r ‘ supplying arms to Somalia while Bonn: The West German am- Horn of Africa and reiterated 
14 ■ the present fighting lasts— and bassador to Ethiopia, Herr Hans the Soviet denial that aircraft, 
•'- r 'banned the transfer of American- Christian Lankes, was ordered ships, and troops of the Soviet 
••■• made weapons by other countries this week-end to leave the armed forces are fighting on the 
to Somalia— there is some specu- country. The action follows word side of Ethiopia. It said that 
: 4 Tatlon here that the U.S. will not that Bonn is prepared to provide there could be no Somali- 
be displeased to see other Somalia with a DM25m. credit Ethiopian peace talks now 
" countries supplying limited quail- which could conveivably be used because for Ethiopia to partici- 
ties of weapons to the Somalis, for arms purchases. pate in negotiations would be 

It is widely believed that Iran. The sum would be made avail- equivalent to consenting “ to the 


---' Saudi Arabia and China may able from the West German de- consequences of Somali aggres- 
'*• already have sent some kinds of velopment aid budget, but as a si on.” 


W. German 
industrial 
action in 
prospect 


Gen. Giap 
‘visited 


war zone 7 

By Richard Nations 

BANGKOK, Jan. 22. 


VIETNAM’S veteran military 
strategist and Minister of 
Defence, General Vo Nguyen 
'I Giap “recently” visited the 
’*■* south near the zone of Viet- 
nam’s continuing border wax 
with Cambodia, Radio Hanoi 
' reported to-day. 

-General Giap’s visit is 
-reported two days after Hanoi 
- • Issued a stern warning ihai Us 
‘ patience is running out with 
the leadership in Phnom Penh, 

- whom they directly labelled as 
’-“reactionaries" for the first 

time last Friday. 

-Observers, here note that 
General Giap’s last visit to 
Ho Chi Minh city (Saigon) bo 
' ' September prefigured by two 
weeks the first thrust of an. 

• eight-division combined invad- 
' Jng force which struck into 

Cambodia In mid-October last 
r ' : year. - Some ■ think Giap’s 

- current trip may point to a 

* similar. Intention on Hanoi's 
part lo escalate the fighting 
inside Cambodia after meeting 
considerably stiffer resistance 
from Khmer Rouge units. 

Reports of General dap's 
trip also came the day aTter a 
high-level Chinese mission 
left Phnom Penh after a four- 
day visit designed to 
demonstrate Peking’s diplo- 
matic support for the Pol Pot 
regime. 

• ., Jteuter reports From Peking: 
M. Raymond Barre. the French 
. Prime Minister, left Peking 
to-night for north-east China. 
He was seen off by Vice- 
Premier Teng Hsiao-ping. 
-Earifer he met Madame Teng 
Ylng-chao. widow of Premier 
■ - Chon En-lai, who returned 
yesterday from Cambodia. 


Federal jury finds 
against Kodak 


BY STEWART FLEMING 


NEW YORK, Jan. 22. 
Pavelle Corporation have 


EASTMAN KODAK, the world's by 

largest manufacturer of photo- been awaiting the outcome of 
graphic products bas used its the Berkey case.' 
j technological dominance to The trial was the first of four 
monopolise much of the amateur complaints filed against Kodak 
! photographic market a Federal in 1973 the year after it intro- 
has V? und toe e ® d * duced its Instamatic pocket 
8300m. anU-trust action brought cameras with new film size and 
by Berkey Photos of New York, chemistry. 

Kodak said that it will appeal ... D . 

the findings. Although the court One of the suits, by Bell and 

will not set the actual damages was H Settl r° f Co ^ n 

Kodak win be liable for under " 1 I 974 an J prior 

the decision until next month, disclosure by Kddak before m- 
rhe decision Is nevertheless a trpduci BB new (Unis that could 
serious blow for Kodak whose s ® ec * producers of movie 
S6bn. a year of sales make it one camera* or prooessmg film, 
of the largest corporations in Both GAF and Berkey have 
the country. abandoned the small camera and 

The jury found that Kodak business since filing the 
monopolised sectors of the tI- „ ■ _ , 

amateur photographic market in- 7116 litigation Kodak has been 
rinding conventionai amateur engaged in, - including the dis- 
stiLl cameras, colour film, colour 
print paper, colour negative 
printers and photofinishing ser- 

dLliuLlifiS. 

"SSLr toce * ne ^all Street’s 

>°° Si? 8 * lar S est glamour stocks Kodak’s 

KJJLJJS ch S? es *■* Kodak shares, which hit a high of $152 

“unJawfuUy attempted to mono- «, 1973, have been among the 
polise the market in colour worst performing shares of a 

print paper, amateur movie major corporation on the stock 

cameras and photofinishing. market. Currently they have 
Two other lawsuits, one filed been trading around a 12-year 
by GAF Corporation and one low at $48*. 


Troop alert 
in Jakarta 


JAKARTA, Jan. 22. . 

— ARMOURED cars patrolled the 
streets of Jakarta to-day and 
troops guarded key Installa- 
tions as (he Government moved 
to stamp oat student opposi- 
tion to President Suharto, ruler 
of Indonesia since 1966. 

Several student leaders were 
reported to hare been arrested 
during the night. Officials 
would- not confirm the reports, 
but Indonesia's security chief, 
Admiral Sudomo, said recently 
teopie should not be surprised 
arrests were made. 

The security forces were put 
on alert amid fears that uni- 
versity students were planning 
anti - Government demonstra- 
tions (Ms week-end. Two more 
newspapers were shat down 
to-day for reporting the 
campus unrest, seen by the 
Government as a threat to 
national stability. 

Renter 


& e 


Broad Arab view is that 
Sadat effort has failed 


BY IHSAN HIJAZl ' 

BEIRUT, Jan. 22. 

THERE IS a consensus In Arab made such a request through the 
quarters that President Anwar US. Secretary of State, Gyrus 
Sadat’s peace initiative has .Vance. 

failed, but views differed as to Our Correspondent in 
why be did not announce this in Damascus reports: A meeting in 
his speech before the Egyptian Algiers of the Foreign. Ministers 
Parliament yesterday. of -Syria and Iraqis expected 

Anti-Sadat elements said that i m mi n ently, Arab diplomats said 
if he admitted failure he would here today. The meeting, 
have to fulfil the promise he had towards which President Houari 
made earlier for resigning. Boumedienne of Algeria has 
“Sadat avoids backing down so been working during his recent 
he may not have to resign," the tour of the Middle East, aim s to 
bannerline in the pro-Libyan As prepare an agenda for a summit 
Safir announced here today. meeting of the leaders of Syria 

Mr. Majed Abou Shrar, the and Iraq. _ ^ 

head of the unified information Thjs wq , t ^ d , tr y t o c onsolidate 
section of the Palestine Libera- steadfastness front which 
tion Organisation, said Mr. Sadat rejects President Sadat's peace 
is “ marking time " and that initiatives but which is weakened 
Egypt’s only alternative at b ? tiie refusal of Iraq to join it, 
present is to build up its annedprinapally because of its long- 
forces. standing dispute with Syria. 

The most educated analysts Syrian official sources appeared 
believe, however, that Mr. Sadat to confirm the diplomat’ reports 
needs time to chart a new course by stating that it was important 
for Ids Middle East policy, and for Arab states to overcome 
expect the Egyptian military marginal differences in view of 
command quietly to go to work “the present circumstances, and 
on military plans for possible the plots of Sadat against the 
confrontation with the Israelis Arab nation." 
later this year. Meanwhile the Syrian Parlia- 

The analysts doubt that Wash- ment to-day approved unani- 
ington will meet President mously the candidature of 
Sadat's request Of providing him President Hafez Assad to the 
with the same quantity and post of President of the Repub- 
quality of weapons it had sup* lie for a new mandate of seven 
plied to Israel. Mr. Sadat said he years beginning March 12. 


By Jonathan Carr 

BONN. Jan. 22. 

POSITIONS hardened this week- 
end on two fronts in the current 
round of West German wage 
negotiations. Strikes of dock 
workers and metalworkers are no 
longer ruled out 

Some 16,000 workers at the 
country’s six ports voted over- 
whelmingly in favour of strike 
action unless employers made 
what was called a new and 
acceptable offer - by to-morrow 
evening. The public services 
unioT Is seeking a wage increase 
for the dock workers, while the 
official mediator has proposed an 
average 5.3 per cent, a sugges- 
tion to which the employers have 
already agreed. 

Meanwhile employers in . the 
metalworking industry yesterday 
unanimously reaffirmed their 
view that last year’s accord, ex- 
piring on October 31. should 
amply be extended for six 
months and toes followed by a 
wage rise of 3-5 per cent for toe 
period May to. October, 1978 
inclusive. 

The executive board of the 
Metalwork era’ Union, IG MetalL 
Meets to-morrow in Frankfurt 
Union leaders, who have been 
seeking a rise of 7 per cent, 
are prophesying that the em- 
ployers’ offer will prove unaccept- 
able and that a strike may result 
• The West German steel indns- 
try registered a 19 per cent 
increase In new orders during 
December to a new level o£ 
L96m. tonnes. Orders from 
domestic customers were up by 

140.000 tonnes, while those from 
foreign sources other than the 
European Community rose by 

180.000 tonnes; 1 New orders From 
within the Community were vir- 
tually unchanged. 


WORLD TRADE NEWS 


Sharp decline in U.S. 

exports to Soviet Union 


MOSCOW, Jan. 22. 


and 


BY DAVID BATTER ' ' 

THE VALUE or VS. exports to 1975-76 and only 6m. tonnes in oil and gas, . 

the Soviet Union declined by 1976-77, will purchase between other finished goods. Thevaiue 
over 30 per cenL during toe first 8m. and 15m. tonnes in. 1077-78. of such cxpmtoaeavnm 
nine months of last year com- Even though gram pnees are Union was a 

pared with the equivalent period lower now than in previous of 18 per cent, from the jeia^m. 
of 1078— the result of an even years. Increased Soviet purchases expected during the same penoo 
steeper drop in the value of are expected to have a favourable of 1976. 


agricultural exports. impact on the total value of The drop is seen by commer- 


cial sources as * reflection of 


Figures released by the UJS. trade. ' * Udl smw — ""T ~~ . ■ 

Embassy show that toe decline The decline in U3. agrfcul-toe tightening-up of 
in UJL exports stems from the tural exports to the Soviet currency purchases of finutneu 
successful 1976 Soviet grain Union during the first nine goods and not : as 1 a speemv 
harvest which allowed toe Soviets months of last year was matched retaliation for U S. trade lepsia 
to cut back on toe massive grain by a decline in the value of non- tion which toe Soviets regaru a* 
imports which swelled total U.S.- agricultural exports, principally discriminatory. 

Soviet trade in 2976 to more 


than ggjShiL, an all-time record. 

U.S.-Soviet trade turnover for 
the first nine months of last 
year came to $1.466bn., a decline 
of 27 per cent, from the S2.00Ibn 
registered for toe same period of 
1976. 


Swiss trade pact signed 


BY JOHN WICKS 


ZURICH. Jan. 22. 


A TEN-YEAR trade agreement duction, trade in licences and j 



New Saudi f ^ *1 


shipping 

line 


By ten Hargrcav**. Shipping 
Correspondent 

A SAUDKARABIAN shipping t 
Hoe has been formed wUS the ’ 
Intention of eapnirt** t«r 

itself between « and *9 per 
cent of (be country's rapidly 
growing seaborne 'Wte - 

Operating- under n» MHe of 
The Nation*! Saudi Shipping 
Uws (MASAI the company 
says It Intend* during the next 
two years to expand from Its 
present basic service* between 
Europe and the Bed - Se* and 
toe Persian Gulf to regular 
routes between Sand! Arabia 
and both the U.& *&4 4fce Far 
Easr. 

Such an expansion would 
challenge the position of a 
number of major European 
and American crosa-tradinc 
shipping lines an d w ould 
require a substantial growth, in 
the NASA fleet This would 



... „it t n ufluc «i,icciacm uuiuuu, T. — j-- - i rnr niwn — . ... . ">wu 

Most, although not all, of the been signed between Switzer- . know-how and .joint efforts in j . inielve a mixture-. of charfrr- 


declinc resultedfrom the fall .in and the Soviet Union with research and development. 

U.S. agricultural exports to too intention of developing co- There is specific mention in 
Soviet Umou, the value of which o^^tian in commercial. ind$ too agreement of opportunities 

and technolog&r to? small and medium*!** 
The framework agreement, too undertakings. , . ct ,, 

exi ^? s J eq “ v 2^ rt first of its kind to be entered • The Italian state IndosWaj 
penod of 1976 which was Sl-22ba. by the Swiss, will provide bolding company 1RI has signed 

There » a good possibUiW. baste f or a .long-ierm pro- a five-year agreement with the 

however, that toe value of UE.- pam, to be set up by an Soviet Union in Moscow on 
Soviet trade may soon reach existing bilateral Working parte, scientific co-operation in energy 
higher levels .because of the ■j’fcg agreement foresees as production and engineering, 
renewed Soviet interest ■ in possible areas of co-operation Reuter reports, 
importing grain after toe dis- between the two countries the IRI subsidiaries Finmeccanica 
appointing LS77 harvest. U.S. exchange of goods and services, and Finsider are negotiating 
Department of Agriculture .-toe construction, extension and with the USSR for contracts to 
officials es t i m ate that toe Soviets, modernisation of industrial in- siipplv steel plants and equlp- 
who bought approximately 12m. stallations. links in the field 'of ment and for collaboration in the 
tonnes of American grain in industrial and agricultural pm- nuclear energy sector. 


Chrysler may build in Austria 


BY PAUL LENDYAI 


VIENNA. Jan. 22. 


Agreement 
over U.S. 
labour Bill 


By John Wyles 

N EW Y ORK. Jan. 22. 
SENATE SUPPORTERS of the 
Carter Administration’s labour 
law reform Bill have agreed to 
compromise changes in a bid to 
avert a possible filibuster. 

The Bill is toe centrepiece of 
the American trade union move- 
ment’s legislative ambitions for 
this year - and is strongly 
opposed by virtually all business 
organisations. 

Originally drafted by toe 
American Federation of Labour- 
Congress of Industrial Organisa- 
tions, some of its provisions were 
softened before the Administra 
tion. agreed* indorse 
passed torougtoShieTIouseof Hwp- 
rgsentatlves by - a substantial 
majority Fast autumn. 

But the . Senate bas always 
been seen aft toe key obstacle 
because toe business lobby was 
expected to be more effective in 
It 

The compromise changes 
helped the Bill through the 
Senate’s labour committee on 
Friday, and it will pass to the 
human resources committee on 
Wednesday. 

In essence, the Bill is designed 
to remove procedural delays to 
union efforts to secure represen- 
tation elections among groups 
of workers and to impose stiffer 
penalties on employers who act 
illegally to try to frustrate union 
organising drives. 


Ecevit wants 
summit talks 


By David Tonge 

ANKARA, Jan. 22. 
MR. BULENT ECEVIT. Turkey’s 
new Prime Minister, today 
capped an intensive review of 
Turkey’s role In the world with 
a formal proposal to his Greek 
counterpart for a summit 
meeting. 

The proposal came In a reply 
to Mr, Constantine Karam anils’ 
congratulatory message follow- 
ing last week's vote of confid- 
ence in Turkey. According to 
Turkish radio and television to- 
night, Mr. Ecevit said toe 
purpose would be “to reopen thfrj 
way to a fruitful dialogue that 
would reinstate mutual trust and 
find solutions satisfactory to both 
sides to our problems.” 


THE HEAD of the holding com- network and the reluctance of or two years. He was scheduled 
pany for Austrian nationalised toe German side to allow the use to retire on March 31. this vear j 
industries OIAG. Dr. Franz of the Porsche brand name Dr. Geist confirmed that OI AG 
Geist has confirmed that Austria proved to be unsurmoimtahle will acquire a minority interest 
is now engaged in serious obstacles. in the production subsidiary to 

negotiations with Chrysler, toe Later. Dr. Geist also con- be erected by the French motor 
UB. motor company, about the ducted apparently abortive talks company Renault at Gleisdorf 
erection of an assembling plant with Mitsubishi, the Japanese in the 'proving of Styria. For 
in Austria. Accordms to Press motor company. . This .time the tim« b^ini the o'nni wiUnr*> 
reports the plant would have a however Dr Geist refused to re- duee only efr component parts, 
capacity of 100.000 cars per veal any further details about providing libs for 300 people, 
annum. other potential partners and. The Fredch firm will hold 51 

. The current talks follow the financial backing. per cent, t/f the Sch 20ra capital, 

failure of a much-publicised plan Meanwhile, the car. plans, per- The leading Austrian bank 
to produce a so-called “ Austro- sonally favoured by Chancellor Creditanstalt and the Elssac- 
Porsche” limousine under Ger- Bruno Kreisky. would seem to sisch? Bank will each have a 
man licence. According to the be the reasons for the announce- boldine/ of 13 per cent. It Is 
original plans. ■ Austria would ment that contrary to earlier mmourejd that the holding com- 
have turned out 50.000 anits by rumours Dr. Geist. 67, who pany fdr the nationalised indus- 
1983. However, the lack of a beads OLAG since 1971. will have trv would acquire the rest of 
proper service and marketing his contract prolonged for one the capital. 

t 


In* and new ships. The 
company is already negotiating 
with Japanese shipyards tor 
the supply of three -container 
vessels of 460 TEU capacity 
for Its Southern Europe-Red 
Sea service. 

Mr. Manfred Rlcke, a 
director of the Hamburg-based 
Unlmar company, which te 
acting as advisor and ship 
manager to NASA, said the 
future fleet expansion would 
depend on the state of the 
charter market With rates at 
their present slump levels, 
chartering was more attractive 
than new building. 

NASA bas operated In Its 
first few months of 'Rfe with 
a capital base of l T .S.94m, hut 
Mr. Rtrkc said la London that 
the company had authorisation 
to Increase tola to $!20m. fni 
the first phase of shir 
purchase. 

" *X1m? witter ft! the company 
Is the Al-Qrxratehl family 


Jenkins backs North-South talks 

• KHARTOUM 

repegotittic& jff . the 'fcgrAm^Jiealti ot.the worid 
later this yfcar end follow the*. he said. 


BY LORNE BARLING 


KHARTOUM. Jan. 23. 

aaa whole.' 


MR. ROY JENKINS president 

of the EEC Commission, put new later this jfear and ■ follow the* . 

l-life into the North-South dip- recent, failure of the Paris Nprth-* “ “The stability of world trade 
Iogue with a warning fhaf world South dialogue. Nevertheless. Mr. is delicately poised. The Drob- 
stability depended on mutual Jenkins said Jthe Paris talks iems could help provide the 
support between toe developed were useful in/ some ways and- impulse- to tilt the world 
and developing countries. Mr. should continue. “We are pre- economy- in the right direction 
Jenkins, speaking here at toe pared to mate toe effort, both This seeified to Indicate tha» in 
opernng of toe Khartoum Inter- in terms of /Will and of adjust- th e Lo me renegotiations the 
national Trade Fair, said he had ment of . our interest But pro- EEC will seek to gain some con- 
expressed these views to Presi- gross must/ Be made soon The cessior s from member ?nunrri^ 
dent Carter during their discus- momentum must not be lost.” he whlc i, will ease toe Import bu? 
srons in Brussels two weeks ago said. den Qn ^ more d e presse d 

and made it clear that progress » . ,• i *i », industries in EEr MnntrlM 

OTthe iaae mns, be made this AdaptHbllity • ‘"SfSLf 

J “v The /immediate advantage of tion-" within the Convention- are 

The Sudan he said, had a vital the Lome Convention, which In- seen by Mr. Jenkins in six cate- 
role to play in achieving this eluded African. Caribbean, and gories. These are agricultural 
during its forthcoming term as Pacific countries, was its adapts- and - food production, medium 
chairman of toe Organisation of bility and the basis of muiual sized Industries to use local raw 
African Unity. interest which had evolved, transport (which has held up 

His comments come at a time “The mutual support of the past development), energy (with 
when both toe EEC and Lome industrialised and developing an emphasis on solar power) and 
Convention countries are work- nations is an absolnte prerequi- finally the serious African prob- 
ing out their positions for the site for toe political and social lem of desert encroachment 


Chinese to attend Indian trade fair 


Kuwait change 


KUWAIT, Jan- 22. 
THE KUWAIT Government re- 
signed to-day, three weeks after 
the Prime Minister, Sheikh Jaber 
al-Ahmed 31 -Sabah, was pro- 
claimed Emir on toe death of the 
previous ruler, Sheikh Sabah 
al-Saliffl al-Sabah/ 

Reuter 


Italy’s Communists want pact 


BY DOMINICK J. COYLE 


ROME, Jan. 22. 


ITALY’S powerful Communist Lists and Republicans bad with- through a policy of abstention- 
Party (PCI) toe second largest drawn their tacit support for his ism in Parliament, 
party in Parliament— to-day Government All three parties The Christian Democratic 
marked the 57th anniversary of called for toe creation of an leadership has. however rejected 
i\s establishment by strongly re- emergency Government to in- £ cSSuKi? * call for Srect 
affirming demands for direct elude the Communists, In face nartirinstiorTm the next Govern- 
^ P “i| 1 ” n tn the It * U “ ° f ae .co-ptry^ deteriorating dots tt hS beS, 

government economic situation and the rpinforrsd hv a recent statement 

The alternative, according to ” oleflc8 la Itaty ’ a on behalf of 7 the Carter adminis- 

a signed article in today's m ?£ p . * v *: .. . . # tration in Washington that the 

L*Unlt party’s daily, written by While acknowledging that a h.S. does not wish to see Corn- 
one of the PCI’s more moderate JWjuuon to the present crisis, munists achieving a share in 
leaders, Sig. Giorgio Amendola, Italy^s 39th change of govern- power ^ western Europe. On 

was for the Communists meat since the fall of fascism *j. e ot v er hand. Sie. Andreottl 

formerly t b return to opposition since 19te-looks like being pro- {JfcnJjS personally 8 ' to favour a 
is Parliament implying 2 direct longed Chnstiaoa Democratic coarae which mieht 

potentially damaging confronts- claimed to-night that Ste. comxmuilsx supportfor 

tion with toe Christian Demo* Amendola s hard-line attitude - _ e5rt Government’s economic 

erats (DC) who have ruled Italy should he seen as an attempt by S^TTSSS&TSK 
for more than 30 years. This the PCI leadership to reassure Sfeii- direct rotes topJrlU men? 

ssn^ i Sr a sssjs^s wiss« s include 

£ SSni«n^ CaS “"’ ° f s ™ ministers in his Cabinet, 

talks With Sig. Giulio Andreottl, Certainly, many PCI voters Sig. Amendola to-day did not 
Prime-Minister designate, which throughout toe country have reject outright such a possible 
starts here to-morrow with the become utterly confused by toe compromise formula, although 
main emphasis on forming a decision - of the PCI leaders after he hit out hard at what he 
new government - toe inconclusive 1976 general describes as U.S. interference is 


Sig- Andreotti’s minority election effectively to maintain Italy^s Internal affairs, and in the 
Administration resigned last toe minority AridreoW Govern- 'Incompetence and corruption" 
week after Communists. Soda* ment in office for 18 months of previous administrations. 


... - i 


Portugal’s 
CDS to have 
three posts 


By Diana Smith 


LISBON, Jan. 22. 
IT NOW seems certain that 
Portugal's Christian Democrat 
Party (CDS) will receive three 
Ministries — Foreign Affairs, 
Trade, and a new enterprise, the 
Ministry of Administrative 
Reform— in the 1 Portuguese 
Cabinet which Sr. Mario Soares 
is now in the process of choosing. 

Socialist and Christian Demo- 
crat leaders have been bolding 
urgent meetings with their rank 
and file throughout Portugal, 
coaxing them to back their prag- 
matic and, to many, controversial 
alliance. 

Since they are reluctant to lose 
all control over foreign affairs, 
toe Socialists are likely to put 
one of their members into this 
Ministry as Secretary of State 
under Sr. Vitor $a Machado, ^DS 
MP and Deputy Speaker of 
Parliament, who is considered a 
relatively “ laissez-faire ” per- 
sonality and is almost certain to 
be toe next Foreign Minister. 


of 


BY K. K. SHARMA- NEW DELHI, Jan. 22. 

A FIVE-MEMBER delegation political feelers which led . to have not reached the stage „. 

from China Is to visit the second resumed diplomatic relations at development to be able to absorb 

Indian Engineering Trade Fair ambassadorial level and cultural sophisticated Western know-how. 
beginning here on February 1 exchanges. A trade delegation Prime contractors from Western 
for a fortnight. The Chinese are is considered more significant countries are also attending to 
on a buying mission for the first The fair is being organised by determine the scope for farm in e 
time since toe 1962 border war. the Association of Indian out subcontracts to Indian 
The Chinese delegate? re- Engineering Industry, which engineering companies. Such 
present toe Light industrial Pro- proposed to make it a regular - deals have, already achieved con- 
duction Corporation. the Import feature in the hope that it will siderable success in the Middle 
and Export Corporation, the not only provide a show-window East and African countries n-tr. 
Metals and Minerals Corporation, for the country’s growing sophis- ticularly for jobs that require 
toe Machinery Import and Export tication in engineering goods labour-intensive skills or tech- 
corporation and the- Te chnic al- but also a- forum for business noloqy that the West no longer 
Import Corporation, which sug- exchanges. It Is hoped tbat at considers economical 6 

gests the Chinese are interested least Rs.500m. (about £30m.) _ Of India’s total exports worth 
in importing both engineering worth of orders will be placed. Rs.49bn. In 1076-77. enaineertnp 

*■ ’ About 200 Indian engineering exports accounted for Rs.5 Hhrf 


loods and technology from India. __ 

India's state trade organ isa- companies will display their pr<£ or 11 per cent., compared ^urith 
tions sent representatives to. the ducts and capability to project just 7 per cent, in 1373.74 
CantOD fair a couple of months technology developed in India 
ago and the Chinese have redpro- which, the association feels. Is 
ca ted very much in the manner particularly suited to the needs 


caieu very muen in me manner particularly suited to the needs 4. 

in which they have responded to of third-world countries which uHiL tCEffl 

visits Jordan 


Contracts 


A 517m. pan-Arab training order for hybrid electronic 
centre for computer and tele- ignition modules 


By Rami G. Khouri 


centre tor computer and tele- ignition modules with Fair. AMMAN Ian nn 

communications specialists will child Camera and Instrument OFFICIAL talks are 

be built at toe new Amman poly- Delivery will begin this July for hero between Jordan anJ,7 , f y 
technic training centre, with installation in 1979 Volkswagen Ration from the EEC on 
money for toe project to be pro- models produced in Western mentation of the wnJ l J np J e * 

vided by the Arab Fund for Gennan/and marks the firat m f^d-aid agreeme^f trade ‘ 


the two particTTas! 


■Economic and Social Develop- of a hybrid electronic ignition between 
ment. It will serve the needs system in a European ca r. year. 

dLn^tedfu^n^^cMference^of industrials trial ^rodurts^Sn" 130 imvL * 

Arab education ministers In Abu ■ sSda'zf°for V ^i Berllet^* 1 ^ -- 0 ” Cust,,ms 


Dhabi at toe end of last year. ^ ^rUei buses to “ u d “" J countries. and 

It is hoped that the new institute J?. t0 town of JJricunural t Jor da r ‘ian 
will be operations! within one Wad 30^ 2i£ JFSg & 

year. • yMF-StoriCs Stork Friesland tecludes^s^e 

• A 82.3m. contract to build and SS^EST W< ?l2 te Tred ^ 

manage a prestressed precast ^°j r a oojop^eto the 'European Investmor,! 8 L rt)rn 

concrete flooring plant in Riyadh instant and soft loans. Bank 

has been won bv Hollow Core £ ?«* a b fsed on 

Saif ? ,1 i f “ d Y b y fr ^ ra U* ... 


which, has . powerful tenure -irj v ? 5 ! I i I S 
tions in toe Saudi IndiiNtriu ;!• * * 4 * ’ 
and economic rviabltehment » l ' 

The Al-Quralshls jsay the oper *ii *!? ? t 
ation of their shipping lini-ii r * ** * 


will not be rnllrely rummer 
claL but that it will aim it 
contribute to toe national llch 
against Inflation by hold! 11, 
down shipping rales fron 
Saudi ports. 

This statement comes les 
than a month after cuntalne 
lines on the U.K.-to-Jedda' 
service annonneed that the 

would be enforcing niinlmuc 
charges in an attempt to prr 
vent any farther pressures v 
their margins. 


Air traffic 
increase 


By Lynton McLain, Industrial St 
TOTAL SCHEDULED sraBT 


on world airlines In 1977 us 1 
8 per 'cent.' above the 197i*»«r!S* *•* 
level. While lUs was belo-' * « 
the 10 per cent, growth rat, 


TS 


recorded in 1976, It was hctti 

than the 6 per cent, and 5 pr 
cent, increases in 1974 an 
1975. 

Last year airlines carrlc 
620m. passengers for a tot:. .. 
of 822bn. passenger-kilometre ■ 
New seat capacity rose by 6 p< ( 
cent., indicating an Improv 
ment In the average passeng, 
load factor from 60 per cer 
in 1976 to 61 per cent la 
year. 

1 Air freight Increased by 9 p 
cent, in 1977. This cumpar 
with an 11 per cent, grow 
jn 1976. Air mall Incrra* 
by 4 ppr cent about the sar 
as In 1976. 




VI 
K 1 

V i 

rw u 


Venezuelan warning 
on imports rise 


By |ose|di Mann 

CARACAS. Jan. 22 
VENEZUELA'S foreign tra 
board. the Instiluto 
Com«*n io Exterior. (1C! 
warned that the countr 
grew'ne Imnort trend preset - 
worriesomc aspects whl - 
should be attended to urgen 
in oide» j 0 avoid negafi 
cnee , s over the short term 
The institute's corami 
rame short! > after the Cent 
Rank estimated that to 
imports for 1977 would s 
pass the previous year's figi 
»1 $C.4hn by 36 per eci 
reaching S8.4bn. The lat. 
csHmaie. the highest imp 
total m Venezuela’s history, 

"tely to give the country 
overall balance of pavmei 
aeliolf oT some SlOpm. — 1 
hrst^ since 1S67. F.s ports 

u.t. according, to the Cent 
•wnk. amounted to SlOOSltj,. 

Op 6.9 per cent. From 1976.^ P A«HY 

IUS. fhc latest group tosoOp. 

•he alarm over V»np»i*l 'kt. 


Systems (Mid-East) for 


sST w’mkerr* JSS- 1 Dau*. 


rtonaan aaia ana warmers, a n . .ZJZZ T'r***- riO -»» - 

CTUMrtium of contractors and aTld delivery radio decision 

hWnkine interests w “ take about a y ear - It Will - The nx: “'wNQIl 

oanxing interests. produce 6 tons of baby food an- Trade 

Volkswagen has placed an hoar. ? m . gyj * ”!»”■ flK ). In , £ 


'K£.Saa.'V*i' 


World Economic Indicators 




alarm over Venezuel 
apparently uncontroUable 1* 
•or imparts, suggested that l 
situation could be Improved 
Joe public sector were 
rationalise " Its Import p 
gramme. The Institute, ite 
a Government agency, a 
recommended that Venera 
JUJjSf. lts , import policy « 
f“ T,b,e w ,f h 1 bo Govcrnroer 
nfleMlnnai economic poHd 
P” '” Mpr point n-as not mi 
™*ar It could mean -that 
'enez, .clans should pav m> 

attention to pureimslng gtn 
™». non-tradition ;, 1 clloi 
espenall v members of the th 
«oorTd Cluh. 

1 v * ,t,t ’rei»la saw 

Sarel . ?ri ! m 0,1 lnr *™* * 
i ,n The Gove 
ment has been spending ff. 

"on(i! Un,5 j° n Importing cap' 

S2SPl.* p *** RraittU 



Band) radios from jgEffH 
other canntetas and 


INDUSTRIAL PRODUCTION 1970=100 


other countries are ini„^ na 
domestic producers. 



Nov. 77 

Oct, 77 

Sept 77 

Nov. 76 

Francs 

127.0 

122 J) 

1263 

128.0 

Italy 

T24J5 • 

. 128-1 

132.9 

130.6 

W. Germany 

12S3 

1205 

1163 

122.9 

Holland 

125+) 

ms 

1263 

127.0 

U.K. 

10Z.1 

1013 

1023 

103J) 

US. . 

1333 

- 1323 

132.4 

1253- 


Stpt77 

Au*. 77 

. juljr 7? 

Sept 76 - 

Japan 

. 1302 , 

1292 

128j0 . 

' 1263 

Belgium 

THU 

108.7 

76.1 

1223 


On rear 
- 0.8 
-4.7 
+2J1 

-U 

—0.9 

+to 


+2.7 

“35 


Carter. Domestic 
are seeking an addltiona| C *sn 
per cent Import dutv «« .w 
radios. The current 7 dS« ,l, i e 
about 6 per cent. J* 





I- 


tor Its 

th,. Presramme. 

raetans ham been buy 
abroad 

an nnpreerdented sente. '• 
f 'otnblnaflon tins p 
Ven^ u Jr a ' ma . ,,c ^remento - 

ftJSS? '• Impnrt bill am 

WAitaklnu. indie Nurplns- 

In ioU $3- ton. In 19T4. SSJJ 
teg* voar n< * S6 ’ 4ha ' ,tlr foU ‘ 









3 



Financial Times Monday , Jaaaaiy 23 . 1978 


'tV 

Hf 

in' 

MV 


HOME NEWS 


Pressure grows 
to block price 
curb loophole 

BY fiUNOR GOODMAN, CONSUMER AFPAHIS CORRESPONDENT 


E GOVERNMENT is coming 
Jer pressure to abolish the 
•fit safeguard provisions 
tten into the new price coa- 
ls. 

■■ 1r. Walter Johnson, Labour 
'*•’ for Derby S., is to table. a 
tion calling on it to plug the 
phole in the system which 

- 5ws companies to .increase 
•ir prices while being- in-, 
itigated by the Price Comtnls- 

• tl 

Che thinking behind the pro- 
ial is likely to meet with some 
apathy from Mr. Roy Hatters- 
, Prices Secretary, but it is 
. ihly unlikely that any action 
1 be taken before the next 
rliamentary session, 
inch a change would hare to 
debated, and voted on, by the 
ole House. 

- rhe motion seems to have 
•. ah precipitated by the- an- 

un cement last week that Allied 

- eweries was being allowed, to 
.se its prices by 2p a pint in 

te of the fact that the pro- 
sed increased was being . in- 

- itigated by the commission. 

- Phis was the latest in a series 
examples which- have shown 
it most companies can get at 
LSt two-thirds of the increase* 
igmaily proposed by invoking 

.» profit safeguard provisions. 

■ The original idea behind the 
"ntrols, introduced in August, 
.-.s that price increases should 
frozen fhiwiTig . one of 
s Commission’s three -month 
v estimations. 


Mr. Hattersley was always 
opposed/ to the principle of 
numeric safeguards, arguing that 
they, were incompatible with the 
new discretionary system of con- 
trols and that the good sense of 
the commission members would 
be enough to ensure That com- 
panies did not sufferunneces- 
santi-y -from the effects of an 
investigation. ' 

Industry, supported by,. the 
Tories, maintained that such 
assurances were totally inade- 
quate and that companies^ must 
be given some statutory protec- 
tion against the effects . of one 
of the commission’s investiga- 
tions. 

The result was a complicated 
formula related to a company's 
historic profit on a product 

The. most generous of these 
two safeguards comes into effect 
during an investigtion, while the 
second— as yet to be tested — 
becomes- effective once the. com- 
mission has . made As recom- 
mendation. 

Over the last two months, Mr. 
Hattersley has become- increas- 
ingly concerned about the .way 
the safeguards were operating. 
Even -before the Allied Brewery 
case, the Department- of Prices 
was studying thej situation. 

The Allied increase must have 
been particularly instating to 
Mr. Hattersley, since it was the 
brewing industry . winch most 
graphically illustrated the limita- 
tions of the Minister^ power 
under-the old controls. ; 


Christmas outlay halves 
National Savings inflow 

BY ADRIENNE GLEESQN 

HR1STMAS spending; left the 
it inflow into -National Sayings 
; the five weeks to the end of 
ist month at only half the 
iflow in the preceding four- 
eek period. But the £61.6m. 
gure represents a dramatic 
nprovement on the. perform- 
nce for December, 1976, -when 
et recepils amounted to only 
16m. . 

Several National Savings 
ostruments did well during 
lecember. There was a net in- 
low of £24. 4m. into National 
•avings Certificate, and one of 


film, into British Saving* Bonds. 

But the National- Savings Bank 
— still benefiting from Relatively 
high interest rates— proved the 
star attraction. The net inflow 
was £S5Bm.— only Sl-Sm: short 
of the figure for Novepober. In 
December, 1976, there Was a net 
outflow of £26Bm. 

In the 40 weeks of the „ 
year so far, the net infi 
the National Savings B 
amounted to more than 
against an outflow of: 
the -corresponding p 
WN7. 



CONTRACTS AND TENDERS 


PRE-QUALIFICATION OF 
CONTRACTORS FOR 
THE QUEEN ALIA HEART INSTITUTE 
GOVERNMENT OF JORDAN 

L. The Government of the Ha^emite^RLnEdom of Jwdan 
intends to invite bids in Apral/May. UV8 flrankpnhQa^Ued 
contractors for the constractranof theQueen AllaHeaxt 
Institute in Amman, Jordan, ftfnjnalifiation is open to 
in temationally .qualified contractors and firms who have a 
vast experience in building instruction, espetually 
hospitals; or internationally qualified contrartors m joint 
venture with Jordanian contractors classified by .the 
Ministry of Public Works as first class building contractors. 

5 The scope of work includes a modern medical heart 
institute with all electrical and mecbamea 1 requiremente 
and fixed equipment of the size of 12JHJQ square metres 
or 100 beds with all associated general servaces. 

>■ gsgsrS? 

with the supporting information from tij£ 
the Royal Medical Services. Amman. Thu f^rm sbould 
be completed and submitted In three C3) copies with any 
other relevant data addressed to: — _• , 

The Chairman of the Pre-qualification and 
Tendering Committee (Queen Alia Heart Instatute), 
Directorate, Royal Medical Servaces, 

GH.Q. Jordan Armed Forces, 

Thi/SSSssion^Smld be received not later than 12.00 
noon on Saturday, 18th February, 197S- . 

L the Government of Jordan will notify contractors who 
have been pre-qualified to bid for the work and 
them with Information regarding the preparation 
' Reasons for rejection of applicants for pre-qualification 

will not be given. ... Major General 

Chairman of Pre-qualification 
and Tendering Committee 
(Dr. Daoud Han am a) 


COMPANY 

NOTICES 


™“ESS»^SSS^‘ 0, “ I, “ 

. NOT1CC . TO SMAM HOI.PHIS 

Slewing rwem H iMwiI . *R"L 
draiden lh* iWJKtt** WJ/Sj-SSE 
ected Unlln* FtamHiB * ,Kl Co<n ,?, " y 
Sotb consider wars. T nc l uat OT 

of (ftmlixtmfl tne . tHscoogf to JW 


. wrio* Ot too siwr** <■ 
a will, te hm io iturrfcowers u 
oral*. 


CONFERENCES 


"***■ s-s 

, Street, K4P 4BY. 


PERSONAL 


» otnemi * 

ues Comjnnr lamwtd . S teau fite; 
«n Interim dlWfrad ym ya l w t to j 
i cent* par share in scrip jonn jyth, 
Ji option tor KM var 

nagjuii 

/*£?**<« IwStend Is M tflO 

:«-« , A , SLau , iJW 

wiirit lent m mwnamed. 

I Inter of Members Witf Trsww 
. pi im ComiHutv win be cUgca from 
cbnury to ZOtti February 1978. .tel* 
leelKN**. 

order to auaHfv for the above ip- 
anteod. transfers. aewinoaiMed by 
nelennt sture certmeates. most te 
J. with mo company's r«l«r*n. 
»l aetMintfon Mono Jfoou u™“5- 
nop House, isf Hoor. Martourt Road. 
■Com. for reeMratlM not later -UUD 
on 4th February 1978. 

ItmNEl'hMTHTON « CO- LlMfTBP 

ftcracwfe*. 


: BANQUC NATIONALE 
DE PARIS 

boating hate note issue of 

SUS TO MILLION'—" 

' IANUART 1977/B3 - ‘ 

• ‘TRi* ran of Insrm teFlioaMa tor 
H* chr-qienih period teamnifli 21 
January 1978 end set fey tha rafentae 
: Aitih is 8*S anaually, ' ■ /-: 


IS YOOK HOUSE TOO 1ARGE7 Y«W toUW 
can be beeaUfuliy need If rg“ . ** 

to tfie JteSonai Cbentv (Hd» »e Aged!. 
■One Dortioa will be n 
of cost to wm {usually 
lor youf, owe .or year yr. ... i — - 

use tor 8fe~— free of rent, rstea. a^taraai 

idsF C'SM 

Dover -street. London. W.l. 


ART GALLERIES 


AGNSW 'GA1URY. AS. Old Bond 5J.. W.1. 

KHiwnSf* OF fW %wg(»by 
Br|tK& and Eufetwan Artist* from iroo- 
1988. S-B Cora Street, London, W.l . 
Tel. 01-714 3888.. weekdays 10-fi. 
Bats. 10-1. . 


CLUBS 


Iff. 1M. Rfwmt.Sfreot._734 5. 675. A ]a 
Carte or All-In Menu. TNrte Spetoc^r 
Poor Show* WAS. 12.4 S oed lASMd 
mule of Jormny Hawfeswwth A Frleh^- 
OAftCOYiX- BBi Been Street wjrtra. W.l- 
MENV STRUreftSE ryO OfcSrt OW 
im GRAT BRITISH STRIP 
Show at MMMght. also i am. 

Mon -M. dosed Saturdays. B1-A37 84SS- 


. STAMP SALE ! 

Our annual rale t* me. event in die 
City ol London Fhllneltt Calendar. 
Don't ness this year-* tuargaliw 
23rd janaaxv-3fd .Febnwnr 
9 Bm.J.JO pm. (closed Sat' 
Fren. jk Col. Colls, reduced! R^cto*- 
■ In G-B. Stpemoola. amums. tat*. 
HEALEY St WISE LTD.- 


SI, K. Peel’a Ot u ythy ar d. 1C4M BAA 

rt»te- down «-*"• Cetbedrai 

"■ “ '•% Tube, tfirn- rmhO 




RauL’* 


01-238 91 DD. 


British Rail likely 
to order two ships 


BY KEVIN DONE 

ORDERS FOR two ships worth 
9 total of « bout £28au are 
expected to be. -placed by 
British Rail this year for its 
Dover to Calais services. 

Approval for the first order 
will be gives to-day by Mr. 
William Rodgers, the Trans- 
port . Secretary, - and discus- 
sions are under way between 
the Department and the British 
Rail Board on the second 
order. 

No decision has been made 
about where the ships will be 
built, but the orders are cer- 
tain to go . to a UJC. yard. 
The favourite is Harland and' 
Wolff in Belfast, which last 
year received an order for a 


similar ferry from British Bail 
for the Stranraer-Lame Irish 
Sea route. 

British Bail said yesterday 
that talks had been started 
with Harland and Wolff on pos- 
sible follow-up Orders. It had 
not yet entered discussions 
with any other British yards. 

Its Seallnk fleet numbers 
about 68 ships, including those 
vessels ran by its Continental 
partners. The Department of 
Transport said yesterday that 
traffic on the Dover-Calais route 
had -been expanding steadily. 

The new vessels are likely to 
enter service in 1980. They will 
he about 5JHHI tons with capa- 
city for up to 1,000 passengers. 


309 ears' and 60 large commer- 
cial vehicles. By the middle of 
ibis year British Rail should 
have three multi-purpose ships 
under construction in UJL 
yards.' 

Harland and Wolff has an 
order book worth about £ 180 m^ 
with two super tankers, -two oil 
products carriers and one bulk 
carrier' under construction. 

It 'Is in a healthier position 
'than many URL yards and took 
orders last year totalling £ 82 m. 
Apart from the British Rail 
order for a ferry for the Irish 
Sea route it also has orders for 
two liquefied petroleum gas 
ships, for eventual charter by 
Shell. 


Tanners 

challenge 

State 

stake 


BY MARGARET JHEIO. 

CLAIMS by 14 tanning com- 
panies that the National Enter- 
prise Board’s partnership with 
Barrow Hepburn Gale in British 
Tanning Products is unjustifi- 
able under the Board's guide- 
lines and that it affects rival 
concerns unfairly will be argued 
before a High Court judge this 
week. 

The case follows the State- 
owned Enterprise Board's £3m. 
investment early last year to 
take a -half stake in the new 
British Tanners, which took over 
the loss-making tanning in- 
terests of Barrow Hepburn. 
British Tanners is jointly owned 
by Barrow Hepburn and the 
Enterprise Board. 

The 14 rival tanning com- 
panies contend that this invest- 
ment by the Board was contrary 
to its guidelines, which require 
it to act on a commercial basis. 

They consider Barrow Hep- 
burn’s tanning interests had not 
ihown enough profit-making 
capacity for the Board to have 
been justified under its rules in 
making the investment. 

The tanners also allege that 
the terms on which British Tan- 
ners sells products are low 
enough to affect the market to 
the - detriment lof competitors, 
and that this should not happen 
where public money is behind 
an enterprise. However, on the 
other side, it could be argued 
that market conditions are essen- 
tially ' influenced by cheap 
imports. 

Tallest tower 
unprotected 
by sprinklers 

THE NEW National Westminster 
Bank office tower in tbe City of 
London — Britain's tallest-— will 
be unprotected by an automatic 
sprinkler system. 

Sprinkler systems are required 
in all new offices of this size, 
but the Nat West building was 
under construction when the rule 
was introduced, in March, 1976. 

The 600 ft building, however, 
is equipped with smoke detec- 
tion devices centrally monitored 
day and night 

Fire officers who approached 
tbe hank and its architects were 
satisfied that for technical 
reasons it was too late to make 
the changes. 


Directors will move 
HQ with help 
of Syrian finance 

BY JOHN Bft&tNAN, PROPERTY CORRESPONDENT 


SYRIAN GOVERNMENT finance 
will play a part in paying for 
the Institute of Directors’ move 
to new headquarters in the 
former United Services Club in 
Pal] MaH, London. 

Plans for a business centre and 
members’ dab in new premises, 
are announced by Mr. Jan Hild- 
reth, director-general, in . the 
Institute’s magazine, Director. 

Temporary finance to fit-out 
the building comes in the form 
of a £500,000 loan from the 
Institute’s new landlord, the 
Crown Estate Commissioners. 
But that loan wild be more than 
covered by the sale of the Insth 
tula’s former offices in Berkeley 
Square, W.l. 

After protracted negotiations 
with the Venezuelan Govern- 
ment, the Institute has accepted 
a last-minute offer from the 
Syrians for S Berkeley Square. 
Tills site will become, the Syrian 

Em bassy. 

The Institute which has been 
using four adjacent Berkeley 
Square properties as offices, said 


that rent reviews on two of the 
buildings recently increased an 
historically low rent by 1.000 per 
cent. That increase, and the 
opportunity to sell the Institute's 
leasehold interest in the other 
two ' buildings, prompted the 
the move. 

The Institute has announced 
the sale of its interest in 5 
Berkeley Square to the Plastics 
Federation, but its main saleable 
asset has been a 55-year lease on 
number 8 — a 10,000 sq. ft. build- 
ing leased for a negligible rent 
.until 2033. It is this building that 
appealed to both the Venezue- 
lans and tile Syrians. 

The ' Syrians stepped In with 
their offer while talks with tbe 
Venezuelans were still in pro- 
gress, but tbe Institute dismissed 
talk of- gazumping. 

The result of the deal is that 
the Institute's new offices will be 
fitted with a wide range of busi- 
ness services for members. It 
plans to maintain some of the 
United Services Club’s dining 
facilities and bedrooms. ' 


Oil tanker pollution 



BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


THE FIRST public clash over the 
Government attitude to oil 
tanker pollution will take place, 
this week during a Lords debate. 

Lord Ritchie-Caler, chairman of 
the Advisory Committee on Oil 
Pollution of the Sea, will open 
the debate with a critical look 
at the Government position pre- 
pared for presentation of next 
month's London conference, of 
the Intergovernmental Maritime 
Consultative Organisation. 

The central proposition before 
the organisation, the maritime 
agency of the United Nations, is 
a U.S. demand fonnore sophisti- 
cated oil-tanker d e sign and com- 
pulsory installation oY certain 
navigational aids such as reserve 
steering systems and more 
advanced radar. 

The most controversial design 
changes suggested is the manda- 
tory retrofitting of all tankers 
over a certain size with segre* 
gated ballast tanks- 

These would be designed to 
prevent routine pollution of the 
seas by tankers discharging oily 


9ea water from their tanks on 
the approaches to an oil- loading 
point 

The British Government in 
line with its existing policy, will 
oppose this item at the con- 
ference and intends to back what 
seems certain to be a majority 
view in favour of cheaper anti- 
pollution moves. 

These methods are known as 
crude oil washing — a relatively 
new technique for cleaning oil 
cargo tanks before sea water 
ballast is taken on board — and 
w load on top, 1 ’ which separates 
oil and water in the ballast 
tanks and allows safe disposal of 
oil waste to onshore slops tanks. 

The Government has calcu- 
lated that compulsory segregated 
ballast tanks would cost tbe U.K. 
fleet £150m. to convert and a 
further £150m. a year in reduced 
trading efficiency because cargo- 
carrying capacity would be rut 
Taken together, It estimates that 
these two factors would Increase 
the price of imported oil by 2 per 
cent. 


Tories 

warned 

‘Don’t 

exploit 

race’ 

By Richard Evans, Lobby Editor 

MR. MERLYN REES. Home 
Secretary, attacked the Conserva- 
tive Party yesterday for planning 
to use tbe sensitive issue of race 
relations to attract votes at the 
next election. 

He warned Mrs. Margaret 
Thatcher, Conservative leader, 
that although immigration 
touched a raw nerve in the com- 
munity and could be exploited 
easily, to use race as a political 
instrument would be playing 
with fire. 

Mr. Rees's warning, made at 
the Co-operative Party confer- 
ence in Brighton, came after 
reports last week that Mr. Keith 
Speed, a junior Conservative 
spokesman on home affairs, was 


More home news 
on Page 42 


preparing a policy document for 
the Shadow Cabinet that would 
involve much tougher controls 
on immigration. 

The reports were countered by 
Mr. William Whitelaw, deputy 
Conservative leader, who in- 
sisted that no policy decisions 
had been taken and that the 
party retained its commitments 
on the right of British passport 
holders to settle in the U.K. and 
the right of close dependants of 
Immigrants since January 1, 
1973, to come to Britain. 

Nevertheless. Mr. Rees’s speech 
makes it clear that Ministers ex- 
pect the issue to feature in the 
next election campaign and they 
suspect that some Conservatives, 
particularly in tbe Midlands, will 
make as much political capital 
as they can. 

The Home Secretary said the 
approach of an election always 
meant that bogies would be 
created by tbe Tories and be 
forecast that this time there 
would be a “bash tbe immi- 
grants ” theme. 

Phillips 
to drill 
new well 

By Ray Dafter, 

Energy Correspondent 

PHILLIPS Petroleum is to drill 
another well on its Maureen 
Field structure in the North Sea 
before taking a decision on com- 
mercial development 

The group is expected to order 
a steel platform later this year 
for the exploitation of the field, 
which lies in block 16/29, close 
to the UJv./Norway medium line 
and 150 miles north-east of 
Aberdeen. 

First, however, Phillips wants 
to evaluate further tbe produc- 
ing zones. It is chartering a semi- 
submersible rig to undertake the 
exercise. 

So far, three wells have been 
drilled on the Maureen structure. 
The discovery hole sunk five 
years ago tested oil at rates of 
2,300 to 3,600 barrels-a-day while 
the second appraised well pro- 
duced 10.000. 

Within ' the industry, it is 
estimated that Maureen has 
recoverable reserves of 175m, to 
225m. barrels, although this un- 
confirmed estimate might be re- 
vised following the proposed 
well. 


LABOUR NEWS 


Back-dating dispute 
over miners’ 
incentive payments 


BY OUR LABOUR STAFF 

NEW PROBLEMS are mounting 
for prt productivity talks cover- 
ing Yorkshire's 66,000 miners. 

A row is emerging between 
Yorkriiire area leaders of the 
National Union of Mineworkers 
and National Coal Board man- 
agement over whether a handful 
of local collieries -should get a 
back-dated incentive scheme 
because they made applications 
before the coalfield ballot earlier 
this month. 

Tbe ballot finally gave the go- 
ahead for productivity talks. 

Mr. Arthur Scargill, the York- 
shire NUM President said last 
night that union negotiators, bad 
made it clear to the Board that 
they were not prepared to sign 
any agreement which did not 
give a common starting date lor 
atl collieries. 

The Board and NUM branches 
in Yorkshire knew no action 
could be taken on a productivity 
scheme until the result of the 
coalfield ballot was known. Yet 
the Board had apparently en- 
couraged some branches to make 
early application for a produc- 
tivity scheme by offering to 
back-date the start of the scheme 
to the date of their initial appli- 
cation. 

Today's meeting of the NUM 
Yorkshire area council is ex- 
pected to endorse the demand 
for a common starting date. 

At the same time, industrial 


action is being threatened at 19 
Yorkshire pits by a group Of 
workers demanding equal inpeip 
live payments for all miners- 
They have set local leaden of 
the NUM an April 1 deadline to 
achieve this, but have called off 
unofficial strikes, which left 2,000 
men idle. 

Development and face workers 
will receive a 100 per cent, incen- 
tive payment Other underground 
workers will get 50 per cent and 
surface workers, including nhe 
winders, who led last week's 
strikes. 40 per cent. 

The winders’ North Yorkshire 
branch met yesterday. About 76 
of North Yorkshire's 100 winders 
attended. 

They agreed to put an emen 
gency resolution to to-day's area 
council meeting. 

In it, they demand equal in- 
centive payments for all pitmen. 
They set April 1 as a deadline 
for achieving this, with the threat 
that they will ballot their North 
Yorkshire members at the 19 pits 
with a view to industrial action 
if their demands are not met. 

• More than 400 miners at 
Elsecar workshops near Barnsley 
yesterday called off their six- 
week strike. 

The men, who say they suffer 
one of the worst accident records 
in the coal industry, decided to 
return to work after the National 
Coal Board agreed to improve 
first-aid coverage for night shift 
workers. 


Key talks on Stoke 
steel plant to-day 


BY NICK GARNETT. LABOUR STAFF - 


TWO IMPORTANT meetings are 
expected today over tbe future 
of the Shelton steelworks, Stoke- 
on-Trent, threatened with closure 
under the British Steel Corpora- 
tion’s cost-saving plans. 

Mr. Gerald Kaufman, Minister 
of State for Industry, is due in 
Stoke to meet the Shelton action 
committee and tbe city's three 
MPs: 

Mr. Hector Smith, general 
secretary of tbe National Union 
of Blastfurnacemen, is also 
scheduled to meet bis members 
at Shelton to discuss their atti- 
tude to redundancy payments 
and to any attempt to join a 
campaign to save the works. 

There- are fears among some 
of tbe Shelton workers that 
closure of only the blast furn- 
aces at Sbelton would probably 
spell tbe end of the whole planL 


Mr. Smith said he wouJd try 
to obtain a jobs guarantee and 
that bis aim was simply to get 
the best deal for bis members. 

Steelworkers at Corby, 
Northamptonshire, voted at the 
week-end to support any indus- 
trial action called for by union 
leaders on their pay claim of 
about 10 per cent. 

Mr. John Cowling, Iron and 
Steel Trades Confederation 
national executive member and 
convenor at Corby said that the 
men were clearing the -deck 
- ready for a fight” 

British Steel said this month 
that it would increase its 6 per 
cent, pay offer only- if the unions 
agree to early closure of high- 
cost plants. 

Mr. Cowling said that up to 
L200 jobs at Corby were already 
earmarked for axing . and the 
workers were in a mood to 
strike over pay. 


Sun Alliance threatened 
by pay code blacklist 

BY PHILIP BASSETT, LABOUR STAFF 


THE DEPARTMENT of Employ- 
ment is considering putting the 
Sun Alliance insurance group on 
its pay code sanctions blacklist 
because of a change in the 
group's staff pension scheme. 

Sun Alliance staff settled for 
a 9.9 per cent pay increase In 
October and the Department 
claims that because the group 
bas made its pension scheme non- 
contributory^—staff have paid no 
pension contributions since 
September— It has given the staff 
the equivalent of a further 3 per 
cent, pay rise, which in total 
breaks the Government's pay 
guidelines. 


The Government could refuse 
to allow price increases in 
the group's motor insurance 
premiums. Sun Alliance says it 
has no increased planned 
—but Genera] Accident is in- 
creasing its motor premiums on 
February 1 and Sun Alliance 
could want to follow suit . 

Sun Alliance i>aid that its 
pension change put it in line 
with others in .the financial 
sector. The group's staff asso- 
ciation said the move was within 
the pay guidelines because 
Improvements to pension 
schemes were allowable. 


European interest 
rates will stay 
low, bank forecasts 


BY KEVIN DONE. " 

INTEREST RATES in. most parts 
of Europe moved downwards in 
the month to mid-January, 
according to the latest analysis 
published by Williams & Giyn’s 
Bank. 

Official discount rates were 
reduced .in West Germany, Bel- 
gium. Luxembourg and the UJ\L, 
and other Short-term rates came 
down in Switzerland and Italy. 

Against this trend, however, 
Norway raised overdraft and 
commercial paper rates. 

The West German moves— a 
lowering of the discount rate 
from 3.5 per cent, to 3.0 per cent. 


and a cut in the Lombard rate 
from 4.0 to 3.5 per cent. — were 
among measures designed to 
stem tbe inflow of funds asso- 
ciated with the weakening of the 
HR doHar. 

Belgium’s decision to cut the 
official discount rate to 8JS per 
cent, from 9.0 per cent, reflected 
an easing of pressures on the 
Belgian franc. 

The rise in Norwegian over- 
draft rates by 1.5 per cent to 
8.5 per cent followed tbe [ 
authorities* abandonment- of | 
tbeir low interest rate policy at: 
the beginning of December. 1 


Tories’ Ulster spokesman 
branded ‘rabble-rouser’ 


BY GILES MERRITT 


MR. : AfflEY NEAVE, Conserva- 
tive spokesman . on Northern 
Ireland, was strongly rebuked at 
the week-end by one of Ireland’s 
most prominent politicians for 
liis . latest contribution to the 
Anglo^rish “war of words " that 
has fo Bowed a controversial 
broadcast a fortnight ago by Mr. 
Jack Lynch,. Eire Prime Minister. 

Mr. Richie Ryan, formerly 
Finance Minister in the Cosgrove 
Government and now the Fine 
Gael . Opposition spokesman on 
foreign affairs, branded a speech 
by Mr. Neave as * ill-informed, 
anti-Irish rabble-rousliu'.'' 

Reacting - to reported sugges- 
tions lathe k 


speech -that 


DUBLIN, Jan. 22. 

Irish people living in Britain 
might lose their “ privileges,” 
Mr. Ryan said Mr. Neave was 
one of a small number of 
chauvinistic politicians in Eng- 
land..** who know little about 
Ireland and understand even [ 
less.” ! 

• Our Belfast Correspondent j 
writes: Tbe World Peace Coun-> 
cil. a non-government member of! 
the United Nations, is to investi- 
gate continuing allegations of 
brutality made against the police 
and Army in Ulster. A four-man 
team’ will arrive in Belfast on 
: Friday to Interview politicians, 
•doctors.* lawyers and members of 
para-militaxy organisations- 


Oil wealth 
‘should 
help poor 
nations’ 

Bjr Reginald Dale 

THE BENEFITS of North Sea 
oil should be shared with poor 
Third World nations, Mr. Frank 
Judd, Minister of State at the 
Foreign Office, * said at the 
week-end. 

It would be a betrayal for 
Britain to turn its back on the 
world as the oil became available. 
- Mr. Judd said that the 
country’s oil wealth should be 
invested wisely and that part of 
the profits should be used to 
finance a more generous over- 
seas aid programme. 

Britain should also make a 
genuine commitment to justice 
in world trade, he said in a 
speech in Hounslow to mark 
India Republic and Racial 
Equality Day. 

There would be unacceptable 
contradictions in any policy that 
said to the poor of Asia, Africa 
or Latin America: “Here is a 
little charity to treat some of 
the symptoms of your poverty, 
but if you dare to start standing 
on your own feet and establish- 
ing your own industries to 
compete with . ours we shall 
knock you down again among tbe 
poor.” _ 

Britain must give more 
attention than in the past to the 
need for a strategic restructuring 
of industry. “If we cant do 
that in our age of oil, we never 
shall. 1 * v 

Turning to problems of racial 
and social injustice, Mr. Judd 
said it would be “sick” for 
people In Britain to lament tbe 
absence of human rights in 
Russia. Eastern Europe. Africa. 
Asia or Latin .America if they 
made only haif-heacted efforts 
to guarantee them at home. 


A new name in Luxembourg 
Ein neuer Name in Luxemburg 
Un nouveau nom a Luxembourg 
Um novo nome em Luxemburgo 
Un nuevo nombre en Luxemburgo 
Un nuovo nome in Lussemburgo 
Een neien Numm zu Lelzeburg 
En neue Name in Luxeburg 
HOBoe HM5i b JIioKceM6ypre 

&*>***$> J c/ ^ ^ 1 

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mf 

m . 

o' iz 


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und 

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The Executive’s and Office World 


Financial Times Monday January 


EDITED BY CHRISTOPHER LORENZ 


A MAJOR Government depart- 
ment has given a new twist to 
that traditional employee 
participation standby, the staff 
suggestion scheme. The Depart- 
ment of Health and Social 
Security, with over 904100 staff 
and nearly 600 local offices 
scattered throughout the UJL, 
has just concluded the first 
Stage of a scheme which has 
produced several millions of 
pounds in cost savings and 
greatly amplified the complex 
web of social security pro- 
cedures. 

Instead of the basic civil 
service staff suggestion scheme, 
which, attracted interest in the 
'DHSS' from only a small per- 
centage of staff, the Department 
decided that a more effective 
catalyst was needed to focus the 
staff’s attentions on the very 
real problems associated with a 
fast growing bureaucracy. So 


many instructions and proce- 
dures hare bees formulated to 
deal with the growth of social 
security legislation in the 1970s, 
that a very large cupboard is 
needed in each office to house 
all the headquarters’ instruc- 
tions. 

Consequently, in 1973, the 
Department set up a joint union 
and management working party 
aimed at utilising staff ideas on 
how to reduce tile plethora of 
paperwork. Unlike the staff 
suggestion scheme, however, the 
working party did not offer 
financial rewards for ideas. 

While traditional suggestion 
schemes put the onus squarely 
on staff to come forward with 
ideas which were mainly in- 
tended to produce financial 
savings, the departmental work- 
ing party asked staff for any 
ideas at all on reducing the 
complexities of procedures. Any 


How the DHSS utilised the ingenuity of its employees 

Scheme that saved millions 


cost savings that followed were 
an extra bonus. ■ 

According to a departmental 
report on the project “ the 
working party can claim to have 
simplified departmental pro- 
cedures, to have eased the work 
burden, to have achieved 
economies, to have brought 
about greater staff participation, 
and to have given the taxpayer 
better value and the citizen a 
better service.” 

The report adds: “ It has done 
these things, not by the con- 
struction of q grand design, not 
by super-planning, but by seek- 


ing and making n«e of the 
thoughts nf its staff." 

The impetus for taking this 
action stemmed from the sink- 
ing morale in the Department 
in the early 1970s, and which 
led to the first ever civil service 
strike in the DHSS in 1972. 
Simplifying work procedures 
was seen as one of a number of 
ways of improving morale. 

Staff views were collected in 
three ways. A general circular 
was sent to aU staff inviting 
their views on simplifying 
the administration of social 
security. Then the civil service 


unions were asked for their 
views after consulting members. 
And. finally, the working party 
worked through the formal 
hierarchy. 

Regional controllers were 
asked to put forward views on 
the areas of the system which 
were most likely to reap early 
rewards. At . the same time 
Whitehall officials examined 
how central control of the 
regional office network could be 
relaxed. 

About 8,000 suggestions were 
submitted to the working party 
but many were duplicated. The 


ideas were whittled down to 620 
separate ideas which merited 
serious consideration and of 
these, about 200 have been 
adopted and some 70 are, still 
being examined. Ideas came 
roughly half and half from 
management and staff. 

A “ management " suggestion, 
for example, has saved about 
30.000 man days a year by re- 
placing the procedure under 
which social security claimants’ 
rents were paid with a combina- 
tion of supplementary benefit 
and rent rebate, to one of just 
benefit alone. 


A scheme which was sugges- 
ted by 10 separate staff em- 
ployed as far apart as Penzance 
and North Shields resulted in 
a change in time limits Jot 
claiming maternity benefits. 
Instead of two different limits, 
one common time limit for noth 
the grant and allowance has 
saved 6.167 hours of staff time. 
185,000 forms and rranked 
labels, valued at nearly £25.000 
annually. 

The project was not primarily 
aimed at cutting staff costs but 
-those people whose ideas pro- 
duced substantia] savings were 
rewarded as a percentage or 
■ money saved on the same scale 
as applied tn the suggestion 
scheme. Of the 200 ideas adop- 
ted, some 80 were referred for 
awards These 60 produced 
. quantifiable savings of £360.000 
in the first year alone and. nf 
the* remaining 140, for which 


cost ravings cannot be quanti- 
fied. one idea alone is raving 
£300.000 a year. The total 
annual savings from the project t 
is estimated at several mill ton* j 
of pounds. [ 

Although The working party W 
completed the first stag** nf it* 
report cariiw this year, tht 
success of the project hra meant 
that it is remaining In opera, 
tinn. But now, instead of the 

general approach, it is ennwn- 
tratlng on specific improve* 
ments in problem areas. 

Meanwhile, the traditional 
staff suggestion scheme has 
itself benefited *hw* officials 
report that * steady improve- 
ment in both the number* and 
quality or staff suggestions has 
taken place concurrently with, 
the new scheme. 

David Ch orchil) 


EXECUTIVE HEALTH 


BY DR. DAVID CARRICK 


The chigger may be irritating, 
but it’s nothing to be ashamed of 


HOWEVER long one practises 
medicine, surprising incidents 
still happen and so enliven the 
prosaic path of physick. 

Sometimes these take the 
form of unexpected successes: 
more often of frustrating 
failure. And no branch of the 
art provides a richer crop of 
weeds — interspersed with rare 
flowers — than dermatology, 
where nature seems to triumph 
either with or despite our help. 

It was in this field that I 
encountered a unique surprise 
not so very long ago. The 
patient was a most comely dam- 
sel who complained of severe 
itching on her legs. Certainly 
she had spats and scratches 
which marred those lissom 
limbs. I was tempted to tell her 
she was suffering from an ex- 
coriated. erythematous, maculo- 
papular eruption of idiopathic 
origin — -which would have been 
true as that high-faintin' prattle 
only means that she had red 
spots which she had scratched 
and that I bad no idea of the 
cause. 

Being stupidly honest I did 
not: instead I followed the tech- 
nique of my old teacher, and 
gazed at the things through a 
magnifying glass. Then it was 
that I received a shock: the 
spot I was concentrating on 
suddenly got up and ambled 
off! 

Thus, by sheer luck, I had 
the diagnosis. The girl had been 
invaded by chiggers, or harvest 
zoites, which although usually 
attached to small quadrupeds. 



/aS 


will make do with humans. I 
told the girl and she was horri- 
fied and insulted. She said that 
“ only dirty people caught 
things," and was only convinced 
when I showed her my prize 
under a microscope. 

This made her no happier, 
and she asked how on earth 
could she catch such M beastly 
creatures?” Somewhat tactless- 
ly I asked whether she had 
been in the long grass recently. 
“ Certainly hot 1 ” she snapped, 
blushing, "What do yon take 
me for? ” . 

Eventually we settled for her 
fiancee's cat having. transmitted 
the mites from the fields to her 
fair legs. However, she was' still 



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5-6 April 1978 
10-11 April 197& 









much disturbed and asked me 
to promise V not to tell Daddy” 
who is something remarkably 
important in the City— or so he 
tells me. 

Naturally I assured her, but 
hid the fact that I now bad 
two secrets to keep in one 
family. You see. one week be- 
fore, I had the difficult task of 
telling her "daddy” that his 
spots were due to fleas, and had 
also been sworn to absolute 
secrecy! 

Treating the girl was easy: 
the • father's problem was 
greater. He bad not been 
attacked by the human flea 
(Pulex irritant) but by Ctenoce- 
phalides cams or felis (marvel- 
lous words for crossword com- 
pilers: nightmares for composi- 


tors) which had left one of his 
dogs or cats to taste the good 
life. 

As a general rule, each 
species has its own Seas, and 
only in times of dire distress 
fas when the host dies) do they 
make do with foreign food un- 
til they can get a lift on a suit- 
able quadruped. Recently, how- 
ever, there seems to have been 
9 change. Dog and cat fleas are 
increasing and taking great de- 
light in human’s. They are ahle 
to live in carpets (even in the 
edges of fitted-carpets beyond 
the reach of some vacuum 
cleaners) and other materials 
and recesses - including, one 
might suppose, seats in trains 
which do not always seem to 
receive maintenance treatment 
of a high order. 

Fortunately the fleas seldom 
stay long with their unusual 
hosts because they cannot breed 
in alien lands and do not care 
to be sterile lotus-eaters. DDT 
is no longer generally available 
but various powders and sprays 
are readily available to- end 
their tiny lives. Their bites can 
be treated with anti-itching 
creams and ointments and, save 
in very rare circumstances, they 
are only vexing,: not dangerous. 

But I do vri^b that people 
would not regard . them as 
shameful. Like microbes, they*] 
respect ' neither colonr nor 
creed; the rich or the poor; the 
fat or the thin. The one major 
difference is that they ' are 
visible and more irritating, and, 
in this country, as opposed to 
the rumbustious, scratching, 
17th- and 18th-centuries, quite 
peculiarly embarrassing. 


Costly vacancy filling 


THE CONSIDERABLE costs in- 
volved in a high labour turnover 
within a company are high- 
lighted in a revised version of 
a British Institute of Manage- 
ment checklist on the costs and 
procedures involved in filling 
vacancies. It cites as an example 
the fact that a 30 per cent 
annual turnover on a wage bill 
of £2m. adds an extra £120,000 


to labour costs. The checklist 
gives sources of advice on cost- 
effective recruitment 
BSM Management Checklist 
No- 8: Filling a Vacancy. Avail- 
able from BIM Publications De- 
partment, Management House, 
Parker Street, London, W CS, 20p 
to members and member organ- 
isations; 40p to others, includ- 
ing postage. 


Now 

is the time 
to make a will 


— while you are in normal health. Many 
people delay making a will, or adding a 
codicil, until ill-health comes. Problems 
are often created as a result of inadequate 
consideration under pressure of anxiety. 

One of the aspects you will probably wish 
to consider is how you can leave something 
to bring genuine benefit to people in special 
need. For old people are an increasing 
proportion of our citizens, and their tragic 
problems of loneliness increase even faster 
as more of them eke out their days- in 
solitude. Help the Aged and its many 
volunteers work to bring lasting solutions: 
friendly Day Centres, Geriatric Day Treat- 
ment Centres, and other imaginative 
practical help. 

Free: a helpful booklet “ Making a WilL” 
It clarifies every aspect you need to 
consider, including the considerable tax 
savings possible now that up to £100,000 
can be left to charity free of all taxes. 
Written in everyday language, with skilled 
legal advice, it is a useful guide to read 
before visiting your solicitor. 

Send to: The Hon. Treasurer, The Rt. 
Hon. Lord Maybray-King, Help the Aged, 
Room FT9U 32 Dover Street, London W1A 
2AP. Telephone (01) 499 0972. 


Insight into salary surveys 


ONE OF the disadvantages of 
executive salary and benefits 
surveys Ss that there are so 
many of them. They tend to 
use different bases and are not 
presented in a common format 
— which makes it difficult for 
those whose job it is to monitor 
developments in this area to 
assess which surveys are going 
to be of most use to them. 

Some light is shed on this 
problem by a new “ Guide to 
Salary Surveys 1977.” which is 
published by Incomes Data 
Services. It embraces 40 U.K. 
and 16 international salary 
surreys covering executive, pro- 
fessional, technical and clerical 


By Nicholas Leslie 


staff In both commerce and 
industry. In all. surveys pro- 
duced by 39 different Organisa- 
tions are covered, including 
most of the major ones. While 
this covers a good range, it. is 
not totally comprehensive— 
which is itself 8 measure of the 
difficulty of establishing how 
useful these surveys are.. 

As the publication itself 
states, no formal, evaluation is 
made of each survey, but those 
covering the U.K. are com- 
mented upon in order to pro- 
vide some indication of ; their 
validity and reliability. 


The guide deals with surveys 
under different headings, in- 
cluding accountants, advertis- 
ing, architects, banking, biolo- 
gists, catering, chemists, com- 
puter staff, engineers, insur- 
ance. office staff, and other pro- 
fessional and executive people. 
The biggest' section deals with 
management surveys and those 
afforded more favourable com- 
ment include the British Insti- 
tute of Management’s National 
Management Survey, 1977; 
Inhucon-AIC's Survey of Execu- 
tive Salaries and Fringe 
Benefits. 1977; and Hay-MSL's 


Report and Salary Policy Guide 
for Management, 1977. 

Country by country surve y* 
cover Austria, Denmark, Franco, 
the Irish Republic, the Nether* 
lands. Norway, Spain, Sweden. 
Switzerland, and West Germany. 
There is also a section dealing 
with “dub surveys." These are 
carried out privately by com- 
panies to determine market 
rates for a number of key, or 
benchmark, jobs. Kotir of these 
are covered Kodak, Ford 
Motor Company. Pedigree Pet- 
foods. and Rank Xerox. 

Guide to Salary Surveys 1977. 
published by Incomes Data 
Services, HO Great Portland 
Street. London, Wl. pnee £I..Wi 
faratiablc to subscribers only)/ 


TO ENABLE valid comparisons 
to be made between constituent 
companies within a group for 
the purpose of allocating 
resources it is necessary to 
apply common assumptions on 
economic and other factors. But 
at the same time the uncertainty 
of such assumptions must be 
measured . to enable prudent 
provision to be made for tbe 
unexpected. 

This was the view put forward 
last week by Mr. W. J. Chandler, 
director- of planning at Reed 
International, the paper and 
industrial group which ' also 
takes in the International Pub- 
lishing Corporation. Speaking 
at a Society for Long Range 
Planning seminar, he com- 
mented that it was not possible 
to stop the turbulence in the 


Keeping surprises 
out of busings 


environment, but " in managing 
our business we should try to 
be as surprise free as possible.” 

Mr. Chandler toid tbe seminar 
that Reed, when initiating its 
planning approach, had' to pro- 
vide common assumptions: in 
order to secure consistency of 
approach. This was not because 
it was believed that any par- 
ticular forecaster was accurate 
but the whole approach to plan- 
ning was to afofcate a liiafted 
resource among a wide range of 


different businesses. Indeed, 
later in hi* talk he said that in 
assessing' the implications of 
certain 'forecasters "we found 
that tlifcre appeared to be little 
differnlce between the impact 
upon tour results notwithstand- 
ing ifiat they were far from 
identical.” 

But that was not to be pro- 

S sed as a general rule: clearly 
ferent forecasts had io he 
ted against their impact 
upon the corporation and an 


examination made of those 
which threw up major change* 
in profitability. 

Mr. Chandler said that in 
drawing up its plans Reed used 
models dealing ' with eight 
major economies around the 
world within which it operated 
and also linked its products 
to demand in those countries. 
The second process was the 
more difficult and he warned of 
the dangers of regression analy- - 
sis in trying to model how pro- 
ducts reacted to changes in de- 
mand. •'W'o ail know the non- 
sense that can be generated by 
forecasting purely on the basis 
or a high correlation between 
two time series,” he said. 

Nicholas Leslie 




6 Sure, I need to take on 



find the money?* 

We’ll give it to you. 

Hon March 29th 1977 you employed under 
50 people, then every extra person you 
take on in a Special Development Area 
could get you £20 a week subsidy. 

If you own a private manufacturing company in a Special Development 
Area you may be entitled to financial help from the Government. 

Under the Small Firms Employment Subsidy, you could be paid £20 a 
week for every extra person you employ full time. And yon could be 
paid this for up to 26 weeks. 



5? Ktf Dtwtopwstf Are« 



See if y our firm may be in a Special 
Development Area by refening to the map 
showing approximate locations. 

If so, send the coupon now; or ’phone 

Jack Beilis on 01-214 8335 for the explanatory 
leaflet on the Small Finns Employment Subsidy This gives 
details of how you qualify for the scheme and sp ecifie s the 
Special Development Areas. 

. This scheme is open for appficatianuntil ' 

31st March 1978. 


Small firms Employment smi^ ht 

Department, nf 1? * V 





Please send me details of the Small Finns 
Employment Subsidy Scheme, and the 
Special Development Areas: 


Name 


Post to: Jack BeHis, Small Firms 
Emp loyment Subsidy PO Box 702, London 
SWgfl 8SZ, ortelephone him on 01-214 8335. 


Company. 

Address. 









ITS GETTING BETTER ALLIHE TIME. 


:: :j> 

' 


tr. 


Wa 


IB i 


m 


m 


'fA ft >■ .'i 












1 

I 


6 

Technical Pam 

BOTH) BY ARTHUR BENNETT AND THJ SCHOETERS U 


PROCESSING 


XJltra-pure water in 
delicate operations 


• PERIPHERALS 

Innovation 
from small 
companies 


COMPUTING 


Easy check on signatures 


Financial Times Monday January 23 1978 

No*grenk 
Compressed Air 
Aces 4 


The 

unit 


pro* 

can 


• CONFERENCE 

Electric 

vehicles 


IN MAY. Sheffield will 




cl a. /siBRGmmN Lra 

SWSTON-OK STOLR MEMMKSHAC EfcUAftQ 

MBMwanmn jwet«3J0a 


FOLLOWING success with small always uses the original authoris- other on the disc, 

banks and financial institutions ins signature, the level of grammable control 

with a miniature but folly con- security is greatly increased over interface with any computer, r" : ' v z . )rpt of electric 
trolled video terminal. Informer that provided by guarantee asynchronously or synchron- invaaea a . earp i_— 9Q( < 

has added facilities such as si g- cards, pass books, etc. ously. and with protocol control 52S^ P SS? 1 Thev will be ron- 

PARTICULARLY striking about nature capture and retrieval. The signature terminal, made as required. the \tstion local- 

the U.S. minicomputer, small and provides them on an IBM- by Informer Inc, who have re- Display terminals are based f hc cutlers* 

systems, and peripherals scene is compatible system. The display presontatives in all European on the Informer intelligent ^ the role of 

the high degree of technological shows signatures, as well as the countries, weighs only 22 kg. microprocessor-controlled 303 in and 

expertise displayed by companies usual account data. It consists of a special pedestal- terminal which features clusters nV c ;»y 

of small size and limited market Traditionally banks, building mounted monitor on a small of up to 3 or 4 consoles per aTOUnQ * J 

PRODUCTION of complex elec- osmosis units as a result of water P° wer * societies and investment com- keyboard which can be fitted control unit, with “ daisy chain * The demonstration will oe pan _ _ L il, 

tronic component involving supply variations. One example of this is to be P a “ ies . . mu ? ***&. signatures, with a full set of eotttro! keys expansion so that up to 32 con- of an utenauaul 3 Ol WSITIltn 

many chemical processing steps Two of the company's reverse found in Alpha Data, a new previously been for working in ASCII. EBCDIC, soles can operate Independently. Jf titled The economic « W jf ailUUft v 

is ■ very highly dependent, for osmosis units are used, based on mass memory technology com- don ? f* £**“5 eitb f r .the and APL languages. using polling techniques, from jdactnc L2S»lIJ E g orainL 0M ® WAY of conserving beat 

success, on the degree of a Dupont B9 aromatic polyamide pany, represented in the UK. by ongrnal antiiorisation (copied. Signatures are captured by a one computer or modem port, entrtnmment. o«ng orgro^ lfl pirate* la by pro. 

- * - Sintrom Electronics which was or stored oa microfilm, etc.) to separate unit, which can absorb on an IBM binary synchronous »>d by the Electnc vernae of air (heated 

at the US Trade branches, or posting the pay- approximately 100,000 over- a channel. . Development Group. The Group ^ hMtpd) JC ross doorways 

meat document (bill, cheque, six-month period, this being Where the bank's operating w being constituted _as_a K a “ n J an j entrances. Equipment for 


chemical cleanliness maintained membrane with long life, 
throughout This step takes out up to 90 exhibiting 


• HEATING 

Prevents loss 


© 0 


Successive rinsing to remove per cent of dissolved solids and Centre Mini Micro 78 show this ■« "g*™* {.blit <meque. mm penod this being Where the bank's operating ur JJing « * “““ and entrance*. Equipment for 

contaminants must be made with is driven by 400 psi pumps, pro- week. etc * ) T< ? the branch holding the determined by the time to system cannot accommodate Profttmakmg company ananasa do j ng ^ nt ^ available for 

— r .i — « — * — !4— — v — - — K - . account handle the documents. Time signatures. Informer will supply membership or companies, , m M cn fm»i inMa-nm* 


water of the highest purity since riding a pure water stream and Ai nha Data had two new oro- ac l ouni - ■ . “ na, Uf e ao « Mn ® ats ' signatures, informer will supply amtanUp of doorways up W TO feet wide and 

any trace of dissolved solids reject water with high dissolved L miJLS. r*rrn -?■« By storiT1 8 The signature on compression techniques are a system working on signatures organisations and local aulbiJM and it can also h* 

deposited across a semiconductor solids which is used for plant Sof? disc alon? wlth deUi,s of *** us ? d i t0 saVe storage and trans- only with full processing and ties intenwted velop- used wjth equa j facility ti» pre» 

• memory, ana a neaa per aura CUS x omer ' S account and making mission capacity, with the sig* storage capacity, using existing 


chip, or of bacterial contamina- cooling purposes. din** 

tion, could very easily alter the introduction of these plants is CCDISC 


The first, the 


this available to all branches, nature being recorded on a files of names, addresses 


, uuu, wuiu VCI V COBIIJ <ULO uic inirOaUCDOn Ol Tuese Diants IS i, • ____ 1 _J IU IU "'•."ft levuiutu uu a lues u. uaui«. 

I pattern of Interconnections finer a j£y point in the design of he £2if C C v2*im h over their t** 11 * 1 on-line data display of 192 by 84 points, account numbers. 

' than a human hair laid down on system S t£! JSf . transmission channels, reduc- Multiple signatures, as required To former, L, I 


air 


Nursery 


LAXdU a uuuiou uuu uuu uuwu vu Houseman system Since Tnev -- At,,*, if U A l« » n th- . r autvaui^, iuv v 

the circuit material and thus ensure a long period of operation fLton 1,005 lo handling costs are pos- for joint-group accounts, are The Meadows. Amersham, held at the Cutlers* Hail, 

result in a very high device rejec- exi^rdemineraHsation t0 .’5 sible - Also, since the teUcr usually stored one behind the Backs. HD7 9 AS. 02403 4122; field. May 23 to 24, will 


Accurate data recording 


tion rate which would make the un jt s have to be regenerate? and ^hjch ©Sn'beTu?^ wlSoJrtoperat 

7 A t STHjSS-r- !5 "SS? MS ^ ^ “ “• 

plant at Sidcup, Kent, a decision systeirl . It has no moving parts, comes 

has been taken to double plant - xsa'soo. the latest in the com- with a range of interfaces which 

pa^s designs, is the deioniser among other things enables it to SOUTHWARK Computer Services for reading and conversion into 

(Burnham), part of the£4Sm. a tQ three days by the stand up to a wide range of reader data rapture support to Prior to optical scanning, how- ._ # 

year Portals Water Treatment pre5cr jbed pre-treatment environmental conditions in a number of areas in outer ever, there is a thorough proof- |H Q^plO 

. . . Two further purification steps which disc devices could not be London, following the sharp ex- reading for literals and the com- 

chn?en P to oraSide ih/ Suired follow and then, prior to use. used. It is the sort of system pansion in demand for this pany claims an overall error rate 

fev^f of Durl& describeT^S W ^ watfr BQes through an 022 that could end up being used as particularly accurate method of of less than 0.05 percent 

level . oi purity, described as i» an on-line memory in distributed formation recording. 

nrMcnnir onnmrimpfite u/horA iwwwiuiug 


Guidelines 
to go into 


.. * 31,3 “f « ® f 5JJ5 vent loss of refrigerated 

ahd pefformance electric road cold storcg . 

vehicles. maker says that on a 10 x 

Close, The conference, which will be jq feet door on a warehouse or 

Shef- factory, with an internal tempera- 

. ... cover ture of 65 deg. F and external 

many aspects of operating elec- temperature of 32 deg. F, heat 
trie vehicles. Details -from the -losses when the door Is open 
Group at 59. Colebrook Row, cost In the region of £9/hr for 
London N1 8AF (01-359 rs52>. electric heating and £4.5o/hr. 

for oil heating. 

Installing an air curtain would 
cut this loss by 80 per cent, fnr 
a running cost oi about 0.8p/hr^ 
and an installation cost of around 
£1,000. It is estimated that the 
air curtain unit should pay foe 
itself in two years on fuel cost 1 
saving. „ . » 

The units have . 5 hp motor 


• CALCULATORS 

Machine for 
the desk top 


FOLLOWING THE receipt of 

contracts worth over £100.000 _ 

Further on this Datascan JJ" TELETRONICS, exclusive UJv. driven axial flow' fans, and can f 
At present, the company has service from Southwark at fr 0 7s^t2m FASCIA rtz Com distributor for National Pans- ^ used with heated or cooled *|- jiJ 

Hou.., Sou,bw fk 

El OJA. F« Users' Coherence. Panasonic JE-16X0. that Is small hich“Stf sir floS 

Attended by 50 delegates rep- enough and light enough to be 
resenting 32 companies, the con- portable, but has keys and dis- 
' ference beard a summary of the play large enough for the calcn- 
Hyde Guidelines in relation to lator to be easy and convenient 
fixed assets and to discuss the to use. 

ways in which RTZCS could Any entry or calculated result _ _ 
incorporate these into Fascia. can be S f 0 red in memory and TTvfrQpfC 
Present methods of handling a register exchange key permits ut'liJ 

inflation accounting were also easy reciprocal or fractional cal- 


#v f vi w* | vvdviiwvu cm ^ (griWl filtGT 

S^tSj^cS8?^® a,ld men^units 6 in°pu^cl^operation At present, the company has service from South wark“~~at ZL75SL2L ‘“arnSrS distributor for National Pans- ^ heated or cooled 

tre^Sent e befSre r re?ra S oMioS 1 autSmJtiraUy memory headper SSkmagnetic duce information sent in by users Street, London 

SEE Elated should water quality disc ^em is the l^t in toe in an OCR A fount on A4 paper Oi-928 27H. 

compand! Sant&rd tines iSs deteriorate from the preset level. Alpha Data senes of disc devices. 

ssl tsbt a ms <?« t£sS - 

sa hS^its.^ pr " =k qu s e m r to nr meet seS us Hardware comDanv set ud 

Regeneration in the softeners conductors manufacturing load. 5JJ B ni 5 er t J5? c *L ^ ***■ ^ LUIUpatlJ OV-i U|J 

is controlled by sensors which Further ^^priorv^Bura- 64nibit ’on 512 tracks. With this LOGICA, international computer and versatility, which will be 


tgn velocity air n«*. . . 

More from Shcarllow, 164. High 
Street, Barnet, Herts. (01-440 
9907). 

metalworking 


to 


diAcicu in Uie spr ing » vaay iruifiiucai ui navuvuni v 

Added to these are Losica's ? >Te *S d “d discussions on areas eulation as well as review of the nmlH T11TY1 A 
tabllshed data communications L or J he , futiire development of previous entry or result TT Clil lllillC 


Metallising plastics 

Organisation) is a method of Q Z, de 1LJ ^eoiacements “ J 


mrara there will be no ranyorer <Burnham). The sort “of syrtem*TaU rates are and communications company, marketed in the spring, 

above set limits into the reverse ham, Slough SLl 7LS, 06288 4488. arQund ^ averagc has launched a subsidiary to Added to these are 

access time depending on market manufacture and sup- established data communications previous 

requirement ranging from 8J5 to port its hardware products. products, including an in-house followed S * m There is a ten-digit display and now AVAILABLE In the U.K 

20.2 milliseconds. Logics Data Systems is to modem substitute. modem Anreemeni was reached that automatic insertion of a comma » g . a - extraction system for 

Also in this area. Storage h Py ,^| n jjjree orinclDal product cr P a °ders and modem interface wor kj nE narties on particular t0 * be ^ °i every third digit**- welding fumes, developed hj 
Technology Corporation, which tSSLSS? . * JEZS monitor - AU these products are SlffJVS so that hundreds, thousands and SS Qn Vajroe of SvSn 

sut^ed s^aevlces^Ba, 2S SS^SLiS ^ ^ -««- are clearly defined. An «xibM^^ 

message swiicmng vice organisation. . More from the company at 103. The machine bandies per cent, mounted on a spnng Inadet 

Organisation) ^ a method of ^ p ^vide cheap replacements S^ndarfSnid a disc S d?ri^ 

"aln“, d ,'Mti?a oHl^ tor stainlras “ d chrorae SSST tRi^SS 

tics components. 8 P Plated trim, the cosmetics packag- to open a UJC. office. 

Called high rate closed field ing industry is stated to be in announcing an order from 

sputtering, the process will interested. This is because Barclays Bank International for 

deposit almost any metal on to different colours can be achieved its “Non Stop 16” computing 

most plastics or glass substrates by using various alloys, nitrides, system on which Barclays will 

in a floor-to-floor time of 12 oxides or carbides of metals, develop a real time system in 

minutes, it is claimed. Chamber, even those with very high melt- the foreign exchange dealing 

sizes available are up to 1.4 ing points. The electronics room. Tandem also disclosed the a NEW fractional 

metres diameter by 2.2 metres industry is also interested. establishment of a wholly owned brushless motor 

high. A manufacturing and market- UJC. subsidiary. 


requirements 

w More from the company at 103. The machine bandies per cent., mounted on a spring 

can provide cheap replacements 1 — “ — a _ USBm . Loglca at 64, Newman Street, Jennyn Street, London, SW1Y discount, gross margin and per- aluminium section arm. is staler 

i JL .-.i .ttwAMia of standard tape and disc devices VDU with exceptional features London. W1A 4SE. 01-586 0544. 6EB. 01-930 4163. centage difference calculations, to provide efficient fume extrac 

tion over a radius of 25 feet 

i in— Fumes are not filtered, but ar« 

discharged to atmosphere out 
side the welding shop. 
Marketing is by Ventilatioi 
eventual failure. This technique W. Duke Street Pr'nre 

gives Ian improvement in bond Bucks., HPli 0A 

tail ur/s rate of several orders of. CO 8 *** 5874). 
acmti 


• COMPONENTS 


Small motor is flexible 


Reliable 

power 


horsepower Depending upon the load macifitude. 

has an torque applied, the speed can T)0 WGI* Another problem area, the 

- ^ . . ... . - . “ envelope ™ speed/ toroae charac- be continuouslv variable or * WT crystal-to-comb union, has been 

Components are rotated on a ing licence for the equipment has The Tandem system has had +oHcH „ . . a ° ,e or • , dealt with by using a gold pellet 

planetary jig system, and been taken by the General much publicity in the States and J enstlc a stra'Sbl hue change m prefietennmed steps f|*Of)Cf cfrilSl and a gold-silicon eutectic solder, 

typically a 0.05 micron coating Is Engineering Company (Rad- has caused mueh argument. It from no starting torque over a nominal speed range of ll Excellent results have been 

achieved in two minutes without cliffe). Bury Road. Radcliffe. is very much a modular con- at a slope which can be specified 10:1. The accuracy of speed ™n new oower transistor obtained during life tests even 

any appreciable increase intern- Manchester M26 9UR (061-723 struetion system designed for on to satisfy particular application eQalrol is better than ±1 per faxnilies announced bv* Milliard ^ de r the most rigorous condi 

pe ratu re_ of th. compnn.nt fflnv . »■* "**»—«■■ rc^rc mm g___ ^ ^ 0 ^L SW ‘« X 

tuations in the range ±20 per Drvw « . r ... . .500,000 cycles, 

cent BDW55 and BDW56 families Electromigration has been in- 

Watirpr are ™ c produc ^ of ? develop- vestigated with this new con- 
er “ent programme in which struetion, but continuous tests for 


Other types in the 

j0Q “ * S ” se ^ies are permanent emphasis has-been laid on re- up’tiT 10.600 hours" aTtwteT the 

SfS ^fTd ou /.i SZJZ “*% “W ■■»"<> dSvi»'. sSifl.T^StSuSg 

5?ailfble ^rith^ d a H ch^?c^ of conditl “ jP a TCSU,t ' many k«e shown no detectable 

^ , * cnoice or secr[ ors of - Pie destgn are un- migration. 

2d 8 ^rf^sIeei2^r an b d alliSS “2* , great Wk” 0 !* Addilio^a, - features are 

tarings Otolr variable such precl °Vf ^ l 18 T than 15 mechanically and electrically 

as ?ead lenSS Ynd oSratiS 2 or ^f ,ly foiJnd \ n dev * ces pr(h rugged construction coupled with 

“its? Sdn rS22 du r d r 7T* , ?”s Lf enL p^ n «p«>^tion 

modated. The first of the exceptions is inspection. 

Th»v will Kb .hfttBft „♦ TVS of Ti-PtAu metal lisa- Life tests show' that good 

mpnlSv Tovh OTn RLfnrS Uon on crystal face. Gold stability is obtained for at least 
8 1 ¥F-F' Birmin£ham wire is used to connect this metal- 10,000 hours of continuous opera 
trom Marco w- 17 . Isa tion to the gold-plated comb tion for all parameters under 

More information is available using wedge-bonding tech- reduced and maximum test 
from Walter Jones and Com- niques. This bonding is conditions, 
pany (Engineers), Newlands extremely reliable because no More from Mullard at Mullard 
Park, Sydenham, London, SE26 intermetallic compounds can be House. Torrington Place, London 
5NG. 01-659 151 L . formed and so contribute to WC1E 7HD. 01-580 6833. 



ALAHLI BANK OF KUWAIT K.S.C. 

P.O. Box 1387, Kuwait. Cables: AHLIBANK. Telex: 2067 (AHLffiANK) 

BALANCE SHEET AS AT DECEMBER 31, 1977 (KD1-£1.87) 


SAOUD AL ABDUL RAZZAK 
Chairman 

KHALIFA YOUSUF AL-ROUMI 
Deputy Chairman 

HUSSAIN MAKE! AL JUMA 
Managing Director 

PHILIPPE DUJARDIN 
General Manager 


ALAHLI BANK OF 
KUWAIT 

THE BANK 

THAT’S DOING ITS BEST 
TO SERVE KUWAIT 
BETTER 


The Board of Directors is 
recommending to increase the 
Bank’s capital to KD 9,000,000 
through a bonus distribution 
of 200,000 new shares 


ASSETS 


Cash and current accounts with banks 
Money at call and short notice 
Negotiable certificates of deposits 
Quoted investments 
(Market value KD 18,146,155) 

Deposits with banks 

Advances to customers, bills discounted and other 
accounts, less related provisions 
Unquoted investments: 

— Subsidiary and associated company 
— Affiliates and others. 

Land, buildings and equipment 

TOTAL ASSETS 

Customers’ liability for guarantees, documentary 
credits, and acceptances 


KD 


28,645,069 

93,508.984 

6,396,447 

17,271477 

88341,975 

234,576,753 

725,160 

2,171,846 

1 

472,137,412 

181,444^87 


TOTAL BALANCE SHEET 

KD 

653,581,999 

LIABILITIES AND SHAREHOLDERS’ EQUITY 


Current, deposits and other accounts 



including contingency accounts 

KD 

442.829.031 

Proposed dividend 

Shareholders' equity: 

— Share Capital, authorised and 


700,000 ; 

issued 700,000 shares of KD 10 
per share, fully paid 

7,000,000 


—Legal Reserve (including share 



premium KD 16,100,000) 

17,139,986 


— Voluntary Reserve 

1.039,986 


—General Reserve 

3,300,000 


—Unappropriated profit 

Total shareholders' equity 

128,409 

28.60K381 

TOTAL LIABILITIES AND SHAREHOLDERS' 


EQUITY 

Liability on guarantees, documentary 


472,137,412 

credits, and acceptances 


181,444,587, 

' TOTAL BALANCE SHEET 

KD 

653,581,999 


STATEMENT OF NET PROFIT AND APPROPRIATIONS 

Unappropriated balance brought forward KD 89,735 

Net profit after charging all expenses, writing 
down assets, and providing for contingencies 2,215,218 

Total profit available for appropriation 2,304,953 

Deduct: Proposed appropriations of profit: 

—Legal Reserve 221,522 

—Voluntary Reserve 221,522 

— General Reserve 1,000.000 

—Proposed dividend 10% (KD 1 per share) 700,000 

— Remuneration of Board of Directors 33,500 

Unappropriated balance carried forward KD 128,409 



VARIATIONS ON A THEME 





The Crendon 4° beam and column design 
is just about the most versatile structural 
system available to the industrialist today. 
Combining economic framing with quick 
precise erection these precast frames are 
readily adaptable to suit most warehouse, 
factory and two storey building require- 
ments. Bespoke arrangements as illustrated 


are well within the design capability of the 
system which allows a wide choice of 
claddings and insulations. The basic theme 

E2E5? det i in our technical information 
leaflet Crendon Metric 4" — our engineers 
are always pleased to help with the 9 
variations. 


CRENDON CONCRETE CO. LTD 

Thame Rd. Long Crendon, Aylesbury, Bucks. HP18 9BB Tel: Long Crendon 2084R1 
NORTHERN Rawcliffe Rd., Goole, N. Humberside. Tel: Goole 4201. ^ U8481 

SCOTLAND Shotts, Lanarkshire ML7 5BP. Tel: Shotts 20261 ' 



Bid*; Octobw 1»rr 
KDMAL MPllaUC OP NIGERIA 
NATIONAL ELECTRIC ROWER 
AUTHORITY 

RREQUAUMCAT'ON lOF 
TENDERERS FOR 
CONTRACT NO ES0Q9 
ELECTRICAL — MECHANICAL— 
ARCHITECTURAL -COMPLETION 

FOR - x 

XHIRORO HYDROELECTRIC PROJECT ‘ 
NIGER STATE. NIGERIA •. 

n**r &W Md i cr«*t tenfttn ol' 7»J0 
■JJSJWR* .HKUiams spillway en asovo- | 
Bround lndoor-typ« ywtmouu «i me I 

2S5 - capiou oi " 

600 MW conslHTne M tour vnili; At , 
administration and control Building- { 
»d a swiKhvaro witR 3» nv uc 


TR« SJHrpro HydroaWctHc prolcti 
canust pi a concrete. laud rockau < 
With « he/ghr ol 1 TS matrca from tne 
Md and a eras! length oi 700 


1S2 fcV mct I ons. 

H yd ro a iee t nc Project 


The SjHroro 
located In 


■pm-oxluwieiv 

ol Kadvna 


— n } 

igcna I 
aoutn-west o ] 


Nipar State, 
hi 



the aw oi Kadvna. It is Atujtcd 
Shfroro Gorge on the Kadvna r.»c 
n » ai» KS conhaonca with tne Dm*. 


25» P !K tl 3f 11 W*ewe Powtr Author ic 
HdEFAJ Man* to Invite tenders iron 
proqnallliea tenderart in Jgly ol 19?-' 

°* *?• eiectntui r 
machaivcai - aKhltwtural complete 
g y*l- , tQ . -SKP** .*♦** tenders »■ 'T4f> f 

\S*¥2SnSlf - coo,r ^ . . 

S%a& *¥ asa.'suss & 

i£S j^J^t ora 1 Nat are* ol the ore 
IK» presently under initial phaie cai 

in.^rSfi. - P ^ '- urfflghBd an 

•52?™? turnUhing all materia 
and MWRmm not furmsheo tuiar 
previous contracts. 

Contracts under construcaon i 
alresay swartSed Include the lotio. 



Ing in 

plant. 

Includ 


nltlal construction ol the p.-uve 

dun Md constroi structure^. 


{"eluding the embedded oooion 
JdjWj. electrical conduit ar 
grounding cystetna. 

Furnishing and installing turbine 
grnrrKort. generator main le»d 
"S*2? eievater 

hol!« * nd l,vdr * , * llc Wlet wi- 
Furnishing lor Institution by te 

?IS.i££. CBI>tra i ,Bd rct ** board 
lelttnwar and niMor cnnir 

..d switchyard avul^e 

ao_> P"g 9 ror or hts affiliates up: 

2 hw 7 n h? 2 a, ?iL ,IIMU . 0 " •* bo- has- 
MEJWA R'tbw slnoularlv 

l!L r c f^fc"y w «>-_*P BClhc electrical ai 

n£t 2 ? n, h 5 in^S 3 cl,on “orrfenee c 

t5a , ^M.nr?T^i^?2 C w Bro,ee i!- hcth 
nl * home once and 

Sad^nSSSfe; lnt< * h » 1 ' also ha 

ar <I taMh£ n t£li£r NtRWMlteo OH 3SO > 

SomSmT o4t ' B * switchyards in in 
In order to PfecnajrUlv ,, .. aeHe 

moot co^^Imp '"Jfroted contra cm 
SSa'hlSl? submit prHdii; 

ReoiCrad oraeuaiite 
PhSTTr H5! “f oW^fNd trom: 

In frimifliidl Inc. 
Southeast Tower 
Jrod oaffiot Center 

02 tM - U 3 .A. 

At 5 S 2 Ji£!l ! M r N - P - Trtano 
Project Mimoh 

sn?**ek* 15 . n JntvnHilonai Ine. 

rStJfSWP 

ArSm^I'imJ.* | NR lBrtO 
. Project CoerdNW 

.letter of woumi > 
daeumaim must 

A ’ ,h ° f,tY 

PM.B izaao 
Um*. Niger a. 

.T 1 *** •» comolpted a 
reLur nw to .t he sddtettts MKattd 
i?,* wMhM«. docgmonti 
Nicr than Aorti ts. 1070. 
ueiH and 




TENDER . 

T8NDKES Aki TO ll INVITID I 
THE CONSTRUCTION OF A RO- 
*ND PASSENGER PERRY THHIN 
FACILITY AT PEMBROKE DOCK 
MILFORD HAVEN, WALES, FOR T 
HIIPORD HAVEN CONSIRVAN 
board 

The project I* due for cooptation 
«w Hit March IJ7» «nd will inel 
ilR Dolphini, concrete vehicle pout- 
“HR access hrltfp «nd Jinkipan. 
Pmongsr bridge with Roiling teeh 
»rtKtura, 

Tender document* will h* avail) 
'or coilactlon it ^ afi ul & 

r®*?" ,m F Po»lwd. Pi 

* f wtRein. Rightwell House. B«« 
, n5T, ‘ ^wriwoUKh. England, on 
2* #t ”«*• 107B on i 

" w « ot e »«>. Tenden w.!l 
returned on the 27th February |<i 

are 'r«! dorum 

me » * iv « three days* w 

Te*»» •»nn»e.*a 

No. 22*5 1 or Tetaghwm 

■J 3 it246 *- attention Mr. Ma 
lr « submit inatuiJon* ol tia 
-Whs iiKctiihflly undcrrah.cn 
«Py ol recent balance sheet and p 
ana loss accounts. 

The conditions of ttndrrlne itipi 
that the lowest or any sender 
"ot be accepted. 










N?FI 


Financial. Times Monday January 23 1978 



e v 

< . V 

.. ‘is. 


, it vl4sm. housing for 
iVyaudi Arabia 

()} \i , 4.5m. contract has been Shields works: The Vi 
''af-ed by the U.S. Corps of Agency, meanwhile has awa 
. eers to Laing Wimpey advance factory work w 
a for the provision, £350,000 for a site , at Sho 


U‘ lor 
k (op 


a for the provision, 
on and furnishing of 200 
5 for personnel involved, in 
ievelopment of the King 
J Military City at AJ Batin. 
Arabia, Work has started 
: due for completion by the 
l of next year. 

. s is the first major housing 
ict to be signed in Saudi 
a using the prefabricated 
□g system developed by the 
■al Electric Company .of 
delphia, ILS- with whom 
has agreements for the 
‘ting and construction of its 
s. 

: houses will be built, by 
. t General Housing, the 
ese subsidiary of General 
-ic and will be shipped to 
ort of Ras al Mishab. They 
e transported to the remote 
t site by the Corps of 
leers. 


cAlpine’s 
g road 
jrks 

§ !RFTi; ’ £ ST OF the contracts 

I 'Vi £6.7ra. won by companies 
* , t he SiT -• Alfred McAlpVne 
Xlf-Jp is one for £3-3m. covering 
‘•‘obstruction of a section of 
1 > M65 motorway Between 
\\ Olfl i*head Lane and lie Brier- 
*•*»». function. 

. is a dual carriageway road 
o lanes with hard shoulders 
- the company will construct 
eejuired slipways for access 
r . adjoining roads. Two' 
r bridges will be required 
r the contract which is 
‘ ded by Lancashire County 
>H. - 

• Alfred -McAlpine (Nor- 
i) is to carry' out three jobs, 
argest of which is worth just 
■r £1.9ui. and is for the con- 
■tion of the Thornton 
eleys relief road also for 
; -ashire County Council. . 

; iis is to be a 7.3m. wide 

e carriageway all-purpose 

4 6km. in length. 

orth close on Hm. is a job 
" ' riled by Plessey Telecom- 
“ ’ucallons for the modernisa- 
of a factory at its South 


Shields works. The Welsh 
Agency, meanwhile has awarded 
advance factory ‘ work worth 
£350,000 for a site .at Shotton, 
Clwyd. ' • 

McAlpine ' Services, and Pipe- 
lines is to undertake a £179,525 
job for the British Gas Corpora- 
tion, Wales Region. . 

This requires the construction 
of a pipeline crossing " of the 
River Conway, about ‘ ‘ 4.5km. 
south of Conway itself, , and the 
laying of about 1,300 metres of 
450mm. wrapped steel pipes. 
Work will include radiography, 
testing and reinstatement.' 


£2|m. Rush 
& Tompkins 
orders 

TENNANT Caledonian Breweries 
has placed an order- valued at 
£i.5m. for phase five of the 
redevelopment of Wellpark 
Brewery, Glasgow, with Kush. and 
Tompkins (Scotland). .The work 
comprises extensions to the main 
warehouse, alterations - and 
additions to. the export- ware- 
house, provision of -.a canteen 
building and extensive concrete 
pavings, re taining walls, -drain- 
age and other services. * 

Further work has been. started 
for the English Industrial 
Estates Corporation at Whitley 
Road Industrial Estate. 
Newcastle-on-Tyne. . Four 

factories are to be built at a cost 
of £550.000. 

Rush and Tompkins, north-east 
region, has received a contract 
from Coming International Cor- 
poration to construct a 6,000 sq. 
pnetre extension to its pro- 
duction facility at Sunderland, 
Tyne and Wear. Work has 
already started on this £600,000 
contract. V. 


I Enin 


£5m. worth 
to Willett 

ABOUT £5m. worth of building 
work is to be undertaken by 
Willett (Traf a lgar House 
Group). 

For the Greater London 
'Council, the company is to build 
58 flats at Wood Lane, Dagen- 
ham, Essex, and erect 163 houses 
and flats plus nine shops in 
Lewisham using traditional 
methods. 

Other work includes altera- 



£10m. awards for Gleeson 


tions to office accommodation in 
County HalL Westminster 
Bridge Road, London, S.E.l— 
again Cor the G-L.C. — and the 
construction of a five-storey office 
block In Eastern Road, Romford, 
Essex, for Trafalgar House 
Developments. 

Warehouses are to be built by. 

Willett at Dan das Lane indus- 
trial Estate, Portsmouth, Hants, 
for Beech am Products; at Craw- 
ley, Sussex, for the New Towns 
Commission and warehouses and' 
offices at SL Albans, Herts, again 
for Trafalgar House Develop- 
ments. 


Busy in the South-West 


CONTRACTS in the south-west 
worth £2.5m. have been won by 
E. Thomas and Co. (Mowlem 
Group). 

The . work includes the Bele 
Estate redevelopment, phase 2, at 
Torquay, which is worth £360.000 
and is for the erection of 33 
houses and a bungalow. 

Other contracts are for the 
construction of 49 flats and 
houses for Exeter City Council 
(£487.000). for the . construction 
of If km of highway at Milton 
Combe near Plymouth for Devon 
County Council (£456,000). and 
for the construction of. 4400 
metres of foul and surface water 
sewers at Tolskith'y . Valley near 
Redruth, Cornwall, for Kerrier 
District Council (£330.000). - 

Other jobs include coal storage 


bunkers for Associated Portland 
Cement Manufacturers at Plym- 
stock (£150,000). cleaning and 
overhauling of the Millbay dock 
gates at Plymouth fhr the British 
Transport Docks Board 
(£120.000), construction of new 
effluent and storm water drain- 
age, retaining walls, and external 
paved areas at St. Erth for 
Unigate Foods (£100.000). and 
provision of foundations and 
bniidings for a refuse incinerator 
plant ai St. Mary's. Isles of Scillv 
(£30000). 

E. Thomas is also constructing 
a workshop and offices for Freefit 
Services at Stonehouse, Plymouth 
(£125.000), and telephone 
exchanges at St. Just near Lands 
End and at Crantock near 
Newquay. 


Variety of work 



the right shutter... 
at the right price.. 
at the right time. 

Shutter 


toon Limited 

- barf Road Industrial Estate, 
■ 3 inxton. Notts NG16 6LE. 

• Tel: Ripley 8T10SI 
Telex No. 377370 


Composting 

plant 

consultants X 

D. BALFOUR and Sons has Been 
.appointed consulting engineer fpr 
two United Arab Emirates com- 
posting plant projects which 
have hen let to Swiss joint ven- 
ture contractors Rubier Brothers/ 
B. Moeller and Co. 

In Abu Dhabi the project is 
for an extension to an existing 
composting plant to cater for a 
load which will be increased 
from 125 tons per day of domestic 
refuse and 25 tons per day of 
sewage sludge to 425 tons and 
75 ions respectively. Piling work 
for this project has already com- 
menced . and. the Dhs.l20m. 
(£15m.) plant is due for commis- 
sion in August. 

The second project at AI Ain. 
is for a single stream compost- 
ing plant capable of handling 125 
tons per day of domestic refuse 
and 25 tons per day of sewage 
sludge. The value of this project 
is- Dbs.34m. (£4.5m.). Commis- 
sioning Is due by June. 


A SCHOOL concert hall and 
gymnasium, three advance fac- 
tories, an office -extension and 
the ground works for a waste 
treatment plant are to be pro- 
vided by J. Jarvis and Sons under 
contracts valued at over £2m. 

The concert hall, gymnasium 
and changing accommodation is 
for Reigale Grammar School, 
Surrey (architects Stammers and 
Weatherhead), while the fac- 
tories, under a contract from 
tite English Industrial Estates 
Corporation are being built for 
the Department of Industry at 
the Pal 'ion (West) Industrial 
Estate Sunderland, Tyne and 


Wear. Hawkins. Heath and Nel- 
son are the architects for this 
contract 

At Hemel Hempstead. Herts., 
a five-storey extension to an ex- 
isting three-storey office block is 
being built for Dexion-Comlno 
to the designs of Clifford Tee and 
Gale and in the same county pre- 
liminary ground works and the 
construction of an office and 
laboratory block for a waste 
treatment plant for Contract 
Gully cleansing are being con- 
structed in an old chalk quarry 
at Redbournbnry. Marshall 
Haines Partnership are the con- 
sultants for this. 


£3m. to Espley-Tyas 


OVER £3m. worth of contracts 
have just been awarded to the 
Espley-Tyas Group. 

The largest, worth £1.7tn, is for 
[12 advance, factories with the 
visual offices, access roads , and 
90 on. The work is being under- 
taken for Reddltch Development 
Corporation. 

For Tewkesbury Borough 
Council, the group is to con- 
struct 76 dwellings (65 houses 


and U bungalows) at Bredon 
Lane, Ashchurch, at a cost of 
£725,000 and for Wychavon Dis- 
trict Council it is to provide 57 
single, two and threestorey 
dwellings' at Four Pools, . Eves- 
ham under a £593.000 contract. 

For the same council Espley- 
Tyas is building IS dwellings at 
The Hatcheries, Evesham, at a 
cost of £195,000. 


Housing the workers 


A £1.8m. order covering the 
design, manufacture and installa- 
tion of a fully self-contained 
village on the outskirts of Jeddah 
in Saudi Arabia has been re- 
ceived by Wyseplan from Poon 
(Saudi). - • 

The village complex which will 
be on a 60,000 square metres 
site some 15 km. from the centre 
of Jeddah has been designed to 


meet the requirements of the 
initial complement of 500 per- 
sons. Cooking,' laundry, power 
generation and other camp ser- 
vices will, however, be capable of 
supporting 1.000 people should 
an option for additional tiring 
accommodation complexes be 
taken up. 

The power generation system 
will be installed by Wysepower. 


OX APRIL 3, Gleeson (Sheffield) 
expects to start construction of 
a nine-storey block in Moorfoot, 
Sheffield. Value of the contract, 
awarded by Property Services 
Agency, is £®m. 

The building, to be occupied 
by the Manpower Services Com- 
mission, will provide nine floors 
of offices and will include con- 


Rebuilding 
a club 

SIR ROBERT McAlpine and 
Sons have been awarded a £24m. 

contract by Shell U.K. to rebuild 
its Lensbury Club social facility 
at Teddington, Middlesex. 

The fire-damaged building is to 
have an additional floor and a 
mansard timbered and tiled roof 
Is to be incorporated on wbat 
remains of the original “H"- 
shaped steel-framed structure. 
The three lower floors are to be 
completely renewed to luxury 
hotel standards. Architects are: 
Walker Harwood and Cranswick. 


Housing and 
sewerage 

LN CARDIFF, John Laing is 
about to start on a £1.7m. con- 
tract for houses and fiats for the 
City Council. 

The development is at St 
Mellons on the Newport side of 
Cardiff. Construction will be of 
traditional brick and blockwork 
with pre-cast concrete floors in' 
the flats. Altogether 174 dwel- 
lings a^ called for. 

In Leeds, Laing has been 
awarded a £536.000 contract by 
the "City Council for 50 homes; 
in Wesley Street Morley. , 

Next month Laing is to start 
work on a £1.3m. contract to 
modernise and extend a sewage 
treatment works at Carlisle for 
the North West Water Authority. 

Apart from new inlet works, 
stormwater tanks and construc- 
tion of eight percolating filters 
and pumping stations the com- 
pany will construct a three- 
storey administration building- 


Big Bedford 
development 

WORTH close on £2m, a tender 
by Kier of Tempsford Hall, 
Saridy, has been 1 accepted by 
North Bedfordshire Borough 
Council for the construction of 
the new . "Horne Lahe/Rover 
Street multi-storey car park and 
shopping development in Bed- 
ford town centre. 

Work is to begin during the 
eurent month and completion is 
expected in August, 1979, in time 
for the Christmas rush. 

The development will be next 
to' the recently completed Harpur 
Centre and the; two shopping 
centres will be linked by an 
enclosed mall. 

Consulting architects are 
Frederick Gibberd and Partners 
and consulting engineers Pos- 
ford Pavry and Partners. 

Cambridge and District Co- 
operative Society will take the 
tenancy of the supermarket, and 
the Co-op and C. and A. Modes 
stores in Midland. Road, will be 
linked into the new development. 


ference suites and other facilities. 
It will accommodate a staff 
totalling 1,900- 

The company has also won a 
£521000 contract from the City 
of Bradford Metropolitan Council 
for 39 flats at Queensbury and 
for an office block and factory 
extension for H. G. Allcard and 
Co. at Wythensbawe, Manchester. 
Value of this is £150,000. 


Another Gleeson Group mem- 
ber has been awarded a contract 
by Hampshire County Council 
for the construction of a new 
carriageway on the A3 trunk road 
from Horndean to the Clanfleld 
crossroads- Tbis job. being under- 
taken by Gleeson Civil Engineer- 
ing, brings the total awards to 
the Group to about £10m. 



World leaders 
in steel framed 
industrial 
buildings 


Condor International Ltd 

WinchesW. lei; .1)962: SS2722 


Saudi military project 


DAMES AND MOORE has been 
retained by the Middle East Divi- 
sion of the U.S. Army Corps of 
Engineers, on behalf of the 
Saudi Arabian Ministry of 
Defence and Aviation, to conduct 
geotechnical studies for the pro- 
posed King Abdul Azziz Military 
Academy to be constructed north 
of Riyadh. Saudi Arabia. 

The academy complex with 
housing facilities will cover an 
area of about 2 square miles. It 
will be a complete community 


providing for cadets, faculty and 
support services. 

According to Edward E. Rhone, 
Dames and Moore’s partner in 
charge of the project, the main 
geotechnical consideration* being 
studied are those related to the 
design and construction of a pro- 
posed entrance road which rises 
up a steep rock escarpment to the 
academy complex, general site 
grading and development, 
foundations for buddings and 
other structures, roads, an air- 
field and deep utility trenches. 


Awards to Wimpey 


TWO contracts, together worth 
over £Un. have been awarded 
to George Wimpey, in London, 
and another, worth £371.000, has 
been awarded to the company in 
Manchester. 

For the London Borough of 
Wandsworth, Wimpey is to re- 
furbish flats in Archer House. 
Vicarage Crescent SW11, at a 


cost of over £995,000. 

The other contract, from the 
London Borough of Hillingdon, 
valued at £326.000, is for roads 
and sewers at Priory Avenue, 
Harefield, Middlesex. 

In Manchester. Wimpey is re- 
furbishing 84 flats for the Cor- 
poration in Longhope Road. 
Haverton Drive, Wythensbawe. 


IN BRIEF 

• Under a contract worth nearly 
£900,000. Cementation Construc- 
tion is to construct a vital link- 
to the Bournemouth town centre - 
by-pass for Dorset County 
Council. 

About 1 km. north-west of the 
town centre the work will link 
Stages II and 111 of the by-pass',' 

• John Jones (Excavation), : 
earthmoving subsidiary of Nor- 
west Holst has invested £2§m. in' 
caterpillar and Euclid heavy' 
plant 

• Nineteen Belaz 15- ton dump . 
trucks worth over £im. have: 
been purchased by Nicol of 
Dysaxt from UMO Plant of . 
Letehworth, Herts. 

• Howard Humphreys and Sons 
has been appointed by the Mini- 
stry of Public Works and Muni- ' 
cipaliiies, Yemen Arab Republic* - 
to carry out the design and 
supervision of the works neces- : 
sary to implement Stage 1 of the 
refuse disposal project for 
Sana'a. 

• Taylor Woodrow Construe-' ' 
tion (Northern) has been 
awarded a £jiu. contract by the 
Greater Manchester Council for! 
The building of a bridge and a 
length of dual carriageway which 
will form part of the inner relief 
road system at Bury, Lancs. 


The 





W M&M$LrpML Hl. 




wss 


Investors: 

Thefollowingreduced ratesof interest will apply from 1st February 1978: 


Net* 

Share Accounts 5.50% 8.33% 

Monthly Income Shares 5.50% 8.33% 

Savings Plan Accounts 6.75% 10.23% 

Deposit Accounts (Ordinary personal) , 5.25% 7.95% 

Investment Certificates 

Ttie rate of interest on all existing Certificates will be reduced by 0.50%. 

* Investors will have no basic rate income tax to pay on their interest, as the 
Society discharges this liability. 


Gross 

Equivalent 

8.33% 

8.33% 

10.23% 

7.95% 


From 1st February 1978 interest on new and existing mortgages will be reduced 
by 1.00% (for repayment mortgages subsidised under the Option Mortgage 
Scheme the net interest charged will be reduced by 0.60%). 

The normal effect of this reduction, endowment mortgages excepted, will be to shorten the term of 
repayment. Details of the repayment position will be given to each borrower with the annual statement 
in October next, taking into account this and any subsequent changes in interest which may occur. 
Where the piesent monthly payment is based on an interest table higher than 3.50?o it may 
nevertheless be reduced on request to the Society’s branch concerned. 




WOOLWICH EQUITABLE BUILDING SOCIETY 

Equitable House, Woolwich, London SE18 6AB 


Thousands of Specifier s 
let our pages do die talking 


ME 


i'-J * V; ' ' 







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8 

LOMBARD 


Financial Times Monday January 23 1978 


t- ■' 




' m w * 

A near miracle 
here at home 


Bfr SAMUEL BRITTAN 

IT 15 NOT generally knows that the subsequent setback. The 
nijt long ago the U.K. seemed growth in manufacturing produe- 
poised to perform an economic tivity In other countries was 
miracle. At the very least The mainly the result of rising out- 
growth gap with major com* put, with little change in man* 
petitors had actually closed for power.. In the U.K. on the other 
output in manufacturing hand, it was due mainly to a 
industry. fail in the manufacturing labour 

h+ha r-,nt force with very little change in 

j H2! e appr Ef?V et L output Itself. This fall reflected 
«d«iged fnu an article by Dr. ^shakeout in the industrial 
David Jones, now the ^bour force following first the 

University of Sussex Centre for wiIson recession of 1966-7 and 
Contemporary European Studies ^en the Heath recession of 
in; the August 1976, issue of the 1971-2. 

NIESR Review. The general - *».» 
message of the article, which was 

entitled “Output; Employment * 

and Labour Productivity in 7 11 ® +?» 

SgJFLSt if ? e du« ?a 8 bo“r 0P S! 

rhe S3S." -ffS* 

absolute output per head was 
now substantially below that of 
most competitive countries. 

Microscope 

Under the microscope, how- 


per head was ^sphere^ 


and political 
job preservation 
became — and to some extent still 
remains— the order of the -day. 

There is, however, a difference 
between an historically high rate 
of unemployment and an increas- 
um»r ine, microscope, now- ta one . 0 nce the unemployment 
t d e P er « e ^- “end has clearly turned down* 
Value added per man m U.K. war( j 6 some of the present in- 
man ufactunn g was growing at a sistence on oven nannlng may 
fester rate from one trade cycle g^aiiy subside. It Is when 
£ B “°*® r and t* 1 ® sap with the unemployment is rising rather 
main European counties - was thall £t,en it is absolutely high 

1116 i 985 ^ that— other things being equal— 
J5 3 va * u ® added JP er ^ ead there Is the greatest shortage of 
\ras growmg at about tte same new job opportunities, 
rate m the U.K. as In other __ — _ . — . . . 

European countries. The very fact that the absolute 

■ . - . , „ level of productivity is so much 

Elven in that cycle the overall i ower than in Europe provides 
^T ow ~. -was lower for th e u.k. with an opportunity to 
the U.K. But contrary to catc ij up , which other countries 
popular belief the productivity lac u. j f concerns such as British 
J®* was 111 the service sector, Leyiand and British Steel achieve 
not the manufacturing one. In even P art of the economies they 
view of the notorious difficulty no w have in mind, and their 
j .. 1 “ 1 ® a ® urm S a ? r 7l ce P ro * situation is at all typical, there 
ductivity in 1 any reliable way. it could be quite spectacular leaps 
1 !®f s ? nable t0 sra ** J® 85 in British manufacturing and 
weight jd any growth league — productivity, exceeding even 
not because of any superstitious those of 1989-73. 
belief that only manufactured 
goods matter. There are, more- __ , 

over, statistical reasons why Tt olio p v 

industrial growth series may be 

biased slightly against the U.K. H ow will the lost jobs be 
—Targely because this country replaced ? The question is based 
wes physical -indicators to 0 n the “ lump of labour fallacy ” 
55“* manufacturing pro- which otherwise educated people 
auction whereas most other so often reiterate. The very end 
countries use value figures 0 f curbing costs and prices in 
deflated by a price index. the overmanned industries will 

: Since 1973 • the incipient increase both real purchasing 
miracles seem to have vanished, power and international demand 
The data are not yet in for the for their -products. If not, a 
subsequent trade cycle, which general monetary and fiscal boost 
seems likely to reach a peak in of carefully controlled dimen- 
1978. But on the basis of 1973-7 sions would be infinitely prefer- 
figures, together with the most able to the waste of work-sharing. 

r 55i c -f^- eS T , f ° r Id the meanwhile you might be 


surpised- which major European 
* country most nearly approaches 
S S tte U - K in disappointing per- 
m fonnance in output, growth of 


and overall 

q&lufacturing productivity. Unemployment *,,,! otter real 
A closer look at the leap for- indicators so far this cycle: It is 
ward. of 1969-73 can help explain West Germany. 


THE WEEK IN THE COURTS 


BY JUSTINIAN 


Home, sweet secure 
jointly leased home 

G0N8Q1ATKJ>N came had been exclusively to Kiss they were both occupying the! “hS'ltruSie' “i? 

to flat dwellers on Wednesday Lunt. Miss Sadler would not have flat as their residence, ISKTh ^ 


England tigers tamed 
by French panache 


t 


THERE WAS bitter familiarity 
about England's game . against 
France, both in pattern and 
I certainly in the result. France 


RUGBY 

BY PETER ROBBINS 


which England, twice led by hrQUEht 0 ff a 
dropped goals from QU, one JSSr far Avcrous 


His quick, snakl&h running with 
Hives and Skrela caused serious 
problems. So' did the running 
of Aguirre, the- other dominant 
individual behind the senna, 

* The fart that these two had 

scissors at top more room was a tribute to great 
** vw r wrfc by Rives. . Skrela and 


after three minutes, the other alfuirre inverted? giving Stance Bastiat. It is 
just on half-time. •!._ ,_ at j a r« er jg minutes of the how Skrcla is always iD thc rlKbt 

*r-_ **rv- -—••••• uuuu ccau as jouows: nxua “« ?»»""»• “u kww Ami _. kiekMi ' Framse'e ,i cr snot at the right limo with Rives, 

Gounty Court by His Honour the termination of a protected could be said to be in occupation “ccond half. . . The v work toerther so well and 

end 01 ffwwaa jL^sfsjsp-i: sasswsr M 

1 extended the L The Coun * Appeal, like before the .change-01 

tion given to tectft d tenaa ? ^ ^. eI ^ og Ju^e Mcto^ felt under a ^ 

* of this dad- is* “ 1: ParUament TO^eMmthe plain 0* »me nhW 


when the Court of Appeal in been a statutory tenant The final proposition was that 

Lloyd- v. Sadler and Others, up* This is- because the relevant because both women were not 
holding a judgment given last provisions of the relevant legis* residing in the flat after Decern*. . „ . 

March at the West London lation read as follows: “After ber_25. 1976.no protected tenant | the lead [after a m«ui« « — j iithe - right time with Rii^ 


bad retired hurt five minutes more crashing was 

like before the change-over. They the try Gallion scored eight Thdr tackling, too, and that 
’ ’ *>y Kent «nd- minutes later. He ran through 0 f Bortraittnw. Brtascain and 

never violent, M enormous gap in the English Averous was usually head-on, 
highly physical, lineout for a gift try that whereas the English three* 


sion can hardly be exaggerated. “ objective of the legislation. The with both packs going at one. Aguirre converted. This fairly quarters were forced to turn to 

Flats have replaced houses as £! JKS 0 ^ ° 51411,1017 Rent Acts were intended to pro* another furiously. - Snnfortable l® 3 * fia ve confidence me last ditch stuff far too often 

- iwK.,1 tenant or il rect people rather than such England enjoyed the luxury of t0 Vivies, who began to pass and for comfort. • ' ' ' 

joint tenancies, good rucked position hi the first kick much more effectively. This However, the England side 


be the statutory R^Acts“were intended to pro* [another furiously. ~ ' - OTnfOrta We” lead" gave confidence Qie last ditch stuff far too often 

the average urban home. The “5 ^ t tect people rather tl 

home can range from a palatial , rni s legislation, with its man- i ega i concepts as joint - . - ... 

suite of rooms at best to a grotty nish obscurity -was not drafted Where a statute referred to period. Beaumont, Wheeler, improvement in the French half* showed tmnendous spirit. and it 
bedsitting room it worst, and by the women's movement In "the tenant** but a particular Burton and Rafter worked backs' play revived Ihe other says much that they did not cave 

can be found in premises as Acts of Parliament, “ he " in- letting was to two or more per- tigerably, and the ball came French players. in before the pace and power of 

diverse as solid purpose-built eludes “she," and in the Rent sons jointly,. it was permissible back sweetly as it did. in: the Gallion certainly justified his this good French side. Rafter. 
Victorian mansion blocks and Acts “ dwelling-house " includes for a court to decide that one of hard-fought mauls. In these selection over Fouroux and his in particular, gave a nonstop 

terrifying twentieth century a flat those persons by himself or Horton, Dixon and Scott ' did more accurate passing ac- performance and tackled all 

tower blocks, to say nothing or The question before the Court herself mi g ht , for certain pur- prodigious work, 
every conceivable variety of of Appeal was whether refer- poses, be treated as being “the At the line-out It was all 
converted house. ences in. those provisions to a tenant" Horton and Scott, with Cowling 

The occupants or flats are no tenant automatically included a The Court of Appeal adopted and Burton clearing up a lot as 

longer just _ bachelors- In need 1 or joint tenant although the Acts this interpretation because It welL Eagland were thus able to 

solitary splendour in a pied-a- themselves contained no express made better sense of the rele- use the boot of Young and Old 

terre in town, or married mention of joint tenancies. vant statutory provision in its to g ai n precious ground, and to 

couples, wltt or without children. The failure to mention joint particular context. press the French backs. Young 

setting up their first home. They tenancies occurs in successive <rhi< means that no landlord was always looking to go on his 

also include groups of ^people Acts of Parliament concerned ^ expect to circumvent the own. and he did this well, with national "championship series. February 4 — Carmichael at pro^ 

Their 


celerated the French back play, afternoon. 


Irish euphoria 

utii IRELAND gained what they most due to be announced to-morrow, 
his needed, a win in the inter- to face France at Mun-ayfleld on 
irffh natinnai f-h.-imnionshlo series. February 4— Carmichael at profc 


wishing to avoid an. individual with security of tenure-ndt to his“fl^kere: fh^“rict^by"”l2 points To the lock' Tomes and the No, "Bi 

high rental by sharing accom- on i y in ^ Rent Act .1968. the JSS^SeS« f?? «3fi5 Beyond th at, England were fir nSf (a goal sod two penalties McDonald, could be replaced. 

m N(Svadays a flat-dweller is ” lev T a ? t statute nt the time when per iod to several persoi5 P in the too ponderous to launch any con- to three penalties) over Scotland Ireland must he allowed ttolr 

UbSSTSS Ji !£ ^p e that, daring tte perlS, elusive attacks. They lived weU at Lansdowne Road was tte first measure of euphoria, but already 

reserved iudements of the Court i 0 !? 1 some of those persons may cease off their wits, but physical, ilow- since March, 19 1 6. and 

of Appeal in Ltoad Sadler and ^ ^%^t piece of ££££*** ° r reSid d«re. & In a game punctuated by. 

™fe I ndfoSs nCern jj^Iation m this branch of the It would seem strange if an Gourdon twice early on, tten the-. For Scotland, it will be a day add^ to thTflm 

coSde^fl^J tt^aJtt^ore Protected vmection from the Sctslf °put away^*^ « ^SSbSSf they ISd”^ 

Gardens, Kensington, a Royal A itlly Lliill he ws poe. of several joint nght ^and he .too. was swamped slowiy 6urre ndered all control of StJSSSii^ • 

Borough noted as much for the On Mr. Lloyd’s behalf, it was tenants than if he was a tenant by the French, Direction, was the line-out and in the loose 

diversity as for the density of argued that upon the expiry of under an agreement made ex- not changed quickly enough to they were uninspired, except for * JSf ap 5J • JKL 

its population. The landlord, the original tenancy agreement, clusively with him. If a land- threaten France. BIggar and McLanfihlan. - ' J-®- 

Mr. Lloyd, had granted a tenancy Miss Sadler was not a sUtutory lord remains object to the Rent ^ PE] an(1 made goo< j ^ of The backs got themselves Into twAfEliard } £°° 

of the flat for one year to two tenant, an argument supported Acts when he has only one sorn epoo r kicking from Vivies, horrible tangles, largely as a R"®* a ° 

air hostesses. Miss Sadler and by the logic of eight proposi- tenant from whom he can claim W ar q tilting up-field os the result of scrum-half and captain S^JlirES?* 

Miss Lunt The tenan ** — rm%t ^ e " — " 

contained an a written H6U«- --- — *«• — - * zoung sneiiereu poaseesiun. jli *•*«■-, «u= *■«.«» _r n „. M - - r** 

ment and its duration was from the contractual tenancy granted or more. ^ od teC hnical staff, but badly wasted on the wing. He , . lor 100 

December 27, 1975 to December to Miss Sadler and Miss Lunt Such an immunity would con- ^ un t5iagj native. . should return to full-back .for 0 

25,1976. made them .joint tenants. The fer on tte landlords the odious A better still * trv the next same The front five held their 

Miss Lunt left the flat on- second was that “the tenant" privilege of the greatest bappi- W0U ] d ^ave lifted morale sic- There will be long argument and Spring, the oev ’Swing 1 
October 28, 1976. to get married, under the contractual tenancy ness from the greatwt number n ifi r aTT fly but even thoueh over Morgan’s decision to run a seems likely to grow into uicrol 

She had no intention of return- was Miss Sadler and Miss Lunt °f tenants paying the highest France looked * lost Under this penalty close to the Irish line in ^ h® ca ° ““ 


there were the ninth minute of second-half j 

were injury time. His gamble on The new stand-off. Ward, gave 


ing and never came back to live and the third was that the con- rent in the smallest unit of fngtish ^presaire,* 1 therlf* ***** ^ 

there, but Miss Sadler remained tractual tenancy was a protected accommodation with the least mo J, eiltg panache that wen: -ju., — . ■ ■ . . |#nf 

a resident up to and even after tenancy. security of tenure. ominous for England. ' For picking up four points and vie- promising and stylish displ 

December 25, 1976. After The fourth proposition was -H “ fashionable .to disparage e^jnpjg Gallion ^made ' two tory with a try, rather than kick- 1113 arsl International, - ki 

Christmas 1976, the flat's occu- that Miss Sadler and Miss Lunt the Rmt Acts. But let it he ^a^ating breaks and Aguirre ing a penalty for three points and two penalties and conver ting th 

pants included not only her but were the protected tenant ” for remembered that despite the sU d ^t 0 the line tike a a draw, earned him grateful ^ lookcd a^gn-at pro*wc 

three other air hostesses, Cottes 1 the purposes of the Rent Act and complem^ and obscunty of sha( j ow _ ga^j time France applause from a- stunned Irish though he was helped wrtl b; 

more Gardens being within the fifth said that when a pro- “any of its. provisions this legis- breached the cover they knocked crowd. lhe sharp service of captai: 

walking distance- of the tected tenancy comes to an end. lation has enabled countiess onTpSsed^ forward, -or were However, he is likely to be Moloney, and by Duggan an 

Gloucester Road Air Terminal a statutory- tenancy arises only people tolrve in theirhome s fr ee 0 ° cr . j n addition, Vivies advised that however brave, s, “ tlcry - ^ .... • 

After the end of the period of if the statutory tenant “occupies frem undue fear of arblti^y fouxklcks at sporting, and adventurous it may Jhe young centres Tackled fr? 

the tenancy agreement, Mr. th® dwelling-house as his resi- eviction or exorbitant over- goa i . be to gamble with international , i ' n ^ . a 1 * 

Lloyd brought; proceedings dence." • ' Parses* _ ; 4V . B Tb e “"* K 

against- Miss Sadler and the ' V S? worfl 

other air hostesses for possession . “ *? e P“f as ® 


of tte flat! tSc outcome ^the lon ^ 88 he occupies the ... 

case ^ dntaded m wlSir iX hous€ as Ws residence B referred provisions is to be deprecated 

t0 Mthe person who'. . . was tte In tte meantime, unless and 
SSiflii if protected tenant." a preceding until tte House of Lords reverses 

JESH.* Phrase' in tte relevant statutory the decision of the Court of 
under the provisions of the Rent provision. • Appeal. Miss Sadler is entitled 

Ao1 ?■ . . , , ... The seventh was that when to feel that in some respects, at 

If tte original letting had -been: Miss Sadler’s and Miss Lout’s any rate- in the eyes of- the law. 
to her 
been a 








Promotion can bring problems 

alone; - she would hive protected -'tenancy: c4me ; to ah- she remains the air hokess with) TWO OF THE MOST successful/he nipped between two defenders First Division? The big diile- 
statutory tenant If it end. if could not' be said that themostest. , I and excitlng^teains in the Third to score from a splendid back- ence was that the pace ws 

| Division,' uMlingham and Cam- header by Richardson. ' noticeably slower, largely bn 


•* > ■* * -i 

:M 1 1 * 


Radio 


bridge United, who both have Cambridge, who were far cause there was far less firs 
scored more than 50 goals this more impressive in front than time passing - to colleague 
season, met at Priestfield Stadium in defence, reduced the arrears running into space, though th 
on Saturday ih a match that when, following a period on the small* chunky Spriggs proved j 


was thoroughly entertaining. 


- t Indicates programme -in 

- black and- white 

BBC 1 

9.38 sun. For Schools, Colleges. 

10.45 You and Me. 1L22 For 
Schools, Colleges. 12.45 pjn. 

Nhws. 1.00 Pebble Mill. 1.45 Bod. 

2.01 For Schools, Colleges. 3.15 the following times 
Songs of Praise from London- Wales — L4 5-2.00 pjn. Pill Fawa. 
dorry. 3.53 Regional News for 248-238 For Schools. 5.55-6.20 
England (except London). 3-55 Wales To-day. 6£0-7.15 Heddiw. 
Play School. 4^0 Barbapapa. 11*35 News and Weather for 
4J5 Jackanory. 4.40 Hunter's Wales. 

Gold. 5.05 John Craven's News- Scotiaud— 10.00-10^0 ajm. For 
round. 5.10 Blue Peter. 5^5 Fred Schools (Around Scotland). 5^5- 
B asset 6.20 pjn. Reporting Scotland. 

-"5.40 News. 10^5 Public Account DL30 News 

SJ5 Nationwide (London and and. Weather for Scotiand- 

South-East only). Northern Ireland— 3AM*55 pjn. 

6-20 Nationwide Coes North. Northern Deland News. 5.55-6wt0 
6.50 Ask the Family. Scene Around Six. 11.35 News 


7.15 Blake’s Seven. and Weather for Northern Pearcey reads 

8.10 Panorama. • Ireland. - Hilaire Belloc. 

9.00 News. Encland— 5-55-S.20 wm Look A^ 1 Regions as London 

9J55 Washington: Behind Qosed Bast (Norwich); Look North exce P t at t 13 ® following 'times>- 

«o , (Leeds, Manchester, Newcastle);' ANGLIA 

lO^a TLn-nignt - - — 


a poem by HTV West — as HTV General Service * n i^ e 

. except umji pjn. Repon west Head- Gillingham deserved their 3-1 
um*. Repon west. win, which Jakes them level with 

SCOTTISH the leaders, Tranmere— the 

us p-m. News ud Road Heport. ns highest position they have 


SOCCER 

BY TREVOR BAILEY 


BBC 2 

Play Schw__ 

3.00 pjn. Word power. 

Growing Up. 


_ _ . _ „ Midlands To-day (Birmingham); pjh. An*mi News. 2J» Hwueparty. F ^SrhSr atl, ArtPv B *?S >on, rSSC occupied^whlle Cambridge are 

1L35 Weather/Regional News., points west (Bristol)- South To^ ^3i randar r*- xao And*, sos uaventcr s3nn*w££Ei fourth, ; just behind highly 

e * eept at d«y (Southampton);’.- Spotlight SfwS H^ Ab< tti^Su^J!SS ^ titiented Wrexham, who must be offensive, Fallon hit a spectacular 

South west (Plymouth). colon**. ** ^ S T* pSST vSSL' "T* pSS SSr^SS fenS S°d with drive from^fully 40 

A TV Mintetera. um Late call. Has «.m. “““ Iarm 4110 WUQ yards, straight into the top 

um p-m. George EamiUoD iv. 3.20 ^ Bnuin 1 * Grand Master* Dam games in a ana. corner. 

' 2J* UlMxfn L Downstairs, cuamiiionsiiip. There was little to choose be- After tte interval Gi 111 noham Buckley caught the eye, althoir 

UM ajn. Play School. S??* J^riaSf^^SSSx SOUTHERN • ?\S!? teSSltT!,* 0 threatened ratter more, and th ® ir ^adin^ goal-scorer, Bil 

^ and Centro. 1U» Bless This Haase. 1UB 1230 p-m. Farm Progress (repeal of Standard 4-5-4 formations in .the created the best chances Without oa *y save occasional glimpses 

3^0 Children Growing Up. ^,^ ne .¥? a * ter “ Prime Kinuters. jestentay'i i mpinne), us Southern early stages. Although Cara- increnKinp thplr lead nntii tn. his undoubted potential 

4.00 The Object of the Exercise “* ®«o*Uiing Different News, loo - Horaewty. 22S Monday bridee displayed a shade more jS 1 - “ nn i lQm m»wnu«i. 

BORDER . miin “f” T«mmoles.fn>iii The 10,500 crowd was G.liii 


exception. Both teams wet 
inclined to mount their attacl 
on too narrow a front. But thei 
was plenty of skill and effort. 

Gillingham were much tighti 
at the back, and rather mo- 
inventive in midfield, where »! 
left foot of Crabbc was much 
evidence. In attack Westwoo 
formerly with QPR, showed ch 
and pace. Cambridge left-ba 


F.T. CROSSWORD PUZZLE No. 3,574 



the 

the 

its 

the 


. . ACROSS 
1 Upright down under (6) 

4 Compensation when not on 
-'.location (6) 

8 Withdraw a pamphlet from 
“Ihe sappers (7) 

9 Hastens behind a woman's 
- skirts (7) 

II* A retail cut could be distinct 
• ( 10 ) 

13 The Head gives a spread (4) . 

13. A mouthful of food, we hear, 

in tte bay (5) 

14 The object we have to annoy, 

■ maybe to jeopardise (8) 

16/ Aircraft carrier provides 

i* 52? S ^ a klnS ( \ 5 \ 10 Attendant in orbit (9) 

15 Check tte companion plant 13 a stack of grain from Mary* 

• ... ... le-Bow (6*3) 

20 Drug for a virile politician 15 What is left in a portion of 

. , , , . .. choice fish (5, 4) ~ 

21 Send back the food— either 17 Reckoned to place oriental in 

way you pay.. (6, 4) the red (7) 

23 A friend finds tte city uo- 19 -Mostly a Welshman needs a 
professional (7) letter to take silk (7) 

34 *'i tended while it — — nigh, 21 Touch down at Eton brings 
leaving me never alone., colour to the cheeks (5) 

(Hardy) (7) 22 Here's the steward— it may 

25 News I'd take to town (6) be ruff (5) 

The solution of last Saturday’s prize puzzle will be published 
With names of winners next Saturday. 


26 Graced the worker round the 
river (6) 

DOWN 

1 “Down the vast edges 
and naked shingles of 
world" (Arnold) (5) 

2 Profession which causes 
railway union to raise 
voice (7) 

3 Emergent nation from 
hinterland (2, 7) 

5 A lucky shot may make you 
flounder (5) 

6 Repress? Possibly is not up 
to it (3. 4) 

7 Five per cent completes the 
score (9) 


sub- titles. 

7.05 Ancestral Voices.' 

7 JO Newsday. 

8-10 International Cabaret 
9.00 Americans, part 2. 

9.50 Marie Curie, part. 3. 
1045 Just a Nimzno. 

11-15 Late News on 2. 

1L25 Tdie-JournaL 


LONDON 


An Abom Bawra. tu» ^ Sm bSSSf Set cSti£h5S?^3 S££ w1 JSff 1 ® both teams intro- ham’s iargest of tte season, 4,0 

News. 210 Hoaseoarty. 2JS SooIlKni News Extra. UJU mn Brand.] ffnaikiwner allowed Pri«» to , nQtl . ce - above normal. Cambridge, ' 

lother defensive mitted to the t 
mix-up enabled Richardson to average only 5,0007 So neitt 


TYNE TEES 


UM 


s-nalkppnpr allowed Prira» tn nnf TT » . uuuur aoove normal. l^amonagC, i 

tt^bSTnteM^nptiTSL P mitted t0 f he ifl 19 ‘ 

B vjl r.1 X ' Up r enab . led RJcbardson to average only 5,000. So neitt 

Before they had fully re- score from close m really has sufficient support 

How did tte standard of foot- afford both Second Division p 
ill compare with that in tte and facilities. 

Another Borg-Connors battle 


12-30 

Border 

M ■tinea; ■’ Weekend Nwl” 5J5 Gurnoefc 
Way. UO Loolraroimd Monday; SOS 

w'iS; 9 - 20 a - JT1 - T1 « Good Word loOowed to 

SrrZ!r w-M ajn. Border News North East News Headlines- 12*41 pan.i , , _ ... .. - . 

Snnutaary. AH Atom Babies. UO North East News J^Cred from this Setback. Pnce 

LHAINNEL ^ tookarownd. 3J5 power without } Increased lus teams lead, when ball compare with that in 

US pjn, Channel Lunchtime News and Glorj. Ml Generation Scene. +3J5 The 1 
What-a On where. W Tte K LmieJtaKais. 5JLS UiOvennty ChaUmge. 

. MaHnee: - McMUJan and wife. 5J5 - Northern Life. UO police Call 

11^0-11^5 Closedown: Peter university Challenge uo channel News M - 3B Northern Scene. 114)0 Monday Night 
Jeffrey reads “The Last *- iB cirtoonthna. UJS Channel Late '■Straight On Tffl Morning'' 

Joumw," b, Gavin E^art SAtB S5SL- 

Movie: " The Ffin si the Window." TIT CTCD 

* 2 M a-m. Channel Gazette followed by ^ THE CONFRONTATION at the beat a -Semi-fit Bore for thn 1 « . , \ 

Nows and Weather to French. P*m. Londitmie. LOS Sea You f 0 n of. the world game, between Bate Ma«tter>s title inLi have run an indepcndt 

GRAMPIAN Mondar. 2J0 Monday Madnee: ‘The S' ov j De ™'®®° gaw Masters title, to bring his series with a nlav-nff (.vent 

„ „ 5maile« Show on Earth" muring Virginia ^e 21-yea«)ld Swede Bjorn total Of wins to eight in their DalWs rinrlni? CTeni 

ThU y- 12-w o-rn. McKenna, Biu Travers and peter Seilers. Borg, and Jimmy Connors, 25, 11 meetings Ilnce l#n Z. wallas during May, 

jS ™JrE$2l: '5S ^on^ctoS. MSer £1 best o£ f th ®, Americans has Borg, agjf 17. won tte flrat the TVoffserS, 

*"**“« Sidney Jamas. Syiria vision News, tos uusuuaraa and DownI become as fascinating as those y oria Scries also part 

„ ... „ .. — aSuL„„ D . 1 * “^u^eraijy 630 ReDorts. i#3o Two » Hu®, uus rivalries between Laver and 

“Her Se M live y “ S ^ Rwewait, Kramer and Gonzales, 

p?™tt y Jl Sourr° v £y BEa SSJBA SL toUowea by and 0,6 *” He,ens wm ° 

bjo P-m.^AJ^ About uo Dodo. , B ™ e, 5 alJ, * Birthdays. e Af a result of Connors's 6 — 2, 

2-25 Monday Matinee; ‘The Chadwick 1-20 Westward News Headlines. US The G — 4 Semi-final Win yesterday 
Family 1 ; staffing Fred MacMnrray. sjj against New York’s Vitas Geru- 

SSSf 1 la^a.Tn. fSte^iS itS SSSS slowclay of the 

^ UB!-«SS 

rj 1 V. “The Face At The window” . Karri ng 


8 JO tun. Schools Programmes, 
12.00 Noddy. 12J0 P-m. Daisy, 
Daisy. 12*30 Indoor League. LOO 
News plus FT Index. L20 Help! 
1-30 About Britain. 2.00 After 


4£0 Clapperboard. 


lapp 

Flock to a Flyer. 5.15 


3.50 Couples. 

4*45 The ~ 

Pauline's People. 

5.45 News. 

6.00 Thames at G. 

6.40 Help' 

6.45 -Opportunity Knocks! 
7^0 Coronation StreeL 

8.00 Miss Jones and Son. 
8 J0 Personal Report 

9.00 Hmell. 

10.00 News. 

10.30 The Big Film: “ 
Never Sleeps, 


TENNIS 

BY JOHN BARRETT 
BOCA RATON. Jan. 22 


Satan 


repi 

William Holden and Clifton 


mi p.m- Gardening Mr Way. UB Tod Slaughter. 1240 a.m. Faith lor Life 
S WBBt HeadUnet , L25 Repon VADtrcuiDc 

Walea Eeadhnea. 24» Home party. 235 YORKSHIRE 

Sr— HS 9? 1 of Town* 535 Mr. and 12J» pjh. All About Babies. L2B 
West. A22 1 Report Calendar- News. tW5 Monday Film 
The Monday Film: Matinee: "'Back Room Boy” Marring 
■SreKJWjn" Btarrioa Richard Todd Arthur Aakey and Goosle Withers. 5JS 


the Colgate Grand Prix corapt 
J}°n ■— the season-long pair 
linked circuit embracing 
tournaments in some 23 countr 
that was devised originally 
Jack Kramer in 19?0 as 
Establishment weapon 
WCT. 

After eight years of viva* 
'VlJiSj* included fhe banning 
WC J\ players from Wimblec 
in 1971, the two - circuits h; 

perhaps 


as 

to fli 


Webb. 
12.45 a-m. 


Close: 


Florida resort, Boca Raton, JHj* 1 P' a yed In the semi- 
Connors 4nd Borg meet to-day ™® Stockholm Open, 

for the second year running in i „cT a. n are ° ncB niore in m/- 

a. e ia fiM G I £,d i,e S && hk u!s fln ^ ,s “ <»« '■"••-l-a perhaps I 

$125,000 to the winner.’ tt - Championships at PbifedcphiVs lSlt* Th?> !??*** S ,u, S ,y 
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university chauense, uo Calendar | jJJJL ™“* 8^-3, and the World Series nf TanWi^ .l B Packer could veil iearn fr 

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Starring ud Richard Anenbantuph- 
■ HTV Cymra/Wales— AG HTV 

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(SI Stereophonic brtwdast Moral ng^ Concert (SI (VHP oolyl. UO Serendipity. t SJ S WeaiAer, prasranune 
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Edmonds. 940 Simon Bates. 1L31 PeLr ^? luna . (S) , (VHF only). M0 &J0 What Hoi Jeeves. 740 News. 7.05 

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24M Tony Blackburn, fa KWJMMd Psf 0 * P".* S?™**"!** T45 Tte Monday Play: 

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U3S Jan - In 


RACING 

BY DOMINIC WIGAN 


W ° fl - an 


Artifice. Gattorinu Sic 
Mnrleymix, and . Star Perfc 
anre should produce au Intel 
J. or thp S«Wbern . 
tcsi, but Alverton need only 
in a leisurely exhibrimn to 1 
sole opponent Kriipanka m - 
Teesside race. 

Donrel, 


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f further report). 1235 Waswner*' Walk. US Up To Tte Hour; UZ (VHFJ ig 


bar 

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form. 


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b °* to regain w>m 


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Sports Desk. 
Ing. 


** ®- ,art Wcek Whb dJchrNK* 94WUW un. NuAdiie. I fats superiority over thl! assert favourite for the 

733 , Ala® Delti <•» rt<i Dance Band it Irom 9.45). XU.0B News. U»J&- Wiill- Rad in » n ^kiL 5 ver to at smart LUkimta u...di-. 

Days, am The »/b Band Sound (S*. life, mjo Dally SorriST^ *1#4S Mornlny «atUO 


9.02 Htnnphrto Utiekos with Tho Beat Story. H140 News. XU4S Tte Glasion- 194u) ftbd 95JJ VJTF 

s »°ri* D«k* hury Ring. OUO Annou nc e m e nts . 1240 U0 a-m. Graham Dene's Breakfast 
1042 You've Cot To Be Joking. 11130 Newt, 13.02 p.m. YoU jUKt Yours. 1237 Show CS?. 940 Mfchael A«wl 

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One. The Archers. 145 Woman's (S). 7 JO Adrian Xora's open Line (Si. 

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nJMJD Cricket: Third. Ten: Paktatah Nows. 34f .2Utenww rtmatre (S). 4Jf Young's KteM Flight <S), 


. his -previous _ 

tK weather. 740 News. »JH Hmir It from ubi IndnUng 'iduTos 944 Jo&aihao -Klnic fSJ. - U40 Tdnvl 'J. J ate ^ One of the '"host Tmnhw MemoViVl 

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t ■ 1 i • . * i' 1 ..... consisting of 

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, TEEssms 
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1.45— Blewied Boy 
= *— Huh I^d 7 

- — .... — . 


^ ii», 











ach e 


Financial Times Monday January 23 1978 

ew York theatre . - 


I London galleries 


by FRANK LIPSIUS 


■uni 


>oria 


ViLhout being a great play, 
^ succeed* because of Anne 
icroft’s moving and eshilarat- 
per romance as the former 
leli Prime Minister. Based 
Golds Heir's autobiography, 
play was expected from the 
sot to be a great success with 
litional Broadway audiences 
( so could afford the trappings 
a major production. Besides 
irge cast, Go Ida reunites Miss 
tcruft 'with director Arthur 
»it aud playwright William 
■win, all of whom previously 
'bed luscliier on Broadway in 
i lor the Seesaw and The 
acle Worker. 

hese intial assets become a 
id vantage when there is little 
?rest in any of the characters 
Golds. The others are mere 
□ding hoards for her decision. 
<ing and emotiofls. 

he play is centred on the 
n Kippur. War, from the 
nent the Israelis know their 
b neighbours will be attaek- 
them later that same day. 
rounded by cabinet col- 
;ues urging a pre-emptive 
<e. the Prime Minister 
des that . the military 
antage thus gained would in 
way compensate for the loss 
American support which 
M result. Pacing the stage 
i the ever-present, cigarette, 
le up in a simple house dress, 
k black, .high-heeled shoes 
old fashioned stockings 
. ed up over bulging ankles,, 
i Bancroft looks more like 


Golds Meir than anyone' would 
suspect were possible. 

■ Each decisive step in the war 
occasions a cabinet debate. She 
has the final. decision to make — 
a woman arbitrating jam on g top 
advisers with far from unani- 
mous advice. The ultimate ques- 
tion is when will the Americans 
deliver their long-promised aid 
to offset the material being 
shipped to the enemy . by the 
Soviet Union. Gold a- expresses 
consternation at having to make 
a decision,, decides- with some 
reasonable explanation and goes 
back to the activity that fills up 
the long periods while .soldiers 
implement her choice— ruminat- 
ing over her life. 

As in the- cabinet scenes, the 
biographical scenes are organised 
around . Gold a, with aU the 
characters positioned to bring 
out a facet of Golda’s-- person- 
ality, or re-create some.. major 
event in her life. Only -at the 
end of the play, when a cabinet 
minister has a son at the Suez 
fighting zone and. in -another 
scene, Golds recalls a Soldier 
(now dead) do other characters 
take on the depth that . Golda 
has throughout. 

The director, whose ' past 
credits include the film Bonnie 
and Clyde, seems suspiciously 
enamoured of the technique used 
in that film — alternating excit- 
ing and pensive scenes in rapid 
succession. Here the roar of 
planes and - documentary photos 
inject excitement where it might 
otherwise go unregistered— and 


Surrealist 

photography 

by WILLIAM PACKER 




Anne Bancroft as Golda Mehf 


asgow Citizens 


jrins pnSummit Conference^ Panufnik & Curzon 

by MICHAEL COVENEY ’ by DOMINIC GILL 


unmissed. The tension of the war the younger man's taciturnity II II II III M I III I V 

Is broken by the reminiscences, results from a traumatic child- AT O 'XT J 

making chopped liver ' of both hood in Europe, where the rest 

pieces of the play, but lots of of his family was sacrificed to WTY T TAM PACKER 

noise and military hardware can- save him from the Nazis. * ° 

not restore what is ' lost by Similarly, the poignancy of 

attempting too much and ending the other’s cancer explains his Follow-my-leader is the obvious Fischer Fine An (Paul Nash 
ud with too little. gamilouSness and fear of being game for the gallery director to until February 24). Klein, yet 

alone, but such melodramatic play when he has the chance, another American, began as a 
’ . - _.. circumstances are not needed-to which is to say the work, and painter and is now a film-maker; 

Cold Storage is Ronald Rib- bring ^ t0 yfe. They at times very sensible he is to do so: and but his name was made, in the 
man’s play about a brilliant, self- acl ^ a crutch to let the play- thus it is hardly surprising to 1950s as a photographer with a 
educated fruit and vegetable wj-jght exaggerate beyond find London now full of Dada particularly surrealist eye for 
dealer who cannot stop talking, natural limits, when less com- and Surrealism, ancient and Fashion. This show, however. 

When he. talks philosophically, peUing circumstances might modem. These satellite shows, concentrates on his view of 
he is runny; when he talks about have encouraged a more interest- moreover, throw a useful light urban man and the kind oE life 
himself, he is morbid; when he interplay between the charao- on the parent body: for no sur- he leads, a subject that has sus- 
suspecta he is not being listened ters and brought the whole of vey, however scholarly and tamed him over 20 years, in 
to. he becomes i churlish, taunting ae evening to the heights oF in- judicious it is, can ever exhaust many cities, and led him to pro- 
his listener with interruption and terest that so much of it attains its subject The Hayward exhi- du “ a remarkable body of 

Martin Balsam jilays this dlf- Turn Somersaults, the tiring' buf^^stretchefS^lSte hl Paul N M h ' S tSe°lMS a ^rkL ai of 

ficult role entireW in a wheel- two-character play by Aleksei thin in places, with gaps to fill 5?®?. i A ,1,0 ”S^fic^ !at vu. tr.nl 

chair. He is a patient sitting in Arbuzov, appeared last season and points to reinforce. English surrealism. He took 

the hospital roof garden over- as old. World at the Aldwrch in . . , naturally lo the medium. thiok- 

looking New York. He arrived London, with Anthony Ouayle in Photography is an erample, a i n g at first to use it simply as a 
at the hospital six months before ^0 of Rodion which he also med21 ?® deai L t0 , i ,ol 5 move " source of easy, direct reference 
with a tickle in his throat; be in New YoriTlSd Dame men T ts * and acknowledged scnipu- to feed his painting, but instead 

now knows he has incurable peegy Ashcroft in 'the role of Ious ^y the show, but taotalis- he made image after memorable 

cancer. He will not leave the Lydia here taken h- Marl ms]y - ^ * *2 '.works by Atget image, each a work of art in its 

hospital alive. His companion Martin, who ceems no older and Miller and Nash. own righL A portfolio of 25 of 

has just arrived at the same hos- m, less spry than in her days as but n0 MoboIy £*.*?*• no Beaton, them, chosen by John Piper, has 
pital for exploratory surgery, Peter Pan!/ - The American pro- 11 needs 311 to itself; just been published jointly by 

which the Balsam character duction has one grievous mistake ° r , cours ®- 0nly *2* an Fischer, the Tate Gallery and the 
assumes in his cynicism and that undermines the otherwise 3x1181 whos€ reputation dances Nash trustees: I hope to return 
cruelty will lead lo the same in- r0 bust and amusin'' acting of the the *™. ls “ »o it in greater detail soon, 

evitable end for this younger two characters. It seems dear strength as a photographer, and And there are yet more photo- 
man. played stoically by Len from the text of the plav that 1 the wall full of his portraits of graphs in Cityscape.- the Arts 
Cariou. Ouayle 's part as the head of fellows, including an exaui- Council’s cosmopolitan rider to Man Ray: Nancy Cunard, 1925 

The younger man would prefer seaside sanatorium is that of a rite °L- Lee Miller, stops last autumn's Modem Spirit The 

to live with his own thoughts, do typical Russian bureaucrat the visitor in his tracks: at which show has reached London at the make no apology fur plugging it the underlying importance of 
his work or just read a news hiding behind rules and gruff- P° int a ® Arts , Council has end of its tour fat the Royal again. Expressionism, it is good to see 

magazine. Balsam won't let bim. ness. Lydia tells Him a t one thoughtfully supplied a sofa or Academy until March 19). and ai The range or work is very wide Sickert with Hopper. Burra with 

In the second act, we learn that point that he ls like an old two- any other would have a within the limits of its period. Grosz and Beckman. Paul Strand. 

poodle — grumpy but wellf But calmer circumstances leadin S c3aim 0,1 our attention: 1910. to 1929. and important con- Cartier-Bresson. Walker Evans 

trained; early in the play, he is serve his work even better : a but Courbet. Dada. Lasers nectiuns are made across move- and Berenice Abbott with Bill 
aroused to conversation only to small group of his portraits of 311,3 Leonardo, it might too easily ments that are not considered at BrandL And Reginald Marsh is 

grumble at immodest modern- women and some studies of the be over-looked. 1 reviewed it the Hayward: establishing the a delightful minor figure, one 

day fashions, where he endorses nude, mostly from the ’twenties enthusiastically when it opened sympathy between Dada and of several such rightly brought 

the prudery of conventional and thirties, is to he seen at the m Bradford last summer, and Constructivism, fur example, and to light. 

Soviet fashion. Mayor Gallery (until February 

In spite of such lines, he plays 28), and is very impressive. The _ 

the part like an Oxford Don, images are deceptively simple. Festival Hall 

acting the intellectual surgeon almost ordinary: but, whether • 

embarrassed rather than brought softly focused, bleached out, YLjT 1-f * HT* ,i 

out by Miss Martin as a puckish harshly lit or perfectly defined. j\/| o M I 7 n (VI -* -f *\ t L* 

amusing patient Arbuzov wrote they each possess that authority I YI CL I 1 |C| ^ I ll I I I LI I 

a play to show that love corn and singularity that reflect the ^ ^ 

q tiers bureaucracy; in New York true artist's clear and purpose- _ 

that is translated into silliness ful vision. . Twenty years ago, only the Alma Ata: rather he submits ment, where to a jaundiced ear 

conquers intelligence, a message A nuniher of Iandscane and t,nie ? t ., friction of . ?*• musical another entry in the Mahler the crucial gear-changes, notori- 

that reflects the change in venue, ri £ E e i! h^i^ P MiU?r P°P ulalIon — musicians and stakes, its form to be judged by ously diffi * lL were managed 

but at the expense of the plav amateurs alike — would have familiar reference to the current °“ s ,* y 

and playwright. beard or Played in Mahler’s leaders. Perhaps ft is not quite wltJl almost shockingly easy 

As a result, the play has been -JL N3nth Symphony under more true that there are no mysteries assurance. Not a seam showed, 

taken here as a bit of fluff py -iT-il 13,80 00 ® conductor. It is a left in Mahler, but there is and the cumulative force of the 

showing its author in less than monumental vrorL. thm/eh -JSh S S erlnR . impIac * har ? ly room ,eft f0r surprises; music was immense. 

SSS5 arsssara^js 

. ess-, J&art s arSSSsBS ssnBBti*wi 

BUS? AM SStt- JUS ---! S 3 K VfflESl * SB 45 SWSLW 

k 

Elizabeth Hall port wfth the composer, the earlier searchings and griers. Sn^found'hOT^SS to^isolav 

Falls, and a most memorable wealtii of available models sup- That was not true on Thursday; *f nd 06st t0 d,s Pl?y. 

__ r* •• 1 A P Ues ever 7thing he could want to the pulse of that noble threnody 

Dn-nnfVtllr jP r -I of the Great Pyramid. ] ea rn From. And when the night was as natural, and as broadly 

rSTTlJlIlllv rtZl V AlT/Al M Other shows to see in this amves, he is not offering a rare flexible, as if pure instinct 

±. UUUimiV VV/ ZuKJXX . connection are at, the Photo- experience to his audience, not guided it — which was certairtly 

gr?phera G a llery.< William Klein unless he is giving the Ninth its not the case. It was the same ^ ear a E am ^ or 8 * on S t 110 ®- 
Hv TlOMINTP ft T T T Febru8 ry 18). and at first hearing in Medicine Hat or with the towering first move- DAVID MURRAY 


j uidii wuiuu seasiae sanatorium is mat of a rrr*’ - v . --r'V 1 ■r"*' ‘r*'""’ r 

is own thoughts, do typical Russian bureaucrat the visitor m his tracks: at which show has reached London at the make no apology fur plugging it the underlying importance of 

just read a news hiding behind rules and gruff- P° int tte Arts Council has end of its tour (at the Royal again. Expressionism, it is good to see 

Isam won't let bim. ness. Lydia tells him at one thoughtfully supplied a sofa or Academy until March 19). and ai The range or work is very wide Sickert with Hopper. Burra with 

net, we learn that point that he ls like an old two- 8 °y other time would have a within the limits of its period, Grosz and Beckman. Paul Strand. 

poodle — grumpy but wellf But calmer circumstances leadil, S c3aim fln our attention: 1910. to 1929. and important con- Cartier-Bresson. Walker Evans 

trained; early in the play, he is serve his work even better ■ a hut with Courbet - Dada. Lasers nectiuns are made across move- and Berenice Abbott with Bill 

aroused to conversation only to small group of his portraits of 8X1,3 Leonardo, it might too easily ments that are not considered at BrandL And Reginald Marsh is 

grumble at immodest modern- women and some studies of the be overlooked. 1 reviewed it ihe Hayward: establishing the a delightful minor figure, one 

day fashions, where he endorses nude, mostly from the ’twenties enthusiastically when it opened sympathy between Dada and of several such rightly brought 


dliUVOl J 1 VMkt TW U 

mb arrays ed rather than brought softly focused, bleached out, YLgr 1-f 4 -t 

mt by Miss Martin as a puckish harshly lit or perfectly defined. j\/| Q |-% I 7 n (V ( L* 

musing patient Arbuzov wrote they each possess that authority 1 YJ. CL I j 1CI ^ 1 ll I I I LI I 

i play to show that love con- and singularity that reflect the 
iners bureaucracy; in New York true artist's clear and purpose- _ 

hat is translated into silliness ful vision. . Twenty years ago. only the Alma Ata: rather he submits ment, where to a jaundiced ear 

:onquers intelligence, a message A num her of Iandscane and tjnie ^ t . , fr8Ctio ° of . t 11 ® musical another entry in the Mahler the crucial gear-changes, notori- 

hat reflects the change in venue, “w op „«hc h^T^p P Mtn?r P°P ulalion — musicians and stakes, its form to be judged by ously d ifficulL were managed 

tut at the expense of the plav Photographs by Lee Miller amateurs alike - would have familiar reference to the current u an *?!" 


I Elizabeth Hall 




here are three characters make the surprising point that The London premiere in the Wagnerian Nocturne for strings 
» In Robert David while the Fubrer disapproved of Northern Sinfonia’s programme op.40. But the Northern Sin- 
Donald's stimulating new alcohol for the masses, he' did under Christopher Seaman on fonia’s finale, with Clifford 
tical comedy: Eva Braun, not deny it in his private hos- Friday evening was a new Curzon. of Mozart's piano con- 
a Petacoi and an attendant pitality. Four white models — a i’infonio mirtica for chamber certo K491 left some fine, ring- 
ier. The scene is a large, pyramid, a mosque, a fortress orchestra by Andrzej Panufnik ing echoes behind it It was 
key-grey upper room in the and a triumphal arch — convey (b- 1914). ' The misticu is not Cur®m’s easiest most 
in ChanceUery, the year brilliantly a sense of Nazi nower Panufnik's Sixth : and the music relaxed performance . of the C 


ENTERTAINMENT 

GUIDE 

C.C . — Tkcu tlciba accept certain credit 
canto by telephone or at Uie bn otbca 

OPERA & BALLET 


I PB™*-.. B *6 82*3. Mon. to . Thun. . OLA VIC 


e*B*. 8.00. PrL. Sat. 6.1 S and 9-00 
_ OH! CALCUTTA I 

The Nudity b itunnlnB." D. Telegraph. 
8th SENSA TIONAL YEAR. 

ELLE ef LUI. cc. 01-4J7 2610. 
Walker - ! Court. Brewer Street. W.l. 
Twin Nightly B.15 and 10.15 
PAUL RAYMOND presents 
PENETRATION 

An erotic adventure In French porno- 


graphy. 1 Good-looking men aod women Timothy West 

perlorm various permutation* of the — 

sexual act" Evening New*. You may PALACE. 


PROSPECT AT THE OLD VIC 
. Spring season Jan. 16-March 26 
In rep. HAMLET 

ALL FOR LOVE 
SAINT JOAN. . 

. . ANTONY A CLEOPATRA 
Tonight. HAMLET 7M 
Seats available. 

Next Sunday 29th «t 7 JO. 

THE GRAND TOUR With ltla BMf. 
Jo Han Glover. Derek Jacobi and 


928 7616.. THEATRE UPSTAIRS. 730 25 S4. Evgc. 7JR| 


irlontlfv tho intitil meolinn ul “lat, iuii an uva auu LUC »u»» jatio iuiu setuuus. Rcuics winscu ufM i Car next 7 tn r 

, ji-i-vf-jL S.twppS Clara seal, their conspiratorial based on six triads, six melodic soloists and orchestra, one' or two ornSS, “tte^uoS 

l anS SESSS* ZTZ relationship with a ioviig kiss, patterns, six harmonic com- odd. unexpected fluffs. But it TU tt 

r and MussoUm. but the .• ■ jf m 9 - binations. - composed in the had, unfailingly, real movement 

t*. is a potent one. d^Jq b^ on d Hitler's evalua- six - B «t that is really real life: It was made, in every t »e «oy, al ba 

oasters of Europe s fate are y convenient! by the way. The work strikes bar, and even in the less success- The Bream, aImm* 

blonde with noE S ™ „ b % ^ ^ 


7.30 Orphans rH dw UndarworU. 104 
Balcony scan aviitoble day of oerf. 

MVENT GARDEN. CC. 240 1086. 

(Gxdenchirqe cnM« card* 836 6903] 
THE ROYAL BALLET 


drink and smoke In the auditorium. 

FORTUNE. 836 2238. Eva*. 6. Thors. 3. 
Sat. 5.0 and B.O 

Muriel Pan low a* MISS MARPLE In 
AGATHA CHRISTtE‘5 
MURDER AT THE VICARAGE 
Third Groat Yea t 


01-437 6834. 


d away in conference, their a the ear more simply, as two kinds ful bars, with the imagination, ETVSfflEi iS3ST : * M ' 7 ' 30 

ctive mis tresses discuss the h ^ 1U1 n ? 1 . of music, variously elaborated, close focus, finesse and quiet ’ Th _ 

1 as they see it, the Holly- her ears, it i. rase alternated times : the one. radiance which infonns all of 7 sl£»S E SFP.sS'm 


Otm Country. GARRICK THEATRE. 


01-836 4601. 


Man^Thur. B.OO. Frf„ Sat. 6.00 and B^O 
JESUS CHRIST SUPERSTAR 

PHOENIX. 01-836 8811. 

Evgs. 8.0. Mat. Wed. 3.0- Sat. Pert*. 
4.30 and 8.00. 

KEITH PENELOPE 

MICKELL __ KEITH 

NIGEL STOCK 

JUNE JAGO. ROY DOTH ICE 


A Frf. 7.30 Fvs- B.O. Wed. MaL 3-0. SaL 5.15 A BJO I In the CMchestar Festwal Ttiwtre's 


JILL MARTIN. JULIA SUTTON 
DAVID FIRTH and ROBIN RAY 

‘ » fash ^.“ti,e“rofe t0 BCe Ann Mitchell — SZ'JSEt ESS Sfc SbShlSriS WfflfB ent! 

’men and. their own sltua- X'dalmSteTaredone^mme tannwtafc heavily was not the first or the hurt move- ■ BUgTBW 

as *' re-o people who are not sweetened with the added sixth, ment. but the wonderful. jSLSSi : ”«> three times.- s. names. nyt| 

to functions." Sion? ^S wTaSSS ^I flSE ” orft . u “ n a little to luminous Larghetto-^ublimely i Fri?* 1 *?? [globe. CC. 01-437 1592. Even mas 8.15. 

i play splits clearly into Ouce. she and Clara have humir sh^^rky^fiCTraHnns "tnw^ corap ^ ex ' in^ubm^^iiwL^w, 7 . 30 . Mat. 

sections: the first act is Bated the guard, Mr. Cooper Dmclessly Md * pE^ M Thu” t *^U >m FS ‘ donk^tPvt gw 

ed to the argument, the delivers a memorable speech that — — - i£?i M r^,Pri E v L v<ir 

d to a demonstration in both outlines his antecedence as until thereiigicwo music returns. theatres l« f2£. 


S!”-. 2. 30_.T«mtght tpmor. W«d HJWLsl 
Fhabn. Thura. until Fab. 1 InHallia 


the young soldier, played a German Jew of Polish origin | <.1 «,_* far a minutes j- 

iark and moving solemnity and strikes at the heart of N^M^iefly that In the final section, 
ny Cooper (well. Eva does, ideology . In every country, panufnik combines the two types 
,«.» end of the play, reveal someone within its frontiers 1* t 0 give an illusion of a stretfo. 


THEATRES 


IB the SECOND YEAR of 
DONKEY’S YEARS 
_ by MICHAEL FRAYN 
The Best Comedy of me Year 
Lett 4 weeks. Ends Feb. IB. 


uroductlan of 
THE APPLE CART 
Bv Bernard Shaw 

"Outstanding revtvsl of buoyant Shiw.“ 
Dally Telegraph 

Directed bv PATRICK GARLAND 
Last week. Must end Sat. 

PHOENIX. 01-835 8911. 

Opening March 1 
FRANK FINLAY In 
The Leslie Brlciats* Musical 
KINGS AND CLOWNS 
Reduced price previews from Feb. 16. 


PICCADILLY. 437 4506. Credit card taka. Senior Cits. Half orlce except Sat. 2 and 
836 3962 lEx. Sat-). Mon. to Frl. 8.00. 5. Pay at door* Enoulrles 902 1234. 

Sat. 5. is. B.30. Wed. 3.00. Spacious car park. 

LAST WEEK _ , 

ROYAL ^AK^^ARE COMPANY In WESTMINSTER THEATRE CC 01-834 0283 


Crucible Theatre. Sheffield, ht 
SAYS I. SAYS HE 
_ " .hr Ron Hutchinson. 

Not since ’The Hostaga' have I 
seen an Irish plav that has given an* 
such undiluted pleasure." Gdn. 

VAUDEVILLE. B36 9980. EVOS. at B. 
Mats. Tubs. Z.4S. Sets. 5 and (L 
Dinah Sheridan, Dulcle Gray, 

E, 2"Su^rs et iNi»i^s >uc 

THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
" Re-enter Agatha with another who-, 
dimnlt hit Agatha Christie Is stalk-. 
Inp the West End yet again with another. 
at her fiendishly Ingenious murder 
mysteries." Felix Barker, Ev. News. 

VICTORIA PALACE. 01-834 1317. 
Evgs. 7.30. Mats. Wed. and Sat. 2-30. 
BASIL BRUSH’S NEW REVUE 
BOOM BOOM BERT WEE DON . 
BOBBY CRUSH AND STAR CO. 

"A true family show.” D. Tel. 

Last week. Must end Sat 

WAREHOUSE. Donmar Theatre. 836 6609. 
Royal Shakes nea re Company. No pert. 
»n't Tumor. 8.00 Charles Wood’s 
°INGO. ’■Brilliant" Guardian. All seals 
El .50. Adv. Bkgs. AldwyCh. 

WEMBLEY EMPIRE POOL until Feb. 25. 
LAVISH PANTOMIME 
HUMPTY DUMPTY 

"Sheer sparkling spectacle." D. Tai. 
Men. to Frl, 7.45. Mats. Wad.. Thun., 
at 3. Sate, at 2. 5 and 8. Cfalkfrmt and 
Senior Cits, half orice except Sat 2 and 
5. Pay at doors Enoolrles 902 1234. 
Spacious car park. 


Uii 


RAUCOUSLY FUNNY 
18 th-century comedy 
WILD OATS 


THE MUSICAL MUSICAL ___ 

■ r n MAYMARKET. 


PICCADILLY. 437 


ghoul, be retains a calm -Sflf.': f t- ,vl' nff-CDlour Strauss. But no harm, certs at which Vladimir 3 **jk '“3o s * t ^ts. M 4jD r, a 0 d' 4 a' 

•uriously modern dignity. SS? ut Jf U ^ n c0 Vn?pi*St killing doue ; aft€ J Sinfonia mistica Ashkenazy, and the Scottish a ^ousAND TiMK VeLcOME 1 is 
mimuai. seeds . oi._ an efllcient killing w „ trooned off for th* int prra I W«rinn,l. (Trriioctra o'n> nlsvlnr I — 


pp resents the “persecut- ^: tio « 
linority ” that Eva. rabidly 


we trooped off for the interval National Orchestra are playing 
happy as bjrds. The great virtue all- the Beethoven piano con- 


^TvER^HING/’M^SSISm. “glr OD^rRv! aSd Wrf "J? 2 . mSS^HTV MS 3 8.13. Wed-3 

INSTANT CONFIRMED CREDIT^ CARD OpSuTjan^s: T^O^Suta - enS- Sm'. 18 Frt - at r Zl~, Bor fi Shakeipo*re 

....m T ’"- sns“<t a 2 fc.: ° k^!jS ii..a ■ assn, “™, m, 

Thun. man. 4.30. S*ts. 4 JO end 8. ****** DOR'S FRANCU “HUGELY ENTERTAINING EXTRAVA- 

A THOUSAND TIMES WELCOME IS CODFRJ£rY CUKA GANZA . . . UPROAR KNOWS NO 

LIONEL BART'S w _„__ unnM BOUNOS." S. ThneS- 

MIRACULOUS MUSgAL. Fin. Tin*. WAT £ t \.°C. H&W 

-ROY HUDEPS «»S5d NOW BOOKING PR.NCEOFWALfiS.__ CC.^ 01-930 B681. 


fiJSSI EV9L 8.00 Mat. Thurs. 3.0 5»t. S.D A B.B 

Tickets El JO to £4 00 . 

OAIS PAUL JONES In 

rT , . DRAKE’S DREAM 

4506 From 2 Feb-. England’s Greatest Muskaf Adventure. 
AS A 8.1 3. Wed. 3 “Exciting." Fin. Time*. “Many Merry 

Biwat OukKiMin- Rrfralnc 1 ' F. Mm ■' HmvIiu Vlnnrn- 


k ™ OU 5 ^ , 0 D Ne T L l ^RI^^ OME * 
MIRACULOUS Tlmea. 


BEST COMEDY OF THE YEAR 
PRIVATES ON PARADE 
bv Peter Nichols. 

‘HUGELY ENTERTAINING EXTRAVA- 


BOUNOS." S. Time*. 


UPROAR KNOWS NO the Century.' 


Refrains. E. News. Bouncing Vtoour.’’ 
E. Standard. 

WHITEHALL. 01-930 6602-7768. Open 
Mon. Feb. 13 Eras. 8.30. Sat. 6.43 * 
9.0. The Sensational Sex Revue of 


SSiift recommends Clara rekos at the Usher HaTC^in- s.^ -- — ^ — 

1 for Italy by to-morrow At ^ a0d ^ ax * mU ' SS&h^“'&“ 1 ; ffl ’ -btiffi 


DEEP THROAT 

Now Lira on Stage. Book Now. Llml- 


sorrow * lusci0 ^y khanate and extra- qi fick to hear; qSick ta for^t GI^Sw. ‘ ^ ^ aBWftiff:. .'WBoffWSS rZS&Zir 

T' , . F v A ^ P 1 P»f «■ B y the end of the ® pngranw ^ 'Mudea 78 « 11 “ 

te is plenty of cut and resigned to her function as a Interval, memories were already music by Berg, Schoenberg and now booking through 197a. ■■ rattiga^^e^s ^ m aster y.- 
m the dialogue; it Is like pubhc whore and yet wears fading fast Webern ai^wycm. bx mm. m. aac assz. s-TT^A^wgri^dw™." e.nljmslyns 

ng fallen .-tnoeb played black not because she is m . . _ . . „ W SwSnazv wiD ulay Beet- SHAKE ^SSJ* COMPAN ^ ln johns puw brHiiantiv.-- d.t. 

He Davis and Myra a Loy. mourning for her life but Two of- the evenings three ctmcertai No * v 7*5' «S= her majesty’s, cc. 01.930 beos. 

wrxniigdsn Houuti. bPPRiMA it -m chic. The writinG other performances were not no ^ eT1 8 x'mno L^mcertos nos. - wk* „ c £EHT t fSJ L. J? 


dcHoht." D. Tel. OLIVER RETURNS 
TRIUMPHANTLY ■ . . CONSIDER YOUR- 
SELF LUCKY TO BE -ABLE TO SEE IT 

AGAIN.” DlV. Mirror. 

NOW BOOKING THROUGH 1978. ' 

ALDWYCH. 836 MD4. ln«. B36 5332. 
ROYAL SHAKESPEA4W COMPANY In 
repertoire 


PRINCE OF WALES. CC. 01-930 B 68 J. ' 2 week season orior to 

Moo. to Fri. 8 . Sats. 5.30 and 8.45. World Tour. 

Mm. Thursday at 3.00. ———77 — 

"THE STAGE IS AOLOW." WINDMILL THEATRE. CC. 447 6312. 

Dally Telegraph. Twire Nightly at 8-00 and id. 00 . 

RICHARD BECKINSALE OPEN SUNDAYS 6.00 and 8.00. 

In _ PAUL RAYMOND present* 

I LOVE MY WIFE _ RIF OFF 

"HILARIOUS COMEDY MUSICAL," Sun. THE EROTIC EXPERIENCE OF TH« . 

Directed by Gene Saks with ■■ Boundtul MODERN ERA 

Invention and wtt.” Financial Timas. " Takes to unprecedented limit* what to 


WINDMILL THEATRE. CC. 447 6312. 
Twlre Nightly at 8.00 and 10 . 00 . 
OPEN SUNDAYS 6.00 Sttd 8.00. 
PAUL RAYMOND present* 

„ RIP OFF 

THE .EROTIC EXPERIENCE OF TH9 . 
’ MODERN ERA 
“ Take* to unprecedented limits what to 


ni seuee. an uiwiase ouur. . - V , itV > 7 w , j r r Gary Bprtini 

ritb the wall, that travels irresistible exercise in style. This certo for oboe and violin; and a 
1 heisbf or the scenery and extraordinary theatre's hot 1 somewhat shapeless reading of - ™ 

-ored cocktail cabinet to streak shows no sign of cooling; Dvorak’s early, magically 1 5 aaaoc i* 


31 and Feb- way op the world. Fim night Fri. 

31111 7.00. With. A MIDS U MMER NIGHTS ■„ 

(Emperor) on dream <n«t pgti, « j«nj. rsc aim 

Mndiiirful hv d THE WAREHOUSE Bee trader Wl 
conducted, by *nd at Piccadilly and Savoy Theatres. 


p WB ’ INSTANT CONFIRMED CREDIT CARD Permissible on our stages.-' tra. Nnn, 

tTY’S. CC 01-930 6606- BOOKINGS ON 01-930 0B46. You may drink and enwke In the ■ 

Hoeivlpg March 26 ' - 111 1 -- 1 111 Auditorium. 

rioisSf «S R Omrh!mv New lev’s C ^v|*. N ri?0. T S^^Sr 8.30. MaL^Wed? 3^0.’ w O rK iS KA ®i« JHfi, 3D2B -, Credit . ani 


Leslie Bricuflse and AMhpny N e 
TRAVELLING MUSIC SHOW 
Previews from March 16. 


FINANCIAL TIMES 


BRACKEN HOUSE. 10, CANNON' STREET. LONDON EC4P 4BT 
Telex: Editorial 886341/2, 883897 Advertisements: 885033 Telegrams; Fhiantizno, London PS4 

Telephone: 01-243 8000 

For Share Index and Business News Summary, in London, Birmingham, 

I* InTorpool and .Manchester, Tel: 24S 8020 

e ,^{1 INTERNATIONAL AND BRITISH OFFICES . 

MH’ editorial omcES 

* “ B (ret Ingham: George Hoo.se. George Road. Manchester: Queens House, Oorev Street. 

„ Telex 338650 Tel: 031-154 0922 Telex 666813 Tel: 061-834 SCSI 

Boon: Presshaus D/1W HeussaUeu 2-10 New York: 75 Rockefeller Ptara. N.Ys 10019. 
w Telex 8869342 Tel: 210039 Telex 66390 Tel: (212) Ml 4655 

Brussels: 39 Rue Ducale. Paris: 36 Rue du.Sentnrf. 75002. 

„ Teles 33283 Tel: 512-9037 ■ • Telex *20044 TeJ: «6LS74S; • 

Cairo: P.o. Roe 2040. Rome: Via della Mereede 55. 

, Tel: 038510 Telex 61032 Tel: 678 3314 

Dublin: 8 l’lczu-itllatn Square. Stockholm: c/o Svenska Dagbladel. Raalambs- 

„ Telex 5414 Tel: 785321 vagen 7. Telex 17603 Tet 50 60.88 

Emnburgh: 37 George Street. Tehran: P«0. Bos U-I879 . - 

M Telex 72481 Tel: 081-226 4120 Telex 212634 Tel: 682888 . . 

Frankfurt: 1m Sachsenlafter 13. * Tokyo; 8th Floor, Nihon Ketef Shlmbnn 

: Telex 4162C3 Tel: 355730 Building. 1-9-5 Otemadri. Chiyoda-ku, 

Jfthannesburci P.O. Box 2128. Telex J 27104 Tel: 241 2920; ■ 

.Telex 8-6257 Tel: 838-7545 Washington: Second Floor. UH5 E. Street 

Madrid: Esproudceda 31 Madrid 3- N.W^ Washington D.C. 80004 

Tel: 441 CT72 Telex 4402S3 Tel: (302) 347 8676 

ADVERTISEMENT OFFICES 

Birmingham: George House, Georse Road. Manrtiesten Qneens t to use. Queen Street ; 

■— Telex 338650 Tel: 021-454 0922 . Telex 666813 Tel: 061-834 9381 - 

tdlnhnrgti: 37 Geotge Street. New York: 75 Rockefeller Blare. N.Y. 1001B- 

• Telex 734M Tel: 031 236 4)39 Telex 423025 Tel; (212) 489 8300 . 

■Frankfurt: Im Sach>enlaEer lj. Paris: 36 Rue du Setttier. 75002. 

: T Telex 16363 Tel: 534667 ' Telex 220044 Tel: 23628.01 

. Leeds: Permanent House, llie Headrow. * Tokyo: Rasakhara Bui Wins. 1-6-1Q L'ehlkand*.. 

• _ Tel: 0532 454969 ! . . / . Chiyoda-ku. Telex J 2HQ4 Tel: 295 4050 

", SUBSCRIPTIONS ' : : I’..;. . V - 

topics obtainable from" newsagents and bookstalls worldwtde or on regular subscription 
from Subscription. Department. Fiti ancial Times. London. • 


maeicallv Gulf’s association with the SNO. ** s«b agmiuY* : i« memoir 
■ ’ Both the 197B77 _ and 1977-78 .-9*^ T b «£‘ 'ft'oS!®- e. im 

concert seasons in Aberdeen stwtont f 1 

have been sponsored by Gulf. “VS I5S. 3 b S- gS' 

In addition . to the Beethoven --donald sinde'n is superb." now.' 
cycle, 197S will also see the ^hnk^of 1 bu&amd 0 

release by RCA of a Gulf- '^'SffiSKDKSJSTb TSSj- 
sponsored recording of music by 

«4 the Danish composer Carl tom stqppard-s 

Nielsen. "HiNrimn . . D ! *** IL^Sundw TkM*. 


AMBASSADORS. 01-856 1171. KING’S MAD THEATRE. 3S2 7588. 

Era*. 8 . 0 . M*U. Tue*. 3. Saw. 5. Moo. TO Thun. 9.0. Fri;. JML 9 JO. 
SIOBHAN MCMNMA THE ROCKY HORROJ SMOW 

u Sarah Berilllarat In MEMOIR NOW IN ITS 5th ROCKING YEAR 

With Ml ALL BUGGY — ZZ ~ ZZZ . 7 

’■Perfect. A wnq rt Muntph." E. New*. LONDON PALLADIUM. CC. 437 7373. 


BTVk D.U. Mb 9 .W. OiJJi ™.U -- CTL J.U. 

ALEC GUINNESS In 
THE OLD COUNTRY 
A New Plav bv ALAN BENNETT. 

„ Dlr *BEsV 

Play* and Players London critic* award. 


booking 838 3692 lex. S*L 1 . Mon^ 
Thurs. 8 . Fri. and. Sat. 5 IF and 8.30,' 
... "ENORMOUSLY RICH - 

VERY FUNNY." Evening News. 
Miry O’Malley's xmanh-hlt comedy 
ONCE A CATHOLIC 


the most ratable theatrical I ’■ Surefire comedy on tex and religion." 


events In this country for a good many 
years.” B. Levin. Sunday Time*. 


SMUT YOUR - EVES- AND 
THINK OF ENGLAND 
’■WICKEDLY roNNY." TTtneC. 
" SPELLBINDING." ■ D. Mall. 


Eras- 7.30. Mats.- Weds, and Sats. 2-45- 

o 25 0NLY 

Id The Fnlry Tala M orical 

INSTANT , COIW«MBD CREDIT CARD 
BOOKINGS ON 01-734 8981. I 


Dally Telagranh. 

MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


RAYMOND REVUUAR. CC. 01-734 1593 — — ~ " — — 

At 7 ML 9 ML J 1 pjn. (open Sun.) YOUNG VIC (near Old Vkl. 928 8363. 
PAUL RAYMOND presents Ton i- 7.40 THE IMPORTANCE O* 

THE FESTIVAL OF BEING ERNEST exeats 90 dJ. 

Fully AIR CONDITIONED. You may — - 1 ■ 

drink and smoke In the auditorium, nucule 


Se Vaniih composer Carl ™ ™ ea t^ &****&"" Zl ^ 

lielsen. "Hilarious . . D .' *** n.“*5undgy Times. 

Monday 16 ThwTdav BJp. Friday and 

Saturday at 7JW »nd 9.15. 

ASTORIA. Charind X Rd. 01-734 4291 
or 01-734 4292, Nearest Tube Tocteft- 
n . . - . ■ ham Court Road. Mofu-Thur*. a.OO. 

Poetry competition b - 45 - 

The Enslish Association nckats ct.so-es^o. i mour credit cam 
is to hold one of ite rare poetry 

competitions. Dannie Abse IS to ««er show— ^rakawe In advance, 
be the adjudicator; the competi- “Irt H cHo m . apoeal'ng. JodNstamalng and 
tion will be open and prizes to “ v ' a ^?i s 
the value of £85 will be awarded. l£- “ l zltS 

As a variation from recent wra and 1 son. tn. 

competitions, there will be a set - st« S crinn -ffijtira/* Tim®. 

1 • . " Performed with a ve nrg ra re In British 

Particulars of entry may be mutieai*. ti» snow inanuv mg 


ROUNDHOUSE. 


LONDON PALLADIUM. 01-4X7 7373. BRITISH PREMIERE OF 

MARCH 2 Stb ONE WEEK ONLY Victor Hugo’s LES BUR GRAVES 

MI SS Presented by Le 1> t«tr e dea Quarters 

GINGER ROGERS d'lvry. TOfi'L 7 SllM. IH. Ulltfl SaL 

ji± ■ _ ■ 

a ^ m K l So s /PI^ ent -'-sara ». ^ ^ —■ 

WSFWMg Z & . . 5U “: JSfc 8 p^I %, fl M - 

LONDON RgLLADmM.CC. 01-137 7X73. 


... CINEMAS 

267 2564. ABC 18 2. SHAFTESBURY AVE. 838 


8861. SCO. Perl*. ALL SEATS BKBLE. 
1. THE GAUNTLET (XI. Wk. A Son. 
Z.OO. 5.00. B.OO. 


d'lvry. TOfi'L 7 Suto. m. untfl SaL 2 . ONE ON ONE (A). Wk. A Sun. 2.00, 


CAMDEN PLAZA. Oop Camden Town Tube 
*85 . 2443. Tayiants* PADRE PAD- 
RONE OO. Grand Prize Cannes 77. 
“ 4th MONTH!" 4.05, fi„3S. B.50. 


FOR A SUMMER SEASON 
THE TWO RONNIES 
BOOK NOW TBp* tre and Aggnte. 


See also Theatre UpMnlr*. 


BOOK NOW mu re anu «gen™. » ■ u- 01-405 BOO*. 1 , ONE ON ONE (A). Progs, 1.45. JJS 

i^^oi^iHL.d.w. ^ tigf- PJB * ca *^ ,a 

Mats. Tligra.. 3.0. Sjjfc 5.0 and BJO. , London * critic*. vote_ 2 .TMt uiniucpiarr ui tn. >m. 


CIASS1C I. a, 3. 4. Oxford St. (Oop,. 
Tottenham Court Rd. Tubal. 636 0310, 
1, ONE ON ONE (A). Progs. 1.45. US. 


u Mivuner up in it, cameo 

BY ft- &*- **** -?**ap 

ra and spertjpew !L ■ Son. Tti, 


obtained by sending a stamped 


aod'ence dancing,. In Ihe aisles- This — 

• Elri* ' l* marvellon*. Sunday Express. MAYFAIR. 


JOAN PLOWRIGHT 
COLIN BLAKELY 
and Patricia Ifovac In 
F1LUMENA • 
bv Eduardo dc Filin po 
■ Directed by FRANCO ZEFFIRELLI 
“ TOTAL TRIUMPH." □. Mir. "AN 
EVENT TO TREASURE/* D. Mir. *’ MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times. 


• London'* critic*. vote 

BUBBLING BROWN SUGAR 
, , Best musical of 1977 

TN- Bfcgs. accepted. Major credit cants. 


and addressed envelope to the 1 cambrioge. cc oj-sm’ esos. mm. to 


Secretary: The English Associa- 
tion. 1 Priory Gardens, London 
W4 ITT, 


Thura. B.OO. Fri.. SaL 54$, 8JI0 
IP1 TOMBl 

Seat price* £2.00 and esjkj. 
Dinner and tflp-Prtw Mt »JS Inc. 


ManrheRten Qneens House. Queen Street ; 

Telex 666812 Tel: 061-824 938L - 

New York: 75 Rockefeller Elare. N.Y. 10019. 

Telex 423025 Tel; (212) 489 8300 . 

Paris: 36 Rue dn Sen tier. 75002. 

' Telex 220044 Tel: 236.88.01 
Tokyo: Ka&akJura BuiMinji. 14-10 L'ehlkand*.. 
Chiyoda-ku- Telex J 3TI04 Tel: 395 4050 


Swedes at NFT 


CRITERION. CC. I'-fil^SO 3216. 
EranlPB* • L S -^ |e S iSi | 8 L ^Th»ra. ML 

" imwccabiy . . ■ J! UKSS* 1 -’' Sun. Tim**, 
in sextet • - 

HILARIOUSLY fUNNY,” w. g] World. 


Opens Tues„ Feb. 7 it 7.0. 

BENJAMIN FRANKLIN 
by Steve j. Spear* _ 
trageoixsfv funny ... . Pro 
_ pioyfog.’’ Variety. 
Previews team Feb. Isl 



2. THE HIDING PLACE (A). Sen. Pert*.-- 
200 . 5. DO B.OO. Late Shaw 11 Mn. Elvfe 
Presley SPEEDWAY (U>. 

1. EAST OF ELEPHANT ROCK CAA).' 
Prog*. 1.55. 4.10. BJS. S JO 10.59, 
L WEffiBS (4). Prgs, 1.00 IM. 5.00. 
7.00 9.00. Late show every night 11 p.m. ■ 

CUREON. Cvraon Street W.l. 499 3737. ’ 
PARDON MON AFFAIRE (X). (English 

^Direct ed with (mw by Yres 
Robert." Sunday Express. Progs, at 2.00 - 
, Swi-f- « 0a. 9.15 and S^Sti. 


MERMAID. 248 7flSB.„ Rwrt. 248 2B3S. 
O^ThurL 3410. | Mon.-SaX. 8 15- Mat- Wed._* Sat. B.30 
DAVY ' 


Mat. wed. & Sat. 8.30 


Y JONES. MICKY DOLENZ 

M ^ V pgf^° N ' S 


Dt raw- Theatre ticket £5.95. 


•* HILARIOUSLY fU""T,. w, p} World. “A dozen delightfu l sang* whic h Unger 

Film-makers ana represents- brury uhl o?-^b»ob ■ e «2 st*r J ‘“dl h iin cn< T? < z5“ 

tires of th^ Swedish FUm Insti- alaM 8 00 5 * M St. s.oa™ w “- oiraer-rbeat^ ticket ta.95. 

rote are risltma L ondon Jor the *• voted ATfiBUSTor i97o." W«.. iobL V*tSS: 
National Film Theatre s Swedish 0 r ~ vngvs, cc. 7.sos wed. 2.30 & 7 jo. l*h pen*. 

W«3t opening^ 00 Monday IWSKSESKJSi.jIS’gffii.. t««. 

January 23. Eight . features -will man Phillips a romor. 7-*a the guardsman by 

bo premiered and Susan Hamp. ^SP^u.uSB. . *S?T 

shire and Robert Farrant will be . spine chiller i5«52S3rki? u ^ v,nwer 80,8 by . JohB 

•present tO him>duce films in , rJ] iS* ci ?, M«py weelMkTt cheap seals all 3 Hiaelra* 

Wch.they star. £SS?.S*SwSHt 7SF&SL ■ VSkSSEh m 


A CHOJUra MNE NATIONAL THEATRE. 928 2252. - 

“VOTED. B EST MUSICAL OF 1978." OLIVIER, (open itaael. Twit. & Tomy. BT. MARTIN’S. CC. B 3 fi 1443. Evy*. B.OO. 


— LMf/wr* 1 * «riU4RE THEATRE (930 52S21 

euap. ni ie. STAR WARS flJ). Sep. prog*. DIy. 2.Q0. 

AN INSPECTOR rtl|t MRIUT FERFS. HURRY 1 

by J. B. Priectley, ^ ■ 

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THE WORLD’S GREATEST — 

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FINANQA1TEVDES 


BRACKEN HOUSE, CANNON STREET. LONDON ECU’ 4BT 
Telegrams: Ffcumtimo. London PS4. Telia: 886341/}, 883897 
Telephone; Ot-248 woo 


The oil majors may be sowing the seed of future 
problems as they try to deal with their 
present difficulties. Ray Dafter reports. 


Financial Times Jtfondar January 23 197S 


Monday January 23 T97S 


Tokyo Round 


A glut of oil 


in top gear 


in 


WELL OVER four years since reluctant to embrace the prin- 

they were officially opened in ciple of big new tariff cuts two — -- . 

Tokyo, the latest round of world months before crucial general . • • The Amoco refinery at Milford, 

trade negotiations in GATT are elections, and traditionally free- r-jnHE ^5 AD results of the shutting down the entire UJC ing that refineries would be . 

finally moving into top gear, trading Bntaui is showing I west German subsidiaries oil refinery industry— such is shut unless prices were .. _ ^ <nohis . thP EM1 « r ai surplus of primary 

The decisive final phase of the similar reservations. A of British Petroleum and the measure of the problem- But increased and market conditions capacity there to 14m. viable, the bigger, moro sopn .. .... tjt>n M na C hy. companies 

talks opens in Geneva to-day If Governments such as these shell published in the past week stopping expansion projects and improved. The .accumulated tonnes a year.. . Heated complexes- capaoio % nnp ratine their cmktnc 

with the tabling of the Araeri- are to be able to accept tariff have pointed again at the closing old plants (in some cases industry losses on oil sales by The same is happening else- Producing m “ ch h rn , 01 ? e „ er un j t , c i lw l(1 optimum levels! 


Western Europe 




o^tiie^obiwn. But increase^and market renditions capacity there to J4B*. riaMe. ll £j!S£x<cL ^capabl^of d^tiflaSion 1 cavity, 'rempanS 
mansion projects and improved. The . accumulated tonnes a year. . . ticated complexes. capabUs of a»on c.pav j 


— the U.S., the EEC and Japan. safeguard mechanisms to pro- (about £31m.) last year, almost Mr. Anthony Wedgwood A good deal of. refinery it has shut down a. 2.5m. tonnes -produce more high-value pro- . , rh lighter product*' 

Fniiourin** the T,T-*.«ntatrnn nf tect sectors with genuine ETiev- of 1Q-7R h« 1 A«hu : anrf in facina the chal- pmaww»* W' f 


Following the presentation of tect sectors with genuine gnev- double the deficit of 1976. Benn. Britain’s Energy Secre- capacity has been taken out of a year plant- at Ambes. fnGer* ducts and in facing the chal- thp rfpmarul for which is holding 
the Community and Japanese ances. The suggestion that stfe- Deutsche Shell suffered an even tary. is one who will probably service already, probably over many Mr. .Wolfgang Oehme. lenge of rising imjwrts xiius- stwmcW than fox the \ 

offers last week, all the most guards ought to be applicable greater setback: it lost DM400m. oppose such 2 broad brush solu- 10 per cent in Europe as a chairman of Esso AG said that trttes two other factors it refinery output. -j ii 

nrric ar -o SPlprflVplv afiainst the WOTSt f-V-v.,*- £ 1 M« \ S*m -.11 ■ a, .a. *- : a i V,.mnoan r*»MflPrV OOllClCS rCSC iLilliriJf . ... k* 


important negotiating cards are selectively against the worst (about flOOm.) 
now on the table. offenders is a sensible one. The business as t 


sn 2 A JS ***** sjst s - r 


Protectionism 


L|„ -t ..j — fUUHViw Uiy ci.uiiuiiiiv »»**vv»vu. u/.jr-rr-. r'lC I TIC! tfiPlIlLlOS ■ni (in i 

Bu^lt must be ^bti^elfthft .. T ^ e fig Ff 8 the con- ducts, a view supported by trade recession and energy conserra- closures. The future .of plants . * To take the first point, the ™ a m? Anri what happens if J I I 


The success of the Tokyo ^ it must be , MIIMU Umting “SST ofoU SS due* lv 

Round, however, is stall far from * *■? .,. 0 ^ -.«fi severe production overcapacity the Association of Scientific, 

assured- The climax of the djjced “tense competition in the Technical and Managerial Staff 
negotiations comes at a time and under the closest super- market p i ace . They will also — and by /the chemical 
when the prevailing inter- ■ . . . tn reinforce the EEC Commission’s Economic Development Com- 

national trend i_s_ towards pr^ .***$ renewed attempt to bring more mit tee. Far. from closing 


. — . . — . — - . _ll ALLCUiU( IU UiUlK Ull/lC Hill ICC. C <i. ITOin C 1051 IIR 

tectioniSm rather than trade Iose S| 8nt of all the other 1 m- ord _ r to The indust rv bv refineries the RrtHsh rinvem 

liberalisation. It is not just that Qt ^ e ® e a ° tt encouraging a cut-ba:ck in the ment i s supporting, often with Capacity 

vulnerable mdusfr.es and those tions, such as new codes of economic aid, moro than £lbn. 


REFINERY UTIUSATION 

(barrels a day) '.• 


vulnerable industries and those vm such as new cooes oi , refining opacity. economic aid, more’ than £lbn. 

employed in them are screaming Shrugging ^ off repeated worth of rkne£ expansicS 

for protective action by taelr technmid st^dards. cus- rebufffi from m Energy ^ modernisation. Much of 


’ r T - ~ — - tnm« mTnafinn and imnnrt cncr&r «uiu muuMuisauou. nuen OI 

Governments. Many Govern- toauriurtm ^ nti on P S knitters last year, the Com- this money is being spent on 
meats have gone some way ! * . 1; mission will uresent a new tineradmn faciliHa* tn nrndunn 


U.S. 

16.45m. 

% 

85 

84 


W. Europe* 
IMlm. 
% 

72 

» 


UJC 4< - V/, Germany 


SSSds rtelffi? to- tbS port subsidies, counter-railing »*■*« ******* facilities to produce Wi« 

towards yielding to tnese H , , who ._ formula to the planned Energy lighter, more Valuable products. Q2 

, “ternatiomti S^mt^ b^eS The Tofcro CduucU meeting in March. The although there are at least two q 3 

steel trade is being organised of non-tanff Darners, rne l nKyn r.ovem- new nHm»rv dictHi.t,-^ zt 


to restrain the fuU ^ STinindS {TbST. M -S****ttS^ = 2 2 ^ ^ 

I^C m Ua 5 im^?toSh new frLe^ork for .the conduct ^ Iiog / > ^f lT J5* n ® w C Sf t f u0 ' P etro ^ um ^. «P°rt refinery at l? 77 Q1 87 83 U i& f * 7 75 52 i nd lh J 

Si on ^SS Jes T25UE of world trade throughout the tlw ■»« by taking less efficient Cromarty Firth and Occidental’s Q2 88 78 58 . « 62 62 47 • down u 

while Si round the^ world ne3rt decade and beyond. refineries out of service. partly -built unit on Canvey Q3 90 78 n/a 59' 66 68 47 . 

wniie aii round me worm Under pressure from five Island in the Thames Estuary. . Tn . 1 

individual Governments are in- » major European oil companies (This expansion is going ahead * »>«*•. notr. Nthrrft**. St»i*. u.k.. w. Cmmonf. . snna: Fttuiag, Ntwmn-Smixh e^s Co. plicatlTU 

^ nCW xf eS ! r,C ^ n5, l l , . . .. # — CFP and Elf-Aquitaine of in spite of warnings by BP. bow mi 

^7 ^ S??* 7* j s 15 30 France. ENI (Italy). Petrofina Shell Esso and othere that no . m 

tween? and^^Mnt of world not st^ly ward- rBeI *; uin i “ d V ^ BA (GeT ~ oew b *« ic capacity can be tion measures have cut into at Cologne and Karlsruhe were call for more upgrading facili- 

i fni Sf many)— the Commission last justified before the mid-1980s.) refinery operations. The figures, under discussion. , - . ties— new catalytic crackers, f nd ! 5f. 

S^ta2^.S25 j^,,h £5^J? 0, TJh. P SS2£5S VK,r rccnlnmend ^_i cut This do« «« m Mn . however, reproduced here. ,how that Aml in Ital , wh „ e bydrncrackers and the like-has 


there is a sudden, unexpected \ 3 
surge in demandior heavy fuel - 
oil? This prospect canuot be 
discounted, certainly in the U K, 
for if the coal industty fails to 1 ' 
meet its target -for tncrmetfJ^ L 
production (and the tdgna'arej 
not enenu raging) fuel oil might* 
well heroine mow. ..eagerly 
sought after. At the moment^ ' 
petrol has a twp-tmnne advan- 
tage* over fuel oil tp prlcinj- 
terms. Oil curapanles believe 
that so long as the advanraee 
does not slip below 1.5-ln-ouC 
they can justify their investment 
in cracking plants. Below that 
and they may be forced to shut 
down unii*. 

This leads to the second com* 


txotf. NmMM*. Spain. U.K.. W. Garmortf. 


Snnt: f hMta. Ncwwn^mtih <*« Co. plicatitig factor. No one is sure 

how much the European pro- 


ducts market will be upset by 
imports, from the Middle East 
and the Mediterranean countries 


5LS- = £5Ho 2 - ~ di « c ™ ^rr U6 s- .-sls ,„ a ?^ b»s kss iESwSS 

portut A fai“re in Ge n “ a commumty must be refuted " f ™ '««■. «<* »: . Hdlmuth "ffft;5S?22LS5LS5 Industry's «p,biU W ,t the e*ist. ensssetf in some modilieeuon 

lamiiTfl tA all ihMA fiiwmiwA thut uterimtr „nii nnon I tonnes a year of primary dis- Bnddenberg. manacine Rnarrt well below the twO-thirds mark Tot; m of refivterics. . * iiJr' 


would signal to all those arguing that markets will remain open I , " t T! * ."f B‘'ddenberg. managing Board ™ “ e lw ^ rQS ma l K lug 185m. tonne* rather than the 01 ««»««*■ in between 260ni and 373m 

for further protectionism that in the years ahead. It must ll 1 chainnan of - Deutsche BP m ,n f *"“*• ex P ort_ 240m. tonnes envisaged as a ^Vilhin the past fortnight two lnnuw a vear in a f ew vears. 

the. West’s leading Governments also be left in no doubt that commhSon 8aJd f * the P° ,nt *S °“ f that , th f, average result of approved expansion L-S.^based companies. Amoco AUhough the requirement!' of 

had lost the will to pursue the there is no avoiding the major c °mmlss i °n said toss oer tonne of oil sold in been particularly badly biL plans. . and Murphy Oil. have th ? U^lSt d J tMn mtEUt risft 

cause of freer trade and open restructuring of Western in- a programme of dosures Germany was DM17 and he The fact that these statistics Plan* for bringing greater announced they are to build a ther p was d 011 bt that in- 

the. way for a return to the dustry that will be imposed by would be rougWy Ibe same as repeated an earlier Esso warn- do not square with the latest order to the Italian oil proces- n ^ w catalytic cracker and asso- cnfas | n „ quantities of product 
beggar-ray-neighbour policies of the development of the Third - figures emanating from national sing industry are-linkeff with elated units in South Wales at expand would Jbe directed 

the 1930s. And yet it is obviously World between now and the end EXISTING AND FORECAST REFINING ' refinery Industries is a reflec- the country’s: broader em^gy a cost of perhaps £75nn The towards the Community market, 

not going to be easy for Govern- of the century. The coming *“ " nu r MI*CU«OI ncriillffa ., tion of the amount Of equip- programme and the ‘Industry wor ^ . Wl1 be carried out at ^ sa | d 

ments to make major public year in Geneva will be crucial. CAPACITY SURPLUS IN THF FCP ment which has been Ministry’s proposal^ for restruo Amoco’s existing Milford Haven ' 

commitments to trade liberalis- If the opportunity is missed ** i# .■■■t bEv mothballed, taken out or ser- wring the refinery business, refinery, close to tip* site of a burpnslufijy. the Community 

ation in the present climate, now, it may not arise fgain for fAssUnin? Hfi EEC intervention 1 ' ■ vice for prolonged maintenance ENL the Stater hydrocarbons sitt ? lar . £290ro - project being h« made little play of what 

France, for example, is most a very long time. ' i or simply closed for good. agency, has sa:d that the re- undertaken by two more U.S. would regard as a bonus. 

Million fccmnts a year In the UJC for instance It structuring w/uld indude the ST 1 ^ >s v5 al t. and Tescaco Mobil. *** jurienlly bene* 

Btima** is estimated that last year eventual doaire of nine so-far Shell, BP, Total and Petrofina from relatively cheap pro- 

. _ m m I, , IJ2 ITM ,975 ,9W refineries were operated at » nna med refmeries representing among those, just in Price of 

A nivlani J«r A-^v |%/\ ^°" 5Umpt 5 Jf ^fS ^ 123.8m. tonnes a year as a total reduction In capacity of Britain, that are investing In h “ 13 i5 e 


EXISTING AND FORECAST REFINING 
CAPACITY SURPLUS IN THE EEC 
(Assuning rs EEC intervention) 

Mllion tonnts a year 


A subsidy to be 
questioned 


Inland consumption 

Bunkers 

Exports 

imports 

Net exports 

Refinery own-use/less 


Crude oil requirement 
Nominal capacity (mid year) 
Utilisation ratio of nominal 
THE GOVERNMENT would be specifically provides for mea- capacity 
wise to pay more attention to sures*to be taken in areas of Spare capacity at maximum 
the criticisms that have been serious unemployment or at utilisation ^5% 

levelled at the Temporary times of serious economic dis- ' t aT,ra * e 6 j/’73). 

Employment Subsidy than the turbance. But preference is ' ’ 

Prime Minister seemed pre- given to measures designed to -- - 

pared to accept when answering solve problems and create new 
questions in the Commons last employment as against those 

week about the European Com- that simply preserve the status mm mm toHMa m ■■ ■ 

mission’s attitude to the scheme, quo. TES may have saved mare H|9 L/ Rl Aft Rl P 

Whatever merits the subsidy than 400,000 jobs at various IV I ML la S"A la £1 

may have had when it was times and 186,000 currently. But m ■■ ■ ■ 

introduced 2j years ago have its gross cost this financial year 

been severely eroded by the will be more than £2 20m., or . . . 

many modifications the scheme about as much as the old L-OVC, 11316 a TIC 

has since undergone. regional employment premium; . . 

n . . ,, , and the criterion for payments American HUleS 

Kate doubled is related solely to the avoid- 





Estimate 

1973 

1974 

1975 

1980 

516 

480 

442 

516 

38 

32 

31 

37 

53 

47 

33 

_ 

30 

35 

39 

mm 

23 

12 

-6 

. mm 

33 

32 

32 

39 

610 

556 

499 

592 

770 

815 

850 

880 

80% 

70% 

60% 

67% 

45 

135 

221 

160 


some Mo. “tOtoiT of "S BP aid Shell, disenchanted *» * eneral ‘ 

34.7m. tonnes a year capacity: with the Italian market and '»« there is a danger that by ^ e °re d eaS to smMn m 

BP's Llandarcy refinery near price restraint, have already ^ng tn extricate itself from products vies* with Britain a- 

Swansea is now being operated sold., their interests to the pri- one mess the refinery industry - F rh . # JJ,***" *' 

as a 5m. tonnes a year unit, vate Monti Group and to ENI 70 lfibt.be sowing the seeds of a mapkH»« in rur^L PriCed o etro 


OO a . iwuuca a ,»wr miu, »aiw aunu \uvup ana ia C.*VI snsu.i ui a marknl^ in Fumrus 

with 3m. tonnes of capacity tern- respectively. But the picture is npw Problem, that nf serious T t iJ nm^,ionChi R u , h .„ hj , 

norarilv Khut Hnwn AnH of nnt u-Viniio KTsnb Ar, v\\T ftrercaiaeitv in oostlv nror>kin« .. 1 MUC.nonaDje v , nether i 


Sou i*ca : E£C 


longer 


spite nf sources. 


MEN AND MAHERS 


PRESS! 


Love, hate — and 


with curtness and contempt. If 
the team, heaven • forbid, 
actually lost it had always been 
robbed by an inept referee, a 
cruel twist of fate or even an 


As originally conceived. TES a° ce of redundancy rather than (No sooner had Washington got ac t 0 f. God (and the Lord It 

...u l. i i i.-: i_ +/» .1.111. »h« nra, tha cniuifanld cln. ' B " u u * e 14 


could be regarded as a relatively to training in new skills, the over the spectacle of seeing fihould u. > d * f teoueAtiv 
cheap way of keeping people off provision of new investment, or Richard Nixon back in town forked on the’side nf the Red- 
tile unemployment register and the creation of alternative jobs, and In the li m e l ight alongside skim.) 

of preserving industrial capacity Tb e doubling of the rate of Gerald Ford, Jimmy Carter and . . . . 

pending an upturn in demand, subsidy and the trebling of the the memory ol Hubert “ ,"*• . an % . .fpwyttn . wmch 
It was paid at the rate of £10 maximum period of payment has Humphrey than it learned nf was * . suu ,s * familiar and 
a week for each full-time wor- moreover considerably increased the professional demise of a 5 c ® pu ^ ia in of the Mi d- 
ker for a maximum of three the risk of saving jobs merely another man whom, in recent , 5t , , ep S^th, but tt sat 
months, with the possibility 0 f at tb e expense of output and jobs years, it has learnt to love and y comfortably In a 

an extension for a further three elsewhere. The heavy concentre- hate. wasnmgton which, while accom- 

months, to firms in the assisted tion of TES payments in the That man is George Allen, a b°m-again Southern 

areas who faced the prospect textile and clothing industries— coach of Washington’s favourite "v)z5 n H insiders itself a 
of having to make 50 or more which received just over half of American Rules football team. 7 ? D * ,5 a ., place and. expects 
workers redundant in the period TES payments in the the Redskins, since 1971. Allen tQ owau team to respect that 
between August 1975 and scheme’s first 19j months— has was sacked following a con- iacL 
Auaust 1976. Denendins unon W to a formal complaint from tractual dispute with the team’s 
the earnings of those whose jobs tlw Irish Government regarding owners, the last and for Wash- ~ ■ 

would be saved, the fiowback to tiie competitive effect upon its ingtonians most traumatic #!„„ 9 

the Exchequer in the form of owa firms. And job displace- removal to a long series of ***»/ CUinpiaiiHo > 
tax and national insurance con- menf bas also occurred in this purges which have characterised Tf Ton 
tributions and savings in unem- emuarr, as an official Depart- the sport this season. {L 

Ployment benefit would reduce ment of Employment survey in- Last season nearly half the hh Ji ' i»,S? 



air fares as a tax deduction, (t 
runs as follows: • 

“ The proposal would make 
the tax system fairer. For most 
people, first-class air fare is a 
luxury. Present law requires 
the many taxpayers who cannot 
afford first-class fare for them- 
selves, to subsidise such travel 
by others. The additional 
personal comfort provided by 
first-class accommodations Is not 
necessary for the conduct of 
business. Both ends. of the 
plane arrive at the same time” 


2nd Middle East 
Construction Exhibition & 
Conference 

29 October - 4 November 

DUBAI ’78 


--.and inflight 
romance 


“I do not think Horecambe 
and l Vise have anything to 
wony about.” 


by the virtually unmitigated 


Ployment benefit would reduce « « ^mpioymem survey m- Last season nearly half the drirel^ 

S» " et « » "lively very I™ *??• veches of the J&e teems 


A colleague who recently flew 
from New York to London tells 
me that the journey made him 
worried about the effect of 
alcohol on passengers to hlgh- 
altitude jets. After a woman 
sitting next to him had dwned 


Organised by 

Fairs and Exhibitions Limited. 
Sponsored by 

Middle East Construction" 


little. 

Since then the normal rate 


of E£ Z e Tl£ e rsS 

saved are those of women earn- e,r. n «i Amnn^n stan a corresj 


— .. nM,HI wuica uui, ui ;«U4 j. . . - 

radio every morning you • will BBC complimented him on his r!>n p °^' prand ' al brandies she 
welcome the news that Radio 4 valour. fv; asl *fP Wlth her head on 


IB L« 4 «L 1 WUIV T Li, L„,.l . " — VU 

correspondence It all looks tike a welcome *,.! 1 a °d did not stir 
.i mam. 2 — j! ror na r an hfuii* av m 


British Overseas T rade Board agreed to 

companies on B.O.T.B. 
joint venture terms for U.K. companies 
involved in the Building an d Con- 
struction Industries. 


men tu » montns twiin a lhe average redundant KeasKin-toUoytog Washing- Mclntv-re. 
supplementary rate °f subsidy gjjjpioy^.g tomans loved Allen for the great ^ 7 7, A , 

of £10 a week during the final * ' American reason that he was a In viewers and 11s- 

six months); the scheme's cover- More effective success. Apart from a brief teners wiU . be able to comment 

age has been extended to the All in all, therefore the Com- moment of Story under the late, ?. r ro^Plato 

whole of Great Britain: the mission’.: mm.ct ...» lamented and now virtually ^ program] 


revised schedules in revenge. drawn ^ay from him. *• rm 

- MewwhUe, commercial radio Tt'hn^ sh ° sa,(i;i 

era wm be able to comment j beeinniiic to chnw an almnst . 1 thnu Sht you were mv hus- 
coipplain to the BBC about’ profit SJ-" - worth. tn> «?. 

m-TS ihf 1Z stSioSs .ro £S e ,s that he * w h US - 


whole of Great Britain: the mission’s request does not seem hnented and now virtually . programmes. • Top Corpora- ^ , 0 f iu e n€W stations ?re , ea ^ e ,s { bat he is her hus- 
reduntoy threshold has been SS^abte ft te not aSS ? eified Vince Lorn- *** wU come on the air now fn the bla^h^ todio^ band ‘ 

reduced from a minimum of a0 £or TES i 0 be abolished. Bul bard1, **** Redskins lost many re P I ^ J The programing so whicfa the jj on » s share of ■ 

workers, W and then to ten; should it be continued or re- Uiore games than they won— Jr untitled, will go out oft San- radio moneyi seems t0 be ^ — . . 

and the validity of the scheme placed by some other scheme, umiJ Allen took over, seven ^ ay “oniing, as part of- a n jnz short If you want to know u anry 
has been extended in successive {hen it wants payments to be y® a rs ago. general move to beef up the ^ . ou w y] ’soon be able (o Ofl 

stages to Man* 1078, with final jTmited to six SmC|.MdS Allen dredged up ageing ^^ d ’s airwaves. for Radio 4 ^ > ou Wljl abIe Iu WhUe 

I9 a 79 men in ZTl' Z wllb 3 furlher s « ■» a players from S football S "*^ CTS - A . ' ' _ t - travel a °Su^x reS renn«’ 

Iower rote and the avoidance of heap, whipped them to a high Prlra8 candidate for a guest she had the^ follow?^ 

afi d an undue concentr aUon upon pitch of tension every week by appearance could, be McIntyre From her local travpi ^lT 67 

InfowiU ^ any , oce seclQ r - Even so. one highly controversial means akto In roughly 18 months HO)TI€*SpUn fdreS-.. "Dear Sir. We^ re-ni n ,S nC,: 

b fntn 51111 “P 001 heIp but wonder— as to psychological warfare and he ?f s turned Radio 4 schedules K vn u that all the '"wit 1 ^ 

mnrh Snra akto m f ™? th ? committee said the never had a losing season as a upsSde , down, including a President Carter is a great charier flight vnu Sn i >e 

other day aboul tiie £65m. result strongly criticised revamp of believer- In the- need to clarify already been bonk 15 UT 1,1356 

S25»2S~ ° r prt " of kee P in S *P«n flit But the Redskins never To-day programme. bureaucratic language. - His w e will ] e T you knnu? ? CVer ’ 

r ^ U n . SUDS1Q “ . . . . Beswlck steel plants— whether actually won the coveted “super At a Press conference to ex- Administration has just made a one fails out as „rtJL ^ lf any * 
This is* one aspect which has all this money could not be bowl” and Allen made many plain the changes. McIntyre significant contribution towards That's not 


t0 sccure y°ur pariici- 
pation before space is fully allocated 

i 'u m - ,S csta ^* s h«d irueriratianal 

“»■« Rotet -h«I»ok ■ 

M SiSE”- , N0 , W <» '"'Pta* 

W 240 3184 or telex 25212 BUILD A C. 


Middle East Construction 
10'19 Kmgsway, Londoa WG2 


concerned the Commission in spent more effectively in some enemies by treating all those said he would speak on the new this end in its explanation tor • 
h* TM« a of pftffl# nth^ «« — Who Questioned, his methods programme, if asked. ■ Later, the disallowing the cost of first-cla ss 


^-deductible either 

jObserver 


STOP PRESS ! 





After assuming power on the wave of euphoria which followed the ending of the State of Emergency, the Janata 
Government is experiencing a period of disillusionment as it becomes clear that it cannot resolve India’s problems overnight. 
But. increasing public awareness of those problems could be the -vehicle for more rapid change in the future. 


'rogress 
t a 


ace 


David Housego 

Correspondent 

ER THE massive rejection 
Irs. Gandhi in the March- 
iral Election. dembn- 
ing that a popular move- 
: could still break the 
»r of an imperial regime in 
i, this has been for many 
ins the most . momentous 
since independence, 
itably the hopes aroused 
Changes miraculously con- 
d from the air have 
a way to disillusionment 
the Janata Party seems to 
ichiering so little. But the 
ictations were pitched ua- 
istically high. 

an months is a short time 
vhieh to judge any govern- 
it. Mr. Morarji Desai, the 
ne Minister, has been pre- 
ipied for much of it . in 
rag together the disparate, 
jle mates in his coalition—-, 
iy of whom as -ministers in 


State governments ' between 
1967-71 would have showed 
themselves more than , ready to 
change horses in midtrack. At 
least the Janata Party has not 
broken up as some foresaw in 
March, believing that it was im- 
possible to accommodate within 
the same government both the 
pro-Hindu Jana Sangh Party 
and such socialist warriors as 
.Mr. .George Fernandes. Mr. 
Desai has also ensured that 'ft 
has firmly hugged the middle 
-grourid which ultimately- is. the 
only vantage' from which a- 
federal nation as large and 
diverse as India can be ruled. 
The risk in that is that the 
Janata Government has’ seemed 
little different from Congress 
with the same familiar - faces 
(Morarji’s own for instance) 
and the same concern - for 
patronage above policy. The 
Party can claim however to 
have delivered (largely) dir the 
mandate for which it was 
elected, which was to restore 
civil liberties. 

The lifting ol the Emergency 
has, uncorked India’s itch to 
talk, argue and litigate. The 
depth of that passion will make 
it very difficult for any future 
government to attempt the. Con- 
centration of power achieved 
by Mrs. Gandhi. She herself "has 
Still a - sufficient mass popular 
appeal to harass the Govern- 
ment But by a series of tactical 
blunders and - by . splitting 
Congress she has frittered away 
whatever . .chance she had of 
making a comeback. One of 1 the 
saddest aspects of India-To-day 
is the eclipse of the historfe 
National Congress Party that 
carried India towards indeperi-. 
dence, and the self-inflicted 
humiliation of the Nehru family 



Indian Prime Minister , Mr. Morarji Desai, greeting the 

India earlier 


British Premier , Mr. James Callaghan . on his visit to 
this month. 


that was so .closely associated 
with it. 

Mr. Dpsai. octogenarian, long 
aspirant to the premiership.has 
both surprised and disappointed 
by his performance so far. The 
surprise has been the nimble- 
ness with which he has navi- 
gated in a cabinet in which there 
are so many discordant voices 
and in which he does not have 
the political clout to enforce hi* 
will. Unlike Nehru or Mrs. 
Gandhi he is only, the first 
amongst equals, the chairman of 
a committee, rather than the pre- 
siding hand to which India has 
(been accustomed. The visits of 
President Carte?; -and '- Mr. 
Callaghan --.this, . year have 
'strengthened his hand because 


it is He who play? host to such 
foreign visitors and India still 
likes to think that Us Prime 
Minister is at the centre of the 
world stage. 

The disappointment has been 
that in the absence of any firm 
measures ol policy, he has fallen 
back on his homespun moralis- 
ing of encouraging Indians not 
to drink, to take their morning 
cup of urine, and not neglect 
the blessings of ayurvedic 
medicine. Happily Mr. Desai 
Knows, as do most Indians, that 
he would not be alive to-day if 
there had nor been a more 
scientific tradition of medicine 
which has largely rid India of 
major epidemics. 

The most serious failure of 


scene 


his administration is that for 
almost the first time since 
independence the government 
has an embarrassingly large sur- 
plus of resources but cannot 
find enough to spend them on. 
Savings are running higher 
than investment, the foreign 
exchange reserves are over 
Sobrv- grain stocks are still at 
nearly record levels, industry 
has plenty of capacity, and 
India is said to have the third' 
largest number nf scientists and 
engineers in the world. With so 
much that needs to be done. 
India should have a resource 
gap not a problem of under- 
spending. ^ 

Plenty . of ; reasons . are 
advanced to ^explain" how the 


divided 

rii p ,ausil 

! ))) L ^fences of 
w K i bring 
ft » ^.once hist 


I® 


IANS ARE proud that they 
virtually the only denme- 
left in Asia and certainly 
most lively. They are nut 
roud of their politicians, 
rs. Gandhi, held in such 
a ken awe a year ago. has 
•ited the respect she won 
•feat by her apparent deter- 
ition since to destroy the 
' and the country she once 
Lnated. Congress is far 
s seriously split as a result 
^er walk out in January 
^ it 'was in 1969 when she 
^divided the party on far 
plausible grounds of 
Hrences of policy. She. has 
bring about the eclipse 
'^once historic institution, 
the Government side. Mr. 
rji Desai. in his evident 
nneni of being Prime 
;ler. has proved a far more 
.e manager nf his discnr- 
.* ■ cabinet than hart been 
een, if still no charismatic 
r. other surprises have 
Mr. Alai Rihari Vajpayee, 
^..-xponent of a policy , of re- 
, l liatmn with India's neigh- 
• not expected from a 
r nf ihe pro-Hindu Jana 
i and Mr. George Kernan- 
i trades unionist and pou- 
deniagogue who is now 
ng the confidence of indus- 
?ts. 

t thr Janata coalmen as a 
: has given the impression 
mg more pre-nccupied with 
iling out the spoils of office 
wiih developing as a res- 
ide party of Government, 
politics after the einer- 
has returned to much the 
. pattern as before., a 
■ . loscope of continually 
r ng alliances whose shape 
-•lermined more hy per- 
ties and patronage than 
•ties of pnljcy 


* Shah Commission, for all 
. arts that it has revealed. 
,n t surprisingly been un- 
to get politicians hr their 
luents to change., their 
The hoped-for two party 
n has failed to emerge as 
is no clear cut dividing" 
>etween Congress and the 
. a Party. The only organi- 
is to present a definite 
>gy and the muscle to 
it up are the Communist 
(Marxist) which is run- 
West Bengal under ;Mr. 

Basi with quiet efii- 
G and ' the Rashtryiya 
‘ *m Sangh (BBS), the milk' 
wing of the Jana' Sangh 
banned under Mrs. 

. • but now growing : In 
*.5th as" an. evangslrcal 
> movement.- Would 
would \Jhg jw*' 
jcegional paffievtrom 



hr-', ’S5 ,! ^ 




Xeic Delhi: the vine down Rajjtath. showing the South and .Yortb blocks of the 
General Secretarial and the Rashtrapati Bitm ap, designed by Sir Edwin Lutyens. 


any failure of nerve at the 
centre. 

The Janata party however, is 
still very ' much in control, 
although the divisions within it 
are as strong as ever. Mr. 
Jagjivan Ram. ■ Fond Minister 
under Mrs. Gandhi but who left 
her to join the Janata coalition 
shortly before the election, is 
still bitter that ' he was not 
chosen as Prime Minister. As 
consolation prize he got the 
Ministry ■, of Defence, but he 
.carries little weight within the 
cabinet. His popular support 
among the Harijan i untouch- 
able) community has been slip- 
ping. and he -has fallen out with 
other former associates in the 
Congress who also joined ihe 
Janata party .such as Mr. H. N. 
Bahasuna. the present Pet- 
roleum Minister. 

The man who spiked Jasiivan 
Ram’s ambitions. Mr Charan 
St rich, the powerful Home 
■Minister, has himself preten- 
sions to succeed Mr. -Desai. The 
stipppsk of his Bharatiyal Lnk 
Dal (BLDl small farmers party, 
carrying much of the north for 
the Janata, gives him a power- 
ful political base. But he is also 
a lone runner in the cabinet. 
HLs influence has been reduced 
-first hy the hungUne of Mrs. 
Gandhi's arrest and then by his 
failure to ■ get more of his 
Gandhian Socialist beliefs in- 
corporated in - the party's 
economic philosophy. He would 
have liked tx> have seen a far 
more outspoken denunciation of 
the “ evils ” of hie business and 
heavy industry, both of which 
he regards as unfortunate 
.legacies of the Nehru : <ra'.' 

For- Mr.. Charan Singh, a 
'moment of glory was in the 
. Sjg»: ei.ecriyps in : the . northern, 
provinces last June; alter which. 


,h^ - -teamed up with thn Jana 
Sangh in divide between them 
the key pnsts of chief ministers 
in India Vroajnr provinces. The 
Jana- Sangh was the group 
within the ■ five party Janata 
coalition- to have won the largest 
number nf seats in the March 
general election, but since then, 
aware that its credentials are 
suspect in. the south, which 
objects to its pro-Hindu - outlook, 
it has. remained in the back- 
ground. -*It has also suffered 
from an internal split — which 
party in . India has not?-.-that 
has left Mr. Vajpayee closer to 
the Janata leadership, while the 
more militant wing has come 
under Mr=.Nanji Deshmuk. 

Weak • in numbers ' though- 
stronger in influence have been 
ihe socialists — largely because 
Mr. Fernandes and Mr. Limaye, 
party Secretary Genera); are two 
of the party’s most articulate 
spokesmen. 

The attractions- of power are 
what -have held the coalition 
together. Drawing on the 
momentum generated by its 
success in March, particularly 
in the rural areas, it is hoping 
to do well in the State elections 
next month in Maharashtra, 
Karnataka, Andhra Pradesh and 
Assam. The party needs suc- 
cess in the south to establish 
its credentials as an all-India 
party. It also needs to estab- 
lish a • base- within the trade 
unions, which are still Congress 
and ..Communist -dominated. 
Nervousness on this score and 
its continuing lack of any crass 
roots organisation in the .south 
lie behind its readiness to 
make accommodation with the 
.Marxists in. the Slate elections. 

The, divisions-- within the 
.Janata Party have Helped Mr. 
Desej'. -to. --assart' hfe .-authority. 


His strength in part has been 
that there is no acceptable 
•-Dauphin.” But the divisions 
also point to a bitter struggle 
over the succession and to the 
potential strains on party 
loyalty should the going get 
rough, with agitations in the 
cities at the Government’s still 
meagre economic performance. 


Defence 


It is this type of situation 
that Mrs. Gandhi would hope to 
exploit. Her hope had been to 
carry the whole of Congress 
with her in transforming her 
defence against Government, 
charges of corruption and tbe 
probings of the Shah Commis- 
sion on the emergency into a 
major political battle- After the 
mishandling of her arrest last 
year, ft seemed for a while that 
she would gain her way. With 
her popularity in the ascendant, 
she made a pilgrimage to the 
Ashram of Vinobha Bhave— one 
of Gandhi's followers, and then 
set out on a barn-storming 
tour through the south. - This 
was her first tactical mistake 
as the inevitable violence that 
ensued brought a backlash 
against her. But more 
important she underestimated 
the resentment within Congress 
at the high-handedness of her 
son San jay during the 
emergency and her reFusal to 
disown him or to show any but 
.token signs of regret at tbe mis- 
takes that had occurred. The 
party elders wanted a humbled 
Mrs. Gandhi, not the arrogant 
leader of tbe past, . 

. In splitting the party when 
she. did- Mrs .'Gandhi carried 
with hsr far fewer members 
than she wou'ri have done If -she 
hah , made . tha •move even a 


rouple nf months earlier.. 
Prominent among tho.se who 
active’y joined her were men 
like Mr. Devraj Urs. the former 
Chief Minister of Karnataka, 
also under investigation for 
corruption, and who saw them- 
selves hitched to the same 
bandwagon. Her power to dis- 
comfort the Janata. Government 
nonetheless remains consider- 
able. However unfavourable the 
election results, Mrs. Gandhi 
has been ooe of the few leaders 
since independence to have 
awoken in the 'Harijan l un- 
touchable I community and the 
other outcasts of a Hindu 
society a political . consciousness 
of their rights. 

She has already begun to 
reach our for this popularity 
with denunciations of “atroci- 
ties” against the Harijans. ris- 
ing prices and false arrests. But 
any hopes that her campaign 
could bring her back to power 
are probably wishful thinking. 
A mediocre Prime Minister, 
with few major achievements 
to her name after 11 years in 
power, she has -become in 
opposition an embittered figure 
whose belligerence has come 
from a sense of wrongful per- 
secution. 

The Congress she has left 
behind — now the main- wing of 
the Party — is an. organisation 
without vitality and which looks 
unable to rejuvenate -itself. In 
Mr. - Brahmananda, . Redd] and 
Mr. Y R. Chavan (formerly Mrs. 
Gandhi's home ; and foreign 
ministers, respectively), it has 
leaders with strong home bases 
in Maharashtra " and Andhra 
Pradesh' but without firm 
political convictions . or desire 
to play a major part on the 
national stage. Their main pre- 
occupation now is to. retain for 
the party its hold in the south, 
both as a bargaining counter 
and to have sufficient patronage 
at its disposal to prevent fur- 
ther defections. 

The similarity ’of views be- 
tween this Congress wipg and 
the former congressmen now in 
the Janata Party, such as 
Jagjivan Ram. has -given rise 
to much speculation of a re- 
alignment in government that 
would exclude parts of the Jana 
Sangh and Mr. Charan Singh’s 
BLD. The arithmetic of seats 
in the National Assembly would 
seem - to rule out-.- such man- 
oeuvrings. No step will in any 
case be made until, after the 
State elections. Even then it is 
far more likely that there will 
be an accommodation between 
new Congress governments in 
the States and the -Janata" Gov- 
ernment' in Delhi than any 
major reshuffle in Delhi. 


country has got itself into this 
extraordinary position of which 
the most plausible is that 
offered by a senior civil servant 
fresh to government service. 
"India's bureaucratic system is 
one of the greatest obstacles to 
India's development." he de- 
clares. “It. is divinely computed 
to obstruct development.” But 
the Prime Minister must also 
take his share nf the blame. 

With consumer demand stag- 
nant, it is only through higher 
levels of public investment — 
particularly on power, irrigation 
and rural development — that 
India can get out of its present 
nil of low economic growth in 
which non-government invest- 
ment is choked by lack of pur- 
chasing power. Mr. Desai. how- 
ever, fiscal conservative that he 
is. fights, shy of higher capital 
outlays because o'f his nervous- 
ness at more deficit financing. 
With inflation now less of a 
problem, and in the foreign 
exchange reserves, a lap for 
relieving shortages nf supplies 
he could afford in strike out 
more boldly. Many of his 

colleagues are urging him to 
do so. 

The other failure of his 

administration is that he has 
done little to lower the tempera- 
ture of popular expectations. An 
exception lias been the tough 
line he has taken towards the 

strike of a million public 

employees Hi Maharashtra. But 
with industry harbouring so 
much idle capacity and state 
governments twiddling their 
thumbs through lack of direc- 
tion. labour unrest i> not as 
severe a problem as is often 
made out. 

Unrealistic 

The charge against Mr. Desai 
is that he still allows the un- 
realistic larger nf achieving a 
7 per cent, growth rate (twice 
the historic average) and of 
eliminating unemployment to be 
contemplated. Disillusionment 
feeds on such promises as it does 
on tlie absence of any lead from 
ministers in making sacrifices 
for which they arc calling from 
others. 

Against this must be set the 
.positive gain that Mr. Desai has 
not allowed India to drift back 
into some neo -Gandhi an haze as 
seemed possible when he came 
to power. India's nuclear capa- 
city. whatever else may be 
said abouf it, is a symbol of an 
outward looking, technologic- 
ally minded country, as is also 
the size and strength of its 
engineering capacity. The new 
emphasis on agriculture does 
not mean that India is shedding 
the Nehru heritage for some 
romantic idyll of homespun 
cloth and the parity of poverty. 


India's ties with the rest of the’ 
world through its huge expatri- 
ate community and its trade are 
too strong for it to turn its back 
on other nations. 

In fact one of the most posi- 
tive achievements of Mr. Desai 1 * 
government has been its foreign 
policy. The reconciliation that 
he has sought with his neigh- 
bours — Bangladesh. Pakistan, 
and Nepal — is in sharp contrast 
with the bullying approach of 
Mrs. Gandhi which left India 
more isolated. It also holds out 
the promise of favourable 
econumic returns to India 
through for instance, the oppor- 
tunities for developing the 
Ganges Basin, whose waters 
have so long been in dispute. 

As a result of the Emergency, 
the task of any future Indian 
government is going to be more 
difficult. The major casualty 
has been ihe family planning 
programme — perhaps the niost 
important single priority m the 
country's development pro- 
gramme. It has virtually come 
to a hall because of (he back- 
lash that followed compulsory 
sterilisation. It is also headed 
by a minister, Mr. Raj Narain, 
who does not give the utlpres- 
sion of fully believing in its 
importance. 

The other casually is that for 
(he foreseeable future no Indian 
administration can -make a 
virtue out of "strong govern- 
ment" or discipline-terms per- 
fectly legitimate in the context 
of development. Before the 
Emergency there was a genuine 
debate on whether the Central 
Executive should be 

strengthened to protect the 
Harijans (untouchables), carry- 
through land reform or to 
undermine ihe power of vested 
interests able to exploit their 
dominant position in the 
economy. 

That argument was abused by 
Mrs. Gandhi for personal 
reasons, both to buttress her 
power and to protect herself 
from the judgment of the 
Allahabad High Court which 
condemned her in 1P75 for elec- 
tion malpractices. She trans- 
formed the research and 
analysis wing (RAW) — set up 
as a foreign policy outfit — into 
on instrument of domestic in- 
telligence. increased the power 
of the Prime Minister's Secre- 
tariat and weakened the ability 
of the Judiciary or the Civil 
Service to take an independent 
stand. Much of this has been 
undone by the Janata Govern- 
ment, though not all. (It is by 
no means dear how far Mr. 
Desai wants to go in removing 
the 42nd Amendment to the 
Constitution or abolishing the 
government's wide powers of 
detention.) But basically the 
Janata Government is having to 
work within the limitations of 
an open democracy. The diffi- 
culty of this is that the sheer 
magnitude of India (the stale of 
Uttar Pradesh alone has lufim. 
people) is straining the capacity 
of the system to manage it. In 
opting for decentralisation and 
the resurrection of local pan- 
chayats (village councils) ihe 
Janata Parly is taking the only 
option open to it. Bui the suc- 
cess of such local bodies in 
getting funds arid taking action 
is bound to be palchy. Beyond 
this level of local initiatives, 
some in the party would like to 
see the states broken up into 
smaller and more manageable 
units. But this is. for the time 
being, politically unacceptable. 

In the hope .of preventing any 
repetition or the Emergency, 
the Shah Commission on the 
Abuse of Power was probably 
necessary, though Mr. Desaj is 
said to have had doubts about 
its wisdom. Its immediate 
effect has been healthy: the 
debunking of politicians and 
civil servants, who in Delhi 


CONTENTS 


more than in Whitehall, have 
for ton tong been able to hide 1 
behind the cover of official ; 
secrecy. But it is now begin- 
ning to have the detrimental 
consequences of demoralising 
the Civil Service. Administration • 
in many ministeries (and in the 
Slate Government as well) lias 
been reduced ro a snail's pace - 
because ufficiais arc no longer 
prepared to lake the risk of - 
recommending a course of action ' 
to their ministers. The commis- 
sion. as it moves closer lo Mrs. 
Gandhi and her family, is also 
becoming the source of a grow- 
ing bitterness in national life. 
Mrs. Gandhi's willingness and’ 
capacity to do mischief is a lnt -. 
greater if she feels she has her ' 
back to (lie wall. There is thus ■ 
a lnt to be said for winding up '. 
ihe commission by the middlr nf . 
the year. Justice Shah cannot - 
rule for decency ill public hfp ■ 
or for mothers lo slop loving - 
their sons. The government is 
likely in have enough unrest on : 
its hands without exacerhat- - 
mg Mrs. Gandhi's agitation. 

Tlie Janata's economic pro- ' . 
gramme, vague though it is. ia ■■ 
a step in the right direction. 


Weak 


Industry will remain eontinu- - *; 
ally weak without a stronger."' 
agricultural base behind it. But 
the emphasis on rural develop- . . 
ment will take years to show • 
results. The danger for the 
Janata Party in this is that it . 
could find itself straddled !T 
between, on the one hand, the 
disappointment of the rural . . 
areas at the slow pace of - ■ 
progress, and on the other, the" V 
hostility of the towns at the shift . 
of resources away from them. . 

A weakened Janata Party 
caught between these pincers: :. 
would provide the opportunity i 
for fringe groups like the Com- 
munis! Party (Marxist) or new 
regional based parties to make 
inroads into the power of the' 
Centre. One of the better- 
legacies of Mrs. Gandhi was to - 
leave an India in which the 
regional and iinquistic agitation 
of the late 1960s had largely 
subsided. In West Bengal, Mr. •?. 
Jyoti Basu. the CPM leader and-. 
Chief Minister has been . . 

demanding much enhanced ■ 
autonomy for the States, and in 
Tamil Nadu there are still 
echoes of ihe strident Tamil 
nationalism or the past. But ;. 
nonetheless, the union still - 

looks very much in good shape. 

After a momentous year, the . 
realisation that India will : 

lumber forward much as before 
is something of an anti-climax. - 
But Mr. Desai is not the man 
to make snails mn. 

There are two consolations 
The historic rate of economic 
growth in India, reflecting the . . 
combination of steady -advances 
in agriculture and industry, is 
3.5 per cent., which is above 
the rate of growth or popula- ■ 
non. Like ihe bureaucracy, that 
has survived the worst of ad. - 
ministrations, though it has also : . 
defeated the best. *- 

Secondly there ha* been a • 
growing political consciousness 
working its way down the scale - : 
of caste and class. Organised ■ 
labour (the trades union move- • - 
mentt has made of itself a pri- ■ - 
rileged social group, however 
badly Indian wage rates com- - * 
pare mlernationatiy. The Hari-" 
jans and landless labourers, -- ; - 
parily as a result of Mrs. -‘r 
Gandhi's efforts, have almost be- ■' 
come more conscious of their 
rights and determihed to grah."-i- 
them. Even if legislators and v 
planners cannot redistribute \ 
wealth,- there is a good chance : '■* 
that the Indian masses will take — 
it upon themselves to do so. 


The economy 

n 

Centre-State relations 

UI 

Foreign policy 

IV 

Economic policy 

V 

Labour 

VI 

trade 

VII 

Agriculture 

vm 

Industrial development 

IX 

Family planning 

X 

The Press 

XI 

The judiciary 

XII 

Cinema 

XII 

Theatre 

xni 

The South 

XIV 

Uttar Pradesh 

XV 

West. Bengal 

•- A-:'-- * 

XVI 


P lannin g 

The untouchables 
Banking 

Foreign investment 
The oil industry 
Machine tools 
F ree trade zone 
Electronics 
.Joint ventures 
S teel industry 
Power and water 
Foundries 

Jute 

Tea gro wing 

Textiles 

Tourism 


XVI 

xvn 

xvnT 

XIX 

xx 

DTI 

X3 3 

xxn 

xxn 

xxnf 

X33 V~ 

xxn r 

xx v~ 

XXV I 

xxviT 

xxvm" 



J 





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AFTER THE high growth rates 
of the 1950s the Indian economy 
is still running at half speed. 
But instead of the constraints 
of the past decade, the govern- 
ment is now faced with more re- 
sources than it knows what to 
do with. Domestic savings are 
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: Government that it has not been 
1 quicker to ‘seize it 

Revised figures are likely to 
show that there was only a 1 per 
cent growth in real output in ' 
fiscal 1976-77 — which almost 
exactly coincides with the last 
year of the emergency— or less , 
than the annual 2 per cent 
growth in population. For the < 
current year the expectation is 
that output will expand by 4-6 i 
per cent , 

These swings are almost ! 
entirely due to variations in the 1 
harvest . as agriculture still ‘ 
accounts for 42 per cent of net « 
national product Over the last 1 
three year there has been an I 
unusual run of good monsoons I 
with grain production dramatic- ^ 
ally rising to 129m. tonnes in < 
1975-76, falling back to 110m. * 
tonnes last year and expected * 
once again to top 120m. tonnes * 
this year. t 


tbp cannibalism of the public 
Ra cir CTA-ricrrir-'c; "MMl private sector in the way 
T rAT,£,T * C5> , j that they have been themselves 

Area . L26m. sq. mtiw protected from foreign eompeti- 

~Po notation — ^ cijur '^9^ This promises a further 

— -i cats cradle of regulations in a 

GNP (1974) v Rs.681biL country already stifled by them. 

Trad* florin The s ^? rt cul t0 eliminating the 

~ “black 1 ' money that the 

Im por t s / Rs.4 5.6 hn. Government rightly condemns 

Exports v - Rs.49.9bn. would be to risk some people 

Inroorts fmm UK ran ST' makin 8 profits by throwing the 

mportstonUK. nealAtions overboard. Political 

Exports to U.K. £3 55m. gestures — like demonetising 

Tzadf f 1977 tn end i n „ * notes of and upwards 

trade (I9i7 to end^ng.)_^ as the Government did last week 

imports BaBJb n. —has the speculators chuckling 

Exports Rs.34.8bnT “P their sleeves. 

Imports from IUL £l79mT w W ! th consumer demand flat. 

’ pwiarf. — - the impetus for growth in the 

Exports to ELK. £254m. immediate future must come 


Currency: Rupee. £l=Rs-15.7 ? rom * li ®* ier levels public 

investment As a ratio of net 
■ ■ ■ — national product, total invest- 

ment .within the economy has 
equipment and raw materials, been stuck for some years at 
But this does not alter the Just above 44 per cent Domes- 
overall -picture of industry res- tic -savings are now running at 
tricted in its markets, not for over' 15 per cent with bank de- 
lack of people (there are 620m. posits still climbing sharply. On 
of them) but because in the top. of that grain stocks are rot 
rural areas, where 80 per cent ting at 18m. tonnes and the 
of them live, there is not the foreign exchange reserves are 
purchasing power. Over the likely to reach $5.4bn. by the 
last 15 years real incomes are end. of the fiscal year. - 
believed to have fallen for most 
■villagers. With this decline, in- x ‘ ‘ j 

dustry is caught in a process of lHCr€<IS6d 
self strangulation, in which de- „. - 


mand for its products is only — -«.uc ueM 

marginally responsive to good *?J** sa > re development expeti- 
roonsoons or changes in mone- ® • r S“£? re iT,cre ased for this 
tary or fiscal policy. *L ear *7 Pe r cent to $ll.7bn. 

The approach of the Janata 3S th ° ugh fhere 

Party to this structural problem Undine in t?™!"? 0 . undep - 
has been to put its priorities on SStment whtiT Cap,,al in ' 
niral development and labour pendituro I?™ h *?* ex ' 
intensive industries as a means Ef- rSe™i.iII F i. b ?^ nd what 
to creating more jobs Md tR®," 'J™"! ? ad tended, 
higher incomes. Until it has le gacy of the 

spelt out how it will achieve ° m ** Mw - 

these goals, the most that can the^fection J .Sd SUPP « r V hefore 
be- said is that it has put the {he s t at l U p ft " parU >' because 
helm in the right direction. ^ ' e f ® ST* been 

With little "new" land left, from the rnU^ bai1 thcm 
the much needed sustained 

growth in agricultural output cipline. na Clal dis- 

can. only come from more in- Unwilline tr» t-L-o 
tensive use of seeds, fertilisers risk of rafsine^V* 10 pol,tlcal 
and irrigation. But even with a revenues thU® D ° S lo raise 
forceful government and an effi- has been arlnino? 1 ** *I inisTer 
cient extension service-^nm. gulng instead for n 


. outlays— the 


Tenth 


Fluctuations in industrial out- 
put do not make the same 
impact on the growth rate, for 
though India now prides itself 
on being the 'tenth major indus- 
trial power in the world,. indus- 
try contributes less than a fifth 
of the national product. The 10 
per cent, surge in output, in 
1976 -i / after several years of 
stagnation is likely to be fol- 
lowed by a 4-5 per cent, rise 
this. year. ' This change partly 
reflects the bqjld up of steel and 
coal inventories last year made 
under government directive. 
But more important has been 
the combination of power short- 
ages f in Bangalore the cul back 
has been 55 per cent.), slack 
demand and the increase in the 
number of strikes. Of these 
factors. labour troubles have 
been the least worrying because 
with many industries running at 
little more than half capacity, 
management can ride out a 
major stoppage. 

In both the-public and private 
sectors, new investment has 
been negligible with certain ex- 
ceptions like cement .or steel 
products where the easing of 
pricing controls has uncorked 
a backlog of projects now being 
hastened forward to plug acute 
shortages. There are some signs 
that industry is replacing plant. 
Loan sanctions by the Govern- 
ment development banks were 
up 25 Tier cent, in April-Septem- ■ 
ber and disbursements by 25 
per cent. Equally the cutback i 
in food imports with the suspen- > 
sitth of' 'grain purchases — the 1 
major' Rem off the Import bill— i 
appears to have been- made up l 
hy higher orders for capital ] 


ta spend Is that only a few 
states have yet put forward pro 
jeets to make use of the extra 
'grants the Government offerer 
last year for drinking water ant 
rural roads projects. 

Inflation which was a con 
strain t in the past is less of on* 
now. On the basis of the whole 
sale index, prices were 4 pe 
cent higher in November ihai 
a year before. Shortages of ke. 
consumer items — the mat; 
cause of inflation, m India- 
have been diminished botit h 
imparts and the freer transl'e 
of food across stale frontier 
The growth in the money suppl 
is likely to be held at around 1 
per cent. Tor the fiscal year u 
against IS per cent, last year • 
nor fully reflected in paralli 
price increases, because tb 
velocity of circulation is less. 

The private sector, which 
dependent for about two thm 
of its orders on the Cover 
ment or public sector, takes i 
cue on investment from tl 
level of government outlays, 
has responded only marginal 
to the tax and investme: 
allowances made in rece: 
budgets. It sees demand Bro % 
mg Tor agricultural eqiiipmer 
pumps, cement and steel if U 
Government carries through i 
agricultural programme. Bui 
also wants a relaxation or pr: ' 
mg and licensing 'policy, low 
wages and less faxes. This 
reaching for the moon, hut fi 
private sector is much co 
forted that the Government h 
not turned our ajt aiilt-businc 1 
as it feared, and that m ft 
r.enree Fernandes it has as l 
austry Minister, one of t 
ablest men in the Cabinet. 


Surplus 


p ‘Jr'"T u 18X6 Fears to to have accents V„ “*' Hcars 
achieve significant results, let of ah ?nr™? ted com Pfomise 
alone lift, the economy to ie 7 t ce m ? u m£? S year 0f 
per cenL growth rate to which Sf India «.<! th l Sf* ervB Ba “k 

it has unwisely pinned its name have been a «Slt W nr,d 

And even then the benefits will bolder annroi?h h i nS for ,he 
not be translated into a broad fiMndne rtf h?j£ “ ore defic 't 
oased increase in demand with- SSSSi 6 f. UXal *on is 
out an enforcement of land J/il' u i d out) s0 Ion § as 
ceilings on which the Janata. ve«Se£t P l ° produclivr >»* 
like Congress before ir as a 

party of patronage and’mulU- ♦hJchr»5?!, tlen « eck here ls not 
coloured m its ideology is the bl ? orta ° e of projects. There 
understandably hazy. ' P^nty of irrigation or road 

tag, industry sector t S? “ p,en » -ore ™ ““ 

“f^L^empToj^en^outVand fte^detomf P ? liKci ' wU1 

side agriculture. Industrv dil ^elcrmj [nation of the 

on?ts?w n teraitory .* rh era* i" 8 no ^ ^SidiiS ro^ 

r. sfs-45 " “s.v’CiKs 

companies are dishful of “ho offc„de?J e >, Pr0bab,3r "wi 




As fur the balance of pi 
mvnts, the SHlta. surplus 
trade account last year is « 
Pectod to be followed by s 
other small surplus this year 
niajor change from; the s\M 
wficit of 1975-76. . With ren- 
tances from Indians abro 
commg in at the rate of abi 
®iaOm. a month and aid t 
^r^menrs for the year 
S2bn.. the mmn i 
ll ’ rise 3 further 44 j 
, , pt - by March as against Mai 
‘aft rear to $5,.)hn. 

The view among the c.ove 
economist.^ is thai ll 
iVm, a V Cn 0Ul at ^ p,ari 

ports) or below. This tjc m.- 

Mrt« XpPcl3tlQ,ls of 

dl:4h ‘ir!H*misnts - 
Hiohi UP IP develop R,> m l 
Konpr-.! 0 pur t'hasc more pm 

5552?! and Hansons* 

Exno P rt, ' and {or de ‘« 
to rtH 5 t are also Ihnusht ilk . 

and tL Ie * 5 fast ‘ with texf 
cau^h? 5 !- ^ n " ,H wring jnduf 
w ' rhc , r Protection: 

"vSn m «° rld reci *^ion. 1 

safein/ nf ,s a,so 
nr anmh nSe ° f * baU 
But riW - P r “ 

may 

.1, 1 tbinkin«. 

SSS?**®*® - iiy the size or 

richly* t* serves 
r, 8hlly thnv sh'mtid he. 

Dfrvid . House 








13 






Financial Times Monday January 23 1973 



INDIA ffl 


. The election of a shaky coalition 
GoTernmeut which lacks a national base has led to considerable 
strains, particularly in the States where other parties are in control. Unless 
greater autonomy is conceded to the States the country’s 
unity will b e putin danger. 


i «s at » « 


ft KASHMIR -V 


°Snnogar 


PAKISTAN 


J. ■ . -HIMACHAL 

nmia pradesh 

-#DELHI 


-State relations 


f\ SIKKIM 
N; E -F A L v iV’BHI 


N. E. F .V 


RAJ A S.THAN 


l G UJ A R AT C 


r P S V- /^Imphal 

if | B1HAR Kg^la 

^ W burm 

MADHYA PRADESH-^5= s:S:=;S: ^\^l?l"fl^ Ai ^ rKIPl,RA 


BURMA 


m 

fi 


• s' . ! % 


\ l 1 1 

f * i I 


AT LEAST five political parties also denial of some key existing 
rule India's 22 States* ac4 it is Central powers. Among these 
with some reservations that even are the Centre's right to dismiss 
the Janata and. , the now a State Government';; and to 
splintered Congress Parties can deploy Central police ‘forces. He 
be described as national organi- wants the preamble of the Con- 
sateens. The Congress factions stitution to be amended ■ to 
have just a toehold- in the north include the word "federal ", in 
and are in taiters in the sooth, the" description of tbeJRepublic 
The Janata stiH has to estab- todia and the word “--Union ” 
liSb a base - in -any o£ the replaced by . “ Federa l ly in the 
southern States, which it finds rest °* toe Constitution. Accord- 

i-^3TSS£ 

■^ L 'Hf ^ or ^ vins “ ao™a- re i e a^ST, tt <S^"d 

SrwShii*e«d^e domain 
March. Of the three or four f ^ Central Government, 
oafcer parties in power aj the ! .- v- - .... 

States, only the Marxists can „ Havylg. sveptf ^ppwm- at the 
derm to function outside the Centre, ttie Janau Party 
States (West Bengal and now adt> I> ted *>* 

Tripura) which they rule. The ? ud!Mdre jLf y 

National Conference is confined f"r greater State **0?™* ») 


the Janata. Party's initial belief 
in greater State antonomy was 
a momentary result of -the 
general revulsion for Mrs. 
Gandlu's strong role. One of 
its main constituents, the Jana 
Sangb, was a firm believer in a 
unitary form of Government and 
even believed in replacing 
States with regional zones. 

There is no final answer to the 
perennial Centre-States issue. 
Everyone -; - acknowledges . the 
need for a strong Centre both to 
keep the coniitry together in the 
face of internal pulls and dis- 
sensions and v to deal, with 
external aggression. Yet the. 
Centre has allowed a number of 
powerful and sometimes corrupt 
Chief Ministers to flourish. 


Even Mr. Nehru permitted many 
to continue in power despite the 
demonstrable violation . of 
democratic norms by them, let 
alone ' the accumulation of 
personal fortunes. By turning a 
blind eye to these felonies, Mr. 
Nehru in effect acted as a; 
weakened Central Government 
It is on the cards that if decen- 
tralisation of the kind .that Mr. 
Basu and others want is per- 
mitted, this type of politician 
will again emerge. And apart 
from personal despots, there are 
innumerable emotional variants 
of the language issue to keep the 
States warring with each other 
if the Centre were to shed its 
powers of intervention and 
correction. 


The issue is basically that of 
power. In the past it used to be 
personal power. Now, because of 
the change in the political scene, 
it is a mixture of personal and 
political power with a bit of 
ideology thrown in to complicate 
matters. There will be irritants 
and conflicts, no matter what the 
constitutional safeguards, as 
long as the political complexions 
of the Governments at the 
Centre and the States are dif- 
ferent. They have not reached 
flashpoint and need not if poli- 
ticians avoid confrontation and 
try to find answers to meet the 
needs of tbe new multi-party 
democratic pattern. 

K. K. Sharma 


\ QRJSgA £ 


/Bhubaneswar 


BOMBAY 


PanHr 


r MAHARASHTRA J' 


lira bit b 


s&v; 

Wi 


SRI IMA 


\ K **f*-** A** 3 * “ p “- Mr 

jab and the Anna Dravida lead to a weakening of 

- M unnentra Kazagham to Tamil- the Union ^ 8, e y are accepted. 

ESS Par S!f The Janata is, in truth, some- 

^ ** 3 what embarrassed * by the 
r *®2 na J. parties and bt is sin^ its own election 

possible that these will contest manifest0 committed tbe party 
the coming elections in some t0 a prognmiae 0 f decentralisa- 
of the six States in February: tion o f economic and political 
It is easy, putting it so baldly, po We r: This rejected Mrs. 
to see in this the possibility of Gandhi’s amendments to the 
forces emerging which would Constitution during her emer- 
strain India’s federal structure., gency rule on die grounds that 
An insurrection is deve-' they “ vitiate the federal prin- 
loping in remote Mizoram, ciple and upset lie nice balance 
although it seems to have been between the States And the 
quelled in Nagaland — both in Centre.” Partly it was became 
what is commonly called the the party genuinely.:, rejected 
“ sensitive” northeast region the enormous accretion of 
where Marxist-ruled Tripura ;is powers by- Mrs. Gandhi for the 
also located. ■' Centre— this was probably the 

1?mnfiAn only basis for the unity pf its 

HiUlCHIUn constituent units. Burnt was 

Further back in history, there a ^ so because, at that time, the 
were secessionist moves in what Janata Party professed \tn be 
is now known as Tamilnadu, guided by Mahatma Gandhi's 
where the ruling ADMK is a ideals; these say- that aY just, 
splinter of its parent DMK egalitarian and prosperousandia 
. which renounced its demand for _ c ? n kuilt ^ rom the ' bo^om 
secession just about 15 years 
ago. This was based on tin- “* ' “S ^ 

guistic differences, but it is not ^ e Constitution ?? 

d rX modifications ^ouKht by 
which could aroi»e sufficient ^ Basu. The blame, they say, 
emotion tomgger simitar move- ]ies not in ^ constitution but 
5 diversity is not tliose who distorted it whil^ 
cozened to languages (of which operating its- provisions, partTcu- 
17 are recognised officiaHy) i ar iy in respect of intervention 
but also religion, history, cul- by the" Congress Central 
lure and ethnic differences and Government for dismissal of 
to these is now added politics, state Governments when the 
With the terree-decade sway of latter's functioning did not suit 
: tiie Congress now terminated, it. The late Dr. B. R. Amhedkar. 
and so many, single and sepa- who piloted the Constitution 
rale political parties in power debate, when it was being 
(as distinct from the shaky framed, once said: “The Con- 
coalitions which ruled briefly in stitution 'is workable, it is 
the late 1960s),. there is a flexible and it is strong enough 
strong demand for redefinition I 0- hold the. country together 
of Centre-State relations. both in peacetime and in war. 

The demand, basically, is for Indeed, if things go wrong under 
greater autonomy for the States toe - new Constitution, the reason 
with an unspoken »but real n . ot ^ ^ a t w e have a bad 
threat that unless this is con- -Constitution. What wo will have 
ceded, the country's unity is ^ 

endangered. Ihe Union is nor A » 

where near cracking up. as /VttltXlClC 
many prophets of doom have ■ . .... 

been predicting for the ■ last ®r* Ambedkar’s words - are 
three decades, and there is no prophetic. When in 1952 the 
one, not even Sheikh Abdullah Congress faded to get a majority 
in Kashmir, seeking to break to Kerala,, the first State to - 
away. But the strains between 'have a non-Congress Govenr- 
a Central Government which ment, Mr. Nehru said: " My 
lacks a national- base, and is attitude as Prime M i nis t e r is 
Itself a shaky coalition, and that I shall treat it (a non- 
other parties in power in the. Congress Government) exactly 
States are real. The latter's on the same level as any other 
views cannot be ignored' as they Government My attitude as 
were in the past when the Congress President might not 
Centre used Constitutional pro- be the same.” Dismissal of 
visions to quel! dissent in the State Government an various 
States, and a nationwide debate pretexts has taken place fro- 
nt this has already begun. . quentiy. and each time under 
The demand for more powers the provisions of the Constitu- 
tor the States has been made tibn, usually after the Governor 
tomly by Marxist Government reported that .it was impossible 
West Bengal, whose Chief for the Constitutional machinery 
Minister, Mr. Jyoti Basu. to function. It is common 

, jecently spent a week in knowledge that such reports 
irihagar discussing State auto- were made following phone 
ipmy with the mercurial Sheikh ^jjs from . New Delhi or hints 
^Mullah, while- the ADMK from the 'Congress party. What 
ailef Minister of Tamilnadu, Nehru began was followed 
•r. M. G. Ram acij and ran, has U p foy his daughter, - both of 
If ™ makin g noises from the wh oni treated Congress and non- 
flnth. None of these can ever congress Chief Ministers they 

Sn™cet7s 

5iL«dd h0 th ieW s . ubstantial po *f a G^SlrSent fo^Ill 

‘Sat^St Se C ^utoMi^fhi! The Central Govern- 

ttvenummt has officialS ™ eDt * VaSt P®*®" vls ' a ' vls - 

Sopted a 2,500-word potentially S ? at ff " er » demonsfrated 
xplosive memorandum seeking ™ d] y It disrated the 

national debate on Centre- Congress State Governments in 
late relations. the northern belt where the 

• Mr. Basu proclaims that he J®®®** has taken nearly all the 
oes not want a M weak Centre ” Parliamentary seats. This had 
hd that the “ concept of strong. ®® 6 justifiction since - the 
tales is not necessarily in con- March parliamentary elections 
^diction to that of a strong had shown that the Congress 
tontre" provided that their had been rejected; this was en- 
^spective spheres of authority dorsed by the subsequent elec- 
W dearly marked out.” But tions in these States ‘in June. 
^ is just the .veneer of Yer it is -common knowledge 
?®P*ctability he has given to that but for die approaching 
is demands. -These include not election of the President, whose 
greater fiscal powers and electoral college is formed by 
r^re of the Central revenues Parliament nnd the State legis- 
s wen as the right, to formulate Iatures, such hasty action wqiild 
1 3e national economic plan but not have beat taken; Indeed, 


Four simple ways to achieve relaxation. 


'EXERCISE 1. NNv 

Sideways stretching. \ \ 

Feet placed comfortably apart Breathe\ 
in and bring stretclied arms up to the sides. \ 
Breathe out and slowly stretch over to one side, j 
Slide one hand down the leg as far as it / 
will'go. While the other stays in die air. / 

Take care not to lean fprwards or back- I • 

- wafds-but imagine that you are in between i 

-two' panes of glass. Stay in this posture for, f 

. as long as is comfortable,, breathing slowly / 
and steadily. Gendy on an inhalation return / . 

: to upright position. . . / 

Repeat on the other side. I / 

Stretches waisdine muscles, trimming / j 
diem. Brings suppleness to spine. / f 

.Strengthens legs. . f 

. , Try it after a strenuous day at. I 

the office. / 

EXERCISE 2. JJ 

The Cobra. 

Strengthens and straightens the back and spine. 
Excellent for stretching the neck, chest and stomach 
• as well as thighs. 


EXERCISE 3. 

) Circling the Head. 

Loosens the tensions in the neck, back and 
shoulders. 

v Sitting in an easy cross-legged position, or on 
\ any chair or stool, ensure the freedom of movement of 
/ the back and head. Drop the head forward and 
I completely relax the neck. Moving from the waist, 

/ using the whole upper part of the body, let die head 
I roll in a circle. Do not push it around but rather let 
/ it loll. In doing this the head moves completely 
freely and eases one of the worst tension spots we 
have. Circle from three to five times continuously 
in one direction, then repeat the other way. 

Remember to keep the jaw relaxed; yawning, 
sighing and deep breathing will all help. 

This exercise is usually noisy and painful to 
start with, but done for a few minutes daily quickly 
becomes a very pleasant way to relax. Try this at 
your desk in the office between meetings. 


areas 






Affects the Adrenal Glands and massages vital organs. 

Helps correct menstrual disorders and tones up the 

sex glands. . 

Lie flat on the stomach with the face 
downwards, putting the forehead on the floor. 11 
Place the hands palms down comfortably parallel \ l J 
with the shoulders. Lifting the head up and back \ \ 1 
as far as possible, inhale arid, using the back muscles, \ \ \ 
pull up the shoulders and upper part of the body. \ y \ 
Finally, using the hands, push up and back, keeping \ \\ 

the pelvis bn the floor to ensure proper positioning \ \ 
of the spine. Breathe out holding the posture for a \ 
couple of seconds then slowly lower, reversing the • \ 

process and bringing the forehead \ 
c^K> y to rest on the floor. 

\ ^ ) Repeat three times. 

\ . %■ Try this in the morning, it’s probably 
] ( \ more refreshing than a glass of 
1/ r \ orange. 


EXERCISE 4. ‘ 

Crossing the Atlantic. 

This exercise can only be attempted in 
an Air-India airline seat. 

■v ■ ‘ . Simply sit down. Allow head to sink 
\ into head rest. Close your eyes, 
y \ A sudden feeling of tranquillity 
| \ comes over the body. 

I \ Open your eyes and you Ve arrived. 

. Try this on the 13-00 

747 from London, 
YY or the 20-45 
- / y 747 from New York. 

-TV \ \ Any day of the week. 


Merely the nicest way to fly. 


witiiin'4 hours of a large m*a\ 




14 


-MIII.IIN DOLLAR 


Financial Times Monday January 23 W7Sf 


INDIA IV 



* ' ' ' ' * *V • *' 

VV' 1 ' ' 
- > 

. • “ 


■ MM 


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v. • *- —■ «>; **** ' 




r .. •" - V: , 

r. :•• £ ^ *) 

■ :<• V* 




f 'I- V4f£ .. 

v- _ 


■ ’ * » *» ‘ 

l ■ , ' • 






\«?y H 


i Advanced electronic 
/systems and equipment 
j go to many places, 

! many countries. 


The return to democracy has given a new 
dimension to India’s foreign relations. The gains have 
been substantial, enabling India to regain its position as a leader 
of the Third World and a champion 
of the non-aligned movement. 


Each BEL electronic product is made to 
international specifications like BSS, 
DEF V JSS and MIL 


■ You, too, can have a BEL electronic 
product tailor-made to your 
requirements. Not only are you 100% 
assured of 100% quality but you'll 
also find BEL prices very competitive. 
Nq&, what can BEL do for you? 

There are 350 different BEL electronic 
products to choose from. Given below 
artfjust a few of this very vast and 
diverse range: 


Radars for meteorological and defence 
use in L, S and X bands; VHF and UHF 
radio relay equipment; secondary 
surveillance radars; transmitters and 
studio equipment for broadcasting 
andTV; microwave radio relay and 
troposcatter systems; VHF omnirange 
equipment for aviation; solid state 
transmitters in the MF and HF bands 
with power ratings up to 1 KW. 
Precision components such as crystals, 
printed circuit boards, capacitors, TV 
picture tubes, receiving tubes, 
transistors and integrated circuits; 
transmitting tubes, cathode ray 
tubes and X-ray tubes... the 



F oreign policy 


i 

m 



t . \. . . V s ■ 

m • ..’ll:' • 

■ ■ \ * 


: . ■ * . .*■ . a 


■ V.''.' • 

■V 

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mm 



INDIA'S EXTERNAL Affairs 
Minister, ' Mr. Atal Bebari 
Vajpayee, has proclaimed that 
the “ inherited suspicions on the 
errantry's foreign policy have 
been eliminated." that a new 
dimension in external relations 
has been achieved in the ten 
months that the Janata Govern- 
ment has been in power. 

It is not an unreasonable 
claim. Whatever the vacillations 
of the Government on the home 
front foreign policy gains have 
been quick and substantial. The 
process was helped, as Indian 
ministers making their first 
visits abroad in their official 
capacity found, by the results of 
the last general election. After 
his first appearance at the U.N. 
General Assembly last year. Mr. 
Vajpayee was overwhelmed by 
the reception he was given. 
There was not a single hostile 
or unfriendly reference to India 
in the session — not even by 
China, Pakistan and Bangladesh 
which were adversaries not too 
long ago. 

Mr. Vajpayee feels this is the 
result of restoration of liberty 
and democracy in India 



Mr. Desai with President Carter during his recent 
visit to buiia. The better relatums between the lieo 


countries were cemented by the visit, m spite of a 
contretemps over the nuclear safeguards issue. 


(although the official policy it 
to claim what Is referred to u 
•■Pakistan-occupied Kasltimr.“> 
but acceptance of this is not 
passible in The way that India 
and Bangladesh were able to 
get to grips with the Ganges 
waters issue. 

China and India are also find- 
ing it difficult to end their 
strained relations, which first 
deteriorated in the early 1960s, 
nearly two decades ago. Mr. 
Desai said a couple of months 
ago that It Is for China to take 
the initiative on the unsettled 
border issue and until then 
“ normal relations ** would not 
be possible. China made pro- 
’» testing noises when the Dalai 
Lama, a refugee in India since 
he Bed Tibet two decades ago. 
met Mr. Desai. Both seem to 
be restating their posi- 
tions. while the slow pro- 
cess oE starting economic and 
other relations progresses. The 
New China News Agency re- 
cently noted India's eonlribu- 
tion to the African people's 
cause and mentioned that this 
country made no fond imports 
this year. It has been years 



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through a non-violent revnlti- how to make use of the offers, slble had India not signed the since such positive and com- 
non last March. found this The aid issue has, in fiet, agreement settling, at least for nienriatury mention has been 
increased the country’s crwii- enabled India - to be taken by the short term, the contentious made of India inside China and, 
oility and improved its canaclty others at its own assessment of issue of the sharing of the in another form of ping-pong 

t0 H ay “ , e In middle power role. India Ganges waters. This has been diplomacy, this ts taken as a 

wona affairs, lhis is not nor does not rea |] y need aid u done at lhe cost 0 f much cr j t j. s j cn that a t h aw j s j n the offing. 

S L£ C,Ve 3 T m ?I t TI- n * urgently as before; it managed cism from within, notably from Apart from such bilateral 
-—a return to the stance mar without the previous principal -West Bengal, whose interests Mins recognition as being one 
f r'f m P n S S? if° donar ‘ since 1971 with- are most affected by the con- of the main spokesmen of the 

unusual moral content: the lec- ^ difficulty, and the new con- cessions made by the Govern- 7^4 world ts Indian diplo- 
tunne to other nations, includ- .... .u_. l_. l 0 . ■ _ , ment. but it is a si n n of the , , .. . 

ino tho e,!Mr nmwre n( the teQt th * t haS beWI *"*« ta 7 . - . 01 me RlSCy S mam SUCCCSS. Lllilia IAOk 

Wnd^thst the ST m'i- Ind °- U S - »«» Presi- ““"trj s genuine anxiety to in the Paris conference and 

- - la f e l *. r - dent Carter's visit earlier this tap™* relations with sub- £r corous i v stood uo for rights 

harial Nehru indulged in before eonHnental neiehbmirs Tnrtn. . 0 _. iy . u . p !P T 


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widespread • recognition of in ^ a t the-U.S-. thought- pos- U VCU 


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India has decided to resume the 
dialogue through UN forums, 
but it Is its unique position of 
being both an industrialised 


lii 


TTr . uie-u.SK. uiousm- pos- — jr-i and devdoninc country that 

Irwha’s unique position of being si ble. In .the past, the threat of. Mt. Vajpayee is t*. visit nak-s its accMtaWe"^ boih 
boto a leader of the Th.rd. withdrawal' of ^aid was - the^ ^ Pakistan soo?. the flmlndSE %£!* iSLiSSfSmr 


sit 


— .7 ~ . ux -wa» . me raKistan soon, tne tirst Indian s i de s. President Carter >50001 Hc- 

World as weHas a founder of weapon wielded. Indians comfort- External Affairs Minister to do a Uy menttonS tli durin" h.s 

the non-ahgn«i movement. able foreign exchange and food so for eleven years. Indo- vilt^o N^ Delhi eur y^th s 

Just as India sent a military reserves position gives foreign Pakistan relations have im- m o nT h seekTns India’s help to 

contmgent to the Congo m 1959, policy the flexibility to stand proved slowly, partly because “ re vent the 8 dialogSe frnm 


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Prem Chand, as his special democracy and the country’s to foreign affairs and also be- 18 Keen piaj. 

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taken to mean a revival of and show that they are anxious hostilities are not easy to bury. . only . By m lbe oir rt raent 
India’s former peace-keeping to play a positive role in world Trade has-been resumed on a ln . rap,d Ktr | des made in 
role. The country has been affairs have helped the process, modest scale, communications f Qreign relations is the nuclear 
taking " initiatives in southern The countiy is in a pliant mood, are normal and diplomatic re- ,ssue e Jinn-proiiferatum 

Africa and South-East Asia that willing and eager to accnmmo- j a tions are again at an ambas- treaty. This did not mean miirh 
have not been publicised — as date others ln its bid to con soli- • sadorial level. until the nuclear bang in the 

they would have been a decade «**** gains coming naturally 1 _ . Kashmir Rajasthan Desert in May. 1974, 

a« 3 — th a t show a new maturity after 0x6 Mar ch elections. This joc Yet 50 - ong ** At 8 * . ? M ,r when Ind,a gatecrashed into 
LSlrieJS 2 has been done at three different !s “? «™““ »«»tUed. at least ^ exclusive club. Mr. Carter's 
^ E G^S^ire to ^rst. in If rite “ ^SSStS "“be ^ »■ Caliban's recent 

find a role that is commensurate ^ T . P^ers. India Ind| * 

ndtblndla'a size, peal, lea M d g ^ K 

a* “een^L non^nat SeM ?. d ' *5 ‘ tampion 22*2, « h »« Predecessor tauhe wr 2 


cribed « “gennine non^n- 3 ^- his county was ttytng to ™ Ij” “ 

ment the day he assumed office. and rh . nf tho ma us e relations with indin . 8cr '. n ? ma . tory : Mr. Desai stands 


. . . mr».au 3UHC5 nllU LHC rtraus *»«.* -v are IKWVtJU IQ niiolon. noto A .. _ . , . 

alignment would be corrected. on the poUtical plane and tried accordance with “UJ». resoiu- abarxdon 


n . . . . . . . KVUULtti piduc dUU W I4TU “ ww * vuv. iCdUlU* tactc anil . . 

But national interests soon t0 keep ^ north-south dia- Doos.” Kashmir, it will be re- I™,?. , h,t . tle down th6,r 


, . .. . _ m w IIUI lU-OAlUlil UIdL- II WU 1 Ufl JTl> wpaammI. _ r * ” ■ 

brought reaJiOTi to bear on such logue going on ^ economic caRed. was the final step in alom »c. weapons,, 

a swing, and there is no sign of frt)nL and for India ^ ^ «step-by-step” approach en- K? ^J 11 fal1 . ln ,lne ‘ Wr - 

any dilution m relations with ^ the most important, a major visaged in the Simla Agreement t *?* co ™ n,,tted conn* 
Russia. U anything, because effort is helng made to. mend of June, 1972, befween Mrs. P? " ot mab . e an - v t G sts. peace- 

Moscow itself feared loss of its fences with neighbours. Indira Gandhi and Mr. Bhutto IU- ° r ntberwis ®- and consider* 

most important Asian ally, rela- The main ‘success so far has All the other steps have been 38 f . he . next h *® 1 to 
tions are doser. There are offers been with Bangladesh; Presi- climbed, and it win need con- f n ?* ct,,al «****vy to the NPT. 
of more aid and more co-opera- dent Zia. recently visited India siderable statesmanship on the h ’ M P I eScnr p,iant mood - 


tion, especially after Mr. Desal’s in a -bid both to gain respect- pan of both countries to cross shllu,d taken at face -value: 

Visit to Rliecta Inc* autumn D is -kiTU- 1 - ... *-***» Rint-P I nr) i-. i. .. . * 


visit to Russia last autumn. It is ability and recognition for his the finflT and most intractable a,nce . India i n no mood to 

another matter That the Govern- regime and to cement relations, hurdle. India has hinted that it " es ,ts musc les. 
ment finds itseif at a loss on This would not have been pos- wa nts the status quo formalised K[ gjj ^ 


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Increased efforts to boost 
agriculture and rural development are the main 
themes of the Janata Party’s new economic programme. Creating 
more jobs, boosting national output and redistribntion 
. of incomes are also priorities. 


Trill mean more bureaucrats and ( about 70 miles east of Poona, is Government subsidies are. 

in a well irrigated sugar grow- available in certain cases to 
mg region and is the cattle cover the Rs.500 of expenditure 
breeding centre most accessible for artificial insemination and 
from the city. It was alsa one of the enriched fodder needed in 
the earliest centres to be estab- pregnancy. _ But it. still costs * 


more red tape. 

• It also wants to cut down on 
red tape. As a demonstration 
of its seriousness on this it has 
set up two high-level * com- 
mittees to expedite import and 
export procedures and the vet- 
ting of applications for indus- 
trial licences. 

• Janata is ambiguous in its 
policy over trade. The Govern-, 
meat says that self-reliance, 
must continue to be the para- 
mount objective but that the 
foreign exchange position will 
allow selective removal of im- 
port quotas' and quantitative 
restrictions. It promises to look 
favourably on industries seek- 1 
ing licences for increased capa- 
city for export purposes, butj 
says that in its ' overall indus- 
trial licensing policy a commit- 
ment to export will not carry 
tbe same weight as before. 

• Thus both policy and imple- 
mentation are fluidJ Much is left 
unclear. Textile and footwear 
manufacturers are in the dark 
as to whether they can invest 
to place existing plant. The 
issue of land reform — central to 
any programme which has as 
its goals increasing agricultural 
output and redistributing in- 
come — has been fudged. What 
is achieved will be the best 
guide to where priorities really 
lie. 


the earliest centres to be estab- pregnancy. But it. still costs a 
lished. The Foundation chose it further R^2,D00 to feed , a calf 
as a starting point because local until it heifers and produces its 
farmers had already organised first milk. Most Hanjans in any 
themselves into a sugar produc- c*se do not possess a cow. 
ing co-operative with a large first attempt by the 

cane processing plant of -their Foundation to avaluate the 
'own. The cooperative was thus social and economic impact of 
able to meet tbe Foundation’s tbe scheme-still very much at 
operating costs in setting up a t* 1 ® pllot , st 5*?* m T inoS i 41635 
local veterinary station (located was completed in June last year, 
beside the factory) providing It covered eight centres m 
artificial insemination and back- w ^ uc ^, *1.500 farmers were 
UD facilities recorded as participating. Of 

up lacmues. these, 47 per cenL owndd m 

At the first house at which iamj or less than five acres, snd 
we stopped over 30 cross-bred 25 per cent between 5-10 acres, 
cows were being looked after The foundation is now: 
by hired labour earning only attempting to widen the pro-' 
R&.4 to Rs.6 a day. The owner Jed’s scope by extending into 
was a director of the co- fodder cultivation and dairy 
operative farming 120 acres of marketing. At Uruli Kanchan: 


Economic policy 


1 the “certain measure of growth” is perks and amenities of the top the private sector is banned 

cent healthy, for the 20 or so larger people." from buying foreign knowhow, 

nd to industrial houses (Birins, Tatas, . . . . It is encouraged to enter into 

more etc.) which" 'are condemned as P" re . . p T H e f . Matr .?, collaboration agreements or to 
ihasis having concentrated in their . m u f_ "buy foreign technology out- 

aerat- hands a disproportionate cen,ent - According to the Gov- where India has inade- 

tional amount of resources. Mr. Fer- ®" unen ta industrial statement quate capability. In practice, 
Desai nandes has-' limited their future sector ■ f President Carter’s visit to India 

o ffice, expansion and borrowing powers ■L‘? tu f n an its J^vest* demonstrated considerable in- 

(how but has left enough loopholes p ™ vi ^ e a teres t by the Government m 

does to give them some confidence ^6 asona ble dividend and funds foreign technology. Also Mr. 
uyed) about the future. for modernisation and growth. g^ nu patnaik, the Steel M in - 

• •Itissuspiao^ us of foreign in- ^ter, has warmly welcomed 

hieve • of pro " ve f men t and foreign tech- foreigI1 investment for the steel 

JV”® fits and high salaries for man- nology. Mr. Fernandes is taking industry, 
agement- The parly document a tougher line on bringing estab- 
® says that profits should not be lished foreign firms within tbe •The parly is likely to he more 
squandered on “indiscriminate official 40 per cent equity ceil- interventionist towards industry 
r Iate distribution of dividends and ing for joint ventures. Where than congress in its efforts to 
-* bonuses and increasing the Indian technology is available, cocoon the small sector. This 


George Fernandes, . the 
lister for Industry,- put 
ore parliament as an official 
mnent a statement on indus- 
J policy. 

Jther ministers or party offi- can be created outside agricul- his Zebu cross-bred four years 

-s, representing the cross ture by encouraging small-scale * norf A f j-; rQ + a S°- He owned no land and his 

tion of conservative ortho- industry {defined as. units with . . ^ P ari U1 IlA waive IU business was in decline. The 

y, agricultural lobbyists and investment in machinery and create new omnlnvment the ^ cow 40(1 t* 0 heif&rs he n ? w 

lalists from 1 which the Janata equipment of up to- $125,000), . trcaic new eiiipiuyiueiii me j -J possessed had become the main- 

Irawn, have, chimed in with the so-called tiny sector ..(units flhve mmwi f is nrnvi dinff *Jk | XT’ ' f °r his family and poten- 

ir views. The. result is a set with investment of .up to . • . • ** U ^ 1 /I I III | iaJJ y 1135 ^gest source of 

‘goals, often contradictory, $12,500 situated in small towns im proved ass is tan ce for • • • T T J- income. 

t have been inadequately or villages) and cottage -Indus- ■ - , - Further on, a man w>lh only 

‘ urdfied and are short on tty. Mr. Fernandes hasr. said mral development projects. ^ a ?’ e had two cows and 

ail on how they irill be that the manufacture of over ’ r F J three heifere. On his land— 

ried through. Some trends, 500 products (named In his insufficient m itself to support 

rever, are- discernible: industrial statement) vffll be FOR THREE months from June — Manibhai Desai — who at country to help develop a strain population in the world, Hindus g^rhum 1 ^as fodder 

reserved for small-scale mdns- the monsoon drives- across Gandhi’s instigation began a of cow resistant to local disease have traditionally reared the cmii rcane mangoes and naoava! 
rnrlllriinn tries. The list win he reviewed India's western coastal plains nature cure ashram at Umli but with a high milk yield. cow for worship, as a source of p rom * 1 ,. ^lu-r he rfaime^toh# 

k. uuucuuil j n light of their efficiency, until partially checked by the Kancban, about 19 miles from The research station is hut 111333 ure or fuel, and for produo ^->400 a year His 

Phe Janata' Government’s N «> new industrial capacity Is to Western Ghats, the mountain Poona. (Gandhi once sent his the focal point for a much more ^ bullocks for ploughing, neighbours ""were envious he 

icy can be summarised as be created in weaving, footwear barrier that shields much of wife there for treatment) Desai . ambitious scheme to give land- Beslde ^ buffalo it has only said> but was no.thine'they 
taws: and soap, sectors reserved "for central India. Beyond, on the soon expanded the ashran into less labourers and small had a raarsinal role in provid- do because tbey bat i 

It puts more weight than cottage industries. . ' Deccan Plateau, where only a a local agricultural centre, fanners across the country an ms milk or daiiy produce— and neMwr a Zebu for cross breed- 

3 gress did on agriculture and • ^e Party is not as hostile thin layer of productive soil showing villages the techniques opportunity of gaming more by fi® nce additional family income. j n g nor the money to buy one 

■al development It believes to large-scale industry or the covers the deep formations of* of lift irrigation, encouraging raising one or twocows for Wia the crossbred cow yield- Both were instances 0 f Tbe 
;t the increase in unemplay- larger private industrial houses, rock, the monsoon loses moment them to diversify into other dairy purposes . over the next “S at least five times as much Sc heme’s success in supple- 
st over the last 15 years and M industrialists had originally turn. crops such as grapes, and estab- five yeare ^ Foundation’s aim “N* Zebu & minimum of me nting employment and 

j decline in real terms of the feared. Mr. Fernandes, ex-^ade in this dry area of the " rain- lishifiS 3 sugar processing co- ^ | 0 develop 500 cattle breeding 2*WH) litres per lactation and income of families close to the 

times of most villagers have unionist and popular agitator, shadow” is to be found one of operative. centres each covering 15 to 20 °^ en double that) a family poverty line but who had the 

suited in the lopsided sitaa- h*« won the respect uf .-the the rare projects in India which Ten years ago he founded the villages and rearing a million st*uds to make Rs 1.000 net a energy and determination to 

n of India having a large business community^ ■' has attempted and had some Bharatiya Agro-Industrial Foun- cross-bred cows in all. • A start J*** * or eac * 1 cow 111 ^ at make use of the opportunities 

lustrial capacity but too little # Large-scale industry, Janata success in bringing jobs and dation (BAJF) at Uruli Kan- has been made with 100 centres is almost as much as a farmer put their way. The project’s 

mand for its goods. l%us it “Ts, will still be requiredJn additional income to the rural chan as a research station for now in operation in Ma h a rash- could earn in a year from 24 limitation is that it cannot hope 

3 no real pick up in Indus- 'Steel, cement, oil refining, areas. Started long before the cross breeding the local Zebu tra, Gnjerat and Uttar Pradesh acres of non-irrigated land in to reach the very poorest (the 

al production and investment capital goods, fertilisers, petya- Janata Party made -rural devel- cow with Holsteins from Den- and these are to be extended Maharashtra. But is it a scheme Harijan or untouchable com- 

til there is an increase in chemicals, machine tools opment the backbone of its mark and Jerseys from Britain, into other states. which really helps the poor? munity, for instance, which in 

rchasing power. The Party whatever rise the Government economic philosophy, it none- Supported by funds from Such a project would not be First impressions reinforce Maharashtra accounts for 

s proposed that 40 per cent deems in the national interest theless provides a yardstick for industry and international so eventful outside India. But initial suspicions that as so about 12 per cent of the popu- 

the investible funds should Few congressmen would quaraea judging^ what might be achieved, agencies, this now has well- in India it represents a minor often happens in rural India, lation) or those who no longer 

allocated tu agriculture. with this. "j ■ V But initiative came from a. equipped laboratories and the revolution hr that though the improvements favour those who have the energy to help tbem- 

The Party • wants to create • The 'Party believes that a'dWple' bf^Mahattna Gandhi’s largest semen bank in the country has the largest cow already have wealth. Malegaon, selves. 


Minutes before your touch down Feeds; Fatty Acids, Glycerin and 
at Bombay's Santa Cruz other Okocfremicals; ^nd, of course. 

Airport, the vastness and the the famous range of Godrej 
modernity of Godrej comes detergents, soaps aii.d-toiletxies. 
into view, Godrej also makes Security 

Godrej Soaps is India’s leading Etjwpment, SteejL Furniture, 

manufacturer and exporter of Typewriter 5 , Remgerators, 

Oilcakes such as Groundnut, . • Machine-Tools, Fork-lift _ 

Niger, Safflower and linseed; Trucks, and otha: engineering 
Vegetable Oils such as Castor, items. Products that satisfy 
linseed and Safflower? Hand . consumers m over .20 countries 

Picked and Selected Groundnuts;, .oa.5 continents. 

Compound Cattle and Poultry - Over the years,: Godrej has 


developed its own sophisticated ' 
technical know-how, which it 
now "exports’ to manufacturers 
in other countries by way of 
technical collaboration. A modem 
independent Godrej Research Centre 
.is dedicating itself to 
further the Godrej faith ■ 
in technological researdi . 
and development. 

All of which goes to show that 
the more you know of Godrej, 
the more you’ll like it. 


Soaps /limited 

Eastern Express Highway 
Vikhroli, Bombay 400 079 
Telex: 011-3480 

London Branch: 

10 Minories. 

London EC3N 1 AP- (U.K.) 

Phone: 01-480-5422/3 Telex: 883302 


Financial Times Monday January 23 1978 


INDIA VI 


With a high level of unemployment and 
industry regularly operating below capacity, 
the comparatively small Indian trades onion movement 
needs a strong personality or body to weld 
the workforce into a cohesive whole. 




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I m^tme time, due Either to 

oonth the stite of Maharashtra j|^ r ‘ • uBg-. **\ t * \k. $2J- 

vas crippled by a government ••*•• » *' .'f. >: • § *' , 9^' ■ v.-.-Til 

imployees strike— an estimated i ., .£»■ • '■ e— ■ * «rV' * I- * • ; : L.' J.';V< 

■0.000 of the 80,000 striking j lt " B I : - * ' '\y.% 

ecofldary school teachers in [■. figBl' ''.'v V \ . ■■ 

7ttar Pradesh have been gaoled M 1 M 'i 'V '/& *3 'ii 'jt - 1 . 

-many subsequently released — . M T : ’ ' ?Wi M ' - -. .Al . \ #- 

uring the current dispute. Last ; ; ^ ^ ^ ' 

ouged out before being £ Wjjff ^ ' 

imagers and supervisors being Ire ■ , 

eaten or tied up are common- BE ly "' * 

Officials in Delhi say the in- l. j M .W A- £ S- * A JSw*, V: "v . , 

ustrial situation is bad, but not f: Jf . .'•» *mr~ *$S3r' :* ■’.• .*■ ! 

i alarming as it sounds. L g‘- : B- . ■»]’& . ’ !?2f ■.> • * • V. r .' ■ i 

Title many industrialists .V ..UiJBhiC *.. . l li. 1 ; — ; i. i. v ^ i_ »T. ,4 J 

ipl ° rt J®. of curbs, i n a demonstration organised by the Communist Party of hulia in November last 

aming stake wsion for the year, more than 20 t 000 people marched on the Indian Parliament to protest about 

aTfeJe rising prices and unemployment. - 

ills, the officials point out that Quite often the union changes than through the governments’ jobs remain scarce and the 
lart from the initial three to leaders in mid-strike and de- regional guaranteed work pro- workfnrre remains so disnrga- 
ur month period after the mands are quietly" dropped. grammes which alleviate but do nised. 

aergency, the number of man- ( not solve the problem, will not Within the organised sector, 

ys lost is slightly less tihan Rppnpn jfiofl ** feasible for many years to most unions are affiliated to one 

the pre-emergency period of come. of the nine or sn big central 

74 at about 0.5 per cent, of But to consider labour in Many disputes currently labour organisations— such as 
ne worked and that during the terms of unions is perhaps in- ra P in S In factories and work- the Indian National Trade 
lergency the amount of time appropriate In a country where s h°P s still relate to the Emer- Union Congress, . the All India 
►t due to lockouts, many of unions represent only 20m. of S en( T — non-reinstatement of Trade Uion Congress, the Cen- 
tueni disguised as layoffs, the 200m. workers, where man- thn -^ dismissed, failure to com- tre of Indian Trade Unions, the 




: h'¥\- 




V .<?.*■ 


... . y _ y L-_ • 






In a demonstration organised by the Communist Party of India in November last 
year, more than 20,000 people marched on the Indian Parliament to protest about 
:7ismg prices and unemployment. 


ayau HVUl UlC 1XU LULL uun: LU wouwa ill UUU-3U Itvc dliu 

four month period after the mands are quietly' dropped, 
emergency, the number of man- 

days lost is slightly less than UppHOTlitinn 
in the pre-emergency period of ■^tk.VgUlUVII 

1974 at about 0.5 per cent, of But to consider labour 


more than doubled. 


Ironically, 


agement 


Emergency worker representatives unless jt 


iege Uldli" — ■ • — — ■ v .U vuaii- - - - 

recognise P 8 ? 53 ^ those victimised, and United Trades Union Congress 


non-payment nf the National Front of Indian 


may have benefited the workers chooses, where a faeto-ry of 300 aPh.uses. Until 19i4, payment oi Trade unions— which are in 

almost as much-as the manage- or so -workers^Gan 4nelude-up-A? mn ™ urn .bo n us equaI..to one turn linked. to qne of the many 

.ment in some ways. India’s to. 20 unions and where collec- P 100 ?*' 5 saI a *V was compulsory regional or national pnliii.'a! 
trade union movement is hope- tive bargaining is .still the ex- ° ut in 1975 tI,is was cut to four parties. However, loyalties ore 

I 1 e. j m n ' ° _ ° . ■ _ BAP PAnt Ol — S L.. t o— ^ Ah! J xi nil 1 .V _ a i 


P-M- Engines limited 

Kirloskar Diesel Enqines 


trade union movement is hope- tive bargaining is, still the ex- u 3,0 ims was cut to four parues. nowever. loyalties ore 
lessly fragmented and its ception rather than the rule. per , cent fro ® 8 i and by 1913 fluid at all levels— shifting alle- 
leaders do net seem to have India’s unskilled and semi- R? tonus at all was required If giances among the national 


uv awiX iw uai« lUUld d UUhMIlCU ttIKU N RIT1 1» , — - '-w ** 0 imiivimi 

much idea of how to nrn a skilled werkferqe includes some failed to produce politicians open the way for 

strike. Industrial action may of the most ruthlessly exploited L suffi ^ eat ‘‘ allocable surplus.** multiple splits snd reali.cn- 
have some use as a ritual or men and women in any Indus- , fJJ ocab >e surplus was cal- ments, and the political ei’ents 

therapy but has not done much trialised or ^emi-industrialised CUIat f d according to a highly of the past 12 months appear 

lately to improve pay or condi- country. They work long hours c ^ rap lf x form uIa in the course to have accelerated the process 

tioos. Demands are frequently for minimal wages which can be or whose labyrinthine byways of fragmentation. 


35 Piccadilly London England 
Telephone: 01-439 1637 and 01-734 1066/7/8 


An htefnaConalIyEsteb^edd^xi^^smTOnetyi^e n suHauj<qptetB after sales backup. 


J 0 & 


trivial— often the product of and frequently are withheld at M.Tw aCC ° UI1 if nt .y° rth l 115 saIt The government is currently 
inter-union rivalry rather than, the management’s convenience “* ua11 ^ dwpose of the preparing what is hoped will he 

worker-management friction non-payment of wages is not ® n ? eraerse ompty- a major overhaul of existing 

and even when more serious a criminal offence, though light +ifo e ?^? nuses were paJd labour legislation, in particular 

issues are at stake, such as non- fines are occasionally imposed. Th “ g ‘Emergency. the Industrial Disputes Act nf 



« uwu- uu« uc ucuaiionany imposed- Th«. me muuairiaj uispuies Act nr 

payment of bonuses by a profit- Unemployment and under-em- ui ® was 1,0 1947 ’ in the h °P c nf pushiup 

able company, industrial action ployment are so widespread as Tstf tn6 i pnvate . s^tor. the unions towards greater 

often fizzles out with no con- to preclude accurate estimates iin vv. a I ?Jr 0 ' pub " uoJt y- In July last vear it set, 

cession tn 41,. um-tam n_, ... corporation Use Hindustan m m ...—v.. , I 


zzies out with no con- to preclude accurate estimates iio i puo “ unJt y- In July last vear it set 

at all to the workers, and unemployment relief, other H V ldustan up a 30 member committee, in- 

In S ? Jp S ®HS5 dudiB - representatives of state 

mad?a S nef , Drofit^ft?r 1 t 9f5 ' 7 ? ffl? central government. Indus- 
2?2,* n8t /JKf *S er % ta » of ^ and Hnions, to draw up 
£ ^’^' but ^uiflelioes for a comprehensive 

JT rn ^We r w° af r^ er3 i a * minstrw 

i sr’sr 1 x si 

fc'nii* SS f re^rl l05 . ely d "It, 

f^e^eSnT’SiC, “* 


rh« 


*; My colleagues on the Board OndmicfiA 
ad I cals --quite appreciate the 


sSSss n 

Sags? ssr-=ra»s 

countS^ E^uirVhi. fit SS nt - : l n,1 little 

the hut JSE0H “S, “ 0nth ?‘^ r than broad principles 

7 fu n H a ^l ed: 1 ««d -uutfSUr 

STwOTtare would h^r u l for h f there *«*1»W be some pw 
justified; but we rauld no^w! JSro* for 3 l e ' niLfyia#l a n *S r 
the- necessary Government ner 3 R k 1>I for workers in co’ 

mission." ' vern *ent per- IccKve bargaining-one tha 

The Janata Government has n? r S K . W "“ ,d 

reinstated the compulsorl ^ ? 

per cent, minimum bonus, to be £ ° r ^ * houU 

paid as a “ deferred wage ’’ h?.t S f , m llle hu^be 

whether this can be satit! wwtanM ®ad b? « broadL' 
factorUy enforced and wheth*- f, a ^ d as Possible rereived on u t\ 
it is practicable amon« ^ wwn af .igreement i 
panles. genuinely roimin- * prt>pnra,s tn W»? .workers t- 4 ^ 
loss: remains to be seen * 4 a settlement coqc4uded b. ; 

-The problem of low Wacee in ^ r * Scrvt Uo he: elerted i: ; 
likely to continue for years ^1°^) and endorsed b \ 

whUe unemployment remains wi$ “favoured b v 

high and much of industry con ° J ar ^ e swtinn of workers re v 
tmues to operate below cans E^ SO i nlatl Z , ' s " but presumabl = 

n “‘ V the •; 

Sf ®* ates are often , representatives 


xm 


-J . ,, 7 Hare oecn — — * r 

S“hSiil5 ?*l tes but are often EwpHwrtf representatives 
YSr. ^ n lpw **» recognised pnv- ^ h,le wlcomhv? the propow 
honoured* ar ? not always for a sl «3le bargaining amnr 
line onot*»d\ e a t a ^° na ^ poverty y. a t n 5«rii*ally rejected susige: 

^ bnur Dtl Part- ? R thM workers shoul 
study whfrh ls ?. ased on a 1%1 V"* 1 ®**? agreements rvache 
rSit AJi? h . adjUstPd to cur- by l)mr awni. 

capita inconS nf a TJ ni P imum per diff,,r P?ices are evuicr 

S 01 Rs.60 (£4)J_i r regarding proposals on dispute 

Betweei?4D a»PS R * family. J5}!^ dlirp » on »n industrit 
the DOD„??ti« nd 50 por cent, of eommissinn, and o 

Sfs. At thi hn« Sets l0Ss Mian trad< * l,n,op rcsistratinn. 
the minimSm S w 3 ^V Cale ’ J!"? » n *«nlrts. indiistrialisi 
unskilled aericni L,. -', 6 / 0r an ?v d *™n»nm officials agw 


unskilled agricultural i v an ¥ w#rn «««t officials 
is as low a s Rs^a dav ro° Urcr hmI 1 ?* ? nIon , raov cmeol’s weal 
states: the highest d!n? «« lack « 

mum for a * ^hw %S2K lSS Rhlp ’ u "kw unie 
labourer is Rs.l3 'fint 5f*? ons arp centred on pcrsoi 

ic nni __ _ ut e\en this I'ltlps r.ithn* .j , _ - 


laoourer is Rs.l3 But o,.» Yc. ITT*.* " wnireu on pcrsoi 
« not necessarily \rtta* n * h ‘ s f*£*L ■«*» thw idVoIn? 
workers gets, even thmilh ^ 6 hit* f *T thesc Personal !ti« 
may. sign fnr it. RennSl ™ tr< * nefh ,n ralty su- 

workers paying rontrsniJ 008 of P K rt .their own wur' 

oilssion of up to 80 00^5°"!* fS 9 ' a stronger lead* 

are Common P though Iffi th0re ^ be I in! 

substantiate; gJSJ-, 5? I n ™ S( ? ,r * Pressure on gover 
cials, while givij^ offi * HIT 0 - to Produce the sweepic 

y the practSe ta n« SSJ* 5 * ehaases 80 ***** wquim 

* ’hilo Margaret van Hattei 










Financial Times Monday January 23 1978 


It 


INDIA vn 



India’s trade performance over the past two years 
has been remarkable, although officials still fear that one bad 
crop could wipe out the current surplus. But exporters are still unhappy 
about the barriers the Government puts in their way, 
making it difficult to plan for the long term. 


Pattern of trade 










*7??! 

'• :• *4 • ‘ 




iS»- •?: ^ ;>. ■ .. / - • 

H >:>•••* •. • • uj| 


v'^T/V • 


I.V \ y, \ .• , 

H-' '•”• * ‘ -> v*V v ’. : . 

N’; / ^ ?v •••''..;•• . • 1 

••'•••• 

? 'H&; >**£&*& ;•*****•*•• •*•' • *'- v ; •• . 


«. 

j -. 


IA HAS lived with trade 
eflciis for so long since inde-. 
endence that the government 
: still starry-eyed that for the 
Mond year running the coun- 
7 is likely to chalk up a small 
irphre on the visible account, 
he ■ surprise is all the greater 
that it was only three years 
that imports nearly doubled 
value asaresultof tbein- 
in- oil prices leaving a 
ien unheard of deficit of 
.lbn. or the equivalent to al- 
ost a third -of export earnings, 
e -reaction of officials now to 
is turnabout is to fear that an- 
iier Armageddon .could strike 
ie country — bad monsoons? 
rather OPEC price rise? — and 
■ preach caution in dipping in- 
i the still swelling $5bn. of 
{ ? ures. 

Behind the' change lie two 
; ain factors. Imports have re- 
amed fairly stagnant in value 
for the last two years at 
annual rate of Just under 
in. and look like remaining 
at way during - the current 
-78 fiscal year. This reflects 
i part the general sluggishness 
: the economy as measured 
t purchases of machinery and 
iw materials abroad," and in 
irt India's capacity to manu- 
cture itself- what h needs. 
Relaxation of restrictions on 
aports of equipment and 
ipital goods introdnced since 
ie last budget does seem to be 
4ving some effect For though 
i the April-September period 
-Indian trade statistics are 
otoriously slow to appear — the 
feral 1 import level Is the same 
s last year, increased pur- 
aases of capital goods and raw 
taterials would largely seem to 
ave made up for the suspen- 
on of government grain pur- 
hases from abroad which ac- 
ounted for 25 per cent of total 
n ports in the same period last 
ear. The government is look- 
ag to a further expansion of 
nports next year with increased 
ublic expenditure, a pick up in 


ffie economy and further im- 
port liberalisation. 

A committee under Dr. P. C. 
Alexander, Secretary .."of Com- 
merce, is due to report Portly 
on how to cut back on the red 
tape which makes trade with 
India so irarassuig. But both 
public and private sector indus- 
tries can be expected to put up 
a tough fight against supplies 
which make inroads into their 
share of the domestic market- 
power plant makers have been 
lobbying strongly against the 
import of ' generating equip- 
ment There is also a merchant 
class that has thrived on short- 
ages of raw materials and has 
no wish for import liberalisa- 
tion. 


MAIN ITEMS OF 

(Rs. 


Shopping 



The areas in which India is 
shopping around for foreign 
capital goods — accounting for 
about 20 per . cent of. imports 
in 1976-77 — include equipment 
for the oil and gas industry to 
develop production from -Bom- 
bay High, power generators, 
instrumentation ‘ and control 
equipment, military hardware 
and civilian aircraft In the 
private sector, the- pace of 
replacement of existing plant 
depends in part on whether the 
Government will permit invest- 
ment in such industries as foot- 
wear and textiles. Both are 
export sectors but the Govern- 
ment is limiting expansion so 
as to encourage small-scale 
enterprise. 

Britain’s share of this market 
has been static at best Exports 
were up 41 per cent to £229m. 
in the first seven months of 
1977, compared with the same 
period in 1976, but this was 
largely due to unexpectedly 
large shipments of industrial 
diamonds. Indian industrialists 
say that the German^ , toe 
French and the Americans alia 
quicker to snap up big. ordert 


Exports (domestic) 1974-75 

Jute manufactures 2,968 

Tea 2,281 

Cotton fabrics 1*589 

Iron ore ...1 — 1,604 

Oil cakes 960 

Leather and leather 

manufactures (ex- 
cluding footwear) ... 1,450 

Cashew kernels ' 14.82 

Tobacco — . . 822 

Engineering goods ...... 3^67 

Sugar ’. ...» ' 3^90 ' 

Iron and' steed — 211 

Chemicals and allied 

products 929 

Fish and fish prepara* •• - 

tions 662 

Cotton apparel 969 

Handicrafts 1866 

Total (including others) 33,288 

Source: Economic Survey 1976-77. 


1975-76 

2,483 

2^68 

1,587 

2,138 

861 


2fiH 
961 
. 984 
4,087 
4,723 
682 

845 

1*266 

1,449 

2^41 

39,416 


FOREIGN TRADE 

m.) 

Imports 1974-75 1975-76 

Cereals and cereal 

preparations 7,638 

Raw cotton 274 

Petroleum and products - 11,569 

Chemicals 8,274 

of which 1 

fertilisers ...... 5,889 

iron and steel 4*237 

Non-ferrous metals .... 1,787 

Machinery other than 

electric 4,035 

Electric machinery 1,610 

Transport equipment ... 3*312 


Y? 


1 


v/ 


> •• V- \ • 9 *r .. : ... • . 


13^83 

282 

12J857 

7351 

5363 

3,056 

978 

.5.645 

1372 

1*301 




•• 

C* 




■ J 


W/'f . 




rc'~. 


Total (induding otoere) 45,188 51*578 


Cotton textiles are one of India's major exports.. Here a urorker at Net© India 
Cloth Mills checks a printing loom. 


arising from multilateraUy 
funded aid projects or to enter 
into technical collaboration 
agreements. 

The other factor behind the 
improved trade balance is the 
rise in exports which Iras been 
marking up an average increase 
of 7 per cent, a year in volume 
for the past seven years against 
an- historic rate of 4 per cent 
The 27 per cent increase in 
value to $5.9bn. is expected 
to be followed this year by 
a more modest 11 per cent 
The slowdown in world econo- 
mies, fewer orders from the 
Gulf States which have too many 
projects on their plate, power 
cuts and strikes that have dis- 
rupted production. Government 
restrictions on the export of 
cement and sugar which are in 
short supply domestically — have 
all played a part in diminishing 
the rate of growth. 

In hoping to sustain this 


level, the Government is count- 
ing on the lengthening list of 
items in its export basket which 
cushion its foreign exchange 
earnings against sharp swings 
in any. one product Particularly 
striking has been the expansion 
of sales of manufactured goods 
and capital equipment — 56 per 
cent, of total exports last year. 
Textiles (now slapped down by 
the protectionist restrictions of 
the new multifibre agreement) 
have so tor dominated sales, bat. 
engineering goods accounted for 
60 per cent of the growth of 
exports last year. 

This rapid build-up should 
mark the emergence of India as 
one of the new super competi- 
tive industrial States, pushing 
hard on the doors of world mar> 
kets, but there is no sign of this 
as yet Technical skills, quality 
of product (in cases where firms 
bother) and price are not the 
problem. In the major indus- 


trialised markets and the Middle 
East. the best Indian engineer- 
ing companies have shown that 
they can compete on this score. 

Where they fail down is in the 
absence of the back-up of force- 
ful marketing, promptness of 
delivery, support from the Gov- 
ernment, the financial institu- 
tions, the insurance and 
shipping companies — through 
the combination of which the 
Koreans mount their drive to 
penetrate a market. Officials 
and industrialists willingly con- 
cede that this is the great weak- 
ness of Indian exporting. 


Fatalistic 


They equally take* a fatalistic 
attitude towards it. not helped 
by arguments advanced by 
Janata leaders that exporting is 
a liability to the economy 
because of the cost of govern- 
ment subsidies. 


“ We are very, very backward 
compared with the aggressive 
exporti ng nations.” said a senior 
official concerned with trade, 
“ but we don’t believe in export 
led growth.” The answer to that 
is that India cannot afford to 
throw up any opportunity of 
growth. 

The major public sector com- 
panies (that is, Bharat Heavy 
Electricals, Hindustan Machine 
Tools) and about 10-15 of the 
larger private houses (that is. 
Tatos, Birlas. Kirloskars) have 
the muscle to mount a sustained 
export campaign on their own 
data. The small companies are 
dependent on the periodic sallies 
of trade delegations (probably 
paid for by the European Com- 
mission if they are to the EEC) 
and participation in trade fairs. 
But almost all are guilty of try- 
ing to export on a shoe-string 
budget and suffer loss of sales 
for it 


Because of the protection they 
get Indian companies look to 
the domestic market to reap 
their profits. Too often they 
turn to exporting for one or 
more of the following reasons: 
surplus capacity (the iron and 
steel industry): slack domestic 
sales but persistent overseas 
buyers (sports goods); cash in- 
centives offered by the Govern- 
ment: to gain preferential 
treatment in entitlement to 
imports (now less of a 
consideration). The • more 
enterprising engineering . com- 
panies have been nosing into 
the European and American 
markets to establish the credi- 
bility of their brand name with 
a view to sales in the Middle 
East. Africa and South East 
Asia: and to gain technical 
know-how through collaboration 
agreements. The exports over 
which the engineering industry 
has most reason to crow are the 


growing number of turnkey 
projects, contracting deais and 
consultancy agreements in the 
Middle East 

For its part, the Government 
has done as much to impede 
exporters as to help them. It 
supports exports when 
domestic demand is slack but 
forbids them if shortages 
appear, thus preventing any 
long-term planning. The private 
sector is up against limitations 
on the size of companies and 
their production capacity which 
are an obstacle to their over- 
seas expansion. Establishing 
overseas offices or investing 
abroad can run into exchange 
control difficulties. These are 
hurdles unlikely to be cleared 
by reducing the bureaucratic 
procedures that the Alexander 
Committee is likely to 
recommend. 

D.H. 


•f.\ 


Constantly keeping abreast of 
the increasingly sophisticated 
requirements and technological 
advances of the times— that is 
.what makes BHEL one of the 
•foremost electrical engineering 
organisations in the world. And 
certainly, the largest 
manufacturer of heavy electrical 
'equipment in India. An 
organisation with a work force of 
over 53.000 people and an 
investment of nearly £ 200 million. 


The importance of being earnest 





*Jk- 


sflJ e 



m 

■M 














V>§> oO^V u - 




BHEL today has the capacity 
to produce, annually, equip- 
ment with a generating 
capacity of 4.000 MW. 

Continually enhancing its 
technology, capabilities and 
resources. BHEL offers one of 
the widest ranges of electrical 
equipment and services in the 
world — covering both power and 
industry. From concept to 
commissioning. Anywhere in 
the world- 

1 BHEL is currently engaged in a 
£ 65 million project for the 
Tripoli West Power Station in 
Libya — a turnkey job that 
includes training of the 
customer's personnel and 
maintenance of the plant for 

2 years. In Saudi Arabia. 

BHEL is engaged in a composite 
contract for the electrification of 
Wadi Jizan-an order valued at 
£ 42 million. For the fifth time in 
succession. BHEL has won an 
order for steam generators from 
the National Electricity Board. 
Malaysia. In New Zealand. BHEL 
is supplying hydro- generators 
of a total capacity of 544 MW to- 
the Power Stations at Ohau and 


Rangipo. In Nepal. BHEL is at 
work on the construction of a 
complete substation. 

And. of course, there is India's^ 
total self-reliance in its power 
plant equipment needs today. 
Which is perhaps the most 
conclusive proof of BHEL's ^ 
capabilities. Already equipment 
with a generating capacity of 
over 1 3.000 MW has been 
delivered. A further capacity of 
1 6.500 MW will soon be added. 
Know-how for 500 MW units 
is ready for application in India's 
future power programmes. 

All this has been possible 
because, at BHEL. we believe in 
being earnest. 


mare than 
products' 
a total service 
far energy 

Bharat Heavy Bectrieab United 

18-20 Kasturba Gandhi Marg 
New Delhi 1 10 001, India 
8 South Audiey Street, 

London W i Y 5 D Q 



sag 










tel 




fix?*-?*.: 
"•'V: 





... at 
ith no wiide tale 


V ,;l- 




V.iZi 










SAAjBHELf'842i 







18 


Financial Times Monday January 23 1878 


a v 

'It 


2 


The world of 
Shaw Wallace 
is a world of 
dmeience 


it takes a company possessing abundant resources 
of management skills and experience to operate 
with sustained success in a range of activities so 
different and diverse... 

EXPORTS : Our Exports Division, one of our more 
recent activities, has effected sizeable exports to 
the United States, Europe and the Middle East. Our 
export bag includes : engineering goods, chemicals, 
leather products, cottage industry items and ready- 
made garments — as well as edible industrial and 
pharmaceutical grades of gelatine and ossein. Among 
our many customers is Eastman Kodak. 

COMPUTER SERVICES : We have a fast growing 
Computer Services Division capable of providing 
sophisticated software services to customers in India 
and overseas.' 

SHIPPING SERVICES : We offer comprehensive 
services at aii Indian ports : chartering, cargo 
handling, crew recruitment, ship repairs plus off- 
shore operations. Our clientele comprises major 
Indian and international liner principals, and over 
five hundred tramp owners. 

QUALITY LIQUORS : Shaw Wallace is a leading 
name in liquor in India. Today we are looking for 
wider horizons with our new range of exotic liqueurs 
and varieties of rum. gin and beer— specially created 
for international tastes. 

AGRICULTURAL INPUTS: Cur deep involvement 
in agriculture ranges from the production of tapioca, 
chilli and peptin to the manufacture of fertilisers and 
agra chemicals and research for developing advanced 
agricultural techniques. We are keen on acquiring 
know-how from any country to improve existing 
techniques. 

If our business interests you, why not drop us 
a line ? 



SHAW WALLACE & COMPANY LIMITED 
4, Bankshall Street. Calcutta 700001. India 
Mr. Philip John 

Shaw Wallace Overseas Limited 

19. Leadenhall Street, London EC3V I NN. U.K. 


INDIA vni 


India’s “green revolution” has so far failed 
to do much towards diversifying the economy or relieving 
the problem of unemployment. Because the manufacturing sector has not 
grown fast enough, the rural sector will still have to 
absorb many of the surplus population. 



THE JANATA Party began its are unlikely to be repeated current development pro- ment, public and private, .but a snail extent If at all. It a evils. Mistakes {osvitabJ* 

term of office with a great deal unless more is done about the grammes, admirable though they also a more effective use of the currently responsible for the and _ because of Wwiwg® 

of talk, roundly condemning the less developed regions. may be, increase with the size funds available. Massive public accumulation of an 18m. tonnes numbere of peopie^anccwa and 

“wrong turn ” towards large- But the Government's fun da- of the farmer’s assets and cease expenditure in recent years bn stockpile of food grains, possibly ' 

scale industry taken by Jawa- mental aim — to increase domes- before reaching the landless, irrigation, the most important 

harlal Nehru. India, as Gandhi tic demand for manufactures by often migratory and often single factor in rural develop*' 

recognised. Is an agricultural boosting the purchasing power unemployed worker. But the ment, has remained tied up m 

of the predominantly rural bigger farmers tend to shape uncompleted projects for long 

population— appears likely to be rural opinion, both in politics periods simply because .too 

frustrated for a very long time an din acceptance of develop- many were begun simut 


nation, they said. Heavy Indus- 
try is inappropriate, cottage 
industry is more “ Indian.” 
From now on, they said, agri- 
cultural development will get 
priority. 

In the intervening ten months 
there has been a great deal 
more of this sort of talk but 
nothing to suggest that agricul- 
tural policy under Janata will 
be significantly different from 
what it was under Congress, or 
that the benefits of development 


by two major obstacles; hos- ment programmes, so if many of taueously. 
tility, particularly since the these programmes barely touch 
Emergency, to family planning, many of those wbo most need 
and the need to absorb a large them, i; is unlikely to afffect the 
number of unemployed or ballot box. 
under-employed. Both of these 
factors wiB ensure a rise in SflTVnnrf' 
rural population density suffi- 

cient to offset most of the Hence the price support for 
benefits of higher production. agricultural products which 
The Government’s credibility most helps those with the most access to irrigation facilities : is 
will be more evenly distributed, on such issues as acceleration of to sell, and cow-breeding expected to reach 2.5m. hectares 
And although the Government's land reform (to break down and projects which do little for tbose by 1980. 
general ideas have been widely redistribute larger holdings) who cannot afford to buy or 
welcomed by Indians and inter- and improvement the lot of the feed cows. Intensification of 
national aid agencies alike, in landless agricultural labourer grain and sugar cane production 
the absence of any specific pro- has yet to be tested. The prae- should at least boost demand for 
posals no one seems quite sure ticabOity of its 7 per cent, labour, but may not materially 
what they actually mean. annual growth target for the alter 

The broad strategy of the past economy, and of its plan to until 

30 years, emphasising higher generate employment in cottage guarantee that Tie win be paid 

output of foodgrains through industry has yet to be 

higher input — of fertilisers, established. 


the difficulty of reversing the 
a little inappropriate m a cumbersome bureaucratic ra*rh- 
countiy where millions go Ineiy, some mistakes inevitably 
h ungr y. The Government is not leave large and siow-nealing 
unaware of the incongruity and scars. ^ • 

does what it can for the cun- The need for further agnetri- 
sumer through its network of tural development In India n 


And the benefits of fair price shops where rice, incontrovertible bat : 


increase credit available to 
farmers, and to guarantee a re- 
turn through the Government’s 
the lot of the labourer grain procurement programme, 
there is some effective which acts as a price support in 
, . . times of surplus. The first of 

at least the statutory minimum these has been relatively 'suo- 
wage (as low as R&3 or ISp a cessfnl aJhf-it mnrp cn nmnnrx 
high-yielding seed varietes. However, the clouds of neo- da? in some States). If higher the medium to bi» landowners? 
power, irrigation, credit and Gandhian philosophy emanating production is to raise rural results of tlw* second havp hoorl 
education — seems likely to con- from Delhi have not obscured purchasing power on a large 
tinue. The Government will, the sound political reasoning scale, a more even distribution 
probably boost the level of in- behind the policy statements, of the increase in wealth will be 
out, particularly with regard to clearly aimed at the eight out essential. 

irrigation, though the spectacu- of every 10 Indian voters who Raising production will, as is f 

lar successes of the “ Green live outside the cities — or the recognised in Delhi, require not - aRe ® Place in tne past decade. 
Revolution " of the early 1960s fact that the benefits of most only a higher level of invest- 


at this 

such projects, once completed, wheat; sugar and certain other stage three questions ‘are per. 

have all too often remained un- basic food products are sold at haps pertinent. Can long-term 

realised because farmers have prices slightly above the pro- investment 
not yet built their own trriga- curement price and usually, but 
tion channels or installed the not always, a little below the 
pumps needed to distribute the mark price, 
water to which public projects ' But it can be argued that the 
have merely provided access. Government, in fixing a pro- 
The area of land with unused curement price is, in effect, 

defining a “surplus" by limit- 
ing the consumption "of the 
poorest. Secondly, more of its 
To stimulate private invest- shops are situated in urban and 
ment steps have been taken to semi-urban areas than in the 


in agriculture he 
boosted if industrial growth la 
allowed to slow? Will easing un- 
employment by raising the ratio 
of labour to land under cultiva- 
tion prove a blind alley, cutting 
off access to productivity in- 
creases, possibly under an 
alternative strategy? Finally, 
will growth in agrictultare 
spread to other sectors? • ■■ 

On this last question, a recent 


100,000 rural villages where study by Professor G. S. Rhalla 
almost S5 per cent, of the popu- of the Jawa harlal Nehru Uni var- 
iation lives. Thus price support, sity’s Centre of Regional Dewl- 
which in Europe usually sup- opnient Studies, comes to a 
ports a minority of farmers disturbing conclusion. Having 
amid a majority of urban con- analysed the impact of tho 
sinners, becomes in India a "Green Revolution" on the Pun- 
transfer of funds from landless jab. Professor Bhalla comments 
to landed. “The green revolution has 


mixed. - _ ■ , » , 

In tiie wheat-producing region L/I'lt HIS 
oF Punjab, where much of the 
Government's purchasing has 


Rs.370 million mobilised in just six months this year! 
That's 70% up over the same period last year. 




fertiliser consumption and pri- 
vate expenditure on irrigation 
have risen appreciably. This 
has led in turn to a rise in 
wheat output to 8.2m. tonnes 
last year from 1.9m. in 1986. 
The number of workers 
employed (many of them admit- 
I tedly seasonal) has trfppled in 
that time and wages have risen 
similarly (during the harvesting 
season at least). But the 
Punjab is the most successfully 
developed agricultural region in 
India — in provinces where poor 
soil structure dr lack of water 
limit potential munis on invest- 
ment, such results ca'dnot be ex- 
pected. 

The- procurement system, 
which costs the Government an 
estimated £300ni. a year, helps 
producers oniy.-in times of sur- 
plus and most Consumers to only 


In non-surplus years, which at 
present are still in the majority, 
market prices rise and Govern- 
ment procurement drops — and 
with it the impact on consumers. 
The Janata Party, in lifting re- 
strictions on the free movement 
of rice, has permitted an out- 
flow from lower price surplus 
areas to the higher price, mostly 
urban, shortage areas. Though 
this has reduced hoarding and 


failed to bring about any diver- 
sification of the economy. In 
fact tho reverse seems to be 
happening. A natural process of 
growth should imply that in- 
creases in agricultural income 
are followed up by rapid in- 
creases in manufacturing and 
other sector;. But the Green 
Revolution has remained an 
island unto itself. It has failed 
to spread to other sectors of the 
economy. Consequently the re- 
serve army of under-employed 
and unemployed, both in agri- 
culture and in the secondary 


gone some way towards levelling and tertiary sectors, have tended 
prices (it will do so more effec- to shift to agriculture, initial- 
tivejy when transport and dis- mg a reverse process of develon- 
tribution systems improve), it moot. 

ana “ ntes ■ "**- 

preempted much of tho Gov- 
ernment procurement in what 


used to be chronic surplus areas. 

Agricultural development in 
India is an area with few easy 
options. Planners constantly 
face dilemmas where it is hard 
to see which is the lesser of two 


“Until and unless a 
attempt is made to diversify the 
economy through a massive pro- 
gramme of investment for in- 
dustrialisation,” he concludes 
“the gains of the Green Revolu- 
tion will be completely dissi- 
pated.'* 

Margaret van Hattem 


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Ploughing the hard. way. 





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cJh( c ^ 'o- 0 


Thnes Monday Jaauary 2S 1978 


INDIA IX 


Indian industry is plagued 
with problems. The Government blames business 
for lack of investment while industri alis ts point to labour unrest, 
power shortages and Government restraints as 
the cause of the trouble. 

Industrial development 


fDIA’S MANUFACTURES 
ere worth roughly Rs.lTObn. 
about £12bn.) in 1977, con- 
■ibuting just over 20 per cent, 
t the Gross National Product. 
5 President Carter noted with 
>me surprise during his visit 
> New Delhi . earlier this 
lonth, this made India the 
orld’s tenth industrial nation 
ad a considerable force to 
scion with as a competitor to 
ie developed countries. . 

Yet Indian Industry is 
lagued with problems, and 
" espite the impressive progress 
f the past three decades 
rowth has been erratic and 

- ontinues. to be uncertain. There 
t considerable controversy over 
■ie reasons for the near-stagna- 

on in investment and produo- 
-:on. 

The Government blames 
ntrepreneors for failing to 
lake investments or take ad- 
antage of fiscal and other in- 
entives. Industrialists, wary 
f policy changes at a time of 
.onsiderable labour unrest and 
ower shortages, - point to 

- emand and other constraints 
hat have operated relentlessly 
or the past few years. 

Industrial production in 1976 
use by over 10 per cent, over 
he previous year, but this is 
receptive since the comparison 
s with a particularly bad year, 
n dications are -that the rise in 
9T7 will not be more than 5 
«r cent, and may even work 
iut at less. This is because the 
actors in operation from April 
o September— when the rise in 
induction was just 4 per cent 
-remain, and the sluggishness 
ioth in investment and produc- 
ion continues. 

Yet before any analysis is 
nade of the problems of 
Indian Industry, tills must be 
qualified by the fact that no 
realistic indicator is available. 
A recent study by the Central 
Statistical Organisation shows 
that as much as 75 per cent of 
industrial investment and pro- 
duction comes from the small- 
scale business sector (where 
investment is less an Rslm. a 
unit). But this surprisingly 
large share contributed by the 
sector that the . present 
Government wants to promote 
is not subject to proper analysis 
since its contribution has still 
to figure in official indices. 



India’s first polythene plant at Rishra near Calcutta was built by the Alkali and Chemical Corporation of 
India. It produces Alkathene, the 1CI version of polythene. 


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bit steel structurdLs, -bright 
bars, steel tubes and cranes. 
Among the light mechanical 
engineering units, drum con- 
tainers, oil barrels and bitumen 
drums operated at the - . miser- 
ably low level of 23.6 per cent 
of -capacity. Hie motor industry 
has still to emerge from - the 
slump that followed the 1974 
oil crisis and one of the three 
car plants has been forced to 
close down. ' 


Census 


A census of small industry 
has been completed only 
recently and is not reflected in 
official figures. It faces a num- 
ber of problems, including those 
common to its larger counter- 
parts, but its contribution to 
production must be substantial. 

Briefly, industry faces crippl- 
ing power shortages and labour 
anrest The first is countrywide 
ind there is no -immediate 
prospect of impovement It has 
led to unforeseen cuts in pro- 
duction and forced a large 
lumber of industries to work 
roll below capacity even though 
•her had orders to fill. Labour 
inrest Is not so widespread but 
; ias also severely affected pro- 
■ faction in many areas, notably 
- a Maharashtra. Both have 
aggravated - the perennial 
.^irobTems of finding working 
ispital and adequate raw 
. nateri&ls, which combine to 
' !Sake - Indian, industry’s pros* 

. Jetts uncertain. 

Under-utilisation of capacity 
Jt s "origins in the £eavy in* 
jfostriaiisation initiated in the 
. ’950s. without any real relation- 
\hip to long-term demand con- 
ideations— and in Mr. Nehru’s 
t teases'-, of an industrialised 
'I '-pantry that the . Russians 
yelped to fulfil. The result was 
^proliferation of public sector 
aeavy engineering plants set up 
‘ Wih Soviet as s is t a n ce; ’ since 
be fall in /demand many have 
■ ated chronic surplus capacity. 
jj®je still do — the Heavy 
' snglneering Corporation is the 
example — and continue 
•* o make losses, although diver- 
Ration -has helped others, 
fore recently, it is demand 
onstraints that have caused 
. urplus capacity: the result has 
HEen a mixed bag and recent 
improvements have mainly been 
be result of a vigorous export 
nve. 

The iron and steel industry 
Ias fared .particularly badly 
utilisation ratings continue 
« deteriorate. Cast iron east- 
ugs, steel rolls and precision 
vestment castings are re- 
tried working below 45 per 
snt of capacity and some units 
* the sector are in difficulties 
Wianse of falling demand re- 
Jilting fpo m severe cuts in 
bwhc expenditure or product 
fl&stitution. . Non-ferrous 
betals. on the other hand; 
jJPfcrienced substantial im- 
bovement in capacity utilisa- 
mainly because of better 
IJWer supply and relatively 
availability of imported 
“^indigenous inputs... • 

Otber engineering Juaits, 
Jocularly i n fixe heavy 
oechanicai sector, ; ' ■ have 
Offered. The decline In con- 
*«uclion activity, for - instance/ 


On the other hand, a. 
improvement has been no ted. m 
industrial machinery. While 
many, units reported capacity 
utilisation of between 79 and 
80 per cent, conveyors and 
material handling- equipment 
registered 110 per .cent last 
year; air separation plants went 
up to 121 per cent The electri- 
cal industries group recorded 
impressive - gains— notably .in 
electric fans. Industrial cooling 
towers and dust collectors 
(although- consumer durables 
like -air ’ conditioners and 
refrigerators, remain slack). 
Some - electronic and telecom- 
muni cations industries like 
radio sets and television, which 
had been continuously declin- 
ing, have improved considerably 
since 1976. , . 

:The textile industry, which 
remains .in the doldrums for a 
variety ' of reasons, is an 
example * of another aspect of 
Indian industry — the growing 
“sickness-" which has forced 
the Government to step in and 
take over managements so as 
to prevent- closures and unem- 
ployment. Textiles has a heavy 
weigh tage in - the production' 
index and its vicissitudes have 
an important bearing on both 
industry and the economy as a 
whore. The magnitude of this 
became evident when 103 
“sick " textile mills employing 
160,000 were nationalised in 
1974. The public sector. 
National Textile Corporation is 
running these, trying to put the 
obsolete mills back on their 
feet; but its heavy losses are 
eroding the . performance of . the 
public sector as a whole. 


are expected to result in soft 
loans from the banks and fur- 
ther encouragement of mergers. 

The last big problem facing 
industry is that of raw materials, 
many of which tend to become 
scarce when demand for them 
increases even slightly. Steel 
is an example of an item that 
was in short supply" just a 
couple of years ago and yet is 
being exported now. This is a 
dear case .of the misuse of 
administrative procedures and 
controls. ; that l industrialists con- 
stantly complain about. Prices 
of raw materials also fluctuate 
violently. . There have been 
instances . of imported raw 
material prices being actually 
higher, than the finished pro- 
duct Shortages are mainly due 
to creation of vested interests 
and inadequate Implementation 
of the policy of controls, a 
source of much harassment and 
corruption. 


Position 


Incidence 


The incidence of " sickness” 
is high In such sectors as tex- 
tiles, jute, sugar and engineer- 
ing. Curiously enough, even 
in the small scale sector the 
proportion is high and this 
cannot be nursed back to health 
by the Government as in the 
case of large units, the takeover 
of which often becomes inevit- 
able because of the unemploy- 
ment it would involve. In the 
case of small units, it would 
.involve., merely insolvency of 
entrepreneurs, although the 
loss would be national. The 
reasons for -" sickness" are 
many, starting with obsolescence 
and bad management in the 
case of textiles, and carrying 
on through problems of “ cash 
flow” because of the credit 
squeeze, a low equity base, 
pricing policies, marketing and 
the- like.. ’ 

Rehabilitation of the "sick" 
units is causing anxiety to the 
Government, which is unwilling 
to take on losing concerns. It 
has offered' concessions of 
various kinds, including fiscal 
incentives, to "healthy" units 
if they adopt the “sick'’ by 
•amalgamation. This scheme has 
not yet got off. the grotmd and 
many studies have been 
.initiated .to deal with this* major 
and - growing problem. These 


The public sector, which 
dominates Indian industry be- 
cause of its commanding posi- 
tion in key areas, also faces 
these problems because of lack 
of . coordination. But in many 
ways the public sector has come 
of age.. Of the 130 public sector 
unitSr-most of them large and 
cap ital-fateus iv e — there are still 
some making losses, but most 
of the giants have come out of 
the. rod- and collectively the 
public sector is showing profits 
(or, to use the official euphe- 
mism, generating resources for 
development). 

The profits would be higher 
but . ior unrealistic pricing 
policies that public sector 
managements complain about 
Coal India, which owns the bulk 
of mines in the country, would 
considerably reduce its losses 
if* allowed more reasonable 
profits, as would the steel and 
fertiliser plants. 

Public sector units have made 
impressive strides in exports 
since^ they . have both the 
capacity and the resources to 
back them. In fact some would 
not have been able to do as well 
as they -have in the past couple 
of years without large export 
Orders. Bharat Heavy Elec- 
tricals, with the third highest 
sales turnover in the country 
and a name to reckon with 
internationally in power supply 
equipment. . is the prime 
example. -Similar performances 
have been shown by Hindusthan 
Machine Tools and some con- 
struction and engineering units 
which, are pooling their 
resources to bid for contracts 
abroad. 

The public sector will remain 
the dominant factor in Indian 
industry since the new Govern- 
ment has endorsed this policy 
and.it is now expected to enter 
the consumer goods sector in a 
"big way. It is big enough as it 
is. The 130 units have an invest- 
ment- of more than Rs.l05bm 
(about £8bh.) and with a turn- 
over that Is -expected to touch 
RsJ.50ba next year (not all of 
this is in manufactures). Their 
combined profits are estimated 
at. around RsJObn. last year, a 
spectacular performance that is 
due as much to better 
capacity utilisation and manage- 
ment as to inflation — despite the 
recessionary - conditions that 
still affect/ all of Indian 
industry- 

KJLS. 



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9 


t 








BHARAT 
EARTH MOVERS 
LIMITED 
Bangalore INDIA 


We have changed 
the landscape a lot 
lately. 

Dams. Power projects. Coal mines. Iron and 
Steel complexes. 

Heavy earthmovers and modem 
railco.aches moving men and material. 

These are the sights that would greet yon 
on your next visit to India. 

And unfold a great movement that over a 
decade ago laid the foundation for today’s 
development. 

a great movement 


The family planning programme under 
Mrs. Gandhi’s Emergency was handled badly, 
and the present government has reverted to more 
traditional methods of population control — 

. # with little success so far. 


Family planning 


CAS BEML 7797 



THE JANATA Government T’*’' 
attributes the poor perform- 
ance of the family planning pro- 
gramme since it took over to > 
the '‘lingering fear psychosis” 
induced by the Emergency’s 
crash sterilisation campaign. 

But this is hardly the whole 
truth. 

The statements of both the 
Prime Minister and the Minis- 
ter responsible make it abun- 
dantly clear that their own per- 
sonal convictions about the 
value of birth control., and 
modern medicine generally, are 
somewhat shaky. The reversion 
to orthodox Indian traditions 
and values, which characterises 
many other aspects of Janata 
thinking, is reflected in the 
Government’s promise to rely 
much more on indigenous sys- 
tems. of medicine, and to inte- 
grate them with as Indiamsed 
system of modem -medicine- 

The Prime Minister’s fifth in 
the “natural methods of treat- 
ment," on which be himself has. 
depended for the past sixty 





family planning. nutrition, 
malaria and smallpox eradica- 
tion. tuberculosis and leprosy 
control. The targets here 
specify one such male and 
female worker per 5,000 
population. 

Despite this general expres- 
sion of support for voluntary 
birth control and the promotion 
of family welfare, however, very 
little has specifically beep done 
so far by the new Government 
to rehabilitate the family plan- 
ning programme, or to restore 
the political status and vitality 
that it needs. Admittedly, the 
new Government is still young, 
the wounds inflicted by the 
Emergency are still unhealed, 
and the birth control programme 
must keep a low profile. 


Detailed 


A farmer vrith his family near Delhi. 


But what was urgently needed 
in the circumstances was a 
carefully drafted and meticu- 
lously detailed plan of action, 
aimed at re-establishing the 


years, is well known. Raj N'arain central sanction for the com- too there was at times an almost credibility erf family planning 
has on more than one occasion pulsory sterilisation legislation absurd segregation of services and the speedy resumption of 
stressed the usefulness of u^er way in many States. at the. clinic level: the “family motivational and contraceptive 
celibacy and self-control: “Bra- The humiliating and .largely planning” doctors did not treat services. Present policy docii- " 
funacharya (abstinence! and unexpected defeat of Mrs. malaria or mend broken bones, meats abound in generalities, 
self-control are methods which Gandhi and the Congress in the the “health”- doctors 'did not hilt are conspicuous for their ~ 
have been used over the ages March. 1977 elections also saw dispense contraceptive advice. , lack of a detailed programme 
arid I see no reason , why in the exit of the coercive steril- ^ Government has 04 action on the family planning 

our anxiety to tufa use of nation .ml urban slum dear- g ™ front. 

modem science vre should ne- ance polices of the Emergency, Meanwhile, under this lame 

slant thaen mathntie t aHenh As the dost mortem nn fhp «r. in. cuiguuig uupiemeiu&uon , . . . 



Vehement 


gleet these methods. I attach As the post mortem on the ex- wS poliw^ra^ SnTto duck Programme, contraceptive 
high values to them and I would eesses (family plamnng and J^SSJmd^iiSSSaS ***P t0T rales shown few 
plead that full use may be made otherwise) of the Emergency ^ heaiQl ^ ^ a revival ftt> m the low 

of the motivational media for continues, the full horrors of p sranra» levels to which they had Fallen 

their propagation." Sterilisation the sterilisation campaign and The main , aim of this pro- during the post-Emergency 

is said to be against “nature” Its victims are now being re- gramme, modelled on' the phase, nor are there any indici- " 

and “Indian culture.” vealed. Meanwhile Morarji Chinese, barefoot -doctor system, tions of an upward trend in the' 

It is the extrapolation of this P ^*' 5 Government is to ' provide rudimentary near future either. During theS* 

personal attitude of mind- to the has appointed Raj Naraln. the medical services by community first six months oE Janata rale? 
political and official policy level who so outetandingly de- health workers. Each- village (April to September J 97 TK/ 
fas also in the case of probibi- Mrs. Gandhi in the elec- with a. population of 1,000 or sterilisation acceptors numbered 

tion) that explains the present tions in her home ronstrtuency, more is to have such a worker, less than one-tenth and I (JOB 

Government’s kid glove handling Munster of Health arid selected by the villagers and acceptors less than half of this 

of family planning, and its re- Planning— a shrewd trained end equipped by the acceptors during the correspond-* 

iuctance to undertake, an Imag- P°btical move, to cool the anti- -Government. In addition, there ing months of the previous rear' ‘ 

Inative and effective fertility fa ? lly hystena. . are the Government’s multi- Birth control miblrcife? 

control programme. Such per- of earliest concerns pun^ose -workers (a scheme in- through the mass media ha^ 

sonal views and their public new Government was to tToduced earlier under the Con- virtually disappeared and the 1 ? * 

reiteration are hardly conducive Pj*bhcise its firm repadiatiorr 3 Tess)_ whose duties include personal motivation ' camnaSen 
to raising the low morale of oi the rurbless- sterilisation . . comtimi.wv carop W| 

programme workers or to re- p °^ ic ?. es adopted under Mts. — — JL-.f 

furbishing the reputation ~ r Gandhi. «»i even nfft ‘ r Mm | p— — ■ ■■■■■ ~~ ^ v; 

birth, control, both seriously Pensation of R&5.000 (£333) /"^TT’O/^ 

i damaged by the Emergency. ' person forcibly steril- ^ M rH ^ ^ \ 'V. afV 

Voliamonf At same time il has re ‘ • ' U 

V pea tedly acknowledged its com- TMTCDXT A TI/wt . _ ral 

raitment to reducing the birth ‘ *1' -l I l( JPSJ A I W. 

In the past two years few rate. Its June 1977 policy state- 1 . x “ flFv 

things have brought India more ment stresses the “vital im-t Tf-lC it ^ ■£ 

into the international public ponance of family planning.’ inc rilN AIN V-1AL PROFESSIONAT &'■ 
eye than the family planning and the Government’s “total! . 

policies of Mrs. Gandhi’s Gov- commitment” to. a small family - . I - 

ernment. Her son Sanjay’s vehe- norm. It laboriously emphasises -j 6 , ***** ° r corporate business both ' i V 

raent support for an authority that “family planning will be • residem and non- resident. Our services ; m .i,^. • T ] 

nan fertility control pro- pursued rigorously as a wholly i * 7 L " 

gramme, in complete disregard voluntary programme, and a* I „ ★ •' [}-■■ - 

of the Indian Government’s an integral part of a compre-! Compr«hcwiv t , 7 ,^^ ^ 

traditional commitment to v*l- hensive policy covering educa- i » corporate customer, * ■’ S5 

untary persuasion, resulted in tion. health, maternitv and! miners. 

the adoption of policies which child care, women’s rights and * t' 9 # 

led to the sterilisation of 10 5m. nutrition.” .* Dilution of Eouitr m -w ■■ jjfaj 

people (mostly measuring tta X o emphasise this change in Kxchangc 7 J " ' : W 

Emergency period of July 19r5 the public image of birth con- 5 ^ ,on Art “Hndu , S7J> , y.S. 

to March 1977. trol, and its integration with the + ■’ ,> v 

This phenomenal “success" of wider aspects of family life Exploring investment .... - £ ^ 

the Government’s family plan- “family welfare” has replaced ' & 

mug programme, which in Ife “family pLauDing" in the official U and 

twenty-five year history had terminology, and the Ministrv x ”*’C 

never managed to motivate more has been rechristened accord'- loint ,■ j 

than 2m. to 3m. sterilisations a ingly. ^ <rnn,rt * In third countries 

year, is now generally attribu- The integration of family •*. 

ted to the unprecedented use of planning and health, in nartf 

coercion and economic black- cular maternal - and child wJ 0 " 5 ?? ,Mni *** ""kin- 

maU by Government officials health, ar a basis for promot- P 1 ^ rtroenb fof corporate customers 

and the police towards the vul- ing the fertility control nro- 

nerable sections of the urban gramme is in principle — I — iruMjnA^, 

and rural populations— the poor, but not new. Ti has* Ween re-‘ A. 

the Harijans. the slum dwelled, iterated, with varying & 

the captive Government em- of intensiiv. as ihe 

ployecs and so on Nor was this foundation of the family plan I WD UVUt|^ TAN ^ Y 

simply a case of over-enthusi- ning programme ' IT" 1 

astic olficia's getting out of inceptlnn in the early ltS NTERNATIONAl DIVISION 

control; the National Popula- . In practice. howJr * 5*®™ cluB,bm . Crre»^ui n. . a 

tion Policy of April • 1976 en- health and family planning ^IT N4rinwn Po »*. Bombay !^ nl , 

dorsed the. use of “much more ministrative hierarchies fnr *h Telephone: a 3 o.s,/j,o, ,, 

unnaont to PtintTOl Tno« n„t 3 lar me rj ■* 



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■21 







Financial Times Monday January 23 1978 


INDIA XI 



With some laudable exceptions, India’s Press 
cannot look back on its record of performance during 
the Emergency with much pride or satisfaction. But now that 
the subsequent witch-hunt has slowed down, there is a 
breathing space in which to resolve differences. 


The Press 


n l ns 


;*A 


TRADITIONS of a free 
are (after an- independent 
iry> perhaps the most 
rtant of aU the legacies of 
British in India:, and ft is no 
'dent that when Mrs. Indira 
idhi . wished - to impose an. 
loritariap regime it was the 
■papers' _ and . the courts 
ch' were obliged to bear the 
‘ nt. 

nder Mr.. Desai’s Janata 
^'eniment the pressure has 
r been redaxed and India's 
ers — 12,000 or so publican 
is in 16 different languages 
ave returned to their normal 
e of querulous serenity. But 
memory of the last Gandhi 
rs, with their strict censor* 
i, their Intense pressure .to 
it untruths and their im- 
ionment of a number of 
rnaiists under the security 
illations, is still very vivid. 

1 questions and doubts of a 
d amenta! nature about the 
lan Press are being heard on 
-idler scale probably than at 
l A time since Independence. 

[ \jo the first place, Indian jour- 
I L ists are uncomfortably aware 
during the Emergency 
Vtr profession cut a distinctly 
leroic figure. There were- 
nty of individual acts of re- 
ance. ingenious evasion, or 
«n defiance in the face of 
-ernment pressure — like that 
the Kashmiri editor who. 
en the authorities cut off his 
ctricity supply in order to 
ng him to heel, broke down 
• wall of his- machine room 
i drove his presses with a 
ctor. One or two of the 
aller periodicals chose to 
se down rather than accept 
isorship; and some others 
igged away . with defensive 
ions in the courts. But as a 
role the Endian Press sue- 
mbed to its fate with re- 
irkable docility. 

During the Emergency itself 
at is, between June 197S and 
•e spring of.. last war— the 
•wspapers may. appear to have 


had some excuse for accepting 
censorship meekly. The Emerg- 
ency itself was, after' all, 
approved by Parliament Censor- 
ship was legal and so was 
detention if the Information 
-and Broadcasting Ministry’s 
orders were disobeyed. The 
screw was tightened by the -pas- 
sage of the Prevention of Pub- 
lication of Objectionable- Matter 
Act — a catch-all statute cover- 
ing M any words, signs or visible 
representations defamatory of 
the President of India, the Vice- 
President , the Prime Minister 
or any other member of the 
Council of Ministers of the 
Union, the Speaker of the 
House of the People or the 
Governor' of a stater* The- Act 
gave executive officials the 
power to demand security and 
confiscate newspaper presses, 
and victims had to .appeal to 
the Government in the first in- 
stance before going to the High 
Court. 

Difference 

But as the present Minister 
for Information and Broadcast- 
ing, Mr. L. K. Advani, has 
pointed out, there is a differ- 
ence between those papers 
which observed the minimum 
requirements of the law' and 
those which “ when expected to 
bend, crawled.” Some of. the 
biggest dailies in English and 
the vernacular were In fact the 
most servile and set the tone 
for many of the smaller ones. 
Not only was little attempt 
made by most of these papers 
to resist excessive censorship 
orders in the courts — although 
the few cases that were brought 
showed that the judges were 
disposed to support the Press 
whenever they could — but ful- 
some eulogies and endless pic- 
tures. of Mrs. Gandhi and hair 
son Sanjay were plastered ovei- 
raany front pages. The attituddij 
of flic,; management, of. the;/ 
Hindustan Times was -not-.- un- 


typical when they put up a 
notice in. the office on the first 
day of the Emergency calling 
upon employees to obey the 
restriction 44 in letter and 
spirit." 

This yawning gap between the 
grandiloquent pretensions of 
the Indian Press in the years 
since Independence and its 
recent performance in the 
Emergency has struck many 
educated Indians both within 
and outside the media very 
forcibly. The first rpaction 
among journalists themselves, 
has, not surprisingly, been a 
period of post-Emergency back- 
biting and finger-pointing. 

■Having spent a good many 
hours at the end of last year 
discussing the Emergency with 
journalists in Delhi, Calcutta 
and Bombay as part of a delega- 
tion got together by the 
International Press Institute. I 
and my Western colleagues were 
made very much aware of the 
undercurrent of bitterness now 

dividing the profession. 

It is natural that those who 
took a courageous line giould 
be anxious to see that their 
“ collaborationist ” colleagues 
do not get away with' it But of 
course, it is those with the least 
quiet - consciences about their 
bebaviour who are keenest on a 
witchhunt, it was not pleasant 
to bear the editor of perhaps 
the most abject of the English 
languages dailies during the 
Emergency now demanding a 
formal inquiry to "root out the 
guilty men ” and explaining 
that his own fawning syco- 
phancy for Mrs. Gandhi and her 
son had been a devilishly subtle 
attempt to ridicule her by 
excessive praise. 

Nevertheless the main effect 
of this burst of self-criticism 
has. been wholly beneficial. For 
as they ponder on what has 
happened, leading members of 
phe- Indian media have begun to 
reaSBe ^thal the;; :weaknesses 
that the Emergency exposed so 


ruthlessly have been present 
ever since 1948 and were in- 
deed built into the fabric of the 
Indian system. A Press which 
had won its laurels in the cam- 
paign for independence from 
the British, had slipped all too 
easily into a role which was, 
for all its superficial critical- 
ness, fundamentally subservient 
to the new Establishment of an 
independent India. ‘In the long 
years of the Nehru ascendancy 
fundamental criticism of ihe 
Government was unthinkable — 
and when corruption, graft and 
authoritarianism - began to 
appear in the late 1960s on a 
serious scale the Press was too 
demoralised to ask the righj 
questions. 

Insofar as this state of mind 
is part of the Indian national 
character (as many Indians 
seem to suppose) there is pre- 
sumably not much to be done 
about it. But if. as I prefer 1 to 
believe, the experience of what 
perversions a centralist govern- 
ment can achieve has jolted 
many Indian journalists into a 
new frame of mind, the question 
still remains what can be done 
to entrench some of the free- 
doms which were so nearly 
destroyed for ever. 

It is not an easy one to 
answer. Both Mr. Desai and Mr. 
Advani have declared their un- 
dying devotion to the principles 
of a free Press and so far their 
practice has not belied their 
protestations. Hie trouble is 
that In India central and State 
governments possess un- 
rivalled possibilities of pressure 
upon newspapers without any 
recourse to statute or forma] 
diktat and while these exist 
there must always be a serious 
danger that they will be used, if 
not by the present regime, then 
by its successors. 

The most obvious fact about 
the media m India, is that radio 
and television are in state hands 
and in .a country of vast dis- 


tances, high poverty and low 
literacy- radio is by .far the 
most potent means of communi- 
cation. The written Press can 
therefore be outflanked in an 
appeal to the people by skilful 
manipulation and demagoguery. 

More direct forms of pressure, 
however, are even more potent 
The size of the public sector 
means that government in effect 
controls more than 50 per cent 
of any given newspaper’s adver- 
tising revenue. What is more, 
advertising rates are strictly 
monitored and controlled by 
the government. No newsprint 
or printing machinery is manu- 
factured in India and none can 
be imported without govern- 
ment licence. The possibilities 
for discriminatory patronage 
and pressure are boundless and 
were, indeed, exploited to 
great effect between 1970 and 
last year. 

Another important factor in 


the position is the pattern of 
ownership of the Inidan Press. 
Most of the smaller local papers 
are family concerns operating 
in a limited area. Their small 
size makes them vulnerable 
to local government pres- 
sure. On the other hand, the 
large semi-national dailies tend 
increasingly to be part of large 
industrial empires whose own- 
ers' interests axe so widespread 
that they are vulnerable to cen- 
tral government pressure on a 
broad front For such men bbe 
. subservience of their main 
newspaper may be a small price 
to pay to ensure that the rest 
of their- activities are not ham- 
pered by government harass- 
ment. In the period after 1970, 
the concerns which tended to 
show most resistance were 
either very small periodicals 
with little to lose, or medium 
and large sized papers whose 
‘proprietor's -interests were ex- 
clusively or predominantly in 
communications. 

It will be seen from all this 
that the task of reforming the 
Indian Press and keeping it re- 
formed depends heavily on fac- 
tors outside the Press itself — 
and the most important of these 
must be the self-restraini of the 
Indian government in the face 
of all temptations to behave in 
a contrary fashion. Whether, in 
the long run, such self-restraint 
can be relied upon will depend, 
in turn, upon the balance 
between two contrary forces. 

One is the sheer diversity of 
India itself which dilutes the 
power of central government 
and provides both an oppor- 
tunity and a justification in the 
Indian context for a free and 
diverse Press. The opposite 


force is that of Imperious 
politicians like Mrs. Gandhi who 
wish to impose order and 
efficiency upon Indian chaos and 
will try to brush aside anything 
—including the criticisms of the 
Press— which stands in their 
way. 

Most observers would prob- 
ably predict that Indian diver* 
sity, which has frustrated auto- 
crats from Alexander the Great 
to Lord Curzon for more than 
2.000 years, is unlikely to be a 
pushover for anyone in the 
foreseeable ^future. It would 
follow that within the crevices 
between the building blocks of 
such a vast and loosely con- 
structed edifice a luxuriant and 
diverse Press will continue to 
flourish. The quality of that 
Press, however, and its ability 
to withstand what are likely to 
be frequent assaults from the 
autocratic tendency must 
depend upon its own efforts and 
here there is — as many Indian 
journalists have now begun to 
realise — much to b0 done. 


Links 


For one thing, the links 
between the Press and its public 
badly need strengthening. The 
fact that, although the total cir- 
culation of all Indian news- 
papers and periodicals tops 30m. 
there was so little public outcry 
at the Press provisions of the 
Emergency, suggests that even 
among the educated classes and 
the elite a free Press is not 
generally regarded as ah indis- 
pensable pan of the community. 
And . frankly one Is not sur- 
prised. I am not in a position 
to judge the vernacular Press, 
but an outsider reading the 


English Press finds the tone 
often shrill and factional U&e 
reporting frequently slipshod 
and biased and the appearance! 
unadventurous to the last 
degree. The best of Indian 
journalism is as good as any- 
thing in the world, but the best 
is very thinly spread. 

In a country like India with 
widely varying educational 
standards there is a lot to be 
said, on the face of it, for 
schools of journalism to raise 
professional standards, yet this 
is a development still in its 
infancy. The Press Council with 
which Mrs. Gandhi's Govern- 
ment dissolved has not yet been 
reconstituted and was in any 
case something of a broken 
reed because there was no real 
desire on the part of the pro- 
prietors to make it work. 

Mr. Advani, announcing his 
intention the other day to set 
up a new Commission on the 
Press, quoted with approval a 
tag from the NPA’s evidence to 
the British Royal Commission 
on the Press last year: “ a news- 
paper is a piece of private 
property with public responsi- 
bilities.” In India, the trouble is 
that the tension between these 
two. poles is of a peculiar, 
circular kind in which State 
and Fourth Estate chase each 
other’s tails. Now that this 
frantic roundabout has slowed 
down for the moment there is 
a chance for thoughtful Indian 
journalists to seize the oppor- 
tunity to put the whole debate 
on a different footing. There 
are some signs that this is 
happening. But the pause may 
not be very prolonged and 
there is no time to be lost. 

David Watt 


Family 


CONTINUED FROM PREVIOUS PAGE 


osing programme officials is 
noticeably noh-existenl. ■ Despite 
the liberalisation of the abortion 
laws in 1971, the procedures for 
registering approved clinics are 
so cumbersome that there are 
only 2,000 registered abortion 
clinics in the country, and only 
about 200,000 of the estimated 
4m. abortions each year are 
legally Induced. 

Moreover, although the pro- 
posed 'integration of health and 
family planning is undoubtedly 
a step forward, the wisdom of 
disbanding altogether the 
specialised cadre of family 
planning workers and the pro- 
gramme as a separate entity is 
questionable. 

’ India has. _ap_. estimated popu- 
lation of 615m., dispersed over 


an area of 3.3m. sq. km. Given 
the shortage of human and 
material resources, and the in- 
evitable logistical difficulties in 
establishing a comprehensive 
health programme on a national 
scale, the Government’s target 
of recruiting, training and 
supplying 600,000 Community 
health workers and 250,000 
multi-purpose workers is un- 
likely to be achieved in the 
□ear future. Even if it is, the 
magnitude of the problem and 
the multifarious duties the 
workers are expected to per- 
form mean that limited 
resources will unavoidably be 
spread very thin, and the scope 
for promoting contraception 
among the country’s 106m: 


reproducing couples will be 
minimal. 

Meanwhile. India's popula- 
tion continues to grow by more 
than 12m. a year. With the 
marginal decline in fertility of 
the last decade more than offset 
by a faster decline in mortality, 
the population growth rate has 
increased to 22 per cent, per 
annum. If this growth rate 
continues, India wiH have a 
population of approximately 
Ibn. by the turn of the cen- 
tury. Even those projections 
based on a more optimistic view 
of declining fertility show an 
alarming growth in numbers 
(fdr the demographic reason 
that the enormous generations 
of future parents are already 






born, so that even if their 
individual fertility is lower than 
at present, the total number of 
births and hence the birth rate 
will remain high). 

The demographic profile and 
projections for India leave no 
room for complacency or poli- 
tical platitudes. The blunders 
of the Emergency should not be 
allowed to detract from thi: 
critical urgency of a humane but 
effective fertility control pro- 
gramme. The sentiments ex- 
pressed in this regard by the 
Janata Government sound laud- 
able enough, but up to now 
their practical proposals have 
been neither adequate, nor par- 
ticularly relevant ; 

Veena Soril 


9 



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Financial Times Monday January 23 1878 


INDIA XII 


Indians tend to adopt an ambivalent attitude 
towards the law of the land and the men who enforce It. Bot 
the general rule is that the judiciary is respected, and the conflict 
between it and Parliament on the extent of its powers now 
seems to have been resolved. 

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IN INDIA we hate our law cars on a mass scale). A third 
;ourts but love and respect our Commission also headed by a 
judges. This love-hate relation* judge, Mr. Jaganmohan Reddy, 
ibip needs to be explained. We bas already found that Mr. 
iiate our law courts because the Bansi Lai, who was Mrs. 
mutts, as well as the legal Gandhi's Defence Minister and 
process, imply inordinate had earlier been Chief Minister 
ielays, harassment and worse. Haryana. _ had _ misused his 
Form seems to have superseded powers as Chief Minister to per- 
iubstance. Even helping the Petuate injustices and irregu- 
aw as a citizen (giving lanties of various -kinds, includ- 
jvidence, for example), means bulldozing houses and 

indless trouble. Little wonder temples so that his near rela- 
in honest law-abiding citizen tives could profit 
A'ould rather ‘ avoid the law Then there is the role of the 
courts. But the judges, especi- judges during the Emergency, 
illy of tbe higher courts, are Their performance was most 
.’evered for their tradition of laudable. Politicians, even the 
mpartiality. Proof, if proof senior and experienced ones, 
vere needed, is the invariable some of whom are so vehemently 
vnd unanimous demand for opposed to Mrs. Gandhi now, 
inquiries by High Court or had developed a paralysis of 
Supreme Court judges into rhe will and of tongue. Civil ser- 
fages that exercise the public rants, not entirely unexpectedly. 
nh°d- did things legal and illegal to 

Right now Mr. Justice J. C. P 1 ® 156 their masters. Jouma- 
ihah. a former Chief Justice Ilsts, T at J ® ast f ome of them. 
>f India, is inquiring into the ® ra **'I e d when they were asked 
illegations of excesses during ?® the present Information 
he Emergency by the Indira Minister, Mr. L K Advam, puts 
landhi regime. It is the single lL 
jest thing said to have 
lappened since the Janata 
Government took over. Its wide 
■overage in the Press indicates v . 
he Commission's popularity, P 1 ? 1 f° me * he Jud J* es 
Everyone who bas watched the b p l 

iroceedmgs has come away b > a “ d . lar * e th®y decided cases 

Vilh the impression thst here “ d The'Bom'bw'mg” 

s no-nonsense justice and lair- P ^ , 

llav at work Court for instance, ruled that 

piay at worn. . lhe j ob 0 f the Chief Censor was 

Then there is Mr. A. C. Gupta, to see that the censorship law 
also a judge, inquiring into the was observed and not to mould 
tfaruti affairs (Maruti is Mr. the Press to suit the convenience 
Sanjay Gandhi's concern which of the Emergency regime. It 
was expected to produce mini- was none of its business, for 


" " • • ’ r* a - ' ' 

• .. . • 


" - . . « ' ' ' A*. : . *•: • .‘X'.r'i 



instance, to suppress Court The first major trouble or repeal the provisions c! the 
judgments unfavourable to the between Parliament had the Constitution.” 

Government (the Bombay High judiciary arose when the parliament’s action has 
Court’s ruling on censorship, for .Supreme Court ruled by a crea t c d a piquant situation. The 
instance). The Gujarat High majority of six to five (in the Keshavanand Bharall ruling 
Court ruled against the restri^ Golak Math case) that Parlia- w hich says that the basic aime- 
tions put on a local paper. The ment could not abridge funds- ture of the Constitution cannot 
Delhi High Court criticised ihe mental rights because the Con- altered or destroyed «s the 
detention of a journalist. stitution forbade the State from i ata the land and eonthiu- 

The judges who delivered making laws which were in- (tonally all organs of rhe Stare 
judgments embarrassing to the eonsisent with fundamental drt . required to implement it. 
Indira regime had to pay the rights. And law' means both Bui there is also lhe 42nd 
price. Seventeen High Court statutory and const ituiiuiial law. Amendment which proclaims 
judges were transferred, without Parliament retaliated by adopt- (hat Parliament has the right 
their consent, to other States, ing the 21th Amendment which to destroy even the Consutu- 
The Constitution does permit explained that “ law ” meant (ion. Since the 42nd Amend* 
the transfer of judges to other only statutory law and thus re- nient had not been tested before 
High Courts, but to do. so as asserted its right to amend the Supreme Court, the court's 
an expression of displeasure any and every part of the views are not known, 
over a duly conscientiously Constitution. B ut happily the collapse or 

done is reprehemnble. Happily. Mr . Gandhi’s regime, and 

the Janata Governments has Cj-rii/'hirp along with ii p( the Emergency, 

£*■* tra ? sf ® rred 14 of ; SU ? e has brunch! a sem-e of prnpor- 

juages ana the case of the nie ne3C ( scene in the drama tion among parliamentarian*, 
oiners are being examined. was (j le Keshavanand Bharati The Janata Covernmenr and 
The point to note is that ever case in which the Supreme uppa-ition parties have reached 
since independence the judges court, ayatn by a majority of a consensus that the basic 
sh ° wi ? ^dependence i of one {seV en to atxK ruled that, .structure ftu be e.xhau*iivety 
wh . lch . ha ® P rove d jush! ly a ] t hoiigh Parliament could defined) of the Constitution 
1 ic . ,an ?; amend any part of the Consmu- cannot be changed without a 
I. i.i. * n . StitU u 0n I ? ei£ l ion - »t could not destroy Its referendum. The secular and 
has done its best to make judges basic structure. The judges did federal character of the Con- 
truly independent. The. seeds not define what constituted the stitution. election tu Parliament 
f dissension, as the politicians basic structure but some of and State legislature*, responsi- 
. atfe bee ° so '^ ^ th® them gave illustrations; the bility of the encutive to the 
Constitution itself. The power secular and federal character of Lok Sabha. the unity and 
of judiaal review, denied to the Indian polity. republican- integrity of the nation will be 
British courts, is a fact of life ism. th e division of the State some of the pillars of this 
here, until the 4*nd Amend- organs into the executive, structure. This should end the 
ment, the courts were free to legislative and judiciary, the conflict between Parliament 
examine both statutory and dignity of the individual and and the judiciary, 
constituent laws and to strike the unity and integrity of the Thus after a long and an- 
them down if they found them nation. necessary debate a consensus is 

unconstitutional. The judiciary's Parliament once again retail- emerging that iT is the Cnnstitu- 
right to review statutory laws ated by adopting the 42nd tion that is supreme, and not 
is not disputed, but the eight Amendment. It provided that any of the organs created by it, 
to review constitutional amend- no amendment of the Constim- Above Ihn Constitution arc the 
ments is. tion. including amendment of people, who, to quote the pre- 

the fundamental rights, could amble, have - adopted. enacted 
be 1 called in question to any and given to ourselves this 
court on any ground." “ For constitution." This was the 
the removal of doubt, it clan- ori^irml constitutional scheme 

limitation wtaTmr on th“ >“ S ood 1,0 ,0 

tiower of Parliament to amend e ecu 

by way of additions, variations. • *7* ^anay 


~.v ■ '*'■ 1 


A still from SS Movietone’s “ Dharatn-Veer,” an Indian epic directed by Man - 
mohan Desai. UJx. distribution is by Indian Film Distributors. 

Althongh Indian cinema is both 
conservative and fairly basic in formula, it is also 
prolific, and an important form of entertainment 
in a predominantly illiterate society. 



(T IS now universally known 
that the Indian cinema is the 
most prolific in the world 
(having made about 500 feature 
films last year), that Indian 
jensorship still blanches at the 
<i5s, that Raj Kapoor is better 
<nown in the Soviet Union than 
vlorarji Desai, and that 
Satyajit Ray is ranked as one 
if the greatest film directors of 
all time. 

What is perhaps not so 
[eneraiiy known outside India 
s that the cinema is now also 
ndia's most popular folk art 
lecause it partly caters to un- 
ettered rustics who come to tbe 
jiries in search of employment. 
iTor them it is a cheering sub- 
stitute for those familiar folk 
norality plays which regale 
*hem in the villages during 
religious festivals and in which 
hey themselves participate with 
test. 

The dream sequences with 
Cadillacs, car chases, lush 
apartments straight out of Good 
Housekeeping and spectacular 
dashes to London, Paris, 
Niagara Falls, the Swiss Alps 
and- Tokyo are meant to whet 
the appetites of both (he factory 
hand and the Government clerk 
in search of escapism as well 
as feed the innate snobbery of 
the suburban housewife longing 
for an Air India trip to collect 
French perfume, Levis for her 
son and possibly an immigrant 
husband for her marriageable 
daughter. 

There are Bombay versions of 
Godfather. Love Story. Diny 
Harry, James Bond and 


Belmondo. The technical gloss 
of tbe Bombay film, its superb 
colour photography, and the 
slick songs, dances and comedy 
sequences (which have spilt 
over from folk theatre and some 
say even from classical Sanskrit 
drama) co-exist very peacefully 
indeed. 

If the Bombay film keeps 
everyone happy and has been 
described as one of the greatest 
contributors to national- integra- 
tion, it is for a very good 
reason. The plot always reduces' 
itself to the victory- of Good 
over Evil, which is the basic 
meat of all Indian epics and 
mythological legends. Good is 
now the ever-faithful wife, the 
self-sacrifidng mother, the duti- 
ful son, the hard-working 
villager. Evil, naturally, is the 
westernised college girl, the 
wicked cabaret dancer, the rich 
man’s arrogant son, the village 
landlord. It is a basic plot 
which keeps everyone happy, no 
matter how avant-garde the. 
outer trimmings. 


Opulent 


The Tamil cinema of the 
South, to which has now been 
added the Teiegu cinema of 
Andhra Pradesh, is just as opu- 
lent. escapist, expansive and 
box-office orientated as Bombay's 
but with two vital differences. 
Film-making in the South, with 
well-organised and highly pro- 
fessional studios and old-style 
movie moguls, is vastly different 


from the free-lance -bedlam of 
Bombay. 

The Tamil cinema is also the 
only one in India which has 
taken an active part in politics. 
The present Chief Minister of 
Tarailnadu, Mr. M. G. Rama- 
chandran, is one of India's 
top stars. His predecessor m 
office. Hr. Karunanidhi of the 
DMK party, is one of the Tamil 
cinema’s leading story and 
screenplay writers. The late 
Mr. Annadurai, one of the 
political giants of the South, was 
also a leading screen writer. 

Small wonder then that the 
Tamil cinema has had political 
nuances down the years, to the 
extent that the DMK party used 
to slip its symbols — the colour 
red (in bedroom decor, the 
heroine’s sari) and the risina 
sun (a cliche opening shot wilh 
flute music in the background 
in any Indian film) - into their 
films, to the huge joy and 
thunderous clapping 0 f t h e i r 
supporters. Otherwise. the 
Indian cinema has been timidlv 
on,y ir) British 
ihC\*? ieh .. WM undy rstand- 

This’ iP U r! pf, fte L ‘"dependence. 

,s p J rt! y du e to greed - 
the need to avoid censor 
troubles— and partly due to the 

thf Indian film eLnsor 

ship iaws have not changed at 
all since British rule. 

■I* 15 in th ‘ s context that the 

readers" l Tn rSy rangin « the 
™ rs co, umns of 

national ne WS p aper5 antf th 

extreme stances taken both by 


Today 

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of India Ltd is a leading 
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manufacturing a range 
of world-class 
products 



Bicycles. Saddles. 

Steel tubes and strips. 
Metal sections. 

Bicycle, industrial 
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And dynamo lamps. 


CONTINUED ON NEXT PAGE 


The first unit -TI Cycles 
of India was established 
in 1949. Today it is one 
of file largest units in 

Asia manufacturing 

quality bicycles. 

Over the years other 
associated units have 
been set up; 

Wright Saddles of India 
(in technical collabora- 
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Saddle Co Ltd and T B 
Brooks & Co Ltd of UK) 

Tube Products of India 
elaboration 
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TI Metal Sections (i 
technical collabora 

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Financial Times Monday January 23 1978 


23 



The roots of Indian theatre are 
very deep and at the moment the movement is 
staging a revival. This is being achieved despite the problems of being a country 
with 15 major languages. Its success was highlighted by 
an all-India festival held in Cochin last month 


The theatrical movement 


OLA’S VERNACULAR- 

?arre, picking up some of the 
ands of age-old ' tradition, is 
dergoing a revival.' . While 
.'re can be no real “national” 
?aire- in a country of 15 
ijar languages -and strong 
;ionaI differences, attempts 
ing made to cross - these 
rriers are evidence, of a 
’o rous, if tiny, theatre move- 
*nt. 

Regular festivals of Marathi 
d Kannada plays (both 
•stern Indian languages) are 
Id in Delhi, a thousand miles 
•ay, where only Hindi is 
oken. An aU-India festival, 
monstrating the complexity 
. d richness of Indian theatre, 
is put on last month in 
•chin, in the. southernmost 
ite of Kerala. The eight plays 
oduced ranged from a 
llayalam version of a 
nskrit epic through /oik drama 
Gujarati to socially conscious 
ama in Bengali. 

The roots of Indian theatre 
* very deep. As Nissar Aliana, 
young doctor turned full-time 
eat re designer, puts it: 
-anskrit plays have everything 
-myth, spirituality, day-to-day 
indents and a tremendous 
use of humour.” The Natya 
lastra (literally. drama 
anual) which was written 
•me time between 200 BC and 
K) AD. shows a fine sense of 
tality, blending dance, music, 
leech and movement Koodiyat- 
m. for instance, an ancient 
once drama where the per* 
irmers’ faces are masked with 
aint, is almost cinematic in 
-s use of light and shadow. 

The problem is of course that 
anskrit is a dead language; 
ho but the pundit will attend 
performance in it? Yet there 


Cinema 


is Kalidasa festival named 
after the playwright who was the 
‘^Shakespeare of India,”. . As 
people in theatre are bow point- 
ing out, the task before contem- 
porary playwright? is to draw 
on this classical tradition and 
make' such theatre socially rele- 
vant to-day. Mohan Rafcesh. a 
Hindi writer who died a few 
years ago, did this very success- 
fully in Ashed K a Eh Din (A 
Monsoon Day) which ostensibly 
deals r with the legend of 
Kandasa himself — who 
renounced the pleasures of court 
to seek solitude in a forest and 
write. plays — but broadly com- 
ments on the conflict between 
an artist's commitment to his 
art and his personal life. Tbe 
play, incidentally, has also been 
made into a low-cost .film by 
one of India's avant-garde direc- 
tors. 

Playwrights 

Much more, however, can be 
done with folk forms, as many 
playwrights are only, just find- 
ing out Several of these are 
rooted in music and dance, like 
chhau and Jatra. of eastern 
Indian and tamasha In Mahara- 
shtra State. But the vitality of 
these traditions is being sapped 
as the village succumbs to city 
entertainment ; the open-air 
rendition of folk ballads and 
popular epics by wandering 
players is giving way to the 
stuffy cinema. (To fight this 
intruder is no easy task^ con- 
sidering that India has. the 
world’s biggest film industry!) 

Nevertheless, wherever 
adaptions have been made of 
folk plays, the results have been 
most rewarding. Jasma Odan, 
employing the Bhavai, or 


CONTINUED FROM PREVIOUS PAGE 


■■ 

A 


Tn,4«V 

iuucst 


iritics and filmgoers over the 
ilm Kissa Kursee Kaa (Tbe 
Jailer of the Chair) assume 
:reat significance. It will be 
ccailed that this film, made 
, r ,.^4 « flouring the Emergency, was 
V ^ 1 1 1 eslroyed after being submitted 

* . 1.P Mrs. Gandhi's Government .for 

m g '■'•eusorsbLp. Its burnt remains 


m 


1 Vi rv; :aniay Ga 
I HDuw Both 

irt urine 


r~- f ’ O - 




: .* U . — ' 


Ir.l'*' - 






'ere allegedly found in Mr. 
Gandhi’s Maruti car fao- 
Mr. Gandhi and Mrs. 
r andhi’s erstwhile Minister for 
J ^formation and Broadcasting, 
f. V. C. Shukla are now facing 
iminal charges in a court of 
w for wilfully destroying the 

■ ;Ip fact, Kissa (re-made by 
^producer Amrit Lai Nahata, 
tW) ran into troubles of its 
vn before release. Its plot, of 

corrupt President, whose 
v.-^ctfon is set aside by a court 
law and whose party symbol 
the People’s Car, was too 
•ar the bone and the Indian 
iw Ministry had to look into 
te- possibility of libel action 

■ (tote giving the green signal 
A f the censors. In the event, 

» still being hotly dis- 
compared to AU The 
/esident’s Men and is likely to 
a new trend in political 
/-'tire iu the Indian cinema. 

S However, this solo political 
-riii apart, the Bombay Hindi 
w i'^ema, which makes loud 

• -iims about its social purpose, 
i s remained mostly completely 
forced from reality," and this 

' Plies as well to the Madras. 

* 'tPB The • so-called New 
Rf- w ^ieh followed Satyajit 

•-^-'■'-"shining and brave 
. gathered some force 

• '.w some bright products of 
. Institute in Poooa, 

• ' ,i# J AS Mani Kaul and Kumar 

•' ftpv encouraged by funds 
P the Government-sponsored 
ah Finance Corporation, made 
[ae interesting off-beat films. 

were more discussed 
ring their screenings at -film. 
hvals but were far too 
Hen Pi and at times selfishly 
: riective, for the home 

rket. Some of them were 
isidered a waste of public 
Hfe and did not. even receive 
tical acclaim. 

fhat Indian films can com- 

• ,e quality with bos office 
peal has since been proved in. 

' small film-making regions 
well as Bombay itself. Basu 
atterji. a Bengali director 
riling in Bombay, set the ball 
Ung with some charming 
an^badget films which can be 
ittibed .as contemporary 

They used com- 
ratively unknown young 
■jrs and actresses and dealt 
suburban middle-class life, 
ilor executives in Bombay’s 
Wriising world, and -most 
the marital troubles of 
TV producer. They have 
wed popular with all types -of 
fences. 

Shyam Bengal has also made 
in the Hindi box-office 
n and Nishant *H1» 


most recent release Mmtlhan 
(Churning) was sponsored by a 
milk co-operative and actually 
deals with the tensions in 
village when a small group tries 
to set up a milk cooperative to 
break the monopoly of tbe local 
milk merchant, whose adul- 
terated milk is sold at a hnge 
profit Its, cast included Gixish 
Karnad, a 'Rhodes scholar who 
is also a playwright and film 
director, the screenplay was by 
Vijay Tendulkar, one of the 
leading Marathi playwrights, and 
k has also won the National 
award for Hindi films in 1977 
Like Chart erji’s films, it has 
attracted the average fiimgoer 
as well as film buffs. 

The focus on quality film- 
making, to a great extent has 
also shifted to the South, to 
Karnataka (formerly known as 
Mysore slate) and Kerala. The 
film Sanskara has already been 
shown abroad. The main role 
of the Brahmin priest was 
played by Girish Karnad, who 
then went on to direct some films 
of his owa Karnad now also acts 
in Hindi films, notably in films 
by Basu Chatter ji and Shyam 
Senegal. 

This interchange of talent 
from different regions is break' 
ing down linguistic and provin- 
cial barriers and leading to a 
new kind - of serious, thought- 
provoking national cinema very 
different from the escapist 
extravaganzas of Bombay and 
Madras.-. The products are also 
attracting audiences all over 
the country 1 and at different 
levels of appreciation which is 
breaking down . audience 
barriers as well. 

In this context Satyajit Ray’s 
fine Hindi -film, Sholranj Ke 
Khilari (the Chess Players) 
(already- screened at the 
London Film Festival 1 ) has not 
unexpectedly run into very 
serious distribution trouble. It 
has still- not been released any- 
where in India. It seems to have 
proved too much of a threat to 
Bombay's movie moguls who 
have battened for too long on 
star values, silly plots, spectacle 
and .what -passes for sex and 
violence (which is laughable 
anyway byWesiem standards). 
There are even dark whispers 
that tiie New Wave directors, 
whom Ray has not hesitated to 
criticise on the rare occasions 
when he comments an other 
Indian directors,, may. also have 
felt that Ray’s masterly film, 
his first in Hindi, which is not 
even his mother tongue, consti- 
tuted a threat to their avant- 
garde pretensions as well. 

Be that as it may. what with 
the fur still flying over the 
political Implications of Kissa 
Kursee Kaa and how- that public 
row. over release of Ray’s new 
film, the largest cinema industry 
in. the world is obviously not 
only much alive, it is kick- 
ing as well 

Anuta Malik 


medieval folk drama in Gujarat, 
was performed at tbe recent 
Cochin festival. But by far the 
most spectacular production in 
this genre to date is Habib 
Tanvir's Charon Das Chor 
(Charan Das Tbe Thief) about 
a Robin Hood-type figure. 
Tanvir. who was trained at 
RADA In London and tbe 
Bristol Old Vic, uses illiterate 
villagers in tbe play and allows 
them to improvise their lines in 
a north Indian dialect which 
most purists would sniff at. It 
has also been made.- albeit 
disastrously,' into a full-length 
children’s film. Yet another 
imaginative adaption of folk is 
Hayavadana (literally Horse 
Face), written in Kannada by 
Girish Karnad, a former Oxford 
union president who commutes 
easily between stage and screen. 

Finally, tbere Is the contem- 


porary theatre, which is 
admittedly of minority interest 
but easily the most vital. Tbe 
beginners ail delved into Beeket 
or Anouilh and came up with 
lots of alienation and very little 
of the Indian reality. A classic 
example is Evum Indrajit by 
Badal Sircar, probably India's 
leading dramatist to-day: A 
plaintive plea against the 
purposelessness of city youth, 
it uses no sets and the charae- 
ters play different roles (the 
title “And Indrajit" refers to 
his being incidental to life). 
Rakesh is the best exponent of 
this school with plays like Adhe 
Adhure (Half Finished) about 
the torment of middle-class 
existence. Sircar, fortunately, 
moved on to -more committed 
drama. 

A very important figure in 
the transition to “ realistic " 


theatre IS Vijay Tendulkar— 
again a name which more often 
appears in the credits for film 
scripts these days. His searing 
indictment of morality in 
prese n t-day Maharashtrian 
society shocked many, especially 
with Sakharam Binder, in which 
a bookbinder called Sakharam 
— a marvellous portrait of greed 
and lechery — is “tamed” by a 
prostitute he brings home with 
him. Interestingly, this play 
has been performed in Hindi 
and English as well ! Another 
of his plays, Gidhade (Vul- 
tures). had a scene cut (India 
still follows the Raj tradition 
of pre-censorship) because the 
heroine had to appear with a 
big blotch on her sari after an 
abortion. 

Badal Sircar’s group. Satabdi, 
has broken away from pros- 
cenium theatre and now per- 


forms, amazingly, in factories, 
schools and other community 
places in Calcutta. Angered by 
the impoverishment of bis 
State, West Bengal, be even 
stages shows in mmdaws or 
parks, attracting weary babus 
as they wend their way home 
in tbe evenings. Another Ben- 
gali group has staged a street 
happening where a few members 
initiate a debate, draw members 
of the public into it, and gradu- 
ally withdraw till they form the 
audience 1 


Active 


There is also an active 
amateur theatre in English — 
terribly imitative and increas- 
ingly irrelevant Its mimic-men 
are advertising executives and 
other Anglicised minorities who 
are totally cut off from the 
cultural mainstream. 


Although all amateur groups 
are starved of funds, there is 
still an experimental play to 
be seen once a fortnight in a 
city like Bombay, staged in a 
decrepit school in one of the 
most crowded localities. There 
is also an excellent National 
School of Drama in Delhi, and 
most surprising of all, a bi- 
monthly magazine in English, 
Enact, devoted entirely to 
theatre (each issue carries a 
script). 

Films are a constant threat. 
Stage actors are picked up and 
made stars overnight; they can 
earn the equivalent of £10,000 
a film. For instance, Utp&l Dutt, 
another angry young man of 
the experimental Calcutta stage, 
has become a character artist 
in grotesque Hindi features. 
Amol Palekar, who has been 
responsible for initiating serious 


“low-budget" Marathi theatre 
in Bombay, also is one of the 
best-known cinema stars to-day. 

Despite all this, the Indian 
theatre movement is alive and 
well. It has yet to achieve a 
national identity, but is there 
any such thing to-day even in 
the political sense ? The move- 
ment — and that is the right 
word — forges ahead in many 
tongues: the controversies and 
criticisms appear in small 
literary magazines which most 
other Indians cannot possibly 
follow. Still, in the national 
Press — and more important at 
theatre workshops and frequent 
festivals — there is a growing 
sense of brotherhood and excite- 
ment at each discovery of what 
is happening in some remote 
corner of the country. 

Darryl D’Monte 



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INDIA XIV 


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WHEN THE South turned its mean an end to the? long periods 
back on the Janata Party in of stable rule thjft some of the 
the March general elections, it southern states fiave enjoyed, 
seemed to confirm the worst Thus the lack of cohesion 
suspicions of the North that within the Jafiata Government 
across the Vindhya Mountains is likely toibe reflected by 
lay an alien people whose similarly divided ministries in 
Dra vidian race and culture cut the States and by the persistent 
them off from the Aryan civil iza- threat of presidents rule as 
turn of the North. To those the short cut to resolving local 
from the Hindi belt die So nth bickering. Tamil Nadu and 
spoke a different language, wore Kerala have long lived with un- 
different clothes and ate differ- stable administrations. But in 
ent food. To Morarji Desai — Maharashtra, Andhra Pradesh 
himself from Gujerat’ and thus and. Karnataka it will be a turn 
not truly part of the Hindi belt for the worse. 

— the rejection of the Janata What was always misleading 
Party by the South carried them about analysing the March elec- 
out of the mainstream of Indian tion , results as a show of 
politics. % Dra vidian strength against the 

The arithmetics of the poll Aryan North is that there is no 
give some credence to this view, cohesion or consciousness 
In Kerala, Andhra Pradesh, of a common culture among the 
Karnataka and Tamil Nadu, the so ” iern states -, 
meagre record of seats the The four main languages of 
Janata Party gained has led the — Kannada, . Malay- 

these four states to be dubb’ed a * am - Telugu and Tamil— have 
Zero, One, Two and Three. In a common Dravidiaa root, but 
Maharashtra, which geographic- Jbere are great linguistic 
ally stretches into the South if harriers between the peoples of 
not traditionally part of it, Karnataka, Kerala, Andhra and 
Congress just retained its hold Tamil Nadu- The regional 
as the strongest single party. "nationalism of the Tamils and 


But in voting for Mrs. Gandhi 
or her allies, the South wanted 
to be seen to toe the line being 


their fierce . opposition to Hindi 
being imposed on Jhem ns the 
language of India is not 


set in Delhi. For the most “ atched in the other states, 
striking development of recent en brely gone is the 

years has been the way that the ? f ° I7ner f e “?e " f interl- 
aid cultural and linguistic 1Bra hniin- 

quarrels between the southern d 

states and Delhi have been pJ?* S SJ. h * s , no . unifi ? d 

eclipsed by the South’s anxiety ZSTZJZS * tate raus f lts 

own revenue and negotiates 


difference, that it seemed 
sensible to the politicians of the 
South to back the status quo 
and stand four square behind 
Mrs. Gandhi in March. After 
she lost and the Shah Commis- 
sion made public -the abuse of 
power in the North, many of 
the same politicians regretted 
the line they took and would 
change hones if they could do 
so without a loss of credibility. 

Popularity 

One inhibiting factor is the 
strong personal popularity in 
the South that Mrs. Gandhi has 
among .the Harijans (un- 
touchables) and . other poorer 
classes. She stirred their 
political consciousness in a way 
no other national leader has 
done since independence ' by 
promising higher living 
standards, more jobs and re- 
served places in the Administra- 
tion. In Karnataka, Mr. Devraj 
Urs. the Chief Minister and her 
appointee, made populist 
measures carried -out in Mrs. 
Gandhi’s name the plank of his 
administration. 

- Like many of Mrs. Gandhi's 
associates; however, he also 
made as many enemies by his 
unscrupulousness and the extent 
to which, corruption flourished 
under his rule. Nonetheless, 
the dominant castes — the Linga- 


yaths and Vokkaligars in 
Karnataka, the Reddis and 
Rammers in Andhra and the 
Marathas in Maharashtra— do 
not pack the ■ same political 
punch since Mrs. Gandhi 
appealed over their beads and 
.demonstrated their vulner- 
ability. 

Mrs. Gandhi is counting on 
this popularity in the South to 
establish ber power base. Were 
there to be an avalanche of 
support in her favour— and this 
seems unlikely— then the chal- 
lenge she could mourn to the 
Janata Government would pre- 
cipitate the. strain in North- 
South relations that was feared 
in March. 

The other major threat to th* 
present equilibrium could com* 
if the Janata Government cam* 
under the extremist sway of tht 
Jana Sang h and the BLD. Such 
an aggressive combination oi 
pro-Brahmin and Pro-Hind 
parties would be unacceptable 
to the South and is the lea 
likely to occur because of this 

But while the Janata Govern 
ment hugs the middle ground 
the South can live with it. Evei 
as is the case now when th« 
politicians of the South hav« 
contempt for its leadership am 
performance. 


to be drawn into the' orbit of 
national politics. 

Prohibition 


with Delhi for its share of the 
Central funds. The industries 
of the South sell either locally 

5* first to have pushed * level dependln " 

But the southern states do 
have a number of features in 


through extremist measures to 
implement Mr. Desai’s exhorts 
tions on prohibition has been 


-, .. .. . ... . common and which distinguish 

Tami Nadu— once the home of them frora ^ North ^ ' f 

Tjuml secessionism and stiH literacy are higher. Again* a 
the scene of firebrand prc^aiml nalionaJ averftge of 29 p | r ^ 

rhetoric. But Tamils under 45 the literacy rate in Tamil Nadu 
wiUno longer be able to buy in ^ 1960s ^ 39 
alcohol. The weak state admrnis- K era ] a 60 per cent, 
tration oi : the ‘ ftta star Chief 31 percent, Andhra 24 per cent. 
Minister Mr. M. G. Ramachan- and Maharashtra 39 per cent 
dran wants the patronage and New industry has been 
funds of Delhi. attracted to the South — to 

In Karnataka. M;. Devraj Urs Bangalore. Mysore. Hyderabad 
one of Mrs. Gandhi's strongest an d Bombay (not tniiv the 
supporters who was recently- South) which partly accounts 
ousted as Chief Minister when f or the sense of prosperity 
the Central Government on when compared with old indut 
tenuous grounds, imposed presi- trial centr.es like Calcutta state 
dential rule on the state, has governments have been ’ more 
been up toTWh'l probably 100 effi dent— Andhra Pradesh for 
times in tlfe post six months, instance, under the able ’con 
canvassing his cause. His rivals gress Chief Ministership of Mr 
have not been far behind. Vengal Rao or, even Karnataka 
If the Janata Party does well where growing corruption has 
in the forthcoming state eieo offset some of the gains And 
tions to be held in Maharashtra, the quality of administration 
Karnataka and Andhra Pradesh has been reflected to 
—and it is desperately anxious in agricultural output w hinh 
to do so to establish itself as have made" Am/.ira (until th2 
a national party— it will be cyclone) the "rice bowl " 
largely because the moulders of India and Maharashtra the 
opinion in the South see the efficient sugar producer 
advantages of Jacking to the It was because the South h ad 
same wind as the North. few grumbles about the local 
The danger of mirroring Congress regimes 
Delhi so closely Is that this will the emerg^^* * ^ 


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Finsneutl Times Monday January 23 1978 


INDIA XV 




t> .. -vy? 



One in every six Indians comes 
from Uttar Pradesh and its problems are typical of 
the whole of the country. Its politics are a battleground among the different factions 
and it suffers from uneven development, poverty, illiteracy, 
over-population, violent crime and rising prices. 

Uttar Pradesh 


y* 




JAR PRADESH, the floatf- 
state in Indian politics, is 
closely intertwined with 
Centre than any other and 
ably because of this, shows 
prominently the symptoms 
e debilitating illness at the 
of.nationai political life. 

sprawling disunity, 
er with- the factionalism 
e, major political parties at 
stats and national level, 
made it a battleground for 
politicians striving to 
a power base to support 
activities in Delhi. The 
elections last June, in 
the so-called Janata Wave 
the Congress Party out of 
State Assembly, installed a 
and largely- ineyperi- 
- cabinet with little plat- 
other than opposition to 
excesses of the Emergency, 
even less in the way of an 
wmic programme. A later 
lection installed as Chief 
i8ter Mr. Ramesh Yadav, a 
aer lawyer with no previous 
nee in government even 
age level, with a reputa- 
for affable incompetence 
a close understanding with 
National Home Minister, Mr. 
ran Singh, whose power in 
‘'state greatly outweighs the 
of his following, 
he problems of Uttar 
desh are the problems of 
ia writ only a little smaller 
neven development, poverty, 
eracy- over - population, 
ent crime, rising prices, 
Jon al ism on every concelv- 
2 basis — be it regional, social, 
igious or of caste — and a 
lership held together by 
gmatic political ties more 
a by any shared principles or 
grammes. But he who bolds 
ar Pradesh, they say, holds 
ia. After all, one in every 
Indians comes from this 
te. to which are allocated 85 
the 525 seats in the Lok 
aha. It is conveniently 
jacent to Delhi, and ever 


since the days of Nehru, its 
Brahmin community has 
wielded disproportionate in- 
fluence in national government 
— Morarji Desai j s the first 
Prime Minister not to come 
from Uttar Pradesh. 

The state’s electorate is split, 
almost to the point of absurdity, 
into factions, communities and 
sift-communities which no 
leader since Nehru has been 
able to unite. The relatively 
prosperous western part of the 
state has far more in common 
with the neighbouring states of 
Haryana and Punjab Shan with 
the sleepier, more backward 
east, the hilly, arid south, or 
the Himalayan north. 

Communal differences be- 
tween caste Hindus and 
Harijans, or Hindus and 
Muslims, lead to constant 
friction and not infrequent 
violence — only last October, 
around 20 people and possibly 
more are reported to have died 
in Varanasi when a group of 
Hindus insisted ou holding a 
procession through a Muslim 
area. Reports on atrocities com- 
mitted against Harijans are 
commonplace. Even among the 
caste Hindus, profound under- 
currents of hostility between 
the ascendant small farmers of 
the Jat, Kurmi am} Ahil castes, 
the powerful Thakar landowners 
and the influential Allahabad 
Brahmins surface from time to 
time — particularly at elections. 

Disturbed 

With national, state and three 
state by-elections, the ten 
months since the end of the 
Emergency have proved a- par* 
ticularly disturbed time. PoliH* 
cal activity in Uttar Pradesh is 
based largely on caste-oriented 
factions, and alliances between 
them tend to be forged by- 
individuals at the top rather 
than by any awareness of 



X 


Above, left to right : Charan Singh , a major power in 
in last March's elections; and Mrs. Gandhi , n 

parts of Rajasthan, and although 
Jats make up 40 per cent of 
the population in his own con- 
stituency, they fomi only 3 to 
4 per cent, of the national 
population. 

Since last March. Mr. Singh 
has enjoyed the support of the 
socialist faction led by Mr. Raj 
Narain, who is best known for 
having unseated Mrs. Gandhi in 
her own constituency of Rae 
Barelli. and of the Jana Sangh, 
the strongly pro-Hindu party 
which is currently the second 
largest element in Janata after 
theBLD. 

Supporters of Charan Singh 
find in his " neo-Gandhian ” 
economic theories, which 
advocate more small-scale farm- 
ing and cottage industry, the 
most positive motivating force 
in present politics. His oppo- 
nents see in him a power-hungry 
opportunist intent on wooing 
Jats and the so-called backward 
classes at the expense of just 
about everybody else, particu- 
larly industry, consolidating his 
grip on the state through 


Uttar Pradesh; Raj Narain, who unseated Mrs. Gandhi 
ow under investigation on corruption charges. 


common aims at grass-root 
level. Until March, 1977, Uttar 
Pradesh was a Congress strong- 
hold and this type of politicking 
was held in check by the 
strength of the party leadership. 
The popular theory that the 
latest split in Congress will 
provoke a similar split in 
Janata has yet to be borne 
nut by events, but tbe intense 
rivalries within Janata are dis- 
turbingly apparent. 

Chief among the state’s power 
brokers is Mr. Charan Singh. 
78, formerly leader of the 
Bharatiya Lok Dal and within 
Janata, leader of the conserva- 
tive wing comprising former 
BLD and Jana Sangh members. 
His prominence on the national 
stage and hts ambitions for the 
Prime Ministership (thwarted 
last March by tbe Congress for 
democracy leader Mr. Jagjivan 
Ram) are curbed by the essen- 
tially regional nature of his 
power base. His personal 
supporters are confined largely 
to the Jat fanners of. western 
Uttar Pradesh. Haryana and 


puppet nominees in state, 
village and -student posts, 
elevated, to office with the help 
of strong-arm tactics at the 
polling booths. 


Rival 


Within the state, his strongest 
rival is possibly tbe Federal 
Minister for Petroleum and 
Chemicals, Mr. H. N. Bahuguna 
who, together with Jagjivan 
Ram, broke away from Congress 
early last year to form the Con- 
gress for Democracy, taking 
with him much of the Muslim 
support afforded Congress since 
the days of Nehru. He has 
sought to consolidate his base 
by assiduously wooing the Mus- 
lims both within the state, 
where they form 30 per cent 
of the total population, and 
nationally. He is currently sup- 
ported by the Congress (0) 
faction and the Soviet-orien- 
ted Communist Party of India 
Rivalry between these two 
protagonists takes many forms, 
from the comic opera attempts 


to stage massive rallies in each 
other’s regional strongholds to 
more destructive activities. 
Evidence of CPI involvement in 
the current teachers strike, in- 
volving most of the state’s 80,000 
secondary school teachers, is be- 
ing widely read as an attempt 
by the more left wing in the 
Bahuguna camp to harass the 
government of Mr. Singh's pro- 
tege, Mr. Yadav. 

However, this type of infight- 
ing has little impact on the 
rural towns and villages, where 
most of the electorate lives and 
where political leanings are 
harder to estimate or to cap- 
ture. But there can be little 
doubt that despite the emer- 
gency excesses and the cruelties 
of the family planning pro- 
gramme, support for Congress 
dies hard. 

It is perhaps significant that 
the Harijan vote, of which 50 
per cent, went to Janata in the 
March 1977 election, reverted 
back to Congress in the June 
state elections. This does not 
necessarily mean that Harijans. 


perhaps the most abused of all 
in the enforced vasectomy 
drives of the family planning 
campaign, have forgiven or for- 
gotten. Harijans sometimes 
have their voting done for them, 
if one is to believe the stories. 
But the Harijan vote has tradi- 
tionally gone to Congress and, 
whether controlled or not. the 
voting figures indicate a signifi- 
cant swing in this pre- 
dominanty rural sector. 

Following the recent split in 
Congress, it is impossible to 
say at this stage which faction 
will win most of the traditional 
Congress support. Many in the 
state say emphatically that they 
would not have Mrs. Ghandi 
back at any price. But there 
are those who still insist that 
she personally was not to blame 
or who suggest that most of the 
post-emergency revelations are 
based on propaganda. If and 
when Mrs. Gandhi attempts to 
regain national leadership, it is 
widely expected that the deci- 
sive initial battles will be fought 
in Uttar Pradesh. Janata, which 
is still nervous about her 
legendary ability to draw 
crowds, is certainly helping to 
propagate this idea. Earlier this 
month Mr. Charan Singh said 
openly that intelligence reports 
had furnished him with evi- 
dence that Mrs. Gandhi was pre- 
paring a massive campaign of 
civil disobedience concentrated 
on the northern states, and 
rumours have been circulating 
for some time, possibly with a 
little help, that she would stir 
up trouble in the unions, among 
students, among Harijans and 
in areas of Hindu-Muslim con- 
flict But Mrs. Gandhi has said 
herself that she will carry her 
campaign into the streets and 
at street level, she may still 
have access to a much better 
organised party network than 
Janata has yet managed to 
build. 

The only element In Janata 


with access to a tightly knit 
organisation reaching down to 
street level is the Jana Sangh, 
political offshoot of the Hindu- 
revivalist group the RSS. The 
RSS claims to be an apolitical 
purely cultural organisation. Tt 
aims to promote awareness of 
and pride in ancient Hindu cul- 
ture and is active both in vil- 
lages and campuses. Though ft 
appears to have enthusiastic 
support mainly among the 
middle class urban intelligentsia 
of the Hindi-belt states, it is not 
at this stage a significant force 
numerically or politically; But 
its tightly knit cadre structure, 
which appears to have suffered, 
little from the group having 
been forced underground dur-f 
ing the emergency, could prove 
useful if politically activated, y 

Realignment 

It is still too early to asses* 
the impact of the latest conr 
gress split on Janata. However, 
should there be a major realign- 
ment, as has been suggested. It 
would probably not have a pro- 
found effect on policy at state 
level, merely drawing attention 
further from pressing problems 
such as rising prices and law 
and order. 

Apologists for the Emergency 
are still few and far between, 
but disillusion with Janata is 
becoming increasingly vocal, 
although so far mainly in the 
urban areas where industrial un- 
rest, murders and violent rob- 
beries have increased markedly 
in recent months and where 
price control through the 
government's fair price shops 
has not appreciably slowed the 
surge in the cost of living. Few 
people look to the present state 
government for solutions, but 
many are listening with increas- 
ing scepticism to what is being 
said at the Centre. 

M.V.H. 


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Financial Times Monday January 23-1978 



what’s instrumental in our 
success - internationally? 


INDIA XVI 



West Bengal's Communist majority government 
has set about tackling the State's pressing economic 
problems without any political fireworks. Initial targets are relatively 
modest, the party’s leaders seem ready to enlist capitalist help, 
and ideology for the time being has a passive role. 


“WE ARE inexperienced." says of its supporters- will judge it in stantlal excise -duties on; for trary, the increase of sales tax is to ^ P^sed out & 

Dr. Ashok Mitra, Minister in these -terms. Nevertheless, the example, sugar, Textiles a?jd*>n certain items, such as * Sraauatro wr , 

charge of Finance in West Party's performance over past tobacco, go direct to the Centre, sold at the CaJcutta and Siliguii f n ~. m fnriSfili* : 

Bengal’s Marxist Government months has revealed an unex- The state has no authority *) auctions, will almost certainly, una . is j.o ° 

“We have made mistakes, we pected aptitude for the art. of raise loans Internationally on!, lbs lead to higher prices while cuts car** 1 ™. W i_ t Rpneal LaiHt ' 

could have shown more courage, the possible. Its reluctance tu own account, nor does, it hatfte in sales tax on drugs and spare tion ox ine_Tve» u« 

But we are in tie business of take unpopular steps to curb any control over money supply motor parts. appear designed to Ttefonns Act, holdings ' 

making friends. We have many rising prices or impinge on the or foreign exchange. It .would help state-based industry. size oi ina Mnse0UBn zf‘ 

enemies and we are determined, privileges of the private sector, like a much greater. direcUh&e'-. The Statens economic future tnouMnos o* acreai. 4 

to give them no excuses. We are and its readiness to enter into of revenue and, if not freedom dearly depends on industrial r. e ^ rf 
: . . - .1 r .-.j. . f ui* u ,,4 tied un in legal aisputes. -out 


VAI.tUA.Ul/ LU Hkiuijr m Ult ."•UI1UL auu o.— ■■ - uauaLa uvnuumut. •MV|»M,na-^p pnn pn u V Ci LUC u^uowv. -• - ___ JlctiiriL. 

elections. The Marxists had have accepted the present largely on Mrs. Gandhi,” -adds, without massive investment and laey lea to 

served in 1967 and again in reality of a capitalist system,” Dr. Mitra, “ As long as she fa substantial help from the ances and was iiamunenuu m- 

1969 as partners in the state's says Mr. Basrn “Pragmatic, a viable threat, we have mbns.; cen tre, the Basu Government splitting thecoamions rauii & « 

ruling coalitions, both of which sensible," say his supporters Leverage.™ ■: ; i-; claims it can do little to rescue the tune. Th« uie par^ 

were ousted by the central gov- approvingly; “ thoroughgoing - But no matter' how mdeb industry and ameliorate urban will Stic* ™ tne legal. 

eminent on the issue of law and bourgeois, never worked a day leverage -the state may uppity,- poverty and unemployment. In even n it taxes u onger, .^eve; n i 
order. On both occasions, they In his life." say the sceptical, there are limits to the anient the meantime, it appears pre- Jt provokes antagonism tram ine 

earned a reputation of lawless- In pushing through his policy of money available and Dr.' pared to let industry go its own land-hungry rank ana ni^wno 

ness and politica] thuggery of conciliation with the private Mitra has few illusions aato the way with a minimum of inter- are already snowing signs ot 

matched only by the equally sector and the central govern- state's economic prospects/ for ference so long as certain basic impatience. , • 

unscrupulous state branch of ment, Mr. Basu is certain to thq foreseeable future. . • principles such as "a fair deal If it is to complete itsparlia- 


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political. opponents-, the Marxists them ■- suffered a great deal remain" modest,” he tali ' the t ■ j. . . .more militant party members : 

were associated with gheraos, under Mrs. Gandhi's Emergency state Assembly when presentfng 1 jllllltcQ • • ■ while convincing the industrial- ; 

violent- strikes,, forcible seizure and may feel that the new j>rag- his. first budget last August. . ■ ists and the central government , 

of land and general aggression matism is not what they fought "Ours is a bankrupt state. We Rather than sink its- limited! that it has abandoned for ever . 

against the richer land owners for. The Marxist strategy so will therefore have to ‘fall back resources into the ocean of the militant tactics "of its pre 1 

and industrialists. far has been to steer a middle on modest - means and - tech- social and economic urban prob- vious two terms in government 

course, blaming central govern- niques. Elimination of waste Ieins, the Government plans to g 0 f ar> its attempts to achieve. 
AnYinilC ment intransigence and oppor- and corruption will receive our concentrate its efforts on the this delicate balancing act have. 

nilAlUUJ tunism for its own lack of pro- closest attention; it will be -oar. State's 30.000 -rural villages, surfaced as a reluctance to ... 

This - time, the Marxists are gress, but not complaining particular concern that - re- Apart from anything else, they commit itself to positive action, 

anxious to shed their old image, loudly enough to provoke Delhi sources earmarked for a purpose will have a much more immedi- w jiieh ma y in the end prove 

For the first time they have a The Marxists are fully aware actually get spent on that pur- ate and visible impact here, unacceptable to both sides. The 

majority in their own right— that the Janata Party, also new pose an< j are not siphoned away Initial steps include rigorous i ac fc of visible progress over The 

they hold 178 of the State's 293 to Government, is anxious to by operators of different hues.” enforcement of the Minimum past months has already pro- 
seats and they intend to hold make friends and consolidate On taking power, the Govern- Wages Act as it applies to land- ^uced stirrings of discontent’ 

them for the full five-year term, power; they will play on this to me nt immediately revised the less rural labourers, roadbuild- w hich can only increase If the 1 

They aim to make West Bengal get as much as they can, but accounts left bv the outgoing ing and irrigation schemes, pro- Government sticks to its present 

a showpiece of efficient, and will take care not to push their regime to show a massive vision of drinking water for C0U rse. 

above all honest, Government, luck Rs720bn. deficit instead of a each village, and expansion of « Marxists succeed ic : 

m the hope. of winning sym- Their behaviour over the Rs40m. surplus. The August education, including the open- reeonc jij nH the diverse power' 
pathy and support in other Ganges waters agreement, budget contained . measures ing of 1,000 new . primary 0 f West Bengal to five 

States’ rights be tackled head signed in Dacca last November, sufficient to raise Rs250bn. more schools in the current fiscal year * ^ of slow steady mode 

on - a case in point: Raving pro- than planned for the year by and provision of free meals to rate i v _r jef t Government, tfaeii 

But if the Marxists longterm tested formally to the Janata t he previous government another lm. schoolchildren (lm. * ^5 influence votinf ' 

aims are sweeping, their short Government that the quotas Significantly, these measures of the State’s 6m. school- ^ fiu bcontinent 

term aims appear extremely fixed for India were too low and d id not hit at any particular children already get free « XL thw mar not ge 

modest, particularly in the light having requested that the agree- sector . and in fart, left Intact meals), Mother £an“ forTWlom 

of the state’s pressing economic ment be limited to one, rather concessions tp certain ailing But the major effort will go thne 

problems — its more than 4m. than five years, the Marxists industries granted in theprevi- into the controversial land * vv 

unemployed, its declining indus^ produced the requisite loud and 0U5 yea r ; s budget On the con- reform programme. Land tax jYLV.fi 

tries and inefficient agriculture, indignant noises for- the • - - --V- 

The Marxists came to power domestic audience when their ■ ■ ' ■ 

after campaigning on a very wishes were ignored and the 

SHSJLSirSSS,. 0 ' “ itXTte'Senes of FIVfr-Year'plaflis Indicates, India is 

mnCd ?. rtortS! t tat^3u« to 'w‘emenF*ThZ 7 i?Zai wedded to the principle of central economic planning. But 

a minimum wage based on need, affect the port of Calcutta, but . / < .j. . . , . . , - 

cut taxes on essential enmmodi- a long term scheme may im- experience OHS at times pTOVed disappo in tin g , and the revised 
ties, provide jobs for the able- prove things," says Mr. Basu. i , - ,, . , , 

bodied and a dole for the dis- “The central government COOCept Ol a ‘Tolling plan introduced by Mr. DeSai IS HOW 

ahled jobless, nationalise all the should have consulted us,” adds . '■ 

basic industries— in short to Dr. Mitra, “ but we don’t want being digested by a somewhat startled audience. 

take some big strides towards to provoke an international . *. 

socialism. incident, and we can see that . •; ■ • 

Of course Ihey have .done Bangladesh has problems." 
nothing of the sort Nor were In angling for its share of the 1 jn| -*/% 

they expected to. The Indian federal budget, the ' Basu I 's\ II II I II 

states have so little direct access Government is likely to adopt a M M C JL, 1 11 I |- I 4. 

to revenue that their ability to similar low-key manner, know- J 

implement election promises ing that should the worst come •- . .. 

depends heavily on their rela- tD the worst, its support in a THE CONCEPT of- the “ roll- endorsed :the innovation sud- ning Commission to take in - 
tionsbip with the central large sector of the unions could mg plan," which is the mecha- denly sprung on the country last account the recommendations 
government. make trouble for the centre. At nism for implementing the autumn by Mr.- Morarji Desai 1116 Seventh Finance Coram^ 

The CPIM’s election pro- the moment the state has Janata Party's economic pro- ^ ^ p inning Commission. ® ion on sharing of reven »■/* 
gramme was more of an direct access only to sales tax gramme, finds no mention in ^ gii ence ^ deliberate since between the Centre and 
ideological manifesto than an and around 20 per cent of in- the parly’s economic policy ^ party's leaders make no Sta tes, a vital matter sin Mfo 
administrative blueprint and come and corporate tax The statement This curious umis- se cre t of their displeasure over resources are basic to any PI 
possibly only the most radical rest, together with the sub- sion means the party has not the Minister’s failure to Zt would bare enabled tM/f/i 

I explain what the concept is. The Government to seek political.') j I 



That is what visitors say after 
buying Indian Handicrafts. 

You have a variety of them to 
choose from... Gorgeous 
-hand -knotted carpets... 
Intricate wood carvings... 
Exquisite art metalware... 
Matchless textiles and 
ready-to-wear garments... 
Rich furnishings and attractive 
tableware... Colourful folk 
' paintings... Fantastic- 
- products in cane, bamboo, 
pith, laquer, palm^leaf,- 
fharble — every piece 
• a masterpiece. 


BJ 


Inserted by 
DEVELOPMENT 
COMMISSIONER FOR 
HANDICRAFTS . 

ALL INDIA HANDICRAFTS 
BOARD, 

GOVERNMENT OF INDIA, 
MINISTRY OF INDUSTRY, 
BLOCK 7 (WEST) R.K.PURAM. 
NEW DELHI-110022 INDIA 


“ railing plan " idea has thrown commitment to the ; “ rolliflijHl 
the planning process into £ Ian ” concept as well as 0jttS| 
turmoil merely because no one, broad objectives by the Stat|Mwl 
not even the hundreds of °“ which rests the major .tsha|l|W 
experts who occupy the Plan- °* responsibility, for impgiPw 
oing - Commission's massive J nent lnB the Plan. - Nor - 
Yojna Bhavan, really know what w °uld have- givdu .imvnv 

it means.. Planning Commission anot®Sw }4 

Parliament has sought a 

debate on the concept in vain economic and relSS p!« 
and some' of the non-Janata grammes 
States hav e ^ protested at the results of 

manner m which a new idea has cises that 'hW 

been foisted- on them without initiate? * 
them approval The only assur- ffiSsS 

ance given by Mr. Desai is that r r..„ 1 ■- 

the “rolling plan” does not 1 USS1CS ^JlT 

mean abandonment of planning . . * ; • SafiSA a 

Initiated by Mr. Nehru nearly things stand, next montMjJgRihgJ 
three decades ago, nor does ft Watio . nal Development ‘Couri|QC5S2 
mean an erosion of the powers meeUn S threatens to becoitte , 

of the Planning Commission. He P? 13 for Political-' 

has justified it on the ground bet ** en the non-Janata* ' 

that it will make planning and % a one hand andlhe * f ■ . , 

implementation 0 f plans more ^ ove «ment and the **' 

effective because, being formu- on the ptber.- 

lated. with a medium-term and _. rollin S plan " .inaj u 

long-term perspective, they will r JSCu ssed because ‘ 'sjffL0 

be more realistic. But details that the States w«Sj-h5. ,^W| 

have to wait until the National E* 18 ? and the debate may v* 

Development Council holds its 0e “°Rged down in- jwriphvv--^fcflHLf -1 
next meeting, hopefully in Feb- and P°ssU»ly cdnrtptuai * 
ruary.^ By then, the Planning Repent and; segments. I 
Commission hopes to have the for launching J 

draft- of the next “plan" ES n a , re hardly -caTciilatedKJPy ^ 1 As 

ready - broad national 

This is a dangerously j»i,v e d which'ih^ , p0lWcaI W. *1 1 

schedule. The ill-fated Fiffu man* basic econbiplt -* ^ ® 



schedule. The ill-fated Fifth mem of The' cnSSS 
Five-Year Plan, battered by the And, at anv rMe Ct tSb^SwS[ 
oil crises and inflation, has is y ™ te * fhefftstlj 

terminated in its fou^ 5S resoS^ .'*$■*** 
and ' hence the new « criSls because 5 




month not only to digest the muchw*? y ® ar - leaving-^ 
coucept but also to bo^^. 187 ^™- S 

ing it ont Because of Se Is not ^ plan M *.co5Al 

sovore critlolsm IS SJSLS* *» WX' 


s 


(political reasons. But common the n, , at,e M '' t > 

wnse would have dictated that achiev ft £«. f Perform* *, 
the Fifth m . at ^“jevements and mmiwai. 





















Financial Times Monday January 23 1978 


27 


INDIA XVII 


1 

t 1 

i » 


< ^ 


1 * 




The problem of India's untouchables (“the lowest 
of the low”) is deeply embedded in the caste system, and 
seems as far from solution as ever. They have once again -become the 
centre of political debate, but many observers see the answer 
not in politics but in the eradication of poverty. 

The untouchables 


ICE THE new Janata Party 
te to power In March last 

r. India's 80m. or more 
rljans, or untouchables, have 
upied the centre of the 
itical stage. It may seem 
inge that the most down- 
3 den class in India should 
able to' occupy that position, 
si mists in India claim - that 
*ijans axe so much under the 
mb of caste Hindus that they 
not vote independently. 

n Delhi one frequently 
rs stories of Harijans being 
zed into their huts on poll- 
day to prevent them voting, 
being terrorised into voting 
the same candidates as the 
tinant caste in the village. 

the other , hand other 
tical pundits discourse at 
Zlh on the importance of the 
■ijan vote, and in particular 
the role that it played in 
downfall of Mrs. Gandhi, 
theory goes- that Mrs. 
<dhi was routed in northern 
la because she lost her 
I ; tional support among the 
ijans and the other impnr- 
: minority community, the 
dims. 

’bvfously one or other of 
re theories is wrong. There 
no doubt -which one Mrs. 
idhi thinks is wrong, other- 
3 she wouldn't be pinning 
hopes of making a conie- 
k on the Harijan vote which 
be reason why the Harijans 
so much in the news these 

s. She has a very neat argu- 
it The two most important 
ups in the Janata Party in 

-.them India are the peasant 
ners and the smalltown 
inessraen and shopkeepers, 
contrast with the . Congress, 
ch in the words of a former 
igress President Mr. D. K. 
■ooah, “ has always been 
ainated by Brahmins and the 
1 educated." It is the 
sants whom the Harijans 
* see as their enemy, partly 
ause the Harijans know that 
peasants regard them as a 
eat to their land, and partly 


because of the regular clashes 
over wages between peasants 
and. the landless Harijans they 
■ employ. "The- Brahmins and- the 
well educated are above the 
grim daily battle for . survival 
between the small fanners and 
the evergrowing mass of land- 
less Harijans/ So it is easy for 
Mrs. Gandhi and indeed the 
leaders of the official Congress 
to portray themselves as the 
■supporters of the Harijans in 
their tight against the M Janata " 
monster party. 

Oppressed 

It 1 is too early to tell whether 
the Harijans will ever believe 
that again. If they do it will not 
be because of the Congress's 
past record. After 30 yea's of 
Congress rule the Harijans in 
the countryside . remain 
oppressed . by all : ' castes. 
Congressmen themselves ' admit 
they have made virtually no 
progress in eradicating un- 
touch ability — a task, inciden- 
tally. which Mr. Mnrarji Desai. 
has given himself five years to 
complete! During the Emer- 
gency Harijans found out just 
how little progress they had 
made. In the March election 
campaign in Haryana, just out- 
s-'de Delhi, I found Harijan 
after Harijan who said “We 
were worst hit by the Emer- 
gency because we had no one 
to protect ns from the police." 

In a village in Uttar Pradesh 
I asked the : leader of -the 
Harijan community wfcat' : £e 
thought of Mrs. Gandhi's allega- 
tion that atrocities against Hari- 
jans had increased since the. 
Janata Party came to power. 
“It is all politics,” he said,: “lire 
have always been under pres- 
sure and we always will be.” / 

When I asked him whether 
laud given to the Harijans 
under the land reforms of the 
Emergency was now being 
reclaimed by the peasant 
farmers he replied *' What 
land? We have never got any 


land through the land reforms 
nor will we ever.” 

On that day.I visited seven 
different villages and found the 
same story with minor varia- 
tions. The only encouraging 
feature was the increasing mili- 
tancy of the Harijans, in spite 
of the fact that they were all 
living in 4he constituency of the 
Home Minister,* Mr-. Charan 
Singh, who is the leader of the 
peasants of Western Uttar 
Pradesh, and has been cast by 
the Congress and - his own 
enemies within the Janata Party 
in the role of the "Hammer 
of the Harijans.” In one village 
peasants had tried to drive 
Harijans off. some barren land 
which they were trying to work 
but the Harijans had retaliated 
and got die better. of the day, 
killing one of the peasants in 
the battle:- 

In another. Harijans angrily 
led me through , an area of the 
village reserved for caste 
Hindus and pointed out the 
electric wires. “"Ours is the 
only part of the village which 
has not been electrified," they 
said. " We are going to see that 
get electricity too.” But 
the odds remain heavily against 
them. A highly' respected 
Gandhian Social Worker near 
Hyderabad -told me it was im- 
possible to get the police to do 
anything about Harijans’ com- 
plaints because they only acted 
on the orders of the politicians 
and they were in league with 
the landlords who had the 
money. 

In rural India, just as in any 
other feudal society, there is a 
social mechanism which inevit- 
ably works against the poorest 
sections of society, and the 
Harijans certainly.. are that 
This mechanism is even more 
effective fn India because it has 
the added sanction of religion. 
Caste is an amazingly resilient 
illgious institution. It even 
ithstands conversion to other 


religions. In the Vijayawada 
Diocese of Andhra Pradesh 
most of the Catholics are con- 
vert Harijans but it’s only very 
recently that the Church has 
-dared to risk offending its 
influential High Caste members 
by ordaining Harijan priests. 

Shortly after the recent 
cyclone I came across a group 
of Harijan Christians sheltering 
in a hospital compound. They 
were refusing to return to their 
village. When' 1 asked the 
priest In charge of the hospital 
why, he replied superciliously 
“ Oh there are some bodies 
buried in feheir village. It's 
against the custom of these 
people to live where bodies are 


buried” Caste also seems to 
withstand education. Every 
Sunday the Hindustan Times 
runs a page or more of matri- 
monial advertisements. This 
one is typical: “ Beautiful 
Brahmin Medico Girl for Pun- 
jabi Sara swat Brahmin.” 


Places 


No wonder that there has 
been so tittle progress in 
eradicating un touch ability dur 
ing the last 30 years. That is 
not to say governments have 
not tried. They have reserved 
places in Parliament, schools, 
university and government ser- 


vices for Harijans. Educational 
and other qualifications are 
lowered for them and laws have 
been passed against the prac- 
tice of untouchability. 

There have, of course, beeq 
outstandingly successful Hari- 
jans. Mr. Jag ji van Ram, the 
man who nearly defeated Mr. 
Desai for the Prime Minister- 
ship in March, is a Harijan. 
India's ambassador to China 
and two state governors are 
from the Harijan caste. But 
all the privileges have suc- 
ceeded in doing is in the words 
of a Commissioner for Sche- 
duled Castes and Tribes, 
"Creating a vested interest in 


backwardness.” So much so 
that Harijans who converted 'to 
Buddhism and Christianity to 
escape the stigma of their caste 
are now agitating to be recog- 
nised as Harijans again. 

This has been angrily 
rejected by Mr. Jagjiv&n Rain 
who told a recent conference 
on Depressed Classes League, 
“For God's sake please don't 
liken scheduled castes with con- 
verts. They have deserted us. 
They should forget that they 
are scheduled castes.” The 
privileges affect so few Hari- 
jans that they cannot afford to 
dilute them. 

There have been other im- 
provements. The worst excesses 
of untouchability have disap- 
peared, like the caste who were 
so far below the rest that they 
couldn't go out during daylight 
because even the sight of them 
polluted caste Hindus. Some 
years ago 1 remember talking 
to a Harijan and a schoolteaeber 
sitting on a charpoi or string bed 
in a village. The Harijan ad- 
mitted that 20' years ago he 
wouldn't have dared to talk to 
the schoolmaster let alone sit 
on the same bed. 

A young farmer in a hill vil- 
lage told me that this generation 
does nor bother about untouch- 
ability. But it is in the towns 
and cities that untouchability 
is breaking down fastest. In 


crowded buses it is impossibly-' 
to stick to the rigid caste rules,"’ 
in offices you cannot object to 
working with a Harijan, nor od 
the factory floor. Urbair 
Brahmins may not be willing to* 
many urban Harijans but they, 
cannot always avoid eating with 
them. 

The simple truth is that un^ 
touchability cannot be eradi- . 
cated until poverty is defeated.- 
As the Calcutta Statesman pot,' 
it in a recent editorial “Only, 
when the economic gap betweed/ 
the two halves is narrowed will.' 
Harijans be able To live -in- 
dignity." 

Or as Dr. D. R- Ambedkar, the • 
Harijan author of India's constl-e 
tution put it more than 30 years 
ago, “The railways and factories 
have done more to combat un- 
touchability than Gandhi's per- 
sonal campaign. The real 
trouble is economic.” 

The problem is that the 
Janata party's economic policy 
emphasises rural investment not 
"railways and factories." It has 
been India's experience so far 
that rural credit ends up in the 
pockets or the landed not the 
landless. So there is a very real 
danger that the new Gandhian 
economic policy will add to the 
misery of the very people the 
Mahatma most wanted to help. 

Mark Tullv 


Planning 


CONTINUED FROM PREVIOUS PAGE 




tioo of flexibility in planning as 
well as realism in a large 
country subject to sudden 
changes in outlook for a variety 
of reasons, not the least of 
which is the weather. What 
some fear is that this will also 
lead to a system of “annual 
planning” since the “rolling 
plan " will effectively mean 
formulation of a new five-year 
(and hence a new 15-year) plan 
every year in the light of a 
changing assessment of 
resources, achievements and 
prospects with the possibility 
of .scaling down of targets. Some 
even fear that this really means 
an abandonment of planning. 

In faet, what the "rolling 
plan " seems to aim at is to 
give legitimacy to. actual prac- 
tice based on experience. Take 
the decision to terminate the 
Fifth Plan in its fourth year. 
This is not really as dramatic 
a decision as it may seem since 
the Plaq had progressed un- 
evenly with a growth rate of 
just 0.2 per cent in its first 
year followed by 6 per cent 


in the next As harvests fluc- 
tuated, the growth rate slipped 
further until the Planning Com- 
mission, by some absurd re- 
liance on computerised calcula- 
tions-, finally fixed the growth 
rate target at 4.37 per cent 
in the third year. Such devia- 
tion from perspective planning 
actually began in tbe Third 
Plan; and, ' in fact for more 
than a decade the country has 
been -limping along with wbat 
are actual and de facto annual 
plans which have taken into 
account current constraints. The 
" rolling plan " seems to accept 
the need for realism. The danger 
is that long-term perspectives 
will be sacrificed on grounds 
of expediencey and excessive 
reliance placed on short-term 
programmes. If so. tbe “ rolling 
plan” may tarn out to be an 
exercise in deferring social and 
economic goals. 

Obviously with this in mind, 
the Planning Commission has 
outlined the "reformulated ob- 
jectives and restructured Invest- 
ment priorities ” on .which tbe 


strategy for the next Plan will 
be based. These are of greater 
immediate relevance. The Com- 
mission has set before itself 
the commendable object of de- 
termining tbe size of the plan 
on the basis of real savings in 
the economy instead of assum- 
ing a desired growth rate (ignor- 
ing the Janata Party’s target 
of a . 7 per ' cent, growth rate 
as a political gambit). A realistic 
approach to savings need not 
deter bold planning because of 
favourable factors in the form 
of large foreign exchange and 
foodgrain reserves. The moot 
1 point is the degree to which 
annual adjustments can be 
made, especially as reliable 
forecasts are not available and 
tlie Planning Commission hat 
just begun to strengthen Its 
monitoring and evaluation 
machinery. 

Since the commitments for 
outlays on long-gestation pro- 
jects are not variable in the 
short-term because of technical 
reasons and other schemes are 
important for the Janata 


approach to rural development, 
room for manoeuvre may not 
be all that great even within 
the “ rolling plan ” concept 


Limited 


The scope for innovation will 
thus be limited to the wide 
range of schemes to be drawn 
up for promoting employment, 
an object which previous Plans 
generally ignored on the 
grounds that more jobs would 
be created in the normal course 
of Implementation of schemes 
in the plan. It is too early to 
say that the Planning Commis- 
sion has evolved new ideas on 
the subject Area development 
schemes for drought-prone areas 
and small farmers, subsidiary 
occupations in animal husbandry 
and social welfare projects for 
nutrition, child "care and rural 
educational and paramedical 
services have all been discussed 
before and some initiative taken. 

It is now proposed- to-have a 


single developmental agency at 
the grassroots block level (the 
basis administrative unit for 
development) to control and 
coordinate such schemes, though . 
doubts can arise on the feasi- 
bility of ensuring proper per-, 
formance at that level in the 
absence of a trained cadre of 
administrators. The proposed 
change to decentralised planning 
is another straw in the wind 
which may well involve giving 
up the practice of earmarking 
central assistance for specific 
schemes and of enforcing 
priorities through the device of 
centrally -sponsored projects. 
This may further weaken imple- 
mentation and actual use of 
resources, faults in both of 
which are sought to be rectified. 
Hopefully, the new Plan docu- 
ment will not only clarify con- 
ceptual doubts and set at rest' 
fears about motives but also 
show how the Commission will 
tadde such key issues. 


K.KS. 




| ;o. 



We anticipate the bridges — visualise the problems and needs of Indian industries 
long before they become realities . It is an activity that has set us on a path 
fraught with new challenges in developing technology to fulfil a future need . 
We've been progressing along that path for almost four decades . 

Today technology goes into a new orbit — space . L&JT set the pace for 
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nuclear engineering know-how. That was when ive set up the f nest fabrication 
facilities , developed advanced welding expertise and created a nucleus 
of specialised engineering talents. 

What was the payoff ? When the nation planned 
a shift towards nuclear power, L&J* had the talent 
and technology to manufacture nuclear reactors, 
heavy water towers and other critical equipment for 
nuclear power projects all over the country. 

Today we've moved on to manufacture motors for 
India's proposed first satellite launch vehicle . 

The expanse of technology is limitless. 

Exploring its immense possibilities is the eternal 
endeavour of creative minds everywhere . 

We are no exception. 

Although our sphere of activities is small, 
we visualise the future and set out to make what is 
unknown today the commonplace of tomorrow. 


v wait to cross our bridges until we com to them 










LARSEN & TOUBRO LIMITED 


P.O. Box 278, Bombay 400038, India, and prepare toddy to meet the challenge of tomorrow. 



We began thinking 
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Since then we have been the first 
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■ for every vital industry— food fertilizer, 
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Our capabilities grow out of the co-ordinated 
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► v ■ i.i-i I i i’£i r* tie iVl vf l '.‘-'.f 


ASP:STC;f7B 


2S 


METAMORPHOSIS 


From traditional items 
to compete turnkey 
projects— 

State Bank has helped 
transform the nature 
of India's exports 


Ten years ago, the country was 
exporting mainly tea, jute, spices 
and such traditional items. 
Today it is exporting complete 
plants and sophisticated 
technologies. 

The Bank's advances in India 
to finance exports amounted 
to $ 267 million in 1976. 


•In that year. State Bank of India 
alone handled 40% of India's 
foreign trade. 


Our range of international services 

* Finance for acquisition of ships 
and aircraft 

* Eurodollar and euro-currency 
credits 

* Promotion and financiqg of joint 
ventures 

* Export credits 

* Term finance for capital goods 
exports and turnkey projects 
from India 

* Merchant banking services for 
foreign investors in India 

* Guarantees and letters of credit 

* Trading in all major currencies 

* Speedy remittances 

* Trade information 


Overseas network of State Bank 
of India 

Foreign Branches: 

U.K. 

Gresham Street, London. 

Golders Green. London. 

Clifford Street. West End. London. 
Southall, London. 



Representative Offices: 

Lebanon: Beirut 

West Germany: Frankfurt (Main) 

Canada: Toronto 

Iran: Tehran 

Philippines: Manila 


Egypt: Cairo 
Japan: Tokyo 


Our overseas expansion plan envisages 
the establishment of new offices at 
about 30 major international centres 
by 1980. 


U.S.A. 

Park Avenue, New York. 

South La Salle Street. Chicago. 
Los Angeles. California. 


Growth record of State Bank of India since inception: 
(equivalent amount in US $ million)* 


W. Germany Frankfurt (Main) 
Sri Lanka Colombo 
Republic of Maldives Male 
Bangladesh Dacca 
Bahamas Nassau 
Bahrain Manama 
Singapore Singapore 



1955 
(1 st July) 

1965 

1970 

1975 

1976 

1977 

(Sept-end) 

No. of offices 

477 

1276 

2122 

3831 

4278 

4455 

No. of employees 

14388 

37996 

67221 

106493 

108386 

112482 

(June-end) 

•Capital & Reserves 
•Deposits & other 

13 

18 

24 

85 

120 

120 

Accounts 

235 

901 

1607 

4011 

4500 

5630 

•Advances 

130 

537 

•1243 

2788 

3450 

3693 


O State Bank of India 


India's largest bank 





STC MERCHANT of INDIA. 


Merchant of India 


India houses the third 
largest scientific and 
technological community 
in the world. And in 
the hierarchy of large 
industrial nations, India 
ranks the 10th. This is 
what gives ‘traditional 1 
India the potential to 
satisfy the needs of the 
modern industrial world. 
A potential that the world 
is learning to discover. 
Thanks to the STC. 

The State Trading 
Corporation of India, 
handles ten per cent of 
India’s foreign trade, 
operates from 1 1 offices 
at home and 20 offices 
abroad. Today, it trades 
directly with over 100 
nations, earning for itself 
the title of the 
Merchant of India. 


So, if you seek 
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to sophisticated electronic 
equipment, there’s 
only one guide that knows 
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The State Trading 
Corporation of India Ltd . 
Chandralok, 36 Janpath 
New Delhi 1 10001 
Telex : . . 

031-2167,031-2168, 031-3057 
Cable : estici 
London Office : 

8, South Audley Street, 
London wjysdq 

Te! ■ 

01-493-2995, 01-493-2996 
Telex ; 22712 ESnci LDN 
Cable: estici London 

Other IntemqtioonJ Offices at : 
New York . Frank fnrt,' Paris, 
Milan, Moscow. East Berlin, 
Belgrade. Budapest, Nairobi,' 
Dar-es-Salaam. Kuwait, Baghdad. 
Jeddah. Colombo, 

Dacca. Singapore. Sydney. Tok * o. 
Hongkong. 


Financial Tiines Monday January 23 1978 

INDIA XVIII 


India’s nationalised. banking system is very much 
the instrument of the central government in the pursuit 
of socio-economic planning. For that reason it has begun to cast 
sidelong glances at the foreign banking community, whose 
operations are not subject to similar direction. 




BANKS IN India face the prob- 
lem of adjusting traditional 
norma for lending and other 
operations to the socio-economic 
needs of the country. In terms 
of the Janata Government’s 


Tiding cheap credit to farmers 
and others occupied in agricul- 
ture as well as small-scale* and 
rural industry. People in such 
occupations are not the most 
.credit-worthy; lacking tangible 
assets, loans to them must be 
very much on the basis of 
personal assessment of their 
ability to repay.' Local branch 
managers can hardly be blamed 


• • • . * ; ’ V'£-: 

MONEY SUPPLY 
(Bs. bn; end of financial year) 


- -■ ...- : 


1972-73 

1973-74 

1974-75 

1975-76 

1976*77? . 

' Money supply 

94.13 

108.48 

115^7 

127.59 

15L59 : 

of which: 






currency with the poblle ■ 

54.43 

63.36 

63.78 

67.39 

79.08 

demand deposits -'..L-- 

39.18 

44.67 

51.01 

59.67 

7JU»6 . 

■ Bank eredltt ...: - 

56.04 

■ 68JS2 

81.72 

102^2 

125.10 

.* ProvisionaL fSchcdnled 

commercial banks. Source: Reserve Bank of India Bulletin. 


if they are unwilling to take the vent funds going to industrial- ' Where do the foreign banks they are doing this while 
risk of loans being written off isation and services in urban fit in this scheme of things? If “taking the cream of bu s i n ess 
because they have not applied areas. It is taken for granted Indian commercial hanks are in terms of deposits, advances 
the strict rules forgiving credit that most of the -funds' for the reluctant to enter the villages, and foreign exchange transac- 
Yet this is a problem that will party’s policy of laying . stress the dozen foreign banks remain tions." Foreign banks can 
have to be solved since other- on rural development will ; be firmly entrenched in metro- hardly take on the altruistic rote 
wise it will have to be admitted provided by the banks.; .tinder politon centres and larger cities which is virtually being 
that the banking system is the proposed dispensation,, the where their 130 branches thrive, imposed on Indian nationalised 
meant for urban inhabitants and organised sector in industry is : By their nature, foreign banks banks, but there is some, justice 
the corporate sector. expected to rely increasingly" on are concerned mainly with in the demand that they should 

That the Reserve Bank itself its internal resources and reduce transactions involving business at least make larger investments 
I is unsure of -how to deal with dependence on bank- ; finance, and trade abroad and are thriv- of the “social ” kind through 
I the dilemma was indicated by Again there is the unspelt direc- ing because of the boom in purchase of bonds issued by 
the formulation of its credit tive that banks must change exports, although their function- land mortgage banks, housing 
policy last month. With a new their traditional method of ftxnc- ing is strictly controlled by the boards, rural electrification 
Governor, Dr. L G.. Patel, in tioning. It will not he unreason- central bank. At the moment boards and the like. The same 
office, the Reserve Bank made able for them to ask that they they are under attack not only person says: " By freeing. th( 
no real change in credit policy are not confronted with com- fur studiously avoiding the vil- foreign banks from pre-emptior 
and the general framework for peting demands from- the rural la S e but also discouraging the of resources of social banking 
its administration. As a gesture and urban areas. small depositor from their urban on the scale to which Ihdiat 

it made concessions for com- Even if they are not they face branches — practices considered banks have been rightly sub 


mercial banks to induce them to major hurdles in the form of. unethical under the code pre- jected. the- latter are in fac 


increase credit to small farmers, restructuring and reorganise- scribed by the Indian Banks’ providing a sort of subsidy tt 
Bank lending to small farmers tion/ Bank staff posted to rural Association. They are doing the former which is belnj 
as direct individual loans not and semi-urban areas art new this xna * n * y because me ch a n ts a- siphoned out by way of profl 


exceeding Rs_2,500 each from not only to their physical en- ** on °. f operations makes small remittances. A change of pet 
‘ j 1 * - *- 1 ** **“ spective with respect to the roll 

_ _ of foreign banks is required li 

at the current bank rate of nine them hesitate to take " the when Government wants consonance with the new thin* 
per cent Banks are required initiative in identifying bank- more employment opportunities ing of the Government.” 
not to charge more than 11 per able projects. A new, well 


CHAITRA.SBI-278 


cent on such loans irrespective trained cadre for*th!s purpose Is 
of whether or not refinance is essential On them will also rest 
obtained from the Reserve Bank, the task of educating rural com- 
The refinance wUI be limited to muni ties to take to banking- 
50 per cent of the total hardly any of the millions of 
advances to small farmers, a illiterate fanners are even aware 
similar scheme has been an- that banks can provide th-» 
nounced for credit t» small in- facilities they need. This isonjl 
du 5?7-„ ... , . . of thie reasoriS why'rich, literate 

This small farmers window” and influential landlords have 
as the concession has been been able to use Bank finance to 
called, is hardly a revolutionary tighten their grip on the rural 
step and the corporate sector’s poor, 
share of bank credit — which has 


created. 

As one comen tator points out. 


K.K.S 


been severely restricted for the D P VIP Win O 
past year by the monetary w JLIlg 


authorities to contain the rise The fact is that rural banking 
in money supply— can be expec- has a long way to go before it 
ted to remain untouched. If becomes a force for implement- 
! anything, this heightens the ing socio-economic policies A | 
dilemma of the Reserve Bank Reserve Bank committee is now 
an * th , e „ ban * hlg se ? or - . xt -reviewing the progress made by . 
acknowledges the need to in- regional rural banks in the light I 
crease the share of total credit of the objectives for which they 
th /«.*' p Z iority ”- SRCtors as w e re set up, to indicate their 
defined by the Janata Party but precise role in the rural credit 1 
does not see any way out if structure and to recommend i 
banking is to be earned on tradi- the scope, methods and pro- 
tionally. These will have to be cedure s of their functioning 
changed, and there is a wide- Establishment of the regional 
spread feeling that the banking rural banks was a political deci-i 
'system, must now take stock of sion, but their economic mstifi- 
■ts position in the light of sncio- cation has been provided by a 
economic objectives without-- committee headed by the out-! 
impairing the health of hanks, going Reserve Bank governor 
This will have to be done by Mr. N. Narasimhan. He said’ 
♦he Reserve Bank, whose auto- recently that the rural banks I 
nomy— greatly eroded during were conceived to combine the 
Hrs. Gandhi's emergency rule — strong points of both the co- 
ll as been restored and at the operative and commercial 
head of which is a governor banks, eliminating the weak 
known for his integrity, in- nesses of both. Hopefully, rural 
dependent thinking and distinc- banks would combine the local 
85 “ ®c°wmrist The base and rural touch of ’he co- 
orobiem is probably uppermost operatives and the organisa- 1 
mDr. Patel smrad and the con- tional efficiency and financial 
♦nbutions he has made so far strength of the 
are possibly due to the fact that banking sector, 
he has to get rid of the heritage v _ t „„ ’ .. ... 

of the emergency. The banks Mr ' N ? Tas >mhan felt 

have had a trusteeship role to 11116 Cnn_ 

cany out ever since the major 8 apparently 

units were nationalised; it is co the "^ U “ ? ecis * on t0 establish 

50 regional rural banks was 
diluted to setting up about six 


commercial 


the Reserve Bank's job to see 
that they look after the interests 
of millions of depositors as well 
as contribute to development 


Earmark 


on an experimental basis, but 
the emergency intervened and 
the rural banks drive was 
pushed with the result that bv 
last June 48 rural banks with 
KI offices were opened within 
18 months. At the end nf 
March, 1977 their deposits 
amounted to Rs.I20m. and 
advances to Rs.l26m.. a credit 



— i 

IMDIj 




rjtf 


Such a role has been thrust 
on .the banks not only because 
of nationalisation in 1989 but 
also by official and parliamen- 
tary decisions. For instance, 
the Parliamentary Committee deposit ratio of 123 per cent 
for Scheduled Castes and Tribes . This hardly makes them 
(the former untouchables) re- viable and tile new committee 
commended in its report, pub- must be tempted to deal with 
lished in March 3976. that the the regional banks as unwanted 
nationalised banks should ear- babies of the Emergency and 
mark at least 20 per cent, rf wind them up. Yet the perform 
their funds for the credit needs anoe of the nw)Deratrves in the 
of this section of the papula- task of providing credit to 
tion. On May 24. 1977, the new farmers has been so dismal that 
governor announced a scheme the entry of commercial banks 
which aimed at bringing bank cannot but be encouraged Their 

credit within the means of the entry into the rural field was 
weaker sections." with special made reluctantly f 0 n Q JSnf 
stress on the needs of the 40 nationalisation. But V Ia * 
per cent., segment below the been goaded to come in th»i 
poverty line. Under the scheme, record has not been unimmwt 
banks are required to ensure sive. Direct Rn„ n »~ proved 



Made in India by 

faiteTotaceo Products Pvt.lri, 
MG-RDactNasik, INDIA 




liberty 


©tialttp 


♦♦♦ 


•1 cv 




- ‘*i. 




We are not 


♦ ♦ 


Direct finance 

I that at least two-thirds of the by commercial banks toT^ 116 ! 1 
I loans given by them under the tore increased fni m _ 8ncill ‘ 
I " differential interest rate" Rs.MOm. in i960 m JL l !S ri! 

imtiFh i a»* . mnre than 


sounding busies 

Sla «ng facts. Our liberal 
management techniques 

sophisticated technology and 


scheme are extended through Rs.lbn. in 1978 an in*™,- 
L„,. „ ..mUnta, „ hy ™ 




a The fear is that it is th e more] 


their rural or 
branches and that at least 
third of these loans en to the 

Scheduled Castes and Tribes. most of this and t’i»T I 

The Janata Party’s. economic Jem facing the banks ic Prob ‘ l 
I policy statement requires all to change their ««.*-*- 
commercial banks to use their methods’ of nnaiJu~ “^“'tional 
cd from a to er^re - Ut aIso l 


affluent farmer who tatt h." 2 
most of this, and 


entire .deposits collected 


rural area to finance its develop- finance ih«-“~__il evelo P m ent| 


THE STATE TRADING CORPORATION OF INDIA UD. . meet This is intended to pre- the a^dtoS^horolfit 




R*;! 


most 


sharehoIdersTATfo^iversitv' 

ssssasaaf« . 

Madras 

60 years in th ^ «0<U< INDIA 

— the ptt ranit 




L'i.., 










mm 


A- 















•••so 










' ■ * 

it <2*. 

^ W— h 

'- l il ’. 

^cr-*.» 

''■*■*■ ft*-. 

•*• V 


Rnandal Times Monday January 23 197& 

INDIA XIX 


Widely differing views are held about 
whether India welcomes foreign investment or not. 
There is as yet no clear answer tp the question, although 
there is no donbt that foreign companies are having 
to adapt to new controls and restrictions. 


^NREIGN INVESTMENT are 
• words- sufficient to narrow.. 

eyes of ideologues of all 
■s in India, the easiest scape- 
■~*^t for any of the country’s 
•Oblems and the target of 
idsm of all parties. Stk& is 
emotion that the two words' 
use that a much-needed sober - 
c. ate on a vital Issue has never 
' q held either within or out-. 

. '' i the Government,. The re- 
■V is confusion; This is 
ected as much in statements 
' 1 ^ :.Mtential foreign investors as 
^M^ndian entrepreneurs and offip 
. spokesmen. As long ago as 
t 1977 Mr. W. Haferkamp, 
a-Presiderit of the European' 

1 emission, announced that 
. : .e prospects of foreign .in- 
‘ ahent in India are good and 
-o not see the Fore ign E s- 
' age Regulation Act (FERA) 

- ' a hurdle” A few months 
r,the Japanese Ambassador, 

' . Takashi Suxuki,; said • ^re- 
stive foreign investment 
v cies of the Indian Govern- 
• • it- and lack of' so-called 
. active climate for private 
ital investment” had con- 
. uted to • sluggishness of 
- 'ate Japanese Investment. 

‘ )me time ago. Sir Rowland 
ght, chairman of ■ Imperial 
mical Industries (1CI), 
of India's ecoriomic. and 
. lstrial situation ' as being 
ry encouraging for foreign 
?straent ” and. added that her 
fa nuance had “created in- 








, ’ . 








•Mxj, 

« - ssS-n-'! At- 


&&ii8 

, - • Jv'i •./*- 


5 ? tv 1 

ft 


N S5s 

m 


f*£a 


:;p 

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9ft - 4* 







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Z iAut.*. 


s. 


mmm 


lational confidence in India's . ■ 

-• ire prospects.", Mr. George .The Indian Explosives Ltd. blasting explosives .plant at Gomia, Bihar. 1EL is a 
nandes. Ministry, of Indus- . joint subsidiary company of ICl and the Indian Government. 

returned recently from - - . 

. ppe and announced . .that -. . - - - .. 

st German bankers had . - - '■.-{■ 

.red to invest $lbm, in Ipdia and. ultimately replace “tied came in when foreign invest- country still needs despite the 
the next two years at the foreign aid” (from Govern- ment was w elcom ed with open deceptive foreign exchange 
iest interest rate of 7.5 per mentis) ..as the instrument ioi arpis. With FERA,. it is. being reserves figures. 

LJIr. Eiju Patnaik,- Minister spurrings ■ industrial growth, strangled. We cannot co-exist Foreign investment has. for 

C s Steel, is furiously propagat* Simultaneously, it says, FERA with FERA.” some years now. been liini'ed to 

* his view that since Indian should be relaxed and imple-' Where do all these contra- technological collaboration; an 
Qh rarces are inadequate for mented "flexibly,” suggesting ’dactory statements and assess- impressive list is issued 
Jf ffi log up new steel and alu- there is., no need for an meats leave us? Do foreign quarterly by the Ministry of 
**£>l la plants, foreign parti® "inferiority complex” about investors want to operate in Industry and the number seems 
O Ht. n,d be welcomed to develop foreign capital,. “The market -Ihdia? Does India want. them? to; grow, ejen though, financial 
Of u m - Apart from forelspGov-,foy foreign capital is cpmpeti- ; tKefB'ik ' no" .ftra^bt answer.' participation is rare and always 
Hit “ ments - man y multi-nationals tive. U we are unable to attract -Wfien . 'foreign " investment i" a minority.. .Foreign com- 
£ . \ shown interest and made capital- by offering suitable J entered without restriction and panies are still apparently will- 

H*. ''f/; Crete proposals for : three incentives and concessions, it found itself a Me to explore to sell their knowhow to 

-!i h shore - based P lantJ! - ^ will move to other countries (raplodt, its critics would say). India on its own terms and ‘his 
' *7c i le announcing the Janata offering better terms.” A study such low investment, heavy raust . therefore, be a profitable 

f I , ■»’* economic policy a couple mE fl e b y t he Indian Chamber .profit sectors as. toothpaste and operation for them. Willy niUy. 

1 § ■ j ^ months ago, Mr.' Marihu of Cominerce says if the foreign soap, it was because 7 Mr. Nehru R “ foreign firms which have 
* I ;, - fl y p - ] ts InfluentiaJ general jnvpgtmerit flow rate is pushed believed that India’s future lay adapted themselves to Indian 

£ .1 /■. 'vtary, said: "I think ^we : U p ( jt wlU Iead to improvement In quick industrialisation and Terms ? nd ^ or every grumbler 
■ L - - ' f / / *„ jn^te it dear once and j n capacity utilisation in Indus- this would be accelerated with against India’s 

. // all that India no longer wel- trips and creation of fresh the help of foreigners. That was harsh requirements, ‘here 

’ < ; .v ’ es ,, r f. , ® Q . . investment • ca nacity in. key 'sectors. It esti- thear heyday and It has now are 03any more .waiting o the 

■J ce. all talk of imoroving the ma tes that a one per cent cwne to an. end. No foreign com- ( J ueBe . to come ip and collabor- 

stment climate should ^nd. increase in investment leads to pany can. complain that it has ?* e eilber ui the country or, 
' : • a five per cent rise in capacity got an unfair, deal. There have in^easingly, . as partners to 

-*• - SOrPSSIVB r -utilisation. It concludes that, neyer been unre®onabde restric- ^r i . rd _ c ° un r1 _ es ' 


, -".the Government’s highly selec- tlons on repatriatiaii of profits. 5 s * s J^ n of 1451 

• far as." private- - Indialh' t(ve foreign investment policy, and royalties, although India’s v 1 1 Hje Government has decided | 
/ .'toy ls oopremed, it. has coupled with FERA. will ensure slow bureaucratic procedures „ I J dlan com P“‘es can be 


ri'tbe Government -to. opt: that investors keep nut Said a have .'meant avoidable and on f ca»-by-case basis 

.ton re open-door policy on Senior, executive of a major irritating delays. and “ ae 5 e F * , y co “ n “’ y 

Tti , imrPsrmMit which will ranltfiiAHonai that has H prided Thone, mn« k. Dn nu> concerned, to take on a mat only 


..■gajnvestment. which, will mdltjiuitlonal that has decided There must be some reason c ° ncei 7 ,ea '. t0 . taKe °" amaioniy 
. a substantially larger to. .wind up - its business in for- the waHingness of more ®ij^ e m T a ^ 0int ve f? re 2broad - 

is that we t th,, SO p er ^ ol foreign ■ ^Ma^aT^tiere were 
i^FaaHBaWnHBMaDnHHBHMlI 4a2 multinationals or their 



i Zll branches operating in India. Of 
T ^ese. as many as 319 were 

capital many have said. British-based while the U.S. 

accounted for 88. Assets of all 
branch® of foreign companies 
pamci ?*' at the end of 1974 {the latest 
T ^ 0U jf S T m T Enures available) amounted to 
^ “ fte: * ^ Rs.l7J9bn. (about £L2bn.) of 

a vast growmg market whid h the British and U.S com- 
^ Bu »n«s panies accounted for Rsl2.4bn 

Ma^mes, the^plassic case of the 0 f the total, as many as 163 
imiitenatHjaaj th at opted to dose were classified as being in com- 
sb^>. rather than comply with- merC e while another S7 ope r- 
Indian requirements for dilu- a ted in.the “business services” 
turn of foreign equity, fought fie id while the rest functioned 
t0 r ® ma ^ n ‘ ^ was in the manufacturing field The 
its global policy to operate only figures for Indian subsidiaries 
on a-^TOO per cent foreign of foreign companies are corn- 
ownership basis and re pe reus- parable. A study in 1973-74 
sions on positions -dt had taken showed that profits before tax 
elsewhere * (including -the U.S. of 180 subsidiaries amounted to 
where it is. fitting a court case Rs.lAbn. and the ratio of profits 
on a related Issue) that forced before tax to assets and rum* 
it rahxctantly to quit India. ■ over was 14Ji per cent, and 9.3 
^rv ■ : .' j per cent respectively A recent 

Upen^OOOr study on the performance of 

• Cm . - T Indian oompani® with foreign 

^ holdings in the context of guide- 

despite the fcek of a dear and lines issued by the Government 

„ state “ en 1 t ’ for dilution of equity by 

SiSr!!! lt ^ f . controls foreign companies shows that 
V is to come. the ^ realisation from 

L c J ra * pn ini ' a . s non-traditional manufacture in 

. econom*®^ both moS t cases was less than the 
■ -It '^J uld ' be Im " realisation from the Indian 

■ M “ G, l vern ; market Many had not fulfilled 

.. es ^ on obligation they had 

. unrestricted .operation for poll- on . 

2SJ5S} p ?!? e A large majority of foreign 

companies has agreed to FERA 
• not iS ' terms ^ or R ani sations like 
' *SL rf .f 'ST*!? Phillips, Bayer, Indian Alumin- 

" ^i n J nU f UJa f Union Carbide. Hindustan 

. massive., outflow of foreign Lever and India Tobacco have 
the ftrm of profits reduced their foreign holdings 
‘ .Sff » a result of expansion and 

? diversification of business. 

SdfflS? £JS^SUS^S 0lhere “*• Melal Bos - Brooke 

Bonfl md ^«eral Electric are 
^ ^ vncess of doing so and 

. m. is? ml™ !r l M,rr7,T , fr, l < T 

I ” a^sssrif sss 

s - ^ P S tt ! d .: fto f I'rfa iw parent compaaes. Some 

_ S foreiBn finns ail “ ,ed 

. which would otherwise - nbtbe ^ opted to 

available '; in. - India : and' an 

export ' commitment -that U» K.J\o. 


to dilute their 
“ Indianise " their 



f n* 

litfi. ■ 


Agarabathi — incense stick — 

INDIA'S 

FRAGRANT 

AMBASSADOR 


1^ Indian Agarabathi has an aroma. 

% ail its own, , an enchanting aroma which 
^ almost creates a piece of heaven on the 
V face of earth. 

A beautiful blend nature's gift 
and human skill, Indian Agarabathi has 
been a part of the Indian way of. life, . 
for generations. _■ 

It adds romance to the bed room, 
snugness to the drawing room and a 
; i touch of divinity to the Puja room 
^ B y this*versatile virtuosity it is : 

;.:|fetaved of man and God alike. 
y ;• ' No wonder, then, that Indian 
•Agarabathi has been in demand the 
sworfd. over—- East and West alike — and 
ftesiearned the sobriqu et I N D lA'S 
^FRAGRANT AMBASSADOR, It is a- : 
Sood substitute to Aerosol,.’ : . 

T- We at Sar$this-haye made bur 
pwp contribution in spreading this 
■" enchantment abroad — especially in the 
' F*. K. and Europe. 

JTou can buy your requirements from . 


Open-floor 


PARRY MURRAY & CO. LTD. 

-AIR WORK HOUSE, 35 PICCADILLY 

!?:. j- -' . LONDON WT ; 


Sarathi Perfumery Wcnks. 
Ganigwpat, Bangalore-'SeG 002. India 


tr?-, . • 



Anyt hing ; ■■■ iationh .^ 

you need from the 

Indian sub continent 
is our business 



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f5m 


Financial Times Monday January 23 3 S 7 S 








HP 


Hip! 


m$0M 
$«* 




: . : SSWxvft': s 

H?M&83$il: $ 

;x : ■ s r^f. ¥^J 

lilpiSl 




How India's exports of man-made textiles jumped 
from £ 0.34 million in 1951 to £ 20 million in 1976. 


The export growth of Indian man-made 
textiles has been phenomenal indeed. From 
£0.34 million in 1951 to £20 million in 1976. 

The product range comprises fabrics, 
readymades, hosiery and knitwear made from 
single, mixed and blended rayon, polyester, 
nylon and acrylic yarn and fibre. Ail created 
to suit overseas requirements by 
manufacturers in India. 

The Silk & Rayon Textiles Export Promotion 
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with the Indian manufacturers and exporters. 


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Get in touch with : s 

"1 THE SILK & RAYON | 

TEXTILES EXPORT ; | 

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Resham Bhavan, 78 Veer Nariman Road, 
Bombay-400020 INDIA. Tel: 294797. 
Gram: S1LKRAYON Telex: 011-3703. 


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\ follows through with after-sales mf "F |NB 

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y^:/ ) P. E p is streamlined through ^ distinct^ ^ 

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electrical items, automotive products, cycles [u|J ffh»90 II : I ” v I 

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ffnigjl Staggering perspectives JR, 

^ Sirough a single corporation. JF JF * A 


wm 

PEC 

///i 


Projects & E quipm ent 
Corporation 
of India Limited 


ASfVPEC/178 


•Hensalaya* 16, Barakhamba Road. New Delhi-110001 
Cable PECO I NO Telex ND-215B Tele 44419 

London Office 
8, South Audley -Street. London. WIT 6DQ 
Tet® 01 -493-2995. 01-433-2996 Teww: 22712EST1CILDN Cable; ESTIC1 


INDIA XX 


ir--Trr.r~r 



Indian engineers in the control room ist the NOCIC petrochemical plant near Bombay. 

India has only recently been blessed 
with the discovery of its own indigenous oil 
supplies. On indications so far, they ought to reduce 
the import bill substantially, and there is the 
- ’ possibility of future self-sufficiency. 

The oil industry 


CRUDE OIL imports in 1978 will from where smaller pipelines 
be reduced by at least lm. will transport them to Trombay 
tonnes even though demand by for processing and storage. The 
the refineries is expected to rise project must be completed by 
to nearly 30m. tonnes, an in- Hay 1978 if the investment is to 
crease of something like 5 per pay off since its purpose is to 
cent over the past year. That ensure uninterrupted supplies 
India is able to cut costly during the monsoon. At present 
imports is symbolic:, of the crude oil is stored- in a ’argq 
success story of oil exploration, tanker anchored at Bombay 
It has enabled the country to High while all associated gas is 
push up crude production from flared. / 

around 6m. tonnes just a couple The pipeline project is part 
of years ago to 11m. tonnes in of Phase m -which will be 
1977. Expectations are that implemented .’by March 1979 
production will rise to around and will invpive installation of 
13m. tonnes this year; if ex- production platforms and drill- 
ploration and production wells ing of 16 production wells at 
are drilled with the same Bombay High and four at North 
success of the past few years, Basse in. After that, crude pro- 
even this, might he exceeded. auction will reach 120.000 
These successes have been barrels a day or 6m. tonnes 
achieved by the Government- annually. The target at the end 
owned Oil and Natural Gas Com- of Phase V is 10m. tonnes a 
™* ai ? n 1 ,?* w ^ ter ? «»- year. So far, Rs.l35bn. has 

tmentalshelf. notably in the been spent on drilling and pro- 
n<£ offshore Bombay High oil- auction. This has led to the 
field. Commercial production drilling of 12 of 20 production 
began on May 21, 1976 within 27 wells in the northern part of 
months of the first oil strike in Bombay High ’ to create an 
February 1974, which must be annual potential- of 4m. tonnes, 
close to a worid record. Chl has Current production is 60.000 
also been struck in two offehore barreIs a day , or roughly 3m. 
riucts nearby — in the North tonnes a year. - 

Bassem and Alibag fie Ids- and ^ new discovery at AJibag, 

' Sr Sf 1 K P rodncGo ° ^° m potentially as big as Bombay 
these will betfn soon. Explora- wilI require investments 

C %l?? UU1 n g ^ of the same dimensions. Finn 

lished fields on the western estimates will be made when 

“ wel L as J5 the field is delineated after 
other oflfeh °re basins conadered drilling of further appraisal 

weIls bnt ^ first strLke has 
bit of luck, the country could sb own a hi eh vield of 1 4 TS 
be self-sufficient some time in bW?s a daTand a 

h*? d f^ de ^though tia! of 250.000 cubic metres a 
demand for oil is growing and, day The strike came after the 

!f r of "jg' P Sf UC ? 9 °“ *£££:■ Emission had encountered l 

..-ir, 1 . 08 . 1 series of dry weUs ln the region 

leaving a gap of 13m. tonnes over _ period of nearly is 
which will have to bo imported, ^ em ^ nstrat ^f 

Prinritv risky nature of offshore explora- 

tion. Yet this activity must 
.With a high-investment, high- continue since established 
risk industry like oil, much will reserves both offshore and on- 
depen d on how much priority shore give promise of self- 
is attached to exploration and sufficiency. To achieve this, the 
in v estment Because relations reserves most be explored and 
with the Arabs and Iran are exploited in other basins such 
good and supplies are readily ^ Kutch, Bengal, Godavari and 
available on attractive deferred Cauvery. Foreign groups given 
payment terms, the temptation concessions there have not had 
Is to put scarce resources to use the same luck as the Commis- 
in other less capital intensive slon, which may well find it 
projects which will lead to will have to expand its opera- 
more employment opportuni- rions to all potentially promis- 
ties. So far, oil remains on the Structures. It is gearing it- 
priority list despite the relative seI * for this and has plans to 
ease with which it can be im- explore the Tapti' and Kutcb 
ported since foreign exchange areas. But further exploration 
constraints could develop again, w* 111 depend on availability of 
and also because of its strategc funds. 

importance. Yet India’s energy This is one reason for the 
requirements can be met more shift in emphasis to onshore 
easily with coal, which is avail- locations. ONGC and Oil India 
able in abundance, and there is (jointly owned by Burraah and 
i pressure on the Government to the Indian Government, but 
switch to this source- soon td be fully taken over by 

This cannot be dismissed the latter) produce around 7m 
easily because . of the heavy tonnes from oilfields in Gujarat 
investments in offshore explora- and in northeast India, mainly 
tion and production. The total Assam. But exploration has been 
cost of developing the Bombay extended to almost all other 
High and North Bassein oil- parts of the country, although 
fields has been estimated at successes have been limited to 
RsA54bn. (about £600m.). This other structures in northeast 
is to be carried out in five India which are not easily 
phases by the early 1980s and accessible and where the estab- 
the Government has approved Iishment of the necessary infra 
an investment so far. of structure will also be excenyiv/ 
Rs.6B4biL for the first three Secondary recovery measure 
phases. Part of this is coming are being used in psiaWkhli 
from the World Bank which is onshore fields, but 
helping to finance the 215 km. duction will eventually dp 
submarine dual pipeline to on finding and developing^ 
carry crude and natural gas oil -bearing areas FnrJ;™ 7 
from the two Adds to Uran, vestment would 'stimulate th£ 


effort but policy so far is that, 
at least on the land surface of 
India, this will not be permitted. 
The issue is still being debated 
inside the Petroleum Ministry 
and could be reopened. 

Refining, on the other hand, 
- Is. to remain in Indian hands. 
The' pajst couple of years have 
seen the successful takeover of 
the three main foreign owned 
refine ries of Burmah Shell, 
EXXON and Caltex and the 
limited -foreign participation 
which remains is in the minority 
; holdings by the National Iranian 
Oil Compkny in Madras Refin- 
eries and Phillips Petroleum in 
the Cochin refinery. The refin- 
ing business has been re- 
structured with some difficulty. 
Sensibly, the move to create 
just one monolith has been 
rejected and, with the establish- 
ment of Bharat Refineries to 
take over former British 
interests . and Hindustan 
Petroleum to handle former 
U.S. interests, there will be 
much-needed competition even 
among Government - owned 
refineries. 


Control 


The giant remains Indian Oil 
Corporation, the largest com- 
pany in India, which owns the 
Gauhati, Bara uni, Gujarat and 
Haldia refineries and will soon 
add the six million tonne 
Mathura refinery to its empire 
and thus control more than 70 
per cent, of India’s total refining 
capacity. This Is at present about 
30m. tonnes annually. Apart 
from the new unit planned at 
Mathura, the Bongaigaon 


refinery will come on stream b; 
the middle of 197S while Haldia 
Gujarat and Barauni are bein; 
expanded. Expansion of th 
former fored^i-ownod refin eric 
is on the cards since this can b 
done with comparatively smat 
investments and because the. . 
can be modified to process th 
high-wax, low-sulphur crud 
from Bombay High. 

Until self-sufficiency i 
achieved, and this remains 
distant goal despite offshoi 
finds, India remains dependei 
on. the Middle East. The mai 
suppliers are Iran and Tra- 
although the UAE and Sau- 
Arabia are expected to increa: 
their share. Political relatioi 
apart. India’s success in sharir 
in the industrialisation 
almost all the oil-rich countri 
makes it easy not only to obta 
crude but also to finance pi 
chases through trade. Indii 
import bill in 1977 was a bra 
Rs.l40bn., although a large pi 
of this is not reflected in tra 
figures because of oil cred- 
and deferred payment arranj . 
ments. Since 1977, Russia Y : \ 
also stepped into the pictr 
with supplies of 1.5ra. tonnes 
crude and another lm, tonnes 
middle distillates, mail- 
kerosene. But the only loi ... 
term arrangements are w 
Iraq which has promised 144 . 
tonnes in 10 years and this w. . 
help to meet the needs of t 
Mathura unit and the expand- 
Gujarat refinery. By then, t--' 
Government hopes it wiH i - 
need imports any more. 


Tli® Indian : 
spice capsule 


F 



A,, .fow./-- 

'"Tsa-VS 'k‘ 




l§si§§g8» 

■■ || 

'• The spice in . 

.. Hjes the world ' 

^fW*rw».the Rock^ 















Jantiary 23 1978 


31 


INDIA XXI 


.7. ?v* 


The Indian machine tool industry, in the 
shape of Hindustan Machine Tools, is a proud example 
of industrial achievement in the subcontinent. But it relies 
heavily on Government contracts, and is having to 
adapt to the policies of the Janata regime. 

Machine tools 


*TC 

3 


.X 


-ii -h 



*EWMILES outside Bang* 
the Hindustan- Machine 
!s (HMT) industrial estate 
ipies 20 acres. More .than 

00 live and work there— 
>r in compact rows of low 
m-coloured bungalows with 
add cow tethered outside, or 
Alias surrounded by trees 

lawns. The estate has its 
cinema, co-operative store, 
c, post office, police station^ 
milng pool, sports stadium, 
utlve club— even a fleet of 
/. which, make a daily trip 

igalore. 

estate is one of the more 
lie. signs of three decades 
...markable progress which, 
keen HMT grow from a 400- 

1 -producer" of precision 
fes into a major public 
'oration with 19 factories 
loying more than 20,000— 
a major producer of more 
70 types of machine tools, 
subsidiary companies pro- 
ng watches, tractors, elec- 
lamps, and printing presses. 

MT is one of the brightest 
i in India’s industrialisation 
xamme — both in light 
neering and in public sector 
agement Last year total 
s rose from Rs.907m_ in 
i to Rrs.935m., with machine 
j accounting for Rs.519m_ 
496m.) of which Hs.57m. 
41m.) were exports. Total 
profit after tax fell to 
7m. from Rs.58m., mainly 
' of higher raw material 

v l | |s and interest charges. Pro- 
* ' [ |ion rose by a satisfactory 

t reduction for the domestic 
ket constitutes about 90 per 
l of KMT’S output— -about 
. going to the defence in- 
try and the, rest to car and 
way manufacture and other 
ors of industry. Some of the 
:ision, lathes, mini-chucker 
Is, milling and grinding 
Aines are technologically 
■ ophisticated. while . others 



Part of Hindustan Machine Tools * plant at Bangalore m Mysore. 


are highly advanced and repre- 
sent a skilled work-force and a 
degree of scientific competence 
that has taken years to build. 
Thus the post-election winds 
from Delhi indicating a shift 
away from industrialisation, 
have struck a chill in HMT 
headquarters in Bangalore. 

As a highly profitable venture, 
HMT has greatly reduced its 
dependence on direct Govern- 
ment finance but still relies 
heavily on Government con- 
tracts. The main hope / for 
future growth, as seen by HMT 
chairman. Dr. S. M. Patil, lies 
in convincing the Janata. 
Government thait development 
needs a certain amount of 
sophisticated engineering— and 
success in exports. + 

In this respect last year’s 
40 per cent, growth in exports 
was highly encouraging, but not 
as significant as might appear. 


given the low base. More- 
over, much of the growth was 
due to a Rs.l6m. order from 
Poland — a country not regarded 
as a potential growth area. 
Promotion of exports^-both pro- 
ducts and technology— is being 
directed largely at developing 
countries like Indonesia, South 
Korea, Kenya, Nigeria, Algeria 
and the Gulf area. Exports to 
OPEC countries rose to 
Rs.13.4m. last year against 
Rs.570,000 the year before. 

Conditions 

India cannot compete with 
Europe and North America in 
terms of technology and quality, 
but in the developing world 
these factors are less important 
than lower costs and a staff 
easily adaptable to Third World 
conditions, says Dr. Patil. 
^India’s army pf ; scientists and 


technicians, third only to those 
of the U.S. and Russia in 
numbers,' is still about half of 
theirs in cost, he adds. So the 
emphasis in international 
marketing is to be shifted from 
products to projects. New HMT 
offices have been set up in 
Jakarta, Kuwait and Nairobi. 
The company is co-operating in 
projects to set up machine tool 
plants in Sri Lanka, the 
Philippines and Nigeria, with 
similar ventures in Iran, Iraq 
and Algeria (a $12m. spin-off 
contract from one of those is 
dose to signature). Further 
project contracts should lead to 
additional product orders and 
HMT hopes to export between 
20 and 25 per cent, of its output 
by 1980-81, 

At borne prospects are not so 
rosy — an annual sales growth 
target of 10 per cent, has been 
set . But production targets for 


the sixth Five-Tear Plan 1979-84 
show -a significant change of 
direction in the. company’s 
development. Machine tool out- 
put is to rise in annual incre- 
ments of only Rs.30m. from 
Rs.640m. to Rs. 760 dl, offset by 
a more rapid increase in tractor 
production from Rs_320m. to 
Rs.530m. and a marked increase 
in production of lamps (cur- 
rently F&3m. a year) to 
Rs.l30m. by the end of the plan, 
and of watches (currently 
Rs.l70m.) to Rs.729m. 

Meantime, there will be n 
process of adjustment as the 
company, management learns to 
live with Janata and the 
Government — and, as Dr. Patil 
puts it “finds its feet” Some 
areas of conflict are only to be 
expected between a government 
which swept to power on a 
wave of anti-Emergency senti- 
ment and a chairman who less 
than 18. months ago said of the 
Emergency: “ The whole nation 
owes a great debt of gratitude 
to Prime Minister Mrs. Gandhi 
for her supreme courage and 
vision in devising and imple- 
menting with iron will novel 
and unprecedented measures 
to tackle an almost hopeless 
situation. One cannot but shud- 
der at the idea of what could 
have befallen our country hut 
for the Declaration of Emer- 
gency." 

But flexibilty is all. Public 
management, says Dr. Patil, has 
to be more diplomatic than in 
the private sector, so as to 
insulate the workforce from 
Government Interference. “ I'm 
a technocrat, not a politician.” 
The chairman's office contains, 
prominently displayed, a large 
wreathed photograph of the 
Mahatma and a recent shot of 
a beaming Dr. Patil shaking 
hands with Prime Minister Mr. 
Morarji Desai. And one of the 
latest models In the HMT range 
of watches is called 'Janata. 

- M.v.H.1 


HE PLANTS TREES 
TO BENEFIT 

ANOTHER GENERATION 

«... CICERO 



Through ravage; of 
time and even 
to-day. this famous 
adage of tne great 
Savant inspire; us 
to- save for the • 
future. 


On some hazardous 
day in your life, you 
and your family can 
take shelter under 
the canopy of youy 
Savings. 


THE PEERLESS GENERAL FINANCE 
& INVESTMENT CO. LTD. 

(tenertf THE PEERLESS 6EKHAL MSURAKCE 6 IKVE3TMEKT CD. LTD) 

Established : 1932 

Regd. Office : PEERLESS BHAVAN • 3. Esplanade East • Calcutta-700 069 


INVESTMENT IN TRUSTEE & GOVT. SECURITIES — 
OVER 80% OF THE TOTAL ASSETS OF THE COMPANY 


India has been making a major effort to 
apply the indigenous advantages of a comparatively 
skilled and low cost labour force to give the country a 
competitive export edge. But it has been hard going 
and foreign involvement is needed. 

Free trade zone 



AS free trade zone a few 
s beyond- Bombay Airport, 
njy one in the world where 
action is limited to a single 
} of products, was set up 
two main purposes - in 
. The first was to develop 
(versified electronics in- 
y to bridge the- gap 
*n the high technology tif 
‘s nuclear programme and 
lack of sophistication of 
Stic radio and television 
factoring. That required 
irtiei nation of foreign cora- 
s who cnuld only be 
ted by exemptions from 
revallinR limits on foreign 
f holding. 

' second aim was to boost 
'ts in an area with high 
b potential and where 
had comparative advant- 
costs and skills by draw- 
the marketing outlets of 
companies. -- On 
success has been 
| expectations — and cer- 
below what the facilities 
er and the experience of 
firms already established 
suggest. But Mr. S. 
Ml, the chief executive for . 
»anta Crus Electronics 
t Processing Zone 


(SEEPZ) to give it its full title, 
is confident that the pace of ex- 
pansion will pick up strongly by 
the early 1980's. 

Total exports from the zone 
this year are likely to be 59m. 
which is almost a third- of 
-India's overseas sales in elect- 
ronics but well short of the 
target of 520m. envisaged when 
the Zone was established in 1973. 
By comparison, Taiwan’s export 
zone Is grossing $500m„ South 
Korea's $U0m. and Kuala Lum- 
pur’s 544m. 

Slowdown 

The worldwide slowdown In 
the electronics industry — parti- 
cularly after the high hopes of 
a few years ago— has had an 
adverse impact on SEEPZ. More 
important- is that the Zone has 
not " been able - to’ shrug off 
India’s reputation for red tape 
and . bureaucratic- delays— un- 
justified in the case of. SEEPZ 
— but which has been a psycholo- 
gical harrier to potential in- 
vestors. 

Over half the available space 
has been allocated. But with the 
exception of Burroughs Corpora- 
tion of the XJ.S. which is . in- 





" •!*- 
.. ’ ' t * 

r li 



A TRADITION OF 
EXQUISITE 
HEIRLOOMS 
FROM MYSORE 

In Karnataka (My sore V a creative 
. tide marries the finest skills with 
.the most exotic materials, giving 
S 'birth to exquisite creations, designed 
■to become treasured heirlooms forever. 
Decorative furniture In Rose wood 
: and Teak with fine inlays its. Ivory, 

Bone and. Woods. Lacquerware, 
Sandalwood carvings -Bronze icons, 

. Hell Metal w'riosJFine silks for 
. dresses and furnishing, Pure gold 
. and S fiver :jeweU^ and Incense.- 

Made available by the Export & Mail 
Ord&jOiD&ion 

KA8HATARASTATE.RANIHCRAFTS 

: DfmOPWmyCra W. LTD. 

O ftH aanunt af Jhrtwafc* Conctra) ’ 

42/VCubbon Road, Bangalore - 56Q 001, INDIA 



volyed with Tata’s on a 50/50 
basis in a $S-7m. investment in 
making computer peripherals, 
the Zone has yet to attract the 
major international companies 
in the electronics industry 
which would provide a wel- 
come boost “to its status. Mr. 
Rajgopal sees no immediate 
hope of this. H? pins his belief 
on the Zone's future expansion 
in . what he sees as India’s 
unique ability to provide at low 
cost* the manual stalls required 
for areas of high technology 
such asi nstrumentation. 

Foreign companies already 
established -generally re-export 
components to their domestic 
market retaining their own 
brand name. Intersil of the 
U.S., however, making inte- 
grated circuits and watch 
modules, sends much of its out- 
put to Singapore for further 
testing. So shin Electric of 
Japan, manufacturing mica capa- 
citor^ declares it is “ very 
s atisfi ed ” with the quality. ’ 

At about $27 a month for a 
train assembly line worker, 
wages for- the 2.000 employees 
on the site (nearly all of whom 
are women) are low — in some 
cases' below the minimum statu- 
tory -wage in Maharashtra. 
Labour troubles have been neg- 
ligible. Unlike Malaysia, for. 
Instance, .where foreign com- 
panies provide their own middle 
management at high expatriate 

salaries. Indian executives take 
over this role -and draw only 
$200 a month. . 

Apart from low labour costs, 
SEEPZ offers most of the incen- 
tives common to export zones — 
duty free imports of machinery 
and raw. materials... easy access 
to the airport and . harbour, 
rapid turn-around , time, and 
minimal restrictions on the re- 
patriation. of profits and capital. 
An additional advantage Lies in. 
the bade up from India’s broad 
industrial, base which means 
that many .basic materials . can 
be obtained locally. 

Unlike most other export 
zones,, however, foreign- firms 
have to pay domestic corporate 
tax which effectively amounts to 
about 36 per cent for new 
ventures' during the first five 
years of operation. . .’ 

Because .of double taxation 
arrangements that . India has 


with a large number of 
countries. Mr. Rajgopal claims 
that this has not proved a dis- 
incentive to foreign companies. 

In theory the Indian Govern- 
ment permits a 100 per cent 
foreign equity bolding, though 
the maximum so far has been 
74 per cent negotiated last Sep- 
tember when Zbarakf of Japan 
were licensed to manufacture 
ceramic statite. The Government 
also requires a minimum of 30 
per. cent value added jn the 
Zone, though the average among 
industries in operation is 61 per 
cent. This Is in line with the 
attempt to attract labour-inten- 
sive industries — though the ad- 
vantages in employment to the 
Indian economy are somewhat 
offset by tbe low level of wages. 

Among large companies who 
have been showing an interest 
in the rone hut made no com- 
mitment are Mostek of Cali- 
fornia, Texas Instruments and 
Thorn Electricals. Thom are 
contemplating the manufacture 
of components for colour tele- 
vision sets. As yet the zone has 
no international entertainment 
equipment manufacturers. 


Stringent 


Sales to the domestic market 
are not pennitted except under 
most stringent conditions. This 
is a major deterrent to Indian 
companies to set np on 
their own as domestic sales are 
the most profitable side of their 
business because of the protec- 
tion the receive. Saha— the 
Indian company already estab- 
lished in the rone iu partner- 
ship with Soshin, which guaran- 
tees orders from Japan for the 
joint venture — is establishing a 
new plant on its own outside 
the zone in Bombay. It is count- 
ing on exporting 50 per cent 
of its output, but nonetheless 
concludes that the cash incen- 
tives the Government grants 
exporters and the profits from 
home sales far outweigh the 
freedom from . bothersome 
Government regulations That 
can b'e found in the zone. With 
Indian companies h oldin g back, 
the success of SEEPZ thus 
depends on attracting major 
foreign companies bringing 
with them their own marketing 
outlets. 

DJL 


STEEL... 
lion (he countiy 
that gave 


the world 
the pillar 
that never rusts 


2000 years ago, a massive pillar was cast. 

Even today it stands unchanged by the ravages' 
of time— -a living testimony to the Indian Steel 
technology of yore. 

To that technology the Steel Industry in India 
bows. Setting itself the same high standards. 
And successf ulfy competing in world markets 
on quality and range. Moving from a deficit 
a few years ago to a sizeable surplus in recent 
years. 

Naturally, exports have risen too. SAIL 
International, the canalising body for exports 
and imports of iron and steel, and a subsidiary 
of SAIL, now ships Rails, Bars & Rods, 
Stnjcturals, Billets, HR St CR Coils and Sheets 
around the woridL Making a name for itself for 
quality and promptness. The sophisticated. 
Bokaro Steel Plant’s HR and CR Coils of 


International standards are already on the high 
seas; their destination : discriminating buyers 
around the globe. 




SAIL INTERNATIONAL 
LIMITED 

(India's Export House for Iron & Steel) 

(A Subsidiary, of- the Steel Authority of India Ltd) 

13th Floor, Hindustan Times House 
Kasturba Gandhi Marg 
New Delhi- 110 001, India. 

Cable : SAILEXIM . Telex : 3986 





965 ;PSSSSSS 596 QS 9 S 


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ASSOCIATED BUSINESS lillKPOXATION (INDIA) 

(Member Daman! Group) * 

8 CHINNA NAYAKARAN STREET 
MADRAS 600 001 (INDIA) 

Sowr.jl.se in the export or 
COFFEE. T03ACC0. TIMBER. MINERALS. 

CHEMICALS. LIGHT ENGINEERING GOOOS. 

AMoaataK 

KOONTHANMULL LALLAH IEscd.1888) 

DAMAN! ENTERPRISES 

ao DAMANI EXPORTS PRIVATE LTD. 

« Tele*: 041-605 BUSICOR Telephones: 33739:39747 

41 Cable: BUSICORE 30516.30678 


CsssseeessooocsosscooccooessossssQooeesosesoGii 


INDIA xxn 


India is finding a niche for itself in 
the electronics business, producing not only 
equipment from computers to pocket calculators for 
the domestic market, but also showing that it 
can take export business as well. 




Overhauling electronic equipment at Air India's Santa Cruz engineering _ base. 


INDIA HAS taken IBM’s with- 
drawal from the country in its 
stride. Not only has the public 
sector Com pater Maintenance 
Corporation begun preparations 
for taking over what it concedes 
is the vital job of keeping IBM's 
150-odd computers going. Inter- 
national Computers India is to 
gear itself to produce 200 
medium-range computers over 
the nest five years, going some 
way to meeting the demand for 
about 250 of these in this 
period. These are needed by 
major industrial organisations 
to enable them to meet export 
and other commitments with-' 
out job displacement something 
no longer feared because of the 
rapid development of elec- 
tronics. 

But computers are only the 
more dramatic part of the 
electronics success story. 

Recently, the Electronic Cor- 
poration and Instrumentation from 2.82m. to 2.98m.— mainly recently bagged another Rs.40nx. duration consumer 1 electronic 
Limited agreed to pool their of the pocket transistorised project of the same kind in that items (particularly TV recea- 
expertise to offer computer- variety, selling as cheaply as country. - vers). Components which have 

based data acquisition systems Rs.45 (£3) each. However, the An indigenous manufacturing registered a substantial increase 
to process industries, parti cu- total of 22m . radio sets in the base for electronic weighing in production include plastic 
liurly power plants, on a turnkey country • is considered low in systems, including weighfeeders film capacitors, aluminium 
basis. With this, it is expected comparison to the population; f or cement, steel and other pro- electrolytic capacitors, tantalum 
that the country s requirements by UNESCO standards, which cess industries has been estab- capacitors, ceramic capacitors, 
of computer based systems for say there should be one set a Uahed. Programmable test in- variable capadtarc. metai film 
real-time applications in pro- family. India should have 120m. struments became available for reS J™L ' tere 

cess industries will be met the fast time last year. Several ^ 

indigenously. It will also mini- r)icfff]rf ivp sophisticated medical electronic t . 

mlse the “down time of units vC equipment such as eight-channel mafinete ^pee. 

and increase the periods of A djstj nc ti ve feature of the recorders, defibrillators, cardio- Exports of electronic items 
operation. Other developments last coupl8 of years is ^ scopes, crash carts and the like during 1976 were worth 
are India's own satellite pro- demonstration that email scale are now being made. Electronic Es.271m. compared tb Rs.l62m. 
gramme, establishment of elec- unifs> hitherto regarded as instruments for use in coal in 1975, showing a growth rate 
troxiics. telephone exchanges ^jgg capable of making just mining — including continuous of 67 per cent A significant 
and the like. But the main ^ Ampler consumer electronic methane monitors and central contribution to tSas came from 
strides have been made in coo- products, can successfully manu- despatcher systems, have been radio parts and .electronic com- 
sumer electronics and exports, facture high technology pro- commissioned. Even in agricul- ponents wihich have shown a 
Total production of elec- ducts like micro-processed -based ture, electronic instruments growtb rate of about 25 per 
ironies items. ™ s ®‘ , data handling systems and digi- such as the moisture meter, are cent. Public address equipment 

Rs.3.6bn. (about £-3mJ in 19 /a instruments. Control, instru- slowly being accepted and new exports grew by over 100 per 

to Rs.4.1bn. (about £27m.) in mentation and industrial elec- areas for their application are ceQlL Radioc um - caat ettes. FM 
value, an “crease of about trades produced in 1976 were being identified. radios, variable gate condwF 

™ E* 5® nt XL™ 5 c S nsux ?Hl together worth Rs.550m. com- Production of aerospace and sera, mterconununication sets. 
SthfS “Sowth ? 5 ? 2 pared 10 ab °ut R S .400m. toe defence equipment during 1976 multimeters and battety eUrai- 

foKd hrnrofeLonal p ^ nou * £?• ™ derT1 remained at the 1975 level In nators are ambng new items 

no 5S cSS Z 1 A Pr0 “S ^ wholIy central Government exported in 1976TT.- The year 

while the components sector systom.°V?^ production is strictly re- also saw *e start of exports 

crawled by with just 7 per cent d^rent Wnds of onJine Lalv- I^dto specie user needs and of electronic- cricu tetora. Efe c- 
Riivate industry dominates t ica ^ instruments are now in Rs - 800m - worth of electronic tronic watches and prerecorded 
electronics. accounting for the market Instrumentation were produced dur- cassettes — two items for winch 

nearly 90 per cent of consumer Limited has just executed- a ^g 1976 compared w4th world demand is rising — ; is “ 
electronics although profes- Rs.30m. project involving a Rs.750m. in 1975. Am overall new field which India is 
sional equipment is mainly in computer-based data acquisition increase Ur component produc- enter this year, 
the hands of public sector units. ant j instrumentation system for tion has taken place, because •* 

The technology involved is a thermal power plant and has of the large increase in the pro- 
simple enough for the Janata r 

Government to include elec- 
tronics among its major areas 
for rural industry development. 

Radio and TV receiver producing 
units have proliferated, as have 
calculators and. mare recently, 
tape recording industries. Radio 
and TV sets account for about 
80 per cent, of consumer elec- 
tronics production and output 
has risen so rapidly that there 
is now a glut. Production of 
TV sets rose from 96.800 in 
1975 to 143.500 in 1976 while 
that of radio sets increased 


to 


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abroad — which bodes well for Indian companies 
operating in developing countries. 

Joint ventures 


INDIA IS already exporting suitable for their stage of start in the Third World. Now 
middle-range technology and development or does not create that procedural hurdles have 
equipment— mainly to countries sufficient jobs. Indian firms have been overcome by the creation 
in the Middle East. South-East adopted a selective approach, of an- inter-ministerial committee 
Asia, and Africa, but also to offering technology which has in the Commerce Ministry to 
developed countries like Canada been locally developed and take quick decisions on approval 
and the U.S. — and will now be hence can be easily transplanted of applications for joint ven- 
in the market for capital invest- in similar conditions. In this lures abroad, such- enterprises 
menL The Government has field, there is no competition are expected to multiply rapidly, 
cleared a proposal for equity with the industralised nations. Good foreign relations have 
participation in joint ventures In -fact, India and the advanced helped India to win an increas- 
a broad on a selective basis, countries have a complementary ing number of turnkey con- 
finding that developing countries role since the . U.S. and Europe tracts. The Arab countries — 
are somewhat suspicious of cannot fulty cope with require- Libya, where India is building 
foreign firms that do not seek ments of Third World countries, airports, industrial estates and a 
a financial stake. As with foreign even in ventures they have been host of other projects, is again 
companies in India, firms of chosen for. Hence, the next the prime example— have often 
Indian origin will normally be few years will increasingly see awarded contracts to Indian 
allowed a minority share. But triangular ventures. The firms without the formality of 
this by itselF is a major advance concept has already been given global tenders. This increased 
over the previous stipulation formal approval in recent agree- after last year’s experience by 

that collaboration would be ments with a number of Saudi Arabia in power genera- 

permitted just for technology industrialised countries for co- tion projects for which a num 
transfer, supply of equipment operation in third countries. The her of western firms made infla- 
anri managerial and other skills, method chosen by the govern- ted tenders that were senmned 

.Indian investment abroad will meat is to establish joint com- and farmed out to four coun 

now take on a new shape and missions with other countries, tries, includin'* India at a tenth" 
is certain to gain strength in most of which are headed by 0 f t h e lowest bid ’ 

the near future in the hope that ministers to identify areas o! Yet India's eapacitv to oartiri 

use of foreign exchange reseries cooperation. With governmental pa te in jobs of the dimerwmnJ 
™ this manner will increase backing, niest commissions have if ftose offered bl C oil 
earnings in the long term. found cooperation in third during countries is timit«i 
Even without this, Indian countries to be mutually profit- both because of the sraic «f vHt 
firms have got a firm foothold able. This will result both in contracts and the technnw 
in the developing countries. By triangular industrial ventures involved. Both exclude tti*!; 
the cud yf 1977. functioning and in- joint bidding for con- fro ra beenmine thn 

£X 1 M b Sl — 111 7 - — SsfSffS? 

S£E ‘iSS Consultancy CvSSS&Sr* = 

indu stries, machinery of a 1 ma / or CTameIe „ Libya, whose crime confer V nSe i™ 
JJJ. automobile ancti- eeonom t c development pro bids (after prior enmmitmp^ 
bines Indian finns run mrns- ^ faas vitally been from Indian wmSSSrt S*! 1 
r° wh^J7 ICftS in jjto to 0 drawn up by the National benefit all parties concernpri^ 

Industrial Development Corpora- these. Indian firL andThp ^ 
have had a number of engineer- ll0Q < of Iod i a)l and which is the velnped .cnuntrieT j^ ?? de - 
ing and consultancy services CfJuntr y with which India complementarx- nu«^ Mn »,P a 

offers accepted by Third \\ orld has „ Iah | isl , ed , he desest beins . increaSo^ ,„ Wl " C , h is 

countries. economic relations. This is part for their mtituafhpnafi* ^ ated 

Joint ventures with Indian n f political payoff of tiie United Arab Tm- In the 
participation have been • wel- country’s foreign policy, since instance, an indian^ 'rates, for 
enmed hy developing countries many collaboration agreements firm obtained a en ®* neerin g 
because the kind of technology sponsored by other governments tract that was */!!!? „ a CTn ’ 
offered fits in with their needs, have followed decisions on pre* to it- with™,. Bs-JOOm. 
The computerised, cap'ilal-iuten- ferentiai treatment for Indian principal Janannc he,p . the 
rive know how offered by the firms, which thus have a head would not hav* con ri‘»ctor 
advanced nations is either un- CONTINUED ON NEXT Page ^ 




financial Times M onday Janoaiy 2^1978 


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»>&f\U\nQ I - ? nanc ! aI T*®® Monclay January 23 1978 

ls m \noi a INDIA XXIII 

* abroad ” — 


•’V 


<w 




Da spite of the world recession in the industry, 

India is considering several major steel projects. Bat these 
would have to be financed from abroad, and for this reason the proposals 
have met a hostile reaction inside the country. On the bright side, 

India’s steel plants are currently making a profit. 

Steel industry 

CRD WITH an internal and 
bal recession in the steel 
ustry and with the problem 
"• — — scarce resources for invest- 
India's Steel Minister, Mr. 

. i Patnaik, is -toying with the 

L of encouraging foreign 

Wt Vestment In new steel plants, 
has in mind the Kudremukh 
- ;1 concentrate project as a 
' — sjel; this will eater to the 
-^ds of Iran, which has given 
advance loan of. $650m. for 
development Mr. Patnaik 
i no reason why this cannot 
sxtended to other sectors and 
llTeady has offers from other 
eroments and multinational 
panies for three steel plants 
d at least one alumina pro- 
). AH three are proposed to 
based at coastal points can- 
;ous to iron ore belts so 
the manufactured steel can 
sported easily. 
lr„ Patnaikr's thinking is 
1 on fhree considerations, 
vthe country has neither 
resources for new plants, por 
lability. to use their produc- 
; Second, development of 
plants will not only increase 
trialisation in. the- heavy, 
tintenave. sector at a time, 
the country’s own. scarce 
t are directed to agri- 

end the small-stale the steel industry viable are higher export earnings which and revival of general industrial 
. bpt will . provide further being studied. These are hased totalled Rs.3.32bn. when output activity. Purchases by public 
jpyment opportunities both cm reports of other study groups of saleable steel increased by sector undertakings, for rn- 
ctTy and indirectly through, .which have recommended a more than 27 per cent while stance, may be explained by 
elopment of ancillaries, iti- debt-equity ratio of 1:2 for steel profits doubled to Rs.700m. at transfers of stocks; other buyers 
structure, and so on. Amt plants; this will keep the interest a time when countries like the delayed commitments because of 
.Uy, since the idea is to burden on them light aid U.S. and Japan cut production, political and budgetary uncer- 

buddd up Whether this continues is a tainties. A depression In the 
another moot point, although all the construction of both private and 
interest holi- signs are that the international public buildings may account 
-is accepted. A major recession will not end soon, for the lack of interest in bar 
recommendation is that plants And, though Indian production steel Legislation on urban land 
should be allowed a 15 per cent during the first part of the ceilings may have something to 

current financial year was about do with this, although the 
12. per cent, higher than for the northern and western States 
Affme perjpd. of Jas$ year,- exports appear to have consumed a sub- 
* -I I. ■ It nvuiu uni 4UIULU w JIUI Lite' loss- jhave -already- begun to decline, stantial amount of light struc- 

“ making plants on their feet SAIL still hopes to sell 1.5m. 811(1 fl *t steel while the 

% Jc LaioiS “P®® inadequate pridng has tonnes abroad this year, but “atern and southern Indian 

'. n °5? a lb® be en the bane of . steel units, there is seme doubt about regions are lagging behind. The 

ninT T « a rociirHncr J! ’ rbe w»mw»c priding of steel whether the steel industry overall outlook will net 
S which is implied will almost should rely so much on external improve unless the Govem- 
~ .LJ25, a kev S?. certainJ y be resisted since demand. The entire argument takes decisive steps to 
mSn in SSiMpU rtWm higher steel prices will lead to for a domestic steel industry was encourage industrial regenera- 
open w luovern- constrain* - and a to reduce import costs and Il0n s*™® manufacture and 






India's major private sector steelmaker is the Tata Iron and Steel Company . 






to raispd evebrows because de <**«ration in industrialisation, encourage the engineering and of staeI b ® see " « 80 
ar cteei has been the ore- qulte ** >9 ' rt from the impact on other manufacturing industries integrated feature of co- 

»J?of the Government an? user indusWes ' But the alterna- which had earlier complained of or Jj"*} ed S™**- 
. ' ^ ; for the Tata Iron and tive 16 a subsidy for the steel being starved of raw materials. 'VTiile nverall str, 

^ . ^ Company (TISCO) the P lairts *nd M the bill for this There is a lesson somewhere in J? 51111 t0 J e *°r 

wnn P" n y 1 ■ . Ul ’ in ® -u -ink. ( 4 . d TnWi. Government has c 


5 


tosed 


strategy on steel 

^ ina worked out, the 

r |«!e Jfrocity^fti the^ntegrated m®* 111 ^- as it wlH. there will be «ie fact that India has not been Government has decided on a 

Guts is in^he public sector. 8 readymade argument for able to absorb even the 10 m; controversial restructuring nf 

#w -- £ ’5 ^ it should remain so has opponents of expansion of the tonnes of steel which is expected Jb e P ubl jc steel plants whn^ are 

- sU\^ r pSre^s,«l^u^. to be produced this year. 

SSXSSSTS^ JTe S2S2Z EM Encouraging SKitfir 8 Sf £ 

ent s of many “fnendly” to the priority sectors like However IndLa . s -.eel Plants P lants win SAIL sub- 

nes have made bids for agnculture; »t is often forgotten we re to the dumps for so torS sidiaries. including the Govern- 
reposed steel plants. that steel is almost as important is encoSSrinE toS thS “Shares in the Indian Iron 

an mput as fertiHsers since S 1 ** 1 Company, while the 

modem methods will require a profiL Partpujarfy Ratifying Metallurgical and Engineering 
A1 Present, u that most' of thenT report Hindustan Steel- 

fw a- study group formed by accounts for just 1.4 per better labour relations and works Construction and the 
on the subject has cent of the world’s steel otH- improved functioning. Bokaro ^ ational Mineral Development 
private foreign Invest- pat- Yet there is a suggestion [5 working at 02 per cent of its C 01 ? 0 ™ 11011 will become in- 
fer expansion of the steel that there is over-production in installed capacity while even the de P enflerjt - The object is to 
"T. declaring that finance a market without demand. This Durgapur plant chronically be- make " f® 11 ^® 11 ®! divisions ” in 
mansion should be found- ia not supported by the latest devilled by problems since its SAJCL 80 11131 11 will look after 
. j^/we. The group has also annual report of the Steel commissioning, managed to re- matters of P° Hc y al corporate 
that expansion , of Authority of India (SAIL) d uee its losses from RsJJOOm. to ? evel an . d mana ^ e the affairs of 
»g steel plants and instal- whose balance shee4 shows im- Rg.SOm. What remains to be its various units. Maximum 
nf now ones should go preasive. earnings and a hand- explained, however, is whether aa ? onom y is to be given to the 
In hand to provide a base some merlin of profit for the the discernible picking up of chlrf executives nf various units 
itinuoiis expansiop. What second year in succession. True, the home market does, in fact, 16 ensnre maximum efllciency. 
np roves of is planning for this is partly accounted for by indicate a return of confidence K.K.S. 

lants without reference tn ’ 

risting pattern of steel 
ty or requirements of 
iture. Other studies have 
ted that location of steel 
should be based " solely ” 

:hno-eronomlc considera- 






Joint ventures 


CONTINUED FROM PREVIOUS PAGE 


1 _ 

s.i 


t T 


- a difficult proposition 
. illy pinee all the Spates 
mouring for them and the 
ment is committed to - 
red ” regional develop- But In some fields, Indian inety and * host of. agro-based 
These ate issues the new firms have a definite edge and industries, -particularly the 
ment will have to con- are > being regarded as serious labour-intensive variety- the 
jth while formulating its rivals by their western compet- . . e J v ~ nery ‘ , e 

/ economic development itors.' These include transmis- i?, fl°, w ™ 

”** sion towers and lines,- sugar mill 

' ’. proposals for making machinery, textile mill mach- 




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future as promotional and ser- 
vicing organisations like the 
Association of Indian Engineer- 
ing Industry (AIEI) do the basic 
spadework for firms which are 
still unaware of the vast pros- 
pects for bnsiness abroad. AIEI 
last year established a business 
office -in Daman. Saudi Arabia, 
which caters to the needs of its 
members, and it has proved to 
be a highly, lucrative source 
in the few .months at has been 
operating. 

The major turnkey jobs have 
been won by the public sector 
giants, whkfh have not only their 
own resources for carrying out 
the substantial work-: involved, 
but also have governmental 
backing. Most successful are 
Bharat Heavy. Electricals in 
power generation projects and 
construction .companies like 
Engineering .. ^Projects India 
(which Is building a complete 
township in Kuwait), and the 
National .Building Corporation. 
The latter, .appears to be the 
most promising area. In whidi 
the door has been opened to 
Indian firms and whidi they 
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offs and offer the fringe benefits 
that their western rivals can. 
This is a major constraint on 
public sector firms, which are 
barred by official regulations to 
seek business in a mann er that 
seems to be permitted to their 
competitors. 

Despite this, 23 turnkey 
projects -involving substantial 
amounts were won last year in 
Asia, Africa and Latin America. 
Apart from those Involving 
laying of transmission lines and 
building sugar and ' textile 
plants — which Indian firms 
seem to get for the asking — 
these include an integrated 
steel plant in Libya, power 
generation equipment in 
Malaysia, a water treatment 
project in Iraq, a tuna fish 
canning plant in the Maldives, a 
cement plant in Lebanon and a 
plant for the manufacture of 
propylene woven sacks and 
polythene liners and box 
strappings in Iran. Many more 
are in the pipeline. The most 
prestigious, if they come 
through, are for the laying of 
railway lines in Iran and Iraq 
whidi are being negotiated by 
Rail India Technical and 
Economic Services, a subsidiary 
of Indian Railways, which has 
already established an interna- 
tional reputation, 

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INDIA XXIV 


Scarcity of power and water is chronic 
in India, but plans to provide more power as well . 
as regulated irrigation look like taking a long time to 
implement. The problem is growing, and needs angle 
minded concentration to resolve. 


Power and water 

MR. MORARJT DESAI recently 
held out what seemed a dream 
to industrialists and farmers 
facing the problems of power 
and water scarcity. There 
would, he said, be no electricity 
shortage, no water shortage, no 
unemployment if the Rsl50bn. 

(about £lObn.) national irriga- 
tion scheme now being con- 
sidered by the Government 
comes through- The scheme has 
been prepared by a well-known 
Bombay engineer and the Prime 
Minister’s eulogistic reference 
to it suggests that it is being 
considered seriously as an 
answer to' the country’s 
problems. It is only when Mr. 

Desai admitted it would take 
another two years for the 
scheme to take shape that a hint 
of wishful thinking crept in. 

Both power and irrigation are 
urgent problems which need 
immediate short-term measures 
to tackle and it is a heartening 
sign of pragmatism that the 
Government has approved the 
use of the huge foreign 
exchange reserves for import 
‘ of diesel generating sets and gas ■ 
turbines. The Bhdkra Dam on the River Sutlej jn Punjab. 

Power shortages are a major 

problem for both industry and (BHEL), the country’s growing mainder is wasted. The major no purpose nniess irrigation, 
agriculture despite the addition manufacturers of generating irrigation schemes now being flood conrol, water manage- 
of 1.700 mW of capacity on an equipment, has strengthened its considered— -Mr. Desai’s dream. ment, new cultivation methods, 
average every year. This organisation at various levels is only one example— are generation of hydro-electricity 
represents something like 12 and the unit responsible for in- expensive and will take long and even pisciculture and navi- 
per cent of energy output but stallation and commissioning is periods to execute, and many gation are seen as common 
demand is rising at 18 per cent now headed by a full-time execu- experts feel that minor and features of integrated pro- 
annually. One study says power tive director and group general simple schemes that serve the grammes, 
requirements are likely to jump manager. A catalo gue o f spares needs of small farmers should The problem with this broad - 
from 100,740 kWh in 1077 to for sets made by BHEL, which get priority. The Planning Com- ranging view is that the 
185,064 kWh in 1983 Despite has won a number of prestigious mission is trying a judicious Immediate needs of power and 
the planned addition of turnkey contracts abroad, is mixture of all, but it faces the irigation draw attention away 
15,385 mW of installed capacity, maintained together with those problem of being unable to jet- from co-ordinated and rounded 
the deficit of 7,622 mW is for imported sets. Hopefully, tison major projects already plans. Recently, an eminent 
expected to more than double this will enable various state taken up and advance action on commentator suggested the 
at about 17,000 mW. The electricity boards to make in- those of the future. establishment of an intern a- 

Govenunent' is aware of the dents and maintain proper Nearly 70 per cent of India’s tional “ Greater , Ganges Corn- 
dimensions of the problem and inventories for maintenance of cultivated area lies in regions mission” to give, “flesh. ^ 
the crippling effects it can have their power plants; • ■ of low and medium rainfall bone” to theconceptaf optimal 

on the economy, and a working , where drought or semi-drought development of the entire 

group is finalising long- and t 2D3.C1 tV conditions are common. But Ganges River system as part of 

short-term plans which it is * devastating floods are also a tapping the Ganges-Brahma- 

honed will be spelt out in the The plans for substantially in- norm f 1 „ feature in any year, putra basin. This has a hydro- 

next Plan document creasing generating caDacitv es P e “ aUy m northern and electric potential of 50m. kW, 

Tie present en.ph.sis is on Me 2^"? Z Ej 

thermal plants, although instal- less they are presented in detail S,. rfiif riiSf t ?« a ^ T? 5 *™ of cheap, 

lation of new unite should with a dear statement showing SST’ renewable 

really be preceded by quick both their feasibility and the jjj SSSeTS* a m S ? P !‘ 

planning on proper mainten- financial, technical and admini- 37bn 3hn 1 If this a ?f e ' fe ? t ' 

ance: if losses during both rtration arrangements for their ^* n cou ff ^ rL) co _ s iL d t1 ^ X 

generation and transmission execution. Resource require- wnni,! amplioratP hJ att1 ^ 

could be eliminated, almost half ment assessments vary consider- ^ut outfit t^Se^or n c “ d W ?i, rid 

the problem would be solved, ably but all are substantial and SSLrTiS re£e?*n^ 

Even new thermal units will it is by no means certain that, by 

take a minimum ot (our to six uo matter what the prionty given p ^ Znd]u mndtti0IR ^ “hSng SSled Sd Si! 

years to eommisston. however, to power generatioii, theae can generation. Bond control and Stare held ta* S mIZe. 

and there is no escaping a diffi- he raised. And even the best- legation cannot be anything mundane problems of nS 

cult posihon and costly and irk- considered projecte can be hllt a CMrdina ted and inti nance and es?.hlhfcnmt « 

seme load-shedding for some Mailed on this account grated programme. Less than modest quick-yieiaJm^reiecte 

years. This despite thinking m Irrigation needs could also be 15 per cent of the 40m. irri- is a danger £e plaLLs ^S 

terras of super thermal plants, delayed because of resources gated hectares (out of the 170m. have to avoid, 
four units each of 400 mW of constraints and the decision to hectares of cultivated land) WO 

which have been approved and irrigate an additional 3.4m. hec- were subject to multicropping, IVJVo. 

suggestions for even bigger tares annually, compared with though it was calculated that an ~ 

stations have been made. Final the present annual rate of less additional 12.75m. tonnes of 
plans are yet to be announced than 2m. hectares, seems highly grain would be available if 
but indications are that apart ambitious. Some experts feel there were two crops on half 
from schemes for another 10,000 that much would be gained if the cultivated area. The Central 
mM in the next five years (both attempts were made .to limit Water Commission estimates 
thermal and hydro-electric), losses, since one assessment is that the ultimate potential for 
there will be further efforts to that 80 per cent of canal water major and medium irrigation 
increase installed capacity, is lost before reaching fields, products is about 57m. hectares. 

Bharat Heavy Electricals while more than half of the re- But expansion alone will serve 




mm 


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in story teinng in India, as anywhew 

else, this is always the beginnjng*~— — ■ 
"Once upon a time 

rimes have changed. 

Man has become rich with me 
experience of the past and has 
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leading to technology. The traditional 

seafood industry of mdia has mado 
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tradition with modem concepts 

—varieties of thee, (rom her polleuoiv- 
’free waters — Mackerel. Perch. Snapper* 
Seerfish? Cat-fish, Lobster, Cuttle fish. 

Squid, Mussel, Shrimp* etc- 





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y. seafood from India— where 
^ tradition is a way of life. 

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DEVH.OPMEHT AUTHORITY, / 
W COCHIN -682016b INDIA 



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YOU CAN DEPEND ON BANK OF MADURA— g 
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The forging and casting industry 
is growing rapidly, but still lacks 
sufficient technological sophistication to 
meet all the domestic and export 
requirements it needs to. 

Foundries 


Please apply to: O A FOUNDRY export group made In production of intricate another constraint Nearly 

o formed by the Association of and critical castings for such 2,500 kWh are needed for pro- 
W BANK OF MADURA LTD.” 8 111(11411 Engineering Industry is industries as railways (auto- duction of one tonne of finished 

o confident that India’s exports matic CB couplers, high-speed castings and the cost of power 
(A Major Scheduled Bank) 8 of ca5tings *iU increase from cast steel bogies, alloy steel gas in India is nearly five times as 

' 2 tte present level of inlet castings for diesel locos much as elsewhere, blunting 

CENTRAL OFFICE: 151, MOUNT ROAD, § (about £1.6m.) a year to and magnet frames for traction the competitive edge of the 

MADRAS-600002 INDIA S Rs ^ 13ra - (about £I4m_) by motors), steel plants (heavy industry. 

’ g 1979, a nine-fold rise which is duty bogies, platform care, slag A . ..... . 

Agents and Correspondents in 2 not ambitions considering the pots), power plants (turbine "J 

t nn/inn * 8 scope for expansion. This forms castings), high-pressure, high- °fthe steel castings industry m 

Malaysia, Singapore, London, New York, etc. § part of the plan to raise tempeLture %alve castings, a year ‘ 

g engineering products exports to defence equipment; cement 7®™ otiusation of capaajy is 
GOooGOGGosooGOOGGGGGOGGGGOGGGooGCGGGGGGGOOtfi Rs.l0bn. a year by 1980 and is plants and the tike. a low 40 percent Since installed 

Bot representatives of tte StonnTb^^nS 
Sete b?4onSi?^SLS 111(1115117 admit ‘ lack th®. demand is unlikely to increase 
of targets, uerforma^ and ,CTe I of technology to beyond 80,000 tonnes, the drive 

orderabytiie«SS?Mii^ meet ^ <*&*&** <* tte » find maricets outside the 

including four in the public efltire ranee of 501)111 coaotr y « pushed vigor- 

Sor ^ Dn and domestic and export market ously. This will be helped if the 

While current nrodnrtlnn requirements. While they feel quaUty of raw materials like 
coSta mainly of gon^itur S M " e hortaontal transfer of scrap, silira send refractories 
Dose carbon steel e£ii.K La technology 1S posable, there is and ferro-alloys is improved, the 

rIm C ra? e L«-7- e i collaboration to enable the electrodes cut and power tariff 


For Priming Requirements in Indin 

Contact 

The Coronation Litho Works 

SIVAKASI — 626123 India 


Associate Units 

The Coronation Arts Crafts* Svakasi, India 

The Coronation Printing Ink Mfg. Co., Svakasi, India 



c j nf ~ - aI ~ ~ "l ,, collaboration to enable the electrodes cut and power tariff 

carbon Seel castinsf industry quickly to cater to the reduced. These steps are now 

to!me? or m^Sf^Uoy f steel export “d sophisticated dom esr being considered by the Gpvern- 

bc dftmantL ^ ^ 15 menL . 
ings. Special progress has been CONTINUED ON NEXT. PACK 

-J • - t 









o 


Prospects for Indian jute products 
bare improved with a large Australian order secured and 
an EEC decision to allow unrestricted imports of jute goods- But worries are being 
caused because the country’s jute crop has been 
falling short of expectations. 

Jute production 

THE ENDIAN Jute industry, with various mills, and deals put At one point nearly a third First, prices in Bangladesh and jute goods exports has cur- 

which usually has a problem in are in the process of being con- of installed capacity remained Thailand (the two countries rently come to their help, but 

-narketing its products overseas eluded. idle on account of closures, from which raw jute can be they realise that subsidies can- 

n competition with svnthetics Keen to encourage jute goods partial or total. The position imported) are very high com- not be a permanent feature .of 

aid neighbouring Bangladesh, exports — a traditional foreign continued to be bad until the pared with the officially fixed the gunny export pade. Only 
■as been free from that worry exchange earner — the Indian new crop arrived on the market rates in the Indian market — some .positive international 
or some time. Steady buying Government is not only con- around the middle of August, so high in fact that Indian mills action to stabilise jute goods 
jy the U.S. and Russia has tinuing the fiscal relief of com- and soon there was such a are unwilling to take imported prices in the world markets, and 
-iven it a sound order book, pletely duty-free exports but scramble for whatever was jute without the Government at the same ume help expand 
:he former is the major has also kept intact the struc- available that the Jute Commis- subsidising imported prices to the world demand for the cam- 
■ustomer for the industry’s ture of cash incentives for sioner, who had lifted the price the point where they come on moaity will put some heart into 

iiost lucrative item, carpet- hessian and carpet-backing, ceiling and other regulations par with Indian rates. Since the Indian jute industry, 

•acking, while the latter takes These incentives were intrn- limiting mill stocks at the be- tbe mills cannot be forced to From this joint or view, the 
substantial volume of hessian, duced a few years ago when ginning of the new season, felt use imported jute as they say recent meeting ot some 150 
Iso a high-value product. As Indian jute goods were in obliged to reirapose the price they ^1* I os ® their present countries in ueneya under 
ir sacking, the coarse and rela- danger of being priced out of ceilings and the regulation com- competitive advantage, the Gov- auspices to discuss 

tvely low-value item which world markets by synthetics pelling mills to carry stocks eminent is trying to find out commodity stabilisation 

ndia has for vears found diffi- and Bangladesh {which re- equal to their 12 weeks’ con- how many mills will take im- measures (co enng some ten 
•lit to sell abroad, prospects sorted to a drastic devaluation sumption (subsequently re- P nrted jute at its landed cost basic commodities including 
ave suddenly improved with of its currency to make its duced to eight weeks) to mini- 0n , Iy tw j ° or three mills have jute) was ot « 
large Australian order for jute goods — its only export for mise the pressure of demand on indicated their willingness. Ifjdia. It is reatisjsd of course 
oolpacks and with bumper all practical purposes-more the maricet. Henre import licence have not that ^lototumnyissae^- 

— ,tair sssr- zxjzz. Amu-:* 

a sr Sy .“sr-sur-s. ™ risers# « r Ti 

Markedly ahead of the corres- Jm the same scale. The in- ££ Sid and very “w fran^ easily available abroad 

mding figures for the previous dustry says it needs the ac ti ons are takine dace at the current raw jute p rob- 

— A.tnhAr if acuons are taking place at tne Iem has important lesson be sorted out before an mter- 



The purpose, one. To accelerate industrial growths ; 

Our investment in steelmaking reinforces other. 
areas of our manufacturing activiiy. 

High technology steels, a wide range of . 
steel based products. Representing over 
half a centufy's experience, backed 
by professional expertise and access 
to advanced knowhow that 1 
provides the critical impulse ■ 

for economical growth. . • ^ 

A company with £ 30 million . 
investment in Indian and foreign ‘ o&v 
currency and a turnover of £ 55 - 

million annually.empfoying ' 

1 4,000 people in its nine factories. \ 

With an. export subsidiary reaching ■/ 
its products to markets overseas. : •'& 

This is GKW. A major force in “ &-:‘o 
the Indian industrial scene. Qyj 


7 correct then the Indian s«»«ir C « 5 nnanciany sirnnger ana tuations in the crop from one thrashed out wnen a draft agree- 

ills stoirid have smooth rWfc more ™ 0 “ r “ f , ul ."S* ha 3 e year to the next In a country ment prepared by theTJNCTAb 

E in foreign mSete u^l ^OStS cornered the bulk of this yearis llke India , raw jute caiinot secretariat for jute is discussed 

Manufacturing costs have MM ^V^ng TfooTJZ S 0^“^ ^ 

ods begins to flag Judging been rising because of the high po ratidl , of i ndia _the official ? e S hTch but it if alreadv 

_so me. recent devdopments it pnees it has been having to pay body ^ makes raw jute pur . a ^t_dthat “ al " ad * VnrifiCT 

■iks as if foreign demand for for raw jute, which accounts chases as a price sunnnrt device a ? e tP ted ■ and quality y 011112 

\c goods, or for jute goods for 60 per cent, of the total hich h^s so far not beSi ° £ fibre can be fro P 

Serally as a packaging conversion or manufacturing re^I^ caned on to doCc* !" ViT" acreas ? if tJ d i qUat ! ™ 

jLerial, is going to remain at cost Wage costs account for mSket where the iSinS *** ? ° f 

r ioh level for months to come 05 m 97 tfer cent of the total ■ m . et Where the ruling eourse are being made but UNCTAD for jute producing 

European Economic in this labour-intensive in- « “] ucb . abnve l !? e cIearIy they are not adequate, countries, representatives of 

! Tmunity ha? decided to ttS* - Ze Si ent ^ The problem is how to motivate U-. Nejnd 

i* in imports of jute goods will not allow any reduction Giren a short cron for the milIl ° n i ° f / armer * wbo «* 

restricted as well as duty- in the labour force while at th. vecon? vea r in?ucreLian this u ^ *1 c . ul I t, J Btion of 25 

ft Has also aereed to con- samp timp nprs.icipntlv cnadino ? eco " a year *n succession. Tms this cash crop. Model farms can pate) felt that they must take a 

. ute ?o filids fo? a promo- ST S KM? S Sv 2? be Started by the Gnv ' C ° mm0n Stand ° D “f ues T l ike 

^al camnaien that India’s machinery the onlv wav the cro * D J h w S I l vanously esti- ernment or the industry but voting power in the Inter- 

® M^acforers Develop- Sdu^ L obtain emnomies ma , ted be ^ e ® n L 6 - 2m - a " d 6 f?m - how can the results of research national Jute Council in the 

i' , Manufacturers P- industry can obtain economies baIes> anrf wth a snia i] carry . disseminated among the proposed draft agreement, as 

Council will be under- in manufacturing costs is to buj nver 0 f half-a -million bales, the widely scattered farmer-; well as on issues like price 

m the member countries its raw matenals at economical tntal sunnlv ^ 

run Somewhere Tho nmiammam ,-4 ctahilieilinn martot nmmntinn 


new markets for jute rates econonuca. tolal supply ^ n,, SO mewhere The Government and the in- stabilisation, .market premition 

* p ne - . . . .. . . belween 6.«m. to im. bales. dustrv must find a wav The and research and development 

^ dS An e X?llH i ,^?Hpfin?tp' Sc ™ . With imports highly p rob- industry in particular would It would be interesting to watch 


ng. Alltbis indicates definite seasons India’s jute crop has lernati cal-the Gove^ment has 3 a %ood dea l "f the how fte 

^?orts tTthe EEC eXP nS 197&-77 Julv S S) reaso? {he d - eC l ded ^ imTWrt ° n,y in P u' D quaIlty of ^ fibre improved, mental group will reconcile the w 

niorts to tne (juiy>june) season, tne and not an ounce has as would the. farmer if the same divergent viewpoints of the pro- ' 

nother en^urapng develop- crop turned out to be much landed vet _ a sut j ply ' of even acreage gave him more output, ducers and consumers, who are P“ 
-°t is the interest which less than the ».-m. bales 7m baJes WOU [ d he clearly in- a better quality fibre would both represented on it 

lapan resf/h^that^inHtiie 1 ^ absence ?f ® d e*iU8te for all the mills help the industry to go in for The International Jute 

' h dS c hppn ilSiI? immrtilip imnoit^a Lht wrWl,B! to their ful1 combined a greater volume of finer and Council is not to be confused 

.. .has been steadily importing imports a tight supply situation capac ity of i.2m. tonnes. But as decorative products, for which with the Jute International 

-^I?n in anri Ua fhU veaJ JSS* thJ end of the Reason U ha ^ ns sbc mllIs 51,11 ^"? ain ^ demand potential abroad is which is to be a body of jute 

* lUSi a ?«?,t y na In ainn^- dosed and pflwer restnctions g reat . Unfortunately with « producers only, the idea for 

UfjJS !?„n« haiLj^n * mii?/ ^fn^d ' n We,;t BpT, •■' ,!,1 h9VR fnroef * th . e few exceptions Indian jute mills which was conceived by another 

^ . an a er f ge half-a-dozen mills were forced rest - to keep parf 0 f their are not very research- and UN body. UNTDO. India, Bangia- 

of -3.000 to 30.000 tonnes so far. to suspend operations berai^e capacity idle development-minded, the amount desh and Nepal will be its 

A delegation has already visited of tiie raw m a tena I shortage, nf money laid out on r ^ d members if and when it comes 

Calcutta to negotiate purchases while many more curtailed ou ^ |; mpor ts 'is hopelessly small, and only into being. After showing some 

» nn n Tin n^nn 0 k. " a tardy effort is being made initial enthusiasm Bangladesh 

I I ! RTI (ilrr “Ifn R^nT) HTl/n \f\£\ S Even tben * a«ordin8 to the to modernise mill machinery, appeared suddenly to lose inteV 

fei LS-AfliuLlu'i. ’Ll UULIVyjUcai - ^ Indian Jute Mills Association's despite financial aid promised est. Blit recently President 

calculations, with the raw jute by the Government This last Ziaur Rahman has reportedly 

supplies available in the coun- failing stems partly from the agreed to participate, provided 

I » J try not more than 80,000 financial debility of most units tbe headquarters is in Dacca and 

* I ■ ] T A ill • T « ] HH tonnes of jute goods can be in the industry. Years of low Jf 1 ® Tna “ 1 researc b centre in 

jLLgigLZgd^Z^^Kiii produced per month from Dec- profitability have not allowed Calcu ** a ' ®*? c U y a reversal of 

I - ^ apjraKHhrnHBIpHPnH ember onwards as against a any build-up of reserves to be vvhaT 1he . original idea was. 

\ W /■ Wil . . 1 L 3H norma i monthly output of used or capitalised for such ^ India and Nepal agree to 

* J HHL J|ljllj|lll L'"7| I I BW 98,000 to 100.000 tonnes. If this purposes. Moreover, the indus- b,s P ro P° sa I then the Jute 

is going to be the production try as a whole, is none too sure International now seems to have 

^4 UBI offers no nOVBltV ratc for tlle next s® 1 '® 0 to eight of its future, noting that the ? greater chance of materialia- 

Cj" iint re r*. j ' m * 4 . months — that is, until the next producers of competing syn- *" g than seemed likely some 

jS- UBI Ott6FS S3T6ty ana S6CUnty. Indian jute crop arrives in the thetics are investing millions of t ' rne I* wbe r Tl,i ? bodv 

•S Reaching banking Calcutta is far cry from k market — then in the present dollars to improve the enmpeti- “I, 0 IL.^ 1 ! b ® 

% facilities to the remoter the Sundarbans. In this 3 conditions of demand, gunny tiveness of their products vis-a- a J^ JL hpt f ^ J™ 

S parts of India is a maligned and throbbing fe ^ ar f *»«? ?» « '■« vls ^ tc - and f hav f ^eady taken J*™' SShSlfcSrTSS 

I commitment of the Benk. city. UBI is ubiquitous S SSAi°* "^rmwed' 8 '’^ ” •SSSStoL’Sc' tt". ‘ 

E For example, the people with over 1 00 branches. S Lri.nfTn ptrtKr. w hstever the Im taZ ""f 1 " 1 ,- “7^ 

K in the inaccessible areas The people responded ( M There are two serious prnb- all to be repaid. national Jute Council. 

I&j of the Sundarbans in emotionally to the Bank's ^ lems about raw jute imparts. A generous cash subsidy on P« C. Mahanfj 



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DCM Towels and Fabrics 


S- UBI offers safety and security. 

^ Reaching banking Calcutta is far cry f 

% facilities to the remoter the Sundarbans. Ir 
Sj parts of India is a maligned and throb 

^ commitment of the Bank, city, UBI is ubiquitt 
jfcj For example, the people with over 1 00 bran 
^ in the inaccessible areas The people responc 
fej of the Sundarbans in emotionally to the I 
-3 the state of West Bengal slogan " Calcutta is 
now enjoy banking . ever". Indeed, Calci 

^ services through UBI'. UBI city. 

&! Wide rivers, tropical With a concentratio 


tne bunaaroans. in tms ^ m a«mnu, eunnj 

maligned and throbbing 9 P ri " s ar f risc - ?“ fact 

city, UBI is ubiquitous K * T ™ ns tr J end 1! .‘IscemiMe In 

•.l -i nn 9 Jute goods prices already, 

wth over 1 00 branches, g hessians in particular. 

The people responded ^ B There are two serious prnb- 
emotionally to the Bank's £ lems about raw jute -imports, 
slogan " Calcutta is for- 9 
ever". Indeed, Calcutta is ^ 

UBI city. 2 j • 

With a concentration of 5 OUlTClriCS 


DCM Towels and Fabrics for 
Beachwear, Beach Spreads, 

Bath Robes, Furnishings. Baby Napkins 
and Dress Materials. 


1 foresEs^^catteredislands S TU UI1UI lCb continued prom PREVious pace 

marlc the t f > P09 ra P , ] lcal states out of a network S| 

Sf,i U r L e ®othI IS on1v^ 'means ? f ! 80 P L br A anches in S . Copper and copper alloy cast- items involving high labour con- start, the Institute of Indian 

K t 0r ™f:„EiS:„ V two lnd,a and w,th A 9 0nts 9 ,nss 11 are ro nfiQed t0 a relatively tent— something that has been Foundrymen has started a cast- 

8 U C ?r' m EI! 31 im* and Correspondents at g smaller sector, catering mainly welcomed by the Janata Govern- ing centre which will initiate 

■^1 boat- banks ot Ubi Mupas/ important centres of the 9 t0 manufacture of defence and merit since this is in line with the transfer of technology, 

g Bang/a and Banaru Bangle world , UBl is geared to S Power generating equipment. Of its bread ecnnomic policies: Arc furnaces which have had 

S ZinLn meet your banking needs. I SF2 B l V <££* fmm su t ppl5 ? nc ^ ^ ^SS 

% 'Sland. toprov'de banking K “ “ "n S L!" 1 ”™'.?' *”:. In . ai “ [ ™ n - «l»« recessionary conditions sS 


O . . , f £ | I n | r—— ^ . -j# - v .... uuiciip mg wuuc niiilu will initiate 

"■» boat-banks ot Ubi -Ftupasr important centres of the 9 t0 manufacture of defence and ment since this is in line with the transfer of technology, 

g Bangle an* Banaru Bangla woHd UB[ js ed tQ g power generating equipment. Of its bread ecnnomic policies: Arc furnaces which have had 

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a ^^United Bank of India ||| Jin 1979-80. but tiie industry fornidrics^BuMfie frnm 1 |r' CaI mali ® t * iein viable in the hope 
Wm§ unking, I hapes to ^ improve its perform- * seek,ng that they wiU concentrate on 

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36 


financial Times Monday Jamiaiy 23 Tm 


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INDIA XXVI 


As a result of the introduction last year 
% of a ceiling on exports, India’s tea growers have 
come into conflict with the Government. ' There is cause for 
encouragement, however, in the size of the 1977 
crop, which broke all previous records. 

Tea growing 



IF 1977 was the best tea year 
yet- tor. Indian tea. it uiso 
brought some unexpected 
shocks. Just when the industry 
was getting geared to surpass 
its export record of the previous 
year, a ceiling was placed on 
exports by the Government for 
the first time in many years, an 
export duty of Rs.5 a kilogram 
was imposed and ail incentives 
for exports were withdrawn. 

Then, on considerations more 
political than economic, the 
Government asked the tea pro- 
ducers to bring down internal 
prices to a level which many 
companies complained wonld 
leave Little margin after meet- 
ing production costs. In >he 
event, thanks to a record pro- 
duction (560m. kg. is now the 
confirmed output figure for 
1977) both market forces and 
Government pressure combined 
to pull prices down to a level 
way below what New Delhi had 
indicated would be fair. 

The reason why a ceiling of 
225m. kg. on exports had to be 
fixed for 1977-78. the Govern- 
ment insisted, was -to leave 
enough for the domestic con- 
sumer. Tea is a mass con- 
sumption product and a liberal 
policy on exports could only 
oush prices up higher than the 
dizzy heights they had already 
reached. During the previous 
year some 230m. kg. were 
exported out of a total output 
of 512m. kg. and that amount, 
according to industry and trade 
sources, had left inadequate 
stocks at home during the lean 
months from January to April. 

There was in fact a shortage 
of supplies, which together with 
a strong export demand pushed 
in ternal prices up to the heights 
recorded, very much in line 
with the international trend. 
The Government seized on this 
argument to say that there 
should be no repetition of tb» 
supply crisis this year and fixed 
the export ceiling at 225m. ks. 
“that is. 5m. less than the pre- 
vious year's exports. 


TEA PRODUCTION . 

<m. kg.) 


Crop 

Exports 

Domestic supply 

1970-71. 

419. 

199 

220 

1971-72 . 

433 

202 

233 

1972-73 

456 

200 

. 256 

1973-74 

472 

183 

284 

1974-75 ! 

439 

222 

267 

1975-76 

437 

216 

271 

1976-77 

512. 

230 

282 

19T7*-78 . 

560 

225* 

335 


• 

Export ceiling. 


Source: 

Tea statistics: J. Thomas and Co., 

Auctioneers. . 


Ironical 


It was indeed ironical for 
India, the world's largest tea 
producer and one which has 
been taking a leading part in 
the international effort for 
generic promotion of tea. to 
place restrictions on exports. It 
has already become clear that 
the retention of as much as 
335m. kg. out of a total crop 
of 560m. kg., is more than the 
home market can easily absorb. 

Auction as well as retail 
prices are back to the levels of 
January 1976. and world produc- 
tion is already ahead by some 
80m . kg. . bu t N ew Delhi re- 
fuses to revise ihe export ceil- 
ing. much less remove the ex- 
port duty which is serving a 
second purpose of bringing in a 
tidy revenue. On the contrary, 
the fairly complicated export 
licensing procedures devised to 
enforce the ceiling are still in 
force, causing unnecessary de- 
lay in shipments. 

India’s domestic consumption 
of tea has of course been rising, 
steadily, but not at an even 
pace, as the accompanying table 
shows. Moreover, it is not rising 
so rapidly as to justify retention 


of 53m. kg. more tea for home 
consumption this year than was 
actually consumed in 1976-77. 
On the other hand, export suc- 
cesses achieved after years of 
market promotion effort and 
.hard work have been suddenly 
made to look like an embarrass- 
ment. 

‘The Government says it has 
no. intention of undermining 
exports and would like the 
industry to go on producing at 
a rate of 25m. tu 30m. kg more 
every year, at least during the 
next five-year plan period, 
giving a greater export surplus 
while leaving enough for home 
consumption. The industry is 
no less anxious than the Govern- 
ment to produce more — at a 
New Delhi symposium last year 
all participants suggested that a 
target of 2bn. kg by the end of 
this century would be practic- 
able — but a steady production 
drive can be sustained .only if 
two conditions exist. 

The first is that the industry 
be given .adequate financial 
assistance to fund a worthwhile 
development programme, cover- 
ing both replanting and exten- 
sions: the ■ second is that it 
receives a remunerative -price 
for its tea. For example, in the 
last week of December prices 
at Calcutta and Gochin auctions 
came down to Rs. 11.57 and 
R5-10.67,a kilogram respectively, 
as against peak prices last April 
of Rs.29.10 and Rs.28.19 Most 
producers say that the current 
auction prices arc below their 
cost of production; even the 
Government itself wanted tea to. 
sell at Rsl6.50 a kilogram on an 
average when the price per 
kilogram at auctions went up to 
Rs.29.00 or more. 

As for the industry’s financial 
condition^ years of low profita- 
bility (the current boom phase 
dales only From 1974) have pro- 
duced conditions of debility in 
most cases. Tea prices have of 
course been better, but the cost 
of inputs like fertilisers, weed- 
killers, pesticides and coal has 
also gone up. Few tea com- 
panies therefore have cash 
resources to plough back into 
investment. 

The industry also complains 
that taking central and State 
taxes together the rate of taxa- 
tion is higber than the general 
corporate rate, and that of late 
the State Governments oF 
Assam and West Bengal (which 
together produce most of north 


Indian lea have raised the rates 
of agricultural income tax, add- 
ing significantly to the burden. 

' Moreover, the sterling tea 
companies, easily the best 
organised and most advanced 
corporate organisations, have 
suddenly found ' themselves 
-saddled with huge income tax 
liabilities on account of commis- 
sions remitted over the past 16 
years — the demand could have, 
been for a longer period, hut 
the arm of the Revenue does not 
reach back any farther. Unless 
otherwise settled these liabili- 
ties would reduce the 
companies’ already inadequate 
invesiible resources even mure. 
They will all have to convert 
themselves into rupee or Indian 
companies soon in compliance 
with the Foreign Exchange and 
Regulation Act It is therefore, 
unfortunate that they are going 
to be encumbered from the 
start— dearly not a condition 
encouraging them to plan for 
development or to work ahead 
confidently. 

Controversy 

An unnecessary controversy, 
just when direct tea shipments 
to Britain are increasing, is 
whether India should auction all 
of its teas at home, or continue 
to despatch part of the output 
for auction in London. In fact 
the Commerce Minister, Mr. 
Dharia, has, on the suggestions 
of a parliamentary body, 
appointed a committee to 
inquire into the advisability of 
continuing this London link. He 
is apparently of the view that. 
India is losing by sending tea 
to London auctions, although he 
has not spelt our quite how. 

This is not the first . time the 
Indian Government lias exer- 
cised its mind about the subject 
Ministers have talked about it 
before, but nothing has come 
of their discussiuns as nobody 
has dearly and logically worked 
out the pros and cons of it all 
and predicted what the net 
result would be. 

The reason why no clear set 
of conclusions has emerged is 
because nobody has yet been 
able to make the point that loss 
of all existing contacts and. 
connections in Britain, stili the 
world's largest tea-drinking 
nation, would be of no conse- 
quence to Indian tea at all. 
Secondly, the quantity of tea 
that is. now going to London 
auctioas cannot be handled in 


Calcutta or any other- auction 
--centre because of inadequate 
warehousing facilities. -V • : 

Tea is a perishable commodity 
which picks up moisture and 
odours very easily and -cannot 

be stored for long without rapid 
deterioration of ; - quality. 
Another important reason' for 
keeping the London .eoanectiOJi, 
which the industry -has always 
emphasised, is that of 'all of 
India’s competitors, Sri "Lanka 
included, send their teas to 
London's Mincing Lane for 
auction, and it would be unwise 
for India to remain outside. It 
remains to be seen ..how Mr. 
Mohan Dharia is Eventually 
going to be convinced. 

Indian tea' shipped direct to 
London for auction has .gone 
down from 62.8m. kg. in 1966-67 
to about 37m. In -1976-77, 
whereas shipments 'on account 
of forward contracts and private 
sales have gone- up from 4.7m. 
kg. to -20.2m. over the- same 
period. These are Tea -Board 
figures. - 

It is reasonable to conclude 
that a total stoppage -pf ship- 
ments for auction in London 
would mean further increases 
in forward contracts and private 
sales. If the Government stops 
the latter type of shipment also, 
India is bound to lose to rival 
producers a long-established 
foothold in a very stable and 
dependable market - 

World production- of tea is 
also increasing. From ' 741.3m. 
kg. in 1966 global output went 
up to 932.6m. kg. in . 1976-77. 
Almost all producers, barring 
Sri Lanka, have shared in the 
increase, the African countries 
as spectacularly as India, or 
even more so. More signifi- 
cantly, they have emerged as 
strong competitors to India in 
the UJv. market.. According to 
the International Tea Commit- 
tee India’s tea exports to the 
UJv. have come down sharply 
from 97m. kg. in 1966 to 72m. 
in 1976. Whereas over the same 
period . Af-rjgm produce!^ in- 
creased 'theirs from 45m.; kg. 
to 75m. • , ' - 

Whatever the state of internal 
consumption,. India has to" stay 
in the tea export business not 
only to earn a substantial 
quantity. Pf foreign exchange 
but to keep the industry going 
on a viable footing. This year 
India has restricted exports to 
225m. kg., yet world demand 
has helped it earn foreign ! 
exchange worth Rs,5bn. ’ 
<£333m.). . Expons fetched 
Rs.3bn. (£200m.) in 1976-77 for 
the export of 230m. kg. as the 
international price was lower 
If -participation in London 
auctions was. getting in the way. 
how* was this high export 
income possible? 

Notwithstanding the Govern- 
ment's approach to exports, the 
Indian tea industry feels enor- 
mously encouraged by the fact 
that international organisations 
like the FAO and UNCTAD 
have been taking an active 
interest in the future of the 
commodity. The iaternational 
Tea Promotion Association 
which is to come into existence 
next April, Is largely the result 
of die efforts which the FAO 
has begp making. The Associa- 
tion. which may have its head 
quarters in London, is expected 


to.play a very important P 3 ^ 
the promotion of tea on a glob® 1 

scale. . 

Increased volume alone will 
not solve the basic problem of 
export income fluctuations 
unless a way is found of ensur- 
ing a. measure of price stability'. 
This is where the UNCTAD 
effort to get the exporters and 
consumers of tea assumes great 
significance. UNCTAD s pre- 
paratory committee, which will 


shortly be meeting fa (&£ 
will discuss ; the subjer 
stabilisation through * 
stock and other devices 
deliberations will be he2&4 
the discussions of £be^& 
meeting of the. FAQ'-^fjj 
governmental . group ‘ pa 
which covered the : poeppe 
buffer stock scheme tn 
and all other. aspect* ' 

p. e 


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Tea pickers at work at Karri*. 

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Financial Times Monday January 23 1973 


INDIA XXVII 


Cotton workers at the Krishna mills Bhilicara, Rajasthan. 


Restrictions m textile exports • 

. to EEC countries and consumer resistance from 
the West have been severe blows to India. The fnture for the country’s 
textiles, industry looks grim unless it can break . 
into the Middle East markets. 


JBING- THE- long hot Euro- 
in summers of 1975 and' 1976 
jen the craze for cheesecloth 
^so-called ethnic dress was 
its height, the Indian textiles 
■hstiy. was in_clover. Hand- 
in weavers could barely keep 
with demand, turning out 
lions of metres of doth for 
racks of Oxford -Street and 

I counterparts in other Euro- 

I I capitals. Exports of' mOb 
I e cotton, too,. ; virtually 
,101 ed in 1976, reaching record 

Ik. But last year came as a 
♦t-s shock. The weather was 
L ‘ srabi e, European women 
.4 for a 'more tailored look 
. worst of - all- the EEC 
\ .lively slapped unilateral 
‘ ictions on textile imports. 


The- Indian textiles industry 
was highly indignant Under the 
new Janata Government with its 
neo-Ghandian philosophy and 
penchant for small-scale cottage, 
industry, handloom operators 
were looking forward to years 
of uninterrupted 6 per cent, 
export growth as guaranteed by 
the old- multi-fibre" arrangement 
(MFA). In the EEC, India's big- 
gest market. 1 , for textiles, this 
has been cut back to between 
0.5 and 2 per cent. Indian nego- 
tiator?, while admitting that 
Europe ' bad been foolishly 
liberal ' m the past, emerged 
from Brussels with the feeling 
that they had been well and 
truly outmanoeuvred, partly 
by the EEC negotiator Mr. Tran 








w< 


r.: 


xv- 


Tho 


India's 

fabulous range of 
^ cottons- 
aeclaimed 
the world-over 

The Cotton. Textiles Industry | 
of India offers a wide 
r variety of cotton, fabrics. ' 

^ ranging from grey .cloth’ 
for all end uses, superbly 
>rocessed dress materials, 

. ibusehold linen to . 

K --industrial clotfling.; 
young and vibrant apparel 
[Industry of India has achieved the 
distinction: of blazing new trends 
r in 'the field of fashion apparelsiwith 
entirely new moods end trendy 
deslgris and' styles.ini porters, . 

^ apartment end Chain stores and 
; of establishing 

- contacts , in India may. approach 

=the;c 4 

EXPORT PROMOTH) H COUNCIL OF- INDIA 

’%itw«rina'Cer^^^ 

Opm Home. Banbay-toO 004. (INDIA) 




.. .i 


Van. Thmh,. partly by the. Despite the curbs imposed by 
...“defection" of Hong Kong the U.S. and the EEC, it expects 
which* they suggest, may have earnings to improve in 1978 on 
been arranged through the use the strength of a better cotton 
of susbtantia] incentives on crop and buoyant domestic de- 
other fronts, by the UJX. Nego- mand for such bread-and-butter 
tiations with the U.S., India's lines as household linens in the 
second biggest market allowed mill sector, dhotis and saris in 
for more growth than in Europe, . the handloom sector, barring an 
but again put curbs .on what unforeseen decline in the 
India's . planners had hoped economy as a whole. Exports 
would be among the major will also undoubtedly continue 
areas of economic expansion to increase, even if not as 
under the 1979-84 sixth plan. quickly as planned. 

The blow to these expecta- But Government officials are 
tions has coincided with a crisis less happy about the prospects 
in India’s .700 or so textile mills for longer term development 
—partly the result of years of They interpret the EEC and 
poor management according to U.S. stance in last year’s nego- 
Government officials in Delhi, tiations as a clear indication 
but certainly brought to a head that the developed countries do 
■ last year by a world shortage not yet intend to shift their in- 
of. raw cotton which pushed dustrjes upmarket, leaving the 
prices sharply higher. In the less sophisticated sectors to the 
early 1970s, 105 flagging textile Third World producers. In view 
mills . were, taken .over by of the constraints on Western 
Government but this strategy is . markets, attention will prob- 
. no longer effective and more ably be directed towards build* 
and _ more mills are shutting ing up alternative outlets in the 
down. ' At the end of last Middle East oil producing coun- 
October. 36 mills representing tries but strong competition is 
47,000 jobs were lying closed, expected here from Hong Kong, 
Many of the- remaining mills Taiwan. and South Korea, whose 
appear to be operating at a loss, higher labour and general pro- 
and say they have depleted duction costs are offset by vastly 
♦heir entire reserves, some even superior technology, 
thelf cipltaL' ' Moreover the Middle East de* 

mand is crnrrently biased, to- 
JUXdllC . wards synthetics, in whibh 

: Manufacturers and cotton Indian "manufacturers are at a 
growers alike suffer from, the sizeable . disadvantage. The 
erratic ; and’ violent' : fluctuations world price for polyester, the 
in .-.the '.raw' cotton market, cheapest synthetic fibre, is cur- 
wbere the price per lb h as risen rently ■ Rs .12 a kilo compared 
from 50-55 cents to 95 cents and with the Indian price of Rs.68 
dropped, back -to 55-60 within (including 54 per cent in 
the past iS months. .This type. various takes). Until recent 
of- movement , has provoked years, India’s raw cotton pro- 
endless debate ' ; on the ad van- duction 1 was sufficient to absorb 
tages. of a national buffer stock, manu factu ring-., capacity and 
a . move -generally considered 0“ premium on the domestic 
desirable but impossible to im- price on synthetic fibres dis- 
plemenf.: without a domestic couraged widespread . diversifi- 
surplas . (besides' being politic cation into synthetic doth 
: ally. Unattractive while prices manufacture. Now that capa- 
are. firm and : hence to the ad- city exceeds raw cotton sup- 
vantgge.of the cotton growers, plies; ‘many manufacturers say 
whose ability io mobilise voting they would like to develop the 
support-- . in . the numerically maiMhade . fibres sector, but 
dominant rural areas counts for that neither the restricted Wes- 
sotneBiing in . Delhljr-and tern markets* nor the potential 
likely to be resisted by industry Middle Eastern markets, .offer 
“in . times of : surplus and law sufficient- security to justify the 
prices,:: -■ . initial; Investment risk. 

According to the lndian Cot- Whether the. outcome of last 
ton "Mills' federation; which -is year 8 * negotiations 'signals; the 
lobbying hard for .- a*, national start : of ' a permanent protec- 
textiles pollcy and has' sub- tionist trend , among developed 
milled-. a., blueprint J to "the 'nations remains -to lie -seen; 
Government, : prospects Jor 1978 Indian officials . say they' are not 
are -grim. Tt wants the .Govern- optimistic; -The villains, as far 
meat , to- provide soft loans of as-, they are co n cerned, are the 
around: KsJbn. ‘ a, year, for the . uj(. . and- France, whom . they 
next seven years to . help the accuse of hnUdoting -their more 
mills sector modernise, and fur- liberal EEC partners' into line, 
ther aid for tbe -decentralised The-V.S."h»s also disappointed 
workers in.- the. 'form of co-- Delhi bv not exerting pressure 
operatives. -. with : -facilities for .bij.tbe EEC to take a softer line, 
bleaching ,dy^u^{- smf0iiahg. However,, the .ahclerfyiiig sound, 
and printing. - • ness of the industry is not in 

The Government has not yet doubt— nor .is the fact that ex-, 
responded’, formally to . the -ports, though curbed, wili con- 
ICMFs proposals hut does, not tinue to grow, 
seem to share its gloomy out- 


at Andhra Bank 


Established in 1 923, Andhra Bank has grown by leaps 
and bounds. 

From being a small rural- oriented bank we have grown 
into a comprehensive net-work of around 600 branches 
throughout India spread over rural and urban areas. 

With total deposits of over Rs. 270 crores, 
Andhra Bank is the. largest private sector 
bank in India. . 

E. Coma to Andhra Bank for all your banking needs in India, 

to 

z 

o 

S 

5 . 


Andhra Bank - 

The bank responsive to people's 
needs. 


The 

Andhra', 
Bank Ltd. 

Regd. & Central Office 

. - Sultan Bazar, Hyderabad-500001, India. 
Chairman: O. SWAMINATHA REDDY 


AMCO, 

, a power 
•feat nos moved 
the USSR 


strikes the UK 


FrommcBa. 


So far AMCO has exported over 
£4.2 rnHlion worth of Industrial batteries 
to the.USSR. And right now it's in the 
process of exporting a further 
£2.75 millions' worth to that country— ■ 
and to 13 others. All of which makes the 
company India's leading battery exporter, . 

. . Over 44 years, AMCO has established 
itself as one of the pioneers 
on the Indian automotive and 
. industrial battery manufacture scene. 
- Backed by .an international 
technical collaboration 


Today Its batteries, made at 
a special export plant, offer you 
both the highest international 
standards of quality and a significant 
cost advantage. 

Moreover, AMCO has built up a 
reputation for meeting delivery 
dates and targets. And the com*- 
pany is working on further 
improving upon its record in this 
respect. And providing excellent 
after-sales ‘service, besides. - 
Today AMCO is looking further 
afield in the world export markets. 

And. among its prime target areas 
are the UIC and Western Europe 
— where it has ambitious, plans, 
particularly for its forklift truck and 
platform truck batteries, train- 
lighting cells, diesel loco starter 
batteries and stationary cells, 
for details or specific require- 
ments, write to the address 1 
below. 


Butteries* 


AMCO Batteries Ltd* 
Unity Buildings 
Bangalore 560002, India 


Service, an ever -widening circle 





«d> 


38 

r 7 


;WS' 

i" '.- .* .''ilidN 


r / 


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... 




I— — .V .y .. ■■•- . ...... 


Financial Times Monday January 23 1978 


INDIA xxvm 


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Brooke Bond : tea , coffee, and all this,! 
withtheflavourof India. 

“AH this” means 
£ 37 million in exports 


77 years ago, a small 
band of 96 men struck 
roots in India with a 
single-minded devotion 
to tea. And over the year 
Brooke Bond has grown 
to a flourishing £ 124 
million Company with a 
team of 10,000 strong 
Popularising value , 
added packaged products 
made in India has been 
the main thrust of our 
effort overseas. 





logical ; from tea and 
coffee, to spices^ sojidi- . 
meats, oleoresa^^ahd ■ - ■ . 
sea-tfodcL .^Ar-.-V- ' / . 


The Taj MahaL 

India’s capacity to accommodate, the tourist 
has now somewhat overstretched itself. But for 
those who are prepared to put up with the inevitable 
delays and discomforts, the rewards that 
the country has to offer are enormous. 


has taken yet ano^er 
fonaji hi^h^peeCi" ■ : • •“ ; ' 
packaging inacbrae&.Sbon, 
processed meat/v^jbe 
' added, to.,the iu^j'.v '• \] . . . - • 

Last year Bond •' 
sold £ 37vmiBi6ifp? "all ' 
Hris" # fi> the woiSl- Thb 
year it will be even.'more.. 


Brooke Bond India : crossing fresh frontiers in products andmarlrets 

' UI.U,. ..WA..C.. V. . .a'.'I.i.x. ...". 


^ J T V V W 


DESIGN FOR PROGRESS 






*?'va 








l?'"} Steel spells progress; steel plants 
are changing the face of the 
developing countries. 


• */ sbtfSfcki’rt * 1 *'** •• ‘ k j'‘V "• ; f 'C ^ 



India has built up considerable 
expertise in the design, construction 
and operation of steel plants — large 
integrated complexes, mini-steel 
plants and alloy and special steel 
plants; also of ferro-alloy plants, 
foundry/forges, rolling mills, metal- 
working plants etc. 


MORE THAN 640.000 foreign 
tourists came to India last year. 
Amid a population a thousand 
times that number it was not 
a lot But it is four times the 
number that came ten years ago 
and it is definitely more than 
the national tourist industry 
can cope with. The four and 
five-star hotels in most of the 
major cities are perpetually 
. crammed, domestic flights in- 
evitably have waiting lists of up 
to 30 people, and railway reser- 
vations for night journeys are as 
prized as tickets for Glynde- 
bourne. 

The country is well worth the 
frustrations that seem to be an 
inseparable part of trying to 
move around in it even if at 
times they seem almost too 
much to bear. They start from 
the moment you arrive — at 
Bombay Airport for examnle, 
on one of the many nights when 
tiiree jumbo jets arrive within 
minutes of each other depositing 
1,000 or more tourists. 

The course is clearly marked • 
— two desks for health certi- 
ficates, two for immigration, ; 
three for customs clearance and . 
two more for another passport ; 
check (candidates need attempt j 
only one gf eacht It must be 
followed in the right sequence — ] 
failure to do so leads to tern- i 
porary disqualification while 
you proceed to the end of the < 
correct queue. At each check- ( 
point you meet the same cour- i 
teons. imperturbable affability [ 
as the official monitoring your 1 
[progress — who occasionally e 
dispenses with the formality of i 
actually checking the relevant ( 
documents — pauses to joke or 1 
debate with you.- Withi others in I 
the queue, or with a fellow t 
official standing by to help him t 
in his work, or perhaps ju£t to i. 
keep him company. . i. 


Those waiting jockey for 
position, the more .experienced 
warding off queue-jumpers with 
well -placed umbrellas or elderly 
relatives. Under perfect: condi- 
tions, they say, it Is possible 
to complete.: the course .in less 
than two hours. The object Is 
to emerge with one’s sense of 
humour intact If you can do 
so, collect 200 rupees, and pro- 
ceed to Go-r-India is foe ■ you:- 
You can travel ’cheaply or 
expensively. If you want to 
travel expensively: the standard 
air fare from London to Bombay 
or Delhi is £613 return. Several 
of the major/ airlines — British 
Airways. JAL, Air India, 
Qantas, Pan: Am, Aeroflot and 
others — make the trip, usually 
with a stopover somewhere in 
the Gulf. Tbe same flight c»ts 
around £310 excursion rate. 


lorries, bu’lock carts and tri- 
shaws unnerve youl ■ 

If you decide to go cheaply, 
Syrian Airways and Afghan Air- 
lines do slightly complicated 
but cheap flights at around £230 
return from London or Amster- 
dam. Overland trips by Land- 
rover, etc., are not cheap — 
around £645 to £715 for 10 
weeks London-Katmandu, not 
including daily living expenses, 
and £535 to £585 for four weeks 
Istanbul-Agra, again not includ- 
ing daily living expenses, esti- 
mated In both cases at £6 to 
£6.50 a day. Single rooms in two- 
star hotels cost around £5.90 a 
night < this • includes a private 
bathroom) and cheaper hotels 
with communal facilities can be 
found for £1.30 a night ' 


Rajput miniature paintinfr ’ 
remnants of the Raj or more, 
the ultimate Biryani, you w*-(V 
find it. If poverty and din a 
what you expect, that it wb 
you will see. It is like the o 
Sufi tale of tbe blind man ai 
the elephant-r-you can come . 
grips, as it were, with a pa 
but the whole thing is too mm 
for one man. 


\W 1.1 \ 


Single rooms in the major 
International' hotels in the big- 
ger cities will cost around £30 
a night, and about half that in 
the provincial capitals. A very 
presentable Indian meal in one 
of these hotels wifi cost around 
£3 a head or less, btit European 
food costs more and liquor is 
prohibitive, so to speak, at 
around £3 a measure of scotch. 
(This might help explain the 
Indian penchant for home brew 
in one form or another.) 

Getting about inside the 
country, you may take the 
domestic airlines (there is 
usually somebody in the hotel 
to arrange it and shelter you 
From the two-hour wait in the 
crowded Indian airlines office) 
and the flight from Delhi to 
Calcutta, for example, is around 
£15. A private car costs around 
R.13 (12p) a kilometre but is 
not altogether wise for longer 
trips if you find arrival more 
important than Uie journey, nr 
if constant near-collisions with 


Legends 


Travelling around, you can go 
by bus or train. In passing it 
should perhaps be pointed nut 
that * the legends popularly 
associated with train travel in 
India relate to first-class — air 
conditioned, occasionally gra- 
cious and, at around £14 Delhi- 
Calcutta, about the same cost as 
the domestic flight. Setond- 
class travel is often crowded, 
dirty, uncomfortable and ex- 
tremely time-consuming. It is 
also ridiculously cheap — less 
than £4 Del'hi-Calcutta. And 
when you reach your destina- 
tion; yau do so with the air of 
one who has paid for all sins, 
past an$ future, and who 
deserves all the wonders that 
India has tr> offer. 

Deciding, whore tn start mav 
well be the hardest part. 
People’s reactions tn India tend 
to be moulded by their expec- 
tations. If you come in search 
of religion, Muslim architecture, 


The . Indian. Govemme 
appears somewhat reluctant 
promote tourism, which g« 
very low priority when it corr- 
to allocation of funds. T 
1973-84 Five-Year Plan alio 
for an annual 14 per ce 
growth in this sector, - 1 
tourism officials ^ expect l 
year's 20 per cent, growth r. 
to continue -for at least t 
more years and possibly long 

The better known tour 
attractions such as Ag 
Varanasi and Sprinagar. as w 
as the larger cities such 
DelbP, Bombay and Calcutta. , 
already uear-iraposible with, 
bookings. Madras, which ha 
boom in hotel const ructiorr 
few years back, is easier. : - 
there are only about 27,000 fi 
class hotel rooms in the en - 
country (compared with aroi 
8.000 ten years ago) and on 
present building plans, 
scramble for them is certadr . 
become more desperate dux. J 
the next year or so. 

Some concessions to pc ' 
lism are being made in the ft " 
°f new beach - resorts on ’ ' ' 
southern coast, with niucb | ' 
moted yoga classes by the . • 
But India is so rich in temp ' 
monuments and holy places- - 
matter where you' are then 
always something of the .•• 
within 20 miles — that it c- 
not need to try too hard. 


/ ji :7* >./ . 

-■i* .<>*.■'. - i 
■<- -» - - 









I 


* _ .X jC i 


i — - financial Tunes Monday January 23 1978 


39 


British eating habits • By ELINOR GOODMAN and CHRISTOPHER PARKES 






PATTERN and scale of again in 1978. Consefiuentiy But tjie CoRsniisttion.- which is as against a 37 per cent, drop 

British -meat consumption have they will have less 10 sell. The dealing In longer terra trends, in meat consumption, 

changed, dramatically since the French, too, arc getting their is only one member oE the Prices have risen sharply 
end of the war. When rationin'* national herd back up tn full oharus predicting a continuing elsewhere in ihe EEC, but only 

ended in 1B54 caips ho-an i ?, strength. In any case, they pre- decline of meat consumption, a; in Denmark is the pattern or 

climb raniriiir *« « __ nb , fer T0 seIJ aD >* surplus meat least until the niid-lSSOs. The consumption in any way similar 


climb nnixi^ w dU > Jeasi umu me nud-taaos. the consumption in any way similar 

l9BO _ ,0 * Peak inthc Italy, where prices arc much long-term pattern of consumer to that in Britain. In the ether 

iubus. That was followed by a higher than in Britain. 


spending on meat is at best seven Community countries con- 


steady decline of overall con- tyhile Australia, the Argon- stagnant and at worst showing sumption of beef and pork has 


sumption and what many in the tine and other former suppliers ail the signs of a gentle fall, risen steadily during the past 

maat business regard as a de- to the British market doubtless Expenditure on meat and bacon decade. So it is surprising that 

cUne of standards. The baron of have ample cheap stocks ready as a proportion of totai con- more research has not been 

beef has given way to the to send, no one seriously sumer spending (at current earned ° ul 10 lnves,,sale lhlS 

chicken drumstick. expects the European Com- P™es> »■* 6.7 per cent, in British phenomenon. 


c 

t 


munity to break the habit of a *960. It fell to 6.1 per cent. According 


In 197ft f n t a i munity la DreaK me naou oc a *““«• *«■ >«« LU «•* f** «m. .•sccurum* to Mr. Bnh 

.L consump ' decade and permit imports over the next five years, and Bansback. of the Meat and 

lion in the U.K. Eel] to its lowest which might help keep down dropped further to 5-7 per cent. Livestock Commission. a 

level since 1959. After a mar- beef ‘prices within the EEC. ”1 1970. reaching 5.3 per cent, statistically prolific Investigaioi 

rritiftl i ■ _ ... . i.i ■ in tors n «.4 >v.t a r «kA It L r moot moalat total 


gidal recovery last year— mainly Britain's own health regulations j n 1975 and staying at that of the U.K. meat market, ratal 
attributable to a glut of pork— effectively preclude any possi- fisure the following year. British meat consumption will 


t 


meat eating is expected to bilily of imports of pork to 
slump again to even lower levels relieve the pressure, 
during 197R At least, that is the 

view of the Meat and Livestock frir* rndn 

Commission, the statutory body ll/U I UUt 


which monitors trade and prices 
in the meat business. 


Mrs 
Ini' 
a ] 
lO 

Sh. 

re! 

5 

tri- 

te 

sai 

SCI 

cat 


The Commission says prices 


There is a tendency at all fall 3 per cent. bejweeu 1975 

levels in the meat industry to and 1979. Then, until 1982. 

acccpr the simplest thesis to consumption will remain steady 

explain why less meat is eaten, before climbing by 2 per cent. 

“Prices go up. «o people eat until 1985. Annual per capita 

less:" it is said. The fragility of consumption would then he 

Generally, retailers are less this argument is easily demon- only about 3 per cent, higher 

pessimistic about the outlook strated. The price of cheese than in 195o — one year after 

for meat consumption than the * which incidentally contains at the end of war-time controls. 


will be rising again tills year Meat and Livestock Commission. Ieast twice as much digestible Leave out pouitrymeat. and 
as reductions in the production Though at pains not to be too P rot em as does animal muscle), Mr. Bansback's figures show a 


of beef and pork make their about the Commission, increased by 10.5 percentage much move spectacular decline, 

impact in the butcher's shop. criticise its forecasts on P°ints more than that of meat with consumption nf what 

fThe devaluation of the green ,hp‘«wmind«; rhst thw are based hetw een 1969 and 1976. yet con- might be termed *■ butchers’ 


pound will also push up the inV’on^he suoob'^utlook 3 for su ®Pd°n rose by s.3 per cent, meat 8 per cent. lower than 
price.) Best estimates suggest nri ', ich t8ke no 


that there will be 2.5 per cent. 
less home-produced beef in the account oE *fc®and. 


shops this year and 10 per cent But they do agree that in the 


im 

fir 

.T»j 


F* 

n 


less pork. And becauK fewer meat market supply and 
pigs will be killed. British bacon demand are inextricably mter- 
output will fall from 220,006 to woven. If supplies fall prices 
200,000 tonnes. rise , and ^ hoU£e wife starts 

While the Danes will doubt- buying less and cheaper meal, 
less be eager and able to fill -. . 

any gaps in the British bacon . T?l * ^* lai trade I s * ,s “ 


U.K. MEAT CONSUMPTION 
PAST AND FORECAST 


( kilogram m e/head ) 


Jin 

ul; 

iOl 

ICC 

"P 


ii<ai - v. uwi in will prcdcui , ' " , „ 

greater problems. The Irish, surplus beef “mountain" can 


■ r* Mv.v.-.w. * iig man, , _ I %n ,u 

who last year sent record ton- be taken oul of lhe freezers 


■I 


u) 

a" 

;rn 

Pa 


British farmers who were ra i®ht stabilise prices and 
hoping for a prices bonanza from demand. Overall, the butchers 
their own limited production— expect consumption to remain 
will be building up their herds at last year's level. 



7955 

1965 

1975 

1976 

1979 

1982 

1985 

Beef and veal 

2T.5 

20.3 

23.5 

21.0 

19.1 

1GJ 

18.7 

Pork 

8.1 

11.7 

10J 

10.4 

11.5 

17.9 

12.2 

Lamb 

11.1 

10J 

8J 

7.7 

73 

7fl 

73 

Pouitrymeat 

2.9 

7M 

11.4 

11.6 

12.9 

13.7 

13.9 

Total Meat* 

514 

53.6 

57.0 

55.0 

54.1 

53.7 

54.7 

* Alio includes offal, ham 
weight 

and bacon. Total 

converted to 

edible 


in 1953. During the past 20 
i ••■ars. thanks to the arrival, of 
me broiler chicken. eon- 
Miuiption of poultry in the U.K. 
has quadrupled, and as the 
technolncy nf poultry pro- 
duction improves, chicken will 
play an increasing role in the 
British- diet. 

It js conceivable that 'other 
forms of poultry will also 
become increasingly popular. 
In France and Belgium; Tor ex- 
ample. guinea fowl and quad 
are already raised in the same 
type of jam-packed broiler fac- 
tories as British chickens. 

Their carcases are a common 
sight on supermarket meat 
shelves. 

Broiler production is now 
so highly mechanised and 
specialised m Britain that the 
farming community tends »o 
regard i» as an industrial pro- 
cess. The hen and its offspring 
by their size, nature. and dura- 
bility. lend themselves to pro- 
duction line processes from 
shell to shelf. One man can 
tend many thousands of birds 
efficiently and cheaply. One if 
the industry 's greatest strengths 
is its flexibility. Because a 
chick can be hatched and 
fattened in a matter of weeks, 
producers can respond rapidly 
tn changed demand, boosting 
output to fill gaps in the red 
meat market, and cutting back 
in times of glut. 

Compared with the two to 
three years a fanner has to 
spend preparing a beef animal 
for the butcher's hook, this pro- 
duction cycle has clear advan- 
tages. As has been seen in the 
past few years, progressively 
fewer farmers arc prepared to 
take the gambles involved in 
producing beef. The size of the 
national herd of breeding cows. 
Farmed specifically fnr beef calf 
production, has been falling for 


years and it will continue to 
decline. Beef will become more 
and more, m Britain at least, ar 
by-product of the dairy farm. 
Milk, farmers believe, can -be 
relied on. to provide a steady 
income. Beef will provide some- 
thing of a bonus. 

In spite nf this change pf 
farming practice and the inevit- 
able decline of beef production 
in the ILK.. consumption is 
expected to fall even more than 
production. Mr. Bansback claims 
that instead of imparting some 
10 per cent, of its annual beef 
needs. Britain will shortly 
become a net exporter. 

' He suggests that in 1982 
Britain will have an exportable 
surplus of some 80.000 to 100.000 
tnnngs. and should also be sell- 
ing abroad about 10.000 tonnes 
of broilers. 

Output of pork and bacon will 
rontinue tu increase in much 
the same way as broiler produc- 
tion. Pigs can be reared and are 
increasingly fanned in factory- 
style units. The successful pro- 
ducer needs neither a great deal 
of land nor a large labnur force, 
and the business has now been 
all but taken over by the major 
animal feed companies. They 
new the pig as nothing mure 
than a processing plant for con- 
vening raw grain into desirable 
meat. To economists and the 
farming industry the pig is little 
more than a hag of grain with 
a leg at each corner and a 
squeak at one end. 

Most nf the complaints about 
the parlous state nf the pig in- 
dustry last year came from the 
smaller farmers who were living 
through yet another of the eco- 
nomic storms which for many 
years past have been driving the 
whole pork and bacon business 
tnto the hands of the highly 
efficient and highly capitalised 
few. Eventually, these changes 


GOST AND CONSUMPTION OF FOOD 
IN THE ILK. 1969-76 


Price Changes 

(3HJVTK REUTTVt TO MOTtMEMT 
Of RETAIL proa KOEX i 



Eggs- ::Ilk; Fa 


s_ BEAT- Chase fisfe Vegetables 



— . Changes of Consumption 








30V 


waul <000 u 


are bound to end in a new era 
nf stability in the meat market 
As price increases: become less 
frequent and less stocking to 
the. average' domestic purse- 
holder. consumption can.be ex- 
pected to.- pick up .again, vide 
the steady growth elsewhere in 
the EEC • vjrhere buyers are 
better accustomed to high-priced 
food than the subsidised British. 

Much has been made, of the 
impact of EEC membership otr 
the 'British meat market and 
food prices in general.. But 
joining the EEC and adapting 
to the Common Agricultural 
Policy merely speeded -up a 
rationalisation process; in Bri- 
tish farm. and food. policy which 


had . been dawdling along for 
some years. 

While some of the popula- 
tion are still - suffering from 
mild hysteria .brought on by 
the move into Europe, the 
worst appears to be ever: And 
testing the political tempera- 
ture in Brussels and the other 
Community capitals gives a sur- 
prisingly consistent, result. The 
excessive CAP price rises of the 
past seem unlikely to be re- 
peated, in- the foreseeable future. 
And while Brussels may remain 
a political torture chamber for 
British ministers for many years 
yet, the storm in the British 
shopping basket appears to 
have blown o.ver.’ 


Letters to the Editor 


Change the tax 
structure 

From Mr. A. Jacobs. 


son's experience is unsufficiently no doubt through lack of fami- rather "chancoy" advice to your 
wide to sustain. Iiarity. the difference between correspondent planning an exten 

The particular charge made by independent and impartial pro- ?ion to bis factory iBusines 
him is tbat inadequate advice fessional advice given to a client Problems, January IS) in sujj 
has been tendered to employers by an actuary acting dirtctly jesting he should proceed with 

... about contracting-out. This may in a fiduciary relationship and the work provided he Is “toler- 

Sir. — Samuel Brittan’s “Recipe be t™ 6 bul * if question is tu displays of multiple answers ably sure the extension will oe 
for jobs incentives and welfare ** ? e judged by the literature which give the choice (that is. hardly noticeable," and lea^e 

(January 19) sets out so clearly issued by sorm* of the insurance passes on the responsibility) to the planning authority with the 

tho. cause of the poverty trap and companies and of the various the recipient. “dilemma whether or not 

the urgent need to tackle this consultants who operate in the If. after receiving the serve an enforcement notice,” .. 

problem. pensions field, the charge should actuary’s advice a client wishes may be their dilemma but it is 

A* a member of the Liberal not be levelled at actuaries alone- to see how a variation in a bis money that will be 3 ( risk 

Party's taxation group who have To ray personal knowledge many. particular set of assumptions The General Deveicnmem 
-repared our Party's submission actuaries, like some insurance would have affected the caleula- n-der IB? Vet /«?!!■ 

:o the Chancellor for the forth- companies and other consultants, tions the actuary will surely corresDonden'r «a- o aer mit an 

'.ottiinc budget. I can confirm E*!?.*' J5K2L - up 'to' one-twA of the 


hat we are very aware that if as objectively and las intelligibly figures are. however, so much floor area’ but with certain 

he Chancellor only has £2bn, to as th e complicated nature of the arithmetic, and not advice and ^ervationi and if™-.-™™ 

give away" then either per- issue makes possible. t 0 th e extent that any course or snondent is not sure ‘of his nSi 

mal al.owances can be in- By what objective test anyone action differs from the original tion then he should seek advice 

Sn rcased or we can bring In a is to judge in the world as it is advice the responsibility lies 

^ educed rate band of £1.000 at to-day, amid widely conflicting with the client 

185 ,R_ er ce S l ‘ which would absorb opinions about a future which Finally Mr. Evans asks a . 4 , 

B4 .I.Bbn. To lower the staadard no-one can hope confidently to series of rhetorical questions as n . ce!l t0 Planning appnea 

19 S2 ,e of ,n «-ome tax as well from foresee. what is realistic, to how often actuaries . t ' on ;' 5 and u . temptation to ?o 

92 34 per cent to oO percent, would optimistic or pessimistic. Mr. approached the contracting in/ 11 3 ’o n P- hut your correspondent 

IfH met 9 furtfear CT ‘'hi. It r-. . ^ r . : . . . . . ... ” ” urnillrl ho hotter grip enrf in mn. 


I know well enough the frits 
a tration and delays caused by the 



L= In our proposals we have tried K . nnB ,i. . 
f tn take a d ! fferent line, realising v,?, ° r P/I; h .„ 
j that to give the necessary in- V-a, 14 ?* C° tto fA- ** " R,u - 
2 enm e-tax reductions across the Fetcham - Uatiierhead. Surrey. 
board, a sum of at leant £4.5hn. 

is required. We would like lo f-i j .• n 

give effect to a statement, that J^Xn|g.||JltlOIl lOr 

imsplf has made * » M 


this, by any chance, be because 'L mpl,! . r fa . nd P ro ^ abI - v fiu^ker if 


the affairs of a satisfied client the extension really is innocuous 

and his nrnfoscinnal ‘arlL-icocc PlailS have 10 ; 


and his professional advisers 
s re usually confidential? 

*. G. Whitehead. 


•he Chancellor himself has made, 
■hat the burden' of direct taxa- 
:mn is tno high and that of in- 
iirect taxation is too low a.< a 
Relative proportion of total 
jovernment revenue. 

We do not believe that there 
5 very much room for cutting 
•uhlic expenditure, except per- 
ians in the area nf housinz sub- 
idies. and to he fair, the pro 


laymen 


' 0 . y.rook Street. 11 1 . 

.Alternative 

approaches 


be drawn 

anyway) would be the making 
nf an application for planning 
permission. 

L C. Collett. 

4P higreboume Garden*. 
Lpminslcr. Eiscr 


Accounts and 
their users 


From Mr D Cai^nr 
Sir. — Mr. R Buiiard 


From the Chairman. 

I? CodlVtn ' Life 07ld From T. Hugh Beech. 

P€ ™ wn ^ Sir. — How right is Midbae. 

Sir. — Sir. _ Raymond Nottage Evans (January I9i m pointing 
(January 17) and Mr. Michael out the need for actuaries to 
Evans (January 19) both present cost estimates based on 
diagnose u disease in the more than Dne set of assumo- 
onion of GDP devoted to public actuarial profession which they tions. so that employers can see 

xpenditure is in Ihe middle imply i? or epidemic proportions for themselves the effect of ^ arr- 

ange of Western countries. We Tn put it bluntly, they suggested nons in these. In showing the 
elieve there is little difficulty that the majority of actuaries effects of the various alternative 
i raisin* a further £2.5bn by when valuing pension fund* approaches to the Castle *uua 
•creases in various forms of in- simply present their clients 
irect taxation, including a a single figure as the 
mdest increase in VAT. and the rate and imply Dial the 

has no hope of unders 

the esoteric reasons fnr tills puting methods these can he 
figure being right. produicd by aciuaries easily and. lorical * 

I believe they arc hehini the JU^t as imporlant. speedily. But 

times. The epidemic has already judging h> a number of reports 

heen brought under control. Trom other advise: s which wo 
apart from a few' isolated cases, have seen. Michael Evans' firm 

be in a 


January 

M« suggested that accountants 
have the responsibility tr« prn- 

purpnfp of 


dure account 


ranges proposed would have 
nli- a small effect on the Retail 
rice Index. It is to be hoped 
aat our detailed proposals can 
■? published shortly, hut one 
m readily appreciate that if 
ie were to have E4.5bn. avail- 



'ie for income-tax reductions Most actuaries nowadays go tn and our o>n seem in 
-bn, a Hr Freat lengths to explain how select minority m giving 

their figure:, are arrived ?t and employers sufficient information 
what they mean. This commwni- on which they c*n make up their 
cation exercise in my .own enm- own minds, 
pany extends to discussion with T. Hugh Beech. 


-5bn. from Increases in in 
rect taxation) then most excit- 
’ and radical reduction « in 
com e-tax could he obtained. 


pas: 


ily a very small amount of C [( e ^ w t ,f a..ractqe of possibilities «D:rerior and Company 


venue would be required to 
eviate the burden of higher 


and we hata even gone so far Actuary*. 

, . . . as to produce a fuil-fcaJe audio Martin Pater#on Associates. 

pa ^,; h,ch PrLT^r,; " s r , I p di n 7 h l^oS ^ ^rt a ve^«^^^^i v r !! '■ 


Fleet Houses. 
Vtcforia Road. 


Fa rnborouah- Hants. 


im. people. Practically the 
tal sum could be used, for 
ample, to reduce the standard l*” 1 ?. wv-fa.-v 
le of income-tax from 34 ner {HcLeisb. 

nt. to 25 per cent benefiting 
m. people and this would cost 
2bn. 

Regrettably commentators onJv 
press views about possib’e 
come-tax reductions by con- 
lerine what revenue is avail- 
le from defieit financing. None 
Jins to credit the possibility 
it substantial further sums 
uld be available for income- 
: reductions from a careful 


Unique firm 
figures 


Positive 

advice 


read 

17'. 


From Mr. IK. Whitehead. 


From Mr. C Hymans 
Sir. — 1 v-as interested ?r. 

Mr. Xnttege's letter iJanuar: 

For some years now. when we 
do a pension fund valuation on 
our computer programme 
always do the calculations cn a 
number of actuarial assumptions 


c. ,, ,n order to get the feel of how 

Sir. — Mr. -Evan* (January 13) r,..:. 1 


Under ine his- 
C0. 4? convention u in- 
■'iunc? on'.;, thor* 1 ijp:n« fnr which 
nave incurred pv pen di Jure. T; 
U a i:*t nf unainriTii^nd balances 
and n^in:ng nmre. Under any 
proDO-ert current vaiur system's 
it i« little i>eticr — ihe t^ndenej 
i- !< » revalue oniy ?bn:p • t 
fAr A-hich ha', c in rhe, 
incurred e\pendmire 

1 do no: propose «ha: 
a"enipi ro vaiur* the intangible* 
'■■inch srr mi**ing from the 
nce-shce: hut are n major 
part of many companies' 

t prefer :c- that, if the 

ni.ar..'f-shee: does net measure 
presen* worth, "-c s reap ;i coni 
pSetPiy. tins; u-c is an inenm 
n;e;e pu.'usc Hov.’ c^n v.c com 
r*r«? the performanre. »ay. nf a 
.nanuractiinng ronip^ny. which 
■iS' main.y langioje ^ :<hi«. viTh 
rhj; of a >cr\ ic®’ ermjpan;. . which 
has as if* major asset unrecorded 

goodwill ; 

\\hat i*_ '*rong j t *- j me con- 
tinuing de’na:*? about accounting 
principles is tne assumption lhai 
■we need oalance-sceets uad for 


GEAERAL 

EEC Agriculture Ministers begin 
r/. o-day meeting. Brussels. 

President Carter formally 
proems first U.S. Budget over 
uhich he has had full -control. 

General Agreement on Tariffs 
and Trade (GATT) multilateral 
negotiations start in Geneva. 

TUC Finance and Genera! Pur- 
poses Committee meets. 

Prime Minister addresses Age 
Concern governing body, Shaw 
Theatre. Euston Road. N.W.l. 

Guildhall Magistrates’ Court 
hearing i adjourned from October 
27) opens in which two partners 
in Lewis Altman and Co, stock- 
brokers, are charged with 
currency fraud*. 

Centenary' dinner of 'National 


To-day’s Events 


Federation of Building . Trades 
Employers. Guildhall. E.G2 

London Chamber of Commerce' 
Export Finance Panel meets. 69, 
Cannon Street. E.C.4. 3 pm. 

Mr. Christopher. Tugendhar 
I Member of the Commission of 
tire European . Communities), 
addresses Insurance Institute of 
London on “The Community -and 
jis approach lo Insurance." in Hall 
of Chartered Insurance Tn«titute,. 
20. Aldermanburv. EGA. 3 30 p.m. 
PARLIAMENTARY BUSINESS . 

House" of Cnmmona: Debate on 
agrfculiure, during which Mr. 
John Silkm, Agriculture Minister. 


will announce a~deva>uation of the 
“ green pound.' 1 -. Motion . on 
developments in EEC £**>] aircraft 
sector. - • 

OFFICIAL STATISTICS * 
Construction of:' new orders 
(November). New vehicle regis- 
trations (DecetnbecT. 

COMPANY. RESULTS . . w... 

Rank Organisation .(full .year). 
United Guarantee (Holdings) (full 
year) 

COMPANY. MEETINGS 
• See Week’s Financial Diary or.- 
page 42. : 

BALLET . 

Royal Balle( dance The Dre#m. 


A Month in the Country, and 
Elite Syncopations, Covent 
Garden, W.C2,- 7 p.m, 

MUSIC 

Paul Berkowitz gives piano 
recital of music by Schubert and 
Brahms, SL Lawrence Jewry next 
Guild hall. E.C2, ! p.m. ' 
Insurance Orchestra, conductor 
Maurice Miles, , soloist Ralph 
■Holmes r (violin), in programme of 
Mozarr' .(Overture/ The Magic 
Flute); Smetana (Symphonic 
Poem. Vitavat: . Dvorak - (Violin. 
Concerto ..in A minor):, and 
Schumann (Symphony No. 3 In E 
flat).. Royal Festival Halt, S-E.t. 
7^0 p.m. 

. Guaneri Siring Quarttt \n 
. Mainly Schubert series. Queen 
Elizabeth Hall. S JEXr’AS'V.m: 






V>' • . 




' -Fewer seats and more 

ZakvAM'*d--iM^' room than any other 

lat. fiSMteO DG-10. And there’s 

- ' : always someone there 

m. when, you need. her. 








■ ■ • \ T • • • " ■ . • ■ 

... I. V” • V : : .:/-'-?*/• ■ ' ■ 



actuarial 


jargon 

Pm Mr. K. Burton. 

Bir.—It is right that the way 


assumptions and. through ex- different results are also very 
pcrience. develops his profe.^ helpful in discussion with pen- 
sions) judgment in tnis area. s j on fund rlients but we find 
but then goes on to express more often than not ihat trustees 
surprise "that actuaries . . - want a report giving "the 


the principle* and advantages 
ar. alternative system of cash 
flow =. ■courting, i! reiccrcd ,ucb 
a sy-tem because n did not fit 
:rith;n the existing fra-ne>-ork of 


get awayCi with single answer actuarial results" as unique firm balance-sheet and profit and loss 


„ figures 


, fis 1 

away c. Hymans. 


pension fund valuations. 

Far from “getting 

w&jch' the members of every with a single «n«wer I have Hymans RobcrLson and Co 
ofession earn* out then duties found that 'many flnjtire direc- st. Bortholometc Hou.«« 

E ild be subject to scrutiny and tors and others are less than 02. Fleet Street. E.C.4 

ment by the public It seeks happy with a "on the one liana 

erre. ‘this’ and on the other hand 

Evans's sussestion 'that' approach" preferring in- 
•uarr 191 that actuaries have stead posilivte advice townm 
able "to pet away with the professionalism, juagmen. 
e answer pension’ fund and expenencp etc. that Mr 
•tions” inrolres a general- Evans kindly draws attention to. From .i-.L urn fit 
m Jcr- He is net ihe first to mistake. Sir.— \ oar legal 


a.-'-njn;. iif «our5c. u rfoes no’.— 
way should i- 


Planning an 
extension 


i : i* no* Vi-i laic zn hark 
!•• fir-s r'ri.inpl"* and ^-k -jihat 
‘nrr nf information is required 
hy liters of accounts? Car, -vc 


r,n' 

“ s» never ;hp quei 

•?ir>ti v 

’in; 

;r.s prpiiidlrod rn 

v ha; 

already d^i.’iz' 1 


Tv 

K Cairns- 


12 

Femteu Court f. 

is—aw 


■••asch I am sure one pc 


staff gave Maidenhead. Berks. 




■ Because 7 the MAS DG^I Q-30i 
fpasorH^252'Seats(agarnst the_’* 
average' 270>you'lf find there's.'. * 

mof^;4 

i 


' ■->/ ■/ : more rdotri.;And..we have m 

• 'v cat^^e^fh^Tnariy of the 

. ; . ...^ otes.Sqthere'B always soi » ic 

dne to'.give:ybu prompt attentid 


. ■ • •-• ■ ■■■ "cv^'-r 

v -. • .'C„- v<*y*r T .- 

f*. 


artd'care.- •- ’ • :. ’ • ■£ 

v:-:Otherbeautiftjf features, i 
uniquely MAS; include the three.;- 
exclusive 1 executivesuites'. 
Eadrhas'twp rpws' k of-seais ’. S. 
wHieh face- each otfYer- across 



. -. ! ■ - , i •;-*-• ! -: -j .uvci nceWJi 

1 v SpatS—S, 

. ■.. ! \ * ;$.•* / r ^ V find -Of) SR" 

• ’.f : r - ’■ v;. ,, ■ ;■* 

.- ' ' • • • ■ * ■ i jp.- Q.yne * Service. It- 




4 \ t 



overhead lockers. for the centre.: 
: something you don’t 
alt DC-1 Os. ; 

to all Ibis -r-MAS Gofdc 
its a special kind of.. 

*■ ; v/arnth.-a gracTousness thars; u 
pa'ri of Malays ian- hospi tali ty; • : 
-Jt'S'SUperb food and a wide ' 

. selection : .pf drinks. -Ahd.iCsa' 

' MASfexciusi^e: 



Pfy unrhATouch ofGdd& 
... | 



' ' '{. : ..V?S ; 27i St. George'S f;. '"**£ 

. r_.fr .Hanover Square.'. .:. ■ .•-■?' 
- •ttiTajon-Wr/"’”-. 


Ci : 


ti 




! 1 5 

! ij 


! 


I 

« 

! 

t 


i f- 

! i 

l i 

5 


i. L 


j F 

l i 


! 1 B 

! ;r 


S 


n 


- __lri 









/ 





is 


Comp Air relying on own resourcefulness 


Protection plan for 
‘options’ investors 


BY MARGARET REH3 


The outcome For the current Africa again made a good con- previous 15 months, but on a be a very good profit improve- i he° nofibOiti ' DAADn MriTTIId^C 

year at Comp Air will largely tribuwon and there was a build- current cost basis the figures mem in the first stx months." ® BOARD MEETINGS 
depend on the group's own up of business with the Middle come down to aim. and £537m. Mr. Horsley says that assessing j» a " v The mitorma rampart** tav? notified 

capacity to continue to improve East with the Iranian market of respectively. accurately the immediate trading ° L ^> 3 . s *32^-521?“™ * Boant amss.w me stock 

efficiency and develop new mar- growing significance to the Referring to the setting up of prospects tor Northern Dames Is m l-aoea snare opuons are OEdianat Such- meeti ngs m .aamiy 
SSTSmStm m Mr. N. c. group’s activities. Fleidcrest Ireland, the chairman- difficult because the transition* ^red to to ■ ■ Jggr g-* JS 

- - - Meeting. Institute of Marine savs Carroll has a 23 per cent, steps and rearrangements neces- {g™* ExSSSl t£! aST-taST «SSLS*V£ 

Engineers. E.C., February 15 at interest therein at a cost of. sary following Britain's full “0™ .i„„ t0 S«i5?S an f^t thf lDWrlr “ «- final* and the sntHHriflon* 

£4.25tn. Medium-telrn bank membership of -the EEC make « a, ®° touteSWS that the ihown below are based, m a inly oa last 

loans to finance this has been impossible to forecast future Podium 3 on the Exchange s sear-s timetable. . • 

floor is to be used for options . , TO yr Y ' \ 

interim*— Hew Wltwaierarand . Gotti 


Macdiarmid, chairman,, in his 
annual statement. 

He tells members that the out* 
look in worid markets remains 
unsettled and. as usual, includes 
factors which are a cause of 
special concern, while at this 
stage the company can expect 
little support from any marked 
improvement in world trade. 

, As reported on December 15, 
pre-tax profits climbed from 
£9.3Sm. to a 
the 32 weeks 
on turnover or £1 29.75m.. again. st 
£11 1.95m. for the previous 


noon. 


as been impossible to 
arranged, and he does not and* profit levels. 


at 11 8 -m. 


Carroll is 
optimistic 

its climbed from £* 

SMT# or progress 

"3 THE DUBLIN-BASED cigarettes, 

etc., manufacturer. P. J. Car roll, A. vUlliJ 

to expand 


cipate any . need to raise While the rate of fall in liqutf 


Exploration. 


additional capital. mUlc sales in EirJanrl” and Wales Deals will be fixed by " Open Flnab-^iaxaixien Discount. KiHam 

Meeting, Dundajk. February 14 h'iSS-JSftSS'.hm. “^S* ^SJ!? “ 82LX'»AJSrSLfS* 


Northern 


weeks period. . . . ... . . . . 

Approaching 70 per cent, of expects to be well placed to 
group sales were made in areas continue its progress u expecia- 
with development opportunities tion are realised, says the 
and where industrial and polui- chairman Mr. D. b. Carroll, 
cal climates are relatively safe Profitability in tne tobacco Continued growth, both organic 
and stable For investment, stales business during the quarter to end and through acquisition in the 
the chairman. December was affected seriously current year, is expected to result 

The directors aim to broaden by some price reductions in anti- m an appreciable improvement 
international activities has been cipation of the changes in_ the in profits for the first six months, 
furthered by the previously duly system and by the decision states Mr. Nicholas Horsley, chair- 
announced agreement for the to delay price increases to cover man of Northern Foods, 
group to acquire Watts Regulator risins costs. But margins are For the 12 months to September 
Company, or the V S. expected to be restored during .10, 1977, group turnover was 

The group's overseas companies the current year and at satisfac- 12 per cent, higher at £232m. and 
generally produced good resuhs, lory volumes. pre-tax profits IS per cent, higher 

ofren m difficult trading rondl- The print and packaging at £lSm. 

turns, and the L'K. companies business is healthy and the. Adjusted for inflation, pre-tax 
sigTr.(icaniiy improved both their pharmaceu'ical side is now on a profit is shown at £12.9m. and 
domestic and export sales, reports sounder footing, Mr. Carroll the attributable balance at £6.4Gm. 
Mr. Macdiarmid renoris. (historically £8.S7m.). 

Australia, operating in a <ub- Rut the working 
dued economy, again produced required to susiain the 
outstanding result*, while both high, and it is still necessary 
Kellogg-Anierican and CompAir search out ways of reducing 
Canada did well, he add*. ihrouch lower stockboldin 

In Europe. Spain is continuing less extended debtors, 
to prove profitable and 
Herman and French companies 
made satisfactory progress. £4.S2m., against £fi-S3m. in the figures indicate that there should 


fairly lengthy period of Jjg* Option* 

'ZJS*" optional b iriv5 at SPuS ’ t*^"™** 

h II nn are «**•* ®«t by market dealers, udes Property ' .. Jin.» 

Meeting. WHlerby, near Hull on initially, options will be traded .tot* KetHs Rubber Estates Feb. 2 

££**£**£?* 01 

lar^e companies. . Sylrone Jan. * 

The Stock Exchange s recent Warwick Xmdneenns investment* Jin. M 
shouldering of responsibility for Fta* 


February 17- at 12.30. 


Some Graff 
holders still 
fighting 


the new market is apparent from Edtnbwih American Assets Trust lu. 25 
the letter, the first of its kind "7™.'^— K; - ! 

sent -out on the subject. Its Ttaocmarron TttM Jan.su 

despatch marks' a further step 


towards making the some- 
times-controversial option-market 
scheme a reality. 

The Exchange's Council is 
By Christine Moir known to be determined that the 

Mr. Laurence. Graff is not scheduled to start to 

having it all his own way in his n s Jlf^ [oi ? € a _^ n ,r , " ri _ a ^-i® 

latent attempt to buy out the protection against any risks 

slubbom rump of 200 share- of market-rigging or malpractices 


holders in draff Diamonds, which **« “"J > v *»teh have attracted 
l-h nrtvaip asain controversy in the U S. 


B. Wardle 
buys from 
Champion 


Champion Associated Weavers. 


be wants to take private again 

after only fouf years as a public ^"cu « as concemea » 

company fhe Government and the Bank of 

o„.„ . , hnm h ___ England that the British traded whose U.S. parent was recently 

^ttpc °P l ' or,s enterprise should only rumoured to be seUing the com^ 
^ off »he ground when prope> pany. only a matter of years since 

h^.? U K5 e ?- in . JSSS m 5E 5?f«uard ? . for . investors W it acquired it. is In facLselUng the 



SSiFTSStf £2STS ^ m ^SS&J 

the In the year ended September ditions in consumer food products, holders to°part with 61 per-cent. 'SHiJ 011 *** ing and vinyl lea thercloth. 

>w* lfl * '• Er ? u P Profit cam® t 0 However, initial management of these (and 45 per cent, had Innr^vPrihv rh^rnimpil erabert Wardle says that the purchase 


NSS seeks further acquisitions 


Confident that thpre is an evidence that sales are improving investors rose 30.S per cenL to 
assured place for the confec- again and price increases have £57. 6m- while the total of net new 
lionery. tobacconist and news- tapered off Tor the present, Mr. investment exceeded £J 0.7m. ' 
agents outlet in the community. Byam-Cook says. Assets at the year end stood at 


already accepted before the 
formal offer went out), while the 
terms of the offer rely on accept- 
ances from at leasl 90 per cent.. 

Obviously the remaining share- 
holders. who were incensed b. 


mamttaM —f .ntinne will expand the range of products 
m ^T"3n m r. ,n . bC 7. of 1 <h .f^ t, _T Offered by its own Everflex and 
deni* nr"!! Duraplex divisions, and will in- 

! I ™ ablli'S 'to riSf optim. Sd f "““g ?*. 1 ? 1 
tn guarantee the traniactions of . a ™ n S r * TOJSE 

b£ others for whom they carry out riL Armoride 

the first offer of only 2Sp in nud- i clearing function. One idea amoinite o t0 * 10nL 
1977 are equally opposed to the being considered as s safeguard The -fixed assets . and stocks 
latest price and are holding out against consequences of anv pos- being acquired had a total book 
for at least a<p. the price al sible default is that clearing value of £3.7m. at Armoiide's last 


rhe directors of NSS Newsagents There is strong competition on £U2m. compared with £92m. at which the shares were originally members should put up guaran- balance sheet date, end November 

•riain -confectionery lines from the end of 1976. floated. tees of, say. £250.000 against any 1977. Wardle will pay £L88m. for 


are pressing ahead with further certain 
acquisitions. Mr. P. H Byam-Cook, supermarkets and other high 
the chairman, tells members. volume retailers and the directors 
Their plan*, include the open- mav be forced to accept some 
ing of four large town centre reduction in margins to protect 
rbops in the current year. Move- ihe company's share of the 
mem into larger shops i« neces- market. 

sary not only (<i ensure long-term Most of the company's profit 
growth m profitability but al«n continues to be earned from the 
to provide an attractive career smiller neighhnurhon-* CTV chons 
structure for employees, the chair- and giving sub post office services 
man explains. in 57 branches. 


Associated 
Biscuits 
reorganisation 


Jun in case, though, that any danger of any participant being the fixed assets.^ including land 
of them may srHI be confused declared a defaulter. and buildings, of which £700.000 

over the matter. Graff has invited While this type of guarantee will be deferred until 1984 and 
them to phone Hambros Bank for arrangement is being considered been lent back to Wardle as a 
advice. It was. Hambros who for -the initial stages of the mar- secured loan by Champion- 
dubbed the original 2Sp offer as ket it is envisaged that, once the The price paid for the stocks 
" fair and reasonable " and also venture is in operation, a guaran- h dependent on ibe physical 


support the new 50p offer. 


Associated 


has IN BRIEF 

and 


Biscuits 

Most of the company's larger As renorted on December S. reorganised its sales «.. u Mr TOBs_R. n .iT« f»r 

st ".’L es ,u 3ve bec ‘T e P roma . ble ,aw 5]T J* t0 . u a marketing structure with effect 

within three months of opening record ES.lflm. (£2 57m) ft*f th« from January 9. Dvo-mber 2. .r.roup awis sias.wn 

he says. 52 week* to October 2. 1977. on The reorganisation is designed »£iti.77ai. Camm assets £t« Tsm. 

Immediate growth in profits is «nles or £47 Dbm.. a«oin«!t £39SPm to enable the company to Cnrrem UaWllues 

more easily gained by purcha*» fn»- the nre-ious .Vt weeks The r-ompete more effectively and ‘“SJULL r n o 

of existing businesses but the net UiMfteri »o 2.l225p profitably in the grocery market re «f w Tuiy^n vSTSUSS JwS 

directors are convinced that, if M onm559n) oer 1 On share. and to streamline the sales, distri- Grasp fixed nx-i* tl v>n ■ ri sum i x^t 

necessary, some reduction m the At year-ertrt hanV hs Inn res and bu’ion and marketing functions, current assets raia.+a rtssassn iieer- 
rate of growth is acceptable when ca'b amounted to Q.sm Richard Griffiths. markeUng Btnniagtaai ■ on Februsrj- |7 ar 

the proportion of store openings Meeting. Woking. Surrey, on director, is confident that the 

is increased. February 14. at 2.30 p.m. 

At the end of 1976-77 the com- 
was trading from 372 


tee Tund should be built up relat- stock take at the end of this 
ing each clearing member’s month but should, not differ 
guarantee to the clearing house materially from those held at the 
to the size of Us commitments end of last October. On that basis 
in tbe shape of its open positions. Wardle will pay £720.000 for them. 


McMullen scheme to 
ensure independence 


11.38 a.m. 

MARTIN THE NEWSAGENT — Result* 


HERTFORD-BASED brewers company in the Atkins Brothers 
McMullen and Sons, whose shares (Hosiery) group, is to cease to 


branches having acquired 37 S^f^OrdshlT^ 
established business, opened seven O • «a J - 4/ ■ ti.illil c 
new shops, including one town ^-i 

rentre store, and disposed of 21 NOC- DrOPT^SS 
branches. Capital expenditure on OV * , M 

expansion and refitting during the In 1977 the Staffordshire Bufld- 
yPT was £1 3S9m. Ing Society increased its home 


reorganisation has created for fhe rear ro October 2. iK7. renorred are held by the family or by the operate in its present form after 
a platform from which to conduct Deixmber 13. Grcwp fixe^ assets aoram. pension fund — has come lip with the current season’s trading. 


plaxtons (Scarborough)— R esults creates a -liability to. capital gains activities of the parent company 


He says tbe group has a proven _ _ _ 

sales force, trimmed to deal with for the -ir m-eeks to October’ 5." isrr! or capital transfer tax, ~ of Jolynne. Atkins or Hinckley, 
ihe particular trading conditions reported Poceinber ». Group asm asaeu Proposals have been 6ent out are affected, in any 'way. the move 

prevailing in to-day’s market and Mreu^sStJSS t0 the 40 ^ dd shareholders.. sug- being intended to ensure a better 

„ has a marketing department K^oruare ir u jjo o.m.' gesting that the existing capital utilisation of -the group’s capital 

Confectionery sales at the begin- loans by E3m. to £19m.. but still closely geared to profit and with Barrington fund— F inal «u*nbo* should be split equally between 

nine; of the year fell back in bad in be restrictive because the a clear policy for the future. uon on income amts tor rear io January Ordinary and a new class of non- 

volume terms because customers demand exceeded the supply of He feels sure that the zroup 4- ia^ 3 ego nei per upi^ <s. 8 iidi. Torai voting Preferred Ordinarv shares, 

were resisting the exceptional funds available. A further £4m. is will see a significant uolift in 2nScr!ntten dar Juurr 11 Jremi Th esb latter could. If necessary, 

price increases introduced by awaiting completion: product performance during the price of rn«»m. units snip »l Enuaaed be sold to meet tax and other 

manufacturers. There is some Receipts from «avere and next 12 months. crw» jieirt * is per cnn. obligations without Jeopardising 

the company's independence. 


resources Tor expansion purposes. 

LLOYDS AND 
SCOTTISH 



Tbb announcement appears a$ a macer of recoid only- 



SOCIETES DE 


DEVELOPPEMENT REGIONAL 


Societe dc Dcvdoppemenl Regional duSud-Hst 
Soeiete Alsuciennc do Devcloppemcm ct d'Ex pension SADE 
Socictc dc Developpcment Regional du Nord et du Pas-de-Calais 
Socidtc dc Develop pc raent Regional dc 1'Ouest SODERO 
Socictc dc Devcloppement Regional de Normandie 
Socictc de Developpcment Regional du Ccntre-Est CENTREST 
Socictc dc Devcloppement Regional dc Champagne-Ardcnnc CHAMPEX 
. LORDEX - SDR dc Lorraine 

Socictc dc Developpcment Regional du Languedoc-Roussillon SODLER. 
Socictc dc Developpcment Regional dc la Bretagne 
Societe pour le Devcloppement Economique dc !a Picardie S.D.R. PICARDIE 
Societe dc Devcloppement de la Region Mediterrancenne 
Socictc pour le Devcloppement Economique du Centre et du Centre-Ouest SODECCO 
Societe de Dcveloppemcm Regional du Sud-Oucst EXPANSO S.D.R. 


DM 100,000,000 

6ft % Deutsche Mark Bearer Bonds of 1977/1992, 

unconditionally guaranteed by tbe 

Republic of France 


BAYERISCHE VEREINSBANK 

ABU DHABI INVESTMENT COMPANY AMSTERD AM-ROTTERDAM B ANK N.V. 
BANQUE NATION ALE DE PARIS BANQUE DE PARIS ET DES PAYS-BAS 


DRESDNER BANK 

AklintntllvbiR 


SALOMON BROTHERS INTERNATIONAL 

. Liaite4 


SOCIETE GENERALE 


SOCIETE GENERALE ALSACIENNE DE BANQUE 


SWISS BANK CORPORATION (OVERSEAS) 

Li»*r4 


VEREINS- UND WESTBANK 

Ahittgodbdril * 


M 



The new shares are to 


Lloyds and Scottish has acquired 
Bank America Factors whose 

awaaes :::: 

SSdX “In m3 S i “holdto i ^! StiSSTFS^” Denmirt 

sass-os tssri 

and-not surpisiugly to view of d,rector * the company, 
an ‘excellent record of profits Tk J 

growth— received a ready hearing. JvGCOrU CXHOnS 
Under certam strictly con- “ ^P UllS 

trolled circumstances the new I Hi FORT or Snorenam handled 
Preferred Ordinary shares might record exports of nearly 120,000 
receive . voting rights: but tonnes last year. 15 per cent, up 
McMullen makes no secret of the on 1976. 

fact that its objects to devising Exports of scrap metal were 
this scheme has been to eliminate the highest for 20 years and 
any risk of a . takeover by the exports of general cargo were the 
bigger brewing battalions. highest ever. Bulk commodities 

ATKTIV^ RRHC imports remained the major part 

DKUK9* of the port’s trade at 2.2m 

Jolynne. a knitwear distributing tonnes. 


M 


ZANDPAN GOLD MINING COMPANY 
LIMITED 

(Incorporated in the RepuWfc of South Africa J 

Interim Report for the M-fear endei 31 December 1977 


FINANCIAL RESULTS 

follow* un,udit * d financil1 rosulu of the Company are estimated as 

Year ended 
30 June 


1977 

R000 

2.993 


Half-Years ended 
31 December 


Turnover 


1977 

ROOD 


2 970 
6 


Income from fixed 
investment— dividends 

Interest received . 


1670 

1650 


1976 
R000 
1 438 


1430 

3 


2 976 

(29) Sharedeajing profit 


2 947 
102 


2 845 


Expenditure 

■Profit 


1655 

IS 

1670 


1 433 

l 18) 


62 

1608 


1415 

43 


12-3 cents 


21.8 cents Earning* per share . ... . 

tax purpos« fi0n fS Payable 15 th# C ° mpany h “ an wi "»«ed lirK 


l 372 
(0-5 cents 


DIVIDENDS PAID OR DECLARED DURING THE HALP Year 

/ io«‘ na . l | d i wWend N «; P er sh *re- amounting to Rl 497 nnn 

«nts--R2 2!3 000) for the year ended 30 June 977 ^? 
paid on 2 August 1977. I "'- 

Interim dividend No. 11 of 12 cents per share. amo.,n,- 
R 1562 000 f 1976—10.5 cents-R 1.367 000) was declared ^n^ n “" e 
1977. payable on 3 February 1978. n Uecember 


INVESTMENTS 

The market value of the Gimpany's holding of 2 2D0 000 .v, 
Hartebeestfontein Gold Mining Comsany Limited Rai onnmSf ,l? 
31 December 1977 M976-R35860000) compared with a^ b L V, 

R20 900000 f 1976 — R20 900 000). book va,UB *»F 


R20 900 000 f 1976— R20 900 000 ) 

At 31. December 1977 the market val Ue of the Comnan-v ^ 
listed shares was R2?3fl00 M976-R 196 000) and their 0ther 

M6I 000 (1976— R2 19 000). b °° k Va,uo 


value was 
For and on behalf 0 f the 


W P Them,, (Chairman). 
K T. Swemmer 
Director* 


Registered Officer 
Ane'evaii. House, 
56 Main Street - 
'nh'nnesburp. 2001 
1A Irminrv 1973 


London Secretaries : 

London W 1 R 8ST 


FiBMcW Times Monday .'ornsfj Z3 WT3 

APPOINTMENTS .^bl 

Group " — ' 



at Bowater 


Mr. J. S. 

been appointed sa^es 

Mr. rs 

joined Bowater CwjJjjJ* ® 
Mav 1974 as general manager Of 
rhef Stevenage plant, a position 

fe 0 hS S up to the da e of lus 

director of InterContinental 

S and before that M and 
Development director of John 

SSST»d CO. Mr 

la succeeded as general manner 

of the Stevenage plant by Mr. 
i a p. Long, who was until his 
new appointment commercial 
manager. ^ 

Mr. Jack Slmpson has been 
appointed works director of FELL 
AND BR1ANT 

*■ 

Two new appointments have 
been made to the Bo a . r .d of £• 
HILLS AND SONS, a wholly-owned 
subsidiary of the r . B ° wat * r 
Corporation. Sir. C G. Banks* 
formerly sales and marketing 
executive has been appointed 
sales director and Dir. W. II. 
Hodgson formerly pe^onne 
executhre becomes personnel 
director 

sir Robert .Mark has been 
elected a director of FOHKST 
MERE and will become its chair- 
man with effect from March 1. 
Mr. Richard Hargreaves, .-^direc- 
tor of Foresi Mere since 1974, lias 
been appointed managing direc- 
tor 


ager of Ransome 
pollard and prior to that manager 

economic Intelligence department 
the English Eiecodc Company.^ 


Mr. Simon D. Onne has ben 
appointed managinging -dirmoe-' 
of LONSDALE .SVSTEMs Sf 
newly created U.K. subodluy-^ 
SDI .Associates, the . . Canatiian 
computer sefvtoM oreanuatlonPt 


LONSD.ALE universal 

formed twu flew divisional . _ 
pames. ' Lonsdtue ■ Printing - jwr»g 
Lonsttule ‘ Piaaucs to.-supepy^ 
their expanding interests m pn5g 
uig and film plasties. The pttauig 
Board w to include «n^ 
directors . from . Lonsdait’, 

special tst printing subsidiary* 

Mr. H. Downing, D8r* ' J, jj 
H ep worth and Mr. J. faying, «{» 
group director Mr. R. N. Janej^ 
chairman- Similarly, the . fite 
plastics Board is to comprise ft* - 
j. K. Prince and-Mr. R;.w. ft 
from Lonsdale’s film plastics 

sidumes with group dir, 

Mr. D. Flint Wood as ebairma? 
Lonsdale Unncrsal Station^ 
the commercial stationery' 
sional company hast changed';^ 
name to Universal ^Statlotial 
(Holdings) and Mr. R. G. Ford 
Mr. T. M. Johnson : have ' 
appointed to this Board. Io 
sidiary companies, the follr 
appointments have been 
Mr. H. J.- Field and Mr. D. 

to the Board - of Umthhr 

paks; Mr. J. N- Dinning : -to tb. 



Mr. D. B. Dragc has been 
appointed their first director by 
the Council or the EUROPEAN 
ASSOCIATION FOR INDUSTRIAL 
MARKETING RESEARCH 

(EVAF). Mr. Drage • was until 
[recently HQ administration man- 


Board of Lonsdale Business Ford\U 2 1 ^ a 
and Mr. D. Ashton to thc.Bctt|- 
of Com bridge Jackson. . i. 

.Ur. D. J- Wnrbrick .has b« 
appoinred a director or TH 
BRITISH AM ATI ON INSURANfi ■ 
COMPANY on The resiff nation,: f , 
view of hii many uommitraenl 
of .Mr. J. N- II- Ilay. ■ ' . 


Carlsberg U.K. profits 
up by £800,000 


BY KENNETH GOODING 

CARLSBERG. the only Con- 
tinental croup with its own 
brewery iu Britain, made profits 
of £1.3m.. after interest and 
depreciation, on its UK. opera- 
tions in the year to September 
30. This compares with £500.00(1 
in the previous 22 months. 

Sales of Carlsbera U.K. rose 
from £31 2m. in the previous year 
to £3B_3m. 

Carlsberg says that the U.K. 
company’s profit is “developing 
satisfactorily " However, the 
accounts show a net loss of some 
£300.000 because they included 
an exchange loss ou repayment 
of loans to the parent conmanv 
in Denmark at the rate of ex- 
change in force when the loans 
were' made. 

Carlsberg is part of United 
Breweries in Denmark, which 
also owns Tuborg. It has in- 
vested £27m. in its showplace 
brewery at - Northampton since 
1972. 

A further £7ra. investment 
programme is under way to lift 
capacity to 2m. barrels a year 
(576m. pints), compared with the 
1. 5m. barrels. (432m. pints) il 
could produce, and on new can- 
ning facilities. 

Carlsberg started the Nor- 
thampton project in partnership 
with Watney, the Grand Metro- 
politan subsidiary, but now has 
100 per cent, ownership 

Apari from taking Carlsberg 
laser for its Watney-Truman 
pubs. Grand MeL is also brewing 
the beer under licence at its 


Stepney brewery. 

A £4ni. expansion is also takii 
place at the Grand Met; brewtf 
in Halifax and when this is co 


plete next year, CartabAruT iCC|jp4 
lager will also be brewed ther*til ' 1 J J m 


Award for steai 


railway group 

PETERBOROUGH RAlLWi- 
Society has won the 1977 awi 
of the Association of Railvi-' - 
Preservation Societies for a nu_ 
her society- which has made: 
outstanding contribution to n 
way preservation. 

It was given the award 
reopening the railway fr 


EQUr 


Wansford to Orton Mere as rrn sviPDI 
Nene Valley Railway and ope 
ing Continental steam loco) 
lives. * — 



Rates of deposits of TLflj 


and upwards for w/c 22.: 
7-day Fund % {Liu 

Mon. 6.2991. 

Tues. 639$ 

Wed. 6.297] 

Thur. .623W‘ 

Fri /Sun. 6JU&-.' 

3-Mnnth Fund « 

Wed. 


. •- , 

. .* a 
• - ■«.(. . 


■- ‘-T,' 


MARTIN 

tiie newsagent limited 

Continued growth - 

improved margins! 



■‘RIGHTS'* i 


MMoSoSw^ n ’ reportscn ^i 


Pre-tax profit £2,916,000 +36% 


SaesC6 4,95 7.°00 +15% 


Gross Dividend lO.Op + 5f°- 


yfe are confident of a further 
improvement in 1977/78 " 



: i,st l enoin, 

lhlhlib- 

pR onr before tax in smiMri w ■ - 



ff"«g r r 




LOCAL AUV H0R|Ty b0N0 TABU 


Authority 
(telephone ntimbt 
parentheses) r i» 


Annual . :. V. ■ 
gross . . .intend -MteWu® wfr. 
(merest -payable' .- attffi :. 


* 

* t?-,, 


Poole (02013 5151) „ 

% 


- .. 

Poole (02033 5151) 

91 

i-ywiT 


Redbridge <01-478 3020 - 

91 

i-year " 

- w 

Thurrock <0373 5122) 

20 

i-ywr: 

- aoa -, 

Thurrock (0375 5122} 

9} 

10 

f«tae 
1-yoar • 

. mj 

m? 


*» 

--4 \ 

* i 
Ui-i 


■SJ 

*- L 


FINANCE FOF"7jv nTI .» ra T . , M 

Deposits of £1.000.£ S 000 DLSTR Y TERM .JUttML. . 
-' / ^ rs - Interest P a id gross/ Bxeifl terms 
received noi laLer (bn a r > e «Tly. Rates for d«0| ■ 

Terms (years | 3 4 5 .. . .. . 

Interest % &J 92 T0i. S' " '-. 9 

Rates for larger an req uc4 , t ^ n| i' U 1H * 
information from /jeChler. Cavbi^r u ^Oi>lfs (o 'smi'/nrll 

Ext. 177). Cheque 
FFI is the hntdmg- 


■*:sn. 













«SS»" 


Financial Times Monday January 23 1978 

Pending dividends 
timetable 


41 


For the convenience of readers the dates when some of, 0 ? 6 
inore important company dividend statements may he expected in 
the next few weeks are given In the foJ lowing table. The dates 
shown are those of last scat’s announcements, except where, the 
forthcoming Board meetings f indicated thus*) have been officially 
published. It should be emphasised that the dividends to be 
declared will not necessarily be at the amounts or rates per cent, 
shown in rhe column headed “Announcement last year." Preliminary 
profit figures usually accompany final dividend announcements. 


Dare 


Anno un ce- 
owrt last 
yew 


Date 


Sec. Int. l.m 
Final 4.725 
Final 3.25 


Albrlzbt and 
_ , Wilson... Feb. IS Final 2JS9 
‘Alexanders 

Discount .Jan. 23 Final 9.339 
Anglo- American 
„ Sees.. ..Feb. 9 

•BAT Iods Jan. 31 

BTR - -Mar. 1 

Bum id 

Qiutlcaet Feb. 10 

•BrU. EoKalon . Feb. 21 
•RmJeh Susar . Jan. 20 
British Vila .... Mar. 3 
•Brown tJohnl .. Jan. 27 
•Carrinsion 

V!yeIU.-Feb. 33 Final 1.3475 
•ComcL Bank 

of Aust—Feb. 33 lot. 8 rents 
Commercial 

Union .Mar. 1 

Corah .Mar. 4 

DaeJan Jan. 37 

Dalsety Feb. 10 

“Davy lateral!... Jan. 24 DU. XI 
Debenture 


Final 3.7« 
Final nil 
Final 4.6457 
Final IJ5 
ML Z.B 


Sec. Int. 4 1133 
Final 4.9393 


Final 5.081 fest. 
Final 0.7 
ini. 1.1375 
|ni. S 


Co ran. 

-Feb. 17 

Pinal 13 

Dacca 

-Feb. s 

lot. 3 

•Dowry Croup 
Estates Prop. 

-Feb. 7 

int- 1.9S 

Inv. 

-Feb. 23 

Int- dj 

EMI 

-Mar. 3 

ini. 3.41 

•Filch Lovell .. 
Foreign and 

.Jan. 2fl 

Int. 1.144 


Colonial TO... .Feb. IS Final 2.0S 
Gllleit Bros. 

Discount... Feb. 23 Final R. 125 
•Guinness Peat .. Jan. 28 Int. 3.5 
Johnson Jr 

Firth Brown. .Jilar. 4 Int. 4.8S3 test. 


Announce- 
ment last 
sear 

•Hnmbro Trust ..Jan. 34 Int. 0 5 

•la Feb. 23 Sec. int. 

•Imperial Group Feb. 7 Final 3.318 

•Inchcape Jaa. 2*1 Int 8-933 

-Lloyds Bank ...Feb. 17 Final 4.422 
Marchwiel .. .. Feb. 21 Final 3.13 
Midland Bank . Mar. 4 See. Ini. * 8=5* 
•MEM Holdings . Jan. 24 Ini. 3 cents 
•NatWest Bank ..Feb. 28 Final SAPZS 

Nee pseud Feb. 25 Int. 0.6375 

Notts. Mfs. ... . Feb. 14 Final 2.0/3J 

Plrascv Jan. 37 Sec. Int. 2— 

prntliw .'.Feb. 1 Final 3.25 

provident 

Financial.. .Feb. 21 

•Bank Onen Jan. 23 

Ransom re Sima 

fr Jefferies . Feb. 28 Final 5.343 

RentnkU Mar. 1 Final 1J 

River and Merc. 

Trial Feb. 17 Final 4.5 
Royal Insurance Mar. t Final E.89S 
Scot. Hid. Inv. . Feb. 3 Final 1 2 
Sedgwick 

Forbes.. .Feb. 28 Final 6.09 test. 
SuolcF'B.i _ 

Inv. TST... Feb. 17 Int. 1.85375 
•Tale and Lyle ..Jan. 25 Final 3.71 
Trust House 

Forte Feb. 9 Final 5.6 

Unilever -Mar. 1 Final 7.01 

•Union Discount . Jan. 23 Final 11.878 
Utd. 

Real. Prop... -Mar. 2 Int. 1.23 
Wagon Finance . Jan. 28 Ftnal 3.75 


* Board meetings Intimated, t Rights 
Issue since made. 3 Tax tree. I Scrip 
issue since made [torn reserves. 


Hard work saving cash 
by switching out lights 


THE LIGHTING BILL of the 
average family's three-bedroom 
house, take a over the whole year 
is only 16p or 17p a week, accord- 
ing to a Readers Digest survey 
published to-day. 

People hoping to cut costs 
would do far better by getting 
'rid of the deep freeze than keep- 
ine lights switched off- Unless 
bulk buying cuts the shopping 
bill by 50p a week the freezer 
wai running at a loss. 

The figures are based on the 
national average electricity cost 


of 2.64 p a unit and on Electricity 
Council and Department of 
Energy information. 

Other examples of what it calls 
the “shocking” price of electri 
city are: 

• Hot water, from a 3kw immer- 
sion heater — £1.50 a week: 

6 Dish-washer— 40p a week; 

• Shower with its own hot-water 
supply— 40p a week: 

0 Refrigerator— 27p a week 

• A colour television — 25p 
week; 

• A front-loading automatic 
washing machine— 28p a week. 


RECENT ISSUES 


EQUITIES 


Mi! 

1B77/8 

1 

Stock 

i 

ft* 

5 ” 

+ or 

°S 

— c 

§?! j 

p *r e M 

[<“ f* 

Ht|;b 

Lcnr 

F H | 






F2i 


F.P. 20(1 

125 

109 

Farmei (S.W.) 

125 

+ 1 

67.5? 

2.3 9.2j 7.1 

F.P. -27 1 

Ml* 

63 

l.M.I 

60 

+ 1 

rf.29 

3.7. B.5I6.4 



FIXED INTEREST STOCKS 


19770 


Hifth I Low 


IOOI3I 
1Q£J*I 
<• I 
611*! 
» 

59? i« 

IS* 

1001; 

100 

100 

1011; 

10Z1- 

**l 

104 1; 
WOrl 
1056 
I0?1 


Stock 


1001* Agric Mort. ririiMt 1983 - 

98 |JJatb lift Eton 

90 .Cent mi £ rfheerwood 10% (Jot. La 1981. „ 

67i* Grampian He*. 1936 

qeijlHpuniiow Variable I38Z. __ 

SS6U Incoiit Notes 13P4._ 

saei.l tto. Ueb. law 


2-y 


1001*1 — 
r- ** 


1 1 ulKenriruton & U halve* ljg8M7... 


1021 * 

60 
61 
98 >a 
8961* 

i«86 M ■-» 




l« 'BZ 


ds;*l Do. Do. 

991* j Leeds Variable 1982. 

1001* Lev.-ester Variable I9K2 

Mi. 1 Kent Water 7% I9BZ. 

?t. Helena llj% Ben. 1985 

Sbeli loti. Fin. N.V. Bi% Guar. Xotea 1990. 

5ia« Furniture lOjSCum. Pref„ ........ 

Tamenlde Variable 1985. ..._ 

IX. \Oii% Had '64-6 .. 


1001* 

98 

59a 

»» 


li&pi 1’ork Inner 10% Fret-.. 


141 
1 100381 

•100 

100 

1011 * 

1021 4i 

8963* 


+ or 




+ i« 




“RIGHTS” OFFERS 


Up 

il >■ 

p: 

** 

Lot 1*1 
Kenunc. 
Dstea 

• | B 

19T 

Hiffb 

5 

ml 

31/1 

24/2] 

Zfipm 

‘i 

V.l 1 . 

16.18 

zn 

la 

j 

F.P 

6/1 

:o/i 

76 

2 

F.F. 

23/1 

27/2 

51 

■J 


24/2 

10/3 

321* 

J 

■ ii' 

13/1 

10/0 

21pm 

21; 

ull 

24/1 

6/2 

ljf.ni 

J 

i-.r*. 


27.1 

tJ 

t 

F.P. 

6/1 

10/2! 81 

•J 

nil 

1/2 

— 

11pm 

a 

Dll 

26/1 

9/31 JUpm 

>.h 

III) 

17/0 

3-51 66pm 

"n F.P. 

25/12 

18/1 

Hi* 

B 

nil 

— 

— 

20 pm 

i 

F.P. 

IB/1 

3/3 

40 

J 

y. p. 

lb/12 

07.1 

90 

/ 

F.P. 

19/11 

16/S 

IS 


F.P 

12/lfc 

18.1 



F.P. 

11 

K7/1 

41 


Stook 


22pm: Arlington Motor 

•Ml*ltiriit\KRl Gunrtry 

66 |Uatileform _ 

oovini'Cliriri.v Hrm 

S6pm.l-rttnni. Bank of Aurtralla...- 

H'pnijli'lMr Industrial 

lg[rm [Johnson £ Barnes .. 

afl [Johnson Firth Hrrnrn 

2 >pm L.H.C. latematlonal 

SOpmjMulrbeori 

43pnr .National Bk. or AustmlooU. 
Paw-on W. L. 


l|j^rii|Preedy (Alfred) 


84 

11 

35 


14 'B.C.F. 


Kff-unl Kill# way. 

3lurta (Geo.> - 

Util. Srfeflt>fir._ 

William* tJ. Cardiff)- 


OkMbu 

"T 

1 

+ or : 

r 

26pm 

38 

+t 

76 

+ B r 

46 

a 

42 pm 

-I 

18pm 

..... 5 

“ft" 

n 

81 

+ !* B 

Slpm 

29 pm 

+ 4 

ir 

+ 1 

20pm 

+i 

40 

84 

+ i 

IS 


288 


42 



denunciation date usually last day for deallns free of stamp duty, b Figures 
’ d an prospectus oirt unale. a Assumed dividend and yield, u Forecast dividend: 
. r based on previous year's earn toss, r Dividend and Jicld baaed on prospectus 
tficr official estimates for 1979. q Gross, t Flsurcs assumed, r Cover allows 
'■n version or shares not now ranking for dividend ar ranking only for restricted 
■nds. j placing price to public, PS Pence unless otherwise Indicated. 1 Issued 
■iMer. h Offered to holders of Ordinary shares is 1 " rights." •• fUghu 

jv a r capitalisation. +t Minimum lender price. (I Reintroduced. 13 Issued 
nnecuon wUh reoncanisatJon mercer or take-over, nn introduction. Q Issued 
irm«r Preference holders. ■ Allotment tellers for fuily-paidi. • Pranaional 
’nly.paid allotment letters. * With warrants. 


base lending rates 

A.B.N. Rank ?i% ■ Hill Samuel 3 6i% 

\llied Irish Banks Ltd. 


61% 

American Express Bk. 64% 

Amro Bank 6i% 

A P Bank Ltd 64% 

Henry Ansbacber 65% 

lanco de Bilbao ----- 64% 
3ank of Credit ftCmce.l! 61% 

Sank of Cyprus 64% 

Bank of N.S.W. 6 % 

Banque Beige Ltd 64% 


C. Hoare it Co t 64% 

Julian S. Hodge 74% 

Hongkong it Shanghai 64% 
Industrial Bk. of Scot, 7 % 

Keyser Ullmann 64% 

Knowsley & Co. Ltd.... 9 % 

Lloyds Bank 

London & European... 84% 
London Mercantile ... 64% 
Midland Bank 64% 


Banque du Rhone 


74% 
6 i% 
64% 
64% 
9 % 


Barclays Bank 64% 

Barnett Christie Ltd.— 84% 
*remar Holdings Ltd. 
rit. Bank of Mid. East 

•'own Shipley 

mada permanent AFT 
^apitol C & C Fin. Ltd. 

^ayzer Ltd 7 % 

-edar Holdings » % 

. 'harterhouse Japhet— 63% 

E. Coates 74% 

Consolidated Credits... 7{% 
-o-operative Bank ...* 61% 
'orintbian Securities... 64% 

-;dit Lyonnais 64% 

pi Cyprus Popular Bk- 64% 
incan Lawrie I 6 !,r ' 


7 % B Samuel Montagu 64% 


64% 
6 *% 
64% 
64% 
Bi% 
04% 
7 % 


il Trust 

fc dish Transcont. .. 
■t London Secs. - 
/•« Nat. Fin. Corpn 
rt Nat. Secs. Ltd. ,. 

any Gibbs 

J de Durrant Trust 
:yhound Guaranty... 


I 


64% 
8 % 
64% 

9 % 


Morgan Grenfell 
National Westminster 
Norwich General Trust 
P. 5. Refson it Co. ... 
Rossminster Accept’cs 
Royal Bk Canada Trust 
Schiesinger Limited ... 

E. S. Schwab 8*% 

Security Trust Co. Ltd. 74% 

Shenley Trust 9*% 

Standard Chartered ... 64% 

Trade Dev. Bank 6J% 

Trustee Savings Bank 64% 
Twentieth Century Bk. 7J% 
United Bank of Kuwait 64% 
Whiteaway Laidlaw ... 7 % 
Williams & Glyn’s ... 64% 
Yorkshire Bank 64% 

g Members of the Accemlns Hanses 
Committee. 

■ 7-day deposits 3%. I -month demits 


Jon. 20 

FniDKIilrl 

Frenkrurt- 



Sew York 

47.13- IB 

Pan* 

22.53-05 

>inime<a.... 

la.49-54 

Uadna 

>.093.-109 

A mu' Jam.. 

m7.06..!l 

'.//rich. 

94.0754 ^6 


3i%. 

S % t 7 -day deposits on sums of £19.000 
Rite and under TV. up to £25.000 31% 
St£ and, over aj.OOO 
1 f « t Call dcpoaitt over n.DW 

..... 8 Demand deposiu 4%. 

idlays Bank t 64% 7 Ratc ^vites to Sterling lod. 

^ncss Mahon 6J% n 7^ a y deposits 3|“. Rates for Term 

nbros Bank 64% Deposits over £1.990 negotiable. 


INTERNATIONAL COMPANY NEWS 


MINING NOTEBOOK 


Astra earnings 
rise in 1977 


BY JOHN WALKS* 


STOCKHOLM, Jan. 22. 


ASTRA, the Swedish pharma- 
ceutical group, reports a 12 per 
cent increase in pre-tax earnings 
to Kr.ll5m. (£L2m.) in its pre- 
liminary result for 1977. This 
follows an IS per cent, rise in 
sales to Kr.l.Tbn. from Kr.l.4bn. 
in 1976. Sales last year were 
better than forecast 
Group sales in 1978 are fore- 
cast to rise to between KrJ?bn. 
and Kr^.lbn.. equal to an in- 
crease of between 14 per cenL 
and 20 per cent., the managing 
director, Mr. Ulf Windengren. 
reports. The calculated net profit 
per share amounts to Kr.17 for 
1977 compared with Kr.15 for the 
previous year. Investments in 


1977 In the group’s buildings, 
machinery and inventories 
amounted to Kr.l25zn. and are 
planned to be stepped up to 
about Kr.l6Qm. in 1978. The 
concern's liquid assets amounted 
to Kr.l80m. at the end of 
December, compared with 
Kr.l72m. at the end or 1976. 

Sales in tbe pharmaceutical 
division in Sweden showed a 10 
per cent increase to Kr.4S9m.. 
while exports went up by 20 per 
cent to Kr.7S8m. Tbe chemical- 
technical division’s 14 per cent 
increase In sales last year to 
Kr.300m. was lower than antici- 
pated but the Varia division 
showed a 32 per cent, rise In 
sales to Kr.lTOm. 


Northern Telecom gain 


BY ROBERT GIBBENS 
NORTHERN TELECOM* the 
manufacturing arm of Bell 
Canada with one-third of its 
stock in public hands, earned 
SCI9Bm.. or 75 cents a share, in 
tbe fourth quarter, against 
SC16.7m-, or 63 cents, a year 
earlier, excluding special items 
io both periods. Sales were 
$C32l.4m.» compared with 
$C279.5m. 


MONTREAL, Jan. 22. 

Earaings for all 1977 were 
8C81.8m., or SC3.09 a share 
against $C73-9m.. or SC2.79, ex- 
cluding special items, on sales of 
SC1.2?bn., compared with 
3C1.11 bn. 

Results for 1977 include Cook 
Electric of the U.S., acquired in 
December. 1976. and Bell- 
Northern Research. 


Hoogovens short-time working 


BY CHARLES BATCHELOR 
HOOGOVENS. the Dutch arm of 
the loss-making Dutch-German 
steel group Estel, plans a further 
six- week period of short-time 
working starting on January 29. 
It will affect 10,700 of the 23,000 
workforce at its steel mill on the 
coast at Ijmuiden. 

These workers will on average 
have an 18 per cent, shorter 
working week. This will be the 
fifteenth six-week period of short 
time at Hoogovens since tbe 
company began cutting back pro- 


AMSTERDAM, Jan. 22. 


duction in March 1975. At pre- 
sent 17,000 et the plant's person- 
nel are working at 27 per cent, 
of normal level. 

Hoogovens steel division has 
been working at only 60 per 
cent of capacity in the past year. 
It produced 4.6m. tonnes of 
crude steel in 1977, 300,000 
tonnes less than in 1976. The 
Estel group expects a record loss 
in the whole of 1977 after a loss 
of F!s.262m. in the first nine 
months. 


Toshiba 

profits 

down 

sharply 


My two suggestions 
for gold price bulls 


TOKYO, Jan. 22. 

TOKYO SHI B AURA Electric 
Company (Toshiba) consolida- 
ted net profits for the first-half 
ended September 30, fell 
sharply to Y134nu down by 95 
per cent, from ihe T2.845bm 
In the same period a year 
earlier, and by 81 per cent 
from the Y724m. in the pre- 
vious six months period. 

Toshiba said the sharp drop 
In net profit for the half year 
was mainly due to sluggishness 
in sales of home electric pro- 
ducts and communications 
equipment. 

Foreign exchange losses 
were also an unfavourable fac- 
tor. according to the company. 
Toshiba suffered from about a 
Y4ba. foreign exchange loss as 
a result of the steep rise of the 
ven’s value against the dollar 
In tbe half year. 

Consolidated enles in the 
half-year rose Y726.5S2bn., up 9 
per cent, from Y686Jl35bn. in 
tbe year-earlier period, and by 
1 per cent, from Y717-867bn. 
in the preceding six months. 

Exports showed a year-to- 
vear increase of 38.1 per cent, 
to total Y158.465bn^ compared 
with YI14.774bn. a year earlier 
and wore tin T6J2 per cent, 
from the Y136.324bn. in the 
preceding six months. 

Sales or home electric pro- 
ducts daring the half rose 2 
per cent., to Y 290.644b n. from 
Y284.819bn. in the same period 
a year earlier, and showed a 
1 per cent, gain over the 
Y287-855bn. In the previous six 
months. 

Heavy electricals sales In- 
creased 36.8 per cent on the 
year, to Y184.824biL from 
Y135.035bn. and were up by 
3.7 per cent, from the pre- 
vious half-year figure of 
Y1 78. 176 bn. 

AP-DJ 


BY LODESTAR 


One question has kept ringing 
In my ears during tbe recent 
rise’ in the gold price. Which 
South African shares should be 
bought to take fullest advantage 
of any further strong upward 
movement in the bullion market? 

First of all I would discard those 
of old marginal mines such as 
I East Rand and Durban Deep. True, 
they tend to move up fast when 
the gold price takes off. But If it 
should go the other way for any 
length of time then such mines 
would die pretty quickly. 

So, as the life estimates given 
here recently indicated, it is wiser 
to go for mines which can at least 


[live on. if the buUionjjrice does 


not fulfil the currently bullish 
expectations of many observers. 
In this class, two suggestions 
emanated- from a visiting 
Johannesburg analyst after he had 

finished fulminating about 
London's winter weather. They 
were Li barton and Western Areas. > 
The December quarterlies have 
underlined the impact that a 
higher gold price can. make on 
their profits. Thanks partly to the 
income boost given by the upsurge 
in sales of Krugerrands during the 
later part of last year Libanon 
obtained an average of $175 an 
ounce for its production. 


Impressive 


Net profit after allowing for the 
loan levy was equivalent to an 
annual rate of 185 cents a share 
or 140 cents if tbe estimated 
capital expenditure for the year 
to next June is deducted. These 
are impressive figures in relation 
to the 1976-77 dividend total of 
45 cents. The interim for the 
current year was raised to 40 
cents. 

For Western Areas tbe Decem- 
ber quarter’s net surplus equals an 
annual rate of 53 cents a share 
even allowing for the full deduc- 
tion of last year’s heavy capital 
expenditure. Here again the earn- 
ings figure looks attractive when 
! contrasted with the 1977 dividend 
total of 13 cents. 


.. The saga of this column's advico 
to readers who have' been eager 
to hear the buying bell rang for 
the highly volatile shares of South 
African antimony producer Con- 
solidated Murchison can now be 
rounded off. As anticipated, the 
poor December quarter results, 
although they had been officially 
foreshadowed, initially put the. 
price down to a 1977-78 “tow." In 
fact, the company , made a small 
loss in the .period, its first for 
many years. 

Tbe 12-month figures show that 
by paying any final dividend at 
all the directors were at least 
showing some degree of confi- 
dence in the future in that, after 
allowing for capital expenditure, 
the 1977 total of 30 cents 
represented an over-distribution 
of profits. 

The figures also Indicate the 
stocks bufld-up during the year, 
19,324 tppnes of concentrates and 
cobbed ore 'having been produced 
but only 16,391 tonnes shipped 
-for sale. The 'company Is thus 
well placed to take full advan- 
tage of any revival in the mar- 
ket for antimony. 

When this will come about Is 
the number one question now. 
There are scant signs of it at the 
moment So the buying bell for 
Murchison shares is not yet ring-- 
ing loudly but it could at least oe, 
tinkling. Friday's price was 280p. 


overseas companies” for a joint 
venture, Mrs- Phillips says- But 
in London OfC shares linger at 
a. lowly 24p- 

Tbe opinion .has bees expres sed. 
more than once in column 
that the splitting-up of tbe biff 
Na van zinc find in - Ireland into 
two mining components with 
Canada’s Tara company working, 
one part and Ireland's Bula the 
other. .'was. to be. . d-eplo.red,. 
especially from, the technical 


is thus pleasing to hear. that 
the Irish Minister for Industry; 
Commerce and. Energy, Mr. 
O’Malley, agrees with this view; 
He described -joint working of the 
whole orebody as “the ideal 
thing," Unfortunately, he reckoned 
that it was now “ hot on.” Sorely 
even at this late stage It would 
pay both parties to stage a get". ' 
together.* After, all, the Govern* 
ment is a common denominator. 
It holds a free 25 per cent, stake: 
in the Tara deposit. 


Controversy 


Nickel casualty 


Money and Exchanges 


Bank of England Minimum 
Lending Rate 64 per cent. 

(since January 6, 1978) 

Bank of England Minimum 
Lending Rate has been at 64 per 


1UUI t UHbl/i lll« UlUlIt/ OU|ipiJ 

figures, announced last week, 
were roughly in line with the 
expected growth, and although 
outside the target range, were 
not as bad as may have been 
expected in some quarters. 

Interest rates Cased slightly on 
Thursday, alter the money supply 
figures were published, but it was 
hard to judge how far sentiment 
bad Improved. The Treasury bill 
tender was looked at to give 
guidance, and the average rate 
of discount was only slightly 
above the trigger point for a cut 
of } per cent, in MLR. 

Earlier last week the market 
was described as morbid and even 
moribund, giving rise to the 
thought that perhaps a period of 


stability could be beginning. This 
is something that the market has 
learned to live without over a 
very long period. Capital profits 
have been easy to come by for 
the discount bouses, but making 
a running profit, that is a profit 
on investments over the average 
cost of money, has been another 
matter. Day-to-day money has 
been expensively close to the 
level of MLR for some time. The 
scope for making capital profits 
is now much reduced and there- 
fore the houses will be relieved 
to see any indication of an easing 
of the overnight credit situation. 

If this should happen, but at 
the same time threaten to bring 
with it a cut in MLR. there 
should be ample opportunity to 
prevent it this week. A major 
doubt remains the attitude ol 
the authorities, since a fall in 
MLR may stimulate gilt-edged 
sales, but create further problems 
over money supply. 

The Bank of England will 
obviously keep a close watch on 
events in die U.S.. where there 
was speculation, art the time of 
President Carter’s State of the 
Union address, that the Federal 
Reserve discount rate may be 
raised again to reinforce sup- 


port for -the dollar. 

Initial reaction to the Presi- 
dent's speech was that it con- 
tained nothing new, and this 
depressed the dollar in the Far 
East before Europe began trading. 
Trading was rather thin, however, 
partly because of the lack of busi 
ness in New York, with several 
banks reported to be closed on 
Friday as a result of the snow- 
storm which crippled the city. 
Morgan Guaranty in New York 
still managed to oriculate the 
dollar's trade-weighted depreeia 
tion since the Washington 
Currency Agreement. which 
narrowed to 4.51 per cent from 
4.ii per cent, on the previous 
Friday. 

European central banks inter- 


Both shares, Libanon at 470p 
1 and Western Areas at 2l4p, 
should thus be particularly 
responsive to fresb advances in 
the gold price in our South 
African friend’s opinion— and 
mine. Western Areas could have 
some uranium potential in due 
course. 


I gather there is still interest 
on this side of the world in that 
Aussie nickel boom casualty. 
International Mining Corporation, 
which, continues to be headed by 
that colourful personality Mrs. 
Millie Phillips, who -once said at 
an annual . . meeting in those 
rumour-ridden days that she had 
beard them all including one that 
she was pregnantl 

Anyway, IMC soldiers on except 
that its target is now uranium, 
the search for which is just as 
fashionable these days as that for 
nickel was in the . last decade. 
The company’s current prospect- 
ing is in the area of the Northers 
Territory's Rum Jungle, the rite 
of Australia’s first uranium mu»y 
now closed down. 

IMCs consul ting ^ geologist has 
recommended an exploration 
programme in the dry season of 
the down-under winter. Negotia- 
tions are in progress with “ major 


Mr. O'Malley considered that 
work was unlikely even to start on, 
developing the Bula section until 
" well Into 1979," partly owingto 
planning permission delays. Tbe 
Government’s stake lh this section 
is 49 per cent of which 25 per- 
cent was obtained for nothing, 
while 19.54m. is being paid for the 
other 24 per cent., a sum about 
which there bas been a good deal 
of controversy, as previoosly _d> 
cussed here, quite apart from that 
recently sparked off. by., the 
pec uliar voting rights situation. * 
r- At -least the Tara section- la 
already In production- t gather 
that some 5,000 tonnes of .ore a 
day is being mined, half; way to 
the 10^00-tonne target which It 
is expected to attain by the end 
of the year. What .the principal 
Tiara shareholders, Norandif 
Cmninco, Charter and, Northgate. 
must now hope for is a recovery 
in tbg presently depressed price 
of the major product, sine. 

■* * 

On Friday platinum “fixed " in* 
London .at S20L50, the first time 
it has . been above $200 an ounce 
for some four- years. A further 
advance in the South African 
mines’ producer price from $18ti 
is . thus : expected soon. Trade 
sources reckon the free market Is 
heading for 3350 and that only- 
then will Rustenburg think *botxt : 
restoring its production cuts. 


INSURANCE 


Industrial safety and effects 
of this year’s regulations 


if; 


J! 


BY OUR INSURANCE CORRESPONDENT 


vened to support the dollar during 


tbe week, including the Swiss 
National Bank on Friday, as the 
dollar touched a tow point of 
Sw.Frs.1.9825 before closing at 
Sw.FrsJ.0025, compared with 
Sw.Frs. 1.9737 4 on tile previous 
Friday. 

Sterling was unchanged on 
balance, finishing the week at 
Sl-9320-1.9330. Its trade-weighted 
index rose to 66.1 from 65.8, 
according to Bank of England 
figures. 


Jan. 20 
1978 


Ownfghi._... 
2 day* notice— | 
7 diyi or 
7 days not Ice— | 
One month 


Sterling 

Certificate 
of •leponlts 


B.V** 

6U-0!, 
6i«-6 
6*-6l4 
6tt-6l* 
65* -65* 


Interbank 


6 -12 


6l a -65s 

6i*ejf 

6t*-63e 

efe««4 

6*-65s 

6S«67, 


U*l 

Authority 

depo»lt« 


6U-6U 


6l|£l« 

eu-e* 


fit (-614 
65* -fit* 


6T 8 .7! 8 

a -Sri 


Local A uib 
negotiable 
bonrta 


83.-6 3i 

63.-61. 

63.-6t 8 

fifit-B 

6T 8 -6Se 

71*63. 


Finance 

Hou«e 

Depnalu 


61. 63. 
631-6SB 

61.-61* 

6»s-67 8 

7U 

7l 8 


Company 

Deposits 


63. 


63. 

6*a 


63s 


Dbo-imi 

market 

ilepoeit 


6 -61* 


6>«63a 
6 -6ig 

STa*6 


Treasurv 
BUI* * 


83.-53 

S3 


Eligible 

Rqnlr 

Btll«4> 


8A-6U 

6ia 

5(4-6 


Fine Trade 
Bill. $ 


63, 

6*. 

63, 

63, 


Local atrthmres and finance booses s eweft days' notice, other* seven n r» fixed • Longer-term local authority ranruuge 


laper. Buying race »or hmr-ntomh bank bills * 152-11 ia per renr.: /oar-month iradc bills *1 per cent 
t°r one-month Treasury Wll* l“* w; cent.: urn- month 0 «r cent.: and three-mnnih 


Approximate wiling rate ror one-mootn Treasury 0111 a a 1 '*! p-.t cent.: t inv month per cent.: and three-mnnih 

»: pe- wot Approximate setting rate ror one-month bank bill. at- cent.: two-moo lh t-tiu per ceni.: and Three- 

aili 34-a*>; oer ceni. One-month trade bills SI per cent.: two nmnih n| pe- ceni.: and also three-mnnih SI per cent. 
Finance Home Base Rates {published by the Finance Hmtses Aiwjoa'lno . « per cent, from January 1 . 1173. Clearing 


THE BRITISH Insurance Asso- 
ciation, in conjunction with 
Health and Safety Executive is 
holding a one-day seminar on 
Wednesday on Safety -Commit- 
tees and Safety Representatives 
— some implications for Industry. 

Tbe venue ts Sudbury House, 
Newgate Street London, E.CJL 
proceedings start at 10 a.m. and 
the cost is £18.50. to include 
buffet lunch and light refresh- 
ments. 

I mention this because I 
gather there are still some places 
available which can be reserved 
on a telephone call to Mrs. Judy 
Bell (01-248 4477). 

This seminar is one of a con- 
tinuing but intermittent series 
that the association and the 
executive have been bolding 
sance the executive came into 
being. 

It focuses attention on safety 
committees and safety represen- 
tatives, because autumn will sea 
the introduction of statutory 
regulations made under the 1974 
Act and dealing with, the estab- 
lishment and duties of com- 
mittees and representatives. 


Hrr 
’ 1% 


Average leade*- rales of discount 3.7747 per cent. 


FOREIGN EXCHANGES 


GOLD MARKET 


Jon. 80 


Montreal .... 
VraatenUra 

Iruawla 

.'npeabagen 
.''ranklurt... 
Uialnn .......' 

VolrtiL 
Milan .... 

Jsln 

r^ri. 

-to Uhoim.J 

r<ikrr> 

Vienoa 

Zurich 


Bank 

toted 

% 


6i 2 

*4 

4ij 

24 

b 

i 

U 


114 

8 

84 


Market tote 


OTHER MARKETS 


Day*. 

Spread 


Cloae 


Note* Rate. 

. .Iiw.l 

Australia ,.| 1.6844- 1.711* tuatna j 


39-20 


EHIS'I-.iSil-fHS'HS?! -I : Beirium”"j 62i-fioi 


d — I 779-7tO Brazil I 52-56 _ 

*J J94-I0 -554V. iw,l« ...2. 12i-2-14* P. pen, , n «r"-' 


2.1340.9.1S90 Finland — 

Greece 

8S.EfiE5.G0 
11.151-11.144 
4.0974.10* 

. I7.S0-77.S0 . 

15640-166.20 (:G.9Q-!S6.00 Ue«y la ..J4.s72 ‘-4.B3KUtaly .... lIEEO-lTSO 
1.094-1.092 i1.M4r1.815S N. Zea’an 1 1.99:5- l.aOEZ 1 larin. I <60-460 
9.97- .38 3eu.ii ArtK fa.6l-S.7o j.Xethen’n/ 

9. 14. j .IB aln*ipr,r* ,;4.503IM.i:B0 N i -nrav ... 


Z. 1540-2. K5B| 
j4.5/i a 4.41 
G5.4S5S.BS 
>1.15-11.19 
[4.J. 4-4.12 
77.40-79.40 


Gold bullion 
to floe ounreil 
Cloie 


BonzK’no! fa.W-8.7J IDenmirk'.. il.OS l'l.26 horalncfix’s 

I 152 158 fine •. 10-5.25 ... 

Kuwait. — i 0.557 0.547 ,Grmuint-. J.004.1B Aftern nfis *i 
UixemVv.; B1.5j-a;.GJ 'iree-e 7E-B1 


9.96 10.00 
9.1H2-9.17 
[9.001* 9.041; 
482475 
29.50-23.55 
5.85i 9 .5.B9 


| 9.007 8.017 S. Africa. ..1.67 IB- I.E977H-. rI , 1 ,j i f.. 

1488 12-468 if tr.s toiaiwT.....; 

I 2-.58-t?.4B Uanata. — ' |Swi!i , i,n,. 


450445 

i.;0-:Q. 10 
(5-95 
I55-1E44 
560490 
.924-1.9 


Go'd Coin .... 1 
domealtealir 
Krusemnri. 


- . ]e«ri 1 z'I,n 

5.064-5.873 VS1 1 l j 

■ ~~~ ' - ■ " - — ■’ent-J 90.60-90.55 IVugotlmriaj J7i-69| 

tKaiu gtoea are for eoaverUbta franc. — — — 2 — 

Financial franc 6J.SM3.73. Rate given for Arsentina la a tree rate. 


New Sor.go* 

Old SoVr^n- 


□nld Coin*... 
ilmemat’llyi 
Krugerrand 


Jan. 80 


8 1723,-173 1* 
51733, 1741* 
S173.SO 
1 £89.607) 
8173.05 
£89.547) 


Jan. 19 


S 173. 1733, 
S172I..173 
5172.83 
<£89.868) 
5173.45 
£89.708) 


S 1783, -1803, 
j<£92>i-93l*i 
854^6 
|(£28-29i 
S62i*-641 8 
|i£27 14 . 381 .) 


EXCHANGE CROSS-RATES 


S'wSorr'jfn 
Old SoTr’gnj 
835 Koglea — ■ 


51783,-1803, 
|(£92i|-93i|i 
8531*651* 
(£273, -2b 3 , 1 
8921*-54i* 
<£27l,.28U) 
62531* 2581* 


S178L-1B0I. 
i£9Z 14-031*) 
8531*^81* 
£273, 28S,i 
S63I.-54I4 
l £27.28) 


917814-1801. 
£921.-9314) 
SS31.-66I4 
£37 ■*- 28 if) 
SS2]44i 
£27-38 1 
8255-258 


New York j ton* 


I 2.U26-40 44. 

— 21.10 
e.724&.7?6a — 


?0-90 

tats 


32.91-90 

1.932^33 


9.14-15 


bruw«U ) Lno.lon jAmw’.l'ml Znricn 


FORWARD RATES 

r One month pThree month. 


■‘■4P • 4.U3 113 ) AJJ3-»B 
3.0?* OJa I.r330-95!r.' 44.00-10 
I»JSl 395 9.14-K ! JU-.07-&7 

- 6i.6-v3G I 14.17-52 

b3.50-)0 — 1 ajOJO 


.2704- :T-7i 48.0B&4T«6 ! -. 1 * 8 . -40‘S « J975^<J> _ 

2.O0i76 |42^5>'544 .-4.01*4- 10uu 3.6664625 0*4 *4 7r 


105.65-95 
«9.rt-97 
236.040 
16.4 1-cO 
3.8*t* 4 

I13J7S425 


-New V. irk |0. 10-0.20 iil.]J.30-0.40i-.dtr 


liJi S in Tmxmto U.S. 5 = 1 10.4044 iJnniHi, n ■■enta. 
Canadian 8 in New York = rO. 48-50 ceni*. U.S. 8 iti lliian S72.COJO 
Sterling in Milan IEE3.25-153S.75 


Montrw.jO.Cfi 0.18 c. •>tr[ 
Anin'.Um 1 ! <■. pm-uar 
' LS dia 
,-13 ore dli 
pm 

dU 

Ala-In I 196-165 ,iia 

Alliao 114-23 llrodla 


S-lSi-. di» 
7 ^ 4 V. ^p'nh-n 11-13 ore < 
175-426 y-mfikturt l#6-&8 P*. 1 
Li^Oon |65-165 c. i 


»u.o iirortla 1 * 00 lire tilt 

Uilo... M faV-lOl, ore dli 2 /- 2 y nredta 

tori* 31.41. rti* 13-14,.. Ji* 


ntockb'im'3*4-3i. oredla |11.13uretiia 
Vienna... 4-17 ,n,ili jl>i3 ;ro ,Ua 
Zuruh ;3>.-Z i« pro 1612-41* l-. pm 


0.2U-0.30 | 

23 ,- 13 , pm 
la-SO .-.d la 
50-32 ore dta 
4-3 pi. 1 1 in 
300 - 600 d la 
410-510 c. din 
I 42.60 lire dla 


Objectives 

The programme includes .a 
statement of the objectives of 
the Health and Safety Commis- 
sion by Mr. V. G. Munns. assistant 
secretary of the Health and 
Safety Executive, and a dis- 
cussion of the factory inspector's 
role in safety, by Mr. J. D. G. 
Hammer, chief inspector of 
factories. 

After what might be called 
this “ official " exposition come 
sessions in which will be con- 
sidered parts to be played by 
insurers, employers and the 
trade unions. 

Even from this outline, it is 
clear that the message that 
i usurers and the executive want 
[ to get across is that safety Is the 
concern of all who are Involved 
in tbe industrial process. 

As I mentioned a couple of 
weeks _ ago, noise is only now 
becoming one of the major indus- 
trial compensation problems of 
the late 1970s, although many 
industrial workers have been 
employed ail their working life 
in conditions now regarded as 
too noisy for safety. 

Noise is typical of industrial 
safety problems hitherto, all 


JOINT COMPANY ANNOUNCEMpNT 

CULLINAN HOLDINGS LIMITED 


AND 


ANGLO AMERICAN GOAL 
CORPORATION LIMITED 

/ Both incorporated m the Republic of South Africa) 

VITRO CLAY PIPES 

Cultinan Holdings Limited (“Gullinans’*) and Vereenigtng. 
Refractories Limited' (“VR”) each hold one half of the issued 
share capital of Vitro . Clay , Pipes; Limited- .(“Vitro”), ‘ 
manufacturers of vitrified clay pipes and fittings for the house ’• 
drainage and sewer markets. 

Agreement bas been reached between Cullinans and Anglo . 
American Coal Corporation ‘Limited (“Amcoal") for the sale •’ 
{* in 2> a I scares in Vitro at present held by- Qiffianns » 

with effect from 1st January 1978. Amcoal holds 51 per cent 
of the ordinary shares in VR so that Amcoal’s direct and ■ 
indirect interest In Vitro will be 755 per cent 

. ,, Th 5. Purekase consideration" of R300. 000,. payable In. cash, 
rails short of the value at which 'the investment stands hr 
Cullman s books but the sale will have the effect of eliminating - 
the results of Vitro from, the financial statements of the '. 
Cull loan Group. The purchase of .these shares iii Vitro will .* 
have no material effect on the financial position of- Amcoal- >* 
Johannesburg XMhJanuary 1978 


EURO-CURRENCY INTEREST RATES* 


Slx-ffiontb forward dollar 0 . 674 . 77 c fits. 
E-mom b OJO-OVOr ms. 


, ' J— 1 • wwi,.ra lf-UWUUIIIULniU|l \ 

Units and Artxithnct Compound Fund 


CURRENCY RATES 


Jan. 20 

Steriinc 

Canadian 

Dollar 

U.S. Dollar 

Duicti 

Guilder 

dVUlB 

mne 

1 w.u^natfi 

. mwk 


Special 

Dravina 

[•barf lam... 

7 da vs dc 4 Ice 
Maatb 

ajt 

n* 

6l^-63 4 

6-7 

6«e-7sa 

6t 3 .7i s : 
7- 71. • 

4ta-41, 

41,.4S 4 

r-r«4 

a.g 3 


Jan mn 20 

6S.-7 

71,-71* , 





Six monihi... 
One vror- 

6 

7M-71, 

7A-7A 

l&ln 

7IJ-73, : 

7»a 

43*45* 

«va 

lit- 1 ri 

24 ty 

3A 

1 Sri -3 A 

U.S. ilmlar..... 

Cana llsn 

Aascnt <b.... 

1.21207 

1.33934 

18.4700 


Eiro-Frencfa tteoosii rates: two-day 8 *- 9 i per ceni.; seven-day 10-103 per cam : 
one-montli BlMJ per cent.: ihree-monUi 133-121 per era:.: su-mamli 131 ie-i 3 fai. 
per cent.: One year 131-131 per evot. 16 9 

Long-term Eurodollar deposits: TVO yean 9 - 8 * per cent.: tnree years 8 *ffi Per 
cent.: lonr sears 93 u 4 Sn per cent.: five years s*- 9 i per cew. 

The lollowing nomiaa] rates were owned lor London dollar certificate! of draoslf 
one-month &3a->.03 per ceni.; three-month 7.15-7.25 aer cent.; six-month 745.753 
per cent.; one-year 7 70-7.80 per cent. 

• Rates ore nominal calling rales 


t Shun -term rates are call lor sterling, Ui. doBaix and ranaii ian dollars: two 
dart* notice !« suliflera and Swiss trancs. 


Hai^un franc 
brnlih irroar . 
Lteiii-.-heniarfe 
Dutch euluier 
Fren.-ti inn-.. 
lU'un nrH„... 

Sorw*y krone 
S|wlo rc»l*- 
Swedi-h krone 
S*i« fmiift.... 


39.9347 

6.99364 

2.07407 

2.7532Z 

9.73370 

1097.06 

292.897 

6.25307 

97.8262 

5.66097 

2.43202 


European 
Unit <x 
Accoun t 
J. nuiin 2T 


0.632084 
1.22225 
1.35157 
18.6220 
40.270 Z 
7.05454 
2.59638 
2.77976 
9.78530 
1066.74 
295.669 
6.30698 
98.6407 
9. 70398 
2.44877 


The Scheme of Amalgamation proposed to 
Certificate Holders of the above Unit Trust funds at 
meetings held 00 9th December 1977 was duly 
approved and therefore came- into effect bn 
1st January 197K 

Certificate Holders in Arbuthnot High Income 
rimd Units wifl be Issued with one Unit in 
Aroutnnot High Income Rind for each Unit 
prewousfy held by them on 31st December 1977. 
Unitholders shoo Id retain their existing Certificates' 
as they will remain valid. 

Certificate Holders of Arbuthnot Compound 
Fund wifl receive the following Units In Arbuthnot 
High Income Fund for each Unit held on 


December 197£ together wfth the sane 
«®™on of a Unit for everyfraction previously held: 

Aifanfimt Campoond - Member iff Usits to 
Fund ... be is 

Unit . 

tocomeUniCB - . *084593 

Accumulation Units ... 090046. 

Withdrawal Units ' ; 062085 


ARBUTHNCff^K^dteg: 


New Unit Certfficates vwff be forwarded to such 

hotoersonorbeforeTSth February 1978. • - 

. may be obtained from 

ArtaithncrtiSecurWes-Lbiritett'S? QueBti Street ' 
hondoaffC4R iBYTetepfrone: 01-236 S28L . ./'* 


concerned in Industry have all safety rules on the JDtroductioaL 
too slowly become aware, of the of new processes. . 

dangers of particidar processes. The- in troductipn of new xegu- 

whatever steps lations ninst have some impact 
J” 5^,?l^v, rem ° ve OP the relations even of those 

45 a f“ bst ? nt,al industrialists and unions, man" 
c? a a » nC f?.«.i? un !f “ falll,1B | ttP^ -agemrat and shop floor, weir 
fiS!fn£ n iS,^ d tt ? on eni .£ oyers experienced In safety enforce^ 

For them and everyonT 
° r else, with the statutory require- 

^ hindsight these could have m ent of safely committee and 
pertaps 67611 representatives, the emphasis, in 
prevented. the future will be upon fore- 

vStatirtnrv ■ . .. . sight, not hindsight 

o d utury ; w jj en discharging their 

All who have been concerned statutory duties by sitting In 
with the transaction of em- judgment upon the safety record 
ployers’ liability insurance in 'of their own organisations and 
the post-war years, with the considering : what needs to : be 
claims that have ocurred, with done for greater safety, all mem- 
the litigation and' legislation bers -will have to he careful to 
that have followed, know only ensure that- they do not pitch 
too well that in many instances their requirements so high that 
In the past too little thought was tL' processes they are seeking to • 
given either to. the improvement, control, inevitably grind to a halt 
of existing conditions (which Over-enthusiasm could' perhaps 
were often accepted as ah in-, pose as many problems in the 
evitable feature of the job) or future as indifference has posed 
to the establishment of firm- in the past 




f 

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VJ5 


Et.. rv 










itRS 


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1 




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» m.it^'f ,,»U>V N V1 . 


Sr^P^-HSg*?!‘Ssi^ 




bags, cartons 




and'arateSMi^^ 


. .. * 




K?- 


ft.*.T- t.w ..i-^yf 
»; • : . : ;■/<■ ■ ..>>y i- 


ESSS* 










Our new automated, continuous CARGOVEYOR systems — with their 
unique, reversible, spiral conveyors and multidirectional 360° telescopic 
feeders — will revolutionize the unloading (and loading) of bags, cartons 
and boxes at ports around the world. Turnaround time will be cut to a 
minimum. Cargo damage and contamination associated with traditional 
handling operation will also be significantly reduced. 




CARGOVEYOR systems can be economically added to existing port 
facilities. Even greater benefits will be gained in the developing countries. 
Our new self-contained, jack-up pontoon CARGOVEYOR system, complete 
with its own power plant, can be towed and set up any place in the world. 
Port congestion will be relieved with excessive demurrage charges practi- 
cally eliminated. 


Self-contained, jack-up pon toon -mounted CARGOVEYOR 
system for unloading and/orloadlng. 


Designed and developed through the talent and effort of three companies with a combined experience of over 
250 years in marine and industrial material handling (Ammeraal Nederland BV, BV Machinefabriek Figee and 
Hewitt-Robins International Inc., a Litton Industries, Inc., subsidiary), these CARGOVEYOR systems will 
be marketed worldwide by Hewitt- Robins Internationa! Inc. As an experienced multi-national organization, we 
have the ability to organize financial packages utilizing governmental and commercial financing organizations. 
Our management team has proven expertise in planning and handling large turn-key projects including 
complete terminal facilities. 


Wfe invite you to call or mite for detailed information on this revolutionary breakthrough in marine material hanrffing technology. 


CARGOVEYOR V? SYSTEMS 

Ld Hewitt- Robins International Inc. 


711 Union Bfvd., Totowa, NJ 07511, U.S.A. • Tel.: 201-256-7600 - TWX: 710-988-5730 • Telex: 13-0385 
la Europe: Ammeraal Nederland BV. P.O. Box 12. 16 Industrieweg. 1520AA Wormerveer. Holland— Tel.: 075-2B5953 — Telex: 13152 
BV Machinefabriek Figee. P.O. Box 531. Henonk Figeewep 1. 2003RM Haarlem. Holland — Tel.: 023-319174 — Telex: 41233 
Both word 'CARGOVEYOR" and "CARGOVEYOR symsol aie iradwnark* or He «t!1-Ro(Xn8 International Inc. 


January 1978 




This advertisement aopears 
as a matter of record only 


LIGHT-SERVICOS DE ELETR1C1DADE S.A. 


U.S.$ 150,000,000 

Medium Term Loan 


unconditionally guaranteed by 

THE FEDERATIVE REPUBLIC OF BRAZIL 


managed by 

WESTDEUTSCHE LANDESBANK 
G1ROZENTRALE 


THE BANK OF NOVA SCOTIA 
INTERNATIONAL LIMITED 


CONTINENTAL ILLINOIS LIMITED 


SWISS BANK CORPORATION 


BANK OF MONTREAL 


co-managed by 


BANK OF SCOTLAND 


LIBRA BANK LIMITED 


NATIONAL WESTMINSTER BANK LIMITED 


ORION BANK LIMITED 


TORONTO DOMINION BANK 


AlGEMENE BVJK NEDERLAND NV 
BAHRAIN INVESTMENT COMPANY 
RANK OF AMERICA NT &SA 
BANK OF BRITISH COLUMBIA 


provided by 

FUJI BANK (SCHWEIZ) AG 
HANSEBANK&A. 

THE HONGKONG AND SHANGHAI 
BANKING CORPORATION 


ROYWEST BANKING CORPORATION 

LIMITED 


THE BANK OF KUWAIT AND THE 
MIDDLE EAST KSC 


INTERNATIONAL. COMMERCIAL 
BANK LIMITED 


BANK OF MONTREAL 


THE BANK OF NOVA SCOTIA 
INTERNATIONAL LIMITED 


INTERNATIONAL ENERGY BANK 
LIMITED 


BANK OF SCOTLAND 


INTERNATIONAL WESTMINSTER BANK 
LIMITED 


THE BANK OF YOKOHAMA 
LIMITED 


IRAN OVERSEAS INVESTMENT BANK 
UMITED 


BANOUE CANADIENNE NATIONALE 
6ANQUE EUROPEENNE DE CREDIT (EEC) 
BANQUE GENERALS OU LUXEMBOURG SA 
9>G LUXEMBURG 
BRASILIAN AMERICAN 


KREDIETBANK SA 
LUXHMBOURGEOISE 


MERCHANT BANK 


CONTINENTAL ILLINOIS NATIONAL BANK 
AND TRUST COMPANY OF CHICAGO 


COUNTY BANK UMITED 
CREDIT DU NORD 
THE DAIWA BANK LTD. 


DG BANK 

DEUTSCHE GENOSSENSCHAF7SBANK 


UBRA BANK UMITED 
MERCANTILE TRUST COMPANY N* 
MITSUBISHI BANK (EUROPE) SJL 
THE MITSUI BANK LTD. 

NATIONAL BANK OF DETROIT 
THE NIKKO (LUXEMBOURG) S.A. 
THE NIPPON CREDIT BANK LTD. 
THE NORTHERN TRUST COMPANY 
ORION BANK LIMITED 
ORION BANK (GUERNSEY) LIMITED 
PROVINCIAL BANK OF CANADA 


SAJTAMA -UNION NTERNATIONAL 
(HONG KONG) LIMITS) 

THE SANWA BANK UMITED 

SKANDINAVT5KA ENSK1LDA BANKEN 
(LUXEMBOURG) SA. 

SLAVENBURG OVERZff BANKN.V 
(SLAVENBURG OVB1SEAS BANKING CORPORATION) 
STANDARD CHARTERED BANK UMITED 

SWISS BANK CORPORATION 
(OVERSEAS) S A. 

THE TATYO KOBE BANK UMITED 
TORONTO DOMINION BANK 

THE TOYO TRUST AND BANKING 
CO, LTD. 

TRADE DEVS.OPM04T BANK 

UBAN-ARAB JAPANESE FINANCE 
LIMITED 

UNION DE BANQUES ARABES ET 
FRANCA1SES - U.8AF. 

UNITED OVERSEAS SANK U WITH) 

WESTLB INTERNATIONAL SA. 

wCrttembergische KOMMUNALE 

LANDESBANK GIROZENTRALE 


DOW BANKING CORPORATION 
FIRST CITY NATIONAL BANK OF 
HOUSTON 


REPUBLIC NATIONAL BANK OF 
NEW YORK 


THE YASUDA TRUST AND BANKING 
COMPANY. LIMrTED 


ZENTRALSPARKASSEOER GEMSNDS 
WIEN 


' • .mi** 


HOME NEWS 


Financial Times Monday Jannary 



health tax 


wins 


attacks 

U.S. 


.-:J . 


FINANCIAL TIMES REPORTER 


THE TOBACCO industry and 
Customs and Excise are to hold 
talks about how any supplemen- 
tary tax oq higher tar cigarettes 
will be. levied 

Mr. Robert Sheldon, Secretary 
to the Treasury, said in the 
Commons last week that Britain 
had been given the go-ahead by 
the EEC Council of Ministers to 
impose the “ health tax " — long 
a pet project of Mr. David Ennals, 
Health Secretary. 

Before it can be imposed a 
clause, will have to be inserted 
n this year's Finance Bill, mak- 
ng July 1 the first date at which 
'-he new tax would come into 
force. 

The supplementary tax can be 
up to an additional 20 per cent, 
•if the existing tax levy and, more 
mportant will apply to cigarettes 
delivering 20 milligrammes of Ur 
ir more, which includes, some 
brands which, fall into the top 
md of the Government's middle 
ar range. Under Government 
ales, middle tar runs un to 22 
nilllgrammes. 

The industry fears that the 
Tiling coaid aply to brands listed 
is delivering more than 20 mg. 
luring the assessment made 
letween July and December last 
v-ear. 

It is relatively easy to reduce 
*ar yields by a few points and 
’has bring brands under the 
TO mg. trigger point 

Some brands have already bad 
’heir tar yield reduced— Roth- 
mans claims that its Piccadilly 
Plain now delivers only 18 mg. — 
md manufacturers are expected 
to react to the threat of Increased 


tax by moving more brands: down 
the tar scale ahead of the Intro- 
duction of any new tax. 

But they will need the agree- 
ment of Customs and Excise to 
take the most uptodate figures- if 
they are not to incur V tax 
penalty. 

Although. It has never, .been 
stated officially, it is thought' that 
the Government would, be made 
jusi as happy, if not happier. by 
more brands with reduced/, tar 
yields than by increased tobacco 
taxes revenue. 

The industry has already 
agreed to phase . out high tar 
deliveries by March next year, 
although it was expected that 


some of the brands would be 
retained while the 
was gradually 

tween now and then- capstan 
Full Strength, for , £ s i 

stiU fairly popular in the North-, 
East and Scotland. J 

For those brands which attract I 
the additional taration there is 
the option of reducing the price. 
Despite the introduction mto the 
tj.k: of EEC tax harmonisation, 
rules on January 1. which cut 
the tax on plain cigarettes, most 
brands were not reduced in j 
price, apparently in deference to I 
a health lobby that did not want 
to see higher tar cigarettes made 
more attractive. 


Air routes approved 


FINANCIAL TIMES REPORTER 


AIR WESTWARD, the airline 
subsidiary of Westward Tele- 
vision. has been given licences by 
the Civil Aviation Authority to 
fly passenger services between 
Exeter and Paris, Brussels, 
Amsterdam and Glasgow from 
the spring. • • 

Air Westward's application for 
a route from Exeter to Gatwick 
will be the subject of a separate 


Brazilian - built turbo - prop 
Embraer Bandeirante aircraft 
will bring Europe to little more 
than an. hour’s flying time from 
Exeter. 


• British Island Airways bas 
been granted a licence to operate 
between Southampton and 
Amsterdam. 


By Michael Donne,. ... ^ U 
Aerospace Correspondent :• j . 
BRITISH Caledonian*- which 
files the Gatwick; 
route* has protested . to tfc^i 
Government about the posstj 1 
bility of lb* fnees bring tuMfetk 
cut when the UJS, . rirfiw - 
Braniff Airways starts, firing 
between Dallas/Fort . 

and Loudon. ■ - 

The airline says Chat ft* 
fares which It believes Brant* - 
is planning, but wM«h *ik , 
still subject to UJK. GovemJ. 
meut approval, would dcstrey 

the value or its own service v i 
the Gatwick-Houstou reuft^jj 1 1 
Id some cases, the Bran® 
faTes would undercut Its re te« • 

hy Mr.°Ian Ritchie, British Ca£! 
doulan’s external affairs ditce, 
tor said that the airline hoped 
that discussions between a* 
British and U.S, Government! 
would be held as a matter at 
urgency- The Braniff plans wwj 
“ predator}’ and dlscrimtnattng 
against British Caledonian. 

The Braniff flights are aw 
expected to use CatwicK 


isi *>• 


SS l ' 


hearing- 

Mr. Peter Cadbury. Westward 


TV chairman, said the CAA had 
granted Air Westward -all the 
routes so far asked for w and has 
confirmed our faith in the whole 
venture.** 

The airline’s 18-passenger 


Local authority 
cost savings 
‘total millions’ 


BY JOHN LLOYD 


COST-SAVING schemes intro- 
duced by local authorities in 
recent yeans have saved millions 
of pounds, according to a report 
to-day from the Association of 
Metropolitan Authorities. 

Based on information provided 
by 51 of the association's 77 
member authorities, the report 
concentrates on those schemes 
which employ genuinely cost- 
effective measures rather ' than 
those which are simply expendi- 
ture cuts. 

The most remarkable result 
was produced by a metropolitan 
district which claimed to have 
saved £865,000 from work-study 
schemes and to have gained in- 
creased productivity totalling 
another £1.4m. 

In the area of fuel policy. 


individual authorities reported 
savings ranging from £104)00 to 
£200.000. A central purchasing 
scheme saved a metropolitan 
district £650.000 on a budget of 
£6.75ra. 

A metropolitan county reported 
savings of £400,000 over three 
years after a . complete review 
of technical services at the air- 
port in its area. 

Several authorities drew .atten- 


tion to the introduction of 
schemes since 1975-76 to evaluate 
the needs for staff; and to reduce 
tions of between 4 and 14 per 
cent, in establishment. 

Value ftrr Money: Local Autho- 
rities and dost Effectiveness. 
A.M.A . 36. Old Queen Street 
London SW1H 9JE. Price 50p 
i tic. postage. 


Britain ‘faces fish 


stocks disaster 5 


BY RICHARD MOONEY 


UNILATERAL ACTION may be 
the only way to prevent a fish 
stocks *' disaster ” in British 
waters, according to the British 
Fishing Federation. 

The lack of progress at last 
week's EEC Council of Ministers’ 
talks made the need to exercise 
Britain's powers to introduce 
unilateral conservation measures 
“ more urgent than ever,” the 
federation said yesterday. 

It hopes to meet Mr. John 
Silkin, (he Fisheries Minister, 
this week, to discuss the EEC 
negotiations. 

The other EEC members 
seemed chiefly concerned to 
secure “virtually free access to 
Britain’s flsh.” and to be ignoring 
the ' need for conservation, it 
added. 

Proposals for “fishing plans.” 
which would allow a certain 
measure of control to coastal 
States, and which Mr. Silkin 
described in Parliament as “an 
important advance,” do not 
create any element of preference 
for the coastal -State, “much less 


the dominant preference which 
the LUC Government Is seeking 
within our 50-mile zone,” the 
federation declared. 

It conceded that the proposals 
were “not without merit,” hut 
feared that they might be used 
to paper over the cracks, “ thus 
taking a short-term expedient at 
the expense of the long-term 
solution.” 

Mr. Silkin said after the talks 
that EEC members seemed 
“close to agreement” on con- 
servation measures, but leading 
U.K. fisheries organisations have 
described tbe Commission's pro- 
posals as “ feeble.” because they 
place heavy reliance on catch 
quotas, a system already con- 
sidered discredited by tbe U.K 
industry. - - 

On the Commission’s quota 
proposals, which Mr. Silkin des- 
cribed as “ forming a basis for 
discussion,” tbe federation noted 
that they gave Britain only 31 
per cent, of the total EEC catch, 
thus failing to recognise its 60 
per cent- contribution to tbe 
EEC waters. 


Thousands of jobs saved 


by Government help 


FINANCIAL TIMES REPORTER 


THE GOVERNMENT'S assist- 
ance- to industry had generated 
investment of £l.I5bn. Mr. Lesley 
Huckfield, Parliamentary Under- 
secretary for Industry, said 
yesterday. 

By the end of last month the 
National Enterprise Board had 
acquired shares in 34 companies 
at a total cost of over £500ni. 
he told a postal workers' seminar 
at Hanley. Staffs. 

Regional selective financial 
assistance had been given to over 
3.000 projects in Assisted Areas 
where unemployment was a 
special problem. In cash terms 
FJ03in. bad been offered towards 
projects costing- £3bn. That had 


created 203,000 jobs and safe- 
guarded a further 98.000. 

"In addition, we have intro- 
duced a number of schemes to 
help industry nationwide. For 
example, under our Accelerated 
Projects Scheme we have "iven 
assistance of £85tn. towards* pro- 
inv t olw, "B Invesrmem of 
t*»5Qnr., thereby creating 13 000 
jobs. 

1 “ 0ur Investment 

Scheme which has succeeded tbe 
•Venerated Projects Scheme has 
already created 25og j 0 h 3 ami 
safeguarded 4,700.” J and 

Over £250m. had been alio- 
cated to schemes of assistance 
to specific industrial sectors to 
improve their com pet m ve ^ 



Languages take priority 


A NEW step towards giving 
young executives a basic know- 
ledge of foreign languages is to 
he taken by tbe Government- 
sponsored Business Education 
Council. From this autumn 
language studies will become a 
major part of a now business 


studies course to be 

answer emp^ve^’ * SSJjS’ 5° 
that too few office worb^" 115 
deal with simple toSSSf” Ca 5 
written inquiries F?^° ne and 
-buyers in 




PLANT & MACHINERY 
SALES 


Description 


Telephone 


8 BLOCK (400 mm) IN LINE, NONSUP 
WIRE DRAWING MACHINE in 
excellent condition. 0/ 2000ft /min 
variable speed (0 bp per block I >968) 

24“ DIAMETER HORIZONTAL BULL 
BLOCK by Farmer Norton ( >972). 
ROTARY jWAGGINC MACHINE • 
by Farmer Norton (1972). 

SLITTING LINE 500 mm x 3 mm 
x 3 con capacity. 

TWO VARIABLE 5PEED FOUR HIGH 
ROLLING MILLS 6x6.50" wide razor 
blade strip production. 

MODERN USED ROLLING MILLS, wire 
rod and tube drawirg plant— roll 
forming machines — slitting — flattening 
and cut-to-lengtS lines — cold saws — 
presses — guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 
1970 CUT-TO-LENGTH LINE max. 
capacity 1000 mm 2 mm x 7 tonne 
coil fully overhauled and in 
excellent condition. 

1965 TREBLE H.tAFT GRAVITY WIRE 
DRAWING machine b;* Farmer Norton 
27"— 29"— 31“ diameter drawblocks 
STRIP FLATTEN AND CUT-TO-LENGTH 
LINE by A.R.M Max. capacity 750 mm 
x 3 mm. • 

1970 TWO STAND WIRE FLATTENING 
. AND STRIP ROLLING UNE. 8” x 7" 
rolls x 60 hp per roll stand, variable 
• line speed 0/750ft/min 
2 IS DIE MS4 WIRE DRAWING 
MACHINE5 b.OOQFt./Min. with 
spoolers by Marshall Richards. 

SO H.P. VERTICAL WIREDRAWING 
BLOCK x 65C mm dla. 

9 ROLL FLATTENING MACHINE 
1,700 mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD-CRANE 
6-con capacity lattice iib. 

16 MM TO 28 MM ROD STRAIGHTEN 
and cut to length line with flying »hear 
qnd capstan for handling 2 ton steel coil. 
RWF TWO STAND WIRE FLATTENING 
AND STRIP ROLLING ’JNE. 10" x 8' 
rolls x 75 HP per roll stand Complete 

■ w, * h edging rolls, turks head flaking 
and fixed recoiler. air gauging, etc. 

o v ;,?s.;r„ !D " d *-« 

NARROW STRIP STRAIGHTENING 

M97 D lI C h UT £ 0 ' LENGTH MACH ‘NE 
( rv/J) by Thompson and Munroe. 

ACME GRiDLEY (B5A) 6 SPINDLE 
AUTOMATA. |” also 2)” rebuilt and 
noc used since. 

W1CKMAN 3j SINGLE SPINDLE 
AUTOMATIC. Extensive equipment. 
Excellent condition. 

VICKERS 200 TON POWER PRESS 
Bed -40 x 36*". Stroke 8” Npw » 

200 TON PRESS BRAKE 8* x T by ' 

■ Sedgewick. Air brake, air dutch light 
gauge. Excellent condition. 

3ft G ^ NTRE - C ’ paciw 5F ‘ * 
I, 1 "* 3 Tc - 5 Axes, continuous path 

51 automatic tool changes. 5 tons main 
table load. Mam motor 27 hp. Had 
less than on* year’s use and in almost 
new condinon. For sale at one third 
or new price. 

C, £'T A - T '”P- MILL3,S - Table 
* '5 . 16*1600 rpm Rebuilt 
C ENTnaj SS GRINDER ( Scri ,“ e r 2C). 
Capacity 5 dia.. form grinding 
attachment, automatic evdp d„l, 
aNCNNAT. CTNTE^k'crinde^ 
s'zes 2 and 3. Excellent. 

Cl Modri*N!X) C T4 ”'cha R *^5 , ^ N ^ UR* 

' 1Q-71D ram 0 >7 4 ui Ol !. OVV ' st,indl ®- 

IU r iU rpm, 27 HP, ExcelUnr 

W1CKMAN 2 r 6 SP AUTOMATICS 

LUMSDEN VERT SPINri 


0902 42541/2/J 
Telex 336414 
0902 4254 1/2/J 
Telex 3364 
0902 4254 Li2/3 
Telex 336<H 


0902 47541/2/3 
Telex 336414 


0902 42541/1/^ 
Telex 3364 H 
0902 42541/2/3 
Telex. 3364 H 


Sis xvd 


0902 42541/2/1 
Telex 336411 


0902 4254), '2 
Telex 3364 


0902 42541,2* 
Telex 33641) 


0902 4 2541/2/ 
Telex 33641 '• _ 


0902 42541/2/. 

Telex 33641' 
0902 4254 U1J 
Telex 33641 . 
0902 42541/2/ 
Tele* 3364 V ' 
0902 4*541/2/ 
Telex 33641 
0902 47541/2/ ’ 
Tdex 33641' 


0902 42541/2/ 
Telex 33641 


0902 4 v 54l/2j 
Telex 3364*« 


0902 42541/2' 
Tdex 3364 


01-928 3i: 
Telex 2617 


01-928 31. 
Telex 2617: 

01-928 3L 
Telex 26171 


01-928 31 
Telex 26I7T 



c 


01-928 3) 
Telex 2617 
01-928 31 
Telex 2617 


01-928 31 
Telex- W 

4»olvj 


' JD>^928 31 

Telex 2617 


'lily 


P.O.A.i 


p.b.A, 


■ 01-928 31 
TeRx 2617 
01-928 31 
-T»tex 2617 
.. .01-928 31 
Telex 2617 
' 01-928 31 
Telex 2611 
01-928 3' 
Telex 2617 


mult 

md 


Excellent. ,aou; 5 

BUTLER 26“ SUPER SHAPER. 


CHURCHIU r,ng su R f a |: c ’ , ' c "' 


« 01a. Masnetie ch.,«-lr cL 
DYNACAST AUTOMATir^cJ^ 1 <ond - 

.Ctpacity 33tu.in S A M5. l ? , .!F_^ER. 


P.OJL 


'w'tGxISi*? 1 * type 


• 01-928 1 
Telex 26 1: 
01-928 3 
- TeTex 36r 
01-928 3 
.Telex ML 
01-928 3. 
Telex 2«r 


01-928 3 
Tetoc 26T 




p.o.aJ 


01-928 3 
Telex 26l 


Excellent. I P.O.A.i 


‘ O r-928 3 
Telex 283 


w anted 


MODERN UsirRorriSrrr-— 
rod and cube drawi^? MlLls . wire 
Forming machines «r * n,w ~rol| 

presses-^^^^^W saw^ 8 


0902 42341/ 

• Telex 336' 


hit 1 





'I 





V 



Financial Ti Monday Jansaiy 23 1978 


Bu 



\j f | p tXtKTl I imilKS Ii« |j r. 

f U.K. TRADE FAIRS AND EXHIBITIONS 

** Up! Title Venue 

» MJfcM' J- ^teraational Hotel and Catering Exhibition ' Olympia 
I ■ 29— Feb. 2... Bngbtshow *78 . Olymoia 

1 f ^“ Feb - 2~ Photography at Work Exhibition Harrogate 

^ International Spring Fair . Nat. Exbn. Centre, B'bam. 

National Office Reprographic Exbn. . - ' Wembley Conf. Centre 

k \tz\l M c . en * ed : Hote . 1 pbn. Metropole Centre, Brighton 

Hr fir! !Sr 2 International Knitwear Fair 

r I t fl'itS lot. Hen's & Boys’ Wear Exbn. Earl's Court 

^onlloi • Ip 1-10 ,? ^ooKOTerings Exhibition Metropole Centre, Brighton 

* • 'sMK Furaiture Production Exhibition ■ . Nat Exbn. Centre, B'bam. 

i.. -23 ...... British Growers Look Ahead Exbn. and Coni Harrogate 

OVERSEAS TRADE FAIRS AND EXHIBITIONS 

- ?o~w eb - *••• International Green Week . Berlin 

Mar. 6... British Technology Exhibition Jeddah 

'■J — 4 Knitting Industries Exhibition Paris 

European Men’s Wear Show Paris 

* 5 — i? British Trade Fair Abidjan 

* • e Engineering & Industrial Equipment Exbn. • Dublin 

’ * Int. Con£ectionery, Chocolate, Biscuit Exbn. Paris 

■ I 3 — I" Israel Fashion Week Tel Aviv 

■ Int Machine Tool & Foundry Exbn. Johannesburg 

: : . — 18 Business and Micro-Graphic EquipmentEatbtL Tokyo • 

'19—21 Internationa] Hardware Fair Cologne 

• . * ■ . 21 — 24 Offshore South-East Asia Show Singapore 

- ‘3ft— Mar. 2 .. International- Spring-Fair ' ‘ Frankfurt 

.. . 2ft— Mar. 4... Middle East Transport Exbn. and Coot Dubai 

DSINESS AND MANAGEMENT CONFERENCES 

‘ : • Mfcfjka:: WJ 

. 50 — 31 ...... European- Study Conferences: Protection 'And 

* 1 ' „ ^ Exploitation of Trade Secrets Royal Lancaster Hotel, W.2 

• •, . » British Council of Productivity Associations: 

_ Unfair Dismissal Metropole Hotel, W.2 

• • .. .. . -1 Department of Industry: Bulk Materials Handling Runcorn, Cheshire 

.. i ’~;2 Berndtson Int /ORC (UK.): Management — Pay — - 

■ ■ . . ■ Productivity Cavendish Centre, W.l 

vhart Analysis: Investing m Commodities ■ Int Press Centre, E.C4 

' 5 Business Perspectives: Chin a and Britain — The 

tt Prospect for Trade , Royal Lancaster Hotel, W2 

10 Urwlek: Management in Research & Development Slough 

7 — 9 Executant: Producer Risk Appraisal Russell Hotel, W.C.1 

9 ......... Imperial. College: Management Science in 

' i« ' ..■^- Distn^utipn 7 . Exhibition Road, S.W.7 

London Chamber of Commerce and Industry. 

*£V - Social Service! and Infrastructural Develop- 

- ments in Oil Jlich States • * Farobam Castle 

Kepner-Tregoe: ; Decision Making ■ for-. .-Senior 

Management' ... . ' Bath 

13—17 Abraxas: Synectics— Innovative Skills ' 68, Churcbway, N.W.1 

-vl-i Society for Long Range Planning: Self-Denial 

To-day for Prosperity To-morrow— Crisis of 
Choice 15, Belgrave Sq, S.W.l 

15—16 Oyez IBC: International Tendering ■ •• Inter-Continental Hotel W.l 

.15—16 ...... Management Training Consultants: The Skills- of 

s i _ Interviewing Leicester 

16 Building Materials Export 'Group: Expanding 

. . Export Markets for the UK. Construction 

Industry - Caveodish Centre, WJ ' 

17 Inbucon. The Practical Implications - of the 

'* Consumer Credit Act ■ • • Hilton Hotel W.1 

.. 21 Henley Centre for Forecasting: The Future of -the 

UK. Property Markets Bowater Cinema, S.WJ 

.22 Institute of Personnel Management: Employment 

, Law in 1978 Manchester 

- 22—23 Financial Times: Business with Spain Madrid 


WEEK’S FINANCIAL DIARY 

The following is a record of the principal business and financial 
engagements during the week. The Board meetings are mainly 
for the purpose- of considering dividends and official indications 
are not always available whether dividends concerned are interims 
or finals. The sub-divisions shown below are based mainly on last 


43 


year's timetable. 

TO-DAY 

COMPANY MEETINGS — 

Avon Rubber. MclfcaMm. Wiltshire. 1Z. 
BOARD MEETINGS — 

Finals! 

Alexanders Discount 
Hellan, Sleigh and Cheston 
Kershaw lA-J 
Rank Organisation 
Riflfc Precision Industries 
Unites Guarantee 
Interim: 

New Wttwxttrtrtnd Gold 

DIVIDEND A INTEREST PAYMENTS— 
Atkin* (Hosiery) US# 

Avon Rubber SJ7£p 
Bambersers o.ST7s 
B la key’s rM a doable Castlnss) 0-325e 
Exuiepuer itvx 1981 b*ipc 

G. R. Wo/tflngSI 1*M79 

H. tisllt 2.3&S96P 

Macanie a. on doe) o.SSSp fine- supp. tfIR. 

of O.D2ZP oja yr. ended 19761 
Minerals and Resources Core Ln_ Spc 
M oss Bros. T -62920 tfne. sups, distbn. «* 
O.029SP oia yr. ended 29/l/77i 
Norcras 1 .Bo 

Property Holding and In*. Tst. 2jp 
Steel and Barnett 5 cents 

TO-MORROW 
COMPANY MEETINGS — 


Interims 
Cowan de GrO«* 

Danbywam - 
Fitch Lowll . . 

.G.T. Japan lH,a * tme nt Trust 
Guinness Peat . 

Incbcap* 

Imry Property 
Macartnya Pharmaceuticals 
Mansvn Finance Truss 
Midland Trust 

Scottish English and European Textiles 

Smith (Dsvld S-i 

Warwick Engineering Inw rtmeu t 

DIVIDEND A INTEREST PAYMENTS — . 
A us tr alia, and New Zealand Bank no 
12 Lents 
Bremner 1.01 So 


Derail ports' Brewery T.9B71p 
□even hill (J. AJ 3.9P 
Harris /Philip) i.3o 


Hensher (Furniture Trad 
Hotel. E.C. 12. 

BOARD MEETINGS 

Flualci 

Glass Glover 
Kinasiae investment 

Ictarhnu 

Allen (W. G.) (Tipton) 

Amalgamated Distilled Products 
Black (Peter) 

Davy international 
Hambro Trust 
M.I.M. Hidgt. 

Pullman CR. and JO 

DIVIDEND A INTEREST PAYMENTS— 


Moss (Robert) Ip 

Ransome Hoffman Pollard S^U22 d 
R othmans IntnL B ord. o.7So 
Siemssen Hunter 1.3B62p 
Stanhope General In*. T.OBp 
Tiger oats and NaUonai Milling Pf. rvnc 
Treasury Loan 74tDC' 19SS-BB 3%BC. 7 Upc 
201 2-1 S 3 PC 

FRIDAY, JANUARY 27 
COMPANY MEETINGS— 

Associated Engineering, Savoy Hotel. W.C 


Els on ■nd_Robbira. Nottingham. 11. 

Ies). Gre« Eastern LO ndoo IntareonMnerrtil Trust X, London 
Wall Buildings, EX- 12. 

Williams (John). Cardiff. 12. 

BOARD MEETINGS— 

Final: 

C.GX8. Holdings 
tmorlippi 

Brown Llohm " 

Cock rwm.j iShefflaJd) 

Gold Fields or Sooth Africa 
He» dcrspfH Kenton 

DIVIDEND a INTEREST PAYMENT. 
Agrlcuttura 1 Mtg.Cnrp. TSvyoeBos. Z7l1f7B 


Alpine . Soft DHnka 2Xi> ^ 


Bank of New South Wale* (London Reg.: 
■ 6 cents 

Bank of Nova Scotia 23 cents 
Banc-ora Tea 10o 


Vie 



fhis week in Parliament 


TO-DAY ■ 

MMONS — Debate on agri- 
ire. Motion on developments 
ie EEC civil aircraft sector. 
LECT COMMITTEES’ — 
hditure Education. Arts 
Home Office sub-committee, 
tet: Administration of the 
“tt service. Witnesses: 
‘inal Association of Prison 
irs. 4.15 p.m. (Room 16). 

TO-MORROW 

-MMONS — Scotland Bill, 
littee stage. 

BDS— Medical Bill (HL) 

• rt stage). Consumer trans- 
|s (restrictions on State- 
i). Amendment Order 1978. 

' e oh report of European 
. junity Committee on 
:ty of treatment for men 
i fomen on social security. 

. iRCT COMMITTEES — 
iditure. Trade and Indus- 
.Uxommittee. Subject: the 
l industry. Witnesses: 
ry of Agriculture. Foreign 
10.15 a.m. (Room 16). 
ia Used Industries, sub- 
ittco "A.” Subject: British' 
rs report and accounts, 
fces: British Airways. 


4 p.m. (Room SV Expenditure, 
Defence and Erternal Affairs 
sub-committee. Subject: CPRS 
review of overseas representa- 
tion. Witnesses: Dr. David Owen, 
Foreign Secretary. 4.15 pun. 
(Room 16). 

.WEDNESDAY-:- 

COMMONS — Scotland Bill 
committee stage. 

LORDS — Short- debate on in- 
ternational conference on tanker 
safety and pollution prevention. 
Short debate on contribution 
made to the economy by-tourism. 

SELECT COMMITTEES — 
Science and Technology, General 
Purposes sub-committee. Subject: 
filament and discharge lamps. 
Witnesses: Prof. S. Prais. Mr. I. 
D. M. Meiklejohn. 4 p.m. (Room 
8). Overseas Development Com- 
mittee. Subject: renegotiation of 
Lome Convention. Witnesses: 
Mrs. Judith Hart, Minister for 
Overseas Development 4.15 p.m. 
(Room 6). Expenditure, Social 
Services and Employment Sub- 
committee. Subject Employment 
and training. Witnesses: Man- 
power Services Commission. 
4.30 p.m. (Room 12). European 
Legislation Committee. Subject: 


Agriculture Price Review 1878/79. 
Witnesses: Mr. John Silkin. 
Minister of Agriculture. 4.30 p.m. 
(Room 15). Nationalised Indus- 
tries, sub-committee “C”. Sub- 
ject: Bank of England report and 
accounts. Witnesses: Bank of 
England*- 4i p.m. (Room 8). : 

/’ THURSDAY 

. COMMONS— Consideration of 
timetable motion on European 
Assembly Elections Bill. Debates 
on size of Hansard, broadcasting 
proceedings" of the House .and 
computer-based indexing in' the 
library. 

LORDS— Commonwealth Corp- 
oration Development Bill (HL) 
(Consolidation) (comm ittee 
stage). Northern Ireland 
(Emergency Provisions) Bill 
(HL) (Consolidation) (committee 
(HL) (report stage). Conserva- 
tion of Wild Creatures and Wild 
Plants (Amendment) Bill (HL) 
(second reading). Debate on 
the importance of a free, diverse, 
responsible and thriving Press, 
in the light of the recommenda- 
tions of the Royal Commission. 

FRIDAY 

COMMONS — Private members’ 
By is. 


Biu ChUTlngtOil 3.21 
Bellway Ord. 1-3IP 
Cattyna 2p 

Danfcs Gowerjoh 0.7s 

Dr Been Com. Mines BOscFf. (Rtg.) 20pc. 

Bearer ZOoc. BpcPf. 4 PC 
East Daggafanteln Mines 20 ceots 
El son and Robblitc 1.919p 
GEI International 1.45Bs 
London Merchant Secs. O.Su 
Smith (W. H.) A Ord. J.5S25P (Inc. 

Q ,1 02 supp. distbn. Ola rear, to 

“gTOUiJf ?U-v?- 7 to D ?Pn fl i5%.°- 20SP Ound^ and LandoaTn*. T«t.T.Sp 
warr?Au««rhi«!iMa' 1 ^ 77> Eajlitgton I3i«pcflds. Red. 21/7 «2 B*t«pr 

Warrington (Thomas) 1.637P Eut Lindsey 1 OocBat. Red. 2I8I7S Spc 

U __ Erewash IflpcBds. Rod. 2I8T8 5pc 

WEDNESDAY. JANUARY ZS Graham Wood Steel 0.5Gp 

COMPANY MEETINGS— 1 2S7« 4U*nr 

Devtuilsh (J. A.). Weymouth. 12.30. - • 1 '.T 1 !™?-. ' ."''lFS u i»r 


Boston lOpcBdi. Red. 2.'BI78 SpC 

zssJEBst 

Cotswold TOpcBds. Red. 2I9T8 5pe 
•Coventry lOpeBds. Red. 2ISI7B Spc 
Crewe and Nantwtch lOpcBdS. Red- 2**76 

5 DC 

Derby 12NocBds. Rep. 23r7veo 63.» p* 


.m' n ChS Vi-iS; ,, Hackney llteeMi. Red. 26,7779 S«Tnpc 
SlPc! i^ch J iite? 0 H5t5.^ . *2?°"' RWL 1517,79 5M ^ 

Redman Heenan- Connaught Rooms. W.C- 


Haro rea res 

& van^e- 2Sf7f79 s,, “ bc 

Inverclyde IObcBA. Red. 2/8178 9 k 
L othian lOocBds. Red. 2.«78 SpC 
Lyons U.) 2. 06 Bo. BncPid. Ord. 2.1pr 
Medway 13 'skBDs. Red- 21,7182 6*..pr 
Meyer gMentaeue L.) 1.7434fip (|rc. tape 
dlsthn. at. 0.04 3A6p <Wa yr. ended 
31 JL771 

NCR Corpn. 20 cents. 

Newcastle upon Tyne 12>tocBda. Red. 
237/BO 5 u isk 

Newport TOocBda. Red. 2>Br78 SK 
North Hertfordshire lOpcEds. Red. 2TB/78 

Oil and Assoc. In*. Trust 0.577SP 
Orkney Islands lUipcBds. Red. 25r7/79 

Jll I0QC 

Portsmooth lOocBds. Red. 2W78 SPC 
Preorteeers of Hay's Whirl s.saeo 
Ranks Ho»hs McDougall 1 . 96 Bd 

. Redoltuslort -TV S.95ocPf. 2.97 5 w: 

DIVIDEND A INTEREST PAYMENTS — Renfrew lOocWs. Rad. 2 BOB 5 k 
B ankers Trust New York Corpn. Com. ? M1orm el .lOocBds. Red. 2, | A-7B 50c 
75 cants 


whessoe. St. Ennin’s Hotel. Caxton Street. 
S.W. 12. 

woirerhdmoton and Dudley Breweries. 
Dudley. 12. 

BOARD MEETINGS — 

Finals: 

B I uoel 1 - Pennos laze 
Bui lough 

tflinsurgh American Assets Trust 
Mears Bros. 

Status Discount 
Tate and Lyle 
Union Discou 
Vantage 5 
Minn 

Aust.n (James) Steel 
Fisher (Albert) 

Vogelstnilshult Metal 


jnt 

uitle 


Rugby 12>sPcBds. 4ted- 2X7«0 I'vk 


distbn. 


and A Ord. 1.5a. 6pcPf. 




. > r* 


LI \ S ‘ 


This announcement appears as a matter of record only* 

ING. C. OLIVETTI & C. S.p.A, 

Lire 89,500,000,000 


revolving multicurrency medinm term export credit facility 
funding previous short term borrowings 

arranged by • . 

EUROMOBILIARE S.p.A. 

and provided by ■ 

Banca Commerdale Italiana Banca Nazionale del Lavoro Banco di "Roma. 
Istitnto Bancario San Paolo dl Torino . Cassa £ Risparmlo di Torino 
Cassa di Rt^parmio deHe Provincie Lombarde Monte del Paschi di Siena 
Credit o I taliano Banca Nazaonale ddTAgricoltara Banco Ambrossano 

Cassa di Rispannio di Genova e linperia . Credlto Romagnolo 
Istitnto Bancario Itafiano Banca d 5 America e dTlatia Banco £ Santo Spirito 
Credito Commerdale Banca Provindale Lombards Banca Antoniana 
Banca Cattotica del Yeneto Credito Yareano Banca Toscana 


, v p Milan, December 1$'?7 ■ 


^ .( 
.-C -.1 


a ^ , » 9 u “ ent Red - m7t ** 
CrC International 62J cents d,SI 

C»m|ntf|eshlre 13cp«Wa. km. 2S.1J7B sSpe' 2*44221*? W * *° 5/1771 

Ch^o^^KWT^Rti ,78 SUPC8CU. Rrt. 1977-79 

£J, Q7-1Q a 

Churl ey Red. 2&ff*7« ££.9719 *i2l2 tia S t 7 j2^5? 

C(wyd Red. 25/ 1/7 a ££.9719 SSSi«Sl stbn ' 01 D D09n ***■ vr - 

CS&ft Lo "" n i^WcBdS. Red. 2*1,78 Red. 2/B7B She 

Lns. 3*» and 3 Vdc TaiMride 11»<«Bds. Fed. 25)7>7B S»i*k 

Dover ■ 1 3-/peBdS- Red. 25/ ££.9719 mSum? 7*171 -mt, 

Dundee 13iipasdt. Red. 25/1*78 £8.9719 12 0nt ' *°? p : 

East Hertfordshire ISbPCBai. Red. 25.-1178 0 d *213B5p ala yr. ended 

£6 iS719 Jf Tit 

Eut^r. ah 13 H pcBas. Red. 2S.1.78 £6.9719 ,°- 702 ^ 

uSSSi arSl^TB* 5 Mnu Wik-flrid IOkBiH. "pi. 2/978 SK 

HenwSTr iti^are rniSt ord. and A ip Wjlthjm Forejt Wrtfc R=d 5 x 

Hur&t (Chlriesi 2 EGo WolvtfhlffiDtDi TOtvBriS. R^d. 2J*/7B 5w 

X.rkiess 1 J’^cBUk. Red. 2S:1/7S £63719 ,nd Dud,ev Breweries 

Lecas 1^-pcBds Red. 25.1,78 £63719 

Lonoan iji-pcBds. Red. 25 / 1 /7B £6.9719 Woodsarlug lOpcBds. Red. 2>B.7B 5 pc 
Manufacturer, Hanover Curpu. Comm 52 SATURDAY. JANUARY 2B 

M^ Y 13*^S5f" RM 25*i’7l $t$)l O'VMND A INTEREST PAYMENTS- 
Newbury 13:«>cBdi. Red. 261,78 ££3719 Alton ll/rficBtfa. Rad. 25 1 78 £5.6554 
North Norlolk 13:tscBda. Red. 25/1/78 Bladv l2«:KBds. Red. 2617/78 Stipe 
£6.9719 Cansdlan Imperial Bank pi Cuinmerrz 

North Tynestae l3ijj>cBda. Red. 2511,' 78 3* cents _ ' _ 

£6.9719 CeppcMar Pacific Red. PI. Ser. A 3 %k 

Orkney Island! 13<2UCBdi. Red. 2&1.78 (H ’ > t,rd ‘ 

£6.9/19 2.1K 

Ptfiorc 'J'lPcBdv Red. 25/1/78 £6.9719 
Reobndpe TSNpcBds. Red. 2S-H78 

Renfrew 13<iK8ds. Red. 2511.78 £6.971 
Shetbeld IStjpcBds. Red. 2S178 £6.971. 

Bough IShncBUi. Red- 261.78 £6.9719 
South TnesMt 13>ipcBdC. Red. 2511/ 

£6 9719 

South wight IftKBO. Red. 251^78 
£6.9719 

Thamesdown 13<2PC8dS. Red. 25/1.78 
£63719 

TraBord 13>;OcSd*- Red. 25/1,78 £6.9719 
Treasury 12 k 1993 £3.76 
UntcrfiCKd tShficBds. Red. 151178 
£S.07ia . 

Vina Del Mar (City of) IChHe) 5 k (now 
3 pci Stlg.Ln. (AsseMel 1948) 1 hfK 
Wellinoba rough 13^pcXda. Red. 2511/78 
£6.9719 

Wvcharen 13ijK Bds. 2871*76 £6.9719 

THURSDAY. JANUARY 28 
COMPANY MEETINGS — 

Brown Mathew. Trafalgar Hotel. Samlei- 
bury. 12 . 

Cannon (Sir Jcssphl. 1 1. New Fetter Lone. 

E.C.. 11.50. 

Davenports' Brewery. Birmingham. 12.15 
Proor let or* of Hays Whorl. Glazier* Hall. 

43.. 12. 

Scottish Invesi. Trust. Edinburgh. 11. 

Trafalgar House. 14-20, St. Mary l 
E.C_ 11.30. 

BOARD MEETINGS— 

PlnBlK 

British Sugar 
Derby Trust 
Qlanfleltf Lawrencu 
Lovell (Y. J.1 

Sipullshaw o».) (Kmtwearl 
Throgmorton Trust 
Watson and Phlllr 


FT SURVEY OF CONSUMER CONFIDENCE 

Greater optimism about 
spending this summer 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


4JC 

3 

id 
+ fl 

l? 

scr> 

diri- 

_5tt 


L ALL ADULTS 







ABC 1 MEN 


> COKStMER CtMFBSHCE 
•FnrnosuiTf 

.OOeO/B/lfiTHETDBOr 

BB 8 ABUS 


li i ■ i in 1 1 «■ lr 1 1 1 1 r n 1 1 1 1 1 


IA 



6 -monfli moving averages 

U nut 


i , 1 I 

W70 mi 1972 1973 197* 1975 1976 1977 IW 


MUCH more buoyant view 
the. future is reflected In 

latest Financial Times’ survey of 
consumer confidence, 

AJJ the three main indices Un- 
proved sharply tills month, with 
two reaching their highest level 
since 1970, when the survey was 
started. 

TOiis supports all the other 
Statistical evidence, which indi- 
cates that there win be a sharp 
recovery In consumer expendi- 
ture in the summer. 

The survey is designed to find 
out how people feel about both 
the future and their present 
financial position. Movements in 
the indices usually take some 
three or four months to be 
reflected in baying patterns. 

TOs month’s improvement was 

The latest monthly figures among women. As with the Past 
f y de ^, ,^ baeh a ^? pt ?. ll ? mean that the six-month moving Prosperity Index, Future Confl- 
esCabiisn whether people feel average indices (on which the dcnce is higher among the 1ft- 
worse or better off compared graphs are based) have also to 34-year-olds than among older 
with a year ago, and the Future improved. people. Professional men remain 

Confidence Index, which mea- Qn this longer-term basis, more confident than other 
sures how people see the future, those feeling worse off now out- groups, with the optimists out- 
For only the second month in number those feeling better off numbering the pessimists by 38 
over seven years, the number among all adults by 18 per cent P e £ cent - an } on S ABC1 men. 
of people feeling better off out- against 24 per cent, in December. Because the Past Prosperity 
numbered those feeling worse off The six -month figure for pro- figures WGre so much lower in 

in January. fessional men jumped to show “ e summer, the six-month mov- 

Of those interviewed, 32 per a balance of 23 per cent, feeling m 8 average > figures also moved 
cent said they were feeling betler off . against 16 per cent. U P sharply *n January, 
better off than a year ago. last m onth. 

»^w P o“ Ke c ^. masideL cSliKTS MTr Buoyant 

balance** 1 ^? °3 ^per **cent. W who expecte^thingste get worse about* th? future was ^lso f re fie? 

balance of 3 per cent who or better, 41 per cent, of the t e d i n «h e answers to questions 
thought they were more affluent total sample said better, and 14 about unemployment and the 
than a year ago. per cent, worse. state of Britain compared with 

This gave a balance of 27 per a year ago. 

Dawimm cent, expecting things to ira- While there was no real 

tVCLUrcry prove. This means that for the decrease in the number ol people 

This is the first time since 1973 time in five months opti- thinking unemployment would 

that the proportion of people mism has reached a new high, fail in the next year, fewer said 
filing hAttPr Aff hjk pyAapToH Professional men were much they thought it would increase, 
those feeSne worS off fn more optimistic than the others This meant that the “unemploy 
Decem berrtrere baiani-P interviewed. Among them, the ment Index” improved from 18 

A ■ JSr optimists outweighed the pessi- per cent to 12 per cent. 

mists by 38 per cent in January, The Time to Buy Index also 

compared with 17 per cent in showed a sharp rise this month, 

D«ember. though this may be partly 

a .^Lfc ^ ,th infl: ation out This more confident outlook seasonal, in that the research was 
numbered those feeling better off Te fleots a number of factors, carried out when the shops were 
by 35 per cent North Sea oil was the factor most full of January clearance 

This month's recovery in per- frequently cited by optimists, bargains, 
ceived living standards was followed by the fatalistic inter- Asked whether they thought 
shared by aH categories inter- p rotation that things must get U was a good time to buy big 
viewed. The balance who said better. things for the bouse. 48 per cent 

they were better off— 4 per cent A fifth of the optimists based of those interviewed said yes, 

—was slightly greater among pro- their confidence on the view that and 20 per cent no, giving a 
fessional men than among other inflation was under control— a balance in favour of buying of 
groups, but the differences considerably higher figure than 28 per cent, 
between the opinions expressed in the autumn This compares with 14 per cent 

by people from different social There was also less concern > n December, and means that 
backgrounds was less than usual, about strikes, though rising Index is standing at its 
Those aged between 15 and 34 prices remain a major source of higbesi level since last February, 
continued to be . the most opti- worry among those people who The research tons carried out 
mlstic group, but it was among expect conditions to deteriorate by the British Market Research 
the older people interviewed— over the next year. Bureau between January S and 

the 35 to 54-year-olds— that the The improvement this month II. Altogether 946 adults were 
greatest turnround emerged. was particularly noticeable inierpietoed. 



yoursyet: 



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A 





OVERSEAS MARKETS 


EUROBONDS 


BY MARY CAMPBELL 


Sterling market re-opens 


Borraweri 
US. DOLLARS 

^Occidental 


CURRENT INTERNATIONAL BOND ISSUES ; ‘ 

Amount ■ Av. life Coupon . 

• . m. Maturity vmn % **■ “ TOma8 * r 

1983 5 8J » Dean Witter Rey.4irtl. . • 


THE DOLLAR sector staged a 
welcome recovery last week, but 
it remains to be seen whether it 
will prove to be more than a 
technical reaction. Investors con- 
tinned to focus on the strong 
currency sectors. 

■ The firmer tone of the dollar 
sector of the market arose from 
the fall-off in U.S. dollar interest 
rates and the Stabilisation of the 
dollar on the foreign exchange 
markets. This benefited all the 
issues which have closed 
recently. Thus Eurofina ended 
last week at about 97} bid, and 
with a generally much firmer 
undertone, compared with a 
weak 96J being quoted by the 
issuing house tbe previous 
Friday. Occidental has been 
quoted in general about two 
points below the offering price 
during the week but moved up 
ahnut a quarter of a point by 
Friday’s close. 

Tbe ElB two- tranche $2 00m. 
issue was a special case since the 
Union Bank of Switzerland 
adopted a novel technique in 
trading the issue. When it opened 
on Monday. UBS made it clear to 
the market that it would trade 
only with members of the selling 
of underwriting group to whom 
bunds had been allocated and 
would buy back bonds only to tbe 


limit of the amount each indi- 
vidual house had been allotted. 

This wa« interpreted by- the 
market as meaning that a record 
would be kept if they sold back 
the bonds they had been allotted 
and they would not be Invited 
into future UBS issuing syndi- 
cates. 

It seems that no one was 
anxious to take this risk since 
UBS said it did not trade a single 
bond the first day. Trading in 
the ELB issue only began to get 
going generally towards the end 
of the week when the improve- 
ment in market conditions made 
the yield on the bonds somewhat 
less unattractive. . 


Handling 


The Union Bank of Switzer- 
land's handling of the issue in 
the secondary market attracted 
considerable criticism among 
dealers on tbe grounds that it is 
a lead manager’s duty to make 
a market in issues it is respon- 
sible for, and that UBS was 
effectively avoiding' doing so. On 
the other band it has certainly 
proved a successful method of 
preventing bonds from being 
dumped in the aftermarket. 

If UBS’s move were to cause 
underwriters and selling group 
members to reruse underwriting 
positions and to fail to subscribe 


far bands when they could not 
place or. absorb them then it 
would be a welcome develop- 
ment 

The trouble is that in weak 
market conditions and with tbe 
current level oE competition 
among the powerful . Wsue 
managers, it could simply end 
reinforcing the difference in 
yield levels between the primary 
and secondary market which 
emerged with the Euroflma, EIB 
and ECSC dollar issues. 

The re-opening of the Euro- 
sterling bond market will be 
widely welcomed by British cor- 
porate treasurers. After the over- 
kill experience of November the 
two issues launched on Friday 
night are expected to be all for 
a few days at least, though a 
number of British corporate 
treasurers are known to be 
watching the situation carefully. 

The EIB offering has been 


bought by the management 
group. There will be no under- 
writing group but up to half the 
Issue will be made available to 
the market, via a selling group, 
at a discount of 15 per cent 

Even after, a fail off in prices 
on Friday due to the news of 
the new issues, the terms axe 
closely in Hne with the current 
secondary market yields on the 
ECSC and Fisons sterling Euro- 
bonds. The -market can therefore 
reckon on the fees as increasing 
the yield on the bonds' above 
those available- on comparable 

bonds on the secondary market. 
The EIB also offers very slightly' 
more than a- comparable gilt- 
edged, and Rowntree substanti- 
ally more. 

On the other band, despite -the 
fact that the EIB is effectively 
less than its' face value in size, 
there were fears expressed on 
Friday night ' that the £40m. 


Medium term 
Long term .... 
Convertible 


E unclear 

Oder 


BOND TRADE INDEX AND YIELD 

ins 

January 20 January 13 ' Hfe* Law 

9 L 5 & 7 JN «J 6 7.96 99.15 ( 3 /D 9934 ( 0 / 1 ) 

9332 337 9331 Ml 934 ft ( 2 /D 9343 03 / 1 ) 

U 537 — 1 ML 99 — 10743 ( 3 /D UU) ( 17 /D 

EUROBOND TURNOVER - 
(■amiital vain In 5 m J 
U 3 . dollar bomb other bend* 

last week preview week last week preview week 

13273 swa .ana 2243 

4 U 4 U 73 ' 1904 211* 


aggregate of the two issues wlH Chuo (g’teed 

prove too much for the market sumitomo Bank} 

It is understood that the Bank ttfNorway 
of England made it clear to both . ICJ 
issue, managers that there were 
two issues due, but that opposi- ■‘T™™* 1 
rion to the formation of a queue ECSC 

remains strong among issue man* — 7 — ~ - — 

agers generally and it«'ould not D-MARKS 
therefore be introduced by the - tBraril 
Bank. 

^Denmark 

Issnesdne 

• Among issues due for " — 

announcement this week are YEN 

DbflOOm. for Argentina, DM200 m. + Manitoba 

for New Zealand and DM8Qm. for * _ 

the Finnish power company TVO J Korea Dw - Bank 

under state guarantee. . — “ 

The Argentina issue, due to-day SWISS RtANCS 
from Deutsche Bank, is expected tAiian Dev, Bank 

to offer a coupon of 6} per cent. — 

on a seven year maturity. The STERLING 

New Zealand, issue, for which 

Commerabank will be lead man- + 

ager, was postponed last Thurs- Rowntree Mackintosh . 

day; The TVO offering, due from — — : 

WestLB, is expected to offer a 6 KUWAITI DINARS 
per cent coupon on a ten-year tPapama 
maturity. ... * . - 

Also . due for announcement UNITS OF ACCOUNT 
to-day is a S60m. floating rate -•_, . . ... . 

note for Long Term Credit Bank ■ JKommuntaemrtitiitwr 
of Japan. The maturity is ex- .. ■ 

pected £0 be five or seven years ^ ^ * . 

and the lead manager w£ET be 
First Boston (Europe). - _ . 


WOT 

r-Sy 

n i 


Sumitomo Rn. Ind. 
Salomon 

Smith Barney 
First Burton CorpJ 
KlC, Hill Samuel 

Deutsche 

WestLB 

WestLB 

Deutsche 

Nikko 

YamaichJ 


S. G. Warburg.' . . ^ 

Schroder Wagg , 

■ -r>. 

* l" 7 * 

KFTC1C. UBAF 9JXl9#t 


- . 


Kredietbank Lux, 
Stand. Brisk. 


tHwdtenra. — Ha cumoC. tt R««lrtwwJ wW« U3. Saearttte. and Ew*»W Comntefam. 

I PoidHt tad. Note, Tteldi are cataUW •*» AIBD bash. 


Indices 


N.Y.S.E. ALL COHMON 


NEW YORK -SOW JONES 


Jan. 1 Jan. 

JVL ! 

Jed. 

Jan. 

1 

| Jan. 

CO | 19 i 

IS | 

17 

16 

I » L 




1 1 



1877-78 

ao ) a I 

IS 

17 

High low 

49 . 73 | < 8.82 

BO.Odj 

48.87 

67.07 48.48 

l»/l/ 77 l 1 18 / 1 / 73 ) 


Bigos and Flails - 

Jan. SO, Jon.- 19 | lu. IB 

Imneo ended 1,872 1.859 1,863 

El mb S 26 674 1.008 

Palls . '616 701 41 S 

Unchanged 530 484 440 

New Hlgtaa ; 10 15 13 

Now U-wra 33 34 - 33 


GERMANY ♦ 


In.lu-rnnl...| 77 E S 4 - 778 . 87 . 78 B.MI 779.02 771.74 



1061.78* 41.22 

bin* i&7:32) 


MONT REAL 


In-lun noi 

ComhiDal 


(*,7,321 TORONTO Uoini**i 


<ttti;j|2cirt/42i J OHANNE&B UBG 
j Goi.i 

Indus! Kate 




1 &S.D 2 ObllOl 
165.60 ( 2 b/ 10 ) 


1 667.4 ( 19 / 7 V I tfLO (BiilOi 


214.7 < 17/101 
/ 14.4 ( 4 / 1 / 78 ) 


* Basie of uuie* changed rran August 24. 

' Jan. U | Jro. o 

Ind. dl*. yield % 1 

j 5-93 I 5.80 

STANDARD AND POORS 
; ; i 

Jna. Jan. Jan. I Jao. Jan. Jan. 
SO j 19 18 j 17 18 13 

1 Industrials! 98.94; 99.15 98.73 j 98.98 98.44 98.74 

SCunjkKlte j 89.9sj 90.09 9D.E6j 8S-8fl| 89.43 89.69 


Ind. die. \ leM % 
ln-i: P E Ratio 
Lung Gun. Utod yield 


i s - 13 

"l 8/74 


6 I Dee. 30 Tear agu (approx.) ' 

; 1 UT\ ^51 Anatmlmrt) 4Mj» 

. Belgium i*»! 92.09 

Denmark^*)} DaJb 

lVr/-7B ESln.« Compilat'n (t J 8 L3 

IQ. ~ 1 

3 High B «g fa tow Germany^) 807.7 

B.M 118.82 "*.44 164.04 4.52 

(4/1/77) (16/1/7B) HL1-73) (JQft/ia aoUaild 
9.6S 1D7.D0 o-..4a 126. >b j 4.40 Hans Rone 400^7 

77 ) i(lft/i/ 7 rti tU»U 73 |.tl| 6 ja. 

II Jao. 4 leu-iuiuitiymu) Itaiv iL!l 6731 ( 

I 4.96 3.77 Japan (a] 1 376J9 

i 9M 11J4 Singapore 1 263.76. 

m I 


Pwr- 119 T/- 7 K i. 8 T/- 7 b 
kus High Low 

464.75 479.43 41iu£i 
(4/1/78) (16/2) 
92A0 89.12 80.43 

(Lu/l/Tf (12/1/78 
96.16 107.92 95^4 
&& rtbill) ' 
BL9 68.4 43.8 

(7/1/77) OO/ffi 
806.0 dLi-S 7lii 
! (17/11) UO/vJ) 
80.6 44i 15* 

a (29r?) 

483.44 


lSa .4 ( 24 /d. 
189.1 ( 22 / 4 ) 


r Ut-tb iisn-u 
Eligb Low 


Spain W 96^9 96J77 100 A) 9fi07 
(31/12) (19/l/7b 

Sweden la) 36 LBI 3 MJ 76 41 &^b 4 h &68 
( 22 / 4 ) ( 24 / 11 ) 

SWllerl'cK I 304 d> 306 JD 41 tLa m«uj 

(NjIO) i 4 / 4 i 


W 96^9 1 96X17 


| (11.81 1(14,1/78 
tfljal 74.71 b43u 
(6/1/77)0^12) 
376.09 49094 38049 
(29/9) lOMiLl) 
2S3J9 , 28002 LT4028 
' (29/8) | (4 AS 


indices and base d ates (all base valnes 
100 except NYSE All Common — 50 
Standards and ' Poore — 10 and Toronto 
300 - 1 , 000 , die last named based an LB 75 i. 
t Excluding bondx 2400 Industrials. 
1408 Inds^ 40 Utilities. 40 finance and 
38 Transport. (ft Sydney All OnL 
(ID Belgian 3 E 31 / 12 / 63 . <*■> Copenhagen 
SB 1 / 1 / 73 . (tt) Paris Bourse 1 B 8 L 
rD) Commenbank Dec.. 1 B 53 . ( 36 ) Amster- 
dam Industrial 1 S 7 B. (SI) Hang Seng 
Bank 31 / 7 / 64 . (Ill)) Milan 2 / 1 / 73 . (a) Tokyo 
New SE 4 / 1 / 88 . . (bi Straits Times UG 8 . 
(c) Closed. Ufl Madrid SB 31 / 12 , 77 . ibi 
S mckhobn Industrial 1 / 1 / 98 . (I) Swiss 
Bank Core. 31 / 12 / 68 - (n) Unavailable. 




JOHANNESBURG 

MIMES 

Jan. 98 -Hand +<rr- 

Anglo American Oorpn. 5.15 . + 0 .DS 

Charter Consolidated 3.30 +*.65 

a Ban DrlefMUetn 11^5 

H Elsbnrg 2.68 . + 8 .B 5 

.0 Hannony «J 0 - 0.05 

.7 Kronas fl .05 — 0.10 

A Kino! 8 J 5 

a Rustenburg Platinum . 1.57 +J .07 

St. Beletw 16 .N ' 

South VaaJ 935 

Ooa Fields SA 2 L 2 S + 0.25 

Union Corporation . 4 JO 

Oe Bevrs Deferred S. 7 B 

Bbrvoaruieticm &JM -t-fl .10 

East Rand Pty. — ' 020 

Free State Geduld 25 j 0 4 -flJO 

President Brand 1&50 +830 

Presldeor Stem - 1170 

StUfooleln ■ 5.10 + 0 J 0 

Welkom — 4 S 3 

West Drie fonte In 8430 - 8 .M i 

Western BoldlngB 27.75 - 03 a 

Western Deep ' .... fULSO 


.AUSTRALIA 



1 

m 


Bigl 

h I 

1 Low 


ACM LL OS) cait), . . . . 

—0 85 4 , tow Anstiwlla— 

AiUwiMnta-Trrtjr. Indue 81 
Amptv Kxjrfowii':i».. . . .. 

4 .IO 7 Ampd Petrownn. 

Asm-. lUnfemla.— 

Amnc. Pnlp Paper 81 

+ 0-25 .\Mac.i.'on, Induatrica— 

- Aust. PounriAtlan Invert— 

V.N.1 

+ 0.10 Audi moo. 

AllnL (Ni Art*. 

+ 8 -» mire 51 etui lod 

tBjO dotagi m ville Copper— ~ 
undtenHii' ProprieOtrv^.. 

+ 0 J 0 oH south. 

_ „ UaritoD United Brewery— 

C.J.Cotea...^. 

- 0 - 2 a l's'K ( 51 ) 

laniKnmc t^tw. Goidflohle ... 

AEO MS - 8 .» 

Anglo- Amfir. indastrial _ JUS +g es Conzinc Elorinto 

Barlow Band . - 8 JM + 0 .D 6 ^main AurtntU a ....... 

CNA investments tlJO -log Uuniop Bobber ( 81 ). 

Currie Finance 0.38 . nuvou — — 

Edgars Consolidated lav: US buier amiro 

Edgars Stores — « m tLZ. Iwiiwtrire — 

Ever Ready SA IM +0 IS **« n - »*ro(jeity Treat 

Federate VoOtsbelegglngs . 1 JSS +B.D 5 Uamereiey 

Grcaiermans Stores .. ,. 168 +fl_io Buuker 

Guardian Assurance (SA) 1.78 - 0.05 '• U -L Auatreila. 

Hutetts 2.18 lnt«r<A»(iver— 

LTA - — — ^ 1.75 Janninip! Imtnatriea .— J 

JrtCpto Rndway M 2 - -dJl .onreilteretj 

8^3 keLair Kxplorsilop— 

Premier Milling 6-38 iii Hokiinai - 

Pretoria Cement KLSS 

Protea Holdings — LKJ - 8 . 0 ! 

SSIhT^id ? 3 H! NictoiaaTnu^tfcmiiuiL. 

S C "!!L “ • w 1 Ifi0p - 

SSL t mmm - — ■ t£ +001 

iiS fwoeer 

CG. S/nim Sugar 7.09 Beddtt A CWjmm_. 

So roc 0,70 + 0.10 h , 

s^l Breweries u? + 8 .oi 

Tiger oath and.Nac. lUHg. • ILM H».lB - 

Uuteec !— il 1.10 — 0.82 

OK Banan «80 ' 

Securities Band Discount m% 

AMSTERDAM 


.tO .76 

tO.BO 

t2J55 

41.8B -W 

10.78 

TO.B5 

tl.UB 1+0.02 

si. vs 

7084 (- 0.0 1 


ti 5 JI 4 -ILIK 

(0^8 +0.0 


t 3.(/9 +U.«! 

ta.00 -0.05 



r.PMTOtev 95.05 -0.06:14.1 

Oeo.OecHenteir |17S.5it| + 0J j tL2b{ 


tO .75 M.te 


B 05 ^ knaalifiicii 


_A1= K-WNMIMMlil 


to:6a I VIENNA 

tl.4l +0.01 

( 3 . 6 b 

fO. 76 ...... 

iai9 

tl.76 +0.54 

10.95 I 

tl.21 +0.02 
tL61 | 



59 'IbU+s Utu 

10 ip '.V'Hnfw>«*iapb .. 
2Si- Aetna LiicA l'h*- 

U l»a 4ir Pn'iiH* 

26i = Ain-- | 

221* \l tinAiunnmuiii 

41 Miw 

17 \ Uv^hoiiv bi ll. 

19 iC Aiii«lwin I*. -or i 
37 ij \:iu-\ I'iioini.-Ai.. 

IS - */) Mii.,1 tilorrr 

22 vsi v;u- ciaiinmj 

4414 A21VX 

25 •Anuri'ln Hev,.... 


i 8!* i \niw. Airline ....! lOTfl 
[ 40 iAin-.v. Limn,l-.... 40 
3614 i Vmi-r. UltwiLw-l.l 8544 
t 35 At iAuier. Cnii i 365a 

• 23 Jr . \iikt. Cynnamrl 

I 23 . \mer. Kle 1 . IVw.j 23>B 

I 42-3 IXriiiT. Ksjiro— ...] 33tfl 
; 2b ig I uncr.rioiDeI*n*l| 27 
llin Uiiirr. Unltvi... 17'a 
1 3'ig ' A hut. 

I «Wig lAnn-r. Nat.Uiu...,. 42te 
25-'i Iiiilt. 3lnnilnr<l 321* 

: 27 is \uht. Mum. ' 50 
j 57/4 i Viiirr. lol. A Tel., o1 J i 
; 27 ' inu'tcfc... 23 : e 

15 r H IMF J 17 te 

24-, \M I'. il6'4 

7j.. \l!l|*t .< Ute 

261, V 11 lev Ria+iuu.' d7aa 

18'; \nln+i-.i Uu-ii.l 18'a 

Id... Inn n 27*4 

171- *.2 

B ! \ -sinirra IM 9 

13:,. A m 1 1 9 ■ s 

2.4 1 j \-litau-t Hi' ' 30 1 j 

45 III. la +iiii'hl..... 45 '» 

. 211; A hi. 1 1 l*n\... £6U 

1 44 '.Vvili IS.hu.1i .... 46'4 
: 24 -9 rtut. Cfai. Kicvr....; aa »2 
20". * UMUk Aiimire.... Blta 
! 34 itenkeniTr. N.I .- 35 

'. Z7ia dfiEtx-t A’vi ; 27'a 

281; .tWatcr Traronol., 35W 

• 22ij 'Umtri.-o Fi«»i 221? 

■ 25'* tkclivilM -heuapti 52:* 

14 Llpii A Uinrpil 14 ^ij 

34 > H . Bmi l*v 851'.’ 

1 .'ft nuiiauet Ciins'li*. 21 * 

18 V, ivnm-liimi sieci.i 22 14 
14 14 iiu-'h A LVu krr.. 141; 

19 >n B—ms ' 2fi*i 

23 'u ' 811 + Ovat-lh..... 25te 

2i»l4 !••»' 294 J 

35>i ATj IVjrnt'r..,.. 264) I 

7.Vi iinmil lilt 10 lx 

. 10.') i-n ■)' iC?a 

28 '4 Iiri-tn. MviV* 3 24* 

15. U dm. IVl. Al»lt 154* 
26 Vi ttr> «•!, w i v l ■ I.IMJI.. j 291* 

I 1 l„ llriili.n l..k 14l« 

18'- ihii’vnu* Knc ..... 19 1 ; 

18j ; lllhll 1 3153 

5 Uutjua Vwli...., 514 j 

37 HurlinfiH'ii Sthn 39 ij 

55’i ■liunvHirli? 64 j* 

314, ,Ciunpl«ell/y-u(i.,.i 32 
I4.i, I'anmii.ni I’tfiln*: 15 14 
8 .Cnnai lbmd»i|ib..i 10 !, 

28U 'Jrtnmtinn^ ' 29 

i;jj 'Lwrin Ativnenr 12M 
lm; Cwiiei Hnwiey.. ■ l/ju 
43.', JnU-rpIlli'i Tract k' bll« 

465* kli^M .....! 465* 

JB:* .CctanneCuniu...' 39a* 

14 j ; i.'eiuini 1 5.W.,.,; la>a 
19 •« -v-erwini iil 
25; r . -ewiw Air ■roil . • 29^ 
27!? ..lure lUiiliallan, 28*; 

vlirnii.nl UU. .NY 393* 
20 >4 'i'h?*hr<h I'miiI .■ nQ’* 
ala* •k'lwvieemei#.. • 53 
43 .CliKr-au Uriilse... 44 X* 

143* 'll run ml hi V IS 

12: • Viirvncr ; 13 

l-'4 ‘.TncraRin ...' 2!g 

15 iu'ln-i .Mllccron ../ 1BV* 

20’t Vnu-vrjr 207a 

47 ip ViiiiM ServuL+ 49s* 

ll3e jJitv (uvtBiin- Ill* 
55^* l'ik* Tula........ 36 j* 

19;* jv'olsatu I'nim iaOia 

10 J* ImhIIum A Ik man.., 10 5s 
28 jCnlumbtn Uiuu. H ,l 281- 

74, iCbluRitda PIrt..„i 144* 
15i* ,.um.lH-CnmlAni: 154* 

2B |k',’iuIji«T|'.«i Kiii;.' 349, 
1G4| MUiil'ti.llMfi I*],.. 171* 
271; '.■"iirn'lh bllum.. c7'i 
li S 3 .oiu'n lb UK /(•■!’ 2 1 — 

284, : ..«niii. iMtc+Ilt?... 307* 

6- i ’ ..•iii|«ii«;p!wn»rt,f’ t s » 

I9.M .HtnH/ <SOi| 

23 Llln.ni \.Y. Z4ij 

23 ;.. /’■vis. c37o 

56 . .'••livil AnL liw.J 39 1 ; 

SI'; ' •■n-i.iwr ftitit 22", 

59 ii % 'unnenui firs. ’ 31 ^ i 
ft"* . 1 -lit ■ iic-iii •: "il . 2b'; j 

14 '•'>1.11*1111,1 7bI+.. l!*l, 1 

1*1, . "in ml (Ima , 2b'l> I 

5B9# ivvepar 1 ih1lii...»j *l*» | 


70S* 479* [Cuming Gum. 

547* 44 ICTO lm Vtioaa 

357* 849, ]Cnne 

29 237* (Croeko-.V it 1 g+ij 

4S 32 iiJmwn/.eiuFriMvt j 52 
689* 339* luummlns.Kii'iini- 349* 

199* laa* [Ciirt WrU-m | 19 

29* 221* Uaitt J J=31* 

5B7* 3UI; iktrt ln.lu«neii.. 347* 

431* 24 L>wre 249* 

291* 239* 0c< M.uite 239, 

71* 41* llel lima sS* 

309* 17 l/untspiy Inter... 17k* 

177* 151* .Ltetmli Liioun^. 161* 

38a* 26'- LFUnH4i.ib/Mmrk 27s* 

151* ; 10 Ui"<aijh>.ine.._.. > 119* 

529, 381* Lluptai )i<)ulp 43 i* 

47 321* Ulmy(W,lt| ni 35L, 

431, 35 .Unrer C.-qnj 39 

429, [ 251* .Dow Chemii»L_; 25 1* 

471* 1 375* Umver. 40 

1343, 1069, ;uu l*oal U»i* 

14 97* Dymn ImmitrlH 125® 

22 177* Knale l'icber I lSte 

97* 5<a [i-jist \irlLoa. 71* 

85 3s j 48 k, :Ltuunan Keldi.: 49 
455* 1 35 ibiua 343, 

211, I 16 lb. O. A U J 167* 

197* | 143, 'Ll Hugo Nat. Gav| J.ST* 

315c . 227* 'h'ltra ; *79* 

56 • 51>, Kmenum Ulrciru- 325* 

43 V, j 55 JJ-.iiiCTi Air Fr'glit; 59 K) 

41 1 281, .Uiitmrt. 1 291* 

4', - 5 K.M.) i 3I 2 

363, : a3 'Kiigi-ilmni I 24'.* 

55 L'69, I'.murk. 271* 

2234 181; 'KibV' 20 

53 451; 'L>*"U -«5. * 

40 In 21 o« 1>un.-tiiliU.nmiHii c33, 
48'; ' 33', ■AvL Dcpi. 369* 
239* J 14W KlrvrtaniF lin-~.. : 14oa 
30 1 237* Frt. >'at. 8>jni«ia,' 251; 

20 1, 1 11 V«n 17 a* 

23 ; 171* Fiiutbi'ic , 185* 

341* ! 29 riiimlii 1’nwcr....) 301* 
45 , 329* iKiUT. 559* 

329* < 209* iK.M.C ■ 21 

47 all, [tonl Motor <tZU. 1 

19 ! 15 Furomurt Mck , 173, 

56 I 279* +\'*botu,...._ SOI, 

291, • 7i, Fmnkltn Mint....: 75* 

30'b ■ 17.', I 'eeMOTI Mln+mli 19a* 

51k; j 249, Piuutuuji 24. * 

129, ; 75, Ir'mius Industrie, 1 8.'* j 

1354 I 95* ti.A.F r 12 

403, . 3213 iluimci t ; 359, 

121, i 9 '• 1en.A1ner.ln_.. 9 

34 j 24s* •r/.A.T.A > 25 \ 

149* - 10V l»en.i.abif. llSu 

6lt, ' 41 'i.iuu.UviMiHM,, 1 42), 
57'n ' ^S7j 1 Ji/fi, tlVi.tri.f_... 45 7^ 
35', i 2y lUouciX' F.«di„.. 30V: 
34)* 261, i.ieiH-nii Mill,.... 28 >* 

77 589* -Uvueml .MiVits...! 599* 
21hs ' 185* ;(ii-u. Puk Ltii_ • 19)j 
291; . 231* .t>v0. Signal.. _.... 2b 1 * 

331, 28v Ilicn. Tui. Mew...; 28:* 

29’r . 'iiuu. Tjm _ 241; 

61; 31; li«lwo 5 j 

373, 241; .(tei'gia I'a.+lh’.... 2bi n : 

lll'a i 148 CrilJ- OU 161U 

301; - 235* .rjinetie 243, 

331; ; 187 S lUiKulihh K.F. 1 201* 

233, 165j UJwslyeat Tirp-.. 1 16:* 

34S,i | 26 [HimH 269* 

319*1 • 21Tj lUrmsO.li ; 2Sl a 

149, ! 7j* ICi. Atwn hu Tca 79* 

M J I ' 19i, SUrl, A'jrtlilmn...; 25', 

18v. 1 m*h lUroi'h.’uuii 127* 

18‘r , IQi; Uiili X Weriern...' Ill, 

301* ■ 25 281* 

67 • 54 j, 'ilaiilm.ltm 59?* 

54l-i 351; ‘ilnnna Munn-.... 371; ■ 

23-’i la lUrnia-lureer....' 16 ; 

4Bie 28 CIiuTlu LiTim. 407g 

351; , 28-'a llvliu- H. J 36 

42'; . 20 Hriihteia , 24:8 

BS’n 1 681- llvp-lvtl Pu-kaiii: 70 
16 j ll.t, .H.i'i'lay Iona—...., 141; ‘ 
43J* . 35i, illiiuiertnke....^...! 3BS* 
54^i I 42.'; UnnentrlL.....,: 439; 
139* j Hi, ;iiporoi 12V, 

M7* . 219, iUuofiCorpiAiner.l 231, 
SS', I 24 lHuuctaaSlM.Uii^ 251* 

171 S I 10 !Hnnl(Hi„V.>Chin 111* 

179* 1 lls B Hnlpin tlLF.)—.. 1 12 < 

271* j 219* I.CJnilurtiire...' 239* j 

»#9* 37 ,1XA- ! 37 1 9 

78 ■ 529, . [n^eisilUainl ! 53 /j [ 

j 33i* Iuuuhi 6tetH.~....' 3aij j 

lbl 3 ; 129, inuU.il t .i 13V, | 

131, •' 7 luLcrw.nl finer,, I 7 ! 

35', 2451, IBS1 266.5 ! 

i3i- 1 189* (uu. FbiiufiR 1 ■ n09, I 

97a, 26i, Iiuu. Kiurr-ter.. : e9), [ 

idij . 3SU lull, . Urn. VLlieir 39fa . 

25k, 171,. Inti, Uuliiimlc.. Ataa ! 

- 139* . 

Mte J9 mu iSur.,,.,,. 407, 

*01; 2VI; .11*1, ubi, j 

5 rm. hwtuier ! 7i a j 

56U 29 v rm.Tvl.1 Tel.... : 30 ' 

?..‘i • 9, >ri,n'i, i >, I 

. 20 28 ' I 

14’,. 11 'll. li.li-nmTi"i'4!., Il'i 1 

19M j 33 >« jJin 28s, j 


273* I John# Man vine... 
6258 I Johnson Johnaoi 
an* [Job area Control 
30i* JoyUanuiaitiir'g 

2d5* lh.Unrt.Corp 

273* .Kauwi Aiuminl'— 
41* iwlsei libluHr 
201* Kjusertiieei 

41* I Kay 

185* ! KeuneioCL. 

45k, hvu IKieeu. 
23k, jhiitde Wa'-ler. 
371* ! him tier iej' Clark 

20 U lKu(^«re~~. 

431* |knn,..._.„ 

ZA I K nicer Co 

25 ! Levi auvuM... 

255* jLlbbyUw.FooiL 

25a* Liggett Gnxjp__| 

33 LaliyiKUi 

111* Litton In.lusL^.. 

9 Lockheed AJra-Yt 
163, Lone 8tar Lmis... 
177a Luna Island Leri. 
205ft treldana 

301, UrtirlBOl 

13 tj Lucky *>Dorea^_.. 
5 ■ L'ke»V"unaur'wn 

71* UaeUUIan 

315* Uacy K. H 

3 1 ! litre Hanover 

33 '.U*peu._^. 

417* 'UuHtbni OIL.,.! 
JUSa lUanne JlWbwJ 
171, 'Marshall Field ...| 

213, May ItepuStaresl 

319, MCA I 

213, m>ermutt..._. 
195* .M.-Uuuien Uousl 

151* M.-Craw Hill. I 

24 'UenKtfex 

609* Mem.. _J 

137* Uerrlli Lyia-h. _.l 
31 :Mesa Petroteum _■ 
16 IU1S.U I 

459g iMinnMingAMts. 

587* Mote. Carp ~\ 

515* Uonaadio ... J 

401* .Morgan J. P 

333, :UntcvcUa . ' 



45T* 351* Kavlon... 4Hg 

445* 281* Itoynokla Metal,. 30 

705* 84is KeyncMsILJ — 644 

264 187* Kfcb’aooVerroil. 22 

3658 27/* Kockwell Inter... 2-5* 

514 289* Kuhn* 3 Haas.*.. 285, 

€1 615* Uoyai DnuA,.._J 564 

155* 91* KTU ... 124 

141* 101* Kum Iahti 115* 

18 12T* Uyder Syrtem 135* 

60S* 36T* iaieway Stores... 385* 

431* 285* 5*. Jew Ulnereia 28<* 

386ft B8h 5k Uegta Aimi_, 301ft 

425* 3458 5anta Fe Iq*1b_... 30 

6 34 sau> Invest..™.. 37* 

64 39, auoa Ind, 41* 

18 10 4 s.-hUtr.Hrowtos.. Ill* 

74 565* Seblumbtnrer 684 

25 165* :»CM_ 109, 

805* 13 3v**l Paper lo*, 

234 186* i tml Mre 204 

B | 6 i-udr' Duor V»q 64 

295* 125* Sea Containers— 216* 

24 194 ^eagrem :: 205* 

136* 107, Sa«He(Oa>A 125, 

34 257* Sears ttoehucfc^. 257* 

414 28 SKUCO 301* 

354 1 88k, iSbeliOU 287* 

444 I 3U1* ;Sbe> iTraasport— . 395* 

344 j 94 iSIgna 29 m 

?2. ISIgnmteCore j 437* 

10*8 105* pimpitelty 117* 

259* I84 Isinger JZjs 195, 

604 32 : Smith Kline I 475, 

34 , 17* SuHtron.^. I 17* 

18*, • 134 ^onkbriorm ; 19 

27 219* Southern Cat. Bd.i 3*>5* 

i? 15 7fl l^thwo Co — ~ .1 174 

I ,’lhn. Mau !!».„, 31 

' 3 i’ 4 'tiouriiwn Psciflc.' 33J, 

62*, j 474 .SoutbemBaUmiyj 495* 


BRAZIL 

, . Tor Div>*.. : • • : 

Jan. 19 Lru* — Crur ~~ 

A »lta.._ .. 1JJS ■ 

JuieBMn. UK. 3.91 +U. 0 iu.lt 9 

■•eicoMinWre UP 1.58 — U.DS j 12 " 

kteoi-UP.» 0.98 + 0 .kl j|l+ •• . „ 

u/jaa Amur. Op.. 2.74 +u.l5 j.2u *' 1 ' 

kUnoB-miui t»H. : n.49 -O..J .la '! 


/etrohn. PP ' 

PUwU UP !i 


aausCrurUP.. 3.^6 + 0 .*.l ._ 2 a 
1 ue KlolMs- f;i 1.77 t 0. a *[ 


23 jUurpby Oil j 

46 LXrtnsre j 

247 * Mab.'oCbeouwJ-J 
124 ! Motlona' Can j 

204 Mat. UUriUere-^l 
124 'Mst. Servtee loriJ 

51 National Steel 

All; Natmriaa i 

321 * ACM _.| 

124 Neptune 
21 4 %'cw hnenud Bj.- 
316 * 'New bntftanrf Teij 
I 4 Jft Augus Mohawk 
9 i* .N wears Slat re ..J 
161 ; A. L. Indualnea.i 
251 , NqHolk&ir astern 1 
374 North NaL Cras...; 
254 Mnu btatea Pwr! 
194 Mthwoft Airlines- 
SlI; Nihwert Uancurp, 
17 Nl■ntalStlIKlc._.. , 

20 Ucuitental Petro ) 1 
51 lUgilvy Slather...- 

189 * Ohiu BdHOO 

15 T* UUn^ 

22 i* lUroneashhip t 

60 >c \j iron* torn init— i 
209 * .UwelH 1 J>irhu 4 w___' 

'Pk. IB Ga, ! 

I 81 , iPa.-lii. UzhUauJ 
20 :* t^a-. Pwr. Sl U....- 
a PinAiuV^i'n,: Akr* 

21 Pttkjr Hannlhn. 
19 ', Peab.'de 

AJ 4 Pen. P * A 
52 !, Pennev J.C m . u ..l 
26 i, Peuflrol' 

7 i, Peo,ileiUng;«.«..l 
554 Peoples I . 

224 iFepsu».n ura . b ,( , 

165 * 'Perkin Kilter I 

294 Pa . 

24 

18 J* iPheJp* Ltol#e__ ; 
179 * HUUwlelpliia tile. 
514 iPhillp 1 

27 .Phillips Petrd’n, ; 

354 ' 1 'iUhury f , 

15 U PitDfl)' Bonis ' 

21 U Pittahte. ; 

104 .Plemev Lw AUK. 


■ PiUainKl. I 

Putuniai! Kieo.....' 
PPi» ludiutnak-! 
Pn«3er Uunide..; 
fuBOWM Kiwi-, 
1 Put ruin 

I'urei 

1^1 miter Usts. : 

,Kipd American..; 

Ik' vr here* j 

. »(*,' A | 

iKeyutitlc u«el...J 


i 204 ;Smi tht«n^ . 

304 ■S'w'L Baras baron 
IS 4 ISperty Hutch™— 

89s* Sperry Band 

214ft SultC 

244 Standard Brand, 
345* St*LO II California 
44 IStd. Oil Indiana. 
66 ISld. Oil Ohio— 
514 Stauff ChemteaL 

li" 

; 584 iSnn Co_.™,._— 

32 iSuDdctnmd 

16 4 hynr^T 

6 !, ! tedmimlor. 

284 (ebtroalx — 

479, relodyne 

2 

884 i 

6 ■Tesoro Potroteum 

26t| .Teraca ...... 

1714 Tengixif 

6814 /Texas I aatxn. 

•12 5$ Texas Oll-A Gas.. 
187* TesM L'tlUda_. 

314 ,’Tiaie Inc. 

80 , Times fcUrror„.„- 

435, iTimlten... 

51'e | Trane. — 

U4 Truauasrias ■■■■> 

17 r raaacd 

32 1, Tnvca Unlim.— ... 

21 ; rrnnsway InWrni 

.77* ■L'nna World Air. 
274 rrmwllars. — 

18i* Tn C-uiUaental-- 
285* (T.iLW ; 

10 poui Century Box 

167* UAL. 

18 'LAKQO 

17 1 ft 

134 .COP I 

27', Cut) over.. 

474 !Un Uever S7 m.-.. 

11 Cnlun Banrrop « 
384 'Cnlun Carbide. 

64 | I'nkra Oommerec 
455* .Union OU Griffs 
44 jUuton Paridf 

71* CnlrayaL — 

Gig l/nlted Haul* _ 
10 United C«p _— j 
289, us Bancorp. 

215* US. Gypstun^ — 
I84 US. $400. ot..— « 
279, ■L'S.Siul.un— 
32s* 'P.Teclmnlngiah. 
179, -UV industries.— 

14 V'iigixila EteoL... 

15 {lV«4tre«n. — 

25s* . Warner-Own mu . 
241* rWnnier- Lambert 

12 k, iWaate-Maii'ioeaL 
.241, iWoUs-Purgo’ 

8614* iWertyra Bar«»rp 
141, ,Wfrrttrel 1 ^■.AJUel , 
IB Western L'tihm— 
I64 (Wai Inghue E3(W 

29 iWesW.vW. I 

a43» IWnyerfiaefiaw.— 
204 jWbtrlpcteL - 

194 WbtMi Con. lud-4 
10ij I William Co.. .— I 
374 /Wuoonnn Blact^ 


235, 

244 
187* 

547* 

£39* 

251* 

554 
444 
66 
58 
135, I 

4Bi, 275, 
384 

524 

196, 

104 
594 
62 
34 
289* 


114 
271* 

195, 

29 
217* 

21 
199* 

ais* 

145* 

594 
55 
131* 

394 

64 

46t* j , 

465* J 

74 I 1' 

74 
104 
299a 
218* 

22 

807* 

325* 

184 

149* 

169* 

3uSg 

864 

189* 

244 

511 * 

244 
. 167 , 

174 





3.16 [+0.»t L.lj 
1.84 J— 0.uS(..lb ' 


Vol. Cr. iTLlm. Shares BSJSm. it.-. 

Sourco: Rio de Janeiro SB. '“SU??ANCE ft, 


U wonldn’t he able _ 
aukteiy to coafirm or deoy 
reports. 

tfesi^oed te..« 
length of m f W t on 5 fi ax 


nnces csriwio j pftramiD 

♦ DM38 dpnom nnWM w premnnn. Belgian -dlvUtenda an. 

=r^n 'j&jussa ts&ssSjJM.jssj; 

after senp and/or * ha re. 1 PranraT^ « r- “ after . oreMflw 

mrludnig Unlljr div 1 ® „ M ,oaue * *t Arte? loeaj G taS- , ^ ir ‘ *■ *'A*»mvif 4f 

Ear .'aSr.^-russ^ 5-ff a awi 
^ -isaa-pgarir ? 

- * “ttwim sinca iflcmsata.- ■_ 






















































I 



mnancial Times Monday January 23 ' 1978 


AUTHORISED UNIT TRUSTS 


' Unit TO. Mgrs. Ltd. (*)"fe) BrttennU Trrat— Cratinrad 
«uiwm8d,Aart«d»uT. oniw aVLod+AT 

zstdh , 3 « bsb 5 ~=B. . u £ 
'fiKHB da^'hBissaedB »:« 


Hambre Group (a) <j) 
«_Hw. Hatton. BrraMwri.^n^QK. 


Murs; FoonAeraCUEO 


... BK Units Jsu, 9_ t 

4iS Do.<A«.lJ»n.nL._,t 


»i or Brentwood ctetn 

d Fuads 

rt JU.7 78.1) +L« 

LPand- 67 A +1.1 

W fffi MJn +0.7 

i Ind. Dev. m 34* +06 

. ap|«l M __ »B7 75-5 +1J 

Fnwl 1M.7 mi +IB 

. ACC. fd lU.t UkU *131 

»nh 

: .eld Ed 1*7.7 

nwne . . I 

Inc. ,-{37.9 

nlhU 

tonal. BL.4 

aessrtea — 
fund - pn 

it Faato 

Ca.‘KFd._ 133-2 

r. Co's Kd.„ plJ 

;Sit> w3 

.fcCittj -WJ 
i Eunua B2_2 
- ^CWi.piAB 

(on Unit Trnat Hxu|en Ud. 


The British Life Office Ltd? fa) 

Brilow Hsq.. Tub bridge Wells. KL MU 33371 

as*.? 5 ! t« 


Gartuore Fund Managers ? faXg) 
111 2. 6L Mary Axe. EL3ABBP. {U-ZB33531 

ft jngKrJK 

» SfittHtetlBr 

ttldhloemMTrt— pJ • 

Income Funi,,, 71. J 

JMlAbwI** 12J5 

Inti. Exeiflpt Pd MS 

roInaT«.<Acc.l-.. 24J 



■^TOfwiffc j'i IP *“* <*««?> Unit Tst. Mgs. Ltd 

P. BtafcfSald St.. ECZM 7NL. 01-9884111 

Brown Shlples * Co. Hit WfA g.l_ B«nM r^»4 ... j tw 


flrnsmtr Truta f*l 

J.74 Financial — 

4.7ft O.nocil 

*.T9 Growth Arrum. 


SS :d 55 ’ 


Perpetual I’ait Trust Mu cot.* (»l 

48 Rart St . Hanley on TbSmen O401ZO8R 

PpetuiIGp-GIJj. . |383 4*7!. | 381 

Piccadilly Unit T- Mg re. Ltd? i*Kb) 
WardB'MRse- 9B> London Well EC3 8390801 
Gnnlanma —.1339 
EnuD Co's Ed . - *14 
Capital Fund....- ■■ SJJ 

Ini. Erng. A Assets- 415 

Print* Fund M.l 

AmmRr. Fuml — HI 

!ssa?± si 

American Fond — 33 



Growth Income 

fU*h Income „ — 

Iadta! 


Inf -Tons. TtWi 
Govett (John It 

77. London Wall, ELCJL 01-0889020 Accnra. Onto _ — 

ffUdr.i«i.3i IUSA mB -V* 3.U 


lurch St. £C7H AAA 
»UT._ — (45.7 <f.0( 


Do. toe. DU U 

AZ3B231 Do-inc. Accvm 

^ Cspcl (Junes) Knit. Ud-f 
:her Unit MfmL Co. Ltd. too old Broad $u£C 2 nibq 

it.. ECSV 7JA. DlaatlH. Capital 

itUyFuraMlMJ . 17341 _....( MO I «»“ 

men 

mot Securities Ltd. toXd 

-n St London RG4R1B7 014088381 


Do.AcnaH. URR— tW7l W -£2] 

w* Nest doaihtg dey F»b. 2. 

£m GtSothoq Managcsnent Co. Ltd. 

MGn«b*jnSt,ECZPSOS. . 014X44433 

In Por’ftn. Jul ll__ B96JL 94 

*** — WAS 

Canada Life Halt Tat. Bingra. Utf - i Accra! uSt*)^ Hm 

M Rich Sfc, Ftttm nsr. Rene P. aer 91133 p. nxhU -.J »n.aO-^ gjj . g.^ -+1^ 

Can- Gen Dim — _[3* j 3tM+M{ «« 

ft 


Practical Invest Co. Ltd.p (yXc» 

+4. BlooEabur? WC1A ERA 01-023 8803 
pnctlsUJu. U—.^S7a 14* 4J j *g 


ns fgssSSSxm 



10010 


ta 09 fam. a. Pott doaUnf Pan- L 
Carltol 'Dull Fd. Mgre. UAJ9 (aXc) 


277300 


WMFU-.IUZJ 
.rtMi—twr 
> . Units i__lsSfl 

1 ,'drwl.tIlaXSSJ) 

. ce Fund (2M 



im in jh il ]U| Mllburn H qom, N imitli 
44a* a«s gtUoI... ‘ 

S£ -- 18 

TjJa +0J 12.0B Do.AeeiunUnJto_.l45J 
n.4* +02 isjao Next dNUlnc date Fet 

aas — 

Chartuiunue Japfaetf 

H-g 1. PW m rotcr How. EC*. 

— CJ.teleryMfi.- 

SSSJK 

U.tuD TO. , 

ABcma-TJn hs— 


Won. Tw. TtWnd. tSim rg 
dig#.*** Dee. 4i "Dee. 19. 






CJ.Fd.la* 

Acorn Unto J2tf Ml 

prices inn. 10. Meet «nl|u to. 

Chieftain Trust Hagu|en Ltd.f(aXgJ 

3001 QneneSkBC4RlB3L <UM8SB32 


(Acewn.UotoU--RtJ 71. 

Guardian Boyal Ex- Unit Mgrs. Lid. 
RonatoKbnan.wciwsDsi. .oi-enooii 
fntf Goardhlii TU.-I8M 91.11 +0.^ 4JL7 

Bev derum A dmlnictratloii (a Kz) 

grooder U.T.- Adinton. 

BrameMd.Eaui. 

B74 

to 
Ms 

. income .gl 

A Assets -Ml 

rnmlloosl H3.1 

. W. WM. Jen. 20 DC* 

•Far tee qo|K ftonto only 
— I ft 9111 s “* ne I Unit TW. Mgn-t fa) 

Ss — ■j SJl UMcbSuZOPWC 014380011 


204.4| 

Provtodtil Life lire. Co. LuLp 

233.BiihnpaMA.IXa. 01-U78S33 

Prolific Units tnA 7811 +431 US 

High Inecaae |l07.9 lUU +U| 7 AS 

PfodL Unit Tut Magrs.V («XhXc) 

ROIborn Bars. EC1N8NR. 01-4000232 

PradttMlal tuso 338jq +Ut 4J* 

QuiUer Management Co- Ltd-9 
TbeStk.Exchiaie.SC3N IBP. 014004177 

Qaadrsnt Gen. W. -liot.4 113.R ^ |M 


HBBOrutXscnme -.{121.9 134.94 


7M 




J British Trust 

IhriTrik — — 

3 Dollar Tra»t__ 

E ) Capital Trust 

1 Financial Tran. 

) la conm Trnst—I 

ar~ 

InteLW WfcQ 

l&.CkrlatophcrStnwLE.CX 01JC77243 
Intel. In*. Find— 185.7 . 5M4 +4&I MO- 



Unit Tat. Mgs. Hd.f (aXO _ 

IMbore.WCiV TNI* 01-881033. Baaic Ketrco- t«-l 

nh 1 darFek il % Confederattoii Funds Mgt LM.V- (a> 

90 Chancery Lan*. WC3A iHR 01-3*3 o wa ’gey Fond Kanagen ^ (a Kg) 

Growth Fund M3 €L4 1 02* a3,jtllk St, BCavajR. 01-0007010. 

li Camnopolttan fund Manager*. i .fS&SS’i ft 
CopthaB Am-XaadonXCZR77X *»882* ^ySc«niAPU_.^4 IMS -- MO 

ft tanpolnXitbAL|17A 384 —1 .^JSVSSlS^SM ’ S3 — llS 

ft Crescent Unit TO. MgntLtd. MXg) ^^v™*-** 
ft < MeiviQn oca. Edinboieh a. on-«M488l Dehnwnt Benson Unit Masagemf 

52 Crescent Growth —127.4 254+04 4Ji ' tB. Fejxhtmrb St, E.C J. 014230000 

ft If ft uaatatx ' & =j -* 

ft Cwltem*w_|5u . L 4s C Unit Trust Management Ui.f 

md Discretionary Unit Pond Managers TO Stock Eehanee. EON 1HP. 01 -SOS as 00 

ft 23, BloofMd St, EC2M 7AU 014384400 ^IntPd— — W40 UXJj 1 ft 

DRelneome— _)»M 3HL5t 1 Ufi WCStt* G0nFd.p>3 *Mf —4 LSI 

_ „ w „ _ . rt , Lawson Secs. Ltd. «a)fe) 

E. r. Winchester Fund MggL Ltd. MQ«n» St. Edinburgh EBS MG. mw*68«H 



■;*» Unlearn Ltd. (aKgWc) 

-Ro. 32ThnnI«PdRiLX7. 0I-SS49SM 
4aMriea_.BU ’ 10-4) 

rSi: 6 ^ 

ri.5 - 152 +: 

-At Tst 108A U2J +: 

. Yncom* _ 2S.4 Mi +L_ 

\?±zz& % ^ 

•SSacc— SI Sj 

VI Tit B9A 852 

.0*10. Tst- 134.5 14U 

' at Dec. Next aqbTSqr 

&M 12^M + 

SfiS?S 3 

n. ______ »J .72.51 + 


Reliance Unft Mgrs. LtsLV 
Reliance Use- Tos*ridj»5feCx.n omxem 

'I 

Ridgefield Management Ltd. 

PO Boa 41fl. Bank Rse_ lteaeJhaEr. 0012888921 

sgsss^ias *«i:d ft 

Rothschild Jfc Lowndes Mgmt (a) 
StSadthinaljiMi.LdiL.EOt. 014284388 

KwCt Eacempt— J17J 12+ B| J in 

Price on Jan. iTNest deaiiu K*h UL 

Rowan Unit Trust Bbgt Ltd. 

Ctty-Gste H»n- Flnabary S<i - EC2. 04081080 
Rowan Aul Jas.lB.S5J SLR , 

Rowan Sec- Jaa.i7.nwj 1HLR ._ , 

EowanHy. Jan.lB.-S » |jlj „_J 7. 

CAcemaTunila)— 974 ,_4 7. 
RwnJirin- Jan. 18_|7X2 ' -73M ... 

(Accom Dolts] |>+9 514 

Royal to Can. Fd. Mgrs. Ud. 

94, jennyn Street S.W.1. 014»B893 

Capital Fund 1*54 WM I 3.75 

InSmiB Food JlJ 7J_M 7.80 

Prices at Jan. ML Ned deallnf Jan. 31- 

Save A Prosper Group 
4. Great St Helens, London EC3P SEP 
88-73 Queen St_ Edlslmrfli EH2 4,73 
Deal infs ur. 01454 88W or 031430 7381 
Save 9c Prosper Securities Ltd.? 

IncrsaUnul Fttsdc 

ftfc===P« iir 

U ah'- Growth Im. 7 ulj +0.4! 2_U 


*9.11+0.7] US 


I lmtuls i Iskbom Fuad 

Rlfb-Yleld 159.9 

BOgh bam Panto 

Blab astern WJ 

Income — 


ssiaa 


7J3 

7.97 


47g+8J| 4J0 


Brothers & Co. Ltd.? laKri 
ohall St. E.C J. 01-9882880 

Next Sun day las. 29. 


Oid Jewry. EC3 
Cmt WinchwAw- DU 
GtWnchVr O-seasjnl 


01 ABO 2107 

W=l 


R«w.liaiarlAls_-.!XM 3M) +L5| 


M 


353 

Si :3 

37J 

m 

W 

S4J +4bl UJ0 

71J +ca 10 jo 


Uniw — 

^vSl kzZ Wi 

Bttwa * Dudley TO MagWiL Ltd. 

SO.ArHn«toeSt.&Wl. Ol^tt0.T5Sl KSSSunluJ — 

(gate P n g te irin MgmL Co.? Knam Dudley tat. )WJ tu| __4 sis .**HifhYi*M— 

!SSmS*s. 9 ^MJiTSTBwdtroSee^ LMLfWtt) " f *^*jSS tt **T^rrw«L ribwi ’ 

•SanJO—finA 20M — Ltt u BUhopafsAn.BC3 - OUMMSX Logal ft General Tyndall FundV 

a.JmLl7-h»J 1M-S — ft Fiegrewshe. |*M MJ)+«J| 927 'iaCaarosn Utmd . BristoL 07280*1 

SiZigR.JQL* “ ^* Uw ^ T r.Av«aw' 8 afts!=K BJ=d IS 

. . . 77, DMWS8B1 


(UtpSt-EOIRSAR 


Enrop+— [ 

«c= 

Bacfar Panto 
Co aain dUr— 

— !**.l 

HixhJBaimm Funds 

Select Internal. JZ15J 

SdMtlruMB* P3A 3* 

SeotMU Securities Ltd.? 

SctxbHs .072 

Sce^Wd Bij *4.? 

Scotsharea J55J 55j 

Scot Ex- Gthril 1555 mi 

Sect Es. Yld.**—_p65J 177. 

•Prices at Dec. al Nut sub. 



In 


_._1 U1 
M4 
Jul il 


SdUeringer Tract Mngn. Ltd. UHd 
aajtonwratiBf Trldeat Ikots) 

14Q. South Street, Doridnf. (O08)8M41 



9-7. treMnd Yard, EO4B0DH. 01-3*88871 J^oAcctjra |78J 

CMUITat 


SJA 

4J3 


tin Trust MnnageawatfaXg) 


DO.AcraW- . 


Lloyds Bt Unit TO Mngrs. Ltd.? (a) 

First CB*J(j«U (500 


DatAecrnsLlJ m&| 


^ Friends' Provdt. Unit Tfc Mgre.? iaaw .-, 

PUwft4.Wb* OM820B .SriSSwJ 

' a * m ‘ agSTSSr gra2"-°-- | gj 



G.T. Unit Managers Ltd.? 
1R TSadNayCtKMXCSH 7DD 

C.T.Cap, 

gr.tol?5nfic:i 
c.t.u£*cm 
G.T.J 


HtU S'fi 5 ft 532 =a 

Paiirth(Extoc.)~_ 55.4 


a»i 


Am paa 

Am. Growth. M.9 

UDCfipC KaL UuS.* Wi 

Extra tec. TsL Z5J 

Income Dill — __ 412 

Ine 10% WdrwL SL7 

Intel Growth *1® 

Inv.TKUnhs 230 

Uuket Leaders 212 

*NU Yield* 27 7 
Pnt A GUI Tout— 25A 


ft ?G. ft A. Treat (a) (g) 
427 B.RsvhdghRd.Bnmtwaad 
-42] ,LB G-IcA pU 



Do.lAcewnJ— . — (*** 

014280m Lloyd 1 * Life Unit TO Mngrs. Ltd. 

734a,'&te|iraM RtL. Arierinny. 02880041 
EvdtrJmw. — IML* UM| — | 42* 
M ft 6 Group? (yXOfc) 

Three .Qstes. town HA BOB MQ, 01B« 4BB8- 
ategltofcMmDwte 


014331308 
5401+0.41 4,04 
73.9 +L2 4.04 
512 +0J 351 
*13 +04 3J0. 

|^7 + j3 jji _ 

*Si li! 55 ga^fclS 

703] +0J 703 


12.54 

2J9 

US 

409 


».« 

ZfA 

2*3 ...... 

345^ +02| - 
44 lx* +93 
2504 +02] 
30* 



An Limited 01-351 5466. May cocoa L514-L522. 
tent Road. London SW10 OHS. 


tAeann-Utiltai , — _ 055 
Aurirsl arise ._■_■■■ W5.4 
Mccam. Units)— [40.7 
I»177) 3 ja00 Crenmodito— teJ 

w+w *» 

p GrowteHU 


CLIVE INVESTMENTS LIMITED 
&J Exchange Ave., London ECSV 3LU- Tel.: 01*283 1101 
- Guide an at Uth January, 1978 (Base 100 at 14.1.77.) 

lire Fixed Interest Capital 134.97 • 

be .Fixed Interest Income • 127^3 


(DHddend-IML 
MwsaOilia. 


_ E ui aa. _ 

Macum. Unite). ... 

■ - ‘ lnv.TsW~.|5h.i 
Unite) pj_ 

vnhml 

SSSw- 


CORAL INDEX: Close 485490 


INSURANCE BASE* RATES 

t Property Growth — ... — — • 81% 

• Cannop Assurance 4|% 

[-Address shown muter Insurance and P r ope r ty Bond Table. 


NANCIAL times stock indices 


> «A....„., 


rot iinn. 

77 A5. 

77.S6I 

80.97' 

77.00i 76.74 

77.4*1 

77J55[ 

64.64 


60.92 

80.83 

8058 

80.71 

ao.Boj 

65.03 

■ Orvunsn 

487.6 

488.0' 

476A 

470.9 

474J 

480ft( 

384.7 



147.B 

147Ji 

1«.J 

343.9 

143.4 

139.11 

106.0 

*»«„ 

S.B3 

8.66; 

6-66 

6.71 

6.07 

SftO! 

6.87 

Ttotauiiu'l 

36.84! 

36.89] 

17.19 

17A7 

17.94. 

17J33 

18.13 

- bmn CM2 — 

8.49 

8.89j 

8.25 

8.16 

8.22 

8.52' 

7J>1 


6.824 

ftOSl] 

8,128 

6J94 

6.474 

6.054} 

7.872 

iraorar Cm... 

_ 1 

98A6; 

64.94 

68.61 

6Z.93 

B0j43j 

92.55 

stains total. 

__ ! 

16.085 

33,298 

'35,2261 

17.960} 14.656 17.106 


U «.m. 480.7. U ».m. 4S55- Nom 4S&3. 

Sara. 4892. 8 POO- *89.3. 
Latari index SUM M2*. 
'Band oa S3 per cent corporation rsx, 
1*0 Gust. Sen. U-'IP/Tfi. Fixed InL UBS. 
•tSS. SE Activity Juh-Dw 1KL 

HIGHS AND LOWS 


1 pan- *882. 


1 150=8.97. 
tod. Old. 177/35. 


Gold 


S.E. ACTIVITY 


uttiTS 


jBloQB OompUstton 


Htph 


79.88 

iio«i 

8127 

(9/1/78) 

M42 

U5.P) 

174.5 

(18(10) 


low 


60.45 

I*(l) 

60.40 

567.6 
(12/1) 
95.1 
a it) 


Sigh 


127.4 

9)1/36) 

. t»°- 4 , 

fflWU/4731 

649* 

(X4/9i77)f 

448.5 


Low 


'4S.16 

ifi'Ubi 

BODS 

40.4 

(2BA.4Q) 

43J 


—iteJiy 
trill- ErtafM— 
toriUstrws — I 
Spe-nmtlro^.1 
routed. 

>Jty A r 1 nice 

QMb-Bdfffri 

lirlustrbUB^J 

3jwnn4lJva_4 


Jan. 

20 


103.1 

171.7 
42 .C 

118.9 

213J5 
101.0 
4 2J> 

127.7 


Jan. 

10 


190.0 

168-3 

36.4 

114.6 

206.7 
191-9 

41.7 

128.6 


(EQ6j76)|CS’ flD/71) 

ANCIAL TIMES STOCK INDICES 


Jul 

20 


'Jan. 

» 


Jan. 

U 


Jan. 

17 


Jen. 

16 


Jan. 

15 


i A Tear 

I W 


htwp— J 808JS4' 206J7' 203.47' 2O0.ZO 303.85 0O6JMj 153.30 

— «... J saa.5s| M7 jk>; m^nrsaftisj 234.84 327^^175.42 


IB 

|to»' — w. 


sjb; 

8.78; 


8.301 

o.m 


5471 

S- 04 J 


B.B0J 

8j47 


8.43 

*34! 


8.40’ 

8.63* 


5.09 

9.10 


w- 


2 13JI1> a 12.10 aos .24 207.79' 308«5L: 311.S5i 164.88 



Mrano. Unto). 

iRfiCWd)/.. . .. 

ICAccasLunits}. 

Specialised Photo 

iTrnstee MoJ 

(Atom. 0nits)._-_ 2*41 
ctuciboad ton. 17- USA 
Chaii&L Jan. 17 — M3J it* 

iArxnm- Unitil — 17L7 1 

'road. Ex. Jan. 18—1122.8 ULi 

atannLite Hmugenat Ltd. 

iSt Ceorfrt Way, Sterenase. 0*0890101 

Growth Urrln,— -1» J 5L8-0.8 3.0 

Msyfleiror Management Co. Ltd. 

Mri8 Gresham SL.XC2V 7AU. OI-OPS80W 

l lacOBm3aa.ll_— „&#*.» 10.1) A 7.51 

GasenJJu.il fnA fSJJ . ..~J 9 71 

Mercury Pond Managers Ltd- 
[M, Gresham Bt. EOF ZEB. Ol-BMASU 

llerc.Gen.Jan.18. 

Ace.Urs.Jtm.1 
Mevc.IcLJsa.19. , 

Aeon- Dh Jan. 10..C 
Hcrc^RDocae-t 
! AmnnLCtaDec 39. f 

Midland Baak Graup 
Unit Trust Mausers Ltd.? (a) 

j&ssMr 

JConunoditjr h Gsn. j 
Do. Accmn 
Gmwth 
DO. 


KONG 


KL 


(Jan. 20 'Jan. IX 



20.10 
H3O.O0 
fL36 
10.00 
4.125 

4JW 
wtiWharfl 12J0 


kUnw^ 
. IgmiMank 


SINGAPORE 


fi-M 

16.90 



• teas (Hoiblj 13.40 
>»?<» _ 3.575 
V.oUJj 
HAW 
WAS 
1-85 
.. „ 6.36 

»Pw.. 

•• 9-30 

— - 

}" 2.135 

ibml -.^ta.aaa 

't ~ „ I 1.03 


1.47 






ten. U 

f . 

Jan. 13 

9 






1040 TwAwerrlall 

Bounced CnJ 
BoustewlBbdj 
Lhuuuik 

Ban J 

PraaerBeareJ 

Bs» Par _J 

Bimvalnd — l 

lmijcajie I 

Judins- [ 

‘ — - • Malay BnswJ 
7 as Mac*)- Coon J 
10.60 

6.10' MatTobaceol 
M«t.Bx,Sn»f 
Ov'sUhiiUHc 
Kau Stearic^ 
JhrijiAsnnOoi 
hiMiaP J 
eiieu f .. ., 

siroe D+rby. l 3J4 

CoUdvcaja-l :'-2d» 
bustufttoapi- . .130 

-Warns TiKtr-j . ; _ 

ifikoi UriJ '6J0 


1.36 

1(L80 

3.97 

W.W 

4^0 

18.60 

6v5Q 

16.20 


14U 

6J5 

Q.SB 

STB. 


■ 2J» 
3.03- 
:.i4H 



flsli* j w 5HtoiWCTi» 

\M ffiabberen 

4.76 hatu Luhk«1) im 
LS 7 lllmirpKsUwi 2 JjO 

MOullKraipM -l .423 

8.1 ai! 

M 0 (Tina 

Aiuuni. Aip.)4jSC< 4.G6 
Uet junta!..,. 
tdn|w. 


1.79 

2,10 

WE 

1J2 


toiuiwri sSJBO 

hih-Uat -t04t4 

U n rat-P e nih. 
Pnalln^TSB, jfijO 
'■sowemaCsj- 
ronakahHri. 


rJ6m 

SLOE 


B3i 

Iff) 


1W-.’ 


MZ 


u 

«J +02 
. «M +0J 
«L7 +05 
WA +0.7 
7U +0.7 
• 1MJ +12 
■ 51* +» 

1154 +1A 
Z2L7 +21 
MJa +0A 
50.* +OJ 
88.7 +0.S 
115J +U 
35.1 +02 
43J +02 . 

WSJ +0.3 ».*B 

to® :ii ^ 

»*J +X3 5.0* 
1050s +0.5 022 

17L7 +1.« 322 

IM +U UP 
1242 +13 157 
150.4 +Z2 42* 
237 A +27 429 

1*5.7 +05 *.50 

au +oj *.» 

8271i +00 453 
83* +00 453 
1705a +U1 4.50 

254J +20 4.50 
1582 +05 424 
19U +12 414 


+0.5 

2V.5 +0J‘ 
a.7 ... 

25* +0.' 

27* +0.: 

tfJC. Grth_ Aranctzio 22* 

OJCGrth-Dtet— -P55 ZLM 

'Next Mb. Jan. 33. 

J. Henry Schroder Wags ft Co. Ltd.? 
13D.Cbeapside.RC2. 01-340343* 

Capital Jan. 17__MJ T7.« 

Item) 1130 ma 

iW 17 1735 173.7 m 

tssfc^ 5 m 


General ._ 

(Accum. UnitiO 
Europe Jan. 12 
(Accrnn. Units)-. — M5 
’■PteThjrDfc.30, — ^ 


»Spertfe.Jan.U— {214* 


(xn.3 



0140190860 
3174 
JJ4 


. Jan.lL- (1820 

For tea exempt fands oaly 

Scottish Equitable FwL Hgf. Ltd.? 
28 SL Andrews S4,BdinlB|ijh 081-3003101 

Eras— «i=i a 

Dealiss day Wednesday. 

Sebag Unit TO Manager* Ltd.? (a) 
POBraSH.BelObxy.Sse-E.C4 01-2305000 

iS3S^:jSi M T<® ft 

Security Selection Ltd. 

15-W. Unooln's Inn Fields, WC2 

S5lSSSfi?zBJ 2S3=i 

Stewart Unit TO Managers Ltd. (a) 
45 Charlotte Sq- Edinburcb. 031-238 8271 
Stcwan American Fond 

standard rntu 153.7 57 II J L75 

Accum. Unite _j570 tttl — ( — 

WUhdrawaillnto _|M2 dij — 1 - 

Stewart Btotsh OqNMl Fund 

•Stendatd DM5 135? 1 320 

AccanLllato $495 15751 ...74 — 

Son Alliance Fond MngL Ltd. 

Sun AQIsm UK . Horsham. 040204141' 

WSSKIfc ■P i sautf ft 

Target Tst Mngre. Ltd.? (aXg) 

31, Gresham St- BC2 Dealin g*: tttP8 50*1 

Target Ccanmodlty pl * 

Target Financial — 05 5 
Target EauUy__.(393 



Target Ex Jan- 18- HI73 

ODo. Ace. Units 274* 

Tarxtt call Fund— 1224 

Target Growth 295 

TariotteO. 227 

D*. Rater. Unite— 240 


Target Inv. 

Target Pr. Jan. 10- 1355 

TgLlnc. 255 

T»>-Pret„ 14.7 


3451+0 4 
*53 +1X 
CLZa +3.1 
2148 _. 

2M-* 

13*0 -0-4 
. 317 +02 

244 

M.7 +83 
303 +0.1 
1*3 7a -1.4 
315 —05 
1*5 +53 
20.4 +a* 


4.49 

435 

501 

*01 

*01 

430 

4*6 

258 

ft 

ft 

10 T9 
3.53 



*•01 +071 


m 


■Jif 

+0-S 
SIJ +0 9f 


42* 


+0.9) 




78842 

fcg 

ft 

3.M 

3.78 

5.47 

3.57 

Z53 


ft 

8.13 

5.0* 

50* 


imn n Hmul. _ 

Da- Accum. 

HtehTUId. 

DO. ACCWIL . 

Equity Exempt*. 

Do. ABtMl I r ■ , . ... 

Pricwr gt Dee. StNral deaUag Jsm. at 
Minster Fond Managers Ltd. 

Muster Has, ArtJwn'SUE.CA. - 0502X1030 

teSESfcrSK IS 

WLA Unit Treat' Mgemut Ltd. 

Old Queen Street^WlHWG. 01-0807333. 

MLA Units — Jjfc7 • 38J1 .....,| 442 

Mated Unit Treat Managers? UXg> 

I B. Copthall A+a, EC3R 7BU. 014064803 
Matoal Sac.Plns__gU 5301 +001 5 95 

Unreal toe.Trt___.Sii0 TVS +)_« 7.1b 

Mutual Bteertte3E5 . 4+S +0H 5*4 

StutoaiUlgti YId__|U0 WUq+Rg US 

Narionat and i^ w i fw+iii i 

3L Si- Andrew Square, Edinburgh 031-059 01M 
income Jan.10- — ,U}*0 - 15141 507 

asaggd® is 


i Growth FA-P40 
Target TO. Mgrs. (Scotlandi (aKbl 
19,AtbolCre*»s£.Kdin.X 031-228 862U3 

ssssgfc ; 

y.ffff iu0iu 9d —1 
Trades Union Unit Tst Ma na gers? 
IQ0.Wao4Slreet.E-CZ. 01-0288011 

TCOTJan-Z -313 546| 1 4*8 

Transatlantic and Gen. Secs. Co.? 
Sl-WNewUmdoeRd. Cbrimsford <04991651 
Barbican Jan 18. — P*0 

VZSSgStis. Si 3 

Bnekiu. J«llJ9 75.5 

tAcctmi-UoUji — _ 5t5_ 

CotemeoJSn. 13- — 1205 
lAcormUmte) — - 152.8 
aanrld.Jan.18> — SZ.4 

CAccum. Units) 5*0 

Gin. Jan. 17 510 s 

(Arana. Unto) - n.5 V 

Van. Garth. Jan. 17~ *75 41 

CAccton.UnU*l — - 57.4 B 

VsnTIy Jan. IT 7U 7 

VanoTtMlan. UL 4Z.S 44‘ 

USr%’.-Si £ 

_ MJ 7! 

% 

Tyndall Managers Ltd.? 

IftCeBynge RasthBriaud. 


.. iDte.Ji 
Do. henna. 


jAjB m 

S53 -oa-. s.ia 


45 


OFFSHORE AND OVERSEAS FUNDS i 


AihuUnut SeeurWet (GU Limited First Viking Commodity Trusts 

P 0 Bov 384 St Hdier. Jer»7 OS34 73177 R St. Grerge's St_ DoagLis. In5L 

' 3*0 0624 *002. Ldn. A gls. Dnnbar A Go.. Ltd 


556 


“•’"■HSfSsffiL.SfVi- 1 

Eau*ilnaiSiCD-P®0, HZifl .....J 
. Next sub. Jan. 38. 

Australian Selection Fund W 

Uarfcat Opporiunitie*. te hwh Young & 

I _ 

N« ssset value Jan. 5 

Bmque Bruxelles Lambert 
1 Roe 4e la Beocnce B 1009 Brunei* 
RemaFnndLF — P-557 ZOlg 107 

Bk. of Leaden ft S. America Ltd. 

4640. Qoeaa Victoria St. 8X4. 01OS0Z3U 
Alt*4nderFulKL_! AMftM _ 

Not axsat value Jan. UL 

Barclays URheorn bt (Ch. Is.) Ltd. 

ltharinjCroaa.SLflWJer.Jna-. CS34 737*1 

8SS3L%SC:lgw^ :r \ uS 

•teHjad to Ora sab withholding buu 
Barclays Unieorti Int (LO. Man) JUd. 

lThonMSt.BoindMl.oJC 00244890 


53 Pall XalL London EW17SJH. 
Ftt.Vtt.Cm.TSL_ WS 42*j . . I 
Ftt vkDbLOp Ta ..ten 40 n I 


King ft Shag son Mgrs. 

1 Channg CYcat. SL Heli^t Jtnw 

_ - 1 Thomas Pnwu. Dnoglaa. Uo 1 

Ol-agOltoT GUI Fund rjcm+ri 11022 Sim _ 

858 GlhTro«nt»M)-fn74# 120.4Q 

~ latt Gart. S+cs. reL 


a* 


FUSttr^JBi i 


Fleming Japan Fond SJL 

37 rue Notre-Daete. Loxembourr 

rim^Jan, 1 7 jt.ts37.6I ( .. .J — Kleinwori Benson Limited 
Free World Fund Ltd. 

Bv&oriield Mdi_ Kandlten. Bormuda. 

KAVDoc.30 1 JUS3M.W | .. ..J - 

G.T. Management Ltd. Ldn. Agts. 

jsf.’S&a.wsF^r “ 


Schlesinger Isternatlonal BfngL tUL 
41. La Moan St, Si. Heller. Jeney. 0KH73SR. 

S.AIL_ ■■ as 

SA.OL. M.M nt. 

GntFB. Si 2s: 

Ibtl.Fd. Jersey JB2I 



Minifmaai Istafwriraal Ltd, 

Ci , o BL of Bermuda From St- r 
Anebor V Uait*_. BCSI.T! 

■ Ancbor Iul rd .(sosus 

G.T. 0n 1— to Ltd. 

Bk. of Bermuda, Front St, RanJte- i 

&n& cl— I-** 


3B.FcnehurehSt.ECte 

Enrtmett. Liut. F. 

Gaenuerlut 

Do-Aecuu. 

KB Far Ear Fd. 

KBIeeS. Fund 

GUnelB+nmiite.... 
•UBSontorDKi 


Schroder life Groan 

tU-S&mQQ EntCTFriiwRouiia, PprtioWBilh 579527TS0 


LOU 

IU -HS 

m 

41S2S47 
no.n 
SUS408 
(10 40 


-WH 


(M iBlccaatbaa) Fuad* 

*23 tEQUjD I1M.J 

1 5 SFigcd luierert — nflL7 

- DM EHanaged — pi 3 

_ SManaged— (M77 

1.87 


1** 4J . i _ 
U0.*i ..... I — 

SI : : 

Bli = 


ScHroder Wagg ft Ob. UL 
oi-aaeuoe 


ra.Ti« 


•© *rt « London imrter reu rah. ia) QmKpMltt KC , 

LZeyds Bk. (CJ.) WT Mgrt. ■ Sa?i J S.fcl £ 

P.O Bra 189. St HoHer.Jraer 0384 37561 AriU Fd J«n 9~ 



. Unicorn AuaL BK.. 

Do. Anri. Min- 
im Grtr Parlfl 
Do. tell tecorae — 

DO. Lot 31U Tri- 
pe. Kara Mutual— 

Mshoysgato CommreWy Ser. Ltd. 

P.O. Boa 42. DeusU*. LoJC. Q82A-ZS8U 

ARNAC-Jan 5__( J | *~ 

•sift and HalaC* 


JCSLO 

G-T. Wtak (Asia) Ltd. 

Wt+Hiw w H*a_ Hareoutt 1U_ Hmz tenia 

*®0 e.i *»!«*■ iott ti 7«r 1 zbo 7 Rue do Rhone. P.O. Box 178. 1211 Geneva II 30, Cannon St, EC4. 

H2 G-T. Bond Fond r».-SUf4W+ILB^ SX Uqrdalat Growth. (STTOa Jillij , I LM Dekalwito 

** G.T. Mmwgemeat (Jereeyl LtT . - I ^ TraywT*tDoc.m_. 

Royal Tat. H*o, CoIoruberiA St BeUer. Jerwy MAG Grasp 



i+fl*a 242 


IS 


Ueyds Intern stienal MgnmL 3.A. Stager A Friedlander Ldn. Agents 

01-2400946 

ns*r\-jd it 


!2 1 JtoysiTtt. — 

5jJ G.T.AriaSUtriias-IOB.72 11584 —4 V77 


area nyrawtejcrareatyi 


— J #.72 


(ACCKULl 


e-.1 304 


National FnreUent Inv. Mngrs. Lid.? 
+8. Crecadnatli Sl_ EC3P3RB, 01-833 <200 

N.PiGthUo.Ti 
(AocuLUatol*,—. 

NP1 ffieaa. Treat 
(Anna. GBltu~__UM S 
••Priro* otToee. Sh Ni 
_*Price* JaxL V.V*5n, 

National WestmlmterW*) 

' 8ED. 01 


Income Jan. IS- _ 
(AoMSLCntoi 
Cap. Jan. IS 


ActmCBtei-^nuA 
K«jap«Pet3Q — -( 
tAccom. Unite' - 

-B- 



: Jan. .30. 




NBL Tnut Manager# Ltd.? (»Kg) 

MUtreCoDKTObinfjSamy. 90n 


Sii:S5! 


413 


fflelrtar— — _(*3J 

Keister RtohZne.^tSB.7 
New Court Fhnd'Mmgers Ltd- (g) 
72-80.G«eboM«JUL Aritobtttr. 03085041 

N. C ■ BObOf FmdJUU 
N.CXnsrJtes.Ttt._ta5 
N. C. Income Ed, _ [1435 
N,C.Iot«rnai.]oc_f72.1 


N.C.l»tanMt.Acft., 


7Z5 


Ni C. SfflL C*. Fd._|130* itolSl 45* 

Norwich Union Losnsreee Group (b) 
P.O Bd« A Norwich. KRl SNG. 080022200 
Group TK Fd . MT.fl +aJl 4.u 

Pearl Trust Msuagera Ltd. vaXgXD 
29CHl0bRolWn.teC1177£B . 814(108441 
Prarl Growth Fd_m.O 451 

Aere»\Jidia<M+^.@4 ' • 2*3 *53 401 

Feari loc 

P®arS Unit Tn. 

(Anuo. Unite). — . 

Pelican Units Admin- Ltd. IgXx) 

siFottetainSt.Xsaelioaucr Hl-OMtoOBS 

t Buyer.— 'Oiaasted. tidier. ITridsd (WllewiOous liVl • W^l+Ul *.■« 



t -r- -Jtd -Eiwttvidentf, •; -mb e2-boa» utut 


Earn. Ju. 18 — i 
(Accnm. Unltai f 

Era. Cu Jan. 18— C 
(Accmt units) — f 
Scot.Inc.Jnn. 18 . 

Looton Khd Grow 
Capi tel Growth __ _ 

Do. Aram — «.«. 

Extra lac. Growth- 

Da Aram 

Hlnh loc. 1 

London WaU tot 
Special Site. . 

TSB Unit Tracts &) 

SLCbaa&yWay.Andraet. Bants. 02M82U8 
Doaliuc» to 02M 04S20 
thtrsaSCeoerei-™. 43.7 
(biDoAcaun- H* 

SSKSSErrSf 

TSBSratWj- «0 

ChJDa Accujn- [7*3 

Ulster Bosk? w 
■ffarhw Street. BeUcst 
(bJUlster Gcowili [38.7 41*1+0*1 403 

Unit Trust Account* Mgmt. Ltd. 

, King WllUam St EC4R PAR OI02348S1 

PrlanBae. Fuad.. QUO 19*0nl.-.i 4j* 

wtetoconh.i'taL-.m* - «.« .; ] 22 

DaAecma. J34.0 J5*J U7 

Wteler Growth Fund 
Kip<W1Ql*BSt.EC4R0A» 014B348SI 

IaramaUaH(^.~p8* S1H_— 1 ID 

Aecum-tJuHa .- — -.HO 350i 307 



*Ul. 

tell 

Bridge Management Ltd. 

P.a Bra 508. Oread Cayman. Caneau [1. 
TTbashi Jaa. 5 1 T12047 ( 1 _ 

Britannia Ttt Magmt- (CD LUL 
» Bath 5t_ St BoBer.Jtosej! 

Growth in+ret — -D*-* 

wnLfiT. — 

jMT»»iy Kncrro Tit- 

Sstori ■ Stk iUNftBL MO 

Value Jan. 30LTWS* dealing jsa. 
Butteriield Management Go. Ltd. 
P.O. Bra US. BamUtefi. Bcrouda. 

Bottrera equity ~-&H 3-W ! JOI 

Buttress tocotoa- 

- Priecs at Jul 


Three (tear*. Tower IBU EC3R SB0 BI-408 4S9B 
AUaatlc Bx. Jan. I7«na.«7 
, „ AuLEK.jBn.ia_ irar* 

, Jf Gold Ex- Jan. I# . S’.-Sin 1 

^icl Hro tetend U8.2 

-0-51 AX* lAreum L'nitri U11 

Gartowre Invest. Ltd. Ldn. Agts. _ . 

2. SL I(aiy Axe. London. EC3 01-3835381 H * mnc * MOUWgU Lain. Agts. 



6 a Uw r « IM lb|t (Far EaaO tML 
1501 HaUhuno Uh SO Harcourt Rd 
UKA P»c. L.T«t-TBtIK2 W 2E9+L 

Japan Fd. |MS nw. 

S.AmarironTla.— K^fte TH- 
inl. Bond Fond. —.KsiMI 1140 ... 


114 Old Brad Kt.ECr 
IJtmc Apollo Fd Jsa.ll 

[ 328 Japfest Dec.31 

~ UTGrp- Doc 31. — 

— lnJofwDW 31. 

- U7JrtyOW*Dc3L 


Snrlnveat (Jersey) Ltd. (y) 

P.O. Box 88. EL ndiav. Jorsay 05341 
American Ind.Tjl...j£fc77 *.}JJ+0ea 148 

5Sffi&“~.© 0 4? = 

Surlnvest Trust Manager# lid. (te) 

48. Axhol Siren. Dougas. Ij>3( C8S* 33B14 

The Silter Tnut " 



0I-M84M Richmond Brad 87 


ft 

217 

002 


Da. Evergreen—... 
Do. Platinum Bd. . . 
Do. Gold Bd. 



jjj lea.iioraSA-Gtefsow.cs. 


Hope St Fd. — 
'MiureyFnnd 


m:z} ft 

Not eub. day FOb. 6 .- 
Capital International SA. 

37 me NcCrc-ntaa, LuaBem bonts. - 

Capital InL Ftmd — I 5G51523 ( | — 

CbirterkMH Japhrt 
LPxteniMterRow.SU. DIM 



«OJO| 

1 : nntar.w aui 

Foods*. 

Foiled a 

Emperor Fnnd-_~I 
Utepano- 

ConthlH Ins. (Guanuey) Ltd. 

p.a Bra 157. SL Pster Part. Gaenuer 

brtnl.Hna.Fd. MM 177*1 ( 

Delta Group 

P.a Bra 9012, Nassau. Bahamas. 

Delta Ira. Jam 17— »38 V2« . -A 

Deutsche? Investment-Trust 


. >.0 Bra at bbogteft loM. 

Hamhru PieUic Pond Mgmt. Ltd. 

2110, Conoagghl Centra, Hong Xoog 

S^+£m| — 

Hxmbroe (Guernsey l IMJ 
Bate bro Fund Mgrs. (C.U Ltd. 

P.Q Bra 80, Guernsey 048I-3SS3I NmU Ltd. 

ci. Fired-. MS® mu— 4 1? 

totoL Bond-.. — tcsinJt 

bd. Equity 3 3 5 

let Sarins* 'A . — ro50.w 
InLSavlozi'B 1 — . ltn.1l _ 

Prices on Jan. In Next droll ns Jam 35. 

Henderson Baring Fund Mgrs. Ltd. 

P.O Box N4723. Nassau. Bah 


1 Murray. Johnstone fins. Ad+faerl 


' *nJv 


STSJ7J1 
SUSA 91 
Jam IS. 


Negit SLA. - 

Wa Boulevard BeyeJ, Zjuerahtury 
NAVJaa.tt — _ — | SU94LM ] _..J — 


TSB Unit Trust Managers (C.I.) TML 
Bagatelle Rd.. SL Sariour, Jarmy. 05M794M 

041.2215531 • aia -i ft 

| | — Prices on Jan. Ut Next suh. day Jao A 

Tokyo Pacific Holdings N.V. 
rntimi j Haiuueniont Co. N.V. Onrocao- 
MAV per share Jan. Id tt>*M0M 


Bank of Bermuda B)dfe_ Baadlton. Brtnda. 
NAVJ*al2 1 CS.54 | . | — 


1*2 


Prlcro 1 ^ Jam lUjcmo 1 dcjttng^ile jsm 25. 

WH- tomn ri A Co. (Gaenucf) Ltd. 

8 bePfcbvre St_ Peter Part Gaerosay. CJ 

Guernsey Til, (1540 U5L0( +2J( 3 JO 

BID Samuel Overteas Fund SA. 

37. Ron Nocro-Dame. bunbnrf 

. BCSUa ULW-M71 - 
International P acifi c Inv. Mngt Ltd. 
PO Box R237. 80, Pitt St. Ssdney. AasL 
JarelinSqullym.tSLM L*M — -4 — 
JJE.T. Bfanngcn (Jersey) Ltd. 


OU Court Pud Mngrs. Ltd. 

PO SB.5I Jo] Lens Cl. Goernsev. 

Bq.FT.Dec.30 J4J* - 

tac.Fd Inn. 8 R$45 

totl FA Jan. 19 — *U H 
Sm-CeJFd. Dec 30. .042.5 U 


Tokyo Pacific Hldgs. (Seaboard) N.T. 
teUmto Mmafeownt Co *r. Qsrac ao 

NAV per aharo Jam IS. SUS3B93. 

■Tyndall Gump 

PO. Bra 1330 Knoltton S, Bermuda, ZteUB 

. - l§ 


turn rami Oversea* Jam 10 HT5MI 

, 3 52/ ( Arcoia. fnits' ffi-SUl 

1K0I "i - ft »»aytot-Dec.a_|p.BOJ 
Z New St. SL Holier, Jersey 
TOFSLJao. 10 

Old Coart Commodity Fd. Mgrs. Ltd. ‘-fAsorJ SW h: — 
P.O. BraSS. SL Jullas’s Cl. Guernary 048120741 LAcruw ShnrcSJ _ _ 050 
OC. CoqtdtyTsL*__|1254 132? . . ( Lri «W» Jan.lB._Il*04 
OC.DUr.Cm.Tet— USJB 2*.wj | — 

■Prices on Jen 13 N'exl deaiin* Jan. 31 


OU.* 

1U4 

1*14 


\SA 

74.! 

745 

20U 

217* 

U7.I 

Mil 


0894 3733] Cf 

AN 


GUt Ftt Jan. 

■imw oa jn is .ion wuuoe jma- si. ■ rt T - — 

1 Price 00 Jam A Nasi dealing date Jan. 33. lAcemu-Sharee)—. 

Victory Ham. Dongles, Lai*. 

HanLFdJteeJC D25J 193*1 

PO Bra 77. St P«re Port, Goemser. **** 

Inter- Dollar Fund_|SUS222 MU ( - 


Phoenix International 


0824280N 


Property Growth O vawn Ltd. 


Ftauldhit. PO Bra IM. Royal Tst Ham. JeneyOSK 214*1 


£?SS&sadSS3 t5j si z 

Dreyfus Katecunttaretal Inv, Fd. 
P.O. Bra N3Tl2i Nassau. Bahamas. 
av jm. u _.Brain anj ... . \ - 

Bmson ft Dudley. TOJfgtJrsyXtd. 

P.O. Bo* 72*. Heller. Jersey 

EDICT ,IUU 1»?-21| - 

F. ft C MgmL Ltd. tav. Advisers 

W. Laoxenre PmnKoey HHL E04B OBA- 

Dl-833 4880 

Cent. Pd. Ism U_-l 5USA14 i - I - 
Fidelity Mind, ft Bern (Bda.) Ltd. 
P.a Bra 070. Hewlltoti. Bermuda. 


'•"SWA-ffi t , reb. 1 2ftoiL , 3L-' 

Jardtae FUmdng ft Co. Ltd. 

40th Floor. Connaught Centre. Hong Kong 
1 Jafdi&e Erin. Tjt _I SHK21UM 


U0 Doll »r Fund . 

Starling Thud 


5T5WS8 

02911 


(GlhlCIOB 

I =. 




W34305M JardinoPblp Ttt_ XLSU4M | \ 3.64 

JatdinePlinLhiLT.I SHK&1W , 

. NAV Jan. 14- 'Equivalent St7S5&fe. 
Next sab. Jan. 31. 


340 

=i IS 


FidehtyAnL Aec. — 

sas Ea 

FWeliOrHWq 
FTdelitrStrtrfiM 
SerlraA iXntnU— -1 
Scries B fpocliicj— I 
Series D (AULAssjf 


niaiiA 

Wn 
m 


+0.42 

iritis 


g£ Ha 


0254 j 


KeoplSw Management Jersey Ltd. 

L Chann* Cross. SL Holier. Jersey. 

KarscLEi 

Ktyseln MngL Jersey Ltd. 

TO BmBdSt HeBre. Jersey. (tteqOI-flMtefiO) 

Fonselex PriW 1«M . 

Kcj-selex Inti..™— E5*l 6021 

Ktpelet Eoropa— E3.M *251 .. 

lapse Glh. Food — ZD C* ZUU ... _ 

Kioselex Japan £702 9541+0571 

CroL Assets Cep — \ *330*1 


Royal Trust (Cl) Fd. Mgt Ud. 

PO. Bra 184. Royal TttHsft. Jersey 053*27441 

ILT.IntTPd. KCStM 4421 ... J 300 

RT. Inti CTay.ird.BI «5| .. . ) 1M 

Prices et Jao. IXNect dealing Feb. 10 


Save ft Prosper latemstind 

Dealing Ur 

37 Broad £t_SL Holler, Jersey 


Utd. IntaL Magsmt (C.I.) Ud. 

14. Hnloaitar Sum, St HeHer. Jersey. 

IT IR. Fund 1 SUSIN | .._ 4 82f 

United States TO IntL Ado. Co. 

1* Rue Aldriajter. Luxembourg. 

r 0 .Trtitrv.Fud.. ] sus9*i 1 - 00*1 a.* 

Net asset Jan. 18 


S. G. Wartrox* ft Co. Ltd. 

30. Grocltam Street, tea 01000*559 

CeovBd Fd Jan 19..I STS407 1+0 051 — 
Eiup lntJan 1»~) SC5U.4S 1+00? - 

Gr%0F<U)oc31 SVSAJt J J - 

CXH-aWOl NerJCnr.FdJso.lB ffCMN lOJtzj .„ | — 


rvey its ITitlia itnrelaniil Panto 

.05M77MI 6? Fxd^nt^Z 4 

S| ::d L78 BirEulamrtZZ. KJ5 

North Americ an *!. 3JS 
Sepro** P2*7 


u, ssaassr'fts 

4 02 Channel Islands* - 1*75 
Commodity*^ — m.7 
Bt. Fxd. taL-“*i-.~ 1227 
Prfew on ‘Jsn. fiT-Jan. U. 

tWedtiy Dealing*. 



Warburg Invert. MagL Jrsy. Ltd. 

1. Charing Crass. St Hdler.Jxy. a 053*737*2 
CtfFUd Dec SB-tarOlU R« . 
on Ud. Dec. _ Eu 55 11M 

MrUUTttJan. U_pll7 13.4? 

THTJan. 12 Buijfl fJO 

TMTUd. Jsa. 12 — ta-79 )Q. 

World Wide GmUi Management? 
10s. Boulevard Royal, Luxembourg. 
Worldwide GUI Fd| SVS12.76 l+OJfl — 


INSURANCE, PROPERTY, BONDS 


Abbey life Assurance Co. Ltd. 

1-3 SL fteul’sChurdiyard, EC4 0 1-3*8 BUJ 

Equity Fund (340 

Equity Are. ..■— 

Propertj- Fd 1387 

Properly Ace. - 1*4* 

Sriecli-ce Fund DJ 

CoovertibiePnad _ 2275 
Slonov Fund—— U*i 

rare. Property ULV 

Pens. Selective—. 7M. 

Pen*. Security— . DU 
Psns.Wanagod 1*70 

UM 

ran. Fd. Ser. 4 — U70 

&SBS£SZz*h 

flloney Fd. Ser. A_ DO70 



Craeader Insurance Co. Ltd. U ft G Group? 

Vtocrta Rouse. Tiro er PL. BC3 010088031 Three Oamf*. Tow Hill ECSt 0BQ 014M 4588 
ghPn» Jaa.3_.IB0 720K.....I - Pw*-Pisui«**“_aM« - +14 - 

Eagle Star (nsnx/Mldland Asm. GnsKDeporit* — JIAO J2U ...Tj 

1. Thread neediest- EC2. 01-5881212 U67 1525 U3J — ' 

EyglOOtt Unite W* 5W+05I 5JS 1*7.1- 

Eqtrity to Law Ufe Ass. Soc. Ltd.? gw Bond***- 107.9 uii +001 _• 

Amerstunn Road. High wyeombe 0*0*33877 ^roateLBood-. BJ tjl 

Equity Fd. 0040 UA.fi +1.4 - . J2 ? **■* 

Property Fd. 11JJJ SKfl . - iya 7 ^a 

llaE'ffllfeil 1 

General Portfolio Ufe In*. C U<L? 

80 BartholonJoa* CL. WsKbani Cross. WX3U71 




Japan Fd. Bd.*^ . 

Prieee on *Jan- la **Jan. 1*. ***Jsn. 20. 


*2*1 



Pricre at Jan- 17. TOsaUme narasSSr Thee. 

Alban? Lite Aasunmoe Co- Ltd. 


3L Old Bnrilngtea SL W.L 
FEqnHyFd. Arc — .R74JI 
VF&edlnLAce— 1307 
FGtdJJonerFiLAft. «04 
*IntUlro?dAcm. 4*7 


UPeoMt E— - 

Cm MonJareAce. 025* 
IntLHo JfiFdAce _flM0 

PropjpeaAee p30» 

SCpTe tovJtaAec_6«5 


lot| 

ml 

raff 

U7.a 

282? 


Portfolio Fuad— I ]2*2 [ J — Merchant Investors Assurance? 

ForfloboCspltel_-H14 125. ffii* Street. Croydon. 0I4N 

Gresham Lite Aas. Soc. Ltd. Conv.Dcp.Fd ' 

2 Prince of Wales Hd_ B' mouth- 0002 787855 J! od< TJ®%3-£CT 

01^376*0. OJ-GUtFund MSA 3ZL7) ,_.J - g" 

Growth ft Sec. Lite Asa. Soc. Ltd.? 

Weir Ban*, Bray-oa-Thames. Berks. Tel 3428* PropTVns... 

— “ aagi I — Man. Proa 


Scottish Widows* Group 
PO Bo* me. Edteburgb EHlOfflD. <014056000 

InvBtyRerian L Ml 

lav. Ply. Serles2._|945 
inv. Cash jam. ao ~ (4A2 toM+oj 

Ehlh.Tr. Jan. 10—03** 
lUgiPen.Jaa.18_F " 


Maru>« Atotnnct UMCrt 
107 Cbeapside, EC3VRDIL 
$oter Managed S— jpi.* 

Soter Cash S____ (407 
Srtsr Utmaged P~ (127.4 


AMEV Life Assurance Ltd.? 


Flexible Finance. 

Ian dbank Sees. — . 

gaas M^ w—i 

Guardian Royal Exchange 
Riiyali Exchange. E.CA 

P rop ert y Bonds 057.4 1*3. 

Bnmbro Lite Assunnee 
1 Old Park lane, Undoii, Wl 


01-38*7107 


FbraiIaLDep_ B 23 - 4 

Aina aw- Aina TUL. Rrtgata. ReigeteHOIOL §2^2?f ~ (jv« + 



Flex) plan — — 144 4 

Arrow Ufe Assu r ance 
30 Csbridge Road, W12. 


UU 

U5J 

1001 

U7J 

7001 


01-7409111 


UBOflUB-- >513 :::! = 

Barclays Lite Asmr. Got. Lid. 


252 Roxotord Rd, 07.' 
Barclay bon d»*- 


0I-5H 5544 


01-4SS0031 NhlftC Moony Cap. _U 



Equity Pens.- 

Cora.Dep Pn>x_ 
Moo.MhLPen*__ 

NEL Pensions LUL 

Mi lt o n Court Dorking. Surrey. 

Kales Eq. Cap. (74* 

Ndra Eq. Are tint -fllll 1 


Mon Acc-K 
Next sun 



Sotor gwer^P—llMJ 


BLWH7I So l*r Equity 

SoterFxtUnvP 
Solar Cash P — _ 




m? +A71 

Saa = 

= 

r 


Son Alliance Fund Map grot. Ltd. 

Son Allisur* House. Horsham 040304141 

Sun Anianee Linked Life Ins. LUL 
, Sun AlKanCo House. Horxhsm 040384143 

Equip’ Fund ____|UU 


Fixed Interest FA-MT 

Property Fund [450 

Intern s&CBsal Fd.„t 




bo_rnittei — _ W5 

m 

•Ccrront unit value Jan 10 
Beehive Ufa Amur. Co. Ud.? 

71. Lombard SuECS. 

BLuk Horse Bd — 1 132 51 


Managed Cap U23 

GaiSdrod 123.8 

PenJUfKpX^p_. 12*2 
FenJ'JLDep-Acc — St9 

Pen. Prop. Cap. 1452 

Pen. Prop Arc. (247, ' 

Pen. Man. Cap. — _ 

POttMan. ACC 

Pen. GUt Edg, Cap.. 

PcB.raHE4g.Ace.... 

Pen. B.S. Cap BMJ 

Pen, BJS. Ace. lM5.» 

Hearts of Oak Benefit Society 

Elman Road, Loodoe.NWl 01-i 

Hearts of Oa* — .pu 351] _. ( - 
*HiD Samuel Life Assur. Ltd. 

3^*( °'T ^ Assunmce Co. LUL 

APropeitJ units ,_p42,4 ;• \ _ 4-B.KlpgWUUamSl.BC*PCm. 


Deposit Food W-2 

Managed Fond N*J. 



Nelex 

Next sob. day Jan. . 

New Court Property Fund Mngrs. LUL 

Sl Swt thins Lane. London. ET4. 01-0284350 Sun Lite Of Ca n ada (U.EJ Lid. 

NXUYJ.Dec 30 CMI ia.4j - L14 Coctoour SL.SWTY5HH 01-8805406 

Nest rah day March 31 . MsplaUCrth 1 JWA 

m Pendmu Management Ltd. ® 

40 Groceebureh SL, EC3P3HH. 014334M)0 Pt3vnLPa.Fl j 

Managed Fund — (15U 157.? .4 — 


<n-BS034fl 

e 3 e 


Prices Dec. 30. Next dealing Feb. 1. 
Norwich Union Insurance Group 


— PO Box 4. Norwich NR1 INC. 

” Managed Fund — 

Equity Fund-. 

oi«ii»» 

»U | — DcpoiitFuud 

Nor ItelL Jan. 15. . 



000322200 

m = 


+01 — 


Target Ufa Aoiorance Co. Ltd. 

Target Boost, Gate ho uaa RcL Aylesbury, 
Burk*. As lesbuxy (0290)30*1 

Man. Food Bad (47.3 107. K — 

Mon Fired Act DU) I22.B . .. 

Prop, mine JOZi 1007] 

Prop Fd Are WO 

Prop Fd Ijre. — _| 990 


rropcrf5wie> a 

Managod L’ufts 

Msnagrd Serlre A_ 
nagsdSertroC. 

/Series A (450 

. . _ J InL Ser. A — (9*3 

^»SRr-“ 


01-6331288 TO . _ 

• - J - & BUS.:: 


Canada Lite Assurance Co. 

24 High St_ pus ere Bar. Herts. Mtr M123 
Grth. Fd. Dee.3._.l R1 , I+-.l - 

HatmUF«LDee.6-l 1X95 I — 

Cannon Assurance Ltd.? 

V. Olympic Wy, Wembley HAflONB 01-3028878 ?Gie7tol‘TtC 

Eqnhy Units JOA24 “ - - 

Property units— 

KfluityBood/Exer.. 


1M8 -0.3 - 
4* 9 -03 - 
45.4 -Olj - 
1245 - .. 

100.1 ... 

§! : 

104.7 
113.4 


Wealth As* OMA 


Eb*r. Pit Am 

Eb’r Fh-Eq.G. J70 7 


Fixed InL Fd. Inc. 1105 11*4 

Den Fd. Ace.Xnc_ 7JA 102 *1 
IteC Ban Ac. Pro .. 728 79 1 

RctPl8nCnpJen_ 102 

rram 0l ^* BB7B ReLPJanJlaBAt* _ 120.4 127.? 

1445( - J — R+LPUnMsn.Csp.. 112.4 U4S 

D-7 _ J - .J — Gill Pen ACC W 3*72 

+13 — GW.pan.Cap. P3*0 tti3l 


n 


74 J +121 — GW Pro Cip. ,_P3* 0 

Prep. Equity & Idle Ass. Ca? . 

i UL Crawford street W1H2A& a)-48008S7 Tronointeniatlcnui] Ufa Ins. Co- Ltd. 
R. Silk Prop. Bd. . -I IMJ I ..J — 2 Bream Bldgs. EC41.W. 01-4055*07 

Do EquHyBdL— . J .. .[ — Tulip Invest Fd._(JM7 , 140.1 


“ Do Ft. Muy. Bd. 


Imperial Lite Asa. Ca of Canada Property Growth Assur. Ca Lift? 


imperial House. Gail dford 

fetNMJB 

UaU linked PsttfsUs 

>I*ij»ted HithJ 


TuBp Maned. Fd._ 1075 

Xmn-BoodFti. 1101 

Man. Pen Fd Cap. 1124 


Prop. Bond/ExeC — 

Bat! 3d..-EM*.UWt 
Deposit Bond — _P44J 
Cqulte Au rora —"— (1 99 _ 
property Accunt. —fEUJl 
Mngd. Accum. . IL5Z4 

2nd Equity 189* 

* Propert y 199.9 
Managed |9* 5 



71285 Leon House. Croydon. CRDILU ‘ 01-8800000 Man Pen. fU Aec..|U85 



rro* - 

feSACSB w=j - 

Irish' Ufa Assurance Co. Ui 
1 X. Klnxh ary Square. EC2. 010288358 

Blue Chip Jan U_l*92_ _7Z? J 540 

Managed Fund __ ( 


Asrtc. Fund f A 1 

AbbraNM-Fdnd. . 
Abbey Nat. Fd- CA: . 
i vestment Fund™ 


2nd Deposit 
Kd Gilt 


2nd Eq. Peaty Art .B9 9, 
2ndPrp.Prot.Acc. _M04 


1^3 

1014 +6j) 

WJ “ 


Current nhs January 
Capital Lire Assurance? 
finel-o w n Bouse. Chapa] Ash WUm 
tasix 
10OL97 


investnwnt . _ 
Wooer Ftand-. 

Sa-.:ri= 

KSpiMod-Gw — luv 180*1 —I - 

Klug ft Shaxsen Ltd. 

52. CorottUL EC3. 01+D35433 SIntmed. AnnU- .. 

Bond Fd- Exempt -.014.1? U7.B0Hf.--l — 

Next deafing date Fob. 1. 

CUrt S«. BA 1 BU 337.96] ._ I - 

I>nghitm Lite Assurance Co. Lift 
L0ngbaniHi.Bolmbroo9Dr.NW4. 01403S2U cSvrtnaFd*"" 

LrogiagB*A Pl«uM4 ga j - Or. Pn* Om Ct| 

JPfeP : Brod fr30* ISkfi — Man. Pent 

WUp -SPi Man Fd |W5 702J f — Man. Peat Cap. UL 

temi ft Gettcml (Unit Anur.) lift m>p.F<nra Fd 


Slav. Fd. Cit. — 

Penal on pact* — 


Key Invert Fd _,~ 
FaeetnakaTTnvfd. . 



Charterhouse Magna Gp.?. 

10 Cheqaers 5q, Uxbridge UB8 INC 
C2ntb*e Energy. — QS2 3741 „ _ 

Chxtbse. Money--— 24 Z »4| 1 — 

Chrlhse. Managed. J* 8 --J — 

Chrthse. Equity— 75.8 
leuna Bid. Soc. . — 124 * 

MUpuMauaged — 1534 

C3*y of Westminster Asa nr. Soc. Lift 
Rfngftead House, ft waited or #0 Road, 
croySSciffliiA ovSwsew 

HSS&a-R' -aU:. 

City af Westntlngter Ass. Co. Ltd. 
Riogstead House. & Whltefame Road, 
Croydon. CRO V A 
w«t Prop. Fund— B5.8 
MsnagedFirad — {U7> 

Equity Fund.—. — 07.# 

Farnuand Fund 
MboeyFund — 
on Food- 
PlXAFapd 


Equity Initial 

Do. Accmn. 1374 

Fixed Initial U4 7 

■4X)«n DO. Accmn. (U 


Mscaged inlUal-_ 

Do- Atcura— g 


P r operty Initial— .1952 
Do. Aeeum.— (95 * 

Legal A Groeral il'nll P 
Exempt Cash InR. _ J9S4 
Do. Aemua. g5 9 
Exempt Kqty. Inlt..N5.fl 

QOT^^ixodliiitfefl 

ExesipOlnBd toUtaJ 

Da Amun. W5.0 

Es«mpt Prop. Inlt . g5 0 
Do Anuta — „ — 1954 



Prop. Growth Pesttoa* A AanuUtes Ltd. 
Ail W-tbcr Ac. Lap9 9 1*71 . 

•All W ember Cap. . B2M. latW . _ . 


135B 

1Z£4 

139.4 

ms 

144 J 
1347 
139 5 
U95 
129.2 
1374 


+ll5| 

■*-l9 

*0 2 


Trident Life Assunnee Co. Ltd.? 
RenrisdeHonae, Gloucester _ 0452385*1 


D.i , 

Hiab VIoltL 
Gilt Edged.. 
Manor- - - — — 

InternsHanal — 
Fiscal. ... _ 
Growth Cap.. 
Growth Aee_— 
Fens JlngdL Cap.- 
Fens. Mngd. Art. — 

PeniGHlDep Cap.. 

_ Tto.Gtd.Dep.Ace-. 
_ Pena my Cap- — 

_ Pena Ply. Ace 

_ TrA need 


*Trdt G t Bond - — l 
•Cash reluo 



UL5 
for E.1D0 


I Tyndall AswrteW/PwnianW 


— ja Catungo Road. BrlUoL 


Provincial Life Aoanrance Co. Ltd. 
222. Sishopsgate. ECU 
Pro*. Managed Fd.. (117.3 1ZS. 

PTOv. Cash Fd. U«.« 108 t 

GIU FU ad 2D UT73 134.3J +0 


Prudes tiol Pensions limited? 

Holborn Bars. NON 2NH 01-402822S 

EsuiLFd Jan. 18 ^f£Z323 
PStUoLlu to — p4 4t 
Pros F Jan. 18 — K244J 

Reliance Mutual 
Tunbridge Wells Kent. 

ReL Prop Bd* | 1923 

Boyal Insurance Group 
Note Hail Place, Liverpool. 


3-War Jan- 1» 

ffliTifcr. 

01-2*76533 Property Jaa 18 — 

Deposit Jan 10 

3-wayPen.Jan.19. . 
Oku Inv. Jan- to.. J 
Mn.PnJ-W Jan 3 . I 
L«a EquUS Jon. 3.. . 
Do. Bond Jsn 3— I 
Do. Prop. Jan. 3 — I 


2282 
1SL* 
lb!2 
1804 
1252 
34M 
*10 
1*7 S 

2MA 

1M2 - 

814 


I 


0272322*1 





( 01*18691 Legal ft General Prop. Fd. Mfro. Ltd stlMJd Fd -l 1341 

“ 1 1, Queen victoria SUEC4N4TP 01-2t8987S SOVe ft Prosper Group? 


CagmaeUI Union Group 
SL Rriea*a 1. VBdanbaft. BC3. 


Iftfiftop.FdJaalJW.7 1M4|..„.I - 
Nest Sob. Day Feb. 1 . 

Ufa Aiinr. Co. of Peunsylvanta . 
3042 X**- Bond St-WnORQ. (U-4881 

XAOOP Units w» 1M4) \ . 

Lloyds Bt Unit TO Hhgre. Ltd. 

n.fembarilSCEC3. 

01-383 7SC0 ®J eai 5 t — 1 10 * 1 


A Gt4Ufolon'0 Lnda.. EOF 3EP 01-fiM 8880 


gal. Inv. FA __ 


mil 

14ZI 

B22.9 


S£S£^a?j 9$ ha_ 

COnfederetim Ufa Insurance Co. 

50. Chancer? Lao e,WC2XlHEi. 01-2420252 Opo 5 T^nSjan Tft 

fEgaitr Fowl—. 04* 5 1BJJ — J — Opt 5 Sy^JSs. to — 
^Managed — 2782 38721 — OpLSMaa.Jan.iB.. 

PenonrtPettFd_ m2 73JJ — , - • - — 

Kqhtts Pro. Fbuftr 2119 

FUuta InL Fro. Fd. , 3979 

Mana ged Pen. fU- 3774 

naperrf Pen. FA- U|5 

VProteaed In Pol 372 * 

CornUU hunruee Co. Ltd - 

32.CorotrJJ.EC3 »•■ Ot-OKMIO 


3995} W ^ 8 t5i ^ 


Vanbrugh Lite Assurance? 

41-43 Msddra SL. Ldn. W1R0LA. 01-488*031 

Managed Fd Wt5 JJB.aj+fl.fi -- 

iSn 55.7 237-i} +3 - 

7 Fixed Iptero Fdl'- l^A la 

«,+« S37BS1-— KJ IS 

Welfare Insurance Ca. Ltd? 

The Leat Folkestone. KaL 030837838 

Moneymaker Fd - -1 3004 1 .™4 — 

For other funds, jileue rofar so The London A 
aianebester Group. 


.p-ajj _ 

Id = 




Lloyd* Lite Assunnee 
nUriwtett 5ft EC3M 7L5. 

MLGUi.Jw.8 1 1J0083 . __ 

OjH.3Prp.Jrt to- J224 128? 

- -- - — 1203 17*71 

1585 1*7 M 

1417 149-2! .... , 

Opt.3 Dept Jaa. IB.J119.7 US Of . 

Lasdou Indemnity ft GnL In*. Co. Ltd pv^iSl* BaV 
I8J0. The Fort iay. ReadJofWftU. InL LTJao. 

Monev 3iaaaoar_ 32.U +0X — YfcSGlltJan 18 _ 

MK.FlraiWt B97 2»3 +D25 _ KASGrtScJan.18- 

Fixed Id wrest -paj 3*5{ ...-+ — Mncd-iFUlJan. 18 

The Loudon ft Manchester As*. Gp.? - - • 

The Imu. Folkesurae. Kent 03035T383 Saw 3 Jan. 10?." 


Ql-oseesi 

— Schroder Life Group? 

Z Enterprise Route. Portsnwuth. 

— EquitjJsn. 18+ 1 2115 

- KqsitySJaa 18 — ta*5 217. 

— BqMlW3J«. 10. 



Windsor life Aoonr. Co. Ltd 
3 p*gh Street, Windsor. Windsor 081** 

yteiTrLPtoA.^lWA w# Tint «~-j — 

tSV.J 


FttroraASraLGU* al 

FumreAiMd Gthtb'.: 
RriL As«L Pens • — 


Flex. Inf. Growth —BOM . *124 S — 


.41157 J 


KSMft9 vtarn 

Credit ft Commerce Insuqnce • 

ISO Regroc Jifc. Loadoe WJK 5FF -OlflOTCOi 
CACMsgiFd — .11214 1J0^._.4_ 


CAp Growthftind . 
AExempi fW.Fd.1 
•Exempt Prop, Ft 

ttbst* 

In'. Trust Fbnd 

Frtfwrt.vFtta5.i-_ 


]« 

Wif 

3435 

-1979 

J77* 

798 



DepewitJan. U .- 
Rrapari+JAn. 10 — 

PnroerBrSJan 18. 

BSlVCp tea. IB-. 

BSFn Aee J»n 1* 

— Mn-ta Cp-an 18 _ — . 

- Ma Pa Mi J«s 18 1222.4 J3*2 



070577733 


NOTES 


_ . pr.ret do not inelndeS 

r asadvapw, 


t where 

tfmjas s: 

a Todio's oponuJB price n Disirihutloe ere* 

- at l.’.K. taxes p iVnodJe fmtmhpa liwuaacq 

- plans , ■ Single pnetmam Issua m. 

- x Offered pncelncladetallraprosro 

_ ageot* etwwuMion- yDftered prie# Includes 

- sfi expenses >( booght tbrourt maaafm. 

- * Pret-Sjs d*y“* price. 9 Net ot ».»x oa 
_ .rtaimSraplta! aafts miles# Indiestad by *. 

- fGoeiwJ .ora^. *Tidit 

_ trio re Jenrt* tax. T & MMmilois. 





















Financial Times Monday January ® 



FT SHARE INFORMATION SERVICE 


DfcUafe 

rad 

- IJft 

Apr. Dec Myi 
Apr. Oct. Noi 
Dec. June Nw 


HOTELS— Confinsed 

| Stack I Price 1 * 5*1 S 5 ' fctrlpSi 


cl* 

Sr’S. 

3s & 


July 25 I ^ 


' Henry Boot Construction Limited 
Sheffield Tel: 0246-41 01 11 


AMERICANS— Continued 


BUILDING INDUSTRY— Cent. 


Wvidatai 

Paid 

ApJuOJa 
JtLAoJy.O. 
N F. My. Au. 
MJnJj). 
Jo-OcJJL 


**BRITISH FUNDS 

Interest I j Price ILafll 7 * 

iST [ Seek j e I «i | W. | 

“Shorts " (Lives up to Five Years) 

15 H 15 

MI 14 J 


lHan. ESS 7 . 5 D 

an(JPlUSS 2 J 

ip Sunqlijr ft 

is-IU.S 3 .I 25 _ 
sr Oats US$ 5 - 

inceSLSS 

N.Y.Cotp.$S. 

ad S 3 

dsa-HnlLSUi 


14 J 
15 M 
23 M 
1 M 
22F 
17 M 
251 a 

m 

2 Ub 2 U 
15 M 15 N 
15 M 



r* c JAJ.O. FLep.K.Y.Cofp.S. 

I/O PJbAaN. ReznadB 

Asti TWO SJJJlrJii. Rkbdnt-MnlLSU* 

to tot I 2 nd. HrJuAD. Saal(B.F.)S] 

11 MrJe.Si). SheBoan 

MrJeiDec Singer (HO) 

Years Aow.FJSy. spgtyBMdsoa. 

5 43 JUJiStDec. EHWtnaSft 

514 febJOfcNetTFenaw# 

565 June Dec. Do.yi%LaStfcfll-B. 
7M J- Ap. fc 0 . TesaoPLCSSSJPj- 
6.06 UrJejSi). reracoSCTS 

6 .M MrJaS.D. fin* Inc. 

797 JaAoJu. 0 . rransamoicaSl 

S U c Etd. Tech JESS— 

*18 MrJte&D. Ui Sled SI 

nil May Aug reteoJOS) 

£l 2 MrJeJSJj. WodwmteJ^— 
729 ApJy.OJ. Xerox Corp.£l__ 
9 77 — Xcmcslnc. L(k_ 

929 OJsLApJy. [Zapata Carp, 25 c _ 


[UHl Dl* I 7 U DMdOdl 
| to I Gras |c*r Grt nid 

— 5.0 Jan. July 

— 3 .B Jan. July 

— 33 Not. May 

— 4.0 — 

— 3.9 Mar. Sept 

— — October 

— 3.5 Jan. July 

— 3.9 Jan. -July 

— - July - Feb, 

— 4 .tj 55 oct 

— 23 Feb. Ana 

— 25 Mar, Sept 

— 43 Feb. Am, 

— 53 Feb. Sept 

— 17.4 Jan. Jaly 

— 10.0 Jan. July 

— 6 J Jan. June 


bis | !fi |c«l§t|l® 



Feb.InH.lta 20b 

Da'.Vlw 2 IPs 

Fed. Laud ABU. 39 
FiitlantJcbDliSp- 29 
Trends Pkr.ldp. 14 
Frauds CJJ Hi. 47 
FtenchBer — 33 
Gamfbrdft. 5 n_ 66 
GlbbsD’dyAlop 27 


GlbbsITdyAl&pl 27 177 155 2 J 

FeteGleewaLUIOpJ « 3273 344 3 J 
Oct (Sosara 53 UJ 1 t 3.49 It 


23 Feb. Aug. GVhQwperiOp, 84 U _7 5-28 

23 Mar. SeffcHAT.Gre.iep~ 36 WM 167 t !95 
43 Feb. Am HartsmS-lOp— 60 310*1234 

5 a Feb. SepLHeHolBar — 30 19.9 M 3 

7.4 Jan. July HefldWA'lOp. 65 3 UU 13.96 

0.0 Ian. July Hadenanll.Wj- 342 all 734 

6 J Jan. JuneHewdeaSUOp.. 51 ' 3 LU glJS 
M Jan. July DaTpcCow.— £230 1272 Q 7 H 

4.8 — Hey«Wm. 50 p_ 65 934 — 

43 Dec. June Biggs* HH 1 90 17 Jt t 3 J 2 

S 3 Jan. July Hararingtaa..,., 70 3 L 10 tlS 9 

03 Jan. July Do.Bes.Vte_ 62 TUG TL 89 

M Mar. Sejfc Hound swap 24 22 J T 156 

2.9 Apr. Dec.LD.C 2 Bp 108 17 JD d 8 .« 

0.9 Not. MdfttooekJatmsau 146 370 «J 8 

L 4 Apr. Oct tot Umber- — 127 281649 


11 D tdl 39 L 7 lli 7.9 Not. J 
till 1 dL 59 1-7 118 7.9 _ 

m f 2-03 1.7 7.9112 Oct Apr 
474 - — — — jan. jbIj 

U 354 L 6114 83 SS Not 
2 KJ 2 413 2.7 6.9 82 Sept Apr, 

gifs i in a**-** 

DJI 1 M 9 24 loi 62 m. J 
nj 52 s * 9.9 A Jan, J 

Efims h 82 43 JBa, _ 

H 44 6,4 4.9 Feb. Ju 
121 C 312.9 j aiL j 
37 92 S 3 July 
13 8.0 82 Ft 
3 L 1 DI zLZ 9 4.0 32 93 June D 
£5 *Cfh Hums - jaT J 


| Stock Iftfce *?| £ CSa| 2!|«8 “ftf | 

HogseafLowc- 63 3 Ufitd 3.92 15 ] 9 . 4 ] 6.1 Nov. Jnneft 
bBt*rIfiD] 0 P-- 15 WJ-. — — I —J 25.9 jm. Ang-l 1 

i«Prid« 30 p 46 22 fl th 2 J. 3 .« M jane De 4 

Coops m 37 igtU 35 Mj 2 g 33 July Fe£k 

7.7 Anr. SenLK 


July 

Ans. IW 
Apr- 04 


DRAPERY AND STOBES-Cout ENGINEERING— Continued 3 %™ 

w •* I «,l?i ss kiaiwl “sr i. ^ ■ jw. i i ?i is ki™k § i 

— - s nteMuiifc isiaa&i s.,raai sUflU s « 


B sefii 

if 

erttop— . 2 m 



£21 UJdt 29 J 5 lj 
£20 l 7 Jflt 29 J 5 8 J 


6.66 &E. List Pmtrimn 32 %% (based on 3 US 13328 per £) Jan._Jnly Hol ding 5 p- g 
Sir Conversion factor 0.7556 ( 0.75840 Aprfiept lm 

IS H* 


7.42 

IS CANd 

?£ “ft*l «- 

9-47 JfaAJJ). 

938 FJiy AtN.fBt Nora Sadia 51 - 


CANADIANS 

I | last] Dh. 

Stack £ I to I Gnu 


AJy.OJa. 
May Not 
721 Oct 
931 F-MyAuN. 


Canada 25 c 

Valles* 


Feb. Aug. JnsuBdaS Sta-. 334 to 
July Dec. te&s&MAfo. 23 

May. Nov KfiutOLP.U<fc_ « 

2 ■ Dec. July Lafarge S-AJifK £ 20 U 

■v, „ Jan. Augg I^argcOrg — © 

^ W?. YTd Not. June LaingdohrO'A'’. 155 
to | Gnu Cn Grt jan. Aug. E 5 SnOJ£l— 124 
eint cn Jan- I^wraicai'W.')— 9 B 

^ 92 C - 42 Aug. S 

SIM ” 5 0 rate Aug. LintrCJfcbKlp 37 

xHi ” rn Jan. July LcodonBrUJ: — Vfb 

JL 44 — 5 J 1 [ Anr. Nov . 1 — nrv 11 •*= 

July Not. 


zS - SHJ 

ta jj® 

9. 23 27 i 0.92 


938 July Jau_ Can-pariDcO 

8.01 July Jan. Do. tec Deb. £ 100 . 

927 JwApJy.O. GulIMCanJl 1 

8.93 ^Jy.oJa. Hawker Sid. Caul - 

939 RMyAuN. HoltowerB 1 


8.93 AnJy.OJa 
939 FMyAoN. 
7,64 Apr. Oct 
820 Jan. July 
10.97 MrJe.S.D. 
.44 ia 05 Jan-Acj- 0 . 
25 31.09 F-MyAuN. 
.00 933 MrJe-SJ). 

33 1123 June Dec. 
.70 10.93 - 

.44 1126 June Dec 
MJe.S.D. 
SeDeMrJu 
.49 1 1129 F-MyAuN. 
9.95 7 -ApJy.O. 


.Nat Ga SI 


«i= ass 

bS= fiSB 
J = i s ^?s 

4 ?; co Jan. Jane 
«L 94 — 57 Ndv - 7 nne 

ttc Z II ^ Apr- 
SlS - 23 Aug. 

86 . 4 c — 3.7 S£- 

™ - tjSS: a °4 

sffi - M&h 3 


lamCUQ-— 124 12 J 2 fh 6 -J 
raKfl(W.)-. - 98 1413 63 
±(Wm.) 20 pL *82 1411 5.08 
asdFsud — 65 19.9 g 3.7 

SFJjC 79 3110 u 2-5 

s-CMchlOp 37 1212 *13 
icm Brick — 74 ^ 31 _U 12.9 

■flfy.jj — as &i 33 | 
[eth Group. 48 23-5 12.8 

neliStbns- 1 % « fSl 

Insan-Denny 49 14.11 ?23 
denOdfiJ. 92 310 t 23 

droid 266 1411 t 31 

\es 93 ul 161 < 12.4 

101 221 td 51 

tRassell — 76 41 t 27 

r*Bro*_— - 29 25 J tL? 


MJe-S-D, (Royal BLCan S 2 — 1 — Nov Masf 

SeDeMrJu Seagram Co. CSl— 13 \\ S 3 92 c — 3.4 S®* 

VL 29 FMyAuN.g^WBkSl— 3 MTU 76 c - 3.8 j??; jHg 

935 J^pJy. 0 .ftaBsCaa.Pipe 3 P J c « 3 ?| 2 Ufl| 95 e | - 51 

1148 SX. List Premium 32 V* (bued en * 2.1366 per £) Jan . July 
1151 Aug Feb. 

1138 Apt Oct 

“I? BANKS AND HIRE PURCHASE jKajS 

Wd IM Ifa e»“Jw }™ 

1169 JaiL JuWANZSAl 265 12 iatQ 16 c — 331 — Oct May 

11.47 Apr. July ASexandmO.Sl 285 lL 71 gl 413 — 7.61 — July Dec. 

831 May Aug. AfeeuweFLlOO £96 16 N^Z 2 ^ 23 3.3 6.9 Dec. July 

1148 Oct Apr. AfcHamyO. 533 ig*t 302 — 9.2 — July Nor. 

HID Dec. JimeAffiai Irish 166 3UqtO10-0 - 6.W - Not. May 

10.78 Jan. July ArbatbnotLEL. 165 2811 & 2 S — 8 ^ — Jan. June 
10.43 July Nov. Bank Aaer. SISK. 04 % lM Q 94 c — 3 ^— June Oct 


t o nor. 2 AUK. Bwaw ro . — ■ « a. 

, — H Jan. JuS Helrili* D.kW— 44 1 U 

Wp iiSMSBEKt 5 ii 

“ Tc Apr. NOT. SBIIerfStMn&p- 11 iz< 

— 3-3 fW lir UWnmM S' 


U = ȣSS='I 


IF 1 A 

u id! 

1 A 10 ] 

5 A 50 

SJjlAJu.O. 
LA 10 


■ Undated n&^uJ 

'<uusds 4 pe 36 bto 281310.93 - Jan- Jul^ 

farLoan%ctt 36 % 2^3 9.69 - Way Nov. 

■|HK. 3 i 3 )fM 3 S 3 4 25 | 930 - F«b- Sept 

[■reasuiy 3 pe«AH-— 28 l|ll 07 - May^ 

Jmwils^c 25 % liaiO.M — ’ , jwA 

^reusmyftpc 23 % SflllOO _ July Oct 


H ” Utodcnb U 

SJ * Stock Price « 

1169 Jao. JuMANZSAl 265 12 

1147 Apr. July Alexander!. D.£l 285 L 

831 May Aug. AlgOMne FL 100 £96 1 

1148 Oct Apr. Afeu Harvey £ 1 . 515 

M HID Dec. June Allied Irish 166 31 

.47 10.78 Jan. July AitaiimotL£l_ 165 28 
.75 10.43 July Nov. Bank Aaer. 51585 - 0 . 4 % 1 
.81 1172 July Jan. Bt Ireland Q_ 352 21 

.64 10.80 Mar. Sept DO-lOpcConr.- £158 Z 
.03 11 CS Visj Aug BtLeumi Hl_ 21 2 

40 9.62 Aug. Feb. BALenmifUKKl 170 2 

39 1056 Nov. July Bk. N 3 .W. JA 2 — 400 12 
.03 1030 Not. May Bank Scotland D 315 1 

34 10.43 A- J. O. Ja Bankers N.Y 310 . £ 234 , Z 

Apr.Oct Barclays £1 348 I 

Nov. July BnnreSiipJeySl-- 230 28 , 
1.93 _ Jan. July Cater Ryaer£l-- 310 14 

1.69 _ May Nov. OneDaid 20 p- 82 U 

130 — Feb- Sept Coral Ana. fSAll 385 3 

L 07 — May Cffln'rbkIMflO*- £ 14 ^ I 

1.64 — ■ March CbguHbtKilfiO £ 15 % ' 


— 53 ^— Dec. Jo 

- ft -5 - Oct M 


n 0.04 4.9 
$757 - 
Site 23 


—a,—* - fey, |Cred.Franre ^35 

^INTERNATIONAL BANK SSS® 

15F 15A45pe Stock 77-82 J 874ad| 61| 5.70 | 827 Jan -_«» J 

^CORPORATION LOANS iS 

I 9A7 May Not.@Ai.MA_ O 


^INTERNATIONAL BANK 


23 — Dec. June Snafia-IlOp — 44 

6.7 4 Oct May Southern Cta 5 p 8 
4.6 ~ Not. July Streeters K^j — 37 
43 7 J — Sommers KLG)_ 48 ^ 

7 - 2 — July Not. Itoae 50 p 146 

4.4 7.0 July Oct Iferior Woodrow. 410 
6.1 - May Oct iSbmyCtgEl— 253 
8 6 — May Oct rmc 6 Arnold. 139 

8 - 8 — Feb. AugTunodBSOp — Z 77 

5.3 7.2 Feb. Aug DBM Group- — . 74 ij 
33 — Aag .Feo! VectisStooelOp. 25 

6.8 — Mar. Oct Vlbroptont 162 

13 - Apr. Oct Ward Hldgs-lOp. 37 

4.4 — Dec. July Wamnaton— — 38 


tod. Engineers. 39 Hi 
tankttf- ■— 83 3 : 

towfem® — - 136 3111 

evrerthOlQ 175 | 9 J 

[orsrea Holst 91 281 

[ott Brick 50 p_ 212 ul| l&J 
neDei&llQ- 57 l 5 .' 
arksTbnber_ 112 i' 
hoeaix Timber. 158 3 . 

oral nr -92 141 

(awfingsBros — 18 # 14 J 

ur l 5 T l 7 il 

edland 147 281 

7 eh'ds.Wa! 110 p 77 19 .! 

tob«tsAdlarf_ UO 141 
towHnsonKW- MU 121 
toco Group- — 34 13111 

abenSd 33 171 

tofaP. Carnal 89 311 

SahSwW- Sjp 

harpeAFBber. 41 19 .' 

mariO-) »p — 44 30 
outtebCan-fo 8 25 / 

treeterslOp — 37 30 
ummersfOLl)-. 48 ^ 57 i 

taae 50 p 146 31 

tokr Woodrow. <10 8 J 
DtayClgEl— 253 31 

nvn&Asu&L 139 31 

bnodBSOp — Z 77 1121 




53 4.6 Jan. Apr. 
41 111 

M J -2 Feb. Sept 
JOl 3.9 Dec. J 
119 85 Mac. 

£8 75 Mar 
m M Dec. J _ 
2 .g 5.4 Apr. Dee. 

a 14 Apt l 

Lfl g 7-9 Feb. J 
Det _ 3 

33 ,J 3 Feb. J . 
23117 May Not 

6 2 71 Sept 
101 73 OcT A pr. 

9.4 * Jan. J 

8.6 61 Jan. J 
4 i 75 Feb. J . 

5.4 4 Apr Dec. 

6 | iS Oct 3 

63 85 Feb. J 
-1 — Dec. 

6 - 4 95 Hay Not. 

7- f 5.9 May Nov, 
3| Jf-* June J 
18 53 Hay. not 
41 * Jan. J 

sssss 

y u *"■ ■ 

7.7 45 

41 75 

174 


68 25 J 

122 31 

16 57 - 
154 30 
230 l 
303 141 

11 8T 
81 3 J 
50 141 

180 141 
111 1 
75 25 .' 

20 111 
3«2 471 
42 281 
612 17 ! 
76 r 321 
121 ; 174 
103 ? 221 
69 at 16 J 
34 141 
87 1731 
IT 12 ' 

12 87 ! 

17 271 

37 27 l 

Z 73 ld 11 ! 
28 221 
11 ST! 
168 121 
133 31 

136 25 : 
1412 22 J 
28 Z 7 J 

137 121 

91 21 
30 311 

131 221 

66 Ml 
36 D 1 

92 19 - 


or r J 


3,49 4 9 . 1 *. May Oct GfeenbsnlWju 55 

3.96 . ID 4.9 153 Not. June Green'sEcott.^-, 80 
— — — — Mar jan r.KN gi - 271 

356 21 IB 145 Aug- Jan. Habit Pteetobv fif 22 1 '! 

6 A * 43 • MHPtaQRBte- 9 } 

we “.““jE-ffiBsaateiS 

25 7.9 7.6 Mar sStHaflito»u_Z 136 

1.9 53 h Oct Apr. -^8 

— 4 — Jane Dec. HoptiramsSto- 81 

- Nov. Mar. HoradlS^. 35 
dlDO 13 35 323 May Oct Howdta<tomu_ 62 

a jiH&z aiseffl-s 




sais* 

SS 5 SV » 30 MM || JJJfJ 

BSEsJf • industrials 

SSS _ fciij *} (ffiscel.) , 

J ill! W § Apr . QfttAAB— --llg I 

teSoZZi: 136 m ISM 9.6 Jni^ACBIte^.d S I 


s- % asb s &asp« L Mil « 

» a i »s #1 | £aagfts & Up = 


sas =4 

Ss: ■ B X g 




_ ranNHemp KJl 173 

t 5812 .ti OMoJlAng M^UactaU*HB 5 fL ZBi 2 H 
1.03 19 U> 12-2 Jan. Jenk»*C«taC 75 rc(l 21 

L 44 31 6.4 75 Apr.- Oct ItoWCperlto. 6 W 

L 6 37 45 9.0 Jan. June JobaaOutFirtt 63 

19 05 108 012 } Dec. June IsteiGrniplDp. 83 


— — — — Apr. Oct 

t 751 29 4^125 cwf K 
hl 22 43 65 5.6 Dec. May 

213*198 45 18 197 jfe 
331 td 53 16 62153 Apr. Dec 
253164 26 li 325 Dee. Ang 

221 dO .87 11 93 145 Jan. jS? 
Z 76 127 . 12 6.9 183 Jan. JnS 
212 rl 52 87 20 85 Mar. Sept 
2 J 2 | 4.87 13 83 133 July Jan! 

278 03 115 -• Apr. Not. 

* 4.68 42 5.4 65 January 
&J 9 19 6.4 83 JanTjune 
2.01 35 85 52 June - Jan. 

d 2-15 46 35 72 Oct Apr. 
d 235 46 3.7 6.9 Oct Apr. 
251 4.4 6.9 4.9 Apr. - July 

h 323 3.0 5.9 85 S^tenba 

— — — 20.6 Mgr. sept 

144 15 10.4 9.7 not. July 

457 22 102 6.7 May Nov. 


- U’ M-! 

: au 


toss: .a 


19.4 d 235 4 . 
19 . 9 jd 235 4 . 
331251 4 


; Foundries- ,-60 
rofl'- - - 37 

IfFTH..- 71 

er(T) 9 p 15 

’A’Sj_ W 2 

kraHBdrd 80 

assje- is 

iaaaxma. 98 

onairSto 155 

Mbaie&aB. Vl^ 


14 223 

40 19 .! 


u ul .77 i ' w -7 ,-L cah octiunia*!®*^" " iSTi injr 

■J 46 W J 6 4.7 juij AQted&mSp— 5 | SH JS'IS 

a full 

07 3.9 3510.9 A U t Fph. A ppil. toriuyth.-^ M 4 Sms 

m y B SSte j |f 

® i z eBasi J 

S ij 83 11 $g g= 1, ig I 6 

Iff SHBiSSStef Hfr 

ar law* |°# 

< 0.0 50 1 UJBH 

yy a B ™ ill 

i n 78 33 82 59 E*£; - 652 2 &U*U£? 

i |i 

w sSiihSfe s 3 || 

b l H,SI mS (S a^k^MdSl 134 « SJ 5 

637 4.6 22 105 5 % N^v Bodywde ton--. 72 UU &52 

66 23 93 7.4 n.. Bnnj ftol 'A' ifln 30 81 l.TS 

All 23 8.9 7.6 Mm lnn» KSrAHavtasI 191 3 Ll«t 46 _ 


145 1 ' 

43 * 

d 2.0 — 

1452 2-1 
tfl .78 33 

! 11.78 3 J 
1.76 2 : 
133 6 
92 3 . 

188 8 J 
554 2 -! 

4.95 3 .. 

0.4 4. 


fif 53 

82-43 U 


L 42 1 6.9 35 j 55 


<1 I Jon* mu 

47 Dec. p 
i t ban. Jv 


jStfij 

95 M 4.47 


63 

7 -2 , 

76 Jane 


ELECTRICAL AND RADIO 


mim 


76 Jane Dec JAB. Electronic- 109 
3 . 9 | 4.9 Apr. Oct Atoeri TnsnJatas 63 

il A 4 N^May M 

QJJ July Jan^BICCSQp 116 

52 Ape. Nov. Bffilto 94 

2 2 Oct Mai Be&&May]Bp_ 52 
3 u Jan. JuseBowtborpelOp— 58 

_ Jun Nov.Broctelfc 71 




tylflp, 32 2831 d 23 
ClOp 61 310 0-32 

J. 116 311 ! 1671 

94 19.1 F 469 

JBp— 52 222 1274 

10 p- 58 DJI 1 L 48 
JZ. 71 HI g 336 


113 618 % - 33 - Ang .F 

93 - 6.8 -■ Marl C 

57 4 Z 62 - 13 — Apr. C 

45 0957 % - 4.4 — Dec. J: 


^CORPORATION LOANS 


iinnliaiD BVpc T 9 ®_ 
thiol 7 t,pc 7 & 8 L__ 


lOMr. lOS.lKe*castle 9 * 4 pe 7 MO. 
ISM I 5 N [Warwick 1 ^ 1900 — 


966 Mar. Ang. 
1058 Match 
10.73 Not April 
1063 April Oct 

tSdS i® 

_ Sept Mar. 
658 June Nov. 
959 June Not. 
839 Feb. Ang. 


lMy IN Bristol 7 I,pc 7 S® 

2 SM 2 SN GJ-C-fflacW 

10 F lOAup. DalSroclflBS 

15 My llN GlasgowS^ ’ 8 M 2 

22 M 22 N Hens. Hire 7880 93 

LAn lOct LriwpooiapcTMB- 99 

154 15 N DaftpcwM IfflL. - c— » u 

UAJ.O. Da^pclnrd — 29 ?. U i 1199 — Sept W 

10 F 10 A UHLdap-BtacTS-TO- lOOto 101 650 658 June N 

1 A. 10 . Dol» 4 * , BC£ 99 V* 1 ‘ 958 9 .B 9 June N 

28 F 2 &Ang LX£. 9 pc 78-79 96 ?* 7 A 7 63 D 839 Feb. A 

15 M 15 S DoSlaKTMl 92 ^ 352 5.95 7.89 June D 

15 J 15 J Do Szpc ’ 82-84 83 >/to 1511 661 197 May N 

113 11 D Do 55 c- 8 M 7 7 ft* 1 LU 7.46 955 Aug A 

lor 10 J DotftpcWO — 77 ijto 1212 8.75 10.00 Jan Sc 

1 MJ 5 J ). Do. 3 pc! 20 Afl 2 ft« U 1 1176 - Sept 

ISM 15 SJDddx. 5 > 4 pe» 80 _— 93 V* '151 5.63 8.73 Sept. A 

lOMr. 10 S. lSmastle 9 ‘«pe 7880 . 99 V, ,101 932 956 June 

ISM 15 N [Warwick lWiSBO— lOfta 1 U 0|1174 9.78 June I 

Jan. J 

COMMONWEALTH & AFRICAN LOANS S' | 

1 A 
IJ 
l.X 
113 
28 ? 
laJ 
1 U 
L\ 

19 J 


^Sks= 

GmrmessPeal— 


Bill Samel 
DaWanan 


- GQ 20 % — 2.0 - Jan. Jt 
612 1152 73 33 29.7 Jan. Jn 

™ Z Z Z I! not ^ 

876 063 - 0.4 - Marl 0 

n z ss is 

M ^4 76 « 46 


nly Nov. Walts Blake '158 

an. July Wotfbrkk Prods. 34 
'an. JtmeW^roBiW — 57 

SX?%!&&£ 3 £ « 

e- £ 

day OctWiapeyiGec)— 79 


nt 85 i 2 i 

&i 16.9 6 J 

J 1 D 1839 21 
331 13.46 71 
2 U 19.9 21 

.411 426 U 

31 148 4 

22 1 d 951 V 
i! d 2.64 * 
21 ’1 01 

19 .! *46 3: 




i-i si^ e g 

8.9 3.4 53 July Dec 
_ + _ April Not. 

16 95103 Apr. Oct 
2 J 54105 July Nov. 
4 S 3 * ^ Dec May 
65 65 33 Apt Dec! 
24 86 8.0 Apr. Dec 
4.6 67 53 feb Julyi 
26 i - Sept Apr. 

« « 1 ° ^ 

u ll IS s? ^ 

2210:9 63 Jan. July 


20 1736 
135 Z 7 i 


56 July Ja 
96 Auk. Fe 


OdmideGip. 106 2811 1467 

CobcnBroaiOp- Me 311 *tgl 37 
Coast fi.Sfrr. 5 p_ 103 s 211 0023 ., - 
CrsyQ'tamklOp- 22 3110 1133 2 
ereBnnlOp—— 29 H *151 3 , 
ttostoandV— 3Sb 31 II *tl^ 2 

S!!L~ « SSfg ? 2 ' 

Da ‘A’ 480 1411 107 

Derritroulfln— 16 2811 1066 
Sewirarst'AlOp 11 . 25 J «.81 

feonmnSm.^. 75 117 **33 

r Da‘A’ 2 to 70 117 *h |3 

Pcrwfa^ M.» 22 O 168 ■ 

^fiSp— S il fii 

BGfiOpZ 188 1411 9.24 

Safes s? jm 


172 s 

&. 20 P ao 

sBatLlOp 79 
oTtcbBOp. UO 


jflSS July Jan PkkditjRad_H)p 

U May NOT.ftrmriTnb.BOp' 

Mar. OctGiC. Z. 

January Highland EL 20 p. 

Oct Apr. JooesStrosd 

Jan. Jun-KodetoL 

Mar. Oct Inurence Scott- 


Apr. a 
Jan Ju 
Jan- Ju 

Jan. Ju 


813 14.71 23 

■aw. h 

“ if ij 

gg :3 H 


DIO Sert“Feb. 

1 567 | 2 . 9 } 76 J 75 }g 
[355 1 14 85 7.6 Jan-_Aug 

U ” lists is? 

il IjIj® $£ 

9.9 33 56 NOT ' 
U |o ^5 No*. - Hay 

U M 62 iff 

« iiiligb. au 
SJ 13 Mi 2 “ 
jj 14 iii SE- J JSf 
11 u Its ts 

u 151 

a ti&P- $ 

a a u »" 

il 11 Hjgj* 

HU >»&£ 

H AaJHjaiL July 

M K Kfi JSg 


Aja - . Oct Neepsf&L « 

jr s 

May Not. Nemani'tonks- 70 
! Jims NroEdslte-lOp. 168 


30 3 J 0 j 66 21 

71 14 JM 416 2 J 

42 S 32.94 Id 

94 D 3 M 4638 2 J 
35 1431 ) *134 3 J 


SSSE: 1 )? 4 


aft T i 

ft*- hi. g 

aaLaop. U 4 r 

fell W* 2 

P^ 9 B £88 W 

40 28 . 


I S 11 SaJn?&:^ 00 . £W »-j 

Mile rasses* S i 


135 3 LU|d 8 - 35 t Z .4 
223 1 B. 1 W 12.72 41 


£768 3 J 


341 6 J| 46 fe A«; 


««=*■ 


4*70 9 C £ A £ T HUY. d 

ri h« a g ifi? s 

w a “j m -tL Si;#: r i Ti 

SH 70 07 ii June Not. British \Tta 90 lMttO.W 73 

364 III w « u,| 04 Brittains—— 2 &ii 5.9 tL 07 2.7 

17.76 23 a 7 7.7 iKj rhptouSAC^ 415 1731 MO** 16 

I 1 hTh 

, 4 J? f- 5-5 t, October BnmBoc.Rert. g |lio ee. 23 

FBI 55 _ 4.7 43 t-\-_ Uqr BrmennsiMnffiL. 109 I 7 JC t 7.0 23 


86 2831 »65 2 N 96 
74 123 ] 569 UNI 13 
112 1175 £*2 .44 5 J 
33 25 l 7 — — . J — 

117 19.9 1634 2«86 


8Esm ran 


40 28 lJ t 2.7 
16 1733067 


63^2 12 J 

nwu Stm. fi 135 33 

Helnds 73 5 

NSt 8 I 
Jl £ 

rdf of Lot 57 173 


26 ^83 ^73 Jan - Jnne 
26 92 83 {g» 

£» IZ F Not. 2 S 


fgga _ 60 

itCioeT.tPfflJ 48 
listed Const 3 2 »? 


I in 15 n .7 II ^ 1 « 


nS. i§ ratio' 


e^reJ.Sp. 40 H 9 TL 75 3.4 6.6 66 ^ 115 1731 1766 

I S? s5fip - 5 S 2 i*i 5 id 1 !'? «7 Feb. June Caplan Prel. Wp. Mni 161 i .79 

SS T%- if | 5 | : SK- S *u tils 

ffltei: f w || f: „ SSSiSisf ™ ni p 

™ i li 7 ffilllfe wJi its 

r-Sareo 256 

aerlnds — 54 


SSSl-o: 


7.89 June Dec Emg&Shax 20 p. 70 
197 Hay Nov. KtennwstBX— | 114 


- 3.0 - Jmn . 

saa= a = at 


A 97 May Nov. H™rtBX 

Sis^VSSfc™ 1 i. 3 iSa 

956 June Da TV* ©S 3 £92 1431 ec 

9.78 June Dec DqJW*. 8 M 6 -- £ 93 J* 1 U 1 Q 1 R% 
Jan. July Untoer Assets- 60 1411 1355 
«m June Dec NMLBfcAntoSAL lg 1431 «l«jc 
NS jan. July Nat Cum Grp — © 1232 263 

--.Ang Mar. Nat. West El — 295 110-42 

May Nev.ScteodersO — 440 19.9 10.40 

Ufljan. JuJySecoacnbeMCIL 255 231 1266 
3 m Not. June SmthSLAnb — 83 3131 1455 
7 09 Aug Stead’d Oiart£l. 4 S 1232 11759 
9 -J 7 June ftadeDev.JLSk 315 055 c 

9 -^ SepL Mar. Union Dwe£l_ 4 lT SI ^ 1-09 
1237 Jiar. OrtUJJ.T 48 25.7 - 

- J. A. Jy. O. Wells Fteo J 5 _ Ote 2832 0832 

— Nov. Juneprifl&wtaip — 65 19^363 

Hire Purchase, etc. 


to - « - ® 
S = H = fc 


8.73 Sewt Apr. 
956 June 


LOANS 

Public Board and Ind. 


1836 63 43 ^ 56 

nzn ij 1 ] si S. 

1355 23 9.0 8 J jan. 

flr Mb is 

W « || “ S£ Sept 
1206 — 7 2 — Mar. Sept 

m, u h » a 

^ ” is “ 7 & 

?i= 7 .u- 

Jan. 

^ 5 S- 


CHEMICALS, PLASTICS ffl. 

1 S 

95 2 aa 15.75 23 9.2 5 J Ag. 

47 1431*4164 A 7 5.9 U ^ 

£43 306 sSnt 14 3.5 192 Aw. Ort. 

242 119 U 20 4.4 75 96 £«■ Ang 

wiifflii 


Kted ra 

kLonis-f 17 H 
daaop 44 


1.1 ! 

3 r.i 31 


LIUcnaULSpc'SMO— 
31 DUfcanll»ipcB 9 -W — 9 

lSr*i!eLWtr. 3 pcB' 

^imU.SN.C. 9 yl«e — 1 

31 Dlito. uitbout WamuRS - 
3 10 i Ultramar Tpc’S-TO—. 

Financial 


Feb. Aug. 

7.84 1051 _ 

11.60 1180 Ane 
934 1101 &£- 
837 730 FeD -_ 

9.77 1125 o-t 
734 950 ££ 



361 a 33 JH 2.03 17 ] 8 . 4 ) 10.7 ^ay 

“L “ Z 3 JZ June 

109 11 * 3.95 19 55 147 J^ 

39 3131 -17 23 66 83 J“- 

13 FT 3 - - - 235 F*£. 
100 19.9 14.43 21 6.7 U 3 Fete 
43 81 182 23 6.4 (a 5 Wu£ 

15 — — — — — gov. 

92 8 jj t 4 . 12 | 23 J 6 . 9 jll 9 

S 

-wt onrowne Feb. 


FOREIGN BONDS & RAILS 


— Antofagasta Rly, I 

IJ IJ Do 5 pcPreL 

13 IJ lidleanMncd — 

IJ ID German Yng 4 l 2 PC. 

1 M IN Greeklpc .\ss. — 

IF 1 A DoOpr 26 Stab. ASS.— 

1 A 10 Do 4 pcMu«d Asb—' 

Mas - 1 Btmp.-MAss 

30 J 31 D ktland< 5 ^x:’Km 

iw im iretand-Pjpc-sn-a' 

1 M IS Do»pc 916 e — 

IJ ID lawntee'lOAss— 

30 J 31 D S» 8 pc 63-88 

IA lOP«raAss 3 pc 

30 J 31 DS.Gi 6 t;pcl 905 _ 

Ma>' 1 )Tunn 9 pcl 901 

15 A 11 


'10 Ajs_| 275 I 
3-88 BO Xl | 


Price (Utoltfv« M. 
£ to Grow | Yield 


191 2 871 

33 2811 

98 31 

355 li 

46 U 1 

46 ' 18 

42 310 

42 25 

74 28.11 

88 1212 

91 155 


10.15 Ap 

1100 ■ Mar 

1255 1129 Jriy 

IS g£ BEERS, WINES AND SPHUTS Kl m 

JJ 40 sept Mar. Allied Brewt— Utol 16 J| 3 .« I^LOl 6.8113 Apr! 

1190 Feb. Sept .\naLDtAFr.l 6 p. 38 8 | 0 ^ -J - Nov. 

1150 Jon. July Bass OHrigUm— 149 |_?? 8 | 464 _ I 1 ?| 59 l .?5 Apr. 

1170 Dec June Bell Arthur 50 p_ 234 
U.M _ Betimes Brewery. 41 
1230 May Dec Boddmflons — 140 
Jon. July Border MOT'S— 70 
AUg Feb. Brown (Matthew) 108 
ITTO Jan. July BcckkrtHrew.- 44 
UU April Aue ButoenTlP.) — 137 

> 4 r| Bed. August Bnnonwood- 154 

«W I Yield Feb. Aug City Lon Dd — . 59 to 

Apr. 150 

— Feb. Oct Distfflers 50 p — 174 
* Ort En^fHjdnB'iCspZ 18 

3 (3 06 j une Dee. Gleulivet 505 

S* . Oct Dec Gordon iUIOE- 21 

■ 3 ‘: w -2 Nov. July Gough Bros. 2 Qp_ 52 
f S-S Aug Feb. Gresaliwiifl^ 107 

af f * H AUg. Feb. Greene Sag — 220 to 

- St Stti S 
= S « ia KlfiHEfc: rn 


6 8 .W June Jan. Morfandll— — 390 

3 1.89 jan. June Sandecan ■_ 55 

|.67 May AngSototNew 20 p- 69 

,7 9 ^ Oct Apr. r mr a tin — 1 TO 

6 Ji 9.90 Mar. Aug. Vauz£l 382 

3 V? 4.00 jan. Ju ^, 1 Wbitaead’A* 92 

iremium Jan, June Woh. Dudley-— 196 
Dec JuLjYmmgBrew'A'SOpI 150 


April NovJMacallmGteu— [ 305 
June JanJMoriandtL. 390 


■WrKiBSfc: ? © 

fe 2 .S 

U.s. S A DM prices exclude inv. S premium 


AMERICANS 


8 ? fea 



57 12 J 
144 * 14 J 
39 121 

25 1 

£ 91^2 28 
£92 28 

76 nl 16 
78 141 
69 14 J 


U i A 

00 June 
144 Apr- Not. 

*24 66 94 ^ ? 2 r 
— WlDTl — J“i 7 ?“■ 

& 
Apr. Oct 
Jan. ‘Ang 

n S£ J S 5 

Dec May 
Apr. July 
Jan. June 


terftQntef. 80 
limit 121^2 

pfaxFdries- 79 
*InreML£l. 396 

Iffi 68 

ack(W.A) 10 . 24 


iTi ai 7 a AS JOU. junewtiu»uui.,— 

»« 7 + “ Feb. Aug Cawoods — .. — 136 
nw ilni 74 August CetetiopI«L 5 p 34 
w aTins 7 z Ja^ J uly Centralist 10 p. 73 

1401 ) 1 . OT f .4 55 U ^SSSp 5 *’- lS 

i l f] i iiKSst I 
y il il R s £ 

i im 

B.% 3.0 lo 72 ^SS 511 - g 

2$* 3 2 80 66 Apr. Nov. CBtoLateSop- 127 

C hilli™ " 

lo Htzi So Mar. Oct CiwandeaT^- 76 


1 & 6 B 50 

nnata^] 182 s 1 M| &W 24 

berainGp. 54 M.ll < 2.73 3.0 

flloPfa-Up. «t 3 12 Ji 194 3 J 
e Vines lOp! 23 »i 25.4 1.6 " 

ie-TOOn— . 71 5.7 4.29 35 

wslntlflp 76 1700 297 17 

i 20 p_ 135 Mil 355 3.6 


K=ll§ I 

EXtA'. 

1 1 

l&LV i 


j m 
AM 

30 276 1236 


rwtettl W 

Pktnrftodnda- 9 

8 . 0 ! i 8 

VadkmSOp 11 


t aw-? §2^ Met 

Jan. AerifWteksAsweJflp .31 3 J 0 j *13 4 : 

im Jan. Sept. VYeuman edksl— W 2 il# 7 “./ 

ga iasBKS'R.’sssa? 1 * 

lj Jan - AugWW^Sp 1212 m l 

B Jan. July wmiaosfwS: 24 12 lZ LOI t 
” Jan. WlBS&James— 61 1411 254 4 . 

fl May Wolf Sect Tods 145 12 J L 73 7 . 

Li July Jan. W(£jYHBtoies- ZOO 2811 6 J 0 3 . 

2'2 Apr. Nov. W*bw&Fdy.lOp lfta DJfl 12 Z 



ns 


20 5.9 0.60 

58 1411 1 L 98 
20 V, 177 J 066 
54 1212 451 . 


*t 334 33 
11169 26 
032 17 


wa 


l £4 October Sound Dlfiffl-Jp. 37 1 

Apr. Nov. reWutoon 5 p_ « i 
_ Apr, Not. Da‘A'WV 3 p_ » J 
_ Dec Jane Teie. Rentals — lg 31 

7j ss ^SfsfSsi, v. i 

% $ £ [ 
n Feb. Oct Ward AGoid — im 1 
7 o Mar. Oct Westiugbocse— 49 8 

5 1 December ,17 171 

* May OctFlTesafaFtfraJp. 129 f 
j ? q January Wig&n(HJ 266 D. 


gc Nov. Ui 

Ess w 

101 ^ fis 


G 6 0 jb 7 S m?J T „ - 




il § is 5$ iSSSffe is - is 

£ ?S li S. « Ilf; 

s i tFli L 8 £ SIS SJfe: ^ %% 

1 1 1 z 1 S- JS *B SUE 

MU 1 d 45 34 65 50 J an - June Dintae Heel 9 p„ 19 noatO.i 

117 1217 26 6-6 6.6 AOT- WSClSSs: 1 g- J 

1411 Will 5.0 5-2 5.7 ^P, r - “Moo Mp 22 to 1 WZ.W 

^ §7 $253 $4 MaJuSeDe DowOspcffi: £ 26 ^ 

12 i ^6 39 75 H J “- 3 f 2 

19 V to b 71 an — Drake k Scull — 25 273 — 

-^23 t 25 * May Oct DdayBitum-lOp 37 5 .VLS 

I? f? ini 40 6.4 S3 Nov. Apr. DunteeCora 10 ? 144 3 . 1 ahd 5 . 

1411 224 45 5 6 SJ Jnn f Feb. Dundnnian 2 ap_ 48 32 F 2 : 

121 L 7 B 7.7 16 10 7 . J™-. DnplelaLSp — 14 DJatt-H 


ill 


9.41 - 

fl 

5.44 0 . 


Ill 10.71 
1 « 3.45 
161 2.13 


H 
« «- 
2.7 * 
L 9 


Oct Apr. 


LOI 40 6.4 53 »ot. Apr. inmoeeum nra m* i.u muuf L . o 

224 46 5 6 LI Feb. Dundmuan 2 Jp_ 48 31 F 233 21 ■ 

L 73 7.7 16107 JalL Duple Id. 5 p — 14 1212 659 i 2 v. - . 

6 J 0 12 51 91 Aug. Apr. Dtuaplpe — — _ 129 »* W « ■: 

12 2.9 9 9 53 „ . DwekGnraplOp. 9 117 < — ' — - 

d 367 2.4 126 51 Feb. Ang ftfcstJ.) 28 ^ Di M 315 0.9 . 


October {Young A'sfnk 


jd(S.Wj 20 a_| 48 20 d 367 I^IZN 51 Aug DjtesUJ 28 ^ U 6 WS 1 H 0 -» - 

SgK wfc 30b\ 5 Mt 21 1711051 84 Apr. Oct' to*aU.kJ 4 — 5 b M 5^1 ZM 

mgA'srtkY 62 I 22 A h 367 LB 7.5115 Apr. Oct fin. ‘A’ 49 TO 365 I 26(1 - 

^ 1 1 ^ ‘ ^ 31 Oct. May RC. Cases UK). _ 17b 20-9 *165 1 2 S 


81219 6 .W Lfl 71 May 

3 aibL 43 O 3 ^ 15.4 j^e 

mi* 5 -in not 


g -2 5 -° oct June 


176 17 . 
90 Z 


19 .|tlL 7 15 
19 .Wd 2 A 55 
2211116 L 7 
191*254 51 

u 


^ Oct AprJ 
Jan. July 
2-7 Feb. Ang 


6 .B 113 Apr! 

so 95 Sf: 

31171 w Jan. Ju 

7 ", . 7*0 Oct Ap 

"ill 5 £: jg 

Hlj CINEMAS, THEATRES AND TV 85. 4F 

/■? o April 

! M | Z 7 .fi| 653 __|.*J 116 i #_ Teb. Ju 

35 
55 
2 » z 
112 
120 
73 
59 

1 FSE’S 


31 95 Fete J 
6615 J mS 
53 A 7 JS. 

51 85 Not 
9.4131 
L 21 L 3 May 


83103 job. 

3.7 4 

57 8.9 jan. 

25 23.4 Dec 
310191 
3.9 J 
23 210 
4.9116 
65 C 5 

75 10.7 T 

4.0 23.4 •* 

M ?■§ Mar. -Au 


n|au 

9 _ Feb. June 
\\ April 

2 K *s 

73 Fete Oct 
— Jan. June 
51 Jan. July 
* Aug. Fab. 

June Dec 
86 Olnhur 


ENGINEERING 
MACHINE TOOLS 

ACRMatfrbigyJ 110 14^358 41 

AP.V.Sfa) 217 H 0 h 51 43 

AcnroiSgrsO- 114 1710 2.28 36 

Dq'A r 37 - 89 17 J 0 228 36 

AduwtGnwp- 2U 3 JI F 106 46 
WcentocCuv— £ 3 A 2 14 H £ 41 2 — 
ADen ©Balfour 60 21 U 4 M bL 4 

Aftm WJS 52 19.9 h 256 35 

AnaLFowar 131 3 L 1 D t 51 44 

Andss. Fdyria— 48 ^ 31 257 L 9 

Angtofiwiss ,33 475 - - 

Ami lacy— 111 DIB 1(1663 35 
Ast&£S.l»a>- 6 V* 961 Br- — 

at ^ipi 2.9 

Aurora fflda lea DJffl <56 3.9 

AutoaGFaaed)— 98 5 | 53 25 

Avars- 153 I 7 ig +568 29 

Babcock *W 117 19 | 5525 33 

95 milMl 44 


« — -.a^wp— 1712 50.9 *165 
Dec Eatoani Prod. Sop.. 93 Dit ZI 32 - L- 

Mar. Nov. EaaHldgg. I 0 p_ ICO III L 85 . * . 

. Apr Aug Hbarlcds-SOp— 220 19.9 4106 

April Nov. Hind to 16 SJ 1.02 

May Jan. 3 ecolfeZ_ 44 ^ 1411 ( 0.75 
TT?C PTT ? an. July Sect Ind. Sec — 43 19 .' 222 

“«) Ib.IV>. July Jnn.Elhodpijn).lOp l _ 21 257 ±219 

June QEoniBobtiins. 76 1212 03 

212 F 65 41 83 86 Jao. June ElswickH'nerBp 22 i> 811 1062 

8 J 1 UJ 2.73 26 4.9 9.2 Mar. Dec.ErahartCorpSl £ 2 o£ ' Yl $360 

^ tHo -> 2-5 S’! H*®- feP«K 2 p.lto- U? 1710 ^6 - 

31 hOJS 19.4 06 156 — . Eng. 4 Overs lOp 21 U 1073 Z 035 

IM &S H ll April Eng. China Cjayv 79 276 3.55 

55 jS-^ 5-6 5-5 M Mar. N ov. Esperaira 0 ^p_ 144 5.9 1568 

116 q 36 3.7 7 2 56 Aug Jan. Euro Ferries 116 1411 0.8 

?7 r t.- MV. Sept Erode Bldgs. 20 p 74 H 4 ri 2.02 

I H* k il h St P M % 

1 8 S : fl a ?£ ss w 1 ii 

si -55 15 M 9 -3 Aug Jan. Fenner U.H.I 14 Z 1212 - 6 T 

2 c ?n 5 an " _ J nly Fferenson Ind. _ 97 2 BJ 1 j 66 

Jd 236 85 L 9 96 Jan. Sept. F«rfenanaop- 36 3 Jt 5 ja 

air H H Z’S M*? Mot. Findlay 1 AJLl._ 26 226 tL 73 

Wi hi^n In li t Rrto Castle 10 p_ 38 66 i — 

15 , 1-2 iUS? Dec. Fl&siltou-__^ 44 1 IH M 54 


FOOD, GROCERIES, ETC. 


ipnl Nov. H bid to 16 

lay Jan. SlecolOp 44 ^ 


I J ie 2 Dec JuIyiAlpiaeSoSDIBp-) U 8 
5 R 7 i J “n. JuneA&cnilS»p: 84 
rt 4 Apr. Sept Ass. BritF(te. 5 p 62 

111 7 W Feb. Oct An. Dairies 239 

75 56 o 0 ^ Ab. naileries — 71 


JU 12.73 2 J 

123 4.1 


86 

(7 7 ) 


54 

— 

34 

14.0 

19.4 

7.0 

74 

7.9 

46 


toug to- 


May Novi 


June Dec Barrow Selling- 95 
Jan. Aug. Bassett (Gw) — 153 
Feb. Sej£ BcUeysYwtlQp 70 


«1 Ind. Sec— 43 19.9 232 

hottPT)'ro.lOp_ 21 257 Si 

sontHoWilns. 76 1212 533 
swicklTperBp 22 i 2 812 106 
ahartCcntSf. £ 20 ^ 72 QSLi 
?P«siSeiv.lto- 133 4 1711 03 
lg. 60 wrslOp 2 H, UT 73 Z 03 
ig. China Clays 79 Z 7 i 3.55 


LQ 2 I L 7 

dy 51 21 


fit Barleys Yak lOp 70 
ril Bgjgmlflp — 75 

PLBatoO.m 223 


42 12 J 6 tL 76 7 . 
55 MSh 235 3 . 


October 
Apr. Sept 


B 83 DRAPERY AND STORES 

W 25 -AugWHedBetailOpI 195 | Z 2 N 017.921 Z. 9 J 621 85 “ - 

M « Apt. oSpAroberDayl^- 41 lM 1 dl 9 S- 3 .| 73 53 Jan. 

4 - 4 11 A jan. A qiaamUm ^i- 39 14 lijj -38 [ 3 . 7 ] 5.4 7.4 Jms 


Krideads 

Paid 


[Last! Dir. rH 
to Grow Crr ft's 


29 U 3.9 Jao. 

June Jan. 
Aug Feb 
■ June Sept 


A' 5 p 39 

iotrooiclOcL 35 
s'sSrs.lOp. aw 
— 85 



^l« BUILDING INDUSTRY, TIMBER ^ H&M&r S 
-I.U AND ROADS ^ 


MrJu.SH. 
J ApJy.O. 
ApJy.OJa 
J Ap.Jy.O 
MrJeXb. 
MrJaS.D 
Apr. 0 «r 
MrJo&D. 
MrJu&D. 
MJSD 
FrJeJwtiv 
Brjn 
S.DJf Jn 
MrJe 5 Ji. 

FJIyAuN 


= f |-i AND ROADS 

— 42 June Sot. AbsdeenConsL ,93 

— 3.5 July Abeihawi-m.- IK 

— 12 June Oct ADied Plant I 0 p- 15 

— Z .7 Feb. Oct Annilafie Slinks.. 75 

— 12 Oct May AP.CefflentQ- 263 

— 3.8 Oct May BCA 20 P 120 

— 5.4 Feb. Aug.BPBInfis. 50 p_ 243 

— 3.7 February BaegeridgeBrt. 34 

— 3.4 May Dec BaHevWulflp- 14 

— 0 -f July Dec. Bainbndge 10 p_ S 

— L 3 jan. Sept Bambergm — ,49 

— 35 May Dec. Barrattfier. lOp. 120 

= BfiSflS; 

— 2 .J May Oct BcofordJLIOp- 54 

— 65 aar. Aug. BeaBnaap— 67 

— 3-3 Aug Oct 3 l 0 tHevs 20 p_ 70 , 

— « ? Apr. Not. Bhjnddl Penn _ 66 tj 

— *-3 one. Apr. BmdouLnnc— 85 

— 76 — Brti. Dredging— 25 

— i-i May Nov. Brown iksn. 2 C* £ 

— 4.0 jan. July Bnronjw 5 D £ 

— 34 Dec. May & 7 at HMtt — 44 

— JJ Aug Jan. BnwtttHl — 170 

— 6 -A Oct Apr. BartBooltaalL. 185 

~ 4.9 Jan. June C. Rote? 'A'lto- 23 

— 35 nov. July CaTsdcrlGlfi ll$- 25 

~ 4.9 jan. July Camjcnn"^ 45 s 

— | 5 June Jan, Canto 57 

— 56 May Nov. CsmtSeadstw*, 128 

— 65 Mar Sept C«Rl?«sGp, 10 p. 33 

— 4.4 mot. July Coatabi B — 274 

— 35 May Dec Couuttydde — , 41 

— 63 May Oct Crossle^k — 70 

— 82 Oct April CTOndj(D.) 25 p— 93 

S — , — 2,9 May Oct Crottchitoouc — 70 

■50 — |.0 Apr. Sept DotK*J 154 

S “ M A P«i OctDoudasBiibLM. IK 

— 0.4 April Oct DvS 5 G£, 5 ^) 220 

WiZ - 3 J Mar. Sept Sana tfp 72 

SiflO - 43 Feb. Oct ai» 4 Erorard_ 94 

- H NOT. May ErttlL. .. ■— » 

-•ei^-ra-T* — 6.7 pee. Jane FP-ACcraafa— *26 
19 '*| 34 . 12 i 51.40 — 4.0 Dec. JunejFaadoaghCous 67 


Feb. Sept BoartmanKDSp 12>2 
Jan. June Bolton Test 5 p_ 12 ' 
3.61 6.81 62 Dec. Mot gwwr..—-- 50 
3.7 5.7 72 Jan. July Bru.Boa» Sirs. 216 
61 73 4.6 Apr. Oct Bttwn 0 fl 2 Bp_ 31 
12 8.8 iUIp Oct Apr. Barton Cm Mpl 140 
24 4 . 9 ] 13.0 Oct Apr. Do \VNY 50 p_ 126 


22 29 245 Stay Not. Csjuas'A'IOp- B 32 2 W L 

4.1 43 7.6 June Dec.Casket(S. 3 lBp— 45 3 LH L 96 4 : 

* 10.4 * Oct Apr. Church 194 19.1 g.Ol 7 . 

16 ±143 Not. Juty Comb. Big. l 3 bp S 7 3 J 0 +294 4 . 

37 7.8 53 740 . July Cope Spots lOp. 82 2 BJ 1 an 0.48 7 J 

33 90 55 Apr. CtaL ConedteSs*. M 876 §3 IJ 

28 10.2 45 May Nov. Courts ‘A’ 100 M JW 8 4 . 

2 Q 123 6.4 June Sept Cunjs 216 25 / 4 J 2 4.1 

_ 4.7 — July Jan CmtouagicWp, 19 ZW 066 — 

44 46 75 Jan. July Debrahams 110 14 J 1 F 5 J 2 Z 

4 3.9 J ins- Not. D ewhirst lOp— 56 lUj^ f 
31 75 6 J Mar. Oct Dixons Photo lOp 167 225 tfU 6 J 

2J 65 95 Aug . Feb. DobodiGeoilOp 25 1 U *L 75 L 

L 9 7.9 102 June Nov. BbsJtGaidfp— 19 I? 3 g V-J3 0 .' 

_ L 8 — Nov. June Empire Stare#— 177 1735 *462 2 .' 

S 3 i _ May Oct Executes 3 >? — V9 . — — 

25 6,0 85 Jan. July FandaleTert. 5 p 16 2 KU L 06 2 

21 71 93 Jan. July Da*A' 5 p 35 2 BJ 3 L 06 Z 

99 23 66 Jan- July Fine Art Devs. 5 p 45 1211 fLgl 24 

35 83 53 May Oct FDrdlH’tinjiOp. 33 221 TZ22 13 

23105 65 Mar. Sept Fom&sterlOp- 137 3 JW 3.78 6 . 

27 7.4 7.7 Jan. JiyFBterBiM 85 1111 259 3 - 

73 33 76 Jnne Dec Freemans (Lon). 288 3 U 0 t 5 A 4 . 


— LS — I Nov. Jnnc Empire Sum_ 177 17 JJ 
S 3 a — I May Oct Exacutestop— _ 15 H* 6 W 

25 6 ^ 85 Jan. July Fairdsde Text 5 p J* 281 

21 7 JJ 93 ]Jan. JulyDft'A'Sp 15 MX 

99 23 66 Jan. July Fine Art Devs. Sp 45 121 

35 8 i 53 May 63. PbriifftbylOp. 33 22 J 

231 W 2 65 Mar. Sept FomteterlOp. 137 L 

17 7M 7 . 7 jjan. Jtoy Foster Bros 85 111 

71 3 JJ 76 ] June Dec Freemans (Lon). 288 3 U 

L 7 97 ) 771 Apr. Oct GeBer(AJ.) 2 )p„ 34 72 . 

20 MbSJ Jn& Feb. Goldberg A 65 X 

22 6.81 ( 8 . Ill Dec. June Goodman Br. 5 p, U 31 

9 S L 9 t 83 (June Nov. Groton Ware 145 DJI 

a 4 . 5 ) 4 I Mar. DecGLUnrienal — 310 s* lfi 

09 93 l£»m Mar. Dec. Da'A'Ord SOOto It 

27 5519.6 Aug Apr. Gre. Millette JCp. 43 11 ' 

i 5 661 IO.O Jan. Oct HknJyfFnni} — 34 8 J 

3 7 4.7 85 Jan. Od. Da'A’NV 33 2 

55 4 .« 66 SepL BtosslAlOp. 19 25 J 

1038|14 7 J] 53 1 Jane Dee.Do. 14 cQnr.PH 167 281 


13.96 5 . 4 ) 8.4 . « Fete 


^173 Jtoy Not. 
9.7 95 — 

a 71115 Apr. Oct 


ranBSto- 86 117 d 22 

VtosAlOp. 21 3 U£ iG 5 
rthttUOp- 65 - 23 

asa.u ^ 


136 3.7 5.4 7.4 May Not. 

Sis i di ) 7 
& 

164 0.4 R 4 41 J Apr. Se^ 

0.98 331 L 9 36 Sept Mar. 

062 06 7 .J BA May Dec. 

1356 p 1 L 9 9.9 Feb. Aug. 
1 571 23 45183 June Fe& 
cCJ 5 L 512.4 8.4 jan. June 
15 — 16 — Jan. June 

15 — LI — Oct May 

264 L 21 lfe Fete jg 
L 96 43 6.9 S .4 Feb. Jrfy 

13.07 7.7 24 | 85 oct Feb. 

fe ii J “- “*7 

da 0.48 71 06 ) 27.4 Deg Maj 
§3 is a — Aug. Feb. 
«18 43 4.9 64 Ang Feb. 
472 4.8 291 L 0 Jum Dec. 

0.46 — 3.6 — Feb. Sept 

F 522 24 73 ( 73 } feb. July 
§dL 74 37 4.7 U Har. Sept 
1218 65 20 *1 Mar. Aug 

*452 26 43 143 junu gg? 

166 29 lE 0 1 |l!g-® 

L 06 2910.7 4.9 Oct Am. 

&§ %Jk 

S” Ii 

135 L 4 29125 D«. July 
M .75 37 MJ 4.7 j«n. juae 

fb U “III i™ oS: 

02 — 0.9 — Jan. Ang 

Oil 59 45 S 3 Sul ' Oct 

jivv-uis s 
V v^Atstss 
w Unm j 1 ^^ 


a ft Sous— 51 19.«t297 

iord lOp 50 3Ufl1d363 

r(LeooiKlp_ 22 53 * 0.75 

DSSfe ff* JI 8 S 

fas. Hint- 62 1212 4:42 
i Pallet lOp 66to 167 55 
w'd Hodge. 82 3UI t286 

to 4»z 1212 *tL98 

r&g.20p. 23 117 r\31 

onrnvSL 204 3170 L37 . 
mum Up. 39 1272 tblAS 
iwmteQ- 346 17 fh357 

wyMp 31 72.4 d£L 52 

seDnLlOp 35 2817 1276 ... 
i Channel- ,84* 1471 h02h 0.9 
bNotlaop KB <P 67 tteO - 
aeamSDpl 86 37 b457 15 

tome— — O 37 352 « 

33 2873 20 20 

|7 m|gl57 

eTod ,17 ft§ — . 

Tfe'dP.SOp — 114 WS .78 


H Jan. Jub Da“A"NA 
fjli Apr. Od. BteebndCoi 

Man* Nov. Bnt VezKfg 
Jan. Jnne Brooke Boot 
ii Dec. Jnne Cadbury Sch 
t * June Ian. Can^ffiUbi 


OiDi LjtL 

2 Bl 3 1492 


« Ai BS: 


KVft 7a O hi gg” 1 "w- gntyenggl Op- 32 IM m0.47 45 22153 July Jate nSritoC*w“ S 2a?76- 

h 235 33 77 te g 3 * 33 | £ 33 Not JuSKggffiCZ: Hte u 3 tb 241 

.tggj is a ^ss aBg^- g Mg 1 g li i-s 11 ?*r ™ sires 

M wffi u !?v h! it II | jss^s^s®: ™ 

TO ¥&&a£*Z = i 2B71 457 L3 7 413 5 fR-t 52iSS2S h aS^ 2S ^^55 

M Fte ^3 SSto 663 44 75 Apr Sere' 

rn f-allii - BBSSt « 392 b5 l * % P- *Bi' 1§$£ 

W\ M is m 93 igs jy « n £ ^ P 


Jan. May 


.98 L 9 | 7 . 0 jlL 5 j 




akdP.50p_ 114 8^5.78 

xftTawe- DM 117 T 478 
aMn£L_ 248 85 7.92 

oshfflp— 124 257^5.60 

HftudZ- 38 111 
rfeJdHsy, 63nl lfil 1213 
idEaelte- 63 135 b351 

srNalllDp 69 1473 tbL9i 

Jflig. 68 1272 £312 

d^B-lOp- 57 370 «6 

&=: % 

5 Bros 45 37 1231 

raSouSOp. 76 373 13.99 
rttOuffi. 90 1976 ±203 
KA)*)p— 142 37 +4.98 


2 ^ 6 J Sk Apr.OaH 0 mer 5 p> 24 
94i 71] Feb. Aug GokJra FoueanL 49 
. na roiH j^gnst , Haslew'd’BPiOp. 56 

bw]W®b«= * 

5« 57 ^ Dec. 5wik Save 10p_ 210 

vjmSe aassK ,2 


Ti T-, &bbonai& jjft 

j\ 55 3.7 Oct May Gi«T;Grcup__ 95 


1d243 2.1 
£ 3.05 ~ 
J4.06 21 
4-41 5.1 


?-8 592 

7-9 24 M ®'*°ber Gnome ftotolOp 40 

“1 Ii R?;. p 


|f- 

f it 




36 3 .M 15:9 Jan. 


a. SBasuswata 

% | ii £ 

& I! ang- S& ss 

b 351 L 7 8.7104 ?^!^- Sug. 90 

rw .92 5.0 42 73 ^ MUktAJ.) 99 

£372 47 6.9 62 ^“8- g«SniEda.lOp. 28 

«6 25 30.6 85 ; “wntfnfWJlto. 2 fl 0 

hOia 24 92 76 JS?- ^pr. NertoenlboS. Ii9to 
129 4 43 ft SS: Apr. NardmPt ij)p_ 10 4 

t 231 5.9 74 55 Sf’ l™* gmoffLUBp 23 

13.99 35 20 54 Jan " Jaoe gorttFam»lOp_ 413 
±203 10 % - ~ PrteiWJJiDn- 


£3 iWiSE lS ^ ite li 1 S 4 Frt. f SE!: 

to - h pspilz: » 7T4 3 " i 5 « Apr. 90 

riS 2871 55 26 To Tx It,' n «S»> 331 ■ 


iii w-s sg « 535 

257 1.91 04 10J <tta JUly Fcb - g»laasftflp*B. 74 

370 1d2.05 54 Lfc 17ft Oct 2 a ' n .? 5 » V l 

167 Ti * x Jwue h» lKonaae) lh «. 
199 thU 8 tl lavts June w* JjWkWtarflt! 13 ? 
§£056 21 ill ii ft » 


iv.sta.af- a ai 

*3Ek 17 m 

pCTlMLiUP- AJ J til 

noouftSOp. 53 25J 

ntte Group— . 39ai| ifij 
«Hout__ 49 3J 
scabs 7S«— £85 III 
JsGwctn. 76 3: 

tathlav. Ip. 17 2U 

244 m 

ta&lifa 19 1 

tiliSl 71 111 

in»J£.10p_ 37 281 

riod&Op l^Jdl IfiJ 

wnttfir ■ 13S 1 19/ 

vtotoHUp. 32 (281 
MileSieelf — 332 3 u 

wt ... 65^2 3171 

iro(HJd^) 132 3: 

ottfflTT-I 100 to] It 
LC&uCktoi- 82 J12L 


3.62 4 54 * . . 

239 34 83 47 

dL55 29 94 5.7 


n ,an - li 1 ?-? 2? fit 

w E f^r#«HH«aft>KSSS 

life ££^»SSE iS-aJg N C!!»* 


65 Ill 

t>»^lQ8ac ji 


Lfflt 06 26 
13 1120 44 
23 9.9 28 

a«P ii 
L 


Apr rZZiiXg 1 - 

*,^saBaat5^ 


>— “ JJ j a? 5 S: “rites: £* 

>a». J" IS a H 1 : M fr ^ BSfce » 

BP- 21 .s-Ssiz H 13 H * aSiSj?. iS 

*«-- 232 19.9ltli.9q ST J.3 Oct itowardTenens 271 3 

SL28p lWtd528 3 0 71 tI j.JE: ^ Htodiiw Assets 215 ? 

—j* ^ a? I ] | i 

s ^ ^ s a Is Is 


is, 

ff- 

fi ir- 

■BPS: 

ft k. 




renena. Wfe 
Assoc.- 215 
ihlto.- IQ 


Ala 


Erw 49 «m 1 333 

ssaer Lire 803 ’7 "20 

m= i i 
s g 

ItetaLtop-. 82 283 


OEHBB . Eo y ™ cATOms m 


April Sept ImpLOBt casti M 
Mb)- Nov IcaafitaStWo- ^QVj 
{ft Aug Initial senwj„ Bg 
j «m lolmatysfe™ . Jb 

fe ^ 4 ; 

Apr. Dec. Jenaqoe^^:... fitj 

— JotnuaftBaaes- 5 ? 


3 | 6 .d 5 .6 M -^reroaal.inLtBl 1 ^ 4 [8 6 * AmQ KcntoSut)^. 

26 ) ? 6 )lfl. 9 krS ^ 5 ‘lrj laT * el 0 P- - 2 li 1 10 71200 Ate 1 . KTcvtoan,-— 

^ «*sr *& las 11 wSife ssEgnerfE 

Doc. Am?!jLK PrwTI lari' ^ 




























































5.6 Ifnleaa rt twl w M tahd. prices end art J tlitat am la 
114 peace nd liraianjaUBOl are 15p EstlmMcd pritttanbn 
n t Wa lcwoimlMda latest an nnal reports a n d a ra o airfa 
HB •mi, where possible, ere updated on batf-yeorty flgnree. P/Essrn 
7 n ca tenated on the barfs a# mi Ostribotian; bracketed flpra 
i s In d ic a t e 16 per cat sr Bare difference IT c al cul ated an “nil - 
7~J Jetrihwtlea. Carers ere bard a -arriannf rfMWiai. 
jo Tlelds me based an middle pricey are gram, ndinsted to ACT of 
!'5 S4 per cent aed allow hr value at declared dbfartbirfloBa and 
ip. righto. SocwrUfaa wUh rtmimlnafliaa ether than sterling are 
2£ Bunted luctustvr ef the Investment doUar premfnm. 

5.6 A Sterling denominated securities aUdi Include Im at md 
? 7 doUnr p r wfli iiiti 
5.4 • “Tap" Stock. 

3 B ’ High* and Lows marked Ihna bare been adjusted to allow 
for rights issues fpr cash, 
f Interim since increased or resumed. 

* Interim since reduced, passed or deferred, 
t; Tax-free to non-reafdanls on application 

4* Figures or report awaited, 
tt Unlisted security. 

* Price at time of sospenston. 

f Indicated dividend alter pending scrip and/br rights ham 
cover relates to previous dividend or forecast. 

•• Free of Stump Doty. 

* Vagin bid or reorganisation la progres s , 
f Not comparable. 

4 Same In t erim- reduced final and/or reduced — 
Indicated 

f Forecast tfividead; cow on earnings updated by latest 
Interim statement 

I Cover allows lor conwskm ef shares wrt now ranking for 
dividends or ranking only for restricted dividend 

* Cover does not allow for shares which may also rank Cor 
dividend at a future date. No PIE ratio usually provided. 

V Excluding a dividend declaration. 

4 Regional price. 

II No par value 

amine, b Figures based on p rospect u s or other official 
esti mate , c Cents, d Dividend rate paid or payable on part 
of capital; cover based on dividend on foil capital, 
e Redemption yield, f Flu yield, g Assumed dividend and 
yield, h Assumed dividend and yield after scrip Iras 
Payment from capital sources, k Kenya, m Interim higher 
go than previous total a Rights issue pending g Earnings 
based on preliminary figures. r Anatrahan imi e u gy. 
s Dividend and yield eaxlnde a special payment t Indicated 
dividend: cover relates to previous dividend. PfK ratio baaed 
on latest annual earnings n Forecast dividend: earn based 
on twevlooE year's earnings, v Tbs free up to 30p in the £. 
w Yield allows fur currency clause. 7 Dividend and yield 
based oo merger tents, x Dividend and yield Include a 


deferred- C Onatllan D Cover and P!E ratio exclude profits 
Of T>-K- aerospace suhridtaries. E Issue price. F Dividend 
and yield based on prospectus nr other official a s ttanfn for 
1077-78. G Assumed dividend and yield after pending scrip 
and/or rights issue. B Dividend and yield based on 
prospectus or other official rati males for Ung-77. K Figures 
bupd on muMiliu or other p fn^^ for IffTBi 

N Dividend and yield based on prospectus or oilier official 
estimates for lflra. N Dividend and field based on prospectus 
or other official estimates for 2B1& P Dividend and yield 
based on prospectus or other official estim a tes for 1017. 
Q Grom. T Figures aianmad. V So significant Go rparat lott 
Tax payable. Z Dividend total to dote, ff Yield based on 
a asmnptiuu Treasury BUI Bate Mays unchanged until maturity 
of smek. 

Abbreviations: a! ex dividend; sex sesipiasne; ar a right* » ax 
alt d ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 41 




























































































































































45 


Isf+YSON 


W^iwarm hearted 

Monday January 23 1978 • 

HWheating 





Rush & Tompk 

Builders & Civil Engir> 


London 
St. Helens 


Nmenstle 

Nottingham 

Stirling 

Salisbury 

Bristol 



Britain 
will take 
firm line 
over job 
subsidy 

By Alan Pike, Labour Staff 


THE GOVERNMENT will take a 
firm line in defence of its 
special employment measures 
when it replies, probably later 
this week, to EEC Commission 
complaints about the operation 
of the Temporary Employment 
Subsidy. 

Commission officials have ex- 
pressed concern about the dis- 
torting effect of the subsidy on 
competition and are awaiting 
details of arrangements which 
the British Government intends 
to introduce when the existing 
scheme expires at the end of 
March. 

While the final shape of a new 
scheme has not yet been 
approved by ministers, tbe 
Government has made it clear 
that measures to assist employ- 
ment will be continued. 

The Commission had hoped for 
a reply from the Government by 
to-day to a letter raising detailed 
queries about the subsidy. A 
reply has not yet been sent but 
the Government is expected to 
meet a Commission deadline 
asking for information by the 
end of this month. 

Distortion’ 

The subsidy, under which an 
employer can receive £20 per 
employee per week in return for 
avoiding redundancies, is the 
most significant of the Govern- 
ment's special measures for 
tackling aduit unemployment, 
and supports about 200,000 jobs 
at any given time. 

Commission objections concen- 
trate on the distorting effect 
which it is said to be having in 
the textile, clothing and shoe 
industries. 

The Government will ' argue 
that the measure is not greatly 
different from subsidy schemes 
which operate in other member 
countries. It is expected to 
challenge claims that the sub- 
sidy is having an adverse effect 
on the trading position of com- 
panies outside Britain. _ 

A second approach to 
employment subsidies— paying 
companies to take on un- 
employed labour on the lines of 
the experimental Small Firms 
Employment Subsidy, which also 
ends in March— would meet| 
Commission objections but would 
not easily provide an alternative 
to Temporary Employment 
Subsidy. 

David Buchan writes: The 
changes which the Commission 
has told the Government should 
be included in any renewal of 
the subsidy scheme are more 
detailed than those which 

Brussels officials usually suggest 
to member states. 

This is because the Commis- 
sion, in the words of one official, 
-has had a hard time getting 
a handle on the TES." It was 
informed only afterwards of six 
changes already made in the 

scheme, and now wants to take 
advantage of the scheme's Formal 
end on March 31. 

Throughout 15J77 British 
officials argued it was impossible 
to make changes in such a big 
scheme in mid-stream. 

Brussel's chief complaint is 
that what was intended as a 
general subsidy should never 

have been allowed to be linked 
with a few sectors, with half the 
£431m. already paid out going 
to tbe clothing, textile and shoe 

industries. 

EEC officials cite with dis- 
approval figures showing that, 

of U.K. companies receiving 
Temporary Employment Sub- 


GATT leaders ready 
for tough bargaining 


BY REGINALD DALE 

THE MOST ambitious round of 
[international trade negotiations 
'since the Second World War— 
the so-called Tokyo round — 
enters its decisive final phase in 
Geneva to-day. 

The starting signal for real 
bargaining to begin— well over 
four years since the talks were 
officially opened — will be given 
at a high-level General Agree- 
ment on Trade and Tariffs meet- 
ing to be attended by the chief 
negotiators of all three major 
participants. 

They are Mr. Robert Strauss, 
President Jimmy Carter’s Special 
Trade Representative, Mr. 
Nobuhiko Usblba. bis Japanese 
counterpart, and Herr Wilhelm 
Haferkamp, vice-president of the 
EEC Commission for external 
relations. 

By the time the meeting opens 
this afternoon the three protag- 
onists will each have finally 
declared their initial negotiating 
positions. The Japanese offer, 
tabled last Wednesday, was fol- 
lowed by the Community's on 
Friday and the American offer is 
due to-day.* 

The hope is that in the coming 
months 1 agreement can be 


reached on a further major 
liberalisation of world trade and 
new, up-dated rules to govern 
international commercial rela- 
tions for the next decade and 
beyond. 

While 97 nations are attending 
the talks, agreement between the 
three main trading powers is 
essential if progress is to be 
made. Between them the U.S., 
the EEC and Japan account for 
more than half world trade. 

All three have subscribed to a 
working hypothesis under which 
the aim would be an average cut 
of about 40 per cent in indus- 
trial tariffs, spread over eight 
to ten years. Tbe Community, 
however, has not officially com- 
mitted itself to the 40 per cent. 
figure, about which France and 
Britain have strong reservations. 


Safeguard 


The Community, at French 
insistence, would prefer the 
tariff cuts to be presented as an 
overall average of only 35 per 
cent. 

This could be achieved if 
actual cuts m tariffs averaged 
no more than 40 per cent., given 


that rates-, on some goods will 
remain unchanged. 

Britain has said it can accept 
the 40 per cent figure only 
a satisfactory new safeguard 
system is agreed and there is 
possibility of putting a brake on 
tariff cutting in the event of 
serious economic problems. 

The Community is accordingly 
proposing that a further positive 
decision should be required 
before the final stages of the 
cuts are -completed. It also wants 
it to be possible in future for 
safeguards to be introduced 
selectively against one or more 
countries, instead of indiscrimin- 
ately against all trading partners, 
as at present. 

Tariffs.- however, are only one 
aspect of the talks, which cover 
a vast range of non-tariff bar- 
riers, export subsidies and 
countervailing duties, as well as 
trade in agricultural products. 

It is also hoped to reach agree- 
ment on a number of Important 
new international codes of con- 
duct in areas such as Govern- 
ment procurement, technical 
standards, customs -valuation and 
import licensing. 

' Editorial Comment Page 10 


Leyland share of market may 
not reach more than 25% 

BY OUR INDUSTRIAL STAFF 

THE GRAVITY of the crisis to leave the company vulner- but the company expects strikes 
confronting Leyland Cars is able. this year to cut output to only 

expected to be underlined by The implications of lower 825,000. Trades unionists on the 
Mr. Michael Edwardes, British market penetration for the com- Cars Council, the top-tier worker 
Leyland chairman, when he pany's output, profit and invest- participation body, are urging 
addresses a mass meeting of shop ment are serious. Mr. Edwardes to allow them to 

stewards in Birmingham next The cars division is thought to prove that they can achieve (he 
week. have returned a small pre-tax i ra . level as an alternative to the 

Forecasts circulating within the profit in 1977. but can expect j 0 b cuts., 
company suggest that over the little improvement this year. p inal g ec i B i ons 0T1 a new 
next five years the State-owned _ Capital spending on major pro- organisation structure for Ley- 
concern will achieve little more jects has been subject to review land are expec t e d to be 

than a 25 per cent, share of the and economies will be sought: reached ^ week . « r . Edwardes 
U.I\. market. is known to favour the creation 

lra ™ 5 ft™. u«£fu ‘"ui'd-sW .A 

irasts wim me review unoer- R n Rfl „ models is lfkelv to Morris, Rover-Tn urn ph-J aguar 

the 6 "wake o? thHoolmlkers" be^ha^er a^ongei^riod *" d ** components division. 
strike^ 3 when the °roup re- The need to raise productivity The managing directors oF 
affirmed obiKtive'^f a 32 to that of international compel!- these would report to a corpor- 
wr rent share tors is a priority. This year Ley- ate vice-chairman with overall 

There are fears of a raaior ,and P lans 10 6hed l2 ' 000 i° bs 45 r « 5 P° nsihlhl y for car Operations. 
aJault on^he li K car nlarket 8 firsl step towards improving However, the practical prob- 
bf^raoorterL oartiSlarTv bv manning levels. lems involved in imposing this 

JLan While Levtrnd hones to 1" an effort to overturn Mr. new structure are considerable 

recover From its 'present ^4 per Edwardes’ plans for redundan- in view of the Integration which 
cent share to perhaps 29 per cies. the Leyland shop stewards has taken place in the past two 
rent! bv the end of the year, the are to launch an unprecedented years. 

improvement i 5 not expected to campaign to-day to gain shop floor Some executives, as well as 
he sustained. support for a drastic reduction union officials, are worried about 

Weakness in the range of in the number oF strikes. the disruptive effect of another 

model* offered particularly in Leyland is manned to produce big upheaval so sooo after the 

the fleet car market, is expected more than lm. vehicles a year, ^yder reorganisation. 


Government expected to approve 
Liberal share-ownership plan 

BY JOHN ELUOTT, INDUSTRIAL EDITOR 

A CONSULTATIVE document allocated a part of a company's the amount would be gradually 
containing Government plans to profits in shares up to an annual reduced, 
boost employee share-ownership limit of £500 without paying Th ouUL howeTC f no 
schemes through- tax concessions income tax. * , , *££5* cSoratira tS advan 

is likely to be published by the The shares would be those of S L^TcmnDMi v ran remed. 
Treasury during the next week the company in which the is bSSiS &“ GS?SMt 
or two. employee worked so that, where thoti i-trhattwa 

The plans have been urged on both a holding company and a Shares ? UoSd 

the Government by the Liberal subsidiary were quoted concerns. jJJJJJJjJL count aUow- 
Party. The Cahinet is now it would be the shares of the 
expected to approve early publi- subsidiary which would be [J- J® 

cation of the document following issued. It is likely that the KlTbe^^S^SSntira^S 
the Liberal Assembly's backing shares would be paid into a trust “ “fKJJ JTZlpr 

for the Lib-Lab Dact. and participating employees employers to consider 

Three alternative ways of would then be Issued with units “traducing such schemes, 
encouraging share ownership in the trust. The two other schemes have 

schemes are contained in the The scheme would be entirely been prepared by the Inland 
document, which has been dis- voluntary but would mean that Revenue. They are thought to 

cussed by Mr. Joel Barnett, an employee opting for shares propose that, unlike the Liberal 

Chief Secretary to the Treasury, would receive them to a value idea, the main concession for the 

Ridv.*" 67* per cenT. of their work 1 and Mr - John Pardoe. the considerably higher, because of employee should not be that he 

forces are on average covered bv! Liberal economics spokesman, the tax concession, than an em- is issued with shares according 


tho subsidies. 

Editorial Comment, Page 10 
Jnbs saved by Government 
support Page 42 


Continued from Page 1 

Monetary 

sort of over-healing which 
brought output to a halt in 
1973." 

Only last week, a senior 
Treasury economist told a 
Commons Committee that in 
practice, it would be difficult 


The Liberals hope one of the ployee opting for a cash handout- to his gross pay. Instead he 
options will be included in the The shares would be costed at should be able to purchase shares 
Budget and wi-ll thus become their full market rate. out of his net pay but at a dis- 

law in the Finance Bill during To gain the full tax conces- counted rate. There would be an 
thp summer. sion, the shares would have to be extra concession that capital 

The option preferred by the held for at least five years. It gains tax would not be payable 
Liberals would involve a major is not yet clear, however, on the difference between the 
income tax concession which whether after that time there discounted and fall price of tbe 
would allow employees to be would be no tax due or whether shares. 


Sandelson ex-partner in probe 


BY CHRISTINE MOIR 


THE STOCK Exchange has The Stock Exchange investi- This investigation, which save 



Pay code 
breakers 
may lose 
State 
contracts 

By Nick Garnett, Labour .Staff 


THE DEPARTMENT of Energy 
has told State industries under 
its umbrella, including the 
National Coal Board, . British 
Gas and the Central Electricity 
Generating Board, to take any 
action they can to prevent the 
effects of guideline-breaching 
'pay settlements in the private 
sector from reaching the con- 
sumer in the form of higher 
prices. 

NCB officials at least have 
been discussing ways of doing 
this, including the withdrawn! 
of coal-moving contracts from 
road hauliers who have agreed 
to pay deals Above 10 per cent. 

Coventry drivers . have 
recently negotiated a 15 per 
cent, rise, * in line with that 
secured by men covered by 'a 
West Midlands agreement 
widely viewed as a probable 
pace-setter for the country’s 
one-million drivers. 

The Road Haulage Associa- 
tion said yesterday that it had 
bad bo formal notification that 
the NCB had already intro- 
duced sanctions against certain 
hauliers. But it would be no 
surprise if they had already 
started. . 

Hauliers 

Only a small percentage of 
coal is moved aronnd the coun- 
try by road, although some 
hauliers depend almost totally 
on NCB contracts. 

The association said such 
sanctions would not entice road 
hauliers to try to renegotiate - 
pay-breaking deals. The alter- 
native to the threat of sanc- 
tions was potentially erippling 
industrial action and companies 
had to accept the lesser evil. 

Some' hauliers believe that 
any attempt to single out trans- 
port firms for sanctions will 
meet stubborn union resistance. 

The Department of Employ- 
ment and the Treasury are in 
close consultation with other 
Departments about die way 
they deal with private com- 
panies winch break the guide- 
lines. 

It is left, however, to indivi- 
dual nationalised industries to 
make their arrangements for 
trading with such companies. 

The Government has so far 
withheld export credit guaran- 
tees from James Mackie and 
Sons, Belfast textile machinery 
manufacturers, while the Heat- 
ing and Ventilating Contractors* 
Association, which also made a 
deal outside guidelines, says 
Government purchasers started 
to use discretionary powers on 
the placing of contracts. Tbe 
heating and ventilating deal 
has since been renegotiated 
within pay guidelines. 

Sun Alliance threatened. Page 3 


Weather 


U.K. TO-DAY 

Cold. Rain spreading to all 
areas. 

London. 5JE„ Cen. S., N.W., Cen. 
N. England. Midlands, Wales, 
Isle of Man, N. Ireland 
Cloudy. Rain or sleet, snow 
on hills. Clearer later. Cold 
Max. temperature 4C (39F). 

E. Anglia. EL. N.E. England, Lake 
District. Borders, Edinburgh. 
Dundee, Aberdeen, S.W. Scot- 
land, Glasgow, Cen. Highlands 
Bright, becoming cloudy with 
rain or snow. Cold. Max. 4C 
f39F). 

Channel Islands, S.W. England 
Cloudy. Some rain or sleet 
snow on hills, becoming clearer 
Cold. Max. 6C (43F). 

Rest of Scotland 
'Sunny spells, wintry showers 
Cold. Max. 4C f38F). 

Outlook: Cloudy. Rain, sleet, 
or snow. Cold. 


BUSINESS CENTRES 


Tin 
Mid-day j 


*C "F «C *F 

Anutrda. S t M I Lawrabra. C - 1 m 

Athens F 11 34- • Madrid F|)ii 


Bahrain s 21 69 
Barcelona C S « 
Belrni S 17 63 


present (Wraints of.he slow ,iquidity msu * n of K ™PP- 

growth of world trade, in Ha- Island ° { C 0 stDcl ' brokers Sandel- 


tion and the underlying rale 

Bf of I live of th* Static Exchange. yes- 


Mr. Robert Fell, chief execu- Continued from Pa ge 1 

. . • .ive of the Stock Exchange, ves- 

li would be necessary io do ; ter day confirmed that 


‘Tv, r u 77- i‘eray confirmed that “the — * , . 

“ESSSSiSSSS’S Congress and Carter 

Existing projections are for A member, Mr. Alan . _ , .... . 


Existing projections 
a rate growth in the economy 
of about 3} per eenL a year 
in the next two years. 

There is also some, caution 


Knapp." write-offs for entertainment ex- (which was due to go down to 7 

Mr. Knapp is believed to be penses, are bound to generate per cent - in 19Slji and to ex- 

out of the country at present. heated debate. pand Its applicability Is bound 

Tbe Slock Excfiange has the These proposals reflect in part, to be welcomed as an example of 

about thm «.rtpni of anv.fi«*ai I P rwcr , tp require members to President Carter’s puritan and the Administration's intention to 

lSS£ flTSi^mS! *f ltond rogatory or diacip- egalitarian s*eak The officia cater to investment 'needs. 
Yhhouxh ihwe JuT Jof ?<?anngs. »n extreme proposal on first-class air-travel The Treasury calculates it will 

-- 8 4,111 con " 1 cases failure to comply with such remarks tartly that “both ends lose S2.4bn. revenues in 1979 and 

requirements can lead to expul- of the plane arrive at the same S?J2bn, by 1983. 

, time.'’ Similar satisfaction is bound to 

Mr. Knapp spearheaded San- But vested interests, ranging greet the cut in corporate tax 
trade and hieh tmaort penetra- i? Ison ' s , ex P a nsion into Hong from the restaurant business to rates from the current 48 per 

Uon are likriy tb lead to a f °, n , c at !2 until his resignation the airhnes, will contest these cent, to 45 per cent in October 

d.t.riorstion of .bo oonK.ll !£“„* 10 S"*., 1 ?.* “i « ce^. on. January 1, 

based in 

Sandelson 

^ u^ e ' c ^ American corporate executives Some 8m. low-income Amerl- 

Knapp Sandelson had an in- of the Anglo-French Concorde, cans would no longer pay taxes, 
vestment in Gulf Arabian, a com- On the other hand, the decision while the tax threshold, for the 
weM into iwm iM *, I l ,pplnR ' whlch t0 mak * Permanent the 10 per first time, would be higher than 

went mto liquidation. cent investment tax credit the official federal poverty level 


fidence that there will be a 
substantial current account 
surplus both this year and 
next, the slow growth of world 


balance. 

However, the need to repay 
sizeable amounts of official 
debt overseas, in the next few 
> c#r s *D1 require a continu- 
es sweabie current account 
fcurplns. 


Belfast 

Bemrad/ 

Berlin 

Birmatun 

Bristol 

Brassies 

Bada&esi 

ft. Aires 

Cairn 

Cardiff 

ChicsFo 

Cologne 


f * w 
F S 38 
SO-1 Ilf 
c c « 
C. S 13 
S 3 37 

f 2 :te 

S S3 Ti 
S 30 86 
S a 41 
Sn-4 24 
S 3 37 


Copnhisn. So 0 32 
Dublin S 4 38 
Edinburgh P 6 43 
Fraokftm C 2 36 
Genova S 3 37 


Glaaeon 

Helslnta 

H Kong 

lo'burs 

Lisbon 

London 


R 4 
C -fi 21 

C 14 E7 
C 23 73 
P 12 54 
C 7 45lZorlci' 


Manchstr. R 4 39 
Melbourne F 25 72 
Mexico C S 24 75 
Milan F fi 43 
Montreal C-14 7 

Moscow Sn— is io 
Munich C —2 28 
Newcastle F 5 41 
New York So 0 32 
Oslo Sn— 3 27 
Paris Sn l 34 
Penh F 29 84 
Premie S 2 36 
Reykjavik Sn 0 32 
RindcJ'o. S 30 87 
Rome F 13 64 
Singapore S 29 94 
Stockholm F t yi 
Strubre. c 3 37 
Sydney can 
Tei Avtv S 17 63 
Tokyo C 8 4e 
Toronto Sn-ll 12 
vicuna F 1 34 
Warsaw S —6 *1 
C 0 32 


holiday resorts 




1 per cent, stake 10 a proposals vigorously, me euro and 44 per cent, on January 1, 
ny. Knapp- Sandelson. on the deductibility of first-class 1980. Taxes on the first 350,000 
in Hone Kong, lo which a,r travel could, for example, corporate income have also been 
ison had a 63 per cent have an impact on the use by cul 


Ajaccio R 7 45 
Algiers F 13 a 
Blarrlu c 10 flo 
Blackpool R 4 39 
Bordeaux C s 46 
Boulouac R 2 3® 
CaMblnca. c 1J 50 

J 72 Naples 
R 10 30 N ico 
Dubrovnik C s 46 . xu-usia 
Osorio 

Rhodes 
Salzfanre 


jmn R 6 43 

Las Pirns c 17 63 

Locarno C 4 m 

Majorca ~ 

Malaga 
Malta 
Nairobi 


Pa» F 13 35 
Florence F 9 4 s 

Gibraltar F u S 3 
Guernsey F 4 39 
Innsbruck S 1 34 
Inverness r 3 *i 
T» or Man 7 i <1 
F— Fair, s-somy. R-Rjjn. 
* So — Snow. 


Tangier 

Tetwrlfe 

Tams 

Valencia 

Venice 








THE LEX COLUMN 




i!.S* 


Depreciation posi 
for property 


jiion 

Prot 


Britain’s property companies 
have been given a year’s grace 
by the accounting bodies to 
comply with . the ruling in 
SC. JP12, the accounting, stand- 
ard which insists for the first 
time that buildings' must be 
depreciated. The intention is 
that both the accountants and 
the companies themselves will 
u 1978 to take an overaH look 
at accounting practices now fol- 
bwed by property companies 
and to arrive at some generally 
acceptable proposal's far the 
future. 

The confrontation with the 
.'^counting Standards Commit- 
tee came about hr ause property 
companies refused to depredate 
their buildings partly on the 
grounds that depreciation 
charges would wipe out their 
profits and prevent the jjaymenr 
of dividends. .But there is far 
are to the problem than that, 
perty companies are .special 
because it is not nearly so easy 
to draw clear lines between 
their fixed assets and current 
assets, and capital and income, 
as it is for manufacturing or 
trading companies.' 

Chancery Lane case 

Property companies are also 
extra special because taxation 
dictates their accounting prac- 
tice just as much as it does 
for the typical manufacturing 
company in France. Germany, 
or Sweden. Not surprisingly, 
accounts prepared on a tax basis 
are of limited value to investors. 
The tax ruling which affects 
every British property company 
1 as much as if it were in a 
Finance Act is the decision of 
the court in the famous Chan- 
cery Lane case, back in 1962. 
There it was held that property 
r mpaoies can only get tax 
rc" f for the interest they pay 
on borrowings if that interest 
i~ charged in the profit and loss 
account ' 

Since the implications of this 
decision became appreciated 
property companies have been 
doing just that Typically, com- 
panies then transfer that part 
of the year’s interest and other 
outgoings regarded as capital — 
usually the proportion relating 
to development properties— 
back out of the profit and loss 
account Into the balance sheet 
How the amount of this transfer 
is determined, is rarely dis- 
closed. Again, the definition of 
what constitutes properties in 
the course of development 
varies from company to com- 
pany. MEPC ceases to treat a 
property as being in the course 
of development when “ it is 


substantially let or upon the 
issue of the architects certifi- 
cate of practical completion, 
whichever is the earlier. Lana 
Securities waits until properties 
are fully let, and Brixton Estate 
capitalises interest for periods 
of two and three years after 
practical completion.” 

What property companies are 
reluctant to do, however, is 



1874 


1975 197G 1977 Taj 


split the transfer from the profit 
and loss account down into its 
component parts. They also 
tend to be lias than forthcoming 
about the bases on which they 
value their properties, or the 
amount of leasehold property 
which is subject to top-slicing, 
with a proportion of the rental 
going to the investing institu- 
tion. 

These are just some of the 
areas apart from depreciation of 
buildings which ought to he 
considered in an overall review 
of property accounting prac- 
tices. The ideal solution would 
be for property companies to 
prepare their accounts on a 
current cost basis. But that 
might get them into trouble 
with another tax rule. At pre- 
sent by claiming that their main 
activity is property investment. 
they are able to have their 
capital gains assessed at 30 per 
cent If they were »o bring 
capital profits regularly into 
their profit and loss accounts, 
they might he classified as deal- 
ing companies subject to the 
full rate of corporation tax of 
52 per cent 

Rank Organisation 

To-day the Rank Organisation 
releases its 1976-77 results, mak- 
ing this a topical moment for 
brokers Scott Goff Hancock to 
launch their latest heavyweight 
study of the group. The fore- 
cast is that pre-tax profits for 
the year to last October will 
have jumped by just over flfl per 
cent, to £122 m., fully dilured 


earnings of some 
putting tbe shares or] 
7 i at 258p. Bur 
prnvemcnt has beettj 
counted in advance! 
crucial question now. 
Rank can. maintttip i 
progress over the ~ 1 
years. The perform* 
nnn-Xorox interests 
long time been made 
Rnnk Xerox appears » 
ing a period of lucre 
petition in copiers. 

However. Scott (* 
happy about the pr 
Rank’s share price ov 
IS months. Tread 
Xerox (contributing 
ted SB per cent, of ii 
profits) should rem 
ahlc for several 
Japanese enmpetitot 

centrating on smalle 
and will take some ti 
tip into the copier 
ranees where RX no 
vast hulk nf its revei 
over IBM's Copier 1 
slowed down bv roll: 
lems ami Kodak h 
launched its Ektapn 
Europe. Given thi 
space. RX’s profits £ 
rise from £273 5m 
1976-77 io approaci .- 
hy 1979-8(1. earning 
to Rank growing b 
per cent a year. As 
Xerox operations, mt 
on whether a -joltji 
found for the problt 
Radio International 

hrnkors suggest Ins 
year, hut a satisfaci 
trend is being proiet 

An overall anno 
growth rate of 15 \ 
so in the next enui 
may not look very * 
then companies in 
facing a big earning . 
And Rank should 1 
a steady improver 
balance sheet, whi 
shareholding (nnw 
about 15 ner rent .Y * 
more stable. 

Graff Diamom 

Although 45 per 
minority _ shares I 
Diamonds were cn 
fore the new offer \ 
after ^Christmas, 
have only reached 
after the initial'”: 
period. The offer 
tended, but that i 
achieve anything, 
holders in queslioi 
alt. already been t 
the mill once, and 
Inuphened. Signif 
Laurence Graff is 
all his options oi 


|!oO! 

(ink 

Wal 






r y- 


■m 


■>- m. 

-*M»- i 





5 *i«iNkr«-n ~ ~~ 1 

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cn mi®*, Cannon . 8 W 

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